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DEATH OF PARTNER ISSUE OF SHARES

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 2023 / 08 / 01 1100 (E)
J - 609

Book keeping & accountancy (50)

Time : 3Hrs. (11 pages) 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 trending account.
(2) The receipt which are not recurring in nature.
𝑵.𝑹.𝑹.
(3) Capital employed × 𝟏𝟎𝟎 =
(4) Fees charged by notary public for getting the fact of
dishonor 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 - ___________.

Page 1
(c) Answer in one sentence only: (5) (5) The common size statement requires ____________.
(1) When is partners’ current account opened ? (a) Common base (b) Journal entry
(2) What is surplus ? (c) Cash flow (d) Current ratio
(3) What is sacrifice ratio ? Q.2 Mr. Rajeev and Mr. Sanjeev were in partnership, sharing
(4) Who is called insolvent person ? profit and losses in the proportion of 3:1 respectively. Their
(5) What is computerized accounting system ? balance sheet as on 31st march, 2020 was as follows : (10)
Balance sheet as on 31st march, 2020
(d) Select the most appropriate alternatives from the
following and rewrite the sentences : (5) Liabilities (Rs) Assets (Rs)
(1) The Indian partnership act is in force since _____. Capital : Building 1,80,000
(a) 1932 (b) 1881
Mr. Rajeev 1,80,000 Stock 1,20,000
(c) 1956 (d) 1984
(2) Not for profit organisation is also called ________ Mr. Sanjeev 1,50,000 Debtors 93,000
organisation. General reserve 12,000 Cash 12,000
(a) Service (b) Trading
(c) Profit making (d) Commercial d Sundry creditors 63,000
(3) Rishi, Ratna and Ruchira are sharing profits and Total 4,05,000 Total 4,05,000
𝟏 𝟑 𝟏
losses 𝟐, 𝟏𝟎 and 𝟓, if Rishi retire then their
Mr. Mahesh is admitted as a partner in the firm on the following terms:
ratio will be ________. 𝟏
(a) 5:2 (b) 3:2 (1) Mahesh shall have 𝟒 th share in profit of the firm.
(c) 5:3 (d) 2:5 (2) He shall bring in cash Rs. 1,20,000 as his capital and Rs. 60,000 as his
(4) Assets and liabilities are transferred to realisation share of goodwill.
account at their ___________ value. (3) Building overvalued by Rs.24,000 and the stock is undervalued by
(a) Market (b) Purchase 25% in the books.
(b) Sales (d) Book (4) Provide reserves for the doubtful debts Rs. 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

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The balance sheet of Kiran, Suraj and Dhiraj sharing profit and losses Q.3 The following is the balance sheet of partner Aarti and Akanksha as on 31 st
3:2:1 respectively. Their balance sheet as on 31st march, 2020 was as march, 2019: (10)
follows : Balance sheet as on 31st march, 2020 st
Balance sheet as on 31 march, 2019
Liabilities (Rs) Assets (Rs) Liabilities (Rs) Assets (Rs)
Capital: Bank 1,08,000 Capital : Furniture 12,000
Kiran 2,40,000 Debtors 1,80,000 Aarti 12,000 Patents 2,400
Suraj 1,80,000 Building 1,20,000 Akansha 10,000 Goodwill
Dhiraj 1,20,000 Investment 3,00,000 General reserve 4,000 Debtors 7,600
Creditors 44,000 Aarti’s loan 4,000 Less : R.D.D 400 7,200
Bills payable 24,000 Creditors 6,000 Stock 10,000
Loan 1,00,000 Bills payable 2,000 Bank 2,400
Total 7,08,000 Total 7,08,000 Total 38,000 Total 38,000
Dhiraj has taken retirement on 1st April, 2020 on the following terms : On 1st April,2019 the firm was dissolved:
(1) Building and investment to be appreciated by 5% and 10% (1) Aarti took over patents at a value of Rs.4,000.
respectively. (2) The assets were realized as under:
(2) Provision for doubtful debts to be created at 5%on debtors. Furniture Rs.13,000 , Goodwill Rs.6,000 , Stock Rs.8,000 and Debtors Rs.6,000.
(3) The provision of Rs.6,000 to be made in respect of outstanding (3) Creditors were paid off at a discount of 10% and other liabilities were paid in
salary. full.
(4) Goodwill of the firm is valued at Rs.1,80,000 and partner (Dhiraj) (4) Expenses for Realisation amounted to Rs.3,000 which were borne by
decided that his share of goodwill should be written back immediately. Akansha.
(5) The amount payable to the retiring partner is to be transferred to Prepare: (a) Realisation account
his loan account. (b) Partners’ capital account
Prepare: (a) Profit and loss adjustment account (c) Bank account
(b) Partners’ capital account OR
(c) Balance sheet of the new firm
Page 4 Page 5
 Mr. Aman sold goods to Varun worth Rs.24,000. Varun accepted the Q.5 Jay, Ajay and Vijay were partners sharing profit and losses in the ratio 2:2:1
bill for 2 months for the same amount on the same date. respectively. Their balance sheet as on 31st march, 2020 was as follows: (8)
Aman discounted the bill with bank after one month at 15% p.a. st
Balance sheet as on 31 march, 2020
The bill was dishonoured on the due date and Varun requested
Aman to accept Rs.4,000 and interest in cash on remaining amount at Liabilities (Rs) Assets (Rs)
11% p.a. for 3 months. Aman agreed and for the balance Varun
Capital : Building 40,000
accepted a new bill at 3 months.
On the due date of the new bill, Varun became insolvent and only Jay 40,000 Furniture 30,000
20% amount could be recovered from his estate. Ajay 50,000 Debtors 30,000
Pass journal entries in the books of Aman.
Vijay 30,000 Bank 80,000
Q.4 Ankur company limited invited applications for 65,000 equity General reserve 20,000
shares of Rs.100 each at per payable as follows: (8)
Creditors 30,000
on application Rs.30
on allotment Rs.40 Bills payable 10,000
on first and final call Rs.30
Total 1,80,000 Total 1,80,000
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
Vijay died on 1st July, 2020.
5,000 shares, these were forfeited.
(1) Building was revalued to Rs.60,000 and reserve for doubtful debts is to be
created at Rs.5,000 on debtors.
Pass journal entries in the books Ankur company limited.
(2) Furniture was to be revalued to Rs.35,000.
(3) The drawing of Vijay upto the date of his death amounted to Rs.12,000.
OR
(4) Interest on drawing of Rs.1,000 is to be charged.
(5) Vijay’s share of goodwill should be calculated at 2 years purchases of the
Explain the features of computerized accounting system.
average profit for the last 5 years which were:
I year Rs.60,000 ; II year Rs. 50,000 ; III year Rs.80,000 ; IV year Rs.1,00,000 and V
year Rs.1,20,000.

