Maharashtra Board Class 12 BK & Accountancy Sample Paper Set 6 with Solutions

Maharashtra State Board Class 12th BK & Accountancy Sample Paper Set 6 with Solutions Answers Pdf Download.

Maharashtra Board Class 12 BK & Accountancy Model Paper Set 6 with Solutions

Time: 3 Hours

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) Complete the sentences:

Question 1.
The balance of Drawings Account of a partner is transferred to his ___ account number the Fixed Capital Method.
Answer:
The balance of Drawings Account of a partner is transferred to his current account under the Fixed Capital Method.

Question 2.
Subscription received from the members is considered as ____ receipts.
Answer:
Subscription received from the members is considered as revenue receipts.

Question 3.
_____ is the benefit, name, fame, reputation, image of a business which ultimately helps the business to earn more profits.
Answer:
Goodwill is the benefit, name, fame, reputation, imaqe of a business which ultimately helps the business to earn more profits.

Question 4.
Revaluation A/c is also known as ____ account.
Answer:
Revaluation A/c is also known as Profit and Loss adjustment account.

Question 5.
Deceased partner’s executor’s account is shown on the side of the Balance Sheet.
Answer:
Deceased partner’s executor’s account is shown on the liability side of the Balance Sheet.

(B) Find the odd one:

Question 1.
Cash balance, Partners’loan, Formation expenses, Furniture
Answer:
Furniture – All others are not transferred to Realisation Account on dissolution.

Question 2.
Creditor, Drawee, Drawer, Seller
Answer:
Drawee – Drawee is the person on whom the bill is drawn. Others are entitled to received the payment.

Question 3.
Authorised capital, issued capital, subscribed capital, Cash at bank
Answer:
Cash at bank – Others are types of capital.

Question 4.
Comparative Financial Statement. Common Size Statement. Cash Flow Analysis, Trial Balance
Answer:
Trial balance – All others are tool or techniques of financial analysis.

Question 5.
Tally ERP9, Miracle, Busy, GNU Khata
Answer:
GNU Khata – It is an open source & free software while others are paid softwares.

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

Question 1.
Carriage inward is carriage on purchases.
Answer:
True

Reason: The expenses incurred on carriage of purchases is carriage inward.

Question 2.
Receipts and Payments Account contains only the transactions relating to current year.
Answer:
False

Reason: Receipts and Payments Account records movement of cash / bank transactions irrespective of whether they are pertaining to current year, previous or future year.

(D) Answer the following questions in only ‘one’ sentence each: (5)

Question 1.
When is Realisation Account opened?
Answer:
Realisation account is opened on dissolution of firm.

Question 2.
What is the minimum number of partners in a partnership firm according to Indian Partnership Act, 1932?
Answer:
Minimum two partners are required in a partnership firm according to Indian Partnership Act, 1932.

Question 3.
What are Capital Receipts?
Answer:
All receipts which are non-recurring in nature and not forming a part of regular flow of income of a concern are known as capital receipts.

Question 4.
How is Gain Ratio calculated ?
Answer:
The difference of New Ratio and Old Ratio is the Sain Ratio.
Gain ratio = New ratio – Old ratio

Question 5.
To which account Profit is to be transferred upto the date of his death?
Answer:
Profit upto the date of the death is to be transferred to deceased partner’s capital account. The second effect is given to Profit and Loss Suspense Account.

Question 2.
Manish and Mayur are partner’s sharing profit and losses in the ratio of 3 : 2. Their Balance Sheet as on 31^st March, 2019 is as follows:
Balance Sheet as on 31^st March, 2019

They agreed to admit Mayank on the following terms:
i. The Goodwill is to be written off after admission of Mayank.
ii. 1/3^rd of furniture to be written off.
iii. Stock is undervalued by 10% and it is to be adjusted
iv. Debtors of ₹ 1,200 are not recoverable.
v. Mayank will introduce ₹ 80,000 for 1/4^th share.
vi. Manish withdrew ₹ 40,000 from business.
Prepare Revaluation Account and pass journal entries of Goodwill.
OR
Following is the Balance Sheet of Anil, Sunil and Suresh who were sharing profit and losses equally: [10]
Balance Sheet as on 31^st March, 2019

