Write a speech of about 20 lines that you would deliver on the occasion of Independence Day Celebrations in your school.

Independence Day Speech

Speech Writing.

Respected principal, Teachers and My Dear Friends, Mahatma Gandhi once said, “A man who is made for freedom has got to take tremendous risks and stake everything.” It was this inspiration that brought about our freedom. Yes, it was because our freedom fighters took tremendous risks and staked everything, that we breathe the free air of independence today. But, my friends, the task is not over. We have to take tremendous risks and stake everything in order to safeguard our freedom. And freedom from what? From corruption, communalism, illiteracy and poverty. The struggle for freedom is still going on. The fight continues unabated. Shall we prove to be citizens of substance or citizens of straw? This is the question we have to ask ourselves today. Shall we let this wonderful country of ours be ruined by the social, economic and political ills that have beset it? Shall we not make our country a truly liberated nation? Shall we not re-establish the glorious traditions and high moral aims which inspired our forefathers? It is for us, today, to look into ourselves, reflect and act.

Difficult Words Explained

Tremendous

Very great in amount, scale, or intensity.

Stake

To risk something important on the result of a situation.

Safeguard

To protect something from harm or damage.

Corruption

Dishonest or illegal behavior by people in positions of power.

Communalism

A strong loyalty to one's own ethnic or religious group rather than to the wider society.

Illiteracy

The inability to read or write.

Poverty

The condition of being extremely poor.

Unabated

Continuing without any reduction in force or intensity.

Substance

Real importance, value, or seriousness.

Beset

To trouble or threaten someone or something persistently.

Liberated

Freed from traditional social attitudes or conventions.

Glorious

Having or deserving admiration, fame, and honor.

Forefathers

Ancestors, especially male ancestors.

Reflect

To think deeply or carefully about something.

On teacher’s Day you have to speak on the topic ‘ My thoughts about my school ‘. Write a short speech that you will deliver in class.

Speech Writing

My Thought About My School

Respected Teacher and Dear friends, My school has been for me the temple where I was guided, instructed and moulded. It has been the garden in which I flowered. The playground was the place where my body gained its physical fitness, the classroom where my mind was nurtured. My teachers were the ones who introduced me to new ideas, concepts, discoveries and inventions. They inspired me to cultivate a healthy attitude that gave me a broad outlook on life. The principal and management of this school were the benign creators of the various opportunities for personal growth that I was provided here. My friends, like me, grew and developed side by side with me.

My heart is filled with deep gratitude for this wonderful place, this huge storehouse of knowledge, that I had the good fortune to be associated with. The playground, the silent walls, the pictures in the classroom will always be a part of me. And although it is said that nothing lasts forever, my school will always be in my heart wherever I go, whatever I do. This is the one place that shall live in my memory forever.

Thank you.

Difficult Words & Meanings

• Guided: Led or shown the way.
• Instructed: Taught or given directions.
• Moulded (Molded): Shaped or formed character or beliefs.
• Nurtured: Cared for and encouraged to grow or develop.
• Concepts: Abstract ideas or general notions.
• Discoveries: Acts of finding something that was unknown.
• Inventions: New things, ideas, or processes created.
• Inspired: Filled with the urge or ability to do or feel something, especially something creative.
• Cultivate: To try to develop or improve a quality or skill.
• Attitude: A settled way of thinking or feeling about something.
• Outlook: A person's point of view or general attitude towards life.
• Benign: Gentle, kindly, and not harmful.
• Opportunities: Favorable times or sets of circumstances for doing something.
• Gratitude: The quality of being thankful; readiness to show appreciation.
• Storehouse: A place where things are stored in large quantities; a rich source.
• Associated with: Connected with someone or something.
• Memory: The ability to store and recall information and experiences.

Home ,sweet home

‘Be it ever so humble, there’s no place like home’. These famous words immortalize the importance of the home. Indeed, luxurious castles and glittering palaces seem nothing in comparison with the peace and serenity that even the humblest hut provides.

‘Home is where the heart is’. All our innermost feelings, affection and devotion are concentrated in that one little place in the world, the place where we have been brought up , that is our home . It is the place to which we keep returning to all the time; it is the place which we can never erase from our minds.

