HSC July 2024 Book Keeping & Accountancy Board Paper Solution (Verified)

Board Question Paper Solution: July 2024

Subject: Book Keeping & Accountancy (50) | Stream: Commerce

Q. 1. Objectives [20 Marks]

(A) Write if you agree or disagree with the following statements: (5)

1. Legal software is fully functional software without any restrictions.
   Answer: Agree
2. Rebate or discount given on retiring a bill is an income to the drawee.
   Answer: Agree
3. Realisation loss is not transferred to insolvent partner’s capital account.
   Answer: Disagree
4. 'Not for profit' concerns have profit motive.
   Answer: Disagree
5. 'The Indian Partnership Act' was enforced in the year 1945.
   Answer: Disagree

(B) Select the correct options and rewrite the statements: (5)

1. The balance on the capital account of a partner on his death is transferred to ______ account.
   Answer: (B) Legal heir’s loan/ Executor’s loan
2. Decrease in the value of assets should be ______ to Profit and Loss adjustment account.
   Answer: (A) debited
3. Excess of proportionate capital over actual capital represents ______.
   Answer: (C) Deficit capital
4. Subscription received in advance during the current year is ______.
   Answer: (D) a liability
5. When there is no Partnership Agreement between partners, the division of profits takes place in ______ ratio.
   Answer: (A) equal

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(C) Write a word / term / phrase as a substitute: (5)

1. An asset which can be converted into cash immediately.
   Answer: Liquid Asset / Quick Asset
2. Debit balance of Realisation Account.
   Answer: Realisation Loss / Loss on Realisation
3. The ratio in which general reserve is distributed to the old partners.
   Answer: Old Profit Sharing Ratio
4. Excess of total assets over total liabilities of a not-for-profit concern.
   Answer: Capital Fund
5. The account in which selling expenses of business are recorded in final account.
   Answer: Profit and Loss Account

(D) Find the odd one: (5)

1. At premium, At discount, At par, Brokerage.
   Answer: Brokerage
2. Notary Public, Drawer, Drawee, Payee.
   Answer: Notary Public
3. Increase in Building, Increase in Machinery, Decrease in Furniture, Increase in Bills Receivable.
   Answer: Decrease in Furniture
4. Surplus, Deficit, Net profit, Capital fund.
   Answer: Net profit
5. Carriage inward, Salary, Royalty, Import Duty.
   Answer: Salary

Q. 2. Admission of Partner (Sachin, Santosh & Kishor)

(Solution based on the handwritten notes provided)

Dr. Profit & Loss Adjustment A/c Cr.

Particulars	Amount (₹)	Particulars	Amount (₹)
To Furniture A/c	11,000	By Stock A/c	5,000
To R.D.D. A/c	8,000	By Land & Building A/c	16,000
To Profit on Revaluation transferred to Old Partners' Capital A/c:
Sachin (1,500)
Santosh (500)	2,000
Total	21,000	Total	21,000

Dr. Partners' Capital Accounts Cr.

Particulars	Sachin	Santosh	Kishor	Particulars	Sachin	Santosh	Kishor
To Cash A/c (Surplus Paid)	69,000	23,000	-	By Balance b/d	3,00,000	1,00,000	-
To Balance c/d	3,00,000	1,00,000	1,00,000	By General Reserve A/c	30,000	10,000	-
				By Cash A/c	-	-	1,00,000
				By Goodwill A/c	37,500	12,500	-
				By P & L Adj. A/c (Profit)	1,500	500	-
Total	3,69,000	1,23,000	1,00,000	Total	3,69,000	1,23,000	1,00,000

New Balance Sheet as on 1st April, 2020

Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Partners' Capital A/c:			Debtors	1,60,000
Sachin	3,00,000		Less: R.D.D. (5%)	8,000	1,52,000
Santosh	1,00,000		Land & Building	80,000
Kishor	1,00,000	5,00,000	Add: Appreciation (20%)	16,000	96,000
Creditors		2,00,000	Stock	1,00,000
Bills Payable		50,000	Add: Appreciation (5%)	5,000	1,05,000
Bank Overdraft		55,000	Furniture	55,000
			Less: Depreciation (20%)	11,000	44,000
			Machinery		1,50,000
			Cash (See Note)		2,58,000
Total		8,05,000	Total		8,05,000

Working Note - 1: Cash A/c
Receipts: Opening (2,00,000) + Kishor's Capital (1,00,000) + Goodwill (50,000) = 3,50,000.
Payments: To Sachin Capital (69,000) + To Santosh Capital (23,000) = 92,000.
Closing Balance: 3,50,000 - 92,000 = ₹ 2,58,000.