On 1^st 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 R.D.D. was no longer required.
iii. Machinery be revalued at ₹ 9,400.
iv. Goodwill of the firm be valued at ₹ 16,500.
v. Furniture was sold 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: Profit and Loss Adjustment Account, Partners Capital Account, Balance Sheet of Anil and Sunil.
Answer:
In the books of the Firm, Revaluation Account

Journal Entries

[Note: Goodwill to be written of in the new profit sharing ratio]

Working Notes:

i. Calculation of New Profit Sharing Ratio:
Balance Ratio = 1 – Share of Incoming Partner = 1 – \(\frac{1}{4}\) = \(\frac{3}{4}\)
New Ratio = Old Ratio × Balance Ratio
Manish’s new ratio = \(\frac{3}{5}\) × \(\frac{3}{4}\) = \(\frac{9}{20}\)
Mayur’s new ratio = \(\frac{2}{5}\) × \(\frac{3}{4}\) = \(\frac{6}{20}\)
Mayank’s New Ratio = \(\frac{1}{4}\) i.e. \(\frac{5}{20}\)
New Ratio = Manish : Mayur : Mayank = \(\frac{9}{20}\) : \(\frac{6}{20}\) : \(\frac{5}{20}\) = 9 : 6 : 5

ii. Calculation of amount of furniture to be written off = 30,000 × \(\frac{1}{3}\) = 10,000

iii. Calculation of revised amount of Stocks : Stocks undervalued by 10%
Amount of Stocks in Balance Sheet (100% – 10%) = 90% = ₹ 36,000
Revalued amount of Stocks = 36,000 × \(\frac{100}{90}\) = ₹ 40,000
Amount to be charged to Revaluation Account = 40,000 – 36,000 = ₹ 4,000

OR

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

Partners’ Capital Account

Balance Sheet as on 1^st April, 2019

Working Note:

i. Bank Account

Question 3.
On 18^th June, 2019 Rohan sold goods on credit for ₹ 40,000 to Navin. Rohan draws a bill for the
amount due for 3 months on the same day. Navin accepted the bill and returned it to Rohan. On 19^th June, 2019 Roban discounted the bill with the bank at 15% p. a. [10]

On the due date Navin dishonoured his acceptance and bank paid noting charges ₹ 350. Navin then requested Roban to renew the bill. Roban agreed on the condition that Navin should pay interest on balance at 12% p.a. plus noting charges by cheque and should accept a new bill for the balance for 2 months.
These arrangements were carried through. But before the due date Navin was declared insolvent. Rohan received 60 paise in a rupee as first and final dividend from the private estate of Navin on 23^rd Dec, 2019.
Give journal entries in the books of Navin.
OR
Geeta, Seeta and Recta are partners sharing profits and losses in the ratio of their capital, decided to dissolve the firm on 31^st March, 2019, on which date, their Balance Sheet is as given below: [10]
Balance Sheet as on 31^st March, 2019

Dissolution was effected as follows:
i. Geeta will accept 50% of Furniture at ₹ 1,000 & Building for ₹ 8,000 and will also discharge 40% of Creditors for ₹ 3,000.
ii. Seeta agreed to take 50% of the Sundry Debtors at 20% discount and Machinery for ₹ 6,000. She also agreed to pay Dissolution Expenses of ₹ 1,000.
iii. Remaining Furniture was sold at a profit of ₹ 200 and Debtors realised 25% below cost. Stock was realised at book value.
Prepare necessary ledger accounts in the books of firm.
Answer:
In the books of Navin, Journal Entries

Working Notes:

i. Calculation of amount of interest due on balance amount = 40,000 × \(\frac{12}{100}\) × \(\frac{12}{100}\)
= ₹ 800

ii. Calculation of:
a. amount paid by Navin = 40,000 × \(\frac{60}{100}\) = ₹ 24,000
b. amount of deficiency = 40,000 – 24,000 (amount paid)
= ₹ 16,000
[10 Marks]