Children grow up. They get married. They raise their own families. But nothing excites and pleases a person  so much as a reunion with one’s brothers and sisters and their families in the place where they have grown up together. They share the beautiful feeling of oneness with their own family.

It is the mother who contributes most to the sweetness of the home. She provides everything  that makes a house a home  - orderliness, comfort, peace, love and security. She is the cement that holds the together. Each member of the family in their own way contributes and adds to the sweetness of that loveliest place on earth, the home.

India: Unity in diversity

India is a land of diverse physical features. Every possible geographical physical feature you can think of is present in India. The people of India have diverse physical features. They practise different religions, speak different languages and follow different customs and traditions. They also differ in their dress and food habits.

In spite of all these external differences, the people of India have a common feeling of Indianness. They are bound by a common cultural heritage and they share certain basic values.

Hence we use the phrase ‘Unity in Diversity’ to describe the social fabric of India. This is to express the great truth that despite their many differences, the people of India are all united as Indians. From Kashmir to Kanyakumari, from Arunachal Pradesh to Gujarath, they all have a feeling of that they belong to one nation.

Books – Our Best Friends

Good books enrich the mind by providing knowledge. They also widen the horizons of our imagination, and give us an insight into different minds. If a man is known by the company he keeps, why should we not, then, keep the best company; that of good books? Good literature entertains, instructs and elevates. It takes us on a flight of fancy, away from our humdrum lives, to a place or country we want to visit, without having to pay for the passage.

Pleasures derived from eating or playing sports are short-lived and ordinary, but the pleasure that we derive from reading books is everlasting and fantastic. Even after we have finished reading a book, we continue to think about it and derive pleasure from it.

To derive maximum pleasure from reading we have to gradually pass on from comics, detective novels, magazines and simple storybooks to classic literature. Just like friends, the quality of the books that we read also determine the kind of person we are. Good books will enrich our personalities, and it is these kinds of books that we should turn to when we have the leisure.

Trees-Nature’s gift to man

Trees are Mother Nature’s precious gift to man. Directly or indirectly, they provide him with all his basic necessities, viz., air, water, food, clothing and shelter. They also provide important raw material for our industries. Industries provide employment to people. The wood of furniture, housing and ships comes from trees. Wood is also used for fuel and for making charcoal. Wood pulp is used to make paper and artificial yarn. Trees also give us products such as spices, rubber, turpentine, eucalyptus oil, gum and medicinal products. No wonder forests are known as ‘green gold’. Trees provide shade to tired travelers and animals and shelter to innumerable birds and insects.

Trees check strong currents of wind and water and thereby prevent soil erosion. Trees keep the air clean. Forest retain humidity and attract rains. It is for this reason that trees are known as rain catchers. They absorb harmful carbon dioxide from the air and fill the atmosphere with precious life-sustaining oxygen.  In this way they reduce air pollution. Therefore, trees are called ‘lungs of nature’. We thus , owe our very existence to trees.

Pollution: earth’s enemy number one

Pollution is the damage caused to the environment by harmful substances or waste. Pollution is our enemy number one today. Modern civilization and material progress have resulted in pollution everywhere-in the atmosphere, on land, in the seas and in the rivers.

Our  air is polluted by smoke, gases and chemicals emitted by vehicles and factories. Besides this, there is noise pollution in big cities caused by vehicles, machines, loudspeakers and crackers. Pollution poisons the air and harms the ozone layer of the earth that protects us from the radiation of the sun. If the ozone layer is destroyed, mankind will perish. Nuclear radiation also pollutes the air causing terrible health hazards.

Tonnes of industrial and chemical waste are thoughtlessly dumped into our rivers, lakes, and seas and they kill fish and other marine life. Unplanned growth of cities brings about more and more slums, where dirt, disease and death breed.

We must take immediate and effective steps to fight pollution. We must reduce vehicular and factory smoke. We must stop the dumping of chemical wastes into our rivers, lakes and seas. We must frow more trees, protect our forests, and have more gardens and open spaces. The sooner effective steps are taken the better it will be for mankind.

