Maharashtra Board Class 12 BK & Accountancy Sample Paper Set 5 with Solutions

Maharashtra State Board Class 12th BK & Accountancy Sample Paper Set 5 with Solutions Answers Pdf Download.

Maharashtra Board Class 12 BK & Accountancy Model Paper Set 5 with Solutions

Notes:

1. All questions are compulsory.
2. Figures to the right indicate full marks.
3. Write answers to all main questions on new page.

Question 1.
Attempt all of the following sub-questions: [20]

(A) State whether the following statements are True or False with reasons. (5)

Question 1.
Partnership firm is a Non-Trading Concern.
Answer:
False

Reason: Partnership firm is a trading concern. It is an organisation where there is an association of two or more persons coming together to carry on a business with a view to share profit or losses of a firm.

Question 2.
Not for Profit Concerns do not have profit motive.
Answer:
True

Reason: The primary intention of Not for Profit concerns is overall benefit of society and not to earn profits.

(B) Find the odd one. (5)

Question 1.
General reserve, Creditors, Machinery, Capital
Answer:
Machinery – Others are liabilities of a business organisation.

Question 2.
Profit / loss on revaluation of assets, Share in profit till the date of retirement, share in general reserve, share in profits after the date of death.
Answer:
Share in profit after the date of death – Others are due to deceased partner.

Question 3.
Stamp, Acceptance, Draft, Amount
Answer:
Draft – All other form part of Bill of Exchange.

Question 4.
Gross Profit Ratio, Net Profit Ratio, Operating Ratio, Current Ratio
Answer:
Current Ratio – Others are income statement ratio

Question 5.
Wages, Salary, Royalty, Import Duty
Answer:
Salary – All others are debited to Trading Account.

(C) Answer the following questions in only ‘one’ sentence each:

Question 1.
What is CAS?
Answer:
Computerized Accounting Systems (CAS) are software programs which help to store data/ information in the accounting system

Question 2.
What is Income and Expenditure Account?
Answer:
Income and Expenditure Account is a summary of revenue incomes and revenue expenses of a particular period.

Question 3.
Why is new partner admitted?
Answer:
The new partner is admitted in the firm to expand the capital base as well as to use the skills of that person to improve the overall performance of the partnership firm.

Question 4.
What is New Ratio?
Answer:
The ratio in which the continuing partners decide to share the future profits and losses is known as New Profit Sharing Ratio.

Question 5.
What is gain ratio?
Answer:
Gain Ratio is a ratio by which surviving or continuing partners are benefited due to death or retirement of a partner.

(D) Complete the sentences: (5)

Question 1.
______ is the process of converting assets into cash.
Answer:
Realization is the process of converting assets into cash.

Question 2.
Partnership business must be ____.
Answer:
Partnership business must be lawful.

Question 3.
Mumbai University prepares ___ Account instead of a Profit and Loss account.
Answer:
Mumbai University prepares Income and Expenditure Account instead of a Profit and Loss account.

Question 4.
Liabilities of Partners in Partnership firm is ___.
Answer:
Liabilities of Partners in Partnership firm is unlimited, joint and several.

Question 5.
Receipts and Payments Account falls under the category of ____ Account.
Answer:
Receipts and Payments Account falls under the category of real Account.

Question 2.
Vidya, Sharmila and Megha are partners sharing profit and losses in the ratio 5:3:2. Their Balance Sheet as on 31^st March, 2019 was as under: [10]
Balance Sheet as on 31^st March, 2019

They decided to dissolve the partnership firm on the above date as under:
i. Sundry Assets realised at 80% of book value.
ii. Unrecorded outstanding expenses ₹ 8,000 paid off.
iii. Realisation expenses amounted to ₹ 6,000.
iv. Sundry Creditors and Bills Payable were paid for ₹ 34,000.
v. Megha became insolvent and ₹ 2,000 were recovered from her private estate.
Prepare Realisation Account, Partners’ Current Account, Partners’ Capital Account and Bank Account.
OR
Harbhajan draws a bill on Manmit for ₹ 8,000 at 3 months. Manmit accepts and returns to Harbhajan. Harbhajan then sends the bill to his bank for collection.
On due date Manmit find himself unable to make payment of the bill and request Harbhajan to renew it.
He accepted the proposal on the condition that Manmit should pay ₹ 2,000 along with interest @ 15% p.a. on balance in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. One month before Manmit retired his acceptance @ 12% p.a.
Give journal entries and Manmit’s Account in the books of Harbhajan. [10]
Answer:
In the books of Vidya, Sharmila and Megha, Realisation Account

