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

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

2025, July 180 minutes 80 marks Save WhatsApp

Sections

Q.1 (A) Select the most appropriate alternative (5 marks) 5 Q
Q.1 (B) Write a word / term / phrase (5 marks) 5 Q
Q.1 (C) Answer in one sentence only (5 marks) 5 Q
Q.1 (D) Agree / Disagree with the statements (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 July 2025 (supplementary) examination. The paper code printed on the question paper is J-422. 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) multiple choice, (B) one-word substitutes, (C) answer in one sentence and (D) agree or disagree, 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 with insolvency of all partners, renewal of a bill of exchange, forfeiture of shares, common size statements, accounting packages, accounts of a charitable hospital 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 July 2025 Book-Keeping and Accountancy paper (J-422). The solutions are Doubtly’s own model answers; the board does not publish a full answer key.

How is Q.3 solved when all partners are insolvent?

All the cash available, including ₹ 8,000 recovered from Virat and Rohit, is paid to the creditors. The unpaid part of the creditors (₹ 60,000) and the deficiencies of the three partners are closed through a Deficiency Account; Garner v. Murray does not apply because no partner is solvent.

Why is depreciation on Land and Building ₹ 9,000 in Q.7?

The original ₹ 60,000 is depreciated for the full year (₹ 6,000) and the addition of ₹ 40,000 from 1st July 2021 for nine months only (₹ 3,000).

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) Select the most appropriate alternative (5 marks)

  1. Q.1 (A) (i) In tally, Fixed Deposit Account comes under _______ group.

    1. (A) Investments
    2. (B) Current Liabilities
    3. (C) Bank Account
    4. (D) Current Assets
    1 mark See answer →

  2. Q.1 (A) (ii) Before acceptance the bill is called a/an _______.

    1. (A) order
    2. (B) request
    3. (C) draft
    4. (D) instrument
    1 mark See answer →

  3. Q.1 (A) (iii) If 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 (A) (iv) Donation for building fund is _____.

    1. (A) revenue receipt
    2. (B) capital receipt
    3. (C) capital expenditure
    4. (D) revenue expenditure
    1 mark See answer →

  5. Q.1 (A) (v) The Indian Partnership Act is enforced since _____.

    1. (A) 1932
    2. (B) 1881
    3. (C) 1956
    4. (D) 1984
    1 mark See answer →

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

  1. Q.1 (B) (i) Write a word / term / phrase which can substitute the statement: Issue of shares at its face value.

    1 mark See answer →

  2. Q.1 (B) (ii) Write a word / term / phrase which can substitute the statement: Money value of business reputation earned by the firm over a number of years.

    1 mark See answer →

  3. Q.1 (B) (iii) Write a word / term / phrase which can substitute the statement: Capital employed \( \times \dfrac{\text{NRR}}{100} = \) _____.

    1 mark See answer →

  4. Q.1 (B) (iv) Write a word / term / phrase which can substitute the statement: The receipts which are recurring in nature.

    1 mark See answer →

  5. Q.1 (B) (v) Write a word / term / phrase which can substitute the statement: Under this method, capital balances of partners remain constant.

    1 mark See answer →

Q.1 (C) Answer in one sentence only (5 marks)

  1. Q.1 (C) (i) Answer in one sentence: To which account profit is to be transferred upto the date of death of a partner?

    1 mark See answer →

  2. Q.1 (C) (ii) Answer in one sentence: How many days of grace are allowed to honour a bill?

    1 mark See answer →

  3. Q.1 (C) (iii) Answer in one sentence: Who should bear the capital deficiency of insolvent partner?

    1 mark See answer →

  4. Q.1 (C) (iv) Answer in one sentence: What is Entrance Fees?

    1 mark See answer →

  5. Q.1 (C) (v) Answer in one sentence: What do you mean by pre-received income?

    1 mark See answer →

Q.1 (D) Agree / Disagree with the statements (5 marks)

  1. Q.1 (D) (i) Do you agree or disagree with the statement: On dissolution, cash/bank account is closed automatically.

    1 mark See answer →

  2. Q.1 (D) (ii) Do you agree or disagree with the statement: Financial statement includes only Balance Sheet.

    1 mark See answer →

  3. Q.1 (D) (iii) Do you agree or disagree with the statement: On retirement of a partner, sacrifice ratio is considered.

    1 mark See answer →

  4. Q.1 (D) (iv) Do you agree or disagree with the statement: Receipts and Payments Account is a Real Account.

    1 mark See answer →

  5. Q.1 (D) (v) Do you agree or disagree with the statement: Current Account always shows debit balance.

    1 mark See answer →

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

  1. Q.2 Nishant and Yogesh were partners sharing profits and losses in the ratio 3 : 1. Their Balance Sheet as on 31st March, 2022 was as follows:

    Balance Sheet as on 31st March, 2022

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Capital Account:Cash in hand37,500
    Nishant 75,000Bills Receivable45,000
    Yogesh 81,0001,56,000Debtors 75,000
    Less: R.D.D. 7,500    		67,500
    Reserve Fund24,000Furniture30,000
    Creditors45,000Stock45,000
    2,25,0002,25,000

    They admitted Niharika for 1/5th share on 1st April, 2022 on the following terms:

    1. Niharika shall bring ₹ 60,000 as her capital.
    2. Niharika shall pay her share of goodwill in cash. Goodwill will be calculated on the basis of 4 years’ purchase of profits of last 5 years. Profits since last five years are given as under:
      2016-17 — ₹ 30,000
      2017-18 — ₹ 22,500
      2018-19 — ₹ 37,500
      2019-20 — ₹ 15,000
      2020-21 — ₹ 22,500
    3. Assets were revalued as under: Furniture ₹ 22,500, Bills Receivable ₹ 60,000, Stock ₹ 30,000, R.D.D. to be increased upto ₹ 15,000.
    4. Bills payable of ₹ 7,500 have been omitted from books.

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

    OR

    Riddhi, Siddhi and Kirti are partners in a firm. They share profits and losses in the ratio 3 : 1 : 1 respectively. Their Balance Sheet as on 31st March, 2020 is given below:

    Balance Sheet as on 31st March, 2020

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Creditors45,000Motor Truck1,10,000
    Bills Payable30,000Plant and Machinery40,000
    General Reserve55,000Building80,000
    Capital Accounts:Livestock55,000
    Riddhi1,30,000Debtors65,000
    Siddhi1,05,000Freehold property52,500
    Kirti55,000Bank17,500
    4,20,0004,20,000

    On 1st April, 2020 Kirti retired on the following terms:

    1. Goodwill was valued at ₹ 50,000 and to be retained in the business.
    2. Assets were revalued as under: Debtors – ₹ 57,000, Live Stock – ₹ 65,000, Building – ₹ 82,000, Plant and Machinery – ₹ 41,000, Motor Truck – ₹ 1,00,000.
    3. Riddhi and Siddhi contributed additional capital through RTGS of ₹ 55,000 and ₹ 30,000 respectively.
    4. Balance of Kirti’s capital account to be transferred to her loan account.

    Pass Journal Entries in the books of the new firm.

    10 marks See answer →

  2. Q.3 Virat, Rohit and Hardik were partners sharing Profits and Losses in the ratio 2 : 2 : 1. They decided to dissolve the firm on 31st March, 2021 when their position was as under:

    Balance Sheet as on 31st March, 2021

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Capital Accounts:Building1,56,000
    Virat52,000Furniture90,000
    Rohit44,000Goodwill70,000
    Hardik36,000Debtors40,000
    Creditors2,40,000Bank16,000
    3,72,0003,72,000

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

    1. Building – ₹ 80,000, Furniture – ₹ 60,000, Debtors – ₹ 20,000.
    2. Realisation expenses amounted to ₹ 4,000.
    3. All the partners were insolvent and amount recovered from Virat ₹ 4,000 and Rohit ₹ 4,000.

    Prepare necessary ledger accounts to close the books of the firm.

    OR

    On 1st April, 2022 Disha sold goods to Priya worth ₹ 50,000. Priya accepted the bill on the same date for 3 months drawn by Disha.

    On 30th June, 2022 Priya requested to Disha for renewal of the bill. Disha agreed on the condition that Priya should pay ₹ 20,000 in cash and accept a new bill for the balance plus interest ₹ 600.

    Priya accepted the new bill drawn by Disha for 2 months for the balance plus interest.

    On the due date of the new bill, it was honoured by Priya.

    Pass Journal Entries and prepare Priya’s Account in the Books of Disha.