Green city; Clean city

A green city is a clean city. This is because nature has its own way of keeping the environment clean. A green city implies plenty of trees and greenery. This keeps the environment clean and fresh. Also the leaves take in excess  carbon dioxide from the surrounding, caused by heavy traffic, and give out refreshing oxygen.

Besides trees on the sidewalks, a city should have a good number of parks and gardens. This brings pollution levels down to minimum. It also reduces the risk of people suffering from respiratory diseases.

Man is a part of nature, not apart from nature. If there is a variety of vegetation in the locality, several animals and birds, that brighten up the atmosphere, will be found. Thus man’s state of mind is brightened. Stress levels are reduced. Indeed there is no doubt that the more greenery there is in the local habitat, the better conditions of living are for the inhabitants there.

Examinations: A necessary evil.

Most students dread the word ‘examination’. But this is something they have to face right from primary school to higher centres of learning. They would probably heave a great sigh of relief in the word was altogether deleted from the dictionary! The reasons are not to seek.

When it comes to public examinations or other important examinations, the whole career of a student depends on what he is able to write during the short duration of an examination. If he suddenly takes ill or is unlucky enough to get tough question paper, he fails and his future is ruined. Examiners have no knowledge of his all-round performance during the academic year. They go just by what is written in the answer paper. Again, assessment varies from examiner to examiner. It does not, in any way, reflect the real merit of the students. Examinations kill students’ genuine interest in study and give importance only to cramming. Sometimes they are mere games of chance and guessing.

All this is admitted by everyone. Yet no other of testing students on a mass scale has as yet been devised . So, examinations have becomes a necessary evil! If there were no examinations, it is likely that the majority of students would not bother to study at all. We would never be able to separate the brilliant students from the average ones. Then whom would we select for higher professional training?

Science and modern inventions : A blessing or a curse

It is science that has provided modern man life of ease, leisure and pleasure. It has brought within the reach of the common man comfort and luxuries that were available in the past only to the privileged few.

Science has invented marvelous machines to take the drudgery out of man’s work. By doing much of his work and doing it fast, machines have provided man with a lot of leisure. The rosy dream of an easy  and luxurious  life has come true for him. Distance has been conquered. Modern means of transport and communication have made the world a global village. Men and things and news and views can go around the globe today with lightning speed. Internet has brought people of the together and brought about a revolution in the fields of information and communication. Man has already landed on the moon and man-made satellites have made voyages through the solar system.

Our life has become healthier and longer. Modern hygiene, sanitation, medicine and surgery are conquering more and more physical and mental illnesses with each passing day. We now know and experience the joy of good health and longe vity. Through the cinema , the radio, the tape recorder, the tv and the video , science has worked wonders in the fields of education and entertainment.

Though we welcome these blessings of science, we have to consider the other side of the picture also. Man has not been able to face the problems created by the inventions of science and to stop the misuse or harmful consequences of scientific inventions. Factories have polluted the water and the atmosphere. They have caused noise pollution. Industrialization have led to slums in which human beings live a degraded life in the midst of filth and squalor. We have allowed science to master us instead of keeping it our servant. Medical inventions have , by reducing infant mortality and increasing longevity, led to population explosion and the consequent miseries.

Again, science has put in our hands terrible weapons such as nuclear  bombs, guided missiles and the means of chemical and biological warfare. We are in danger of destroying ourselves with these monstrous means that , ironically, are our own creations. Rightly used, science can bring heaven on earth. Wrongly used, it can turn this earth into hell.

Is plastic bad for the environment ?

Plastic is extremely bad for the environment . It is one of man’s worst inventions. Plastic is non-biodegradable. This means that waste plastic cannot be turned into any other substance that is eco-friendly. Although tones and tones of plastic are burnt in the most advanced incinerators, all that remains is plastic. It doesn’t change into anything else, as many other materials do. Hence, plastic waste is dangerous to the environment.

Plastic carry bags reach the drainage system and this causes clogging especially during the rains. If too much plastic ends up in a lake or a pond, it creates a layer that denies oxygen to everything below so that no plant and animal life can survive in that water body . If animals eat plastic bags thrown in rubbish drums, it knots up their intestines and they die painful deaths. If plastic lies on land it can choke it to the extent that nothing will grow there again. Hence, plastic must be done away with completely.

