Maharashtra HSC Book-Keeping and Accountancy Board Paper March 2025 with Solutions

Q.1 (A) (1) A _____ is an intangible asset.

Q.1 (A) (2) Excess of income over expenditure in ‘Not for Profit Concern’ is termed as _____.

Q.1 (A) (3) Decrease in the value of assets should be _____ to Profit and Loss Adjustment account.

Q.1 (A) (4) Dissolution expenses are credited to _____ account.

Q.1 (A) (5) Notary public is a _____.

Q.1 (B) (1) Complete the sentence: Trading Account is prepared on the basis of _____ expenses.

Q.1 (B) (2) Complete the sentence: Income and Expenditure Account is a _____.

Q.1 (B) (3) Complete the sentence: Deceased partner’s executor’s account is shown on the _____ side of balance sheet.

Q.1 (B) (4) Complete the sentence: Fixed deposit account comes under _____ group.

Q.1 (B) (5) Complete the sentence: If an asset is taken over by the partner, _____ account is debited.

Q.1 (C) (1) Find the odd one: Wages account, Salary account, Royalty account, Import duty account.

Q.1 (C) (2) Find the odd one: Machinery account, Furniture account, Computer account, Rent account.

Q.1 (C) (3) Find the odd one: General reserve account, Creditors account, Machinery account, Capital account.

Q.1 (C) (4) Find the odd one: Notary public, Drawer, Drawee, Payee.

Q.1 (C) (5) Find the odd one: At par, At premium, At discount, At loan.

Q.1 (D) (1) Do you agree or disagree: Partnership firm is a trading concern.

Q.1 (D) (2) Do you agree or disagree: ‘Not for profit concerns’ do not have profit motive.

Q.1 (D) (3) Do you agree or disagree: Retiring partner is called an outgoing partner.

Q.1 (D) (4) Do you agree or disagree: Gain ratio is calculated at the time of admission of new partner.

Q.1 (D) (5) Do you agree or disagree: Financial statement includes only balance sheet.

Q.2 Mr. Deepak and Mr. Abhishek were in partnership sharing profits and losses in the proportion of 3 : 1 respectively. Their Balance Sheet as on 31st March 2019 stood as follows:

Balance Sheet as on 31st March 2019

They admitted Adinath into partnership on 1st April 2019 on the terms being that –

1. He shall have to bring in ₹ 40,000 as his capital for 1/5 share in future profits and ₹ 20,000 as his share of goodwill.
2. Furniture to be depreciated by 20%.
3. Stock should be appreciated by 10%.
4. Building should be appreciated by 5%.
5. A provision for 5% R.D.D. to be created on sundry debtors.
6. Capital account of all partners be adjusted in their new profit sharing ratio through cash account.

Prepare: (a) Revaluation Account (b) Partners’ Capital Account (c) New Balance Sheet of the firm.

OR

Given below is a Balance Sheet of Aditya, Ajinkya and Arun who were partners in a firm sharing profits and losses in the ratio 5 : 3 : 2. Their Balance Sheet as on 31st March 2020 was as follows:

Balance Sheet as on 31st March 2020

On 1st April 2020 Arun retired on the following terms –

1. Goodwill of the firm will be raised in the books at ₹ 10,000.
2. Stocks to be reduced by 10%, furniture by 5% and Machinery by 10%.
3. R.B.D.D. be maintained at 5% on debtors.
4. ₹ 100 to be written off from creditors.
5. All the amount due to Arun transferred to his loan account.

Prepare: (a) Profit and Loss adjustment account (b) Partners’ Capital Account (c) Balance Sheet of the new firm.

Q.3 Sharmila, Urmila and Leela are partners in the firm ‘Jeevan Stores’ sharing profit and losses in the ratio of 2 : 2 : 1 respectively. On 31st March 2020, they decided to dissolve the firm when their Balance Sheet was as under.

