HUZAIFA JUNIOR COLLEGE OF SCIENCE AND COMMERCE

BOARD QUESTION PAPER: JULY 2023

BOOK KEEPING & ACCOUNTANCY
Time: 3 Hrs. Max. Marks: 80
Q.1. All objective questions are compulsory: [20]
(A) Write the word/phrase/term which can substitute each of the following statements: (5)
(1) Debit balance of trading account.
(2) The receipts which are not recurring in nature.
N.R.R
(3) Capital employed  =
100
(4) Fees charged by notary public for getting the fact of dishonour noted.
(5) The person who purchases the share of a company.

(B) Complete the following statements: (5)

(1) Return outwards are deducted from .
(2) Receipts and Payments account falls under the category of account.
(3) Revaluation Account is also known as account.
(4) Making payment of the bill before the due date of maturity is known as .
(5) Benefit Ratio – New Ratio =

(C) Answer in one sentence only: (5)

(1) When is partners’ current account opened?
(2) What is surplus?
(3) What is sacrifice ratio?
(4) Who is called insolvent person?
(5) What is Computerized Accounting System?

(D) Select the most appropriate alternatives from the following and rewrite the sentences: (5)
(1) The Indian Partnership Act is in force since .
(A) 1932 (B) 1881
(C) 1956 (D) 1984

(2) Not for profit organisation is also called organisation.

(A) Service (B) Trading
(C) Profit making (D) Commercial
1 3 1
(3) Rishi, Ratna and Ruchira are sharing profits and looses , and , if Rishi retires then their
2 10 5
new ratio will be .
(A) 5 : 2 (B) 3:2
(C) 5 : 3 (D) 2:5

(4) Assets and liabilities are transferred to Realisation account at their value.
(A) market (B) purchase
(C) sales (D) book

(5) The common size statement requires .

(A) Common base (B) Journal entry
(C) Cash flow (D) Current ratio
Q.2. Mr. Rajeev and Mr. Sanjeev were in partnership, sharing profit and losses in the proportion of 3 : 1
respectively. Their Balance Sheet as on 31st March, 2020 was as follows: [10]

Balance Sheet as on 31st March, 2020

Amount Amount
Liabilities Assets
(₹) (₹)
Capital: Building 1,80,000
Mr. Rajeev 1,80,000 Stock 1,20,000
Mr. Sanjeev 1,50,000 Debtors 93,000
General reserve 12,000 Cash 12,000
Sundry creditors 63,000
4,05,000 4,05,000

Mr. Mahesh is admitted as a partner in the firm on the following terms:

1
(1) Mahesh shall have th share in profit of the firm.
4
(2) He shall bring in cash ` 1,20,000 as his capital and ` 60,000 as his share of goodwill.
(3) Building overvalued by ` 24,000 and the stock is undervalued by 25% in the books.
(4) Provide reserves for the doubtful debts ` 2,400 on debtors. You are required to prepare:
Revaluation Account, Capital Accounts of partners and Balance Sheet of the firm after
admission of Mr. Mahesh.
OR
The Balance Sheet of Kiran, Suraj and Dhiraj sharing profit and losses 3 : 2 : 1 respectively.
Their Balance Sheet as on 31st March, 2020 was as follows:

Balance Sheet as on 31st March, 2020

Amount Amount
Liabilities Assets
(₹) (₹)
Capital: Bank 1,08,000
Kiran 2,40,000 Debtors 1,80,000
Suraj 1,80,000 Building 1,20,000
Dhiraj 1,20,000 Investment 3,00,000
Creditors 44,000
Bills payable 24,000
Loan 1,00,000

7,08,000 7,08,000

Dhiraj has taken retirement of 1st April, 2020 on the following terms:
(1) Building and investment to be appreciated by 5% and 10% respectively.
(2) Provision for doubtful debts to be created at 5% on debtors.
(3) The provision of ` 6,000 to be made in respect of outstanding salary.
(4) Goodwill of the firm is valued at ` 1,80,000 and partner (Dhiraj) decided that his share of
goodwill should be written back immediately.
(5) The amount payable to the retiring partner is to be transferred to his loan account.

Prepare:
(i) Profit and Loss Adjustment Account
(ii) Partners’ Capital Account
(iii) Balance Sheet of the New firm.
Q.3. The following is the Balance Sheet of partners Aarti and Akanksha as on 31st March, 2019: [10]

Balance Sheet as on 31st March, 2019

Amount Amount
Liabilities Assets
(₹) (₹)
Capital: Furniture 12,000
Aarti 12,000 Patents 2,400
Akanksha 10,000 Goodwill 4,000
General reserve 4,000 Debtors 7,600
Aarti’s Loan A/c 4,000 Less: R.D.D. 400 7,200
Creditors 6,000 Stock 10,000
Bills payable 2,000 Bank 2,400
38,000 38,000

On 1st April, 2019 the firm was dissolved:

(1) Aarti took over patents at a value of ` 4,000.
(2) The assets were realised as under:
Furniture ` 13,000, Goodwill ` 6,000, Stock ` 8,000 and Debtors ` 6,000.
(3) Creditors were paid off a discount of 10% and other liabilities were paid in full.
(4) Expenses for realisation amounted to ` 3,000 which were borne by Akanksha.

Prepare:
(i) Realisation Account
(ii) Partners’ Capital Account
(iii) Bank Account

OR

Mr. Aman sold goods to Varun worth ` 24,000. Varun accepted the bill for 2 months for the
same amount on the same date.
Aman discounted the bill with bank after one month at 15% p.a.
The bill was dishonoured on the due date and Varun requested Aman to accept ` 4,000 and
interest in cash on remaining amount at 11% p.a. for 3 months. Aman agreed and for the balance
Varun accepted a new bill at 3 months.
On the due date of the new bill, Varun became insolvent and only 20% amount could be
recovered from his estate.
Pass Journal entries in the books of Aman.

Q.4. Ankur Company Limited invited applications for 65,000 equity shares of ` 100 each at par payable
as follows: [8]
On application ` 30
On allotment ` 40
On first and final call ` 30
The public applied for 50,000 shares and all these were allotted. All money due were
collected with an exception of first and final call on 5,000 shares, these were forfeited.
Pass journal entries in the books of Ankur Company Limited.

OR

Explain the features of Computerised Accounting System.

Q.5. Jay, Ajay and Vijay were partners sharing profit and losses in the ratio 2 : 2 : 1 respectively. [8]
Their balance sheet as on 31st March, 2020 was as follows:

Balance Sheet as on 31st March, 2020

Amount Amount
Liabilities Assets
(₹) (₹)
Capital Account Building 40,000
Jay 40,000 Furniture 30,000
Ajay 50,000 Debtors 30,000
Vijay 30,000 Bank 80,000
General reserve 20,000
Creditors 30,000
Bills payable 10,000

1,80,000 1,80,000

Vijay died on 1st July, 2020.