There are many alternatives to plastic and we should use them. For shopping we can use cloth, jute or paper carry bags. We can get milk in bottles or cartons. We can use metal or glass jar instead of plastic ones. Many things now made of plastic can have better and eco-friendly alternatives. So the earlier we say goodbye to the plastic the safer be the future of the planet Earth.

Is having a hobby/ Leisure time activity helpful?

If one spends all one’s time on work or study, life will become every boring and tiresome. Both the mind and the body need relaxation. Merely doing nothing does not relax either the mind or the body. Some other activity that fills the mind with pleasure and satisfaction is required. One needs a hobby or a favourite activity for pure fun and relaxation.

The choice of a hobby depends upon one’s main occupation, physical health, temperament and interests. The activity must provide a welcome diversion and relaxation. It must not put too much strain on the body and mind and must provide joy. If one’s main occupation involves a lot of strenuous work, the hobby should be restful such as reading or listening to music. If one’s main occupation is sedentary, such as working all day on the computer, the hobby should be one that involves physical activity such as gardening or trekking.

A hobby brings variety and charm to our monotonous life. It provides relaxation and pleasure.

 Provide us with the opportunity to develop our natural interests. It refreshes the mind as well as the body. It helps us to achieve emotional equilibrium and thereby develop a balanced personality. Thus a hobby is indeed a must for the fullest enjoyment of life.

Burning the midnight oil

Whenever examination time draws near, students begin staying awake late at night , right up to the early hours of the next morning. They sacrifice precious sleep in order to memories lessons so that they will do well in the forthcoming examinations. Their parents, too, take turns, sitting with them , making hot cups of tea or coffee, to keep them awake while they study. All through the year they neglected their studies, enjoyed themselves, played games, watched plenty of Tv, went for a number of movies, and took studies for granted. Only when the terrible shadow of examinations looms near, do they become nervous and feel that they need to spend more than the usual time on study. So they burn the midnight oil, fighting sleep and forgetfulness, in a desperate attempt to cram into their heads a whole year’s study. My advice to such shirkers is: Do regular study all the year round. Do your homework on time. Revise regularly whatever has been taught. And you will have no need to burn the midnight oil. Examinations, then, will be a mere cakewalk!

Looking on the bright side

Life is full of problems. Rarely does a day pass when something unpleasant doesn’t happen. If we view all the unpleasant things that happen to us each day in a negative light, we shall never be happy. We have to look on problems as challenges to overcome. There is no problem that does not have a solution. There is no task, however difficult, that cannot be performed. All we need is the right attitude-the positive attitude; the ability to look on the bright side of things and go on ahead, aspiring, overcoming and achieving! Even the worst situation has its positive aspects. When Mumbai was in evidence. There are so many touching stories of courage, caring and sharing showed by the residents of Mumbai during those critical days.

So we must be optimists, always; not pessimists. We have to look on the bright side of things, for that is the only way to move ahead during the time of crisis. A glass filled with some water could be half empty, or half full, depending on the way you look at it. 

Book Keeping & Accountancy March 2016 Board Paper Solutions

Book Keeping & Accountancy March 2016 Board Paper

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Book Keeping & Accountancy

March 2016 Board Paper

Q. 1. A. Answer the following questions in one sentence each. [5]

(1) What is bad debts?

Ans. An amount irrecoverable from debtors is known as bad debts.

(2) What is surplus?

Ans. Excess of income over expenditure in case of not for profit concern is known as surplus.

(3) What are Noting Charges?

Ans. Fee charged by Notary public for noting the dishonoured inland bill are known as noting charges.

(4) What is Gain Ratio?

Ans. The proportion in which continuing partners are benefitted, due to retirement or death of a partner is termed as gain ratio.

(5) What do you mean by Analysis of Financial Statement?

Ans. Critical evaluation of financial statement to measure the profitability, solvency and growth of the organisation is known as Analysis of Financial Statement.

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

(1) Expenses which are paid before due.

Ans. Prepaid expenses

(2) Excess of expenditure over income of 'not for profit' concerns.

Ans. Deficit

(3) Payment of the bill before due date.

