Maharashtra State Board Class 12th BK & Accountancy Question Paper 2024 with Solutions Answers Pdf Download.
Class 12 BK & Accountancy Question Paper 2024 Maharashtra State Board with Solutions
Time: 3 Hours
Max. Marks: 80
Question 1.
Attempt all of the following subquestions: (20)
[A] Find the odd one: (5)
(1) Subscribed Capital, Called up Capital, Paid-up Capital, Equity Shares.
Answer:
Equity Shares.
(2) Building, Bills Payable, Furniture, Machinery.
Answer:
Bills Payable
(3) Retaining of Bill, Noting of Bill, Discounting of Bill, Endorsing of Bill.
Answer:
Noting of Bill
(4) Audit Fees, Insurance, Medical Expenses, Sundry Receipts.
Answer:
Sundry Receipts
(5) General Reserve, Creditors, Investments, Capital.
Answer:
Investments
[B] Do you agree or disagree with the following statements: (5)
(1) ‘Not for Profit’ concerns do not prepare Balance Sheet.
Answer:
Disagree
(2) Current Account always shows debit balance.
Answer:
Disagree
(3) A Bill of Exchange is a conditional order.
Answer:
Disagree
(4) Retiring partner is entitled to share in Reserve Fund and Accumulated Profit. .
Answer:
Agree
(5) On dissolution, Cash or Bank account is closed automatically.
Answer:
Agree
[C] Select the most appropriate alternative from those given below and rewrite the statements: (5)
(1) In case of dissolution, assets and liabilities are transferred to ………… Account. (c)
(a) Bank
(b) Partners’ Capital
(c) Realisation
(d) Partners’ Current.
Answer:
(c) Realisation
(2) In the absence of an agreement, interest on loan advance by the partner to the firm is allowed at the rate of ……… . (b)
(a) 5%
(b) 6%
(c) 10%
(d) 9%.
Answer:
(b) 6%
(3) If an asset is taken over by the partner, ………… account is debited. (b)
(a) Revaluation
(b) Capital
(c) Asset
(d) Balance Sheet
Answer:
(b) Capital
(4) The balance of Capital Account of a retired partner is transferred to his ………… Account, if it is not paid. (a)
(a) Loan
(b) Personal
(c) Current
(d) Son’s.
Answer:
(a) Loan
(5) Income and Expenditure Account is a ………… Account. (d)
(a) Capital
(b) Real
(c) Personal
(d) Nominal.
Answer:
(d) Nominal
[D] Write a word / term / phrase as a substitute for each of the following statements: (5)
(1) Tally software is classified into this category.
Answer:
Mercantile
(2) Partnership Agreement in written form.
Answer:
Partnership deed
(3) An asset which can be converted into cash immediately.
Answer:
Liquid assets
(4) A person who represents the deceased partner.
Answer:
Executor
(5) The debit balance of Income and Expenditure Account.
Answer:
Deficit
Question 2.
Seeta and Geeta share profits and losses in the ratio of 3:2 in Partnership Rrm. Their Balance Sheet as on 31st March, 2020 was as under: (10)
Balance Sheet as on 31st March, 2020
On 1st April 2020 they admitted Reeta on the following terms:
(1) For half (½) share in future profit Reeta should bring ₹ 15,000 as capital and ₹ 7,500 for goodwill in cash.
(2) Furniture should be appreciated up to ₹ 8,025 and building be appreciated by 20%.
(3) R.D.D. is to be maintained at ₹ 1,500.
(4) The stock is to be reduced by 10% and machinery depreciated by 5%.
(5) Half of amount of goodwill is withdrawn by old partners.
Pass the necessary Journal Entries in the books of the firm.
OR
The balance sheet of Shivshakti Traders, Mumbai is as follows. Partners share profit and losses as 5:2:3.
Balance Sheet as on 31st March, 2020
Rahul retired from the business on 1st April, 2020 on the following terms:
(1) The assets were revalued as under:
(i) Plant and Machinery is to be depreciated by 10%.
(ii) R.D.D. is to be increased upto ₹ 1,500.
(iii) Building is appreciated by 10%.
(iv) Stock at ₹ 42,000.
(2) The goodwill of retiring partner is valued at ₹ 12,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.
(3) Amount due to Rahul at the time of retirement is to be transferred to his loan account Prepare:
(a) Profit and Loss Adjustment Account
(b) Partners’Capital Account
(c) Balance Sheet of the New firm.
Answer:
Journal of Seeta, Geeta & Reeta
OR
In the books of Shi vshakti Traders
Question 3.
Lai, Bal and Pal were partners sharing profits and losses in the ratio of 2:2:1. The following is the Balance Sheet as on 31st March, 2020. (10)
Balance Sheet as on 31st March, 2020
On the above date the partners decided to dissolve the firm.
(1) Assets were realised as under:
Machinery ₹ 45,000
Stock ₹ 18,000
Investment ₹ 21,000
Debtors ₹ 45,000
(2) Dissolution expenses were ₹ 3,000.
(3) Goodwill of the firm realised ₹ 24,000.
Prepare:
(a) Realisation Account
(b) Partners’ Capital Account
(c) Bank Account
OR
Journalise the following transactions in the books of Mr. Arvind.
(A) Bank informed that Sam’s acceptance for ₹ 30,000 sent to bank for collection has been honoured and bank charges debited ₹ 200.