Partners’ Current Account

Partners’ Capital Account

Bank Account

Working Note:
i. Capital Deficiency of Megha – ₹ 1,120
Vidya ₹ 1120 × \(\frac{5}{8}\) = ₹ 700
Sharmila ₹ 1,120 × \(\frac{3}{8}\) = ₹ 420
[10 Marks]

OR

In the books of Harbhajan (Drawer), Journal Entries

Manmit’s Account

Working Notes:

1. Calculation of amount of interest due on balance amount = 6,000 × \(\frac{2}{12}\) × \(\frac{15}{100}\)
= ₹ 150

ii. Calculation of amount of rebate allowed = 6,000 × \(\frac{1}{12}\) × \(\frac{12}{100}\)
= ₹ 60

Question 3.
Shailesh, Anil and Das were partners sharing profits and losses in the ratio at 3: 3: 2. Their Balance Sheet as on 31.03.2020 is as below: [10]
Balance Sheet as on 31^st March, 2020

On 1^st April, 2020 Mr. Das retired from the firm on following terms:
i. Shailesh and Anil’s share in reserve fund should be continued in new firm.
ii. Goodwill of the firm is to be valued at ₹ 1,00,000. Das’s share in it is to raised in the Books and written off immediately.
iii. Assets and Liabilities to be revalued as under: Building to be appreciated by 10%, Furniture to be depreciated by 8%, Maintain 5% R.D.D. on debtors and Stock to be revalued at ₹ 40,600.
iv. The amount Payable to Mr. Das is to be transferred to his loan account.
Prepare: Profit and Loss adjustment A/c, Partners capital a/c and Balance Sheet of New firm on 01.04.2020
OR
The Balance Sheet of Adil and Sameer who share profits in the ratio of 2:1 as on 31^st March, 2018. [10]
In the books of Adil and Sameer Balance Sheet as on 31^st March, 2018

On 01.04.2018 Raju was admitted into partnership on the following terms:
i. Raju pays ₹ 30,000 as his capital for 1 /4^th share.
ii. Raju pays ₹ 15,000 for Goodwill. Half of the sum is to be withdrawn by Adil’s and Sameer.
iii. R.D.D. is created @ 10%.
iv. The value of land and building is appreciated by ₹ 30,000.
v. Investments were reduced by ₹ 22,500.
vi. Sundry creditors are to be valued at ₹ 62,250.
vii. Capitals of Adil and Sameer to be adjusted taking Raju’s capital as the base. Adjustment of capitals is to be made through cash.
Prepare Revaluation Account, Partner’s Capital Account and Balance Sheet of the New Finn as on 1^st April, 2018.
Answer:
In the books of the Firm, Profit and Loss Adjustment Account

Balance Sheet as on 1^st April, 2020

[10 Marks]

OR

In the books of Firm
Revaluation Account

[Note:

i. At the time of the admission it is desirable that the amount of goodwill which is already appearing in the books should always be written off among old partners in their old profit sharing ratio, when the new partner brings in cash for goodwill.

ii. Investment fluctuation reserve will be used at the time of reduction in the value of investments.]

Working Notes:

i. Cash Account

ii. Calculation of New Ratio
Balance Ratio = 1 – Share of Incoming Partner = 1 – \(\frac{1}{4}\) = \(\frac{3}{4}\)
New Ratio = Old Ratio × Balance Ratio
Adil’s new ratio = \(\frac{2}{3}\) × \(\frac{3}{4}\) = \(\frac{2}{4}\)
Sameer’s new ratio = \(\frac{1}{3}\) × \(\frac{3}{4}\) = \(\frac{1}{4}\)
Roju’s New Ratio = \(\frac{1}{4}\)
New Ratio = Adil : Sameer : Raju = \(\frac{2}{4}\) : \(\frac{1}{4}\) : \(\frac{1}{4}\) = 2 : 1 : 1

iii. Calculation of New Capital

Adirs Capital = 1,20000 × \(\frac{2}{4}\) = ₹ 60,000
Sameer’s Capital = 1,20,000 × \(\frac{1}{4}\) = ₹ 30,000
Rajus Copito = 1,20,000 × \(\frac{1}{4}\) = ₹ 30,000

iv. Calculation of amount of R.D.D. to be provided on Debtors
= 10% of Amount of Debtors
= \(\frac{1}{4}\) × 39,000 = ₹ 3,900