(1) Building was revalued to ` 60,000 and reserve for doubtful debts is to be created at ` 5,000
on debtors.
(2) Furniture was to be revalued to ` 35,000.
(3) The drawing of Vijay upto the date of his death amounted to ` 12,000.
(4) Interest on drawing of ` 1,000 is to be charged.
(5) Vijay’s share of goodwill should be calculated at 2 years purchases of the average profit for
the last 5 years which were:
I year ` 60,000; II year ` 50,000; III year ` 80,000; IV year ` 1,00,000 and V year ` 1,20,000.
(6) The deceased partner’s share of profit upto his death to be calculated on the basis of average
profit of last two years (IV and V years).

Prepare:
(i) Working of Vijay’s share of profit.
(ii) Working of Vijay’s share of goodwill.
(iii) Revaluation Account.
OR

Income statement for the year ended 31st March, 2019 and 31st March, 2020 is given below:

31st March 2019 31st March 2020

Particulars
(₹) (₹)
Net sales 10,00,000 12,00,000
Less: Cost of goods sold 6,00,000 7,20,000
Gross Profit 4,00,000 4,80,000

Less: Office and administrative

expenses 1,10,000 1,44,000
Selling and distribution
expenses 1,05,000 1,32,000
Net Profit 1,85,000 2,04,000

Prepare:
(i) Common size income statement for the year 31st March, 2019 and 31st March, 2020.
(ii) State in which year the profitability was better?
Q.6. Dr. Dhanashri started (business) of medical practitioner on 1st April, 2019. She gives you the
Receipts and Payment Account for the year ended 31st March, 2020 and the adjustments. [12]
Prepare Income and Expenditure account for the year ended 31st March 2020 and Balance
Sheet as on that date:
Receipts and Payments Account
Dr. for the year ended 31st March, 2020 Cr.
Amount Amount
Receipts Payments
(₹) (₹)
To Cash introduced 50,000 By Furniture 16,000
To Visit fees 20,000 By Equipment 20,000
To Receipts from dispensary 60,000 By Drugs 14,000
To sundry receipts 10,000 By Salary 36,000
By Conveyance 8,000
By Stationery 11,000
By Journals 1,000
By Drawings 30,000
By Balanced c/d
cash 4,000
1,40,000 1,40,000

Additional information:
(1) Visit fees ` 4,000 and receipts from dispensary ` 1,000 is outstanding.
(2) Stock of drugs ` 2,000.
(3) Depreciate furniture@10% p.a. and equipments ` 1,000.
(4) 40% conveyance was for domestic purpose.
(5) Cash introduced ` 50,000 should be considered as capital fund.
Q.7. Seema and Vivek are partners sharing profit and looses in the ratio of 1 : 1. [12]
From the following trial balance and additional information prepare Trading and Profit and
Loss Account for the year ended 31st March, 2020 and Balance Sheet as on that date:
Trial Balance as on 31st March, 2020
Amount Amount
Debit Balance Credit Balance
(₹) (₹)
Stock (1st April, 2019) 65,000 Capital:
Wages and salary 9,000 Seema 1,60,000
Debtors 1,32,500 Vivek 1,20,000
Bad debts 1,000 Creditors 78,000
Purchases 1,48,000 Sales 1,84,200
Motor car 68,000 Purchases return 4,000
Sales return 2,000 Interest 1,800
Building 75,000
Bank Balance 35,000
Advertisement
(paid for 9 months) 4,500
Audit fees 5,000
Printing and stationery 3,000
5,48,000 5,48,000
Adjustments:
(1) Closing stock ` 40,000.
(2) Depreciate building @ 5% and motorcar @ 3% p.a.
(3) Create a provision for bad-debts ` 1,800.
(4) Prepaid expenses - wages ` 700.
(5) Interest receivable ` 900.
HUZAIFA JUNIOR COLLEGE OF SCIENCE AND COMMERCE

BOARD QUESTION PAPER : MARCH 2023

BOOK KEEPING & ACCOUNTANCY
Time: 3 Hrs. Max. Marks: 80

Q.1. All objective questions are compulsory: [20]

(A) Write the word/phrase/term which can substitute each of the following statements: (5)
(1) Credit balance of profit and loss account.
(2) Donation received for a specific purpose.
(3) The ratio which is obtained by deducting old ratio from new ratio.
(4) Expenses incurred on dissolution of firm.
(5) Tally software is classified into this category.
(B) Calculate the following: (5)
(1) Calculate 12.5% p.a. depreciation on furniture
(a) On ` 2,20,000 for 1 year
(b) On ` 10,000 for 6 months
(2) Library books ` Less 10% depreciation ` 5,000 = ` 45,000
(3) Apte and Bhate are sharing profits and losses in the ratio 3 : 2, if Kate is admitted at 1/4 share
then calculate new profit sharing ratio.
(4) Ganesh draws a bill for ` 40,000 on 15th January, 2020 for 2 months. He discounted the bill
with Bank of India @ 15% p.a. on the same day. Calculate the amount of discount.
(5) From the following information, calculate Current Assets:
Debtors ` 60,000, Creditors ` 30,000, Bills payable ` 20,000, Stock ` 30,000, Loose tools
` 10,000, Bank overdraft ` 10,000.
(C) Do you AGREE / DISAGREE with the following statements: (5)
(1) Partnership is an association of two or more persons.
(2) Not for profit concerns do not prepare Balance sheet.
(3) Retiring partner is not entitled to share in general reserve and accumulated profit.
(4) Dissolution takes place when the relation among the partners comes to an end.
(5) The Authorised Capital is also known as Nominal Capital.
(D) Select the most appropriate alternative from the following and rewrite the sentences: (5)
(1) Maximum number of partners in a firm are according to the Companies Act 2013.
(A) 10 (B) 25
(C) 20 (D) 50
(2) Income and expenditure account is a account.
(A) Capital (B) Real
(C) Personal (D) Nominal
(3) If asset is taken over by the partner account is debited.
(A) Revaluation (B) Capital
(C) Asset (D) Balance sheet
(4) Death is compulsory .
(A) dissolution (B) admission
(C) retirement (D) winding up

(5) The person on whom a bill is drawn is called a .

(A) drawee (B) payee
(C) drawer (D) acceptor
Q.2. The following is the Balance sheet of partners Aditya and Chaitanya on 31st March, 2019 they share
profits and losses in the ratio of 3 : 2: [10]
Balance Sheet as on 31st March, 2019
Amount Amount
Liabilities Assets
₹ ₹
Creditors 60,000 Building 30,000
Capital Accounts: Furniture 1,800
Aditya 42,000 Machinery 42,000
Chaitanya 42,000 Stock 24,600
Current Accounts: Debtors 54,000
Aditya 7,500 Cash 6,000
Chaitanya 6,900
1,58,400 1,58,400

