Accounts July 2015 Board Paper HSC

Q1. A. Answers:
(1) An amount irrecoverable from debtors is known as bad debts.
(2) General reserve distributed in old ratio among old partners.
(3) Realisation account is debited on payment of dissolution expenses.
(4) Drawer is a person who draws the bill.
(5) A statement prepared on the basis of estimated balances of assets and liabilities is called statement of affairs.

(B) Answers:
(1) Surplus
(2) Dissolution of partnership firm.
(3) Retirement of bill
(4) Single entry system.
(5) Foreign bill

(C) Answers:
(1) Profit and Loss
(2) 5 : 2
(3) par
(4) 14th August, 2013
(5) liquidity

(D) Answers:
(1) False
(2) True
(3) False
(4) False
(5) False

(E) Answer.

Q. 3. Ram and Krishna were partners sharing profits and losses in the proportion of 2/3 and 1/3 respectively. Their balance sheet is as follows:


Q. 3. Following is the balance sheet of the firm Sonu, Monu and Piyu who share profits and losses in the ratio of their capital.

Profit and Adjustment A/c

Q. 4. Sukhdev sold goods to Namdev worth Rs. 30000 on 1st March 2013. Namdev accepted a bill for Three months, drawn by Sukhdev on 1st March 2013.

Q. 6. Following is the Balance Sheet as on 1.4.2012 and receipts and payments account of Mahakavi Kalidas Library, Nashik.

Q. 7. Satish and Pradeep are partners in a partnership firm, sharing Profits and Losses equally.