Question 4.
From the Income statement of Vivek Ltd. prepare Common Size Income Statement for the year ending on 31^st March, 2018 and 31^st March, 2019 [8]
Income Statement for the year ending 31^st March, 2018 and 31^st March, 2019

OR
Explain the importance of computerized accounting system. [8]
Answer:
In the books of Vivek Ltd..
Common Size Income Statement for the year ended
31^st March, 2018 and 31^st March, 2019

Working Note:

i. For common .Size Income Statement, the Net Sales is considered as base. i.e. For 31.03.2018., ₹ 1,00,000 is taken as base (100%) and for 31.03.2019,
₹ 1,25,000 is taken as base (100%)
Calculation of percentage of Cost of Goods Sold \(=\frac{\text { Cost of Goods Sold }}{\text { Net Sales }}\) × 100
For 31^st Marh, 2018 = \(\frac{75,000}{1,00,000}\) × 100
For 31^st March, 2019 = \(\frac{85,000}{1,25,000}\) × 100
Similarly, other ratios can also be found out
(8 Marks)

OR

The importance of computerized accounting system is as under:

1. Automation: All the calculations are automatically done by the accounting software with minimum time as compared to manual accounting calculations.

2. Multi-User-Facilities: Multi-user-facility enables the businessman to access accounting information online, even when he is not in office. Also, in big business houses this facility is useful as data entry can be done by many operators on different computers simultaneously.

OR

The importance of computerized accounting system is as under:

1. Automation: All the calculations are automatically done by the accounting software with minimum time as compared to manual accounting calculations.
2. Multi-User-Facilities: Multi-user-facility enables the businessman to access accounting information online, even when he is not in office. Also, in big business houses this facility is useful as data entry can be done by many operators on different computers simultaneously.
3. Accuracy: Computerized accounting software is more accurate as compared to human being. All calculations, like additions, subtractions and statistical calculations are automatically done by software.
4. Speed: Computerized accounting software work faster than manual accounting process. It generates all financial statements and reports speedily as per user requirements.
5. Reduction in Cost: As the financial records are to be entered only once in the system, the accountant will save his time in maintaining the records. So, the organization can appoint fewer accounting personnel.
6. Systematic and up to Date Records: Computerized accounting system ensures systematic and up to date financial records of the business organization.
7. Huge Storage Capacity: In case of manual accounting it is required to maintain separate books and registers for each financial year. In case of computerized system one computer software can store the accounting records for many years.
8. Compact: No matter how voluminous the financial data is, the computer can store it in a compact way. The financial information can be stored on the hard disk and if required back-up can be taken on the external storage devices which requires very little space.
9. Transferability / Sharing Information: Computerized accounting system allows the business organization to share the financial information with the interested parties. The information can be shared with the help of printouts or can also be shared with soft copy i.e. through pen drive or internet transfer.

Question 5.
The Balance Sheet of Mohan, Subhash and Babi as on 31^st December, 2019 was as under; they were sharing profits and losses in the ratio of 2 : 1 : 1. [8]
Balance Sheet as on 31^st December, 2019

Babi died on 1^st July, 2020, and partnership deed provided that in the event of death of the partner, his executor will be entitled to be paid out:
i. Capital to the credit at the date of last Balance Sheet.
ii. Proportion of reserves.
iii. Proportion of goodwill to be calculated twice the average profits of last three years.
iv. His proportion of profits to the date of death based on the average profits of the last three year plus 20%.
v. The net profits for last 3 years : ₹ 18,000, ₹ 18,000 and ₹ 16,500.
vi. Bab had withdrawn ₹ 6,000/- till the date of his death.
vii. The investments were sold at par and the amount w as paid off to Babi’s executor and the balance was transferred to Loan Account.
Prepare Babi’s Capital Account only.
OR
Girish and Co. Ltd. invited applications for 25,000 equity shares of ₹ 10 each payable as ₹ 2.50 on application ₹ 5 on allotment ₹ 2.50 on first and final call.
Applications were received for 30,000 equity shares and pro-rata allotment were made to all.
All the money was duly received except first and final call on 2,500 equity shares.
Enter the above transactions in the books of company and show the Balance sheet. [8]
Answer:
In the books of the Firm,
Babi’s Capital Account