OR

Q. 2. Dissolution of Partnership (Akshad, Aditya & Abha)

Dr. Realisation Account Cr.

Particulars	Amount (₹)	Particulars	Amount (₹)
To Sundry Assets A/c (Transfer):		By Sundry Liabilities A/c (Transfer):
Machinery	53,000	Creditors	50,500
Stock	32,000	Bills Payable	15,000
Bills Receivable	47,000	R.D.D.	3,000
Debtors	28,000	By Bank A/c (Assets Realised):
To Bank A/c (Liabilities Paid):		Stock	31,000
Creditors (Paid at discount)	50,000	Machinery	39,500
Bills Payable	15,000	Bills Receivable	41,000
To Bank A/c (Realisation Exp.)	6,600	Debtors	27,000
		By Partners' Capital A/c (Loss):
		Akshad	8,200
		Aditya	8,200
		Abha	8,200
Total	2,31,600	Total	2,31,600

Dr. Partners' Capital Accounts Cr.

Particulars	Akshad	Aditya	Abha	Particulars	Akshad	Aditya	Abha
To Balance b/d (Asset Side)	-	-	15,000	By Balance b/d	65,000	40,000	-
To Realisation A/c (Loss)	8,200	8,200	8,200	By Reserve Fund	7,500	7,500	7,500
To Abha's Capital (Deficiency)	6,100	6,100	-	By Bank A/c (Recovery)	-	-	3,500
To Bank A/c (Final Payment)	58,200	33,200	-	By Akshad/Aditya (Deficiency)	-	-	12,200
Total	72,500	47,500	23,200	Total	72,500	47,500	23,200

Dr. Bank Account Cr.

To Balance b/d	21,000	By Realisation A/c (Liab Paid)	65,000
To Realisation A/c (Assets Rlz)	1,38,500	By Realisation A/c (Exp)	6,600
To Abha's Capital A/c (Recovery)	3,500	By Akshad's Capital A/c	58,200
		By Aditya's Capital A/c	33,200
Total	1,63,000	Total	1,63,000

Q. 3. Retirement of Partner (Minu, Renu & Sonu)

Dr. Profit and Loss Adjustment Account Cr.

To Computer A/c	1,750	By Building A/c	7,000
To Machinery A/c	2,500	By R.D.D. A/c (Written back)	1,900
To Furniture A/c	450
To Partners' Capital A/c (Profit):
Minu (1,400)
Renu (1,400)
Sonu (1,400)	4,200
Total	8,900	Total	8,900

Dr. Partners' Capital Accounts Cr.

Particulars	Minu	Renu	Sonu	Particulars	Minu	Renu	Sonu
To Bank A/c (Part Pay)	-	-	18,000	By Balance b/d	46,600	38,000	35,000
To Sonu's Loan A/c	-	-	22,900	By General Reserve	4,500	4,500	4,500
To Balance c/d	52,500	43,900	-	By P&L Adj (Profit)	1,400	1,400	1,400
Total	52,500	43,900	40,900	Total	52,500	43,900	40,900

Balance Sheet as on 1st April, 2021

Liabilities	Amount (₹)	Assets	Amount (₹)
Capital Accounts:		Building (70k + 7k)	77,000
Minu	52,500	Machinery (25k - 2.5k)	22,500
Renu	43,900	Furniture (10k - 450)	9,550
Sonu's Loan A/c	22,900	Computer (17.5k - 1.75k)	15,750
Creditors	40,900	Debtors (All Good)	28,000
		Bank (25,400 - 18,000)	7,400
Total	1,60,200	Total	1,60,200

OR

Q. 3. Journal Entries in the books of Kaveri

Date	Particulars	L.F.	Debit (₹)	Credit (₹)
1.	Gauri’s A/c ... Dr.		48,000
	To Sales A/c			48,000
	(Being goods sold on credit)
2.	Bills Receivable A/c ... Dr.		48,000
	To Gauri’s A/c			48,000
	(Being bill drawn and accepted for 2 months)
3.	Bank A/c ... Dr.		47,200
	Discount A/c ... Dr. (48000 * 10% * 2/12)		800
	To Bills Receivable A/c			48,000
	(Being bill discounted with bank)
4.	Gauri’s A/c ... Dr.		48,000
	To Bank A/c			48,000
	(Being discounted bill dishonoured)
5.	Gauri’s A/c ... Dr.		1,100
	To Interest A/c			1,100
	(Being interest due on 40,000 @ 11% for 3 months)
6.	Cash/Bank A/c ... Dr.		9,100
	To Gauri’s A/c			9,100
	(Being part payment of 8,000 plus interest received)
7.	Bills Receivable A/c ... Dr.		40,000
	To Gauri’s A/c			40,000
	(Being new bill accepted for balance amount)
8.	Gauri’s A/c ... Dr.		40,000
	To Bills Receivable A/c			40,000
	(Being new bill dishonoured due to insolvency)
9.	Bank A/c ... Dr. (40%)		16,000
	Bad Debts A/c ... Dr. (60%)		24,000
	To Gauri’s A/c			40,000
	(Being final dividend of 40% received)

