HSC Accounts March 2020 Board Paper With Solution.

HSC Accounts March 2020 Board Paper With Solution.

HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 

Book Keeping & Accountancy (50) 

March 2020 Board Paper with Solution

Q.1. Attempt any Three of the Following sub-questions: 

(A) Answer the following questions in only 'one' sentence each. (5) 


(1) Answer: 

The person who draws or makes the bill of exchange is called the drawer. He is the creditor. He will receive the money from the debtor.


(2) Answer: 

Dissolution means termination of the existing relationship between the partners of a firm. It means that the business will come to an end and the firm will wind up its business.


(3) Answer: 

A balance sheet is a statement showing the financial position of the firm at a particular date.


(4) Answer: 

A statement which shows inflow and outflow of cash and cash equivalents from operating, investing and financing activities during a specific period.


(5) Answer: 

Capital Receipts are those receipts which are non – recurring in nature and not forming a part of regular flow of income of a concern. E.g. specific donation received for construction of a building.


(B) Write a word / term / phrase as a substitute for each of the following statements: (5) 


(1) Answer:

Dissolution Expenses / Realisation Expenses


(2) Answer: 

Gross Profit Ratio


(3) Answer: 

Legacies


(4) Answer: 

Nominal partner. 


(5) Answer: 

Retirement of Bill of Exchange


(C) Select the most appropriate alternative from the choices given below and rewrite the statements: 


(1) Answer: 

Rs. 90,000


(2) Answer: 

1881


(3) Answerr: 

5:2


(4) Answer: 

at discount


(5) Answer: 

14th August, 2016

 


(D) State whether the following statements are True or False: 


(1) Answer: 

False


(2) Answer: 

True


(3) Answer: 

False


(4) Answer: 

False


(5) Answer: 

True



(E) Prepare a format of Bill of Exchange from the following information. (5) 


Solution: 


Prepare a format of Bill of Exchange from the following information




HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 




HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 

In the books of Shri Amar 

Statement of Affairs as on 31st March, 2016.


Liabilities

Amount

(Rs.)

Assets

Amount

(Rs.)

Capital at the End of the Year.

92245

Cash

4720



Stock

5125

Bills Payable

7400

Debtors

20000

Creditors

8150

Prepaid Insurance

300



Bills Receivable

15150



Premises

42400



Vehicles

20100






107795


107795


Statement of Profit or Loss For the year ended 31st March, 2016.


Particulars

Amount

Rs.

Amount

Rs.

Capital at the end of the account year.


92245

Add : Drawings


5000

Less: Additional Capital introduced on 30th September, 2015


10000

Less: Capital at the beginning of the account year.


70000

Trading Profit


17245

Less: Depreciation 

On Vehicle 

On Premises

2010

4240

6250

Less: Bad debts


1000

Less: R.D.D. @3%


= (Debtor - Bad debts) x 3%


= (20000 - 1000) x 3%


= 19000 x 3%


= Rs. 570


570

Less: Interest on Capital @ 5%


On Opening Capital = 70000 x 5% = Rs. 3500


On Additional Capital = 10000 x 5% x (6 months) = Rs. 250


3750

Add: Creditors Written off


3180




Net Profit


8855



HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 

HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 

Admission of Partner Solution March 2020 Board Paper Accounts HSC 

In the books of the Firm

Revalutaion A/c


Particulars

Amount

Particulars

Amount

To R.D.D.

1000

By Stock

10000

To Building

1000









By Loss on Revaluation Transferred to Partners Current A/c




Jayesh Current A/c ₹ 750




Kamal’s Current A/c ₹ 250

1000


11000


11000


Partners Current A/c

Particulars

Jayesh

Kamal

Particulars

Jayesh

Kamal

To Profit and Loss Account

3750

1250

By Balance b/d

3000

2000

To Loss on Revaluation

750

250

By General Reserve

3000

1000




By Goodwill A/c

15000

5000













To Balance c/d

16500

6500





21000

8000


21000

8000


Balance Sheet as on 1st April 2017


Liabilities

Amt. ₹

Amt. ₹

Assets

Amt. ₹

Amt. ₹

Capital A/c



Building

60000


Jayesh

60000


(-) Depreciation

-10000

50000

Kamal

50000


Stock

40000


Vimal

40000

150000

(+) Appreciation

10000

50000







Sundry Creditors


21000

Sundry Debtors

31000





(-) R.D.D.

1000

30000

Current A/c






Jayesh

16500


Cash Balance


64000

Kamal

6500

23000












194000



194000


Cash A/c 


Particulars

Amount

Particulars

Amount

To Balance b/d

4000



To Partner Vimal’s Capital A/c

40000



To Goodwill A/c

20000









By Balance c/d

64000






64000


64000


Goodwill A/c 


Particulars

Amount

Particulars

Amount

To Jayesh Capital A/c

15000

By Cash A/c

20000

To Kamal’s Capital A/c

5000








20000


20000



HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 

Bills of Exchange Solution March 2020 Board Question. 


Journal Entries in the books of Meenakshi (Drawer)


Date

Particulars

Amount ₹

Amount ₹

1st March 2016

Neeta’s A/c ….. Dr. 

To Sales A/c 

[Being the goods are sold]

40000

40000

1st March 2016

Bills Receivable A/c … Dr. 

To Neeta’s A/c 

[Being the Bill is Drawn]

40000

40000

31st May 2016

Neeta’s A/c …. Dr. 

To Bills Receivable A/c 

[Being the bill is Dishonoured]

40000

40000

31st May 2016

Neeta’s A/c … Dr. 

To Interest A/c 

[Being the interest is charged on balance amount]

60

60

31st May 2016

Cash A/c … Dr. 

To Neeta’s A/c 

[Being the Part Payment is Made]

10000

10000

31st May 2016

Bills Receivable A/c … Dr. 

To Neeta’s A/c 

[Being the Bill is drawn for the balance amount including interest for 2 months]

30060

30060

3rd August

2016

Cash/ Bank A/c … Dr. 

To Bills Receivable A/c 

[Being the Bill is Honoured]

30060

30060


In the Books of Meenakshi

Neeta’s A/c 


Date

Particulars

Amount

Date

Particulars

Amount

1st March 2016

To Sales a/c

40000

1st March 2016

By bills Receivable A/c

40000

31st May 2016

To Bills Receivable A/c

40000

31st May 2016

By Cash A/c

10000

31st May 2016

To Interest A/c

60

31st May 2016

By Bills Receivable A/c

30060









80060



80060



HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 

HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 

HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 

HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 


HSC Accounts March 2020 Board Paper With Solution.
HSC Accounts March 2020 Board Paper With Solution. 

Book-keeping and Accountancy 12th Standard 

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

 

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