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HSC 12th Book Keeping Accountancy (BK) Important Board Question Paper 2026 (Maharashtra Board) | Target 90+ Marks

(BK) Important Board Question Paper 2026

BOOK KEEPING & ACCOUNTANCY (50)

Time: 3 Hours Max. Marks: 80

Note: This is a Model Question Paper for the 2026 Board Examination, based on the latest pattern.

Q. 1 [20]

Objective Questions

(A) Select the correct option and rewrite the statements: (5)

  1. In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of _____.
    (a) 5%    (b) 6%    (c) 10%    (d) 9%
    Ans: (b) 6%
  2. Not for profit concerns do not have _____ motive.
    (a) Service    (b) Profit    (c) Charity    (d) Social
    Ans: (b) Profit
  3. Decrease in the value of assets should be _____ to Profit and Loss Adjustment Account.
    (a) Debited    (b) Credited    (c) Added    (d) Equal
    Ans: (a) Debited
  4. If an asset is taken over by a partner, _____ account is debited.
    (a) Revaluation    (b) Capital    (c) Asset    (d) Balance Sheet
    Ans: (b) Capital
  5. The Indian Partnership Act was enforced in the year _____.
    (a) 1932    (b) 1881    (c) 1956    (d) 1984
    Ans: (a) 1932

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

  1. An asset which can be converted into cash immediately.
    Ans: Liquid Asset / Quick Asset
  2. Debit balance of Trading Account.
    Ans: Gross Loss
  3. Donation received for a specific purpose.
    Ans: Capital Receipt
  4. Excess of Total Assets over Total Liabilities of a Not-for-Profit concern.
    Ans: Capital Fund
  5. Expenses incurred on dissolution of a firm.
    Ans: Realisation Expenses / Dissolution Expenses

(C) State whether True or False with reasons (Select only T/F here): (5)

  1. Partnership firm is a trading concern.
    Ans: True
  2. A Bill of Exchange is a conditional order.
    Ans: False (It is unconditional)
  3. Retiring partner is called an outgoing partner.
    Ans: True
  4. Cash/Bank Account is closed automatically on dissolution.
    Ans: True
  5. Income and Expenditure Account is a Real Account.
    Ans: False (It is a Nominal Account)

(D) Find the odd one: (5)

  1. Wages, Salary, Royalty, Import Duty.
    Ans: Salary (P&L item, others are Trading)
  2. General Reserve, Creditors, Machinery, Capital.
    Ans: Machinery (Asset, others are Liabilities)
  3. Trading A/c, P&L A/c, Balance Sheet, Trial Balance.
    Ans: Trial Balance (It is a statement, others are final accounts parts)
  4. Subscription, Entrance Fees, Sale of Old Newspaper, Purchase of Sports Material.
    Ans: Purchase of Sports Material (Expenditure, others are Income/Receipts)
  5. Notary Public, Drawer, Drawee, Payee.
    Ans: Notary Public (Official, others are parties to the bill)
Q. 2 [10]

Admission of Partner

Sachin and Santosh were in partnership, sharing profit and losses in the proportion of 3 : 1 respectively. Their Balance Sheet as on 31st March, 2020 stood as follows:

LiabilitiesAmount (₹)AssetsAmount (₹)
Capital Accounts:Debtors1,60,000
- Sachin3,00,000Land and Building80,000
- Santosh1,00,000Stock1,00,000
General Reserve40,000Furniture55,000
Creditors2,00,000Machinery1,50,000
Bills Payable50,000Cash2,00,000
Bank Overdraft55,000
Total7,45,000Total7,45,000

They admitted Kishor into the partnership on 1st April, 2020 on the following terms:

  1. He shall have to bring in ₹ 1,00,000 as his capital for 1/5th share in future profit and ₹ 50,000 as his share of goodwill.
  2. Stock should be appreciated by 5% and building be appreciated by 20%.
  3. Furniture to be depreciated by 20%.
  4. A provision for 5% doubtful debts to be created on debtors.
  5. Capital account of all partners be adjusted in their new profit sharing ratio through Cash Account.

Prepare: (a) Profit and Loss Adjustment A/c, (b) Partners’ Capital A/c, (c) Balance Sheet of new firm.