Q. 4. Death of Partner (DOP)

In the books of firm

Dr. Profit & Loss Adjustment A/c Cr.

Particulars	Amount (₹)	Particulars	Amount (₹)
To Motor Car A/c	4,000	By Building A/c	8,000
To Furniture A/c	1,000
To Profit on Revaluation transferred to Partner's Capital A/c:
A	1,500
B	1,000
C	500
Total	8,000	Total	8,000

Dr. C's Capital A/c Cr.

Particulars	Amount (₹)	Particulars	Amount (₹)
To C's Executor's Loan A/c	37,500	By Balance b/d	20,000
		By Reserve Fund A/c (1/6)	6,000
		By Goodwill A/c	9,333
		By Profit & Loss Suspense A/c	1,667
		By Profit & Loss Adjustment A/c (Profit)	500
Total	37,500	Total	37,500

Working Notes:

1. Calculation of C's share of Goodwill:
Average Profit = (22,000 + 34,000 + 24,000 + 32,000) / 4
= 1,12,000 / 4
Average Profit = ₹ 28,000

Goodwill = Average Profit × No. of years purchase
= 28,000 × 2 times
Goodwill of the firm = ₹ 56,000

C's share of Goodwill = 56,000 × 1/6
= 9333.333...
C's share of Goodwill = ₹ 9,333

---

2. Calculation of C's profit upto his date of death:
Average Profit (Last 3 years) = (34,000 + 24,000 + 32,000) / 3
= 90,000 / 3
= ₹ 30,000

Profit for 4 months = 30,000 × 4/12 = ₹ 10,000

C's share of profit = 10,000 × 1/6
= 1,666.66...
C's share of profit = ₹ 1,667

OR

Q. 4. Comparative Income Statement (Bajaj Limited)

Particulars	31st Mar 2021 (₹)	31st Mar 2022 (₹)	Absolute Change (₹)	% Change
Sales	7,00,000	9,00,000	2,00,000	28.57%
Less: Cost of Sales	(4,00,000)	(5,50,000)	1,50,000	37.50%
Gross Profit	3,00,000	3,50,000	50,000	16.67%
Less: Indirect Expenses	(60,000)	(40,000)	(20,000)	(33.33%)
Net Profit Before Tax	2,40,000	3,10,000	70,000	29.17%
Less: Tax (50%)	(1,20,000)	(1,55,000)	35,000	29.17%
Net Profit After Tax	1,20,000	1,55,000	35,000	29.17%

Q. 5. Issue of Shares (Mahalaxmi Ltd.)

Date	Particulars	L.F.	Debit (₹)	Credit (₹)
1.	Bank A/c ... Dr. (29,000 x 20)		5,80,000
	To Equity Share Application A/c			5,80,000
	(Being application money received)
2.	Equity Share Application A/c ... Dr.		5,80,000
	To Equity Share Capital A/c (25k x 20)			5,00,000
	To Equity Share Allotment A/c (4k x 20)			80,000
	(Being app money transferred and excess adjusted)
3.	Equity Share Allotment A/c ... Dr. (25,000 x 30)		7,50,000
	To Equity Share Capital A/c			7,50,000
	(Being allotment money due)
4.	Bank A/c ... Dr. (7,50,000 - 80,000)		6,70,000
	To Equity Share Allotment A/c			6,70,000
	(Being balance allotment money received)
5.	Equity Share First Call A/c ... Dr.		5,00,000
	To Equity Share Capital A/c			5,00,000
	(Being first call money due)
6.	Bank A/c ... Dr.		5,00,000
	To Equity Share First Call A/c			5,00,000
	(Being first call money received)
7.	Equity Share Second & Final Call A/c ... Dr.		7,50,000
	To Equity Share Capital A/c			7,50,000
	(Being second call money due)
8.	Bank A/c ... Dr. (24,000 x 30)		7,20,000
	Calls in Arrears A/c ... Dr. (1,000 x 30)		30,000
	To Equity Share Second & Final Call A/c			7,50,000
	(Being second call received except 1000 shares)

Q. 6. Accounts of "Not for Profit" Concerns (NPO)

In the books of Rampur High School, Ratnagiri

Dr. Income and Expenditure Account for the year ended 31st March, 2022 Cr.