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(6) The deceased partner’s share of profit upto his death to be calculated Q.6 Dr. Dhanashri started (business) of medical practitioner on 1st April, 2019. she
on the basis of average profit of last two years (IV and V years). gives you the receipts and payment account for the year ended 31st march, 2020
Prepare: and the adjustments. (12)
(a) Working of Vijay’s share of profit. Prepare income and expenditure account for the year ended 31 st march, 2020
(b) Working of Vijay’s share goodwill. and balance sheet as on that date:
(c) Revaluation account. receipts and payments account
OR Dr. For the year ended 31st march, 2020 Cr.
Income statement for the year ended 31st march, 2019 and 31st march, Receipts (Rs) Payments (Rs)
2020 is given below:
To Cash introduced 50,000 By Furniture 16,000
Particulars 31st march 31st march
2019 (Rs) 2020 (Rs) To Visit fees 20,000 By Equipment 20,000
Net sales 10,00,000 12,00,00 To Receipts from 60,000 By Drugs 14,000
dispensary
Less: Cost of goods sold 6,00,000 7,20,000
To Sundry receipts 10,000 By Salary 36,000
Gross profit 4,00,000 4,80,000
By Conveyance 8,000
Less: Office and administrative
By Stationery 11,000
Expenses 1,10,000 1,44,000
By Journals 1,000
Selling and distribution
By Drawings 30,000
Expenses 1,05,000 1,32,000
By Balance c/d
Net profit 1,85,000 2,04,000
Cash 4,000
Prepare :
(1) Common size income statement for the year 31st march, 2019 and Total 1,40,000 Total 1,40,000
31st march, 2020. Additional information:
(2) State in which year the profitability was better? (1) Visit fees Rs.4,000 and receipts from dispensary Rs.1,000 is outstanding.

Page 8 page 9
(2) Stock of drugs Rs.2,000
(3) Depreciate furniture @10% p.a. and Equipments Rs.1,000. Adjustments:
(4) 40% Conveyance was for domestic purpose. (1) Closing stock Rs.40,000.
(5) Cash introduced Rs.50,00 should be considered as capital fund. (2) Depreciate Building @5% and Motorcar @3% p.a.
Q.7 Seema and Vivek are partners sharing profit and losses in the ratio (3) Create a provision for bad-debts Rs.1,800.
of 1:1. (12) (4) Prepaid expenses – Wages Rs.700
From the following trial balance and additional information (5) Interest receivable Rs.900.
prepare trading and profit and loss account for the year ended 31 st
march, 2020 and balance sheet as on that date:
Trial balance as on 31st march, 2020
Debit balance (Rs) Credit balance (Rs)
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 4,5000
for 9 months)
Audit fees 5,000
Printing & stationery 3,000
Total 5,48,000 Total 5,48,000
Page 10 Page 11
 M 1 2 3 4 5 6
M-ONE LAKHS TWENTY
THREE THOUSAND
FOUR HUNDRED FIFTY
SIX

MODI

SIRAJ SHAIKH

HSC
H-March-21
2 4 7 6

BOOK-KEEPING & ACCOUNTANCY

-----------

7-3-2024

ENGLISH

0 1
Q.1 All objective questions are compulsory

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

(1) Debit Balance of trading account.

Ans Gross Loss

(2) The receipts which are not recurring in nature.

Ans Capital receipt

(3) 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐄𝐦𝐩𝐥𝐨𝐲𝐞𝐝 × 𝐍. 𝐑. 𝐑.

=
Ans Normal Profit 𝟏𝟎𝟎

(4) Fees charged by notary public for getting the fact of dishonour noted
Ans Noting Charges

(5) The person who purchases the share of a company.

Ans Shareholders

05
Q.1. Q.1.
(B) Complete the following statements (C) Answer in one sentence only

(1) Return outwards are deducted from ________. (1) When is partner’s current account opened ?
Ans Purchase Ans When fixed capital method is adopted by the
partnership firm a current account is opened.
(2) Receipts and Payments account falls under the category
of _________ account. (2) What is surplus ?
Ans Real Ans Excess of income over expenditure in non-profit
concern is called surplus.
(3) Revaluation Account is also known as _________ account.
Ans Profit & Loss adjustment account (3) What is sacrifice ratio ?
Ans Sacrifice ratio is a ratio in which old partner makes a
(4) Making payment of the bill before the due date of sacrifice their share of profit.
maturity is known as_______.
Ans Retirement of bill (4) Who is called insolvent person?
Ans Insolvent partner means a partner whose liability is
(5) Benefit Ratio = New Ratio - ___________ more than his asset.
Ans Old Ratio
(5) What is Computerized Accounting System?
Ans Computerised Accounting System (CAS) is a software
05 program which helps to store data or information in the
accounting system.
05
Q.1. Q.2
(D) Select the most appropriate alternatives from ADMISSION OF PARTNER
the following and rewrite the sentences:
IN THE BOOKS OF “ Rajeev And Sanjeev”
(1)The Indian Partnership Act is in force since ___________. Dr. REVALUATION A/C Cr.

