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Board Question Paper : March 2024

BOARD QUESTION PAPER : MARCH 2024

BOOK KEEPING & ACCOUNTANCY
Time: 3 Hrs. Max. Marks: 80

Q.1. Attempt all of the following subquestions: [20]

(A) Find the odd one: (5)
(1) Subscribed Capital, Called up Capital, Paid up Capital, Equity Shares.
(2) Building, Bills Payable, Furniture, Machinery.
(3) Retaining of Bill, Noting of Bill, Discounting of Bill, Endorsing of Bill.

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(4) Audit Fees, Insurance, Medical Expenses, Sundry Receipts.
(5) General Reserve, Creditors, Investments, Capital.

(B) Do you agree on disagree with the following statements: (5)

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(1) ‘Not for Profit’ concerns do not prepare Balance Sheet.
(2) Current Account always shows a debit balance.
(3) A Bill of Exchange is a conditional order.

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(4) Retiring partner is entitled to share in Reserve Fund and Accumulated Profit.
(5) On dissolution, Cash or Bank account is closed automatically.
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(C) Select the most appropriate alternative from those given below and rewrite the
statements: (5)
(1) In case of dissolution, assets and liabilities are transferred to _______ Account.
(A) Bank (B) Partners’ Capital
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(C) Realisation (D) Partners’ Current

(2) In the absence of an agreement, interest on loan advance by the partner to the firm is
allowed at the rate of _______.
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(A) 5% (B) 6%
(C) 10% (D) 9%
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(3) If an asset is taken over by the partner, _______ account is debited.

(A) Revaluation (B) Capital
(C) Asset (D) Balance Sheet
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(4) The balance of Capital Account of a retired partner is transferred to his _______ Account, if it
is not paid.
(A) Loan (B) Personal
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(C) Current (D) Son’s

(5) Income and Expenditure Accounts is a _______ Account.

(A) Capital (B) Real
(C) Personal (D) Nominal

(D) Write a word / term/ phrase as a substitute for each of the following statements: (5)
(1) Tally software is classified into this category.
(2) Partnership Agreement in written form.
(3) An asset which can be converted into cash immediately.
(4) A person who represents the deceased partner.
(5) The debit balance of Income and Expenditure Account.

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Book - Keeping and Accountancy

Q.2. Seeta and Geeta share profits and losses in the ratio of 3 : 2 in Partnership Firm. Their Balance Sheet
as on 31st March, 2020 was as under: [10]

Balance Sheet as on 31st March, 2020

Amount Amount
Liabilities Assets
₹ ₹
Capitals: Bank 11,250
Seeta 22,500 Bills Receivable 5,700
Geeta 18,000 40,500 Debtors 31,200
Creditors 18,750 (-) R.D.D. 1,200 30,000

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Bills payable 15,000 Stock 18,000
Bank Loan 24,000 Furniture 7,050
General Reserve 3,750 Machinery 7,500

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Building 22,500

1,02,000 1,02,000

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On 1st April, 2020 they admitted Reeta on the following terms:
(1) For half (1/2) share in future profit Reeta should bring ` 15,000 as capital and ` 7,500 for
goodwill in cash.
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(2) Furniture should be appreciated up to ` 8,025 and building be appreciated by 20%.
(3) R.D.D. is to be maintained at ` 1,500.
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(4) The stock is to be reduced by 10% and machinery depreciated by 5%.
(5) Half of amount of goodwill is withdrawn by old partners. Pass the necessary Journal Entires in
the books of the firm.
OR
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The balance sheet of Shivshakti Traders, Mumbai is as follows. Partners share profit and losses as
5 : 2 :3.
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Balance Sheet as on 31st March, 2020

Amount Amount
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Liabilities Assets
₹ ₹
Creditors 30,000 Bank 18,600
Bills payable 1,800 Debtors 25,200
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General Reserve 21,000 (-) R. D. D. 1,200 24,000

Capital Accounts: Stock 30,600
Raj 54,000 Building 60,000
Rahul 48,000 Plant and Machinery 48,000
Nitin 26,400

1,81,200 1,81,200

Rahul retired from the business on 1st April, 2020 on the following terms:
(1) The assets were revalued as under:
(i) Plant and Machinery is to be depreciated by 10%.
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Board Question Paper : March 2024

(ii) R.D.D. is to be increased upto ` 1,500.
(iii) Building is appreciated by 10%.
(iv) Stock at ` 42,000.
(2) The goodwill of retiring partner is valued at ` 12,000 and the remaining partners decided that
goodwill be written back in their new profit sharing ratio which will be 5 : 3.
(3) Amount due to Rahul at the time of retirement is to be transferred to his loan account.
Prepare:
(i) Profit and Loss Adjustment Account
(ii) Partners’ Capital Account
(iii) Balance Sheet of the New firm.

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Q.3. Lal, Bal and Pal were partners sharing profits and losses in the ration of 2 : 2 : 1. The following is the
Balance Sheet as on 31st March, 2020 [10]

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Balance Sheet as on 31st March, 2020

Amount Amount
Liabilities Assets

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₹ ₹
Capital Accounts: Machinery 50,000
Lal lic 60,000 Investment 24,000
Bal 20,000 Debtors 55,000
Pal 20,000 (-) R.D.D. 3,000 52,000
General reserve 6,000 Stock 20,000
Creditors 48,000 Profit and Loss A/c 18,000
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Bills payable 14,000 Bank 4,000

1,68,000 1,68,000
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On the above date the partners decided to dissolve the firm.

(1) Assets were realised as under:
Machinery ` 45,000
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Stock ` 18,000
Investment ` 21,000
Debtors ` 45,000
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(2) Dissolution expenses were ` 3,000.

