Accounts October Board Question Paper Solution
Comprehensive Solution for Maharashtra HSC Board Exam - October 2014
Q1. Attempt any Three of the Following sub–questions
[15 Marks](A) Answer the following in ‘one’ sentence each: [5]
(1) What is ‘balance sheet’?
(2) What is ‘deficit’?
(3) What is ‘Sacrifice ratio’?
Formula: Sacrifice Ratio = Old Ratio – New Ratio.
(4) What is ‘allotment of shares’?
(5) Who is a ‘drawer’?
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(B) Write a word / term / phrase which can substitute each statement: [5]
(1) Debit balance on realisation account.
(2) The three extra days allowed over and above the period of the bill.
(3) Expenses which are due but not paid at the end of the year.
(4) A statement similar to a balance sheet.
(5) An asset which can be converted into cash immediately.
(C) Select the most appropriate alternative and rewrite the sentence: [5]
(1) The profit or loss from revaluation on retirement of partners is shared by _____________
- (a) all the partners
- (b) the remaining partners
- (c) only the retiring partners
- (d) none of these
(2) Purchase of stationery is a ________ expenditure.
- (a) capital
- (b) revenue
- (c) long term
- (d) deferred revenue
(3) _____________ means payment of the bill before due date.
- (a) Discounting of bill
- (b) Retirement of bill
- (c) Renewal of bill
- (d) Endorsement of bill
(4) Generally incomplete records are maintained by the __________
- (a) trader
- (b) company
- (c) society
- (d) government
(5) The interest on drawings is transferred to ___________ side of the profit and loss account.
- (a) debit
- (b) credit
- (c) asset
- (d) liability
(D) State whether the following statements are True or False: [5]
(1) The debenture holder is the owner of the company. False
(2) The person, to whom or as per his order amount of bill is payable, is a payee. True
(3) Government is not interested in the analysis of financial statement. False
(4) On its dissolution the cash or bank account is closed automatically. True
(5) A bill can’t be deposited into a bank for collection. False
(E) Prepare a specimen of a Bill of Exchange from the following information: [5]
- Drawer: Rahul Chaudhari, 105 Ghodbunder Road, Thane.
- Drawee: Prakash Patil, 207, Ganga Road, Nashik.
- Payee: Sonal Chaudhari, M.G. Road, Dhule.
- Period of Bill: 60 days.
- Amount of bill: Rs. 10,000
- Date of Bill: 15th December, 2013
- Date of acceptance: 18th December, 2013.
Q2. Mrs. Asha keeps her books on Single Entry System...
[8 Marks]Mrs. Asha keeps her books on Single Entry System and gives the following information:
| Particulars | 31.3.2011 (Rs.) | 31.3.2012 (Rs.) |
|---|---|---|
| Cash at Bank | 10,000 | 64,000 |
| Sundry debtors | 50,000 | 80,000 |
| Stock in Trade | 60,000 | 10,000 |
| Furniture | 40,000 | 40,000 |
| Machinery | 100,000 | 100,000 |
| Bills Payable | 10,000 | 10,000 |
| Sundry Creditors | 30,000 | 40,000 |
Additional Information:
- Mrs. Asha withdrew Rs. 30,000 for personal use.
- She further introduced fresh capital of Rs. 50,000.
- Depreciation is to be charged @ 10% p.a. on furniture and machinery.
Prepare: (a) Statement of affairs as on 31.3.2011, (b) Statement of affairs as on 31.3.2012, (c) Statement of Profit or Loss for the year ending 31.3.2012.
(A) What are the investing activities of cash flow? [4]
View Answer(B) State the limitations of analysis of financial statements. [4]
View AnswerQ3. Anil and Sunil were partners sharing profits and losses...
[10 Marks]Anil and Sunil were partners sharing profits and losses in the ratio of 3:2 respectively. Their Balance Sheet as on 31st March, 2010 was as under... [Detailed problem data]
Prepare:
- Profit and Loss Adjustment account
- Capital Accounts of partners
- Balance Sheet of the new firm
Supriya, Surakha and Sujata were partners... Sujata died on 1st July, 2012.
Prepare: (a) Profit and Loss Adjustment Account, (b) Sujata’s Capital Account, (c) Working notes.
Q4. On 14th May, 2012 Rohit sold goods on credit to Devidas...