Solution:

(a) Profit and Loss Adjustment Account (Revaluation A/c)

Dr.Cr.
Particulars₹Particulars₹
To Furniture A/c (55k × 20%)11,000By Stock A/c (1L × 5%)5,000
To R.D.D. A/c (1.6L × 5%)8,000By Land & Building A/c (80k × 20%)16,000
To Profit on Revaluation t/f to:
Sachin's Cap (3/4)1,500
Santosh's Cap (1/4)500
Total21,000Total21,000

(b) Partners’ Capital Accounts

Dr.Cr.
ParticularsSachinSantoshKishorParticularsSachinSantoshKishor
To Cash A/c (Excess Paid)79,00023,000-By Balance b/d3,00,0001,00,000-
To Balance c/d3,00,0001,00,0001,00,000By General Reserve30,00010,000-
By P&L Adj. (Profit)1,500500-
By Cash A/c--1,00,000
By Goodwill A/c (3:1)37,50012,500-
Total3,79,0001,23,0001,00,000Total3,79,0001,23,0001,00,000

(c) Balance Sheet of New Firm as on 1st April, 2020

LiabilitiesAmount (₹)AssetsAmount (₹)
Capital Accounts:Land & Building (80k+16k)96,000
- Sachin3,00,000Machinery1,50,000
- Santosh1,00,000Furniture (55k-11k)44,000
- Kishor1,00,000Stock (1L+5k)1,05,000
Creditors2,00,000Debtors (1.6L - 8k RDD)1,52,000
Bills Payable50,000Cash (Note 1)2,48,000
Bank Overdraft55,000
Total8,05,000Total8,05,000

Working Note 1: Cash Balance
Opening (2,00,000) + Kishor Capital (1,00,000) + Goodwill (50,000) - Paid to Sachin (79,000) - Paid to Santosh (23,000) = ₹ 2,48,000

Q. 2 (OR) [10]

Dissolution of Partnership Firm

Akshad, Aditya and Abha are partners sharing profits and losses equally. Their Balance Sheet as on 31st March, 2022 was as follows:

LiabilitiesAmount (₹)AssetsAmount (₹)
Creditors50,500Machinery53,000
Reserve Fund22,500Stock32,000
Bills Payable15,000Bills Receivable47,000
Capital Accounts:Cash at Bank21,000
- Akshad65,000Debtors (28k - 3k RDD)25,000
- Aditya40,000Abha's Capital15,000
Total1,93,000Total1,93,000

On 31st March, 2022 it was decided to dissolve the firm:

  1. The assets realised were as follows: Stock ₹ 31,000, Machinery ₹ 39,500, Bills Receivable ₹ 41,000, Debtors ₹ 27,000.
  2. Creditors were paid at a discount of ₹ 500 and Bills payable were paid in full.
  3. Realisation expenses amounted to ₹ 6,600.
  4. Abha was declared insolvent and only ₹ 3,500 could be recovered from her private property.

Prepare: (a) Realisation A/c, (b) Partners’ Capital A/c, (c) Bank A/c.

Solution:

(a) Realisation Account

Dr.Cr.
ParticularsAmount (₹)ParticularsAmount (₹)
To Sundry Assets (Transfer):By Sundry Liabilities:
- Machinery53,000- Creditors50,500
- Stock32,000- Bills Payable15,000
- Bills Receivable47,000By R.D.D.3,000
- Debtors28,000By Bank A/c (Assets Realised):
To Bank A/c (Liabilities Paid):- Stock31,000
- Creditors (50,500 - 500)50,000- Machinery39,500
- Bills Payable15,000- Bills Receivable41,000
To Bank A/c (Expenses)6,600- Debtors27,000
By Partners' Capital (Loss):
- Akshad (1/3)8,200
- Aditya (1/3)8,200
- Abha (1/3)8,200
Total2,31,600Total2,31,600

(b) Partners’ Capital Accounts

Dr.Cr.
ParticularsAkshadAdityaAbhaParticularsAkshadAdityaAbha
To Balance b/d--15,000By Balance b/d65,00040,000-
To Realisation (Loss)8,2008,2008,200By Reserve Fund7,5007,5007,500
To Abha's Capital6,1006,100-By Bank (Recovery)--3,500
(Deficiency Share 1:1)By Akshad's Cap--6,100
To Bank A/c58,20033,200-By Aditya's Cap--6,100
Total72,50047,50023,200Total72,50047,50023,200

Note: Abha's deficiency of ₹ 12,200 (23,200 - 11,000) is distributed between Akshad and Aditya in their profit sharing ratio (1:1), as the numbers align perfectly with this assumption.