    10 marks See answer →

  3. Q.4 Dhiraj, Suraj and Leena were partners sharing profits and losses in the ratio 2 : 1 : 1 respectively. Their Balance Sheet as on 31st March, 2022 was as under:

    Balance Sheet as on 31st March, 2022

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Capital Accounts:Stock17,000
    Dhiraj 23,000Furniture18,000
    Suraj 15,000Land and Building16,000
    Leena 12,00050,000Bank37,000
    Creditors22,000
    General Reserve16,000
    88,00088,000

    Leena died on 30th June, 2022 and the following adjustments were agreed as per deed:

    1. Stock, furniture and Land and Building are to be revalued at ₹ 16,700, ₹ 16,200, ₹ 30,100 respectively.
    2. Leena’s share in goodwill is to be valued from firm’s goodwill which was valued at three years’ purchases of average profits of last 4 years. Profits for last four years:
      YearAmount of Profit (₹)
      I30,000
      II25,000
      III25,000
      IV40,000
    3. Leena’s profit upto the death is to be calculated on the basis of profit of last year.
    4. Interest on capital at 10% p.a. is to be allowed.
    5. Leena’s drawings upto the date of death was ₹ 2,700.

    Prepare: (a) Leena’s Capital Account (b) Leena’s share of goodwill (c) Leena’s share of profit upto the date of her death

    OR

    Explain the classification / types of Accounting packages.

    8 marks See answer →

  4. Q.5 Saraswati and Sons Ltd., Nagpur invited applications for 50,000 equity shares of ₹ 10 each, payable as under:

    Amount per share (₹)
    On Application3
    On Allotment3
    On First and Final call4

    Applications were received for 50,000 shares. All the shares were allotted. All the money was duly received except First and Final call on 5000 shares, which were forfeited.

    Pass Journal Entries in Books of Saraswati and Sons Ltd.

    OR

    Balance Sheet of Olam Ltd. for the year ending 31st March, 2021 is given below:

    Balance Sheet as on 31st March, 2021

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Equity Share Capital4,50,000Fixed Assets4,50,000
    Preference Share Capital40,000Investments75,000
    Reserve and Surplus75,000Current Assets3,65,000
    Secured Loans1,50,000
    Unsecured Loans1,00,000
    Current Liabilities75,000
    8,90,0008,90,000

    You are required to prepare common size statement for the year ending 31st March, 2021.

    8 marks See answer →

  5. Q.6 Following information has been provided by Gajanan Charitable Hospital, Yavatmal. You are required to prepare Income and Expenditure Account for the year ending 31st March, 2021 and Balance sheet as on that date:

    Balance Sheet as on 1st April, 2020

    LiabilitiesAmount (₹)AssetsAmount (₹)
    Capital Fund5,50,000Hospital Equipments1,52,000
    Bank Loan3,25,000Ambulance2,00,000
    Outstanding Bill for drugs25,000Building5,25,000
    Stock of drugs21,000
    Cash in hand2,000
    9,00,0009,00,000

    Receipts and Payments Account for the year ended 31st March, 2021

    Dr. ReceiptsAmount (₹)Cr. PaymentsAmount (₹)
    To Balance b/d2,000By Staff Salary42,500
    To Life Membership Fees15,000By Honorarium to Doctors2,00,000
    To Hospital Receipts (Revenue)2,55,200By Repairs9,000
    To Subscriptions1,11,000By Furniture22,500
    By General Expenses8,000
    By Purchase of drugs (includes ₹ 20,000 for 2019-2020)1,00,000
    By Balance c/d1,200
    3,83,2003,83,200

    Adjustments:

    1. Depreciate Building by 5% p.a. and Ambulance by ₹ 15,000.
    2. On 31st March, 2021 Stock of drugs was valued at ₹ 11,000.
    3. Life Membership Fees has to be capitalised.
    12 marks See answer →

  6. Q.7 Ram and Shyam are partners sharing profits and losses equally. You are required to prepare Profit and Loss Account and Balance Sheet only for the year ending 31st March, 2022 from the information given below:

    Trial Balance as on 31st March, 2022

    Debit BalancesAmount (₹)Credit BalancesAmount (₹)
    Insurance30,000Capital Account:
    Land and Building (Addition of ₹ 40,000 w.e.f. 1st July, 2021)1,00,000Ram1,00,000
    Salaries10,000Shyam1,00,000
    Export Duty5,00010% Bank loan (taken on 1st October, 2021)60,000
    Rent2,000Interest3,000
    Furniture80,000Bills Payable16,000
    Debtors52,000
    2,79,0002,79,000

    Adjustments:

    1. Closing stock was valued at ₹ 69,000.
    2. Gross Profit amounted to ₹ 69,000.
    3. Insurance paid for 15 months w.e.f. 1st April, 2021.
    4. Depreciate Land and Building @10% p.a. and Furniture @ 5% p.a.
    5. Write off ₹ 2,000 for bad debts and Maintain R.D.D. @5% on Sundry Debtors.
    12 marks See answer →