Ans. Retirement of bill

(4) An account opened to find out the profit or loss on sale of assets and settlement of liabilities.

Ans. Realisation account.

(5) A statement similar to balance sheet.

Ans. Statement of Affairs.

(C) Select the most appropriate alternative from those given below and rewrite the statements. (5)

(1) If shares are issued at its face value, it is called as issue at _____________.

• (a) premium.
• (b) discount.
• (c) par.
• (d) none of these.

(2) A person who accepts the bill is called __________

• (a) drawer.
• (b) acceptor.
• (c) payee.
• (d) creditor.

(3) The capital in the beginning of the accounting year is ascertained by preparing ______________

• (a) closing statement of affairs.
• (b) cash account.
• (c) statement of profit or loss.
• (d) opening statement of affairs.

(4) If any asset is taken over by partner from firm his capital A/c will be ____________

• (a) credited
• (b) debited
• (c) added
• (d) none of these

(5) The proportion in which old partners make a sacrifice is called ___________ ratio.

• (a) capital
• (b) gaining
• (c) sacrifice
• (d) new

(D) State whether the following statements are True or False. (5)

(1) The interest on capital is an income of the firm.(False)

(2) The inland bill which is drawn in and payable in the same country.(True)

(3) The debenture holder is owner of the company.(False)

(4) Purchase of fixed asset is operating cash flow.(False)

(5) Noting charges are payable to the Notary public, in case of honour of a bill.(False)

(E) Prepare a specimen of Bill of Exchange from the following information: (5)

(1) Drawee : M.P. Shinde, Siddharth Nagar, Panchgani.

(2) Drawer: M.M. Shaikh, Satara Road, Sangli.

(3) Period of bill : 90 days.

(4) Amount of bill : Rs. 12,800/-

(5) Date of bill : 10th March, 2013.

(6) Date of Acceptance: 14th March, 2013.

Answer:

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Q. 2. Mrs. Meena of Bilaspur has not kept proper books of accounts, following information is provided to you. (8)

Particulars	31.3.2012 Amount (Rs.)	31.3.2013 Amount (Rs.)
Machinery	50000	50000
Furniture	50000	30000
Debtors	18000	25000
Creditors	18000	20000
Stock	30000	42000
Outstanding Expenses	1500	-
Prepaid Expenses	-	500
Cash at bank	28000	40000

Further information:

(1) Mrs. Meena introduced additional capital as on 1st October, 2012 by selling her personal car is Rs. 10,000.

(2) She paid her daughter's college fees from business bank account Rs. 3,000.

(3) Depreciate machinery by 5% p.a.

(4) Provide 2% on debtors for Bad and Doubtful debts.

(5) Interest on capital is to be provided @ 5% p.a. and on drawings @ 5% p.a.

Prepare: Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March, 2013.

Solution: [Click Here for Answer]

OR

(A) What are the components of 'Current Ratio'?

Ans. [Click Here for Answer]

(B) What are the different cash inflows and cash outflows of investing activities?

Ans. [Click Here for Answer]

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Q. 3. Rani and Geeta are partners sharing profits and losses 3:2 respectively. Their position on 31st March, 2013 was as follows: [10]

Balance sheet as on 31st March, 2013.

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)	Amount (Rs.)
Capital Accounts		Building		100000
Rani	100000	Furniture		10000
Geeta	75000	Stock		31000
Creditors	10000	Debtors	50000
Bills Payable	5000	Less: R.D.D.	-1000	49000
General Reserve	15000	Bank Balance		15000
	205000			205000

On 1st April, 2013 they admitted suvarna on the following terms:

(1) Suvarna should bring in cash Rs. 1,00,000 as capital for 1/5 th share in future profit and Rs. 25,000 as goodwill.

(2) Building should be revalued at Rs. 1,25,000.

(3) Depreciate furniture @ 12.5 % and stock @ 10% p.a.

(4) R.D.D. should be maintained as it is.

(5) The Capital Accounts of partners should be adjusted in their new profit sharing ratio through bank account.

Prepare: Profit and loss adjustment account, capital account and balance sheet of the new firm.

Solution: [Click Here for Answer]

OR

Q3. The balance sheet of 'Anand Traders, Wardha' is as follows.

