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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

(1) Answer: Rs. 90,000

(2) Answer: 1881

(3) Answer: 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:

Bill of Exchange Format - HSC Accounts March 2020

Single Entry Solution March 2020 Board Paper Accounts HSC

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
Total	107795	Total	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 - Page 4

HSC Accounts March 2020 Board Paper With Solution - Page 5

Admission of Partner Solution March 2020 Board Paper Accounts HSC

In the books of the Firm

Revaluation A/c

Particulars	Amount	Particulars	Amount
To R.D.D.	1000	By Stock	10000
To Building	10000
		By Loss on Revaluation Transferred to Partners Current A/c: Jayesh Current A/c ₹ 750 Kamal’s Current A/c ₹ 250	1000
Total	11000	Total	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
Total	21000	8000	Total	21000	8000

Balance Sheet as on 1^st 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			Cash Balance		64000
Jayesh	16500
Kamal	6500	23000
Total		194000	Total		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
Total	64000	Total	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
Total	20000	Total	20000

HSC Accounts March 2020 Board Paper With Solution - Page 6

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	Amt.	Date	Particulars	Amt.
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
Total		80060	Total		80060