Expenditure	Amount (₹)	Amount (₹)	Income	Amount (₹)	Amount (₹)
To Salary to staff	47,10,000		By Drama Receipts	2,00,000
Add: Outstanding	1,40,000	48,50,000	Less: Drama expenses	1,80,000	20,000
To Printing & stationery		68,000	By Interest		1,32,000
To Electricity charges		1,34,000	By Donations (40%)		5,60,000
To Magazines & newspapers		12,000	By Tuition fees		30,00,000
To Depreciation on:			By Admission fees		9,30,000
Books	2,00,000
Furniture	2,08,000	4,08,000	By Deficit		8,30,000
			(Excess of Expenditure over Income)
Total		54,72,000	Total		54,72,000

Balance Sheet as on 31st March, 2022

Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Capital Fund	12,22,000		Books	18,00,000
Add: Legacies	1,20,000		Add: Purchased	1,76,000
	13,42,000			19,76,000
Less: Deficit	8,30,000	5,12,000	Less: Depreciation	2,00,000	17,76,000
			Furniture	6,52,000
Building Fund	16,54,000		Add: Purchased	1,56,000
Add: Donations (60%)	8,40,000	24,94,000		8,08,000
Outstanding staff salaries		1,40,000	Less: Depreciation	2,08,000	6,00,000
			Cash		1,24,000
			Bank		6,46,000
Total		31,46,000	Total		31,46,000

Working Note: Donations Calculation
Total Donations = ₹ 14,00,000
60% Capitalized = 14,00,000 × 60% = ₹ 8,40,000 (Added to Building Fund)
40% Revenue = 14,00,000 × 40% = ₹ 5,60,000 (Credited to Income & Expenditure A/c)

Q. 7. Partnership Final Accounts (PFA)

In the books of Rasika & Diksha

Dr. Trading Account for the year ended 31st March, 2022 Cr.

Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
To Opening Stock		30,800	By Sales	1,20,000
To Purchases	80,000		Less: Returns	-	1,20,000
Less: Returns	-	80,000
To Wages		10,500
To Royalties		3,200
To Gross Profit c/d		30,500
			By Closing Stock		35,000
Total		1,55,000	Total		1,55,000

Dr. Profit & Loss Account for the year ended 31st March, 2022 Cr.

Particulars	Amount (₹)	Amount (₹)	Particulars	Amount (₹)	Amount (₹)
To Salaries		6,800	By Gross Profit b/d		30,500
To Printing & Stationery		4,500	By Interest received	1,000
To Advertisement	30,000		on Fixed Deposit
Less: Prepaid	20,000	10,000	Add: Outstanding	1,200	2,200
To Bad Debts	500
Add: Further Bad debts	-
Add: New R.D.D.	1,075
	1,575
Less: Old R.D.D.	-	1,575
To Depreciation on
Furniture		1,010
To Net Profit transferred
to Partner's Capital A/c
Rasika	4,408
Diksha	4,407	8,815
Total		32,700	Total		32,700

Balance Sheet as on 31st March, 2022

Liabilities	Amount (₹)	Amount (₹)	Assets	Amount (₹)	Amount (₹)
Partner's Capital			Sundry Debtors	43,000
Rasika	84,408		Less: New R.D.D. 2.5%	1,075	41,925
Diksha	84,407	1,68,815	Furniture	20,200
Sundry Creditors		30,500	Less: Depreciation 5%	1,010	19,190
			Investments		40,000
			Prepaid Advertisement		20,000
			Cash in hand		27,000
			Fixed Deposit	15,000
			Add: Outstanding Interest	1,200	16,200
			Closing Stock		35,000
Total		1,99,315	Total		1,99,315

Working Notes:

1. R.D.D. Calculation:
Debtors = 43,000
New R.D.D. @ 2.5% = 43,000 × 2.5 / 100 = 1,075

2. Depreciation on Furniture:
Furniture = 20,200
Depreciation @ 5% = 20,200 × 5 / 100 = 1,010

3. Distribution of Net Profit:
Total Net Profit = 8,815
Ratio = Equal (1:1)
Each Partner = 8,815 / 2 = 4,407.5
Rasika = 4,408 (Rounded up)
Diksha = 4,407 (Rounded down)

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