[10 Marks]On 14th May, 2012 Rohit sold goods on credit to Devidas for Rs. 30,000. Rohit drew a bill for Rs. 30,000 on Devidas for 4 months. Devidas accepted it and returned it to Rohit. Rohit discounted the bill with his bank @ 12% p.a.
On the due date Devidas requested Rohit to renew the bill. Rohit agreed on condition that Devidas should pay Rs. 10,000 on account along with interest for the balance amount Rs. 500 in cash and should accept a new bill for the balance amount at 2 months. These arrangements were carried through. The new bill was retired for Rs. 20,300, one month before due date.
Task: Give Journal Entries in the Books of Rohit.
Q5. Uday and Prabhakar are partners sharing profit and losses...
[10 Marks]Uday and Prabhakar are partners sharing profit and losses in the proportion of 3/5 and 2/5 respectively. They dissolved their partnership firm on 31st March, 2012.
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
|---|---|---|---|
| Sundry creditors | 15,000 | Cash at bank | 3,000 |
| Uday’s wife’s loan | 30,000 | Debtors 67,500 (-) R.D.D. 7,500 | 60,000 |
| Capital A/c: Uday | 1,38,000 | Stock | 1,35,000 |
| Capital A/c: Prabhakar | 90,000 | Machinery | 45,000 |
| Furniture | 30,000 | ||
| Total | 2,73,000 | Total | 2,73,000 |
Realisation Details:
- Goodwill Rs. 15,000, Stock Rs. 1,20,000, Debtors Rs. 54,000.
- Machinery was taken over by Prabhakar at Rs. 40,000 and Furniture by Uday at Rs. 35,000.
- Uday agreed to discharge his wife’s loan.
- Creditors were paid at a rebate of Rs. 3,000.
- Expenses of dissolution amounted to Rs. 6,000.
Task: Pass necessary Journal Entries in the books of the firm.
Milind and Co. Ltd. Issued 20,000 equity shares of Rs. 100 each payable as under:
- On Application: Rs. 20 per share.
- On Allotment: Rs. 35 per share.
- On First Call: Rs. 25 per share.
- On Second call: Rs. 20 per share.
The company received applications for 30,000 shares. The company rejected 10,000 applications and refunded application money. The directors made all allotment to remaining applications. All money was duly received except second call on 500 shares. Issue expenses amounted to Rs. 5,000.
Task: Pass necessary journal entries in the books of the company.
Q6. From the following details of Vidya mandir High School...
[12 Marks]From the following details of Vidya mandir High School, Mumbai, prepare Income and Expenditure Account for the year ended 31st March, 2008 and a Balance Sheet as on that date.
Adjustments:
- Tuition fees still receivable are Rs. 10,000.
- Salaries still payable are Rs. 30,000.
- Insurance premium is paid for one year ending 30.09.2008.
- Rent paid in advance Rs. 4,000.
- Depreciate furniture and library at 10% on closing balances.
Q7. Jitesh and Lailesh are in partnership sharing profits and losses...
[15 Marks]Jitesh and Lailesh are in partnership sharing profits and losses in the ratio of 3:2. From the following Trial Balance and adjustments, you are required to prepare Trading and Profit and Loss A/c for the year ended 31st March, 2013 and the Balance Sheet as on that date.
| Particulars | Debit (Rs.) | Credit (Rs.) |
|---|---|---|
| Prepaid Insurance | 800 | |
| Insurance | 2,000 | |
| R.B.D.D. | 1,000 | |
| Discount | 800 | |
| Postage and telephone | 3,200 | |
| Salaries | 56,000 | |
| Debtors and Creditors | 66,000 | 68,000 |
| Wages | 24,000 | |
| Opening Stock | 48,000 | |
| Carriage | 1,000 | |
| Purchases and Sales | 1,93,200 | 3,01,600 |
| Return inwards and outwards | 5,600 | 9,200 |
| Bank overdraft | 1,20,800 | |
| Plant & Machinery | 24,000 | |
| Land & Building | 1,76,000 | |
| Capital: Jitesh | 52,000 | |
| Capital: Lailesh | 48,000 | |
| Total | 6,00,600 | 6,00,600 |
Adjustments:
- Write off Rs. 2,000 for bad debts and provide R.B.D.D. 5% on debtors.
- Goods worth Rs. 4,000 were distributed as free samples.
- Closing stock was valued at cost Rs. 56,000 while its market price was Rs. 60,000.
- Salaries were outstanding Rs. 2,000.
- Depreciate Land and Building @ 5% p.a. and Plant & Machinery @ 10% p.a.