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Maharashtra HSC Book-Keeping and Accountancy Board Paper March 2024 with Solutions

Written board papers. Physics and Chemistry: 70 marks, 3 hours. Mathematics & Statistics: 80 marks, 3 hours.

2024, March 180 minutes 80 marks Save WhatsApp

Sections

Q.1 (A) Find the odd one (5 marks) 5 Q
Q.1 (B) Do you agree or disagree with the following statements (5 marks) 5 Q
Q.1 (C) Select the most appropriate alternative and rewrite the statements (5 marks) 5 Q
Q.1 (D) Write a word / term / phrase (5 marks) 5 Q
Q.2 to Q.7 Practical problems (60 marks) 6 Q

About this paper

This is the actual Maharashtra State Board (MSBSHSE) HSC (Class 12) Commerce Book-Keeping and Accountancy (50) board paper of the February–March 2024 examination (Day 13). The paper code printed on the question paper is J-897. The questions are transcribed in full from the board’s own printed question paper published on its website; balance sheets, trial balances and accounts in the questions are given as tables. The answers are original answers written by Doubtly, worked out and checked independently, not the board’s official model answers.

Paper pattern

Maximum marks 80, time 3 hours, seven questions. Q.1 (20 marks) is compulsory and objective: (A) find the odd one, (B) agree or disagree, (C) multiple choice and (D) one-word substitutes, five 1-mark items each. Q.2 and Q.3 carry 10 marks each, Q.4 and Q.5 carry 8 marks each, and Q.6 and Q.7 carry 12 marks each. Q.2 to Q.5 each have an internal OR choice. The paper covers admission, retirement and death of a partner, dissolution, bills of exchange, issue of shares, the vertical income statement, computerised accounting, a medical practitioner's Income and Expenditure Account and partnership final accounts.

How to use it

Attempt the paper in one 3-hour sitting. Then compare with the model answers: check every working note, journal entry narration and ledger total, and make sure each balance sheet tallies.

FAQs

Is this the official board paper?

Yes, the questions are from the board’s March 2024 Book-Keeping and Accountancy paper (J-897). The solutions are Doubtly’s own model answers; the board does not publish a full answer key.

Why is interest on the bank loan provided in Q.7?

The 10% bank loan was taken on 1st October, 2018, so six months’ interest (₹ 3,000) belongs to the year even though it is not listed as an adjustment. The solution also shows the figures if the ₹ 2,000 interest in the trial balance is treated as loan interest already paid.

Chapters covered

Instructions

Solve on paper with a timer, then check against the solutions. Sections: A (MCQ and very short answers), B (short answers, attempt any 8 of 12), C (attempt any 8 of 12), D (long answers with choice).

Q.1 (A) Find the odd one (5 marks)

  1. Q.1 (A) (1) Find the odd one: Subscribed Capital, Called up Capital, Paid up Capital, Equity Shares.

    1 mark See answer →

  2. Q.1 (A) (2) Find the odd one: Building, Bills Payable, Furniture, Machinery.

    1 mark See answer →

  3. Q.1 (A) (3) Find the odd one: Retaining of Bill, Noting of Bill, Discounting of Bill, Endorsing of Bill.

    1 mark See answer →

  4. Q.1 (A) (4) Find the odd one: Audit Fees, Insurance, Medical Expenses, Sundry Receipts.

    1 mark See answer →

  5. Q.1 (A) (5) Find the odd one: General Reserve, Creditors, Investments, Capital.

    1 mark See answer →

Q.1 (B) Do you agree or disagree with the following statements (5 marks)

  1. Q.1 (B) (1) Do you agree or disagree with the following statement: ‘Not for Profit’ concerns do not prepare Balance Sheet.

    1 mark See answer →

  2. Q.1 (B) (2) Do you agree or disagree with the following statement: Current Account always shows a debit balance.

    1 mark See answer →

  3. Q.1 (B) (3) Do you agree or disagree with the following statement: A Bill of Exchange is a conditional order.

    1 mark See answer →

  4. Q.1 (B) (4) Do you agree or disagree with the following statement: Retiring partner is entitled to share in Reserve Fund and Accumulated Profit.