Adjustments:
They admitted Sachin into partnership on 1st April, 2019 on the following terms:
(1) Building to be valued at ` 36,000, machinery and furniture to be reduced by 10%.
(2) Sachin should pay ` 6,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in
cash.
(3) A provision of 5% on debtors to be made for doubtful debts.
(4) He should bring ` 18,000 as capital for 1/4th share in future profit.
(5) Stock is to be taken at the value of ` 30,000.
Prepare:
(i) Profit and Loss Adjustment Account
(ii) Partners’ Current Account.
(iii) Balance Sheet of the New Firm.
OR
Given below is the Balance sheet of Amar, Akbar and Anthony who were sharing profits and losses
equally:
Balance Sheet as on 31st March, 2020
Amount Amount
Liabilities Assets
₹ ₹
Creditors 31,000 Cash 39,000
General Reserve 24,000 Debtors 32,000
Capital Accounts: Less : R. D. D. 4,000 28,000
Amar 57,400 Furniture 30,000
Akbar 63,600 Machinery 80,000
Anthony 60,000 Motor Car 50,000
Profit and Loss A/c 9,000
2,36,000 2,36,000

Amar retired on 1st April, 2020 from the firm on the following terms:
(1) Furniture to be valued at ` 28,000, Machinery ` 76,000 and Motor car ` 47,600.
(2) R.D.D. to be maintained at 5% on debtors.
(3) Goodwill of the firm is to be valued at ` 30,000. However, only Amar’s share is to be raised in
the books.
(4) A part payment of ` 20,000 to be made to Amar and the balance to be transferred to his Loan
Account.
 Prepare:
(i) Profit and Loss Adjustment A/c
(ii) Partners’ Capital Account
(iii) Balance Sheet of the New firm.
Q.3. Hema, Manisha and Limsy were in partnership firm sharing profits and losses in the ratio of 5:3:2. They
decided to dissolve their partnership firm on 31st March 2019 and their Balance sheet as on that date
stood as: [10]
Balance Sheet as on 31st March, 2019

Amount Amount
Liabilities Assets
₹ ₹
Capital Accounts: Machinery 1,00,000
Hema 1,50,000 Debtors 50,000
Manisha 80,000 Stock 70,000
Reserve Fund 10,000 Cash at bank 30,000
Sundry Creditors 20,000 Limsy Capital A/c 20,000
Bills payable 10,000
2,70,000 2,70,000

The firm was dissolved on 31st March, 2019 and assets were realised as under:
(1) Machinery realised 60% of its book value.
(2) Out of debtors, Mr. Jagdish, our customer for ` 20,000 was declared insolvent and nothing
could be recovered from him. Other debtors are good and recovered and realised.
(3) Hema took stock at an agreed value of ` 50,000.
(4) Creditors and Bills payable were paid at 10% discount.
(5) Limsy became insolvent and nothing was recovered from her estate.
Prepare:
(i) Realisation Account
(ii) Partners’ Capital Account
(iii) Bank Account
OR
Rajesh sold goods on credit to Sulochana for ` 25,000. Rajesh draws a bill for ` 25,000 on Sulochana
for 3 months. Rajesh discounted the bill with his bank @ 10% p.a. on the same day. On the due date
of bill, Sulochana requested Rajesh to accept ` 5,000 including ` 1,000 for interest and to draw a bill
for the balance for 3 months. Rajesh agreed to this proposal. One month before the due date,
Sulochana retired the bill for ` 20,200.
Pass necessary Journal Entries in the books of Rajesh.

Q.4. Sameer and Company Limited invited applications for 25,000 Equity shares of ` 100 each payable
as: [8]
` 25 on application
` 50 on allotment
` 25 on first and final call
Applications were received for 30,000 Equity shares and pro-rata allotment were made to all. All the
money was duly received except first and final call on 2,500 Equity shares.
Enter the above transactions in the books of Sameer and Company Limited.
OR
Give comparison between Manual Accounting Process and Computerized Accounting Process.
Q.5. Arun, Varun and Karun were partners in a business sharing profits and losses in the ratio of 2 : 2: 1
respectively. Their Balance sheet as on 31st March, 2019 was as under : [8]

Balance Sheet as on 31st March, 2019

Amount Amount
Liabilities Assets
₹ ₹
Capital Accounts: Land and Building 27,900
Arun 20,000 Investment 15,000
Varun 20,000 Furniture 8,000
Karun 10,000 Debtors 10,400
Creditors 16,000 Less : R. D. D. 400 10,000
Bank Loan 4,000 Bank 4,100
Goodwill 5,000
70,000 70,000

On 1st July, 2019 Karun died and the following adjustments were made:
(1) All the debtors were considered as good.
(2) Bank Loan were paid off.
(3) Furniture was depreciated by ` 550.
(4) Investments were sold out in the Market at 10% profit.
(5) Goodwill of the firm was valued at ` 7,500. It was to be raised in the books.
(6) Karun was entitled to get his share in the profit up to the date of his death. Profit for
2019-2020 was estimated at ` 5,000.
(7) The amount due to Karun’s Executor was paid by NEFT.

Prepare:
(a) Profit and Loss Adjustment A/c.
(b) Partners’ Capital Account
(c) Balance sheet of New Firm.
OR
Convert following Trading Account and Profit and Loss Account into Vertical Income Statement:

Trading, Profit and Loss Account

for the year ended as on 31st March, 2020
Dr. Cr.
Amount Amount
Particulars Particular
₹ ₹
To Opening stock 20,000 By Sales 1,20,000
To Purchases 90,000 By Closing Stock 30,000
To Carriage inward 500
To Wages 10,000
To Gross Profit c/d 29,500

Total 1,50,000 Total 1,50,000

To Office expenses 12,500 By Gross Profit b/d 29,500
To Selling expenses 10,000
To Finance expenses 3,000
To Net Profit c/d 4,000
29,500 29,500
Q.6. From the following Receipts and Payments Account of “Matsyodari Engineering College,
Aurangabad” for the year ending on 31st March, 2020 and additional informations, prepare Income
and Expenditure Account for the year ending 31st March, 2020 and Balance Sheet as on that date: [12]
Receipts and Payments Account
for the year ended 31st March, 2020
Dr. Cr.
Amount Amount
Receipts Payments
₹ ₹
To Balance b/d By Salaries to Teaching Staff 10,00,000
Cash in hand 8,000 By Electricity charges 50,000
Cash at bank 1,00,000 By Books 64,000
To Interest 50,000 By Furniture 55,000
To Subscription 30,000 By Stationary 24,000
To Life Membership Fees 40,000 By Fixed Deposit 7,00,000
To Donation 5,00,000 By Balance c/d
To Tuition fees 11,50,000 Cash in hand 20,000
To Term fees 2,00,000 Cash at bank 2,25,000
To Sundry Receipts 10,000
To Admission Fees (Revenue) 50,000
21,38,000 21,38,000