Ans 1932 Particular Rs Particular Rs

To Building A/c 24,000 By Stock A/c 40,000
(2) Not for profit organization is also called _________ To R.D.D 2,400
organization. To Partner’s Capital A/c
Ans Service Rajeev 10,200
Sanjeev 3,400 13,600
(3) Rishi, Ratna and Ruchira are sharing profits and losses
𝟏 𝟑 and 𝟏 if Rishi retires then their new ratio will ___ TOTAL 40,000 TOTAL 40,000
, 02
𝟐 𝟏𝟎 𝟓
Calculation of New Ratio Dr. PARTNER’S CAPITAL A/C Cr.
𝐑𝐚𝐭𝐧𝐚 𝟑 =𝟑 Particular R S M Particular R S M
=
𝟏𝟎 By Balance b/d 1,80,000 1,50,000
𝐑𝐮𝐜𝐡𝐢𝐫𝐚 = 𝟏 𝟐
=
𝟐 =𝟐 By General Res 9,000 3,000
×
𝟓 𝟐 𝟏𝟎 By Cash/Bank A/c 1,20,000
Ans 3:2 To Balance c/d 2,44,200 1,71,400 1,20,000 By Goodwill A/c 45,000 15,000
(4) Assets and Liabilities are transferred to Realizations By Revaluation A/c 10,200 3,400
account at their ______ value
Ans Book

(5) The common size statement requires _________

Ans Common base TOTAL 2,44,200 1,71,400 1,20,000 TOTAL 2,44,200 1,71,400 1,20,000

03
 BALANCE SHEET AS ON 1St April 2020
LIABILITIES Rs Rs ASSETS Rs Rs ROUGH WORK
CAPITAL Building 1,80,000
Rajeev 2,44,200 ( - ) Overvalued (24,000) 1,56,000 Sacrifice Ratio = Old ratio – New ratio
Sanjeev 1,71,400 Stock 1,20,000
Mahesh 1,20,000 5,35,600 ( + ) Undervalued 40,000 1,60,000 ∴ Sacrifice Ratio = old Ratio
Creditors 63,000 Debtors 93,000
( - ) R.D.D (24,00) 90,600 ∴ Old Ratio = 3:1
Cash 1,92,000 15,000 𝟑
Rajeev = 𝟔𝟎, 𝟎𝟎𝟎 × 1𝟓, 𝟎𝟎𝟎 × 𝟑 = 𝟒𝟓, 𝟎𝟎𝟎
𝟒
1
15,000
𝟏
Sanjeev = 𝟔𝟎, 𝟎𝟎𝟎 × = 𝟏𝟓, 𝟎𝟎𝟎 × 𝟏 = 𝟏𝟓, 𝟎𝟎𝟎
TOTAL 5,98,600 TOTAL 5,98,600 𝟒
1
05 WORKING NOTE Stock is undervalue by 25%
Dr. CASH / BANK A/C Cr. 75% 1
1,20,000 40,000
02 + 03 + 05 Particular Rs Particular Rs ? 25% = 𝟏, 𝟐𝟎, 𝟎𝟎𝟎 × 𝟐𝟓 = 40,000
= 10 To Balance b/d 12,000 𝟕𝟓 3 1
To Mahesh Capital A/c 1,20,000 By Balance c/d 1,92,000
To Goodwill A/c 60,000

TOTAL 1,92,000 TOTAL 1,92,000

Dr. GOODWILL A/C Cr.
Particular Rs Particular Rs

To Rajeev Cap A/c 45,000 By Cash / Bank A/c 60,000

To Sanjeev Cap A/c 15,000
 RETIREMENT OF PARTNER
Q.2
IN THE BOOKS OF “ Kiran, Suraj and Dhiraj ”
Dr. Profit & Loss Adjustment A/c Cr. BALANCE SHEET AS ON 1st April, 2020
Particular Rs Particular Rs LIABILITIES Rs Rs ASSETS Rs Rs
To R.D.D. 9,000 By Building 6,000 Capital Building 1,20,000
To O/s Salary 6,000 By Investment 30,000 Kiran 2,32,500 (+) Appreciation 6,000 1,26,000
To Partners Capital Suraj 1,75,000 4,07,500 Investment 3,00,000
Kiran 10,500 Dhiraj Loan A/c 1,53,500 (+) Appreciation 30,000 3,30,000
Suraj 7,000 Debtors 1,80,000
Dhiraj 3,500 21,000 Creditors 44,000 (-) R.D.D. @ 5% (9,000) 1,71,000
2𝟏Τ𝟐 Total 36,000 Total 36,000 Bills Payable 24,000 Cash 1,08,000
Dr. PARTNER’S CAPITAL A/C Cr. O/s Salary 6,000
Particular k S D Particular K S D Loan 1,00,000
To Goodwill 18,000 12,000 By Balance b/d 2,40,000 1,80,000 1,20,000
To Dhiraj Loan A/c 1,53,500 By Goodwill 30,000
To Balance c/d 2,23,500 1,75,000 By P& L adj A/c 10,500 7,000 3,500 Total 7,35,000 Total 7,35,000