(3) Goodwill of the firm realised ` 24,000.
Prepare:
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(i) Realisation Account

(ii) Partners’ Capital Account
(iii) Bank Account
OR
Journalise the following transactions in the books of Mr. Arvind.
(1) Bank informed that Sam’s acceptance for ` 30,000 sent to bank for collection has been
honoured and bank charges debited ` 200.
(2) Arun informed Arvind that Neena’s acceptance for ` 25,000 endorsed to Arun has been
dishonoured. Noting change paid by Arun amounted to ` 400.
(3) Bank informed that Jay’s acceptance of ` 35,000 which was discounted with bank was
dishonoured, bank paid noting charges ` 500.

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Book - Keeping and Accountancy

(4) Arvind sold goods to Sagar for ` 20,000 on credit and drew a bill for two months on Sagar for
the same amount.
(5) Neeta retired her acceptance to Arvind of ` 16,500 by paying cash ` 16,000.

Q.4. Mohini Company Limited issued 25,000 equity shares of ` 100 each payable as follows:
On application ` 20
On allotment ` 30
On first call ` 20
On second and final call ` 30
Applications were received for 22,000 equity shares and allotment of shares were made to them.

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All money received by the company.
Pass Journal Entries in the books of Mohini Co. Ltd.

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OR

Write the features of Computerized Accounting System.

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Q.5. Suresh, Naresh and Paresh were equal partners. On 31st March, 2019 their Balance Sheet was as
follows : lic [8]
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Balance Sheet as on 31 March, 2019

Amount Amount
Liabilities Assets
₹ ₹
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Capital Accounts: Land and Building 2,00,000
Suresh 2,50,000 Furniture 1,50,000
Naresh 1,00,000 Debtors 1,50,000
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Paresh 1,00,000 Cash 1,00,000

Sundry creditors 1,50,000
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6,00,000 6,00,000

Suresh died on 30th June, 2019 and the following adjustments were agreed as :
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(1) Furniture was to be adjusted to its market price of ` 1,70,000.

(2) Land and building was to be depreciated by 10%.
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(3) Provide R.D.D. at 5% on debtors.

(4) The profit up to the date of death of Suresh is to be calculated on the basis of average profit
of last year which was ` 90,000.
Prepare:
(a) Profit and Loss adjustment account.
(b) Partners’ capital account
(c) Balance sheet of the continuing firm.

OR

Convert following Trading and Profit and Loss Account into Vertical Income Statement:

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Board Question Paper : March 2024

Trading, Profit and Loss Account

(for the year ended as on 31st March, 2020)
Dr. Cr.
Amount Amount
Particulars Particular
₹ ₹
To Opening stock 50,000 By Sales 6,00,000
To Purchases 4,50,000 By Closing Stock 1,50,000
To Carriage 20,000
To Direct expenses 30,000

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To Wages 50,000
To Gross Profit c/d 1,50,000

7,50,000 7,50,000

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To Office expenses 62,500 By Gross profit b/d 1,50,000
To Finance expenses 15,000

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To Selling expenses 50,000
To Net Profit c/d 22,500

Total
lic 1,50,000 1,50,000

Q.6. Dr. Anish Korgaonkar started practice of Medical Practioner on 1st April, 2019. He gives you the
Receipts and Payments Account for the year ended 31st March, 2020 and the adjustments. [12]
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Prepare Income and Expenditure Account for the year ended 31st March, 2020 and Balance Sheet
as on that date :
Dr. Anish Korgaonkar
Receipts and Payments Account
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for the year ended 31st March, 2020

Dr. Cr.
Amount Amount
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Receipts Payments
₹ ₹
To Cash introduced 50,000 By Furniture 16,000
To Visit fees 20,000 By Equipment 20,000
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To Receipts from dispensary 60,000 By Drugs 14,000

To Sundry receipts 10,000 By Salaries 24,000
By Rent 12,000
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By Conveyance 8,000
By Stationery 1,000
By Electrical charges 10,000
By Journals 1,000
By Drawings 30,000
By Balance c/d 4,000

1,40,000 1,40,000

Additional information:
(1) Receipts in arrears are visit fees ` 4,000 and dispensary ` 1,000.
(2) Outstanding expenses – Rent ` 1,000 and Salaries ` 2,000.
(3) Stock of drugs ` 2,000

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Book - Keeping and Accountancy

(4) Depreciate furniture @ 8% p.a. and equipment ` 1,000.
(5) 40% of the conveyance expenses are for domestic use.

Q.7. Mama and Kaka are partners in partnership firm sharing profits and losses equally. You are required
to prepare Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on
that date: [12]

Trial Balance as on 31st March, 2019

Amount Amount
Debit Balance Credit Balance
₹ ₹
Insurance 30,000 Capital Accounts

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Land and Building 1,00,000 Mama 1,00,000
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(Addition of ` 40,000 w.e.f. 1 July 1,00,000
Kaka
2018)

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10,000 10% Bank loan 60,000
Salaries
(taken on 1st Oct., 2018)
Export duty 5,000 Interest 3,000

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Interest 2,000 Bills payable 16,000
Furniture 80,000
Debtors 52,000
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2,79,000 2,79,000

Adjustments:
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(1) Gross profit amounted to ` 69,000.
(2) Prepaid insurance ` 7,500.
(3) Depreciation Land and Building at 10% p.a. and Furniture at 5% p.a.
(4) Write off ` 2,000 for bad debts and maintain R.D.D. at 5% on Sundry debtors.
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(5) Closing stock is valued at ` 69,000.

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