Additional information:
Particulars 01.04.2019 31.03.2020
Books 7,00,000 7,00,000
Furniture 3,19,000 3,00,000
Building fund 10,00,000 ?
Fixed Deposit 9,10,000 ?
Capital Fund 10,37,000 ?
Adjustments:
(1) 50% Donations are for Building fund and the balance is to be treated a Revenue Income.
(2) Outstanding subscription ` 5,300.
(3) Life Membership fees are to be capitalised.
Q.7. Varsha and Harsha are partners sharing profits and losses in their capital ratio. You are required to
prepare Trading Account, Profit and Loss Account for the year ending 31st March, 2020 and Balance
sheet as on that date: [12]
Trial Balance as on 31st March, 2020
Amount Amount
Debit Balance Credit Balance
₹ ₹
Sundry Debtors 56,000 Sales 2,40,000
Purchases 1,10,000 Sundry Creditors 99,600
Plant and Machinery 1,60,000 Purchase Return 2,000
Furniture 1,05,800 Capital Accounts
Salaries 8,600 Varsha 1,80,000
Sales Return 1,000 Harsha 60,000
Cash in hand 1,02,000 Current Accounts:
Opening Stock 35,600 Varsha 10,000
Rent, Rates and Taxes 9,000 Harsha 6,000
Advertisement 9,600
5,97,600 5,97,600
Adjustments:
(1) Stock on 31st March, 2020 was valued at ` 74,000.
(2) Depreciation on Plant and Machinery @ 5% p.a.
(3) Partners are entitled to get Interest on Capital at 5% p.a.
(4) Outstanding expenses: Salaries ` 700.
(5) Provide further Bad debts of ` 1,680 on Sundry debtors.
 HUZAIFA JUNIOR COLLEGE OF SCIENCE AND COMMERCE

BOARD QUESTION PAPER : August 2022

BOOK KEEPING & ACCOUNTANCY
Time: 3 Hrs. Max. Marks: 80

Q.1. Attempt all of the following sub-questions: [20]

(A) Do you agree or disagree with the following statements: (5)
(1) Financial statement includes only Balance sheet.
(2) The person in whose favour the bill is endorsed is known as endorsee.
(3) Retiring partner is not entitled to share in General Reserve and Accumulated profit.
(4) Income and Expenditure Account is Real Account.
(5) Partnership firm is a Trading concern.
(B) Select the most appropriate alternative from those given below and rewrite the
statements: (5)
(1) A proportion in which the continuing partners get the share of retiring partner is known as
.
(A) Old Ratio (B) New Ratio
(C) Gain Ratio (D) Capital Ratio
(2) Partnership is completely dissolved when the partners of the firm become .
(A) solvent (B) insolvent
(C) creditors (D) debtors

(3) The person on whom the bill is drawn is called as .

(A) Drawee (B) Payee
(C) Drawer (D) None of the above

(4) Liability of partners in a partnership business is .

(A) limited (B) unlimited
(C) limited and unlimited (D) None of the above
(5) Ajay and Vijay are two partners sharing profits and losses in the ratio of 3 : 2. They decided to
1
admit Sanjay for th share, the new profit and loss sharing ratio will be .
5
(A) 12 : 8 : 5 (B) 4:3:1
(C) 12 : 8 : 1 (D) 12 : 3 : 1

(C) Find the odd one: (5)

(1) Reserve Fund, Bank Loan, Building, Capital
(2) Admission fees received, Sundry income, specific donations for Building, Sale of old news
papers.
(3) Postage, Stationary, Dividend received, Advertisement.
(4) Bank overdraft, Library books, Stock of Drugs, Equipments.
(5) Realisation Account, Partners’ Capital Account, Balance Sheet, Bank Account.
(D) Complete the sentences: (5)
(1) Excess of income over expenditure is termed as .
(2) shareholders are the real owners of the company.
(3) Deceased partner’s Executor’s Loan Account is shown on the side of the Balance
sheet.
(4) is the set of programs that direct the computer to perform the desired task.
(5) Revaluation Account is also known as Account.
Q.2. The following is the Balance sheet of Virat and Rohit on 31st March, 2020. They share profits and
losses in the ratio of 6 : 4: [10]

Balance Sheet as on 31st March, 2020

Amount Amount
Liabilities Assets
₹ ₹
Current Accounts: Cash 12,000
Virat 15,000 Building 60,000
Rohit 13,800 Machinery 84,000
Capital Accounts: Furniture 3,600
Virat 84,000 Stock 49,200
Rohit 84,000 Debtors 1,08,000
Creditors 1,20,000

3,16,800 3,16,800

They take Ravindra into partnership on 1st April, 2020 the term being:
1
(1) He should bring ` 36,000 as capital for th share in future profits.
4
(2) Ravindra should pay ` 12,000 as his share of Goodwill. 50% of Goodwill withdrawn by old
partners in cash.
(3) Stock is to be taken at the value of ` 60,000.
(4) A provision of 5% on debtors to be made for doubtful debts.
(5) Building to be valued at ` 72,000. Machinery and Furniture to be reduced by 10%.

Prepare:
(i) Profit and Loss Adjustment Account
(ii) Partners’ Current Account
(iii) Balance sheet of the new firm

OR

The Balance sheet of Sohan, Mohan and Rohan is as follows, the partners are sharing profits and
losses in the proportion of 2 : 2 : 1 respectively:

Balance sheet as on 31st March, 2020

Amount Amount
Liabilities Assets
₹ ₹
Creditors 30,000 Bank 15,000
General Reserve 15,000 Debtors 60,000
Capital Accounts: (–) R. D. D. 3,000 57,000
Sohan 1,20,000 Furniture 45,000
Mohan 90,000 Machinery 12,000
Rohan 45,000 Freehold property 81,000
Goodwill 90,000

3,00,000 3,00,000

Rohan retires from the firm on 1st April, 2020 on the following terms:
(1) The assets are to be revalued as: Freehold property ` 90,000, Machinery ` 15,000,
Furniture ` 36,000. All debtors are good.
HUZAIFA JUNIOR COLLEGE OF SCIENCE AND COMMERCE
(2) Goodwill of the firm to be valued at thrice the average profit for proceeding five years.
Profits of the firm for 5 years were:
2015 – 16 ` 3,000
2016 – 17 ` 31,500
2017 – 18 ` 30,000
2018 – 19 ` 48,000
2019 – 20 ` 30,000
(3) The balance of Rohan’s Capital Account should be kept in the business as loan.
Prepare:
(i) Profit and Loss Adjustment Account
(ii) Capital Accounts of Partners
(iii) Balance sheet of the new firm
Q.3. Sheetal and Kanchan are sharing profits and losses equally. They decided to dissolve their firm on 31st
March, 2020. The Balance sheet of the firm on 31st March, 2020 was as under: [10]
Balance Sheet as on 31st March, 2020
Amount Amount
Liabilities Assets
₹ ₹
Reserve Fund 24,000 Cash 18,000
Creditors 38,400 Bills Receivable 6,000
Bills payable 21,600 Stock 60,000
Capital Accounts: Debtors 54,000
Sheetal 60,000 Furniture 18,000
Kanchan 72,000 Building 60,000
2,16,000 2,16,000

The assets realised as under:

(1) Stock ` 55,200, Debtors ` 49,800, Bills Receivable ` 5,940.
(2) Kanchan agreed to take over the Building for ` 54,000.
Sheetal agreed to take over the Furniture for ` 16,200.
(3) The realisation expenses amounted to ` 1,800.
Pass necessary Journal entries in the books of the firm.
OR
Vidya accepted a bill for ` 36,000 drawn by Sandhya at 3 months. Sandhya discounted the bill with
Bank for ` 34,800. Before the due date Vidya approached Sandhya for renewal of the bill. Sandhya
agreed on the condition that Vidya should pay ` 12,000 immediately and for the balance she should
accept a new bill for 4 months along with interest ` 1,100. The arrangements were carried through.
Pass necessary Journal entries in the books of Sandhya and show Vidya’s Account in the books of
Sandhya.
Q.4. Mahesh Co. Ltd. issued a prospectus inviting applications for 1,00,000 equity shares of ` 10 each
payable as follows: [8]
` 2 on Application
` 4 on Allotment
` 2 on First call
` 2 on Second and Final call
Applications were received for 1,20,000 equity shares. The directors decided to reject excess
applications and refunded application money on that. Company received all money.
Pass Journal Entries in the books of Mahesh Co. Ltd.
OR
Explain the importance of Computerised Accounting system.
Q.5. Rekha, Urmila and Mamta were partners sharing Profit and Losses in Ratio 2 : 2 : 1 respectively.
Their Balance sheet as on 31st March 2019 was as follows: [8]

Balance Sheet as on 31st March, 2019

Amount Amount
Liabilities Assets
₹ ₹
Capital Accounts: Plant and Machinery 25,000
Rekha 20,000 Stock of Goods 25,000
Urmila 20,000 Debtors 11,000
Mamta 10,000 (–) R. D. D. 1,250 9,750
General Reserve 5,000 Investments 5,000
Creditors 5,000 Cash 250
Bills payable 3,000
Bank loan 2,000

65,000 65,000

Adjustments:
Mamta died on 1st October, 2019 and the adjustments were agreed as per deed which are as
follows:
(1) Plant and Machinery to be valued at ` 30,000 and all debtors were good.
(2) Stock of goods to be reduced by ` 1,500.
(3) The drawings of Mamta upto the date of her death amounted to ` 200 per month.
(4) Interest on Capital was to be allowed at 10% p.a.
(5) The deceased partner’s share of Goodwill is to be valued at 2 years’ purchase of average
profit of last 3 years.
The profits of last three years were:
2016 – 17 ` 7,500
2017 – 18 ` 8,500
2018 – 19 ` 6,500
(6) The deceased partner’s share of Profit upto the date of her death should be based on average
profit of last 2 years.

Prepare:
(i) Mamta’s Capital A/c showing the balance payable to her Executor’s Loan A/c.
(ii) Give working note for share of Goodwill and profit upto her date of death.

OR

Calculate Current Ratio, Gross Profit Ratio and Net Profit Ratio from the following information:
Debtors ` 90,000
Creditors ` 45,000
Bills payable ` 30,000
Stock ` 45,000
Loose Tools ` 15,000
Bank Overdraft ` 15,000
Sales (Net) ` 5,00,000
Gross Profit ` 1,50,000
Net Profit ` 1,00,000
Q.6. Following is the Receipts and Payments Account of Vasantrao Naik Junior College, Aurangabad for
the year ended 31st March 2019: [12]
Receipts and Payments Account
for the year ending 31st March, 2019
Dr. Cr.
Amount Amount
Receipts Payments
₹ ₹
To Balance b/d By Bank Overdraft 14,250
Cash 11,750 BY Salaries to teachers 1,20,000
To Tution Fees: By Books purchased
2017-18 3,500 (on 1 – 7 – 2018) 30,000
2018-19 35,000 38,500 By Printing and
To Admission Fees 8,000 Stationary 3,500
To Interest on Bank By Office Rent 4,500
Deposits 12,750 By Sports expenses 750
To Donation for By Annual gathering
Prize fund 45,000 expenses 6,000
To Government By Furniture purchase
Grant 86,500 (on 1 – 1 – 2019) 20,000
By Balance c/d
Cash in hand 100
Cash at Bank 3,400 3,500
2,02,500 2,02,500
Additional information:
(1) For the current year 2018-19, Tution Fees are outstanding ` 5,000.
(2) 50% of Admission Fees should be capitalized.
(3) Outstanding salaries to teachers ` 6000.
(4) Depreciation on Books @ 10% p.a. and Furniture @ 15% p.a.
(5) 50% of Government Grant should be capitalized.
(6) Assets and Liabilities on 1 – 4 – 2018 were as follows:
Building ` 9,00,000, Furniture ` 3,50,000, Books of ` 2,50,000, 9% Bank Deposit ` 1,50,000,
Tution Fees receivable ` 3,500, Bank overdraft ` 14,250.
(7) Capital Fund ` 16,51,000.
Prepare:
(i) Income and Expenditure Account for the year ended on 31st March, 2019.
(ii) Balance sheet as on 31st March, 2019.
Q.7. From the following Trial Balance of Pravin and Prashant, you are required to prepare Trading and
Profit and Loss Account for the year ended on 31st March, 2019 and Balance Sheet as on that date: [12]
Trial Balance as on 31st March, 2019
Debit Credit
Particulars Particulars
₹ ₹
Stock (1 – 4 – 2018) 30,800 Capital Accounts:
Purchases 80,000 Pravin 60,000
Salaries 5,000 Prashant 60,000
Wages 7,500 Sundry Creditors 20,500
Printing and Stationary 1,050 Sales 99,550
Sundry Debtors 43,000
Furniture 20,200
Advertisement 30,000
Bad debts 500
Cash in hand 7,000
Fixed Deposits 15,000
2,40,050 2,40,050
Adjustments:
(1) Stock on hand on 31st March, 2019 was cost price ` 40,000 and market price ` 35,000.
(2) Provide R.D.D. at 2.5% on Sundry Debtors.
(3) Depreciate Furniture by 5%.
(4) Goods of ` 8,000 destroyed by fire and insurance company admitted a claim of ` 6,000 only.
 BOARD QUESTION PAPER : MARCH 2022
BOOK KEEPING & ACCOUNTANCY
Time: 3 Hrs. Max. Marks: 80

Q.1. Attempt all of the following sub-questions: [20]

(A) Select the correct options and rewrite the statements: (5)
(1) To find out the net profit or net loss of the business Account is prepared.
(a) Trading (b) Capital
(c) Current (d) Profit and Loss

(2) From financial statement analysis the creditors are specially interested to know .
(a) Liquidity (b) Profits
(c) Sale (d) Share Capital

(3) Death is a compulsory .

(a) dissolution (b) admission
(c) retirement (d) winding up

(4) The due date of the bill drawn for 2 months on 23rd November, 2019 will be .
(a) 23rd Jan, 2020 (b) 25th Jan, 2019
(c) 26th Jan, 2019 (d) 25th Jan, 2020

(5) Decrease in the value of assets should be to Profit and Loss Adjustment Account.
(a) debited (b) credited
(c) added (d) none of the above

(B) Write a word / term / phrase as a substitute for each of the following statements: (5)
(1) Debit balance of Trading Account.
(2) Expenses incurred on dissolution of firm.
(3) Old Ratio less New Ratio.
(4) Officer appointed by Govt. for noting of dishonour of bill.
(5) Donation received for a specific purpose.

(C) Answer the following questions in only ‘one’ sentence each: (5)
(1) What is Legacy?
(2) What is CAS?
(3) Who is called Insolvent Person?
(4) What is Reserve Capital?
(5) What is Revaluation Account?

