Maharashtra Board Class 12 BK & Accountancy Sample Paper Set 3 with Solutions

Maharashtra State Board Class 12th BK & Accountancy Sample Paper Set 3 with Solutions Answers Pdf Download.

Maharashtra Board Class 12 BK & Accountancy Model Paper Set 3 with Solutions

Time: 3 Hours
Max. Marks: 80

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:

(A) Select the correct options and rewrite the statements:

Question 1.
Not for Profit Concern renders ____ services to public at large.
a. Commercial
b. Social
c. Individual
d. Group
Answer:
b. Social

Not for Profit Concern renders social services to public at large.

Question 2.
When there is no partnership agreement between partners, the division of profits take place in ____ ratio.
a. equal
b. capital ratio
c. initial contribution
d. experience and tenure of partners
Answer:
a. equal

When there is no partnership agreement between partners, the division of profits take place in equal ratio.

Question 3.
When the retiring partner’s share of profit is transferred, ____ account is debited.
a. Profit and Loss Adjustment
b. Partners’ Capital
c. Profit and Loss Suspense
d. Partners’ Current
Answer:
c. Profit and Loss Suspense

When the retiring partner’s share of profit is transferred, Profit and Loss Suspense account is debited.

Question 4.
Benefit ratio is the ratio in which ____.
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 benefit on retirement or death of a partner
d. all partners are benefited.
Answer:
c. the continuing partners benefit on retirement or death of a partner

Benefit ratio is the ratio in which the continuing partners benefit on retirement or death of a partner.

Question 5.
New Ratio = Old Ratio + ____ Ratio
a. Gain
b. Capital
c. Sacrifice
d. Current
Answer:
a. Gain

New Ratio = Old Ratio + Gain Ratio.

(B) Write a word / term / phrase as a substitute for each of the following statements:

Question 1.
The person who purchases the shares of a company.
Answer:
Shareholder

Question 2.
It is a damaged software, cracked, nearly fully functional.
Answer:
Pirated software

Question 3.
Nature of dissolution in which all partners are solvent and they decide to dissolve the firm.
Answer:
Simple dissolution

Question 4.
The statement showing financial position for different periods or previous year and current year.
Answer:
Comparative Balance Sheet

Question 5.
Person who is in possession of bill of exchange.
Answer:
Holder

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

Question 1.
If the Partnership Deed is silent, in which ratio the partners will share the profit or loss?
Answer:
If the Partnership Deed is silent, the partners will share the profit or loss in equal ratio.

Question 2.
How death of a partner is a compulsory retirement?
Answer:
When one member ceases to be a partner and the remaining partners continue to carry on the business of the firm it is called as Retirement of a Partner. On account of death, that partner ceases to be a partner in the firm. Hence, death of a partner is a compulsory retirement.

Question 3.
What is meant by Retirement of a Partner ?
Answer:
When one member ceases to be a partner and the remaining partners continue to carry on the business of the firm it is called as Retirement of a Partner.

Question 4.
What is meant by Reconstitution of partnership?
Answer:
Reconstitution of partnership is the change in the relationship between the partners and change in the share of profits and losses.

Question 5.
What do you mean by ‘Not for Profit Concern’?
Answer:
The organisation whose main aim is to give qualitative service to its members or to the society at large at minimum charges is called as ’Not for Profit Concern’.

(D) Complete the sentences:

Question 1.
Cash receipts which are recurring in nature are called as ____ Receipts.
Answer:
Cash receipts which are recurring in nature are called as revenue Receipts.

Question 2.
Not for Profit Organisation is never engaged in ___ activities.
Answer:
Not for Profit Organisation is never engaged in trading activities.

Question 3.
____ means to windup or to close down.
Answer:
Dissolution means to windup or to close down.

Question 4.
Not for Profit organisation is called ____ organisation.
Answer:
Not for Profit organisation is called service organisation.

Question 5.
Registration of Partnership is ____ in India.
Answer:
Registration of Partnership is optional in India.