4𝟏Τ𝟐 Calculation of Goodwill

𝟏 𝟏 𝟏
2 Τ𝟐 + 03 + 4 Τ𝟐 1,80,000 𝟏, 𝟖𝟎, 𝟎𝟎𝟎 × = 30,000
2,50,500 1,87,000 1,53,500 𝟔
Total 2,50,500 1,87,000 1,53,500 Total = 𝟏𝟎
GOODWILL A/C 𝟑
03 Dr. Cr. Kiran 𝟑𝟎, 𝟎𝟎𝟎 × = 18,000
Particular 𝟓
Rs Particular Rs
To Dhiraj Capital 30,000 By Kiran Capital A/c 18,000 Suraj 𝟐 = 12,000
𝟑𝟎, 𝟎𝟎𝟎 ×
𝟓
By Suraj Capital A/c 12,000

Total 30,000 Total 30,000

 Q.3
DISSOLUTION OF PARTNERSHIP FIRM
Dr. PARTNER’S CAPITAL A/C Cr.
IN THE BOOKS OF “ AARTI AND AKANKSHA ” Particular Aarti Akanksha Particular Aarti Akanksha
Dr. REALISATION A/C Cr. To Realisation A/c 4,000 By Balance b/d 12,000 10,000
Particular Rs Rs Particular Rs Rs To Realisation A/c 500 500 By General Reserve 2,000 2,000
To Sundry Assets By Sundry Liabilities To Bank A/c 9,500 14,500 By Realisation A/c 3,000
Furniture 12,000 Creditors 6,000
Patents 2,400 Bills Payable 2,000 8,000
Goodwill 4,000 By R.D.D. 400
Debtors 7,600 By Aarti Capital A/c 2𝟏Τ𝟐 Total 14,000 15,000 Total 14,000 15,000
Stock 10,000 36,000 Patents 4,000 Dr. CASH / BANK A/C Cr.
By Cash/Bank A/c Particular Rs Particular Rs

To Cash/Bank A/c Furniture 13,000 To Balance b/d n 2,400 By Realisation A/c 7,400
Creditors 5,400 Goodwill 6,000 To Realisation A/c 33,000 By Arti ‘s Loan A/c 4,000
Bills Payable 2,000 7,400 Stock 8,000 By Arti ‘s Capital A/c 9,500
Debtors 6,000 33,000 By Akansha Capital A/c 14,500
To Akanksha Capital A/c
Realisation Expenses 3,000 03 Total 35,400 Total 35,400
Dr. Aarti’s Loan A/C Cr.
Particular Rs Particular Rs
To Cash/Bank A/c 4,000 By Balance c/d 4,000
By Partners Capital A/c
Aarti 500 Total 4,000 Total 4,000
Akanksha 500 1,000 4𝟏Τ𝟐 + 2𝟏Τ𝟐 + 03
= 10
Total 46,400 Total 46,400
4𝟏Τ𝟐
 BILLS OF EXCHANGE
Q.3
IN THE BOOKS OF “ AMAN” “DRAWER”
JOURNAL ENTRIES
DATE PARTICULAR L/F DEBIT (Rs) CREDIT (Rs) DISH Varun’s A/c…. Dr. 20,000
P/S Varun’s A/c …. Dr. 24,000 To Bills Receivable A/c 20,000
To Sales A/c 24,000 [Being new Bill dishonour]
[Being Goods sold on credit] INS Cash/Bank A/c …. Dr. 4,000
D/A Bills Receivable A/c …. Dr. 24,000 Discount A/c …. Dr. 16,000
To Varun’s A/c 24,000 To Bills Receivable A/c 20,000
[Being Bill drawn and accepted] [Being Full Settlement]
4-1 Cash/Bank A/c …. Dr. 23,700
𝟏𝟓 𝟏 NEW BILL
Discount A/c …. Dr. 300 10 𝟐𝟒, 𝟎𝟎𝟎 × × = 𝟑𝟎𝟎
𝟏𝟎𝟎 𝟏𝟐
To Bills receivable A/c 24,000 P 24,000
𝟏𝟏 𝟑
[Being Bill discounted @ 15%] 𝟐𝟎, 𝟎𝟎𝟎 × × = 𝟓𝟓𝟎 I 550
𝟏𝟎𝟎 𝟏𝟐
DISH Varun’s A/c…. Dr. 24,000 N ----
To Bank A/c 24,000 TOTAL 24,550
[Being Bill dishonour] (-) Cash Received ( 4,550)
INT Varun’s A/c…. Dr. 550 NEW BILL 20,000
To Interest A/c 550
[Being Interest Charge]
CASH Cash/Bank A/c …. Dr. 4,550
To Varun’s A/c 4,550
[Being Cash Received]
NB Bills Receivable A/c …. Dr. 20,000
To Varun’s A/c 20,000
[Being New bill accepted by Varun]
 ISSUE OF SHARES
Q.4
IN THE BOOKS OF “ ANKUR & Company Limited” ROUGH WORK
JOURNAL ENTRIES WORKING NOTE NO 1 INSTALLMENT OF Rs 100
DATE PARTICULAR L/F DEBIT (Rs) CREDIT (Rs) 1. COMPANY CAPACITY :- 65,000 + PRE = TOT
CAP
R Bank A/c ….Dr. 15,00,000 2. APPLICATION RECEIVED :- 50,000 APP:- 30 + 0 = 30
To Equity Share Application A/c 15,00,000 3. ALLOTMENT MADE :- 50,000 ALLOT:- 40 + 0 = 40
APP [Being Application money received] 4. REFUND OF SHARES :- ---- 1ST CALL :- 30 + 0 = 30
Equity Share Application A/c ….Dr. 15,00,000 TOTAL :- 100 + 0 = 100
5. PRO-RATA OF SHARES :- ----
T To Equity Share Capital A/c 15,00,000
[Being Application money transferred] WORKING NOTE NO 2
T Equity Share Allotment A/c ….Dr. 20,00,000 MONEY AT EACH STAGE
To Equity Share Capital A/c 20,00,000 1. APPLICATION MONEY :− No.of share Appl𝐥𝐢𝐞𝐝 × 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐌𝐨𝐧𝐞𝐲
ALLOT [Being Allotment money transfer to capital] 𝟓𝟎, 𝟎𝟎𝟎 × 𝟑𝟎 = 𝟏𝟓, 𝟎𝟎, 𝟎𝟎𝟎
Bank A/c ….Dr. 20,00,000
R To Equity Share Allotment A/c 20,00,000 2. ALLOTMENT MONEY :− No.of share A𝐥𝐥𝐨𝐭𝐞𝐝 × 𝐀𝐥𝐥𝐨𝐭𝐦𝐞𝐧𝐭 𝐌𝐨𝐧𝐞𝐲
[Being Allotment money received] 𝟓𝟎, 𝟎𝟎𝟎 × 𝟒𝟎 = 𝟐𝟎, 𝟎𝟎, 𝟎𝟎𝟎
T Equity Share First & Final Call A/c ….Dr. 15,00,000
To Equity Share Capital A/c 15,00,000 3. FIRST & FINAL CALL MONEY :- No.of share A𝐥𝐥𝐨𝐭𝐞𝐝 × 𝐅𝐢𝐧𝐚𝐥 𝐂𝐚𝐥𝐥 𝐌𝐨𝐧𝐞𝐲
1st CALL [Being First Call money transferred ] 𝟓𝟎, 𝟎𝟎𝟎 × 𝟑𝟎 = 𝟏𝟓, 𝟎𝟎, 𝟎𝟎𝟎
Bank A/c ….Dr. 13,50,000
R Call - in - arrear A/c ….Dr. 1,50,000 CAPITAL CALL IN ARREARES
To Equity Share First & Final Call A/c 15,00,000 𝟒𝟓, 𝟎𝟎𝟎 × 𝟑𝟎 = 𝟏𝟑, 𝟓𝟎, 𝟎𝟎𝟎 𝟓, 𝟎𝟎𝟎 × 𝟑𝟎
= 𝟏, 𝟓𝟎, 𝟎𝟎𝟎
[Being First & Final Call money received]
Equity Share Capital A/c ….Dr 5,00,000
To Call-In-Arrear A/c 1,50,000
To Share Forfeiture A/c 3,50,000
08 [Being Share forfeiture]
Q.4

