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176 views11 pagesBK HSC July 24 Exams
HSC July Exams
Uploaded by
hitenwadhwani0Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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pay — [J SEAT NUMBER
[2024 | vn[30 1100. J-209 (E)
BOOK KEEPING & ACCOUNTANCY (50)
Time : 3 Hrs, (AL Pages ) Max. Marks : 80
Q.1. All sub questions are compulsory : [20]
(A) Write if you agree or disagree with the following statements: (5)
(1) Legal software is fully functional software without
any restrictions.
(2) Rebate or discount given on retiring a bill isan income
to the drawee.
(3) . Realisation loss is not transferred to insolvent partner’s
capital account.
(4) ‘Not for profit? concerns have profit motive.
(5) ‘The Indian Partnership Act’ was enforced in the year
1945, :
(B) Select the correct options and rewrite the statements : (5)
(1) The balance on the capital account of a partner on his
death is transferred to account.
(a). Relatives
(b) Legal heir’s loan/ Executor’s loan
(c) Partner’s capital
(d) Partner’s loan
o]2 [ols Page 1
P.T.O. ©
. to
(2) Decrease in the value of assets should be. ——
Profit and Loss adjustment account.
(a) debited (b) credited
(c) added (a) equal
(3) Excess of proportionate capital over actual capital
represents.
(a) Equal capital
(c) Deficit capital
(b) Surplus capital
(a) Gain
(4) Subscription received in advance during the current
year is ,
(a) an income (b) an expense
(c) anasset (d) a liability
(5) When there is no Partnership Agreement between
partners, the division of profits takes place in
ratio.
(a) equal
(b) capital
(c)_ initial contribution
(d) experience and tenure of partners
Write a word / term / phrase as a substitute for each of the
following statements :
(1) Anassetwhich can be converted into cash immediately.
(2) Debit balance of Realisation Account.
(3) The ratio in which general feaerve is distributed to the
old partners.
Excess of total assets over total liabilities of a not-for-
(4)
profit concern.
Page 2
16) (5) The account in which selling expenses of business are
recorded in final account.
(D) Find the odd one :
(1) At premium, At discount, At par, Brokerage.
(2) Notary Public, Drawer, Drawee, Payee.
(3) Increase in Building, Increase in Machinery, Decrease
in Furniture, Increase in Bills Receivable.
(4) Surplus, Deficit, Net profit, Capital fund.
(5) Carriage inward, Salary, Royalty, Import Duty.
Sachin and Santosh were in partnership, sharing profit
and losses in the proportion of 3 : 1 respectively. Their
Balance Sheet as on 31* March, 2020 stood as follows :
Balance Sheet as on 31% March, 2020
®
Capital Accounts : Debtors
Sachin 3,00,000 | Land and
Santosh 1,00,000
40,000
2,00,000
50,000
55,000
building
Stock
General reserve
Furniture
Creditors
Bills payable Machinery
Cash
Bank overdraft
[10] 20 the
They admitted Kishor into the partnership on Ist April, 207
terms being that : "th
a th
“() ‘He shall have to bring in & 1,00,000 as his capital for /s
f goodwill.
share in future profit and % 50,000 as his share of
(2) Stock should be appreciated by 5% and building be
appreciated by 20%.
(3) Furniture to be depreciated by 20%.
(4) Aprovision for 5% doubtful debts to be created on debtors
(5) Capital account of all partners be adjusted in their new
profit sharing ratio through cash account.
Prepare :
(a) Profit and Loss adjustment account
(b) Partners’ Capital account
(c) Balance sheet of new firm
OR
Akshad, Aditya and Abha are partners. They share profits and
losses equally. Their balance sheet as on 31* March, 2022 was
as follows :
Balance Sheet as on 31 March, 2022
Creditors ,500 | Machinery
Stock
Bills Receivable
Cash at Bank
Debtors
Less: R.D.D.
Abha’s Capital
Pissaw[ Texan
Reserve fund
Bills payable
Capital Accounts :
Akshad
Aditya
28,000 |
3,000
[2] : Page 4 Q. 3.
On 31* March, 2022 it was decided to dissolve the firm :
(1) The assets realised were as follows :
Stock % 31,000
Machinery % 39,500
Bills receivable % 41,000
Debtors % 27,000
(2) Creditors were paid at a discount of € 500 and Bills payable
were paid in full.
(3) Realisation expenses amounted to & 6,600.
(4) Abha was declared insolvent and only = 3,500 could be
recovered from her private property.
Prepare : (a) Realisation Account
(b) Partners’ Capital Account
(©) Bank Account
Minu, Renu and Sonu share profits and losses equally. Their [10]
Balance Sheet as on 31% March, 2021 was as under :
Balance Sheet as on 31“ March, 2021
Capital Accounts : Bank
Minu Debtors 28,000
Renu Less-R.D.D. 1,900
Sonu Computer
Creditors Building
General reserve Machinery
Furniture 10,000
raoof 74.000]
Page 5 PTO. On I* April, 2021, Sonu retired from the firm on the following
terms:
(1) Building to be appreciated by 10%
(2) All debtors are good.
(3) Computer to be depreciated by 10%
(4) Machinery be revalued & 22,500 and Furniture is revalued
& 9,550.
(5) Part payment of = 18,000 was made to Sonu by NEFT and
balance was transferred to her loan account.
Prepare : (a) Profit and Loss adjustment Account
(b) Partners’ Capital Account
(c) Balance Sheet of Minu and Renu.
OR
Kaveri sold goods to Gauri worth = 48,000. Kaveri draws
a bill for two months and Gauri accepted it on the same date.
Kaveri discounted the bill with the bank @10% p.a.
Bill was dishonoured on the due date and Gauri requested
Kaveri to accept % 8,000 and interest in cash on remaining
amount at 11% p.a. for 3 months.
Kaveri agreed and for the balance Gauri accepted a new
bill for 3 months.
Gauri became insolvent and only 40% could be recovered
from her estate.
Prepare Journal Entries in the books of Kaveri.
CELE ess Q4
‘A’, ‘B? and ‘C’ were partners sharing profits and losses in the [8]
ratio of 3: 2: 1 respectively. Their Balance Sheet as on 31*
March, 2022 was as follows :
Balance Sheet as on 31% March, 2022
Amount
Liabilities Her
Capital Accounts : Building
Motor Car
Debtors
Furniture
Bank
Creditors
Reserve fund
[_____}212,000f [212,000]
‘C’ died on Ist August, 2022 and following adjustments were
made :
(1) Assets revalued as under :
Building 88,000
Motor Car % 36,000
Furniture 35,000
(2) Goodwill of the firm valued at 2 times of average profit of
last 4 years.
(3).