Partners share profits and losses as 5/10 , 2/10, 3/10.

Balance Sheet as on 31st March, 2013.

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)	Amount (Rs.)
Capital Accounts		Plant and machinery		32,000
Sunil	36,000	Factory Building		40,000
Pankaj	32,000	Stock		20,400
Paresh	17,600	Debtors	16,800
Creditors	21,200	Less: R.D.D.	-800	16,000
General Reserve	14,000	Cash		12,400
	1,20,800			1,20,800

Pankaj retired from the business on 1st April, 2013 on the following terms:

(1) The assets were revalued as under .....

(i) Stock at Rs. 28,000.

(ii) Factory building is appreciated by 10%.

(iii) Reserve for doubtful debts is to be increased up to Rs. 1,000.

(iv) Plant and machinery is to be depreciated by 10%

(2) The goodwill of the retiring partner is to be valued at Rs. 8,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.

(3) Amount due to Pankaj is to be transferred to his loan account.

Prepare : (a) Profit and Loss adjustment account

(b) Capital account of partners.

(c) Balance sheet of new firm.

Answer: [Click Here for Answers]

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Q4. Raja of Nagpur draws a bill on Pradhan of Bhandara for Rs. 6,000 at 3 months. Pradhan accepted and returned it to Raja. Raja then sent the bill to bank for collection.

On due date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000 on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before due date of new bill Pradhan retired his acceptance by paying Rs. 4,850.

Give Journal entries in the books of Raja of Nagpur. [10]

Answer: [Click Here for Answers]

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Q5. A, B, and C were partners sharing profits and losses in the proportion of 2:2:1. Following is their balance sheet as on 31st March, 2013. [10]

Balance sheet as on 31st March, 2013

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)	Amount (Rs.)
Capital Account		Machinery		25000
A	30000	Stock		10000
B	10000	Debtors	27500
C	10000	Less: R.D.D.	-1500	26000
General Reserve	3000	Investment		12000
Creditors	20000	Profit and Loss A/c		9000
A’s Loan Account	4000	Bank		2000
Bills Payable	7000
	84000			84000

On the above date, the partners decided to dissolve the firm.

(1) Assets were realised as - Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500

(2) Dissolution expenses were Rs. 1,500.

(3) Goodwill of the firm realised Rs. 12,000

Pass the necessary journal entries in the books of the firm.

Answers: [Click Here for Answers]

OR

Q5. Kisan Co. Ltd. Miraj, issued Rs. 50,000 shares at par Rs. 10 each, payable Rs. 3 on application, Rs. 4 on allotment and the balance on the final call. All the shares were fully subscribed and paid except a shareholder Mr. D. Kapse having Rs. 1,000 shares could not pay the final call. Mr. D. K. Kapse paid the call - in - arrears amount together with interest after four months of due date of final call. Company charged interest on the arrears received as per table ‘A’.

Pass journal entries to record these transactions assuming that call - in - arrears and interest money received from Mr. D. Kapse in the books of Kisan Co Ltd. Miraj.

Ans. [Click Here for Answers]

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Q. 6. Marathi Vishwa Kosha Centre, Wai, has given you the following information from which, you are required to prepare. (i) Income and Expenditure Account for the year ending on 31.03.2013, (ii) Balance Sheet as on 31.03.2013.

Receipts and Payment Account for the year ending 31.03.2013

Receipts	Amount (Rs.)	Payments	Amount (Rs.)
To Balance b/d		By Stationery	5000
Cash in hand	13000	By Furniture [Purchased on 01.01.2013]	50000
To Locker Rent	5000	By Investments	1,00,000
To Entrance Fees	19000	By Expenses of Drama	33500
To Sale of old newspapers	1500	By Postage and telegram	2,500
To Receipts from Drama	78,500	By Magazines and Newspapers	4000
To Legacies	1,10,000	By Salaries	22,000
To Miscellaneous Receipts	8000	By Balance c/d
		Cash in Hand	3000
		Cash at bank	1,10,000
	3,30,000		3,30,000

Additional Information:

(1) Capital fund on 01.04.2012, was Rs. 1,08,000.

(2) Legacies are to be capitalized.

