T Board Question Paper : February 2025 BOARD QUESTION PAPER : FEBRUARY 2025 BOOK KEEPING & ACCOUNTANCY Max. Marks: 80 Q.1. All objective questions are compulsory: [20] (A) _ Select the correct option and rewrite the sentences: (5) aoa is an intangible asset. (A) Goodwill (8) Stock (©) cash (0) Furniture {2} Excess of income over expenditure in ‘Not for Profit Concern’ is termed as, (A) Deficit, (8) Profit (Surplus (0) Loss (8) Decrease in the value of assets should be to Profit and Loss Adjustment account. (A) Debited (8) Credited (Added (0) Equal (4) Dissolution expenses are credited to account, (A) Realisation (8) Cash/Bank (©) Capital (0) Loan (6) Notary publics a (A) Government officer (8) Drawer (Q. Payee (0) Endorsce (8) Complete the sentences: (5) (2) Trading Account is prepared on the basis of expenses. {2} Income and Expenditure Account is a (3) Deceased partner's executor's account is shewn on the side of balance sheet. (4) Fixed deposit account comes under group. (5) fan asset is taken over by the partner, account is debited {C) Find the odd one: 3) (1) Wages account, Salary account, Royalty accaunt, Import duty account. (2) Machinery account, Furniture account, Computer account, Rent account. (3) General reserve account, Creditors account, Machinery account, Capital account. (8) Notary public, Drawer, Drawee, Payee (5) At par, At premium, At discount, At loan. {0) Do you agree or disagree with the following statements: (5) (1) Partnershio firm is a tradine concern. (2) 'Not for profit concerns’ do not have profit motive. (3) Retiring partner is called an outgoing partner. (4) Gain ratio is calculated at the time of admission of new partner. (5) _ Financial statement includes only balance sheet. Q2. Mr. Deepak and Mr. Abhishek were in partnership sharing profits and losses in the proportion of 3:1 respectively. Their Balance Sheet as on 31*' March 2019 stood as follows: [a0] Balance Sheet as on 31* March 2019 ‘Amount ‘Amount Mabiities & @ Capital Account: Land and Building 32,000 Mr. Deepak 1,20,000 | Plantand Machinery | 60,000 Mr. Abhichek 40,000 | Furniture 22,000 ‘General Reserve 16,000 | Stock “40,000 Sundry Creditors 80,000 | Sundry Debtors 64,000 Bank Overdraft 42,000 | Cash £80,000 2,98,000 2,98,000Std. Xil: Book - Keeping and Accountancy T a3. They admitted Adinath into partnership on 1st Apri 2019 on the terms being that — (1) He shall have to bring in & 40,000 as his capital for 1/5 share in future profits and & 20,000 as. his share of goodwill, (2) Furniture to be depreciated by 20%. (3) Stock should be appreciated by 10%. {4} Building should be appreciated by 8% (5) Aprovision for 5% R.D.D. to be created on sundry debtors. (6) Capital account of all partners be adjusted in their new profit sharing ratio through cash account. Prepare: (i) Revaluation Account (ii) Partners’ Capital Account (ii) New Balance Sheet of the firm. oR Given below is a Balance Sheet of Aditya, Ajinkye and Arun who were partners in a firm sharing profits and losses in the ratio 5: 3:2 Their Balance Sheet as on 31st March 2020 was as follows: Creditors, 10,450 | Cash 3,800 Reserve Fund 7,500 | Debtors 9,000 Capital Account: stock 8,750 ‘adityo 21,000 | machinery 50,000 Alinkyo 18,500 | Furniture 2,500 ‘run 15600] 74,050 74050 On 1st April 2020 Arun retired on the following terms ~ (1) Goodwill of the firm will be raised in the books at 10,000. (2) Stocks to be reduced by 10%, furniture by 5% and Machinery by 10% (3) R.B.D.D. be maintained at 5% on debtors. (4) 100 to be written off from creditors. (5) All the amount due to Arun transferred to his loan account. Prepare: (i) Profit and Loss adjustment account. (i) Partners’ Capital Account, (iil) Balance Sheet of the new firm. Sharmila, Urmila and Leela are partners in the firm ‘Jeevan Stores’ sharing profit and losses in the ratio of 2: 2:1 respectively. On 31st March 2020, they decided to dissolve the firm when their Balance Sheet ‘was as under. a9] Balance Sheet as on 31% March 2020 reo —______ ®& ®& Capital Account: Goodwill ‘15,600 Sharmia 2,27,160 | Machinery 73,000 Urmila 1,44,000 | Motor car 1,67,600 Leela 1,08,000 | Building 1,02,000 creuiurs. 