(D) Complete the sentences: (5)

(1) Partnership deed is an of partnership.
(2) Aurangabad University prepares Account instead of Profit and Loss Account.
(3) Returns outward are deducted from .
(4) New Ratio (–) = Gain Ratio.
(5) Cash receipts which are recurring in nature are called as receipts.
Q.2. Ram and Shyam were in partnership sharing profits and losses in the proportion of 3:1 respectively.
Their Balance sheet as on 31st March, 2020 stood as follows: [10]
Balance Sheet as on 31st March, 2020
Amount Amount
Liabilities Assets
₹ ₹
Sundry creditors 80,000 Cash 80,000
Bills payable 42,000 Sundry debtors 64,000
Capital Accounts: Land and Building 32,000
Ram 1,20,000 Stock 40,000
Shyam 40,000 1,60,000 Plant and Machinery 60,000
General Reserve 16,000 Furniture 22,000
2,98,000 2,98,000
They admit Bharat into partnership on 1st April, 2020. The term being that:
(1) He shall have to bring in ₹ 40,000 as his Capital for 1/5th share in future profit and ₹ 20,000 as
his share of Goodwill.
(2) A provision for 5% doubtful debts to be created on sundry debtors.
(3) Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
(4) Furniture to be depreciated by 20%.
(5) Capital Accounts of all partners be adjusted in their new profit sharing ratio through Cash
Account.
Prepare:
(i) Profit and Loss Adjustment Account
(ii) Partners’ Capital Account.
(iii) Balance Sheet of the new firm.
OR
Ajay, Vijay and Sanjay were partners sharing profits and losses in the ratio of 3 : 3 : 2. Their Balance
Sheet as on 31st March, 2020 is as follows:
Balance Sheet as on 31st March, 2020
Amount Amount
Liabilities Assets
₹ ₹
Creditors 32,700 Bank 19,800
Reserve fund 12,000 Stock 19,800
Capital Accounts: Debtors 15,000
Ajay 33,000 Live Stock 30,000
Vijay 45,000 Plant and Machinery 62,100
Sanjay 24,000
1,46,700 1,46,700
On 1st April, 2020 Sanjay retired from the firm on the following terms:
(1) R.D.D. is to be maintained at 10% on debtors.
(2) ₹ 300 to be written off from creditors.
(3) Goodwill of the firm is to be valued at ₹ 12,000, however, only Sanjay’s share in it is to be
raised in the book and written off immediately.
(4) Assets to be revalued as: Stock ₹ 18,900, Plant and Machinery ₹ 60,000, Live Stock ₹ 30,600.
(5) The amount payable to Sanjay to be transferred to his loan account after retirement:
Prepare:
(i) Revaluation Account.
(ii) Partners’ Capital Account
(iii) Balance Sheet of the New firm.
Q.3. Asha, Usha and Nisha are partners in the firm sharing profits and losses in the ratio of 3 : 2 : 1
respectively. On 31st March, 2019 they decided to dissolve the firm when their Balance Sheet was as
under: [10]

Balance Sheet as on 31st March, 2019

Amount Amount
Liabilities Assets
₹ ₹
Creditors 28,800 Building 1,02,000
Bills Payable 21,600 Machinery 73,000
Capital Accounts: Motor Car 1,67,600
Asha 2,27,160 Goodwill 45,600
Usha 1,44,000 Investment 62,400
Nisha 1,08,000 Debtors 30,600
Stock 45,000
Bank 3,360

5,29,560 5,29,560

The firm was dissolved on the above date and the assets realised as under:
(1) Asha agreed to take over the Building at ₹ 1,23,600.
(2) Usha took over Goodwill, Stock and Debtors at book value and agreed to pay Creditors and
Bills payable.
(3) Motor car and Machinery realised at ₹ 1,51,080 and ₹ 31,680 respectively.
(4) Investment were taken by Nisha at an agreed value of ₹ 55,440.
(5) Realisation Expenses amounted to ₹ 6,800.

Prepare:
(a) Realisation Account
(b) Partners’ Capital Account
(c) Bank Account
OR
Sonali draws a bill on Rupali for ₹ 50,000 for 3 months. Rupali accepts the bill on the same date.
Sonali sends the bill to the bank for collection. Before due date, Rupali finds herself unable to make
payment of bill and requests Sonali to renew it. Sonali agrees to the proposal on a condition that
Rupali should pay ₹ 20,000 in cash along with interest ₹ 1,000 and accept a new bill for 2 months for
the balance. Rupali retired the bill by paying ₹ 27,000.

Give Journal entries in the books of Sonali and prepare Rupali’s Account in the books of Sonali.

Q.4. Ajita Ltd. issued 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share payable as: [8]
₹ 3 on application
₹ 5 on allotment (including ₹ 2 premium)
₹ 4 on first and final call

Applications were received for 2,40,000 equity shares and pro-rata allotment was made to all the
applicants.
The excess application money was adjusted with allotment. Prerna who was allotted 400 shares
failed to pay first and final call and her shares were forfeited.
Pass Journal Entries in the books of Ajita Ltd.
OR
State the difference between Manual Accounting Process and Computerised Accounting Process.
Q.5. Anil, Sunil and Mohit were partners sharing profits and losses in the proportion of their capital. Their
Balance Sheet as on 31st March, 2019 was as follows: [8]
Balance Sheet as on 31st March, 2019
Amount Amount
Liabilities Assets
₹ ₹
Capital Accounts: Land and Building 80,000
Anil 60,000 Motor Lorry 40,000
Sunil 40,000 Debtors 32,000
Mohit 20,000 Less: R.D.D. − 4,000 28,000
Creditors 50,000 Furniture 36,000
Outstanding Salary 6,000 Bank 28,000
Reserve Fund 36,000
2,12,000 2,12,000
Mohit died on 1st August, 2019 and the following adjustments were made:
(1) Assets to be revalued as under:
Land and Building ₹ 88,000
Motor Lorry ₹ 36,000
Furniture ₹ 34,000
(2) All debtors were good.
(3) Goodwill of the firm valued at two times the average profit of last 4 years’ profit.
(4) Mohit’s share of profit to be calculated on the basis of average profit of the last three years.
(5) Profit for four years 1st year ₹ 12,000, 2nd year ₹ 24,000, 3rd year ₹ 14,000, 4th year ₹ 22,000.
Prepare:
(a) Mohit’s capital account showing amount payable to his executor.
(b) Give working note of Mohit’s share of goodwill and profit up to the date of his death
OR
Following is the Balance Sheet of Param Company Ltd. as on 31st March, 2019 and 31st March, 2020:

31.3.2019 31.3.2020 31.3.2019 31.3.2020

Liabilities Assets
₹ ₹ ₹ ₹
Share Capital 2,50,000 3,70,000 Fixed assets 2,80,000 4,40,000
Reserve and Current assets 1,30,000 1,20,000
Surplus 60,000 1,00,000
Current
Liabilities 1,00,000 90,000
4,10,000 5,60,000 4,10,000 5,60,000
You are required to prepare Comparative Balance Sheet of Param Company Ltd. as on
31st March, 2019 and 31st March 2020.
Q. 6. From the following Receipts and Payments Account of Shahu College, Kolhapur for the year ending
31st March, 2020 and additional information, prepare Income and Expenditure Account for the year
ended 31st March, 2020 and Balance Sheet as on that date: [12]
Receipts and Payments Account
for the year ended 31st March, 2020
Dr. Cr.
Amount Amount
Receipts Payments
₹ ₹
To Balance b/d By Salaries 11,77,500
Cash 6,000 By Printing and Stationery 13,500
Bank 1,00,000 By Books 44,000
 To Interest 30,000 By Furniture 39,000
To Donation 3,50,000 By Drama Expenses 45,000
To Tuition fees 9,50,000 By Postage 3,500
To Admission fees 32,500 By Telephone Charges 3,000
To Drama receipts 50,000 By Electricity 30,500
To Rent from use of hall 3,000 By Magazine and Newspapers 3,000
To Legacies (Capital) 30,000 By Balance c/d
Cash 31,000
Bank 1,61,500
15,51,500 15,51,500
Additional information:
(1) Outstanding Salaries ₹ 35,000.
(2) 60% of donations are for Building Fund and Balance is to be treated as revenue income.
(3)
1-4-2019 31-3-2020
Particulars
(₹) (₹)
Capital fund 3,05,500 ?
Building fund 4,13,500 ?
Furniture 1,63,000 1,50,000
Books 4,50,000 4,44,000

Q.7. Asha and Nisha are partners sharing profits and losses in equal ratio. From the following Trial Balance
and adjustments you are required to prepare Final Accounts: [12]
Trial Balance as on 31st March, 2019
Amount Amount
Debit Balance Credit Balance
₹ ₹
Purchases 48,000 Capital accounts:
Salaries 7,500 Asha 80,000
Wages 2,800 Nisha 40,000
Advertisement (2 years) 4,000 Bank Overdraft 34,000
Sales Return 8,000 Sales 1,48,000
Motor Van 63,000 R. D. D. 1,200
Stock (1.4.2018) 94,500 Purchase Return 6,000
Sundry Debtors 62,800
Coal, Gas and Fuel 1,000
Plant and machinery 17,600
3,09,200 3,09,200
Adjustments:
(1) Closing stock is valued at cost price ₹ 88,000 and market price ₹ 90,000.
(2) Asha and Nisha withdrew goods from business ₹ 3,000 and ₹ 2,000 respectively for their
personal use.
(3) Depreciate Motor Van by 5% and Plant and Machinery by 7%.
(4) Reserve for Doubtful debts on Debtors at 5% is to be created.
(5) Outstanding Wages ₹ 800.
 BOARD QUESTION PAPER : SEPTEMBER 2021
BOOK KEEPING & ACCOUNTANCY
Time: 3 Hrs. Max. Marks: 80

Q.1. Attempt the following sub-questions: [20]

(A) Select the correct options and rewrite the sentences: (5)
(1) A statement showing financial position of the business is called as .
(a) Trial Balance (b) Capital
(c) Balance Sheet (d) Trading Account
(2) The set of programme that directs the computer to perform desired task is .
(a) Software (b) Programme
(c) Application (d) Hardware

(3) The information supplied by financial statements are in nature.

(a) Universal (b) Complete
(c) Historical (d) None of these

(4) The balance on the capital A/c of retired partner is transferred to his Account.
(a) Executor’s loan (b) Loan
(c) Wife’s loan (d) Son’s loan

(5) The closing balance of Receipts and Payments account usually represents balance.
(a) Closing stock (b) Cash and Bank
(c) Surplus (d) Deficit

(B) Write a word / term / phrase which can substitute each of the following statements: (5)
(1) The shares on which dividend is not fixed.
(2) Amount which is not recoverable from Drawee on account of insolvency.
(3) Liability likely to arise in future on happening of some events.
(4) Ratio by which surviving partners are benefitted on the death of the partner.
(5) Account opened for revaluation of assets and liabilities.
(C) Find out odd one: (5)
(1) Decrease in furniture, Patents written off, Increase in bills payable, R.D.D. written off.
(2) Subscription received, Sundry receipts, Interest received, Audit fees.
(3) Dock charges, Printing and stationery, Custom duty, Wages and salary.
(4) Electricity Bill, Trade Bill, Inland Bill, Foreign Bill.
(5) Creditors, Land and Building, General Reserve, Capital.
(D) Calculate the following: (5)
(1) When depreciation is ₹ 7,500 and closing balance of Library books is ₹ 92,500. Calculate the
opening balance of Library books.
1 1 1
(2) A, B and C are partners sharing profits in proportion of , and . If A retires, what will be
2 3 6
the new profit sharing ratio?
(3) 12% p.a. interest on Bank loan ₹ 80,000 for 6 months. Calculate interest.
(4) Insolvent partners capital A/c debit side total is ₹ 1,00,000 and credit side total is ₹ 60,000.
Calculate deficiency.
(5) Insurance premium is paid for the year ending 30th September, 2020, amounted to ₹ 1,500.
Calculate prepaid insurance assuming that the year ending is 31st March, 2020.
Q.2. The Balance sheet of Prathamesh and Shiv who share profit and losses in the ratio of 3:2 as at
31st March, 2020 was as under: [10]
Balance Sheet as on 31st March, 2020

Amount Amount
Liabilities Assets
₹ ₹
Creditors Capital: 49,600 Cash at Bank 4,000
Prathamesh 28,000 Building 20,000
Shiv 28,000 Machinery 28,000
Furniture 1,200
Stock 16,400
Debtors 36,000
1,05,600 1,05,600

They take Ajay into partnership on 1st April, 2020. The terms being:
(1) Ajay shall pay ₹ 4,000 as his share of Goodwill, the amount to be retained in business.
(2) He shall bring in ₹ 12,000 as capital for 1/4th share in the future profits.
(3) The firm’s assets were to be revalued as under:
Building ₹ 24,000, Machinery and Furniture to be reduced by 10%, a provision of 5% on
debtors is to be made for doubtful debts; stock is to be taken at a value of ₹ 20,000.

Prepare:
(i) Profit and Loss Adjustment Account,
(ii) Capital Account of partners and
(iii) New Balance sheet
OR
Given below is the Balance sheet of Geeta, Yogita and Pranita who were sharing profits and losses
equally:

Balance Sheet as on 31st March, 2018

Amount Amount
Liabilities Assets
₹ ₹
Creditors 10,500 Motor Car 25,000
Bank overdraft 5,000 Machinery 40,000
General Reserve 12,000 Furniture 15,000
Capital Account: Debtors: 16,000
Geeta 28,700 Less: R.D.D. 2,000 14,000
Yogita 31,800 Cash 24,000
Pranita 30,000
1,18,000 1,18,000

Geeta retired on 1st April, 2018 from the firm on the following terms:
(1) Furniture be valued ₹ 14,000, Machinery at ₹ 38,000, and motor car ₹ 23,800.
(2) Goodwill of the firm be valued at ₹ 15,000. However only Geeta’s share in it is to be raised in
the books.
(3) R.D.D. be maintained at 5% on debtors.
Prepare:
(i) Revaluation Account
(ii) Partners’ Capital Account
(iii) Balance sheet of new firm
Q.3. Prabhakar, Sushil and Sunil were in partnership sharing profit and losses in the ratio 2:2:1. Their balance
sheet as on 31st March, 2019 was as under: [10]

