List of top Questions asked in Maharashtra Board Class XII Exam

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

\[\begin{array}{|l|r|l|r|} \hline \text{Liabilities} & \text{Amount (₹)} & \text{Assets} & \text{Amount (₹)} \\ \hline \text{Capital Fund} & 40{,}000 & \text{Machinery} & 10{,}000 \\ \text{Outstanding Expenses:} & & \text{Furniture} & 20{,}000 \\ \text{Wages} & 8{,}000 & \text{Government Bonds} & 6{,}500 \\ \text{Electricity} & 7{,}000 & \text{Outstanding Subscription} & 8{,}500 \\ \text{Stationery} & 1{,}000 & \text{Cash in Hand} & 1{,}000 \\ & & \text{Cash at Bank} & 10{,}000 \\ \hline \text{Total} & 56{,}000 & \text{Total} & 56{,}000 \\ \hline \end{array}\]
 

Receipts and Payments Account for the year ended 31st March 2020: 

\[\begin{array}{|l|r|l|r|} \hline \text{Receipts} & \text{Amount (₹)} & \text{Payments} & \text{Amount (₹)} \\ \hline \text{To Balance b/d} & & \text{By Electricity Charges} & 25{,}000 \\ \text{Cash in hand} & 1{,}000 & \text{By Wages} & 22{,}000 \\ \text{Cash at bank} & 10{,}000 & \text{By Stationery} & 3{,}000 \\ \text{To Subscription:} & & \text{By Rent and Taxes} & 11{,}800 \\ 2018{-}2019 & 2{,}000 & \text{By Travelling Expenses} & 8{,}000 \\ 2019{-}2020 & 45{,}000 & & \\ 2020{-}2021 & 3{,}000 & \text{By Balance c/d:} & \\ \text{To Entrance fees} & 28{,}000 & \text{Cash in hand} & 4{,}000 \\ \text{To Other receipts} & 5{,}000 & \text{Cash at bank} & 20{,}200 \\ \hline \text{Total} & 94{,}000 & \text{Total} & 94{,}000 \\ \hline \end{array}\]
 

Additional information: 

\[\begin{array}{rl} \bullet & \text{Outstanding wages ₹ 450} \\ \bullet & \text{Entrance fees should be capitalised.} \\ \bullet & \text{Depreciate furniture at 10\% p.a.} \\ \bullet & \text{Subscription for 2019{-}20 was outstanding ₹ 3,000.} \end{array}\]
 

Prepare: 

\[\begin{array}{rl} \bullet & \text{(a) Income and Expenditure account for the year ended 31st March 2020.} \\ \bullet & \text{(b) Balance Sheet as on 31st March 2020.} \end{array}\]
 

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

\[\begin{array}{|l|r|l|r|} \hline \text{Liabilities} & \text{Amount (₹)} & \text{Assets} & \text{Amount (₹)} \\ \hline \text{Capital Account:} & & \text{Stock} & 17{,}000 \\ \text{Mahendra} & 23{,}000 & \text{Furniture} & 18{,}000 \\ \text{Surendra} & 15{,}000 & \text{Land and Building} & 16{,}000 \\ \text{Narendra} & 12{,}000 & \text{Bank} & 37{,}000 \\ \text{Bills Payable} & 2{,}000 & & \\ \text{Creditors} & 8{,}000 & & \\ \text{Bank Loan} & 12{,}000 & & \\ \text{General Reserve} & 16{,}000 & & \\ \hline \text{Total} & 88{,}000 & \text{Total} & 88{,}000 \\ \hline \end{array}\]
 

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

\[\begin{array}{rl} \bullet & \text{Stock, furniture, land and building are to be revalued at ₹ 16,700, ₹ 16,200 and ₹ 30,100 respectively.} \\ \bullet & \text{Narendra's share in goodwill is to be valued from the firm's goodwill, which was valued at 3 times the average profit of the last four years. The profits for the last four years were:} \\ & \quad \bullet \ \text{I year – ₹ 30,000} \\ & \quad \bullet \ \text{II year – ₹ 25,000} \\ & \quad \bullet \ \text{III year – ₹ 25,000} \\ & \quad \bullet \ \text{IV year – ₹ 40,000} \\ \bullet & \text{His profit up to the death is to be calculated on the basis of the profit of last year.} \\ \bullet & \text{Narendra was entitled to get a salary of ₹ 1,200 per month.} \\ \bullet & \text{Interest on capital at 10\% p.a. to be allowed.} \\ \bullet & \text{Narendra's drawing up to the date of his death was ₹ 900 per month.} \end{array}\]

 

Prepare:

\[\begin{array}{rl} \bullet & \text{(A) Narendra's Capital Account showing amount payable to his executor.} \\ \bullet & \text{(B) Give working notes for:} \\ & \quad \bullet \ \text{Share of goodwill due to Narendra} \\ & \quad \bullet \ \text{Share of profit due to Narendra} \end{array}\]

 

Given below is a Balance Sheet of Aditya, Ajinkya, 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:

\[\begin{array}{|l|r|l|r|} \hline \text{Liabilities} & \text{Amount (₹)} & \text{Assets} & \text{Amount (₹)} \\ \hline \text{Creditors} & 10{,}450 & \text{Cash} & 3{,}800 \\ \text{Reserve Fund} & 7{,}500 & \text{Debtors} & 9{,}000 \\ \text{Capital Account:} & & \text{Stock} & 8{,}750 \\ \text{Aditya} & 21{,}000 & \text{Machinery} & 50{,}000 \\ \text{Ajinkya} & 18{,}500 & \text{Furniture} & 2{,}500 \\ \text{Arun} & 16{,}600 & & \\ \hline \text{Total:} & 74{,}050 & \text{Total:} & 74{,}050 \\ \hline \end{array}\]
 

On 1st April 2020, Arun retired on the following terms: 

\[\begin{array}{rl} \bullet & \text{Goodwill of the firm will be raised in the books at ₹ 10,000.} \\ \bullet & \text{Stocks to be reduced by 10\%, Furniture by 5\%, and Machinery by 10\%.} \\ \bullet & \text{A provision of 5\% R.D.D. to be maintained on debtors.} \\ \bullet & \text{₹ 100 to be written off from creditors.} \\ \bullet & \text{All the amount due to Arun will be transferred to his loan account.} \\ \end{array}\] 

Prepare: 

\[\begin{array}{rl} \bullet & \text{(a) Profit and Loss Adjustment Account} \\ \bullet & \text{(b) Partners' Capital Account} \\ \bullet & \text{(c) Balance Sheet of the new firm} \\ \end{array}\]