Maharashtra State Board Class 12th BK & Accountancy Sample Paper Set 2 with Solutions Answers Pdf Download.
Maharashtra Board Class 12 BK & Accountancy Model Paper Set 2 with Solutions
Time: 3 Hours
Max. Marks: 80
Section A
Question 1.
From the following types of sub questions attempt any four.
(A) Select the correct option and rewrite the sentence
(i) The Indian Partnership Act came into force since ………… (a)
(a) 1932
(b) 1881
(c) 1956
(d) 1984
Answer:
(a) 1932.
(ii) Income and Expenditure Account is a ………… Account (d)
(a) Capital
(b) Real
(c) Personal
(d) Nominal
Answer:
(d) Nominal Account
(iii) Gaining ratio is the ratio in which ………… (c)
(a) The old partner gain on admission of a new partner.
(b) The goodwill of a new partner on admission is credited to old partners.
(c) The continuing partners benefits on retirement or death of a partner.
(d) All partners are benefitted.
Answer:
(c) The continuing partner’s benefit on retirement or death of a partner.
(iv) A, B and C are sharing profits and losses in the ratio of 1/2, 3/10, and 1/5 respectively. Find the new ratio of the remaining partners if A retires ………… . (b)
(a) 5:2
(b) 3:2
(c) 5:3
(d) 2:5
Answer:
(b) 3:2.
(v) Net-Profit ratio is equal to ………… (a)
(a) Operating Ratio
(b) Operating Net-Profit Ratio
(c) Gross Profit Ratio
(d) Current Ratio
Answer:
(a) Operating’Ratio.
(B) Answer the following questions in One Sentence Only:
(i) The partner who died.
Answer:
Deceased Partner
(ii) All such receipts which are non-recurring in nature and not forming a part of regular flow of income.
Answer:
Capital Receipts
(iii) Name the method of the treatment of goodwill where new partner brings his share of goodwill in cash.
Answer:
Premium Method
(iv) It is a damaged software, cracked, nearly fully functional.
Answer:
Pirated Software
(v) Partners’ Account where loss or profit on revaluation is transferred.
Answer:
Capital/ Current Account
(C) Find the odd one:
(i) Discount received. Dividend received, Interest received, Depreciation.
Answer:
Depreciation
(ii) Super profit method, Valuation method. Average profit method, Fluctuating capital method.
Answer:
Fluctuating Capital method.
(iii) Reliance Industries, Venna Vidya Mandir, Laxmi Hospital, Manoj Sports club.
Answer:
Reliance Industries
(iv) Wages, Salary, Royalty, Import Duty.
Answer:
Salary
(v) Discounting charges, Rebate, Bank charges, Noting charges.
Answer:
Noting charges
(D) Calculate the following questions:
(i) Not for profit concerns do.not prepare balance sheet.
Answer:
Disagree
(ii) On dissolution cash / bank account is closed automatically.
Answer:
Agree
(iii) Rebate or discount given on retiring a bill is an income to the drawee.
Answer:
Agree
(iv) Directors can re-issue forfeited shares.
Answer:
Agree
(v) A bill of exchange is a conditional order.
Answer:
Disagree
Question 2.
Pravin and Kishor are partners sharing profits and losses in the ratio 3:2. Their Balance Sheet as on 31st March, 2019 was as under:
Balance Sheet as on 31st March, 2019
On 1.04.2019 they admitted Asha on the following terms:
1. For 1/2 share in profits in future, Asha will bring ₹ 30,000 for capital and ₹ 15,000 for goodwill.
2. Half of the amount of goodwill is withdrawn by old partners.
3. Stock is to be depreciated by 10% and Machinery by 5%.
4. RDD is to be maintained at ₹ 3,000.
5. Furniture be valued at ₹ 16,050 and Building be appreciated by 20%.
Pass the necessary Journal entries in the books of the firm and prepare working notes.