Balance Sheet as on 31st March, 2019

Amount Amount
Liabilities Assets
₹ ₹
Capital: Bank 500
Prabhakar 6,000 Loans and Advances 1,500
Sushil 4,000 Debtors 12,500
Sunil 3,000 Goodwill 1,500
Prabha’s Loan A/c 12,000 Plant 2,000
Sundry creditors 12,000 Land 21,000
Bills payable 2,000
39,000 39,000

They decided to dissolve the firm as follows:

(1) Assets realised as; Land ₹ 18,000; Goodwill ₹ 7,500; Loans and Advances ₹ 1,200; 10% of the
debts proved bad.
(2) Prabha’s loan was discharged along with ₹ 600 as interest.
(3) Creditors and Bills payable paid at 5% discount.
(4) Prabhakar took plant at Book value.
(5) Realisation expenses amounted to ₹ 2,000.

Prepare:
(a) Realisation account
(b) Partners’ Capital Account and
(c) Bank Account
OR
Mohini sold goods to Rohini worth ₹ 2,400 and accepted the bill drawn by Mohini for 2 months.
Mohini discounted the bill with Bank of Maharashtra after one month at 15% p.a. The bill was
dishonoured on the due date and Rohini requested Mohini to accept ₹ 400 along with interest ₹ 55
in cash. Mohini agreed and for the balance Rohini accepted a new bill of 3 months. But Rohini
become insolvent and only 25% could be recovered from her estate.

Prepare:
Journal Entries in the Books of Mohini.

Q.4. Niharika Ltd. issued 10,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share payable as
follows: [8]
On application ₹ 3 per share
On allotment ₹ 5 per share (including premium)
On first and final call ₹ 4 per share

Applications were received for 12,000 equity shares and pro-rata allotment was made to all the
applicants. The excess application money was adjusted with allotment.
Deepali who was allotted 20 shares failed to pay at first and final call and her shares were forfeited.
Pass Journal Entries in the books of Niharika Ltd.
OR
Explain the importance of computerized accounting system.
Q.5. Sachin, Deepak and Gopal were partners sharing profits and losses in the ratio 3:2:1 respectively. Their
balance sheet as on 31st March, 2020 is as under: [8]
Balance Sheet as on 31st March, 2020
Amount Amount
Liabilities Assets
₹ ₹
Capital accounts: Bank 7,000
Sachin 15,000 Investment 9,000
Deepak 10,000 Debtors 8,000
Gopal 5,000 Less: R.D.D. 1,000 7,000
Creditors 4,000 Motor Car 10,000
Bank Loan 10,000 Machinery 20,000
Bills payable 9,000
53,000 53,000
Gopal died on 30th
June, 2020 and the following adjustments were made:
(1) Gopal’s share of goodwill is to be calculated at 2 years purchase of average profit of last
5 years.
(2) Gopal’s share of profit up to his death to be calculated on the basis of average profit of last
2 years.
(3) Five years’ profits were – I year ₹ 3,000, II year ₹ 5,500, III year ₹ 3,500, IV year ₹ 6,000, V year
₹ 12,000 respectively.
(4) All debtors were good.
(5) Assets were revalued as: Machinery ₹ 22,000, Motor Car ₹ 9,000, Investment ₹ 8,500.
Prepare:
(1) Profit and Loss Adjustment Account
(2) Gopal’s Capital Account
(3) Calculate Gopal’s share of goodwill
(4) Calculate Gopal’s share on profit up to the date of his death.
OR
Following is the Balance sheet of Mukesh Company Ltd. as on 31st March, 2018:
Balance Sheet as on 31st March, 2018
Amount Amount
Liabilities Assets
₹ ₹
Share Capital 37,000 Land and Building 40,000
Reserve and Surplus 10,000 Plant and Machinery 10,000
12% Loans 10,000 Furniture 7,000
8% Debentures 20,000 Investments 17,000
Sundry Creditors 9,000 Sundry Debtors 12,000
86,000 86,000
Convert the above Balance sheet into Vertical Balance sheet.
Q. 6. Following is the Balance sheet and Receipts and payments A/c of Pol Hospital, Parbhani: [12]
Balance Sheet as on 1st April, 2019
Amount Amount
Liabilities Assets
₹ ₹
Capital fund 89,850 Outstanding Subscription 400
Outstanding salary 1,500 Equipments 14,000
Medicines bill unpaid 900 Furniture 5,000
Outstanding Sundry Expenses 150 Building 70,000
Cash in hand 500
Cash at bank 2,500
92,400 92,400
 Receipts and Payments Account
for the year ended 31st March, 2020
Dr. Cr.
Amount Amount
Receipts Payments
₹ ₹
To Balance b/d By Medicines 5,000
Cash in hand 500 (included previous
Cash at bank 2,500 year outstanding)
To Subscription 9,000 By Salaries 5,200
(included ₹ 400 received (included previous
for previous year) year outstanding)
To Sale of furniture 1,500 By Taxes 720
(Book value ₹ 2,000) By Sundry Expenses 150
To Donations 5,000 (2018-19)
(Capitalized) By Insurance 5,000
To Life membership fees 3,000 By Stationery 2,000
To Visit Fees 3,500 By Electricity bill 6,000
To Mis. Receipts 1,500 By Balance c/d
To Sale of old Newspaper 500 Cash in hand 830
Cash at bank 2,100
27,000 27,000
Additional information:
(1) 50% of Life membership fees should be capitalized.
(2) Outstanding subscription ₹ 2,000.
(3) Depreciate Building by 10% p.a. and Equipments by ₹ 1,200.
(4) Outstanding salary ₹ 800.
(5) Prepaid taxes ₹ 100
Prepare:
Income and Expenditure Account for the year ended 31st March, 2020.
Q.7. M/s Wardha Traders is a partnership firm in which, Ramesh and Suresh are partners sharing profits
and losses in equal ratio. From the Trial Balance given below and Adjustments, you are required to
prepare Trading and Profit and Loss Account for the year ended on 31st March, 2017 and Balance
Sheet as on that date. [12]
Trial Balance as on 31st March, 2017
Amount Amount
Debit Balance Credit Balance
₹ ₹
Stock (1st April 2016) 32,500 Sundry creditors 45,325
Purchases 44,500 Sales 61,000
Sundry Debtors 1,00,000 Capital:
Investment 40,500 Ramesh 1,20,000
Insurance 10,200 Suresh 40,000
Plant and machinery 15,000
Salaries 4,850
Bad debts 500
Furniture 12,500
Cash in hand 5,775
2,66,325 2,66,325
Adjustments:
(1) Clothing stock is valued at ₹ 28,000.
(2) Goods of ₹ 3,000 distributed as a free sample.
(3) Provide further Bad debts of ₹ 800.
(4) Depreciate furniture at 5% p.a.
(5) Insurance ₹ 1,875 is prepaid.