Maharashtra State Board Class 12th BK & Accountancy Sample Paper Set 1 with Solutions Answers Pdf Download.
Maharashtra Board Class 12 BK & Accountancy Model Paper Set 1 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 sentences:
(i) When there is no Partnership Agreement between Partners, division of Profits take place in ………….. ratio. (d)
(a) Capital Ratio
(b) Experience of Partner
(c) Profit Sharing Ratio
(d) Equal
Answer:
(d) Equal
(ii) Receipt and Payment account is ………….. . (a)
(a) Real Account
(b) Capital Account
(c) Nominal Account
(d) Current Account
Answer:
(a) Real Account
(iii) Decrease in the value of asset should be ………….. to Profit and Loss Adjustment A/c. (c)
(a) Added
(b) Deducted
(c) Debited
(d) Credited
Answer:
(c) Debited
(iv) Death is compulsory ………….. . (a)
(a) Dissolution
(b) Admission
(c) Retirement
(d) Winding Up
Answer:
(a) Dissolution
(v) In case of dissolution, all the assets and liabilities are transferred to ………….. . (d)
(a) Profit & Loss Account
(b) Adjustment Account
(c) Appropriation Account
(d) Realisation Account
Answer:
(d) Realisation Account
(B) Answer the following questions in One Sentence Only:
(i) Partnership deed is silent in respect of sharing of profits and losses; in this case what will be the ratio in which profits and loss to be shared?
Answer:
In case if Partnership Deed is silent about the sharing proportion the Profits and Losses to be shared by Partners in Equal Proportion.
(ii) What is outstanding expenses?
Answer:
Outstanding expenses are the expenses which are unpaid.
(iii) How Gain Ratio is calculated?
Answer:
Gain Ratio is the difference between New Ratio and Old ratio.
(iv) Who is conside/ed to be a solvent partner?
Answer:
Solvent partner is a partner whose assets are more than his liabilities.
(v) What is Hardware?
Answer:
Hardware is an electronic equipment that includes Computers, Disk Drivers, Monitors, Printers and network that connects with them.
(C) Write a word/phrase/term as a substitute for each of the following statements:
(i) Legal Agreement in which partners are legally liable for the acts done by them.
Answer:
Partnership Deed
(ii) Debit balance of Revaluation Account.
Answer:
Loss on Reva luation
(iii) Reputation of business measured in monetary terms.
Answer:
Goodwill
(iv) Person who represents deceased partner.
Answer:
Legal Heir’s or Executor
(v) Donation received for Specific Purpose.
Answer:
Corpus
(D) Calculate the following questions:
(i) Current Assets: ₹ 1,00,000, Current Liabilities: ₹ 60,000. Calculate Current Ratio
(ii) 10% Depreciation on Furniture ₹ 12,000/- 3 Months
(iii) In case of non-agreement; Loan by Partner is ₹ 1,00,000/- calculate interest on loan to be given?
(iv) 1000 shares issued @10% Premium considering face value for ₹ 10/- Calculate Premium
(v) Profit for 2015, 2016 & 2017 is ₹ 10,000, 15,000 & 25,000. Calculate average profit.
Answer:
Question 2.
Mandar and Prasad are partners in a firm sharing profit & losses in the ratio of 3:2. The following is their balance sheet as on 31st March, 2019.
On 1st April, 2019 Shubham is admitted for 1/2 share on the following terms:
(i) He paid ₹ 1,00,000 as Capital ₹ 40,000 as his shares of goodwill by RTGS.
(ii) Plant & Machinery revalued at ₹ 48,000.
(iii) Building is taken over by Mandar at ₹ 100,000.
(iv) Reserve for Doubtful Debts (RDD) to be increased upto ₹ 4,000.
(v) The old partners decided to retain half of the amount of goodwill in the business
(vi) The old partners decided to sacrifice equally.
Prepare Partners’ Capital Account Only and show your working clearly.
OR
Following is the balance sheet of Arun, Suresh and Samyak who were sharing profits and losses equally.
On 1st April 2019, Suresh retired from the firm on the following terms:
(i) Land and Building be appreciated by 10% and Computer be reduced by ₹ 1,900.
(ii) Debtors were all good and RDD was no Longer required.
(iii) Plant & Machinery be revalued at ₹ 9,400.