    1 mark See answer →

  5. Q.1 (B) (5) Do you agree or disagree with the following statement: On dissolution, Cash or Bank account is closed automatically.

    1 mark See answer →

Q.1 (C) Select the most appropriate alternative and rewrite the statements (5 marks)

  1. Q.1 (C) (1) In case of dissolution, assets and liabilities are transferred to _____ Account.

    1. (A) Bank
    2. (B) Partners’ Capital
    3. (C) Realisation
    4. (D) Partners’ Current
    1 mark See answer →

  2. Q.1 (C) (2) In the absence of an agreement, interest on loan advance by the partner to the firm is allowed at the rate of _____.

    1. (A) 5%
    2. (B) 6%
    3. (C) 10%
    4. (D) 9%
    1 mark See answer →

  3. Q.1 (C) (3) If an asset is taken over by the partner, _____ account is debited.

    1. (A) Revaluation
    2. (B) Capital
    3. (C) Asset
    4. (D) Balance Sheet
    1 mark See answer →

  4. Q.1 (C) (4) The balance of Capital Account of a retired partner is transferred to his _____ Account, if it is not paid.

    1. (A) Loan
    2. (B) Personal
    3. (C) Current
    4. (D) Son’s
    1 mark See answer →

  5. Q.1 (C) (5) Income and Expenditure Account is a _____ Account.

    1. (A) Capital
    2. (B) Real
    3. (C) Personal
    4. (D) Nominal
    1 mark See answer →

Q.1 (D) Write a word / term / phrase (5 marks)

  1. Q.1 (D) (1) Write a word / term / phrase which can substitute the statement: Tally software is classified into this category.

    1 mark See answer →

  2. Q.1 (D) (2) Write a word / term / phrase which can substitute the statement: Partnership Agreement in written form.

    1 mark See answer →

  3. Q.1 (D) (3) Write a word / term / phrase which can substitute the statement: An asset which can be converted into cash immediately.

    1 mark See answer →

  4. Q.1 (D) (4) Write a word / term / phrase which can substitute the statement: A person who represents the deceased partner.

    1 mark See answer →

  5. Q.1 (D) (5) Write a word / term / phrase which can substitute the statement: The debit balance of Income and Expenditure Account.

    1 mark See answer →

Q.2 to Q.7 Practical problems (60 marks)

  1. 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:

    Balance Sheet as on 31st March, 2020

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Capitals:Bank11,250
    Seeta 22,500
    Geeta 18,000    		40,500Bills Receivable5,700
    Creditors18,750Debtors 31,200
    (–) R.D.D. 1,200    		30,000
    Bills payable15,000Stock18,000
    Bank Loan24,000Furniture7,050
    General Reserve3,750Machinery7,500
    Building22,500
    1,02,0001,02,000

    On 1st April, 2020 they admitted Reeta on the following terms:

    1. For half (½) share in future profit Reeta should bring ₹ 15,000 as capital and ₹ 7,500 for goodwill in cash.
    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.
    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 Entries in the books of the firm.

    OR

    The balance sheet of Shivshakti Traders, Mumbai is as follows. Partners share profit and losses as 5 : 2 : 3.

    Balance Sheet as on 31st March, 2020

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Creditors30,000Bank18,600
    Bills payable1,800Debtors 25,200
    (–) R.D.D. 1,200    		24,000
    General Reserve21,000Stock30,600
    Capital Accounts:Building60,000
    Raj 54,000
    Rahul 48,000
    Nitin 26,400    		1,28,400Plant and Machinery48,000
    1,81,2001,81,200

    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%.
      (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: (a) Profit and Loss Adjustment Account (b) Partners’ Capital Account (c) Balance Sheet of the New firm.

    10 marks See answer →

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

    Balance Sheet as on 31st March, 2020

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Capital Accounts:Machinery50,000
    Lal60,000Investment24,000
    Bal20,000Debtors 55,000
    (–) R.D.D. 3,000    		52,000
    Pal20,000Stock20,000
    General reserve6,000Profit and Loss A/c18,000
    Creditors48,000Bank4,000
    Bills payable14,000
    1,68,0001,68,000

    On the above date the partners decided to dissolve the firm.

