HSC-Accounts-Paper-2020-Std-12th-Commerce-Maharashtra-Board.
Book Keeping & Accountancy (50)
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.
(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:
Dissolution Expenses / Realisation Expenses
(2) Answer:
Gross Profit Ratio
(3) Answer:
Legacies
(4) Answer:
Nominal partner.
(5) Answer:
Retirement of Bill of Exchange
(C) Select the most appropriate alternative from the choices given below and rewrite the statements:
(1) Answer:
Rs. 90,000
(2) Answer:
1881
(3) Answerr:
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:
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
107795
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
(1) Answer:
Rs. 90,000
(2) Answer:
1881
(3) Answerr:
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:
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 | ||
107795 | 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 |