(iv) GoodwiLl of the firm be valued at ₹ 16,500.
(v) Furniture were sofld at ₹ 21,800 and part payment of ₹ 15,000 was made to Suresh by R.T.G.S. and balance was transferred to his Loan Account.
Prepare Revaluation A/c, Partners’ capital A/c and the Balance Sheet of Arun and Suresh.
Answer:
Working Note:
OR
Balance Sheet as on 01st April, 2019
Question 3.
Riddhi and Siddhi are partners sharing profits and losses in the ratio of 2:1. The following is their balance sheet as on 31st March, 2019.
Balance Sheet
(as on 31st March, 2019)
The firm was dissolved on 31st March 2019.
(i) The assets realised were:
Machinery ₹ 22,000, Building ₹ 28,000, Stock ₹ 38,000 and Debtors ₹ 15,000.
(ii) Riddhi took over the Investment at ₹ 10,000 and Furniture at book value.
(iii) Siddhi agreed to accept ₹ 3,000 in full settlement of her Loan Account.
(iv) Dissolution expenses amounted to ₹ 4,000.
(v) Interest receivable could not be recovered.
Prepare Realisation Account, Partners’ Capital Account, Siddhi’s Loan Account and Bank Account.
OR
On 1st June, 2019 Pratap sold goods to Sujit worth ₹ 1,82,000. Sujit accepted a bill drawn upon him by Pratap for 2 months for ₹ 1,82,000. Give Journal entires in the book of Pratap and Sujit for the following cases:
(i) Bill is honoured on the due date.
(ii) Bill is dishonoured on the due date.
(iii) Bill is dishounoured on the due date and noting charges ₹ 1,250 paid by Pratap.
Answer:
OR
In the books of Pratap
Journal Entries
In the Books of Sujit
Journal Entries
Question 4.
Alankrit Ltd. offered for public 10,000 equity shares of ₹ 10 each at a premium of ₹ 12/- per share payable as under:
(i) On Application – ₹ 4
(ii) On Allotment – ₹ 4 (including premium)
(iii) On First & Final Call – Balance Amount
Company received all the money. The issue was fully subscribed. Give Journal Entries to record above transactions and also show in balance sheet.
OR
Write down difference between Manual Accounting Process and Computerised Accounting Process.
Answer:
Journal Entries
In the books of Alankrit Ltd.
Balance Sheet of Alankrit Ltd.
OR
| Basis of / Difference | Manual Accounting | Computerised Accounting |
| 1. Meaning | Manual Accounting is the system in which we maintain physical register of journal and ledger for keeping the records of each business transactions. | In this system of computerised accounting, we use computer and different accounting software for digital record of each business transactions. |
| 2. Calculation | In this system, all calculations are done manually. For example, to find the balance of any ledger account. We will make total of the debit and credit side and then we will find its difference for showing balance. |
In computerised accounting system, our duty is to record the business transactions manually in the database. All the calculations are done by computer system. We need not calculate each account’s balance, it is calculated automatically by computerised accounting system. |
| 3. Ledger Accounts | Ledger accounts are prepared by posting transactions in appropriate ledger manually with the help of journal, there may be mistakes while transferring the amount manually. | In computerised accounting system, once a voucher is entered it will automatically be printed. Thus, there is no chance of taking or transferring wrong amount. |
| 4. Trial Balance | In this system of accounting, we have to take the balances of all ledger A/c, in trial balance statement. | Computerised accounting system will produce trial balance automatically. |
| 5. Adjustment Entries Record | Both adjustment journal entries and its posting in the ledger accounts will be done manually one by one. | Only adjustment entries will be passed in the computerised accounting system, posting in the ledger accounts wilL be done automatically. |
| 6. Financial Statements | We have to make the financial statements manually by carefully transferring trial balance’s figures in to trading, profit and loss account and balance sheet. | We need not prepare financial statement manually financialstatements will be generated automatically. It will also automatically change after each voucher entry in the system. This facility is not available in the manual accounting system. |
| 7. Closing the Books | At the end of the year financial statements are prepared for the accounting period. The balances are to be carried forward manually, to next year. | In the computerised accounting software financial reports are auto generated for the accounting period. The balances are automatically carried forward to next year. |
Question 5.
