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

Q.1 (A) (1) Write if you agree or disagree with the following statement: Legal software is fully functional software without any restrictions.

Q.1 (A) (2) Write if you agree or disagree with the following statement: Rebate or discount given on retiring a bill is an income to the drawee.

Q.1 (A) (3) Write if you agree or disagree with the following statement: Realisation loss is not transferred to insolvent partner’s capital account.

Q.1 (A) (4) Write if you agree or disagree with the following statement: ‘Not for profit’ concerns have profit motive.

Q.1 (A) (5) Write if you agree or disagree with the following statement: ‘The Indian Partnership Act’ was enforced in the year 1945.

Q.1 (B) (1) The balance on the capital account of a partner on his death is transferred to ____ account.

Q.1 (B) (2) Decrease in the value of assets should be ____ to Profit and Loss adjustment account.

Q.1 (B) (3) Excess of proportionate capital over actual capital represents ____.

Q.1 (B) (4) Subscription received in advance during the current year is ____.

Q.1 (B) (5) When there is no Partnership Agreement between partners, the division of profits takes place in ____ ratio.

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

Q.1 (C) (2) Write a word / term / phrase as a substitute for the following statement: Debit balance of Realisation Account.

Q.1 (C) (3) Write a word / term / phrase as a substitute for the following statement: The ratio in which general reserve is distributed to the old partners.

Q.1 (C) (4) Write a word / term / phrase as a substitute for the following statement: Excess of total assets over total liabilities of a not-for-profit concern.

Q.1 (C) (5) Write a word / term / phrase as a substitute for the following statement: The account in which selling expenses of business are recorded in final account.

Q.1 (D) (1) Find the odd one: At premium, At discount, At par, Brokerage.

Q.1 (D) (2) Find the odd one: Notary Public, Drawer, Drawee, Payee.

Q.1 (D) (3) Find the odd one: Increase in Building, Increase in Machinery, Decrease in Furniture, Increase in Bills Receivable.

Q.1 (D) (4) Find the odd one: Surplus, Deficit, Net profit, Capital fund.

Q.1 (D) (5) Find the odd one: Carriage inward, Salary, Royalty, Import Duty.

Q.2 Sachin and Santosh were in partnership, sharing profit and losses in the proportion of 3 : 1 respectively. Their Balance Sheet as on 31st March, 2020 stood as follows :

Balance Sheet as on 31st March, 2020

They admitted Kishor into the partnership on 1st April, 2020 the terms being that :

1. He shall have to bring in ₹ 1,00,000 as his capital for 1/5th share in future profit and ₹ 50,000 as his share of goodwill.
2. Stock should be appreciated by 5% and building be appreciated by 20%.
3. Furniture to be depreciated by 20%.
4. A provision 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

Q.2 OR Akshad, Aditya and Abha are partners. They share profits and losses equally. Their balance sheet as on 31st March, 2022 was as follows :

Balance Sheet as on 31st March, 2022

On 31st 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 (c) Bank Account

Q.3 Minu, Renu and Sonu share profits and losses equally. Their Balance Sheet as on 31st March, 2021 was as under :

Balance Sheet as on 31st March, 2021

On 1st 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.

Q.3 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.

Q.4 ‘A’, ‘B’ and ‘C’ were partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their Balance Sheet as on 31st March, 2022 was as follows :

Balance Sheet as on 31st March, 2022

‘C’ died on 1st 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. ‘C’s share of profit to be calculated on the basis of average profit of last 3 years.
4. Profits for 4 years were : ₹ 22,000, ₹ 34,000, ₹ 24,000 and ₹ 32,000

Prepare : (a) Profit and Loss adjustment Account (b) C’s Capital Account (c) Give working of C’s share of goodwill (d) C’s profit upto his date of death.

Q.4 OR Income statement of Bajaj Limited for the year ended 31st March, 2021 and 31st March, 2022 is given below. Prepare comparative Income statement :

Q.5 Mahalaxmi Ltd. issued 25,000 equity shares of ₹ 100 each payable as under :

₹ 20 on Application
₹ 30 on Allotment
₹ 20 on First call
₹ 30 on Second and Final Call.

Applications were received for 29,000 equity shares. The excess application money was adjusted towards allotment.

All the money was duly received except second and final call on 1,000 equity shares.

Pass necessary journal entries in the books of Mahalaxmi Ltd.

Q.5 OR State the features of Computerized Accounting System.

Q.6 From the following Receipts and Payments Account of ‘Rampur High School’, Ratnagiri for the year ending 31st March, 2022 and additional information, prepare Income and Expenditure Account for the year ended 31st March, 2022 and a Balance Sheet as on that date.

Receipts and Payments Account for the year ended 31st March, 2022

Additional information :

(1)

(2) 60% Donations are for Building Fund and balance is to be treated as revenue income.

(3) Outstanding Staff salaries ₹ 1,40,000.

Q.7 From the following Trial Balance of Rasika and Diksha, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2022 and Balance Sheet as on that date :

Trial Balance as on 31st March, 2022

Adjustments :

1. Interest on fixed deposits ₹ 1,200 is still receivable.
2. Furniture to be depreciated by 5% p.a.
3. 2.5% reserve for doubtful debts on Sundry Debtors to be provided.
4. Closing Stock was valued at cost price ₹ 40,000 and Market price ₹ 35,000.