OR

In the books of Seeta, Seeta and Reeta, Realisation Account

Partners’ Capital Account

Partners’ Current Account

Cash Account

Working Notes:

i. Furniture taken over by Geeta = 50%
Furniture = 4,000 × \(\frac{50}{100}\) = ₹ 2,000; Taken over by Geeta at ₹ 1000

ii. Creditors paid by Geeta = 40%
Creditors = 7,000 × \(\frac{40}{100}\) = ₹ 2,800; paid by Geea at ₹ 3000

iii. Sundry Debtors taken over by Seeta = 50%
Sundry Debtors = 20,000 × \(\frac{50}{100}\) = ₹ 10,000
Calculation of the amount of Discount on Sundry Debtors taken over by Seeta
Sundry Debtors = 10,000 × \(\frac{20}{100}\) = ₹ 2,000
Value of sundry debtors taken over by seeta = 10,000 – 2,000 = ₹ 8,000

iv. Calculation of amount of realised on the remaining Sundry Debtors:
Remaining Debtors realised at 25% below cost
Sundry Debtors = 10,000 × \(\frac{25}{100}\) = ₹ 2,500
Amount realised from Sundry Debtors = ₹ 10,000 – ₹ 2,500 = ₹ 7,500

Question 4.
Rahul, Kishan and Gopal are three partners sharing profits and losses equally. Their Balance Sheet as on 31^st March, 2019 is as under: [8]
Balance Sheet as on 31^st March, 2019

Rahul died on 30^th September, 2019 and the following adjustments were made in the books:
i. Plant and Machinery to be revalued to ₹ 9,000.
ii. Building to be revalued to ₹ 25,000.
iii. Furniture was overvalued by 25% whereas stock was undervalued by 20%.
iv. Rahul was entitled to his share of profit of the current year. Current year’s profit is to be estimated at average profit of last 2 years.
v. Rahul was entitled to his share of goodwill. Goodwill to his share’s extent was to be raised. Goodwill was calculated on the basis of 2.5 years purchase of average profits of last 3 years.
2018-19: ₹ 69,000, 2017-18 : ₹ 51,000, 2016-17 : ₹ 60,000
vi. Partners decided that goodwill will not appear in the new Balance Sheet.
Prepare: Profit and Loss Adjustment Account, Partners’ Capital Account and Balance Sheet of the firm.
OR
Ankita ltd. offered to public 10,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share payable as under:
On application – ₹ 4
On allotment – ₹ 4 (including premium)
On first and final call – balance amount
Company received all the money. The issue was fully subscribed.
Give journal entries to record the above transactions and also show Balance Sheet. [8]
Answer:
In the books of the Firm, Profit and Loss Adjustment Account

Partner’s Capital Account

Balance Sheet as on 1^st October, 2019

Working Notes:

i. Calculation of Goodwill
Total profit = 69000 + 51,000 + 60,000 = ₹ 1,80,000
Average profit \(=\frac{\text { Total profit }}{\text { Number of years }}\) = \(\frac{1,80,000}{3}\) = ₹ 60,000
Goodwill of the firm = Average profit × Number of years of purchase
= 60000 × 2.5 = ₹ 1,50,000
Rahul’s share = Goodwill of the firm × Profit Sharing Ratio = 1,50,000 × \(\frac{1}{3}\)

ii. Rahul’s share of profit
Total profit = 69,000 + 51,000 = ₹ 1,20,000
Average profit \(=\frac{\text { Total profit }}{\text { Number of years }}\) = \(\frac{1,20,000}{2}\) = ₹ 60,000

OR

Journal entries in the books of Ankita Ltd.

Balance Sheet of Ankita Ltd.