28,800 | Invesunert 62,400 Bills Payable 21,600 | Debtors 30,600 Stock 45,000 Bank 3,360 5,29,560 5,29,560,T Board Question Paper : February 2025 The firm was dissolved on the above date and the assets were realised as under: {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: (i) Realisation Account (ii) Partners’ Capital Account (iii) Bank Account or Kanika owes ® 26,000 to Mansi. Mansi drew a bill for € 21,000 on Kanika for 3 months’ period and received the balance of % 5,000 by a crossed cheque. The bill was duly accepted and returned to Mansi (On the same day, Mansi endorsed Kanika's acceptance to Bansari. On the due date, Hansan informed Mansi that Kanika dishonoured her acceptance and noting charges € 280 were paid. Mansi then drew 2 new bill for one month on Kanika Including noting charges and Interest & 650. On the due date, Kanika honoured her acceptance by cheque. Prepare: (i) Journal entries in the books of Mansi” (i) "Mansi" account in the books of 'Kanika’ ‘Parimal Company Ltd." issued 1,00,000 preference shares of & 20 each payable as. (3) On application ze On allotment we On first call wa On final call 22 Company received application for all these shares end received all the money. Pass journal entries in the books of ‘Parimal Compeny Ltd’ oR Explain the importance of Computerised Accounting system. 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: (8) Balance Sheet as on 31* March 2019 Amount: Amount i ‘Surendra 15,000 | Land and Building 16,000 Narendra 12,000 | Bank 37,000 Bills Payable 2,000 88,000 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: year = 230,000 year - 25,000 year = 225,000 Iv year = 240,000‘Std. Xil: Book - Keeping and Accountancy. T (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 “a (ii) Narendra's Capital Account showing amount payable to his executor. Give working notes for: (a) Share of goodwill due to Narendra (b) Share of profit due to Narendra oR From the following information find out the current ratio: a) (2) Total assets = € 22,000 (0) Fixed assets = 10,000 (c) Capital employed = % 20,000 Calculate the net profit ratio from the following data: (4) (a) Sales = 876,000 (b) Cost of goods sold = €52,000 (c)_ Indirect expenses = 12,000 Q.6. Given below is the Balance Sheet of 'Bhanubai Mahila Seva Kendra’ as on Ist April 2019 and Receipts and Payments account for the year ending 31st March 2020: hy Balance Sheet as on ist April 2019. Capital fund: 440,000 | Machinery 110,000 furniture 20,000 Outstanding Expenses: Government Bonds 6,500 Wages 8,000 | Outstanding Electricity 7,000 | Subscription 8,500 —— 41,000 | Cash at bank 10,000 Cash in hand 1,000 ee 36,000 Receipts and Payments Account for the year ended 31st March 2020 cr. To Balance b/d By Electricity Cash in hand, 1,000] Charges 25,000 ‘Cash at bank: 10,000 | by Wages 22,000 To Subscription by Stationery 3,000 2018-2019 2,000 By Rent and Taxes 11,800 2019-2020 45,000 By Travelling Expenses 8,000 2020-2021 3,000 50,000 | By Balance c/d— To Entrance fees 28,000 | Cash in hand 4,000 To Other receipts 5,000 | Cash at bank 20,200 ‘94,000az. T ‘Additional information: (1) Outstanding wages & 450 (2) _ Entrance fees should be capitalised. (3) Depreciate furniture at 10% pa. (4) Subscription for 2019-20 was outstanding & 3,000 Prepare: Board Question Paper : February 2025 (i) Income and Expenditure account for the year ended 31st March 2020. (ii) Balance Sheet as on 31st March 2020, Rajan and Rohit are partners in 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 31% March 2020 Debit Balances Credit Balances a) Insurance Capital Account: Land and Building. Rojan 41,00,000 (Addition of € 40,000 wef. ist July poe 4,00,000 2019) — 10% Bank loan 0,000 {taken on 1st October 2019) Export Duty Bills payable 19,000 Interest Furniture Debtors 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 59% on sundry debtors. (5) Closing stock is valued at & 69,000. (22)