(c) Bank Account

Dr.Cr.
ReceiptsAmount (₹)PaymentsAmount (₹)
To Balance b/d21,000By Realisation (Liabilities)65,000
To Realisation (Assets)1,38,500By Realisation (Expenses)6,600
To Abha's Capital3,500By Akshad's Capital58,200
By Aditya's Capital33,200
Total1,63,000Total1,63,000
Q. 3 [10]

Dissolution of Partnership

Sharmila, Urmila and Leela are partners sharing profits and losses in the ratio of 2:2:1. They decided to dissolve the firm. Their Balance Sheet as on 31st March 2020 was as under:

LiabilitiesAmount (₹)AssetsAmount (₹)
Capital Account:Goodwill45,600
- Sharmila2,27,160Machinery73,000
- Urmila1,44,000Motor Car1,67,600
- Leela1,08,000Building1,02,000
Creditors28,800Investment62,400
Bills Payable21,600Debtors30,600
Stock45,000
Bank3,360
Total5,29,560Total5,29,560

Adjustments:

  1. Sharmila agreed to take over the Building at ₹ 1,23,600.
  2. Urmila took over Goodwill, Stock, and Debtors at book values and agreed to pay Creditors and Bills Payable.
  3. Motor Car and Machinery were realised at ₹ 1,51,080 and ₹ 31,680 respectively.
  4. Investments were taken by Leela at an agreed value of ₹ 55,440.
  5. Realisation expenses amounted to ₹ 6,800.

Prepare: (a) Realisation A/c, (b) Partners’ Capital A/c, (c) Bank A/c.

Solution:

(a) Realisation Account

Dr.Cr.
Particulars₹Particulars₹
To Sundry Assets A/c (Book Value)5,26,200By Sundry Liabilities A/c50,400
To Urmila's Cap (Liabilities)50,400By Sharmila's Cap (Building)1,23,600
To Bank A/c (Exp)6,800By Urmila's Cap (Assets)1,21,200
By Leela's Cap (Invt)55,440
By Bank A/c (Assets Realised)1,82,760
By Loss on Realisation:
- Sharmila (2/5): 20,000
- Urmila (2/5): 20,000
- Leela (1/5): 10,00050,000
Total5,83,400Total5,83,400

(b) Partners’ Capital Accounts

Partic.SULPartic.SUL
To Realisation (Assets)1,23,6001,21,20055,440By Bal b/d2,27,1601,44,0001,08,000
To Realisation (Loss)20,00020,00010,000By Realisation (Liab)-50,400-
To Bank (Final Pay)83,56053,20042,560
Total2,27,1601,94,4001,08,000Total2,27,1601,94,4001,08,000

(c) Bank Account

Dr.Cr.
Receipts₹Payments₹
To Balance b/d3,360By Realisation A/c (Exp)6,800
To Realisation (Assets)1,82,760By Sharmila's Capital83,560
By Urmila's Capital53,200
By Leela's Capital42,560
Total1,86,120Total1,86,120
Q. 3 (OR) [10]

Bill of Exchange

Kaveri sold goods to Gauri worth ₹ 48,000. Kaveri draws a bill for two months and Gauri accepted it on the same date.

Kaveri discounted the bill with the bank @10% p.a.

Bill was dishonoured on the due date and Gauri requested Kaveri to accept ₹ 8,000 and interest in cash on remaining amount at 11% p.a. for 3 months.

Kaveri agreed and for the balance Gauri accepted a new bill for 3 months.

Gauri became insolvent and only 40% could be recovered from her estate.

Prepare Journal Entries in the books of Kaveri.

Solution: In the books of Kaveri (Journal Entries)
Date Particulars L.F. Debit (₹) Credit (₹)
1. Gauri A/c ... Dr.
  To Sales A/c
(Being goods sold on credit)		 48,000
48,000
2. Bills Receivable A/c ... Dr.
  To Gauri A/c
(Being bill drawn and acceptance received for 2 months)		 48,000
48,000
3. Bank A/c ... Dr.
Discount A/c ... Dr. (48k×10%×2/12)
  To Bills Receivable A/c
(Being bill discounted with bank @ 10% p.a.)		 47,200
800
48,000
4. Gauri A/c ... Dr.
  To Bank A/c
(Being discounted bill dishonoured on due date)		 48,000
48,000
5. Gauri A/c ... Dr.
  To Interest A/c
(Being interest due on balance ₹ 40,000 @ 11% for 3 months)
Calculation: 40,000 × 11/100 × 3/12 = 1,100		 1,100
1,100
6. Cash/Bank A/c ... Dr.
  To Gauri A/c
(Being part payment of ₹ 8,000 and interest received)		 9,100
9,100
7. Bills Receivable A/c ... Dr.
  To Gauri A/c
(Being new bill accepted for the balance amount)		 40,000
40,000
8. Gauri A/c ... Dr.
  To Bills Receivable A/c
(Being bill dishonoured due to insolvency)		 40,000
40,000
9. Cash/Bank A/c ... Dr. (40%)
Bad Debts A/c ... Dr. (60%)
  To Gauri A/c
(Being final dividend of 40% received from her estate)		 16,000
24,000
40,000
Grand Total 3,02,200 3,02,200
Q. 4 [8]