(3) Outstanding salary Rs. 3,000.

(4) 50% of entrance fees is to be capitalized.

(5) Depreciation on Furniture @ 10% p.a.

Solution: [Click Here For Answers]

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Q7. From the following Trial Balance and adjustments of M/s Apeksha and Pratiksha; you are required to prepare Trading and Profit and Loss account for the year ended 31st March 2013 and Balance sheet as on that date:

Trial Balance as on 31.03.2013

Particulars	Debit Amount (Rs.)	Credit Amount (Rs.)
Capital Accounts
Apeksha		60000
Pratiksha		35000
Purchases and Sales	46700	85000
Sundry Debtors and Creditors	28000	25000
Bills Receivable and Bills Payable.	9600	7800
Opening Stock	18000
Wages	9900
Investment	13500
Postage and Telegrams	3600
Insurance	1200
Plant and machinery	40700
Furniture	18000
Cash in hand	2500
Carriage	3200
Bad debts	400
Prepaid rent	7000
Salaries	10500
	212800	212800

Adjustments:

(1) The closing stock is valued at Rs. 31,000

(2) Outstanding wages Rs. 1,400.

(3) Depreciate furniture at 10% p.a.

(4) Insurance Rs. 500 is paid in advance.

(5) Provide for further bad debts of Rs. 1,500.

(6) Goods worth Rs. 2,000 withdrawn by Apeksha for her domestic use but not recorded in the books of account.

Answer: [Click Here for Answers]

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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

Difficult Words & Meanings

• Book Keeping:The activity of recording business transactions (money coming in and going out).
• Accountancy:The profession or work of an accountant, which includes preparing and checking financial records.
• Bad Debts:Money owed to a business that is not expected to be paid back.
• Surplus:When income is more than expenses, especially for non-profit organizations; similar to profit.
• Noting Charges:Fees paid to a legal official (Notary Public) when a bill of exchange is not paid on time (dishonoured).
• Gain Ratio:The proportion in which existing partners benefit when another partner leaves or dies.
• Financial Statement:Formal records of a business's financial activities, like a Balance Sheet or Profit & Loss Account.
• Prepaid Expenses:Costs paid in advance for goods or services to be received in the future.
• Deficit:When expenses are more than income, especially for non-profit organizations; similar to a loss.
• Retirement of bill:Paying a bill of exchange before its due date.
• Realisation account:An account made when a business is closing down, to calculate profit or loss from selling assets and paying liabilities.
• Statement of Affairs:A summary of a business's assets and liabilities, similar to a Balance Sheet, often used when full accounting records are not kept.
• Shares (at par):Company shares sold at their original face value.
• Drawer (of a bill):The person or entity who writes/creates a bill of exchange, asking someone else to pay.
• Acceptor (of a bill):The person or entity who agrees to pay the amount on a bill of exchange.
• Debited / Credited:Terms for recording entries in accounts; debit often means an increase in assets/expenses or decrease in liability/income, credit is the opposite.
• Sacrifice Ratio:The proportion in which existing partners give up their share of profits when a new partner joins.
• Debenture:A type of long-term loan taken by a company, where the debenture holder is a creditor, not an owner.
• Cash flow:The movement of money into or out of a business.
• Drawee:The party directed by a drawer to pay a certain sum of money (usually the acceptor of a bill).
• Depreciation:The decrease in value of an asset over time due to use, wear and tear, or obsolescence.
• R.D.D. (Reserve for Doubtful Debts):Money set aside for potential bad debts that might not be collected from customers.
• Liabilities:What a business owes to others (e.g., loans, creditors).
• Assets:What a business owns (e.g., cash, buildings, machinery).
• Goodwill:The good reputation and customer base of a business, considered an intangible asset.
• Dissolution:The act of formally closing down a business or partnership.
• Call-in-arrears:The amount of money on shares that a shareholder has not yet paid when requested by the company.
• Legacies:Money or property left to an organization (like a non-profit) in someone's will.
• Capitalized (expenses/income):Treating an expense as an asset on the balance sheet rather than an expense in the income statement, or treating certain income as capital.
• Trial Balance:A list of all account balances in a ledger, used to check if total debits equal total credits.