OR
Given below is the Balance Sheet of Ram, Rani and Prashant who were partners in a firms sharing profits and losses in the ratio 5:3:2. Their Balance Sheet as on 31st March 2019 was as follows:
Balance Sheet as on 31st March, 2019
On 1st April, 2018 Prashant retired on the following terms:
1. Goodwill of the firm will be raised in the books at ₹ 20,000
2. Stock to be reduced by 10 %, Furniture by 5% and Machinery by 11%.
3. RDD be maintained at 5-% on debtors.
4. ₹ 200 to be written off from Creditors.
5. Out of the amount due to Prashant ₹ 5,000 to be paid by cash and remaining amount to be transferred to his loan account.
Prepare Revaluation Account, Partners’ Capital Account, and Balance sheet of the new firm.
Answer:
Journal Entries
In the books of the firm
Working Notes: Revaluation A/c
OR
Balance Sheet A/c on 1st April, 2019
Question 3.
A firm consisting of partners Mukund, Sachin and Yuvraj decided to dissolve the partnership. They decided to take over certain assets and liabilities and continue the business separately. The Balance Sheet was as under.
Balance Sheet as on 31st March, 2020
It was agreed as under:
1. Mukund is to take Furniture at ₹ 1,600 and the Debtors amounting to ₹ 40,000 at ₹ 34,400 only. He accepted the
Creditors of ₹ 12,000 atthatfigure.
2. Sachin is to take over all Stock at ₹ 14,000 and Sundry Assets worth ₹ 16,000 at ₹ 14,400 only.
3. Yuvraj is to takeover the remaining Sundry Assets at ₹ 16,000 and assume the responsibility for the discharge of the loan together will accrued interest on loan of ₹ 60, which has not been recorded in accounts.
4. The dissolution expenses were ₹ 540.
5. The remaining debtors realised ₹ 4,200 only.
6. The necessary adjustments were made by partners to settle their accounts.
Prepare Realisation Account, Partners Capital Account, and Cash Account, aftergiving”effect to the above adjustments.
OR
Akshay drew a bill on Deepak for ₹ 25,000 on 23rd December, 2019, for 3 months. Deepak accepted the same and returned it to Akshay. On the due date the bill was duly honoured by Deepak.
Give journal entries ip the books of Akshay and Deepak under each of the following cases:
(A) If Akshay retained the bill till maturity.
(B) If Akshay discounted the bill with the bank at 6% p.a. on the same day.
(C) If Akshay sentthe bill to bankfor collection on 23rd December, 2019. –
(D) If Akshay endorsed the bill to his creditor Viren.
Answer:
Working Notes:
OR
Journal Entries
In the books of Akshay
Journal Entries
In the books of Deepak journal
Note: In case of B, C and D enties in the books of drawee will be same as above.
Question 4.
The Subscribed Capital of Parag Limited is 30,000 equity shares of? 100 each and 50,000 preference shares of ₹ 100 each. On both of these shares ₹ 80 per share were called-up.
The Directors forfeited 500 equity shares held by Ashish who failed to pay First and Second Call each of ₹ 20 per share. They also forfeited 500 preference shares of Ashok who failed to pay ₹ 20 per share on Allotment, ₹ 20 per share on First call and ₹ 20 per share on Second call.
The Director re-issued these forfeited shares of Ashish at ₹ 60 per share, ₹ 80 paid up and those of Ashok at ₹ 72 per share ₹ 80 paid up. All re-issued shares were taken up by Anagha.
Pass Journal entries to record the forfeiture and re-issue of shares in the books of Parag Ltd.
OR
Explain the features of Computerised Accounting System.
Answer:
Journal Entries
In the Books of Parag Ltd.
OR
Features of Computerised Accounting System are:
(i) Integrated Date & Information:
Computerised Accounting System is designed to make it user friendly 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.
(ii) 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.
(iii) 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 comprehensives MIS reports and instant access to complete and critical information of the company.
(iv) 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.
(v) 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.
(vi) 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.
(vii) Transparency:
Computerised Accounting system helps the business organisation to keep greater transparency in the day-to-day business operations.
(viii) 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.
Roohi, Mona, Meena were partners in a business sharing profits and losses in the ratio of 2:1:1 respectively. Their balance sheet as on 31st March, 2019.