Ans FEATURES OF COMPUTER ACCOUNTING

1. Integrated Data and Information : 5. Immediate Availability of Books of Account :
Computerized accounting is designed to automate and integrated all In Computer Accounting System, books and registers like Cash Book,
business activities such as purchase, sales, inventory, finance and Bank Book, Purchase Register, Sales Register and statement of
manufacturing. It also facilities the arrangement of accurate and upto account like Receivable and Payable are readily available at any time.
date business information in a readily usable form.
6. Security :
2. Accuracy and Speed : As compared to manual accounting system, computerized accounting
Computerized accounting has various automatized templates and system is highly secured, the data and information can be kept
software for users which allows fast and accurate entry and confidential. For security purpose, the system user can create multiple
transaction operations. It generates the information and reports user security control for the various users. Passwords, encryption
automatically. It has the ability to handle huge volume of transactions codes and other features helps the authorized user keep information
with accuracy and speed. secure from misappropriate use.

3. Quick Decision Making : 7. Transparency:

The computerized accounting system generates Realtime information Computerized accounting system helps the business organization to
for quick decision. It also generates comprehensive Management keep greater transparency in the day-to-day business operations.
Information System (MIS) reports and ensures access to complete
and critical information of the company instantly. 8. Grouping of Accounts:
Appropriate grouping of accounts is required to be done in
4. Modern and Integrated : computerized accounting system. Ledger accounts are classified
As compared to manual accounting system, computerized accounting under groups like Assets, Liabilities, Income and Expenditure. As per
system helps to save time in recording business transaction. Various the requirement and convenience of the user groups are further
financial statements such as Trial Balance, Profit and Loss A/c, Balance divided into sub groups.
Sheet can be derived at any point of time within fraction of seconds. 08
 DEATH OF PARTNER Q.5
Q.5
IN THE BOOKS OF “ JAY, AJAY AND VIJAY ” COMMON SIZE INCOME STATEMENT
Dr. PROFIT & LOSS ADJUSTMENT A/C Cr. FOR THE YEAR 31-03-19 AND 31-03-20
Particular Rs Particular Rs Particular Rs Rs % %
To R.D.D. 5,000 By Building 20,000 Sales 10,00,000 12,00,000 100% 100%
To Partner’s Capital A/c By Furniture 5,000 (-) Cost of Goods Sold (6,00,000) (7,20,000) 60% 60%
Jay 8,000 Gross Profit 4,00,000 4,80,000 40% 40%
Ajay 8,000 (-) Office Expenses 1,10,000 1,44,000 11% 12%
Vijay 4,000 20,000 (-) Selling Expenses 1,05,000 1,32,000 10.5% 11%
04 Total 25,000 Total 25,000 Net Profit 1,85,000 2,04,000 18.5% 17%
SHARE OF DEATH PARTNER IN PROFIT
𝐀𝐕𝐄𝐑𝐀𝐆𝐄 𝐏𝐑𝐎𝐅𝐈𝐓 = 𝐓𝐎𝐓𝐀𝐋 𝐏𝐑𝐎𝐅𝐈𝐓 = 𝟏𝟎𝟎𝟎𝟎𝟎 + 𝟏𝟐𝟎𝟎𝟎𝟎 = 𝟐, 𝟐𝟎, 𝟎𝟎𝟎 08
𝐍𝐎. 𝐎𝐅 𝐘𝐄𝐀𝐑 𝟐 𝟐