Question 2.
Suresh and Ramesh are equal partners in a business and their Balance Sheet as on 31^st March, 2019 is as follows:
Balance Sheet as on 31^st March, 2019

They admitted Kailash on 1^st April, 2019 as a partner on the following terms:
i. Kailash will bring through RTGS ₹ 30,000 as his capital for 1/4^th share in future profit and ₹ 12,000 as goodwill 50% of which will be withdrawn by old partners.
ii. Stock and Machinery to be depreciated by 10%.
iii. R.D.D. is to be maintained at 5% on debtors.
iv. Building to be appreciated by 20% and Furniture is revalued at ₹ 10,000.
Prepare Profit and Loss Adjustment Account, Partner’s Capital Account and Balance Sheet of the New Firm

OR

The Balance Sheet of Ram, Shyam and Ghanshyam sharing profits and losses 3:2:1 respectively and their position on 31.03.2019 was as follows: [10]
Balance Sheet as on 31^st March, 2019

Ghanshyam retired on 1^st April, 2019 on the following terms:
i. Building and Investment to be appreciated by 5% and 10% respectively.
ii. Provision for Doubtful Debts to be created at 5% on Debtors.
iii. The provision of Rs 3,000 be made in respect of Outstanding Salary.
iv. Goodwill of the firm is valued at Rs 90,000 and partners decide that goodwill should be written back.
v. The amount payable to the retiring partner be transferred to his Loan A/c.
Prepare: Profit and Loss Adjustment Account, Partners Capital Account, Balance Sheet of new firm.
Answer:
Profit and Loss Adjustment Account

Partner’s Capital Account

Working Notes:

i. Bank Account

ii. Goodwill Account

iii. Calculation of amount of R.D.D. to be provided on Debtors = 5% of amount of Debtors
= \(\frac{5}{100}\) × 40,000 = ₹ 2,000
[Note: The sacrifice ratio will remain the same as the old profit ratio of old partner’s]
[10 Marks]

OR

In the books of the Firm, Profit and Loss Adjustment Account

Question 3.
On 15^th September, 2019 Kunal purchased goods from Kishorilal for ₹ 38,000 and Kunal gave his acceptance after sight for 60 days on 18^th September, 2019 for the amount due. Kishorilal deposited the bill into bank for collection on the same day. Kunal honoured his acceptance on the due date. Bank charged ₹ 150 as bank charges.
Give journal entries in the books of Kishorilal and Kunal.

X, Y and Z were carrying on business. They share profit and losses in the ratio of 5 : 3 : 2 respectively. Their Balance sheet as on 31^st March, 2020, was as under: [10]
Balance Sheet as on 31^st March, 2020

On the above date, the firm was dissolved and the assets were realised as under:
i. Investment ₹ 5,000; Stock ₹ 24,000 and Debtors ₹ 15,000.
ii. The Plant and Machinery was taken over by Mr. ‘X’ at book value.
iii. Sundry Creditor and Mr. ‘Y’ loan were paid in full.
iv. Realisation expenses incurred ₹ 1,000.
Prepare Realisation Account, Partners’ Capital Account and Bank Account.
Answer:
In the books of Kishorilal, Journal Entries

In the books of Kunal Journal Entries

OR

In the books of X, Y and Z, Realisation Account

Question 4.
Rajesh, Rakesh and Mahesh were equal partners on 31^st March, 2019. Their Balance Sheet was as follows: [8]
Balance Sheet as on 31^st March, 2019

Mr. Rajesh died on 30^th June, 2019 and the following adjustment were agreed as:
i. Furniture was to be adjusted to its market price of ₹ 3,40,000.
ii. Land and Building was to be depreciated by 10%.
iii. Provide R.D.D. 5% on Debtors.
iv. The profit upto the date of death of Mr. Rajesh is to be calculated on the basis of last year’s profit which was ₹ 1,80,000.
Prepare:
a. Profit and Loss Adjustment Account
b. Partners’ Capital Account
c. Balance Sheet of the continuing firm

OR

ONGC Ltd. invited applications for 25,000 shares of ₹ 100 each payable as under:
On application ₹ 20, On allotment ₹ 40, On first call ₹ 25, On final call ₹ 15.
Public applied for 40,000 shares, out of which 15,000 shares were rejected and money was refunded. All the allotment and call money was received.
Pass journal entries in the journal of ONGC Ltd.
Answer:
In the books of the Partnership Firm, Profit and Loss Adjustment Account

Working Note:

i. Calculation of share of Rajesh’s Profit
Last year’s profit = ₹ 1,80,000

(8 Marks)

OR

Journal entries in the books of ONGC Ltd.

