HSC Maharashtra State Board
Practice Test Paper
Time: 2:30 Hrs Date:
Q.1 A) Select
the correct option and rewrite the sentence: [4
Marks]
A) Notary Public is_________________.
a) Govt. officer
b) Drawer
c) Payee
d) Endorsee
B) Gross Profit Ratio indicates the
relationship of gross profit to the___________.
a) Net-Cash
b) Net-Sales
c) Net Purchases
d) Gross Sales
C) Shareholders get_______________ on
shares.
a) Interest
b) Commission
c) Rent
d) Dividends
D) Deficiency of insolvent partner will
be suffered by solvent partners in their___________ ratio.
a) Capital ratio
b) Profit-sharing
ratio
c) Sale ratio
d) Liquidity ratio
Q.1 B) Give one word/phrase/term
which can substitute the following statement: [4 Marks]
a) Fees charged by Notary Public for
getting the fact of dishonour noted.
b) The statement showing profitability of two different
periods
c) An
account opened to find out the Profit or Loss on realisation of Assets and
settlement of Liabilities
d)
The receipts which are not recurring in nature.
Q.1 C) Complete the sentence: [4 Marks]
a)
When
Drawee accepts the bill payable at a particular place only, it is known
as ________________.
b) __________
is the Capital which a company is authorised to issue by its Memorandum of
Association.
c) Retiring Partner’s share of goodwill is _________ to the remaining partner’s capital
account.
d) Subscription received
from the members is considered as __________ receipts.
Q.1 D) Do you agree or disagree with the
following statement : [4 Marks]
a) Renewal is request
by Drawee to extend the credit period of the bill.
b)
The Authorised capital
is also known as Nominal Capital.
c)
Charitable Institutions
prepare Profit and Loss Accounts at the end of every financial year.
d) On retirement of a partner,
remaining partner will share the goodwill in their profit sharing ratio.
Q.1 E) Calculation:- [4 Marks]
a) Ganesh draws a bill for ₹ 40,260
on 15th Jan. 2020 for 50 days. He discounted the bill with Bank of India @15%
p.a. on the same day. Calculate the amount of discount.
b) Directors issued 20000 equity shares
of ₹ 100 each at par. These were fully subscribed and called up. All money
received except one shareholder holding 100 equity shares failed to pay final
call of ₹ 20 per share. Calculate the amount of paid-up capital of the company.
Q.2 Rohan,
Rohit, and Sachin are partners in a firm sharing profit and losses in the
proportion 3:1:1 respectively. Their balance sheet as on 31st March 2018 is as
shown below: [10
Marks]
|
Balance
Sheet as on 31st March 2018 |
|||
|
Liabilities |
Amount ₹ |
Assets |
Amount ₹ |
|
Creditors |
40,000 |
Bank |
12,500 |
|
General Reserve |
50,000 |
Debtors |
60,000 |
|
Bills payable |
25,000 |
Live Stock |
50,000 |
|
Capital Accounts : |
Building |
75,000 |
|
|
Rohan |
1,25,000 |
Plant and Machinery |
35,000 |
|
Rohit |
1,00,000 |
Motor Truck |
1,00,000 |
|
Sachin |
50,000 |
Goodwill |
57,500 |
|
3,90,000 |
3,90,000 |
||
On 1st April
2018, Sachin retired and the following adjustments have been agreed upon.
1. Goodwill was revalued
at ₹ 50,000
2. Assets and Liabilities were
revalued as follows. Debtors ₹ 50,000, Live
Stock, ₹ 45,000; Building ₹ 1,25000, Plant and
Machinery ₹ 30,000, Motor Truck ₹ 95,000 and
Creditors ₹ 30,000
3. Rohan and Rohit contributed
additional capital through Net Banking of ₹ 50,000
and ₹ 25,000 respectively.
4. Balance of Sachin’s Capital
Account is transferred to his Loan Account
Give Journal entries in the books
of new firm.
OR
The Balance Sheet of the Anu,
Renu, and Dinu is as follows, the partners are sharing profits and losses in
the proportion of 2:2:1 respectively.
[10
Marks]
|
Balance
Sheet as on 31st March 2019 |
|||||
|
Liabilities |
Amount ₹ |
Amount ₹ |
Assets |
Amount ₹ |
Amount ₹ |
|
Creditors |
8,000 |
Bank |
5,000 |
||
|
Bills Payable |
2,000 |
Debtors |
20,000 |
||
|
General Reserve |
5,000 |
Less : R.D.D |
1,000 |
19,000 |
|
|
Capital Account: |
Furniture |
15,000 |
|||
|
Anu |
40,000 |
Machinery |
4,000 |
||
|
Renu |
30,000 |
Free hold Property |
27,000 |
||
|
Dinu |
15,000 |
Goodwill |
30,000 |
||
|
1,00,000 |
1,00,000 |
||||
Dinu retires from the firms on 1st April
2019 on the following terms.