Balance sheet as on 31st March, 2019
Meena died on 1st July, 2019
1. Plant & machinery was to be revalued at ₹ 70,000 and RDD is to be created of ₹ 2,000
2. The drawings of Meena up to the date of her death amounted to ₹ 10,000
3. Charge interest on drawings ₹ 1,000
4. Her share of goodwill should be calculated at three year purchase of the profits for the last four years which were: I year ₹ 1,50,000, II year ₹ 1,30,000, III year ₹ 70,000, IV ₹ 50,000
5. The deceased partners share of profit upto the date of is to be calculated on the basis of average profit of last two years. (III & IV year)
Prepare : Profit and Loss Adjustment account, Partners Capital Accounts and Balance Sheet of the continuing firm, give working note on share of profit and goodwill.
OR
From the following balance sheets of Mr. Shubham as on 1st April, 2019 & 31st March 2020. Prepare the cash flow statement.
Answer:
Revaluation A/c
Partner’s Capital Account
Balance Sheet as on 1st july, 2019
Working Notes:
1. Calculation of Share of Profit
Profit of Current Year = Average of the profit of last 2 years
= \(\frac{70,000+50,000}{2}=\frac{1,20,000}{2}\) = ₹ 60,000
Profit for proportionate period from 1st April, 2019
to 1st July, 2019 = 60,000 × \(\frac{3}{12}\) = ₹ 15,000
Meena’s share in proportionate profit = 15,000 × \(\frac{1}{4}\) = ₹ 3,750
2. Valuation of Goodwill:
Total profit of 4 year = 1,50,000 + 1,30,000 + 70,000 + 50,000
Average Profit = \(\frac{4,00,000}{4}\) = ₹ 1,00,000
Goodwill = Average Profit × No. of Year Purchases = 1,00,000 × 3
Meena’s share in goodwill = 3,00,000 × \(\frac{1}{4}\) = ₹ 75,000
OR
Cash Flow Statement
For the Year ended 1st April, 2019 and 31st March, 2020
Question 6.
Symbiosys school, Pune showed the following position on 31st March, 2018.
Balance Sheet
AS on 31st March 2018
Receipts and Payments Account
for the year ended 31st March 2019
Additional Information:
(1) Tuition fees are outstanding for current year ₹ 5,000
(2) Salary to teachers is outstanding ₹ 15,000
(3) Rent paid in advance is ₹ 3,000
(4) Dreciation on Books @ 15 % p. a. and 10 % on Furniture.
You are required to prepare Income & Expenditure Account for the year ended 31st March, 2019 and a balance sheet as on that date.
Answer:
In the Books of Symbiosys School, Pune
Income and Expenditure Account
(for the year ended 31st March, 2019)
Balance Sheet as on 31st March, 2019
Working Notes:
Question 7.
Sun and Moon are partners sharing profits and losses equally. From the following trial balance and additional information prepare trading and Profit and Loss Account for the year ended 31st march 2020 and balance sheet as on that date.
Trial balance as on 31st March, 2020
Adjustment and additional Information:
(1) Closing stock ₹ 40,000.
(2) Depreciate Building and Machinery @ 5% and 3% respectively.
(3) Bills receivable included dishonoured bill of ₹ 3,000.
(4) Goods worth ₹ 1,000 taken by Sun for personal use was not entered in the books of accounts.
(5) Write off ₹ 1,800 as Bad Debts and maintain RDD @ 5% on Sundry Debtors.
(6) Goods of ₹ 6,000 were sold but no entry was made in the books of accounts.
Answer:
In the Books of the Sun and Moon
Trading and Profit and Loss Account for the gear ended 31st March, 2020
Balance Sheet as on 31st March, 2020
Working Notes:
1. Adjustments No. 3,5, and 6 are co-related with sundry debtors. So, while calculating RDD 5% on Sundry Debtors, Amount of dishonour of Bills ₹ 3,000 and goods sold but not recorded ₹ 6,000 will be added into the Sundry Debtors, then new Bad Debts will be deducted and then less RDD (New) 5% 6,985 after 5% RDD should be calculated.