Balance Sheet as on 31st March 2020

The firm was dissolved on the above date and the assets were realised as under:

1. Sharmila agreed to take over the building at ₹ 1,23,600.
2. Urmila took over goodwill, stock and debtors at book values and agreed to pay creditors and bills payable.
3. Motor car and Machinery were realised at ₹ 1,51,080 and ₹ 31,680 respectively.
4. Investments were taken by Leela at an agreed value of ₹ 55,440.
5. Realisation expenses amounted to ₹ 6,800.

Prepare: (a) Realisation Account (b) Partners’ Capital Account (c) Bank Account

OR

Kanika owes ₹ 26,000 to Mansi. Mansi drew a bill for ₹ 21,000 on Kanika for 3 months’ period and received the balance of ₹ 5,000 by a crossed cheque. The bill was duly accepted and returned to Mansi.

On the same day, Mansi endorsed Kanika’s acceptance to Bansari. On the due date, Bansari informed Mansi that Kanika dishonoured her acceptance and noting charges ₹ 280 were paid.

Mansi then drew a new bill for one month on Kanika including noting charges and interest ₹ 650. On the due date, Kanika honoured her acceptance by cheque.

Prepare: (a) Journal entries in the books of ‘Mansi’ (b) ‘Mansi’ account in the books of ‘Kanika’

Q.4 ‘Parimal Company Ltd.’ issued 1,00,000 preference shares of ₹ 20 each payable as:

Company received application for all these shares and received all the money. Pass journal entries in the books of ‘Parimal Company Ltd.’

OR

Explain the importance of Computerised Accounting system.

Q.5 Mahendra, Surendra and Narendra were partners sharing profits and losses in the ratio of 5 : 3 : 2 respectively. Their Balance Sheet as on 31st March 2019 was as follows:

Balance Sheet as on 31st March 2019

Mr. Narendra died on 30th June 2019 and the following adjustments were agreed as per deed:

1. Stock, furniture, land and building are to be revalued at ₹ 16,700, ₹ 16,200 and ₹ 30,100 respectively.
2. Narendra’s share in goodwill is to be valued from firm’s goodwill which was valued at 3 times of the average profit of last four years. Profit of the last four years: I year – ₹ 30,000; II year – ₹ 25,000; III year – ₹ 25,000; IV year – ₹ 40,000.
3. His profit up to the death is to be calculated on the basis of profit of last year.
4. Narendra was entitled to get a salary of ₹ 1,200 per month.
5. Interest on capital at 10% p.a. to be allowed.
6. Narendra’s drawing up to the date of his death was ₹ 900 per month.

Prepare: (A) Narendra’s Capital Account showing amount payable to his executor. (B) Give working notes for: (i) Share of goodwill due to Narendra (ii) Share of profit due to Narendra.

OR

(A) From the following information find out the current ratio: (4)

1. Total assets = ₹ 22,000
2. Fixed assets = ₹ 10,000
3. Capital employed = ₹ 20,000

(B) Calculate the net profit ratio from the following data: (4)

1. Sales = ₹ 76,000
2. Cost of goods sold = ₹ 52,000
3. Indirect expenses = ₹ 12,000

Q.6 Given below is the Balance Sheet of ‘Bhanubai Mahila Seva Kendra’ as on 1st April 2019 and Receipts and Payments account for the year ending 31st March 2020:

Balance Sheet as on 1st April 2019

Receipts and Payments Account for the year ended 31st March 2020

Additional information:

1. Outstanding wages ₹ 450
2. Entrance fees should be capitalised.
3. Depreciate furniture at 10% p.a.
4. Subscription for 2019-20 was outstanding ₹ 3,000

Prepare: (a) Income and Expenditure account for the year ended 31st March 2020. (b) Balance Sheet as on 31st March 2020.

Q.7 Rajan and Rohit 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 2020 and Balance Sheet as on that date with the help of following information:

Trial Balance as on 31st March 2020

Additional information:

1. Gross profit amounted to ₹ 69,000.
2. Insurance paid for 15 months w.e.f. 1st April 2019.
3. Depreciate 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.
5. Closing stock is valued at ₹ 69,000.