1. The assets are to be revalued
as freehold property ₹ 30,000,
Machinery ₹ 5000, Furniture ₹ 12000, All debtors are
good.
2. Goodwill of the firm is valued
at thrice the average profit for the preceding five years. Profits of the firm
for the year.
|
2014-15 |
₹ 1,000 |
|
2015-16 |
₹ 10,500 |
|
2016-17 |
₹ 10,000 |
|
2017-18 |
₹ 16,000 |
|
2018-19 |
₹ 10,000 |
3. Dinu should be
paid ₹ 3,000 by cheque
4. The Balance of Dinu’s capital
A/c should be kept in the business as a loan.
Prepare:
Profit and loss adjustment A/c,
Capital Accounts of partners,
Balance Sheet of the new firm
Q.3 From the
following particulars relating to “Radha-Krishna Charitable Hospital” Pune.
Prepare Income and Expenditure Account for the year ending 31.03.2020 and
Balance Sheet as on that date. [12
Marks]
Receipts and payments Account for
the year ending 31.03.2020.
|
Receipts |
Amount ₹ |
Payments |
Amount ₹ |
|
|
To Balance b/d |
By Medicines Purchased |
41,000 |
||
|
Cash |
8,230 |
By General Expenses |
1,050 |
|
|
To Subscriptions |
52,000 |
By Salaries |
23,500 |
|
|
To Donations (General) |
17,500 |
By Stationery |
2,000 |
|
|
To Interest in Investments |
10,000 |
By Expenses on Charity Show |
550 |
|
|
To Proceeds from Charity Show |
8,530 |
By Surgery and Dispensary Exp |
4,200 |
|
|
By Equipments |
10,000 |
|||
|
By Balance c/d |
||||
|
Cash in Hand |
960 |
|||
|
Cash at Bank |
13,000 |
13,960 |
||
|
96,260 |
96,260 |
Additional Information :
|
Particulars |
01.04.2019 ₹ |
31.03.2020 ₹ |
|
1. Subscription Due |
310 |
350 |
|
2. Subscription Received in
Advance |
600 |
150 |
|
3. Stock of Medicine |
8,000 |
11,000 |
|
4. Estimated Value of Equipment |
15,000 |
? |
|
5. Building |
40,000 |
? |
|
6. Capital Fund |
1,70,940 |
? |
|
7. 10 % Investment |
1,00,000 |
? |
Provide Depreciation on Equipments ₹ 1,900
and on Building ₹ 1,500
Q.4 Saiesh, Sumit, and Hemant were in partnership
sharing Profits and Losses in the ratio 2:2:1. They decided to dissolve their
partnership firm on 31st March 2019 and their Balance Sheet on
that date stood as; [10 Marks]
Balance Sheets
as on 31st March 2019
|
Liabilities |
Amount ₹ |
Assets |
Amount ₹ |
|
|
Capital : |
Plant |
1,20,000 |
||
|
Saiesh |
90,000 |
Debtors |
45,000 |
|
|
Sumit |
60,000 |
Stock |
75,000 |
|
|
Hemant |
30,000 |
1,80,000 |
||
|
Loan |
12,000 |
|||
|
Sundry Creditors |
9,000 |
|||
|
Bank Overdraft |
39,000 |
|||
|
2,40,000 |
2,40,000 |
It was agreed that;
1. Saiesh to discharge Loan and to take Debtors at book value.
2. Plant realised ₹ 35,000.
3. Stock realised ₹ 72,000.
4. Creditors were paid off at a discount of ₹ 45
Show Realisation A/c, Partners’ Capital A/c and Bank A/c
OR
Pankaj purchased goods of ₹
20,000 from Omprakash on credit on 15th April 2019. Omprakash draws After Sight
bill for the amount due on Pankaj for 3 months which was accepted by Pankaj on
18th April, 2019. On 20th April, 2019 Omprakash endorsed the bill to his
creditor Jagdish in full settlement of his amount₹ 21,000. On the due date, the
bill was dishonoured by Pankaj.
Give Journal Entires in the
Books of Omprakash, Pankaj and Jagdish. [10 Marks]
Deepak Manufacturing co. Ltd. issued a
prospectus inviting applications for 1,00,000 equity shares of ₹ 10 each payable as follows
₹ 2 on
Application
₹ 4 on
Allotment
₹ 2 on first
call
₹ 2 on 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 the money.
Pass Journal Entries in the books of a
company. [08 Marks]
OR
Prepare Comparative Balance Sheet for the year ended 31.3.17 and 31.3.18
[08 Marks]
|
Particulars |
31.3.17 (₹) |
31.3.18 (₹) |
|
1) Current liabilities |
60,000 |
48,000 |
|
2) Fixed Assets |
2,40,000 |
3,00,000 |
|
3) Loan |
68,000 |
1,02,000 |
|
4) Share Capital |
1,20,000 |
1,44,000 |
|
5) Reserve & Surplus |
48,000 |
60,000 |
|
6) Current Assets |
56,000 |
54,000 |
**********
ALL THE BEST *********
_________________________________________________
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