    1. Assets were realised as under: Machinery ₹ 45,000; Stock ₹ 18,000; Investment ₹ 21,000; Debtors ₹ 45,000.
    2. Dissolution expenses were ₹ 3,000.
    3. Goodwill of the firm realised ₹ 24,000.

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

    OR

    Journalise the following transactions in the books of Mr. Arvind.

    • (A) Bank informed that Sam’s acceptance for ₹ 30,000 sent to bank for collection has been honoured and bank charges debited ₹ 200.
    • (B) Arun informed Arvind that Neena’s acceptance for ₹ 25,000 endorsed to Arun has been dishonoured. Noting charges paid by Arun amounted to ₹ 400.
    • (C) Bank informed that Jay’s acceptance of ₹ 35,000 which was discounted with bank was dishonoured, bank paid noting charges ₹ 500.
    • (D) Arvind sold goods to Sagar for ₹ 20,000 on credit and drew a bill for two months on Sagar for the same amount.
    • (E) Neeta retired her acceptance to Arvind of ₹ 16,500 by paying cash ₹ 16,000.
    10 marks See answer →

  3. Q.4 Mohini Company Limited issued 25,000 equity shares of ₹ 100 each payable as follows:

    StageAmount per share (₹)
    On application20
    On allotment30
    On first call20
    On second and final call30

    Applications were received for 22,000 equity shares and allotment of shares were made to them. All money received by the company.

    Pass Journal Entries in the books of Mohini Co. Ltd.

    OR

    Write the features of Computerized Accounting System.

    8 marks See answer →

  4. Q.5 Suresh, Naresh and Paresh were equal partners. On 31st March, 2019 their Balance Sheet was as follows:

    Balance Sheet as on 31st March, 2019

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Capital Accounts:Land and Building2,00,000
    Suresh2,50,000Furniture1,50,000
    Naresh1,00,000Debtors1,50,000
    Paresh1,00,000Cash1,00,000
    Sundry creditors1,50,000
    6,00,0006,00,000

    Suresh died on 30th June, 2019 and the following adjustments were agreed as:

    1. Furniture was to be adjusted to its market price of ₹ 1,70,000.
    2. Land and building was to be depreciated by 10%.
    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:

    Trading and Profit and Loss Account for the year ended 31st March, 2020

    Dr. ParticularsAmount (₹)Cr. ParticularsAmount (₹)
    To Opening Stock50,000By Sales6,00,000
    To Purchases4,50,000By Closing stock1,50,000
    To Carriage20,000
    To Direct expenses30,000
    To Wages50,000
    To Gross Profit c/d1,50,000
    Total7,50,0007,50,000
    To Office expenses62,500By Gross profit b/d1,50,000
    To Finance expenses15,000
    To Selling expenses50,000
    To Net profit c/d22,500
    Total1,50,0001,50,000
    8 marks See answer →

  5. 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.

    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 for the year ended 31st March, 2020

    Dr. ReceiptsAmount (₹)Cr. PaymentsAmount (₹)
    To Cash introduced50,000By Furniture16,000
    To Visit fees20,000By Equipment20,000
    To Receipts from dispensary60,000By Drugs14,000
    To Sundry receipts10,000By Salaries24,000
    By Rent12,000
    By Conveyance8,000
    By Stationery1,000
    By Electrical charges10,000
    By Journals1,000
    By Drawings30,000
    By Balance c/d4,000
    1,40,0001,40,000

    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.
    4. Depreciate furniture @ 8% p.a. and equipment ₹ 1,000.
    5. 40% of the conveyance expenses are for domestic use.
    12 marks See answer →

  6. 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:

    Trial Balance as on 31st March, 2019

    Debit BalancesAmount (₹)Credit BalancesAmount (₹)
    Insurance30,000Capital Accounts:
    Land and Building (Addition of ₹ 40,000 w.e.f. 1st July, 2018)1,00,000Mama1,00,000
    Salaries10,000Kaka1,00,000
    Export duty5,00010% Bank loan (taken on 1st Oct., 2018)60,000
    Interest2,000Interest3,000
    Furniture80,000Bills payable16,000
    Debtors52,000
    2,79,0002,79,000

    Adjustments:

    1. Gross profit amounted to ₹ 69,000.
    2. Prepaid insurance ₹ 7,500.
    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.
    12 marks See answer →