𝐀𝐕𝐄𝐑𝐀𝐆𝐄 𝐏𝐑𝐎𝐅𝐈𝐓 = 𝟏, 𝟏𝟎, 𝟎𝟎𝟎

𝐍𝐎. 𝐎𝐅 𝐌𝐎𝐍𝐓𝐇 = 𝐀𝐕𝐄𝐑𝐀𝐆𝐄 𝐏𝐑𝐎𝐅𝐈𝐓 × 𝒎/𝟏𝟐= 𝟏, 𝟏𝟎, 𝟎𝟎𝟎 × 𝟑/𝟏𝟐= 𝟐𝟕, 𝟓𝟎𝟎
𝐒𝐇𝐀𝐑𝐄 𝐎𝐅 𝐃𝐄𝐀𝐓𝐇 𝐏𝐀𝐑𝐓𝐍𝐄𝐑 = 𝐍𝐨. 𝐎𝐟 𝐌𝐨𝐧𝐭𝐡 × 𝐬𝐡𝐚𝐫𝐞 𝐢𝐧 𝐩𝐫𝐨𝐟𝐢𝐭= 𝟐𝟕, 𝟓𝟎𝟎 × 𝟏/𝟓
02 𝐒𝐇𝐀𝐑𝐄 𝐎𝐅 𝐃𝐄𝐀𝐓𝐇 𝐏𝐀𝐑𝐓𝐍𝐄𝐑 = 𝟓, 𝟓𝟎𝟎
SHARE OF GOODWILL DEATH PARTNERS
2
𝐆𝐎𝐎𝐃𝐖𝐈𝐋𝐋 = _______ YEAR PURCHASES OF AVERAGE PROFIT
2
= _______ X AVERAGE PROFIT
2
= _______ 𝟖𝟐, 𝟎𝟎𝟎
X __________
𝟏, 𝟔𝟒, 𝟎𝟎𝟎
𝐆𝐎𝐎𝐃𝐖𝐈𝐋𝐋 = _____________
𝐀𝐕𝐄𝐑𝐀𝐆𝐄 𝐏𝐑𝐎𝐅𝐈𝐓 = 𝐓𝐎𝐓𝐀𝐋 𝐏𝐑𝐎𝐅𝐈𝐓 𝟔𝟎, 𝟎𝟎𝟎 + 𝟓𝟎, 𝟎𝟎𝟎 + 𝟖𝟎, 𝟎𝟎𝟎 + 𝟏, 𝟎𝟎, 𝟎𝟎𝟎 + 𝟏, 𝟐𝟎, 𝟎𝟎𝟎
=
𝐍𝐎. 𝐎𝐅 𝐘𝐄𝐀𝐑 𝟓
𝟒, 𝟏𝟎, 𝟎𝟎𝟎
= = 𝟖𝟐, 𝟎𝟎𝟎
𝟓
𝐒𝐇𝐀𝐑𝐄 𝐎𝐅 𝐃𝐄𝐀𝐓𝐇 𝐏𝐀𝐑𝐓𝐍𝐄𝐑 = 𝐆𝐨𝐨𝐝𝐰𝐢𝐥𝐥 × 𝐬𝐡𝐚𝐫𝐞 𝐢𝐧 𝐩𝐫𝐨𝐟𝐢𝐭 = 𝟏, 𝟔𝟒, 𝟎𝟎𝟎 × 𝟏/𝟓
02 𝐒𝐇𝐀𝐑𝐄 𝐎𝐅 𝐆𝐎𝐎𝐃𝐖𝐈𝐋𝐋 𝐎𝐅𝐃𝐄𝐀𝐓𝐇 𝐏𝐀𝐑𝐓𝐍𝐄𝐑 = 𝟑𝟐, 𝟖𝟎𝟎
 Q.6
NOT FOR PROFIT CONCERN
IN THE BOOKS OF “Dr. Dhanashri ” BALANCE SHEET AS ON 31st March 2020
Dr. INCOME & EXPENDITURE A/C FOR THE YEAR ENDED 31st March 2020 Cr LIABILITIES Rs Rs ASSETS Rs Rs
Expenditure Income . Capital Fund Furniture 16,000
Rs Rs Rs Rs 50,000
To Opening Stock By visit fees 20,000 (-) drawings (30,000) (-)10%deprecation (1,600) 14,400
of drug’s (+) outstanding 4,000 24,000 (-) 40 %drawings (3,200) Equipment 20,000
(+) Purchase of By receipt from 60,000 (+) Surplus 27,600 44,400 (-) Depreciation (1,000) 19,000
14,000
drug’s dispensary Stock of drug’s 2,000
(-) Closing Stock (2,000) 12,000 (+) O/s 1,000 61,000 Outstanding Visit fees 4,000
To salary 36,000 By Sundry Receipts 10,000 Outstanding dispensary 1,000
To conveyance 8,000 Cash in hand 4,000
(-) 40%domestic (3,200) 4,800 3
To stationery 11,000
To journals 1,000
To deprecation
Furniture 1,600
Equipments 1,000 2,600 Total 44,400 Total 44,400

5𝟏Τ𝟐 6𝟏Τ𝟐 + 5𝟏Τ𝟐 = 12

To Surplus 27,600

Total 95,000 Total 95,000

6𝟏Τ𝟐
 PARTNERSHIP FINAL A/C
Q.7
IN THE BOOKS OF “ Seema and vivek ” Dr. PARTNER’S CAPITAL A/C Cr.
Dr. TRADING & PROFIT & LOSS A/C FOR THE YEAR ENDED 31ST MARCH, 2020 Cr. Particular Seema Vivek Particular Seema Vivek
Particular Rs Rs Particular Rs Rs To Net Loss 7,495 7,495 By Balance b/d 1,60,000 1,20,000