Issue of Shares

Mohini Company Limited issued 25,000 equity shares of ₹ 100 each payable as follows:

  • On Application: ₹ 20
  • On Allotment: ₹ 30
  • On First Call: ₹ 20
  • On Second and Final Call: ₹ 30

Applications were received for 22,000 equity shares and allotment of shares were made to them. All money received by the company.

Pass Journal Entries in the books of Mohini Co. Ltd.

Solution: In the books of Mohini Company Limited
DateParticularsL.F.Debit (₹)Credit (₹)
1.Bank A/c ... Dr.
  To Equity Share Application A/c
(Being application money on 22,000 shares @ ₹ 20 received)		4,40,000
4,40,000
2.Equity Share Application A/c ... Dr.
  To Equity Share Capital A/c
(Being application money transferred to Capital)		4,40,000
4,40,000
3.Equity Share Allotment A/c ... Dr.
  To Equity Share Capital A/c
(Being allotment money due on 22,000 shares @ ₹ 30)		6,60,000
6,60,000
4.Bank A/c ... Dr.
  To Equity Share Allotment A/c
(Being allotment money received)		6,60,000
6,60,000
5.Equity Share First Call A/c ... Dr.
  To Equity Share Capital A/c
(Being first call money due @ ₹ 20)		4,40,000
4,40,000
6.Bank A/c ... Dr.
  To Equity Share First Call A/c
(Being first call money received)		4,40,000
4,40,000
7.Equity Share Final Call A/c ... Dr.
  To Equity Share Capital A/c
(Being final call money due @ ₹ 30)		6,60,000
6,60,000
8.Bank A/c ... Dr.
  To Equity Share Final Call A/c
(Being final call money received)		6,60,000
6,60,000
Q. 4 (OR) [8]

Computerized Accounting System

Answer the following question:

Explain the features of Computerized Accounting System (CAS).

Solution: Features of Computerized Accounting System

Computerized Accounting System (CAS) involves the use of computers and accounting software to record, store, and analyze financial transactions. Its key features are:

  • Speed: Accounting software can process data much faster than manual accounting. It can perform calculations and generate reports almost instantaneously.
  • Accuracy: Once the data is entered correctly, the possibility of mathematical errors is eliminated as the software handles the double-entry logic and balancing automatically.
  • Reliability: Computer systems are consistent and do not suffer from tiredness or boredom, ensuring that the processing of information remains reliable.
  • Scalability: CAS can easily handle an increase in the volume of transactions by upgrading the software or hardware without changing the entire accounting process.
  • Instant Reports: It can generate various financial statements and MIS reports (like Ledger, Trial Balance, Profit & Loss A/c) at the click of a button at any given time.
  • Data Security: Access to financial data can be controlled using passwords and user permissions, and digital backups can be maintained to prevent data loss.
  • Automatic Document Production: It automatically generates documents like invoices, pay slips, and receipts once the transaction is recorded.
  • Legibility: It avoids the problems associated with human handwriting. All records and reports are displayed in a clear, standard printed format.
Q. 5 [8]

Death of Partner

Mahendra, Surendra and Narendra were partners sharing profits and losses in the ratio of 5 : 3 : 2 respectively. Their Balance Sheet as on 31st March 2019 was as follows:

Balance Sheet as on 31st March 2019
Liabilities Amount (₹) Assets Amount (₹)
Capital Account: Stock 17,000
  - Mahendra 23,000 Furniture 18,000
  - Surendra 15,000 Land and Building 16,000
  - Narendra 12,000 Bank 37,000
Bills Payable 2,000
Creditors 8,000
Bank Loan 12,000
General Reserve 16,000
Total 88,000 Total 88,000

Mr. Narendra died on 30th June 2019 and the following adjustments were agreed as per deed:

  1. Stock, furniture, land and building are to be revalued at ₹ 16,700, ₹ 16,200 and ₹ 30,100 respectively.
  2. Narendra's share in goodwill is to be valued from firm's goodwill which was valued at 3 times of the average profit of last four years. Profit of the last four years:
    • I year — ₹ 30,000
    • II year — ₹ 25,000
    • III year — ₹ 25,000
    • IV year — ₹ 40,000
  3. His profit up to the death is to be calculated on the basis of profit of last year.
  4. Narendra was entitled to get a salary of ₹ 1,200 per month.
  5. Interest on capital at 10% p.a. to be allowed.
  6. Narendra's drawing up to the date of his death was ₹ 900 per month.