Question 5.
Following is the Balance Sheet of Varun Company Ltd. as on 31.03.2019 and 31.03.2020. [8]

You are required to prepare Comparative Balance Sheet of Varun Company Ltd. as on 31.03.2019 and 31.03.2020.
OR
Explain the features of computerized accounting system. [8]
Answer:
In the books of Varun Company Ltd., Comparative Balance Sheet as on 31.03.2019 and 31.03.2020

Working Note:
Here, Year 2019 is the Previous Year and Year 2020 is the Current Year.
Absolute Change Current Year – Previous Year

E.g.: Calculation of absolute change in Share Captial 370,000 – 2,50,000 = 1,20,000
And,
Amount of Absolute Change \(=\frac{\text { Amount of Absolute Change }}{\text { Amount of Previous Year }}\) × 100

E.g.. Calculation of Percentage of Change for Share Captial = \(\frac{1,20,000}{2,50,000}\) × 100
Similary calculation for absolute change arid percentage change of other items can be done.

OR

Following are the features of computerized accounting system:

1. Integrated Date and Information: Computerized 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 computerized accounting system we can keep accurate, up-to-date business information within time limit. Computerized accounting is mixed with Management Information System (MIS) with multilingual (multiple languages) and data organization (analysis) capabilities to support the company.

2. Accuracy and Speed: Computerized accounting has various customized 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 computerized accounting system generates real-time information for quick decision. The organization can plan its activities with the help of comprehensives 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 computerized 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 computerized accounting system is more secured. Data and information can be kept confidential as compared to the traditional accounting system. The security system is such that different levels of employees can be given access to specific reports or functions required by them and only a few key management personnel get access to all reports.

7. Transparency: Computerized 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 computerized accounting system. Normally ledger accounts are classified under groups like Assets, Liabilities, Income and Expenditure. As per requirement these groups can be further divided into sub groups as per convenience of the user.

Question 6.
From the following Balance Sheet and Receipts and Payments Account of Anna Bhau English Medium School. Ajara prepare Income and Expenditure Account for the year ended 31.3.2019 and Balance Sheet as on that date. [12]
Balance Sheet as on 31^st March, 2018

Adjustments:
i. Tuition fees receivable ₹ 2,40,000.
ii. Salary payable ₹ 1,50,000.
iii. Taxes include ₹ 3,000 paid in advance
iv. Rent paid in advance ₹ 40,000.
v. 50% of Admission Fees to be capitalized.
vi. Depreciate Furniture and Library @ 10% and Science Laboratory @ 20%.
Answer:
In the books of Anna Bhau English Medium School. Ajara 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 amount of depreciation on Science Laboratory = 20% on Science Laboratory
= 1,45,000 × \(\frac{20}{100}\) = 29,000

ii. Calculation of amount of depreciation on Furniture = 10% on Furniture
= 5,10,000 × \(\frac{10}{100}\) = 51,000

iii. Calculation of amount of depreciation on Library = 10% on Library
= 1,45,000 × \(\frac{10}{100}\)
= 14,500

Question 7.
Miss Meena and Miss Reena are in partnership sharing profits and losses in the ratio of 3 : 2.
From the following trial balance and adjustments. you are required to prepare Trading
Account and Profit & Loss Account for the year ended 31^st March, 2013 and Balance Sheet as on that date. [12]
Trial Balance as on 31^st March, 2013

Adjustments:
i. Stock on hand on 31^st March, 2013 was valued at ₹ 1,10,000.
ii. Depreciate Plant and Machinery at 10% p.a.
iii. Create reserve for doubtful debts at 5% on Sundry Debtors.
iv. Salaries include ₹ 2,500 as advance to workers.
v. Partners are allowed interest at 5% p.a. on their capitals.
Answer:
In the books of Miss Meena and Miss Reena, Trading and Profit & Loss Account for the year ended 31^st March, 2013

Maharashtra Board Class 12 BK & Accountancy Previous Year Question Papers