TO OPENING STOCK T 65,000 BY SALES 1,84,200

1,48,000 (2,000) 1,82,200 To Balance c/d 1,52,505 1,12,505
TO PURCHASES T
[ - ] RETURNS PC
[ - ] RETURNS
*
(4,000) 1,44,000 Total 1,60,000 1,20,000 Total 1,60,000 1,20,000
A PC
To wages and salary *
9,000 01 BALANCE SHEET AS ON 31ST MARCH, 2020
P&L L
(-) pre-paid (700) 8,300 BY CLOSING STOCK 40,000 LIABILITIES Rs Rs ASSETS Rs Rs
To Gross Profit c/d T 4,900 T Motor car 68,000
CAPITAL
A T
03 Total * 2,22,200 Total 2,22,200 Seema 1,52,505 (-) DEPRECIATION @ 3% (2,040) 65,960
T 1,12,505 2,65,010 Building 75,000
* P&L Vivek
TO BAD DEBT * A1,000 By Gross Profit b/d 4,900 (-) DEPRECIATION @ 5% (3,750) 71,250
By Interest 1,800 DEBTORS 1,32,500
[ + ] FUTHER BAD DEBT A1,800
[ + ] NEW RDD ---- (+) Receivables 900 2,700 CREDITORS 78,000 [ - ] FUTHER BAD DEBT (1,800)
---- [ - ] NEW RDD ---- 1,30,700
*P&L
[ - ] OLD RDD 2,800 O/s Advertisement 1,500
To Advertisement 4,500 Bank Balance 35,000
P&L
(+) O/s Advertisement 1,500 6,000 CLOSING STOCK 40,000

To Audit fees P&L 5,000 Prepaid wages 700

To Printing & Stationery 3,000 Interest Receivable 900
By Net Loss
To Depreciation on Seema 7,495 Total 3,44,510 Total 3,44,510

Motor Car 2,040 Vivek 7,495 14,990

Building 3,750 5,790 4𝟏Τ𝟐

3𝟏Τ𝟐 Total 22,590 Total 22,590

 𝐏𝐚𝐩𝐞𝐫 𝐏𝐚𝐭𝐭𝐞𝐫𝐧
MAHARASHTRA STATE BOARD OF SECONDARY AND PRATICAL QUESTION ON BILLS OF 10 MARKS
HIGHER SECONDARY EDUCATION. Q.3
EXCHNAGE
SUB. : BOOK-KEEPING & ACCOUNTANCY (XII)
Q.4 PRATICAL QUESTION ISSUE OF SHARE 8 MARKS
Q.1 A SELECT THE CORRECT OPTION AND REWRITE 5 MARKS
OR
Q.1 B GIVE ONE WORD/PHRASE TERM. 5 MARKS THEORY QUESTION ON COMPUTER 8 MARKS
Q.1 C STATE TRUE OR FALSE 5 MARKS Q.4
ACCOUNTING
Q.1 D GIVE SPECIMEN OF BILLS OF EXCHANGE 5 MARKS
PRATICAL QUESTION ON DEATH OF 8 MARKS
Q.5
PRATICAL QUESTION ON ADMISSION OF 10 MARKS PARTNER
Q.2 OR
PARTNER
OR THEORY QUESTION ON ANALYSIS OF 8 MARKS
PRATICAL QUESTION ON RETIREMENT Q.5
10 MARKS FINANCIAL STATEMENT
Q.2
OF PARTNER
PRATICAL QUESTION ON NOT FOR 12 MARKS
Q.6
PROFIT CONCERN
PRATICAL QUESTION ON DISSOLUTION 10 MARKS
Q.3
OF PARTNERSHIP FIRM PRATICAL QUESTION ON PARTNERSHIP 12 MARKS
OR Q.7
FINAL ACCOUNT
Q.1 OBJECTIVE TYPE QUESTION CARRY 20 MARKS

5 MARKS EACH

Q.1 A SELECT THE CORRECT OPTION AND REWRITE

Q.1 B GIVE ONE WORD/PHRASE TERM.
Q.1 C STATE TRUE OR FALSE OR AGREE DIS - AGREE
Q.1 D GIVE SPECIMEN OF BILLS OF EXCHANGE
Q.1 E FIND ODD ONE
Q.1 F ANSWER IN ONE SENTENCES
Q.1 G COMPELETE THE FOLLOWING TABLE
 BOOK-KEEPING& ACCOUNTANCY
Unit Wise Weightage
Sr. No Unit/Sub-Unit Marks Marks
Problem Objective Problem Objective
1 Introduction to Partnership Final Account 12 04 12 04
2 Account of Not for Profit Concern 12 04 12 04
3 Admission of Partners 02 02
4 Retirement of Partners 02 02
20 40
5 Dissolution of Partnership firm 02 02
6 Bills of Exchange 02 02
7 Death of Partners 01 01
8 Company Account-issue of Shares 01 01
9 Analysis of Financial Statements 01 01
16 32
10 Computer in Accounting 01 01
Total 60 20 96 20
Grand Total 20 116
 BILL OF EXCHANGE
(Drawer’s Name)
STAMP
Drawer address
__________ (Date of bill drawn)

5
(Amount in figure)

(Period of bill) (payee Name and address )

________________after the date of bill, pay to Mr. /Ms.________________________ or his / her order,
(Amount in words)
the sum of Rupees_________________only for the value received.

To,
MARKS Sd. /-
(Drawer’s Name )

(Drawee’s Name) Sd. /-

(Drawee’s Address) (Accepted for Rs ________) (Drawee’s Name )
D ate of bill accepted
 Q.7
IN THE BOOKS OF BHARADWAJ & SON’S
Dr. TRADING A/C FOR THE YEAR END 31ST MARCH 2019 Cr.
PARTICULAR Rs Rs PARTICULAR Rs Rs
Dr. PARTNER’S CAPITAL A/C FOR THE YEAR END Cr.
By Sales PARTICULAR RAM PAM PARTICULA RAM PAM
To Opening Stock A/c
R
To purchases [ - ] Returns
[ - ] Returns To DRAWING By BALANCE b/d

Dr.
5
By Closing Stock A/c

PROFIT & LOSS A/C FOR THE YEAR END 31 ST MARCH 2019 Cr.

