ACCOUNTS OCTOBER 2015 BOARD QUESTION PAPER

Accounts July 2015 Board Paper HSC Solutions

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:

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Q. 2. Solution: In the books of Shri Rajesh.

Statement of Affairs as on 1.4.2012

Q. 2. A. State any four limitations of analysis of financial statements.

B. Explain Return on Investments

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:

Solution: In the books of Ram, Krishna and Hari.

OR

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.

Solution: In the books of Sonu, Monu and Piyu
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.

Solution: Journal Entries in the Books of Sukhdev. [Drawer]

Q. 5. Jay, Ajay and Vijay were partners sharing Profits and Losses in the Proportion of 2:2:1. Following is their Balance Sheet as on 31st March, 2013.

Solution: In the books of the firm - Realisation A/c

OR

Q. 5. Yogeshwari Co. Ltd. Ambajogai made an issue of 20,000 equity shares of Rs. 20 each, payable as follows:

Solution: Journal of Yogeshwari Co. Ltd.

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

Solution: In the books of Mahakavi Kalidas Library, Nashik

Income and Expenditure Account for the year ended 31.3.2013

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

Solution: In the books of M/s Satish and Pradeep

Trading A/c for the year ended 31.3.2013

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