Prepare:

(A) Narendra's Capital Account showing amount payable to his executor.
(B) Give working notes for: (i) Share of goodwill due to Narendra, (ii) Share of profit due to Narendra.

Solution: Narendra's Capital Account
Dr.Cr.
ParticularsAmount (₹)ParticularsAmount (₹)
To Drawings A/c (900 × 3)2,700By Balance b/d12,000
To Executor's Loan A/c (Bal. Fig)34,300By General Reserve (16k × 2/10)3,200
By Goodwill A/c (Note 1)18,000
By P&L Suspense A/c (Note 2)2,000
By Salary (1200 × 3)3,600
By Interest on Capital (12k×10%×3/12)300
By Revaluation A/c Profit (Assumed)800
Total37,000Total37,000

Working Notes:

  1. Goodwill: Avg Profit = (30+25+25+40)/4 = 30,000.
    Goodwill = 30,000 × 3 = 90,000.
    Narendra's Share = 90,000 × 2/10 = ₹ 18,000.
  2. Profit Suspense: Last year Profit = 40,000.
    Proportionate period = 3 months.
    40,000 × 3/12 × 2/10 = ₹ 2,000.
Q. 5 (OR) [8]

Analysis of Financial Statements

(A) From the following information find out the current ratio: (4)

  • (i) Total assets = ₹ 22,000
  • (ii) Fixed assets = ₹ 10,000
  • (iii) Capital employed = ₹ 20,000
Solution (A):

1. Find Current Assets:
Current Assets = Total Assets - Fixed Assets
Current Assets = ₹ 22,000 - ₹ 10,000 = ₹ 12,000

2. Find Current Liabilities:
Current Liabilities = Total Assets - Capital Employed
Current Liabilities = ₹ 22,000 - ₹ 20,000 = ₹ 2,000

3. Calculate Current Ratio:
Current Ratio = $\frac{\text{Current Assets}}{\text{Current Liabilities}}$
Current Ratio = $\frac{12,000}{2,000} = \mathbf{6:1}$


(B) Calculate the net profit ratio from the following data: (4)

  • (i) Sales = ₹ 76,000
  • (ii) Cost of goods sold = ₹ 52,000
  • (iii) Indirect expenses = ₹ 12,000
Solution (B):

1. Find Gross Profit:
Gross Profit = Sales - Cost of Goods Sold
Gross Profit = ₹ 76,000 - ₹ 52,000 = ₹ 24,000

2. Find Net Profit:
Net Profit = Gross Profit - Indirect Expenses
Net Profit = ₹ 24,000 - ₹ 12,000 = ₹ 12,000

3. Calculate Net Profit Ratio:
Net Profit Ratio = $\frac{\text{Net Profit}}{\text{Sales}} \times 100$
Net Profit Ratio = $\frac{12,000}{76,000} \times 100 = \mathbf{15.79\%}$

Q. 6 [12]

Not-for-Profit Concern

Given below is the Balance Sheet of 'Bhanubai Mahila Seva Kendra' as on 1st April 2019 and Receipts and Payments account for the year ending 31st March 2020:

Balance Sheet as on 1st April 2019
Liabilities Amount (₹) Assets Amount (₹)
Capital fund: 40,000 Machinery 10,000
Outstanding Expenses: Furniture 20,000
  Wages 8,000 Government Bonds 6,500
  Electricity 7,000 Outstanding Subscription 8,500
  Stationery 1,000 Cash at bank 10,000
Cash in hand 1,000
Total 56,000 Total 56,000
Receipts and Payments Account for the year ended 31st March 2020
Dr.Cr.
Receipts Amount (₹) Payments Amount (₹)
To Balance b/d By Electricity Charges 25,000
  Cash in hand: 1,000 By Wages 22,000
  Cash at bank: 10,000 11,000 By Stationery 3,000
To Subscription By Rent and Taxes 11,800
  2018-2019: 2,000 By Travelling Expenses 8,000
  2019-2020: 45,000 By Balance c/d –
  2020-2021: 3,000 50,000   Cash in hand: 4,000
To Entrance fees 28,000   Cash at bank: 20,200 24,200
To Other receipts 5,000
Total 94,000 Total 94,000

Additional information :

  1. Outstanding wages ₹ 450.
  2. Entrance fees should be capitalised.
  3. Depreciate furniture at 10% p.a.
  4. Subscription for 2019-20 was outstanding ₹ 3,000.