BALANCE SHEETAS ON 31ST MARCH 2019

To BAD DEBT
[ + ] FUR BAD DEBT
[ + ] NEW RDD

[ - ] OLD RDD
MARKS LIABILITIES
CAPITAL
RAM
PAM
Rs Rs ASSETS

DEBTORS
Rs Rs

CREDITORS [ - ]FUR BAD DEBT

[ - ]NEW RDD

CLOSING STOCK
CHALO DEKHTE HAI KITNA MARKS MIL Q.4 PRATICAL QUESTION ISSUE OF SHARE
SAKTA AB TAK
Q.1 15 MARKS
Q.7 5 MARKS 8 MARKS
INTERNALS 15 MARKS
35 MARKS Q.3 PRATICAL QUESTION ON BILLS OF EXCHNAGE

5 MARKS
Q.4 8 MARKS
Q.3 5 MARKS Q.6 PRATICAL QUESTION ON NOT FOR PROFIT
Q.6 5 MARKS CONCERN
53 MARKS 5 MARKS
 DEATH OF PARTNER ANALYSIS OF FINANCIAL STATEMENT
1. Page No. 196, Q. No. 5 1. Page No, 348, Q. No. 2
2. Page No. 197, Q. No. 6 2. Page No, 349, Q. No. 3
3. Page No. 352, Q. No. 5
PARTNERSHIP FINAL ACCOUNT DISSOLUTION OF PARTNERSHIP 4. Page No. 354, Q. No. 6
1. 𝐏𝐚𝐠𝐞 𝐍𝐨. 𝟑𝟎, 𝐐. 𝐍𝐨. 𝟑 1. Page No. 221, Q. No. 4 5. Page No. 355, Q. No. 7
2. 𝐏𝐚𝐠𝐞 𝐍𝐨. 𝟑𝟒, 𝐐. 𝐍𝐨. 𝟓 2. Page No. 232, Q. No. 3 6. Page No. 369, Q. No. 9
3. 𝐏𝐚𝐠𝐞 𝐍𝐨. 𝟑𝟗, 𝐐. 𝐍𝐨. 𝟕 3. Page No. 234, Q. No. 1 7. Page No. 369, Q. No. 11
4. Page No. 48, Q. No.10 4. Page No. 239. Q. No. 3
COMPUTER ACCOUNTING
NOT FOR PROFIT CONCERN BILLS OF EXCHANGE 1. Page No. 381 [ FEATURES OF COMPUTER
1. Page No. 85, Q. No. 9 1. Page No. 285, Q. No. 5 ACCOUNTING SYSTEM]
2. Page No. 88, Q. No. 10 2. Page No. 286, Q. No. 6 2. Page No. 382 [ IMPORTANCE OF
3. Page No. 91, Q. No. 11 3. Page No. 289, Q. No. 8 COMPUTER ACCOUNTING SYSTEM]
4. Page No. 93, Q. No. 12 4. Page No. 291, Q. No. 10 3. Page No. 385 [ DISTINGUISH BETWEEN
5. Page No. 108, Q.No. 18 5. Page No. 295, Q. No. 13 MANUAL ACCOUNTING & COMPUTER
6. Page No. 296, Q. No. 14 ACCOUNTING]
ADMISSION OF PARTNER 7. Page No. 297, Q. No. 15
1. Page No. 139, Q. No. 3
2. Page No. 141, Q. No. 5 ISSUE OF SHARES
3. Page No. 147, Q. No. 8 1. Page No. 341, Q. No. 2
4. Page No. 150, Q. No. 10 2. Page No. 341, Q. No. 3
5. Page No. 157, Q. No. 14 3. Page No. 342, Q. No. 4
4. Page No. 342, Q. No. 5
RETIREMENT OF PARTNER 5. Page No. 342, Q. No. 6
1. Page No. 174, Q. No. 2 6. Page No. 342, Q. No. 7
2. Page No. 176, Q. No. 4
3. Page No. 179, Q. No. 6
 POINT TO REMEMBER TIME MANAGEMENT
1 ALWAYS WRITE ANSWER AS PER QUESTION Q.1 OBJECTIVE QUESTION 20 MIN
NUMBER
Q.2 ADMISSION / RETIREMENT 25 MIN
2 IF YOU WANT TO ATTEMPT EXTRA QUESTION
THEN ALWAYS WRITE AFTER YOU ARE DONE Q.3 DISSOLUTION / BILLS 25 MIN
WITH ALL THE QUESTIONS OF EXCHANGE

3 DON’T MAKE SILLY MISTAKE OF TO & BY IN Q.4 ISSUE OF SHARE / 20 MIN

BALANCE SHEET COMPUTER ACCOUNTING

4 USE ONLY ONE COLOUR PEN TO WRITE Q.5 DEATH OF PARTNER / 25 MIN
FINANCIAL STATEMENT
5 MENTION PROPER QUESTION NUMBER
Q.6 NPO 30 MIN
6 UNDERLINE ANSWER OF OBJECTIVE AND NEVER
SCRIBBLE THE ANSWER OR OVER WRITE Q.7 FINAL ACCOUNT 30 MIN

7 TIME MANAGEMENT FOR EACH QUESTION TOTAL TIME 175 MIN

YOU STILL HAVE 5 MIN LEFT TO RE CHECK YOUR PAPER

10 MIN EXTRA