Following is the balance sheet of Varad Company Ltd as on 31.03.2019 and 31.03.2020 is given as below: [8 Marks]
You are required to prepare Comparative Balance Sheet of Varad Company Ltd. as on 31.03.2019 & 31.03.2020.
OR
Rakesh, Mahesh & Mukesh were partners in a firm sharing profits and losses in the ratio of 3:2:1 respectively. Balance Sheet as on 31st March, 2019 as under:
Mukesh Died on 30th June, 2019 and following adjustments were made:
(i) Assets were revalued as: Plant & Machinery ₹ 44,000, Motor Truck ₹ 18,000, Investment ₹ 17,000.
(ii) All debtors were good.
(iii) Goodwill of the firm valued at two times the average profits of the last five years. No Goodwill account to be shown in the books of the firm.
(iv) Mukesh’s share of profit up to his death to be calculated on the basis of average profits of last two years.
(v) Five years Profits were-l year ₹ 6,000, II year ₹ 11,000, III year ₹ 7,000, IV year ₹ 12,000, V year ₹ 24,000 respectively. Prepare Revaluation A/c, Partners Capital A/c and Balance Sheet as on 01st July, 2019.
Answer:
Comparative Balance Sheet of Varad Company Ltd. as on 31st March, 2019 & 31st March, 2020
OR
Revaluation A/c
Partners’ Capital A/c
Balance Sheet as
on 1st July, 2019
Working Note:
1. Valuation of Goodwill
Total Profits = 6,000 + 12,000 + 7,000 + 11,000 + 24,000 = ₹ 60,000
Average Profit = \(\frac{60,000}{2}\) = ₹ 12,000
Goodwill = 12,000 × 2 = ₹ 24,000
Mahesh’s Share in Goodwill = 24,000 = ₹ 4,000
Goodwill is divided and debited to Rakesh and Mahesh’s Capital A/c in the Ratio of 3:2
Rakesh = 4,000 × \(\frac{3}{5}\) = ₹ 2,400
Mahesh = 4,000 × \(\frac{2}{5}\) = ₹ 1,600
2. Calculation of Mukesh’s Share in profit from 1st April, 2019 to 1st July, 2019
Total profit of current year = average profit of last 2 year profit
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 31st March 2019 and a Balance Sheet as on that date.
Receipts and Payment Account
for the year ended 31st March, 2019.
Additional Information:
(i) 50% Donations are towards Building Fund.
(ii) 70% entrance fees should be capitalised.
(iii) Subscription ₹ 500 for the year 2016-17 ₹ 1,000 for 2017-18 are still in arrears.
(iv) Following are the balances appeared in the books as on 1-4-2018:
Building Fund ₹ 47,000, Bank Overdraft ₹ 32,000, Land ₹ 1,50,000. Sports Materials ₹ 30,000, Outstanding Subscription for 2016 -17 is ₹ 2,500 and 2017-18 is ₹ 4,000
(v) Outstanding Subscription for current year is ₹ 8,000.
(vi) Closing Stock of Sports Material was ₹ 8,000 on which depreciation to be provided at 12.50% p.a.
Answer:
Income and Expenditure Account
for the year ended 31st March, 2019
Balance Sheet
as on 31st March, 2019
Working Notes:
1. Calculation of Capital Fund:
Balance Sheet
as on 31st March, 2018
2. Calculation of Depreciation:
12.5% Depreciation of ₹ 8,000
8.000 × \(\frac{12.5}{100}\) = ₹ 1,000
Question 7.
Kranti & Sumangala are Partners sharing Profits and Losses in their capital ratio. From the Trial Balance given below and Adjustments, you are required to prepare Trading & Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date.
Trial balance as on 31st March, 2019
Adjustments:
(i) Closing Stock is valued eft Cost Price ₹ 28,000 and Market Price ₹ 32,000.
(ii) Insurance is paid up to 30th June 2019.
(iii) Outstanding Expenses – Wages ₹ 800, Salaries ₹ 700.
(iv) Book value of Plant & Machinery is reduced to ₹ 13,000.
(v) Depreciate Furniture by 5% p.a.
(vi) Provide further Bad debts of ₹ 800.
(vii) Goods of ₹ 3,000 distributed as a free sample.
Answer:
In the books of Kranti & Sumangala
Trading & Profit and Loss A/c
For the year ended 31st March, 2019
Balance Sheet
as on 31st March, 2019