Prepare :

  • (a) Income and Expenditure account for the year ended 31st March 2020.
  • (b) Balance Sheet as on 31st March 2020.
Solution:

Income and Expenditure Account for the year ended 31st March 2021

Dr.Cr.
ExpenditureAmount (₹)IncomeAmount (₹)
To Drugs Consumed:By Hospital Receipts2,55,200
(Op 21k + Pur 1L - Cl 11k)1,10,000By Subscriptions1,11,000
To Staff Salary42,500
To Honorarium to Doctors2,00,000
To Repairs9,000
To General Expenses8,000
To Depreciation:By Deficit (Excess of Exp)44,550
- Building (5%)26,250
- Ambulance (Given)15,000
Total4,10,750Total4,10,750

Balance Sheet as on 31st March 2021

LiabilitiesAmount (₹)AssetsAmount (₹)
Capital Fund:Building (5.25L - 26,250)4,98,750
Op Bal: 5,50,000Ambulance (2L - 15k)1,85,000
+ Life Mem. Fees: 15,000Hospital Equipments1,52,000
(-) Deficit: (44,550)5,20,450Furniture (Add new)22,500
Bank Loan3,25,000Stock of Drugs11,000
Outstanding Bill (Drugs)25,000Cash in Hand1,200
Total8,70,450Total8,70,450
Q. 7 [12]

Partnership Final Accounts

Rajan and Rohit are partners in a partnership firm sharing profits and losses equally. You are required to prepare Profit and Loss Account for the year ended 31st March 2020 and Balance Sheet as on that date with the help of following information:

Trial Balance as on 31st March 2020
Debit Balances Amount (₹) Credit Balances Amount (₹)
Insurance 30,000 Capital Account:
Land and Building 1,00,000   Rajan 1,00,000
(Addition of ₹ 40,000 w.e.f. 1st July 2019)   Rohit 1,00,000
Salaries 10,000 10% Bank loan 60,000
Export Duty 5,000 (taken on 1st October 2019)
Interest 2,00,000 Bills payable 19,000
Furniture 80,000
Debtors 52,000
Total 2,79,000 Total 2,79,000

Additional information :

  1. Gross profit amounted to ₹ 69,000.
  2. Insurance paid for 15 months w.e.f. 1st April 2019.
  3. Depreciate land and building at 10% p.a. and furniture at 5% p.a.
  4. Write off ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
  5. Closing stock is valued at ₹ 69,000.

Prepare : Profit and Loss Account and Balance Sheet for the year ended 31st March 2020.

Solution:

Profit and Loss Account for the year ended 31st March, 2019

Dr.Cr.
ParticularsAmount (₹)ParticularsAmount (₹)
To Insurance (30k - 7.5k pp)22,500By Gross Profit b/d69,000
To Salaries10,000
To Export Duty5,000
To Interest on Loan
(Paid 2000 + Outst 1000)3,000
To Depreciation:
- Land & Bldg (Note 1)9,000
- Furniture (80k × 5%)4,000
To Bad Debts (New)2,000
To R.D.D. (New 5% on 50k)2,500
To Net Profit t/f to Capital:
- Mama (1/2)5,500
- Kaka (1/2)5,500
Total69,000Total69,000

Balance Sheet as on 31st March, 2019

LiabilitiesAmount (₹)AssetsAmount (₹)
Capital Accounts:Land & Building (1L - 9k)91,000
- Mama (1L + 5.5k)1,05,500Furniture (80k - 4k)76,000
- Kaka (1L + 5.5k)1,05,500Debtors (52k - 2k - 2.5k)47,500
10% Bank Loan60,000Closing Stock69,000
Outstanding Interest1,000Prepaid Insurance7,500
Bills Payable16,000
Total2,88,000Total2,88,000

Note 1 (Depreciation on L&B): Opening 60,000 (10% = 6,000). Addition 40,000 for 9 months (40k×10%×9/12 = 3,000). Total = 9,000.

HSC Accounts Board Papers with Solution

Book Keeping and Accountancy

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