Question 5.
From the Income Statement of ‘PQR’ Ltd. prepare Comparative income Statement for the year ended 31^št March, 2018 and 31^st March, 2019. [8]

OR
Distinguish between Manual Accounting Process and Computerized Accounting Process.
Answer:
In the books of PQR Ltd..
Comparative Income Statement for the year ended 31^st March, 2018 and 31^st March, 2019

Working Note:

Here, Year 2018 is the Previous Year and Year 2019 is the Current Year
Absolute Change : Current Year – Previous Year
E.g..: Calculation of absolute change in Sales = 4,00,000 – 2,60,000 = 1,40,000
And,
Amount of Absolute Change \(=\frac{\text { Amount of Absolute Change }}{\text { Amount of Previous Year }}\) × 100
E.g.. Calculation of Percentage Change for Sales = \(\frac{1,40,000}{2,60,000}\) × 100 = 53.85%
Similarly, calculation for absolute change and percentage change in other items can be done. (8 Marks)

OR

Manual Accounting	Computerized Accounting
Meaning
Manual accounting is the system in which physical register of journal and ledgers are maintained for keeping the records of each business transaction.	In this system of computerized accounting, computer and different accounting softwares are used for digital record of each business transaction.
Calculation Total
In this system, all calculations are done manually. E.g.: 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 computerized 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 accounts balance. It is calculated automatically by computerized accounting system.
Posting in 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 computerized accounting system, once a voucher is entered it will automatically be printed. Thus, there is no chance of taking or transferring wrong amount.
Trial Balance
In this system of accounting, we have to take the balances of all ledger accounts manually and then prepare trial balance statement.	Computerized accounting system will produce trial balance automatically.
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 computerized accounting system, posting in the ledger accounts will be done automatically.
Financial Statements
We have to make the financial statements manually by carefully transferring Trial Balance’s figures in to Trading Account, Profit and Loss Account and Balance Sheet.	We need not prepare financial statement manually. Financial statements will be generated automatically. It will also automatically change after each voucher entry in the system.
Closing the Books
After the year end accountants prepare financial statements for the accounting period. The balances are to be carried forward manually to next year.	In the computerized accounting software financial reports are auto generated for the accounting period. The balances are automatically carried forward to next year.

Question 6.
Dr. Abhinav Bharat started practice of Medical Practitioner on 1^st April, 2019. He gives you
the Receipts and Payments Account for the year ended 31^st March, 2020 and the adjustments.
Prepare Income and Expenditure Account and Balance Sheet for the year ended 31^st March, 2020.
In the books of Dr. Abhinav Bharat Receipts and Payments Account for the year ended 31^st March, 2020

Additional Information:
i. Receipts in arrears are: Visit Fees ₹ 2,000 and Dispensary ₹ 500
ii. Outstanding Expenses: Rent ₹ 500 and Salaries ₹ 1,000
iii. Stock of drugs was ₹ 1,000
iv. Depreciate Furniture @ 8 % pa. and Equipments ₹ 500.
v. 40 % of the conveyance expenses are for domestic purpose.
Answer:
In the books of Dr. Abhinav Bharat.
Income and Expenditure Account for the year ended 31^st March, 2020

Balance Sheet as on 31^st March, 2020

Working Note:

i. Calculation of amount of depreciation on Furniture = 8% on Furniture
= 8,000 × \(\frac{8}{100}\) = 640

Question 7.
From the following Trial Balance of Jagan and Magan, you are required to prepare Trading and Profit & Loss Account for the year ended 31^st March, 2020 and the Balance Sheet as on that date, after taking into consideration the additional information: [12]
Trial Balance as on 31^st March, 2020

Adjustments:
i. Partners share Profits and Losses in their capital ratio.
ii. Closing Stock — Cost ₹ 20,000, Market Value ₹ 22,500.
iii. Jagan has withdrawn goods of ₹ 600 for his personal use, which isn’t recorded in the books of accounts.
iv. Uninsured goods worth 5,000 were destroyed by fire.
v. ₹ 225 written off as Bad Debts from Debtors.
vi. Outstanding Salaries and Wages ₹ 400.
vii. Depreciate Land and Building at 7.5% p.a.
Answer:
In the books of Jagan and Magan,
Trading and Profit & Loss Account for the year ended 31^st March, 2020

Partner’s Capital

Balance Sheet as on 31^st March, 2020

Maharashtra Board Class 12 BK & Accountancy Previous Year Question Papers