(B) Arun informed Arvind that Neena’s acceptance for ₹ 25,000 endorsed to Arun has been dishonoured. Noting charges paid by Arun amounted to ₹ 400.
(C) Bank informed that Jay’s acceptance of ₹ 35,000 which was discounted with bank was dishonoured, bank paid noting charges ₹ 500.
(D) Arvind sold goods to Sagarfor ₹ 20,000 on credit and drew a bill for two months on Sagarfbrthe same amount
(E) Neeta retired her acceptance to Arvind of ₹ 16,500 by paying cash ₹ 16,000.
Answer:
In the books of Shivshakti Traders
OR
Journal of Mr. Arvind
Question 4.
Mohini Company Limited issued 25,000 equity shares of ₹ 100 each payable as follows: (8)
On application ₹ 20
On allotment ₹ 30
On first call ₹ 20
On second and final call ₹ 30
Applications were received for 22,000 equity shares and allotment of shares were made to them.
All money received by the company.
Pass Journal Entries in the books of Mohini Co. Ltd.
OR
Write the features of Computerized Accounting System.
Answer:
In the Books of Mohini Company Limited
OR
Write the features of Computerized Accounting System?
The usage of computers and Information Technology in accounting processes has revolutionised the modern business concepts, so that the process of decision making has become quick, accurate timely and much easier. A computerised accounting system helps to implement accounting process and makes it user friendly with automation.
Features of Computerised Accounting are as follows:
(1) Integrated Date & Information:
Computerised Accounting System is designed to make it userfriendly automated and integrated for all business process such as purchase, sales, finance, inventory, payroll and manufacturing. With computerised accounting system we can keep accurate, up-to-date business information within time limit. Computerised accounting is mixed with Management Information System (MIS) with Multilingual and Data organisation capabilities to support the company. All the business operations are easy and cost effective.
(2) Accuracy & Speed:
Computerised accounting has various customised templates and software for users which allows fast and, accurate data entry and transaction operations. Thus after recording the business transactions it generates the various information and reports automatically.
(3) Quick Decision Making:
The Computerised Accounting System generates real-time information for quick decision. The company or firm can plan, its activities with the help of comprehensive MIS reports and instant access to complete and critical information of the Company.
(4) Modern and integrated:
It helps to save time in recording business transactions as compared to manual accounting system. Various financial statements such as Trial Balance, Profit & Loss A/c, Balance Sheet can be derived at any point of time within fraction of seconds.
(5) Immediate availability of Books of Accounts:
In Computerised Accounting System, Books and Registers like Cash Book, Bank Book, Purchase Register, Sales Register and Statement of Account like Receivables and Payables are readily available at any point of time.
(6) Security:
The Computerised Accounting System is more secured. Data and information can be kept confidential as compared to the traditional accounting system. In this security system user can create multiple user security control for the various users.
(7) Transparency:
Computerised Accounting System helps the business organization to keep greater transparency in the day to day business operations.
(8) Grouping of Accounts:
Appropriate grouping of accounts is required to be done in computerised accounting system. Normally ledger accounts are classified under groups like Assets, Liabilities, Income and Expenditure. As per requirement these groups are further divided into sub groups as per convenience of the user.
Question 5.
Suresh, Naresh and Paresh were equal partners. On 31st March, 2019 their Balance Sheet was as follows: (8)
Balance Sheet as on 31st March, 2019
Suresh died on 30th June, 2019 and the following adjustments were agreed as:
(1) Furniture was to be adjusted to its market price of ₹ 1,70,000.
(2) Land and building was to be depreciated by 10%.
(3) Provide R.D.D. at 5% on debtors.
(4) The profit up to the date of death of Suresh is to be calculated on the basis of average profit of last year which was ₹ 90,000.
Prepare:
(a) Profit and loss adjustment account.
(b) Partners’ capital account.
(c) Balance sheet of the continuing firm.
OR
Convert following Trading and Profit and Loss Account into Vertical Income Statement:
Trading and Profit and Loss Account
Answer:
In the books of Suresh, Noresh & Paresh
Profit &; loss Adjustment Account
Balance Sheet as on 30th June,2019
OR
Vertical Income Statement for the gear ended 31th March, 2020
Question 6.
Dr. Anish Korgaonkar started practice of Medical Practioner on 1st April, 2019. He gives you the Receipts and Payments Account for the year ended 31st March, 2020 and the adjustments.
Prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet as on that date: (12)
Dr. Anish Korgaonkar
Receipts and Payments Account
Additional information:
(1) Receipts in arrears are visit fees ₹ 4,000 and dispensary ₹ 1,000.
(2) Outstanding expenses-Rent? 1,000 and Salaries ₹ 2,000.
(3) Stock of drugs ₹ 2,000.
(4) Depreciate furniture @ 8% p.a. and equipment ₹ 1,000.
(5) 40% of the conveyance expenses are for domestic use.
Answer:
In the Books of Dr. Anish Korgaonkor
Balance Sheet as on 30th June,2019
Question 7.
Mama and Kaka are partners in partnership firm sharing profits and losses equally. You are required to prepare Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date: (12)
Trial Balance as on 31st March, 2019
Adjustments:
(1) Gross profit amounted to ₹ 69,000.
(2) Prepaid insurance ₹ 7,500.
(3) Depreciate Land and Building at 10% p.a. and Furniture at 5% p.a.
(4) Write off ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
(5) Closing stock is valued at ₹ 69,000.
Answer:
In the Books of
Balance Sheet as on 31st March, 2019