Working Notes:

i. Calculation of Goodwill
Total profit = 18,000 + 18,000 + 16,500 = ₹ 52,500
Average profit \(=\frac{\text { Total profit }}{\text { Number of years }}\) = \(\frac{52,500}{3}\) = ₹ 17,500
Goodwill = Average profit × Number of years of purchase = 17,500 × 2 = ₹ 35,000
Share of Babi in Goodwill = Goodwill × Profit Sharing Ratio
= 35,000 × \(\frac{1}{4}\) = ₹ 8,750

ii. Calculation of Babi’s share of profit
Total profit = 18,000 + 18,000 + 16,500 = ₹ 52,500
Average profit \(=\frac{\text { Total profit }}{\text { Number of years }}\) = \(\frac{52,500}{3}\) = ₹ 17,500
Current year profit = Average Profit + 20% of Average Profit
= 17,500 + (17,500 × \(\frac{20}{100}\)) = 17,500 + 3,500 = ₹ 21,000

[8 Marks]

OR

Journal entries in the books of Girish and Co. Ltd.

Balance Sheet of Girish and Co. Ltd.

Working Notes

i.

Therefore, excess application money received on 5,000 equity shores @ ₹ 2.5 per share adjusted with allotment money.

ii. Allotment money received = Allotment money demanded – Excess application money
= 1,25,000 – 12,500 = ₹ 1,12,500

Question 6.
Following is the Receipts and Payments Account of Parnil Sports Club, Pune and additional information given below. You are required to prepare Income and Expenditure Account for the year ended 31^st March, 2019 and a Balance Sheet as on that date. [12]
In the books of Parnil Sports Club, Pune Receipts and Payments Account for the year ended 31^st March, 2019

Additional Information:
i. 50 % Donations are for Building Fund.
ii. 70 % of Entrance Fees should be Capitalised.
iii. Subscription ₹ 500 for the year 2016-17 and ₹ 1,000 for the year 2017-18 are still in arrears.
iv. Following are the balances appeared in the books as on 1^st April, 2018.
Building Fund ₹ 47,000; Bank Overdraft ₹ 32,000; Land ₹ 1,50,000; Sports Materials ₹ 30,000; Outstanding Subscription for 2016-17 ₹ 2,500 and 2017-18 ₹ 4,000.
v. Outstanding subscription for the current year is ₹ 8,000
vi. Closing Stock of Sports Materials was ₹ 8,000 on which depreciation is to be provided at 12.5% p.a.
Answer:
In the books of Parnil Sports Club, Pune Income and Expenditure Account for the year ended 31^st March, 2019

Balance Sheet as on 31^st March, 2019

Working Notes:
i. Calculation of Opening Balance of Capital Fund

Balance Sheet as on 1^st April, 2018

ii. Calculation of depreciation on Sports Materials = 8,000 × 12.5% = 1,000

iii. Calculation of amount of Outstanding Subscription for the year 2016-17

iv. Calculation of amount of outstanding subscription for the year 2017-18

Question 7.
Madhuri and Minakshi are in partnership sharing profits and losses in the ratio 3 : 2. From the following Trial Balance and adjustments given below, you are required to prepare Trading and Profit & Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date. [12]
Trial Balance as on 31^st March, 2019

Adjustments:
i. Stock on hand on 31^st March, 2019 was valued at ₹ 1,10,000.
ii. Depreciate Plant and Machinery at 10% p.a. and Building at 5% p.a.
iii. Prepaid Insurance ₹ 1,500.
iv. Create R.D.D. at 5% on Sundry Debtors.
v. Partners are allowed interest at 5% p.a. on their capitals.
vi. Salaries include ₹ 2,500 as advance to workers.
Answer:
In the books of Madhuri and Minakshi, Trading and Profit å Loss Account for the year ended 31^st March, 2019

Working Notes:
i. Calculation of amount Interest on Bank loan (for 6 months)
= 1,00,000 × \(\frac{6}{12}\) × \(\frac{8}{100}\) = ₹ 4,000

Maharashtra Board Class 12 BK & Accountancy Previous Year Question Papers