HSC Accounts Notes: Important Question of Accounts Class 12

HSC Accounts Notes

Prepare a bill of exchange from the following information :

Drawer : Dinesh, P. R. Road, Andheri West.

Drawee: Mahesh, L. B. S. Road, Mulund.

Payee: Amit, Thane West.

Amount: ₹ 9,500

Period of Bill: 4 months after sight.

Date of Bill: 26th Nov. 2019.

Date of acceptance: 29th Nov. 2019.

Q.2 Solve Any one from the following Admission of Partner/Retirements of Partner

Q.2 The Balances sheet of Adil and Sameer who share profits   in the ratio of 2:1 as on 31st March, 2018

Balance Sheet As on 31st March 2018

ParticularsAmt (₹)ParticularsAmt (₹)
Capitals:Land & Building75,000
Adil90,000Investment1,08,000
Sameer48,600Debtors39,000
Investment Fluctuation Reserve15,000Goodwill12,000
General Reserve12,000Profit and Loss A/c12,000
Sundry Creditors63,000Advertisement Suspense12,000
Bills Payable60,000Cash30,600
2,88,6002,88,600

On 1.4.2018 Raju was admitted into partnership on the following terms :

  1. Raju pays ₹ 30,000 as his capital for 1/4th
  2. Raju pays ₹ 15,000 for Half of the sum is to be withdrawn by Adil and Sameer.
  3. RDD is created @ 10%.
  4. The value of land and building is appreciated by ₹ 30,000.
  5. Investments were reduced by ₹ 22,500.
  6. Sundry creditors are to be valued at ₹ 62,250.
  7. Capitals of Adil and Sameer to be adjusted taking Raju’s capital as the Adjustment of capitals is to be made through cash.

Prepare Revaluation Account, Partner’s Capital Account and Balance Sheet of the New Firm as on 1st April, 2018

Q.2 Following is the Balance Sheet of the firm of Nana, Nani and Sona who share Profits and Losses in the ratio of their Capital

Balance Sheet as on  31st March 2019

LiabilityAmt (₹)AssetsAmt (₹)
Capital A/c:Machinery20,000
Nana50,000Building55,000
Nani20,000Stock12,000
Sona30,000Debtors12,000
Creditors10,000Less: R.D.D.1,00011,000
Bills Payable5,000Cash17,000
1,15,0001,15,000

Sona retires from the business on 1st April 2019 and the following Adjustment were agreed.

  1. Stock is to be valued at 92% of its Book Value
  2. R.D.D. is to be maintained at 10% on debtors
  3. The value of the Building is to be appreciated by 20%
  4. The Goodwill of the firm be fixed at ₹ 12,000. Sona’s share in the same be adjusted in the accounts of continuing partners in Gain Ratio.
  5. The entire Capital of the new firm be fixed at ₹ 1,60,000 between Nana and Nani in their New Profit sharing ratio which is fixed at 3:1 making adjustments in cash.
  6. The amount payable to Sona paid in cash

Prepare : Revaluation A/c, Partnership Capital A/c , Balance Sheet as on 1st April 2019.

Q.3 Solve Any one from the following Dissolution of partnership firms/Bills of Exchange

Q.3 Dinesh, Mangesh and Ramesh are partners sharing Profits and Losses in the ratio 2:2:1. They decided to dissolved the firm on 31st March When their position was as under.

Balance Sheet as on 31st March 2018.

LiabilitiesAmount ₹AssetsAmount ₹
Capital :Building78,000
Dinesh26,000Computer45,000
Mangesh22,000Debtors20,000
Ramesh18,000Goodwill35,000
Creditors80,000Bank8,000
Bill Payable40,000
1,86,0001,86,000

The firm was dissolved on above date and the following is the result of realisation.

  1. The assets were realised as Building ₹ 40,000, Computer ₹ 30,000, Debtors ₹ 10,000.
  2. Realisation expenses amounted to ₹ 2,000.
  3. All partners were insolvent. The following amount was recovered from them Dinesh ₹ 2,000 and Mangesh ₹ 2,000.

Prepare necessary ledger account to close the books of the firm.

Q.3 Journalise the following transaction in the books of Abhishek:-

  1. Siddhant informs Abhishek that Vineet’s acceptance for ₹ 23,000 endorsed to Siddhant has been dishonoured. Nothing Charges amounted to ₹430.
  2. Kajal renews her acceptance to Abhishek for ₹ 39,000 by paying 3,000 in cash and accepting a fresh bill for the balance along with interest at 11.5 % p.a. for 3 months.
  3. Radhika retired her acceptance to Abhishek for ₹ 23,000 by paying ₹22,250 by cheque.
  4. Abhishek sent a bill of Subodh for ₹ 9,000 to bank for collection. Bank informed that the bill has been dishonoured by Subodh.

Q.4 Solve Any one from the following Issue of Shares/Computer Accounting

Q.4 Pass Journal entries for the forfeiture and re-issue of shares in the following

  1. Asha Ltd. forfeited 100 equity shares of ₹ 20 each fully called up for non-payment of first call of ₹ 3 per share and final call of ₹ 5 per share. 80 shares of these were reissued at ₹15 per share fully paid.
  2. Bhakti Ltd. forfeited 100 equity shares of  ₹ 10 each, ₹ 6 called-up on which the shareholder paid application and allotment of ₹ 5 per share. Of these 80 shares were re-issued as fully paid-up for 16 per share.
  3. Konark Ltd. forfeited 50 shares of ₹ 10 each, ₹8 called-up. The shareholder failed to pay first call of ₹ 3 per share. Later on 30 shares of these were re-issued at ₹ 7 per share.

Q.4 Write the steps to create Ledger account in tally?

Q.5 Solve Any one from the following Death of a Partner/ Analysis of Financial Statement

Q.5 Rajesh, Rakesh and Mahesh were equal Partner on 31st March 2019. Their Balance Sheet was as follows 31st March 2019

Balance Sheet as on 31st March  2019

LiabilitiesAmt ₹AssetsAmt ₹
Capital Account :Land and Building4,00,000
Rajesh5,00,000Furniture3,00,000
Rakesh2,00,000Debtors3,00,000
Mahesh2,00,000Stock1,00,000
Sundry creditors90,000Cash1,00,000
Bills Payable60,000
Bank loan1,50,000
12,00,00012,00,000

Mr. Rajesh died on 30th June 2019 and the following adjustment were agreed as

  • Furniture was to be adjusted to its market price of 3,40,000
  • Land and Building was to be depreciated by 10%
  • Provide R.D.D 5% on debtors
  • The Profit upto the date of death of Rajesh is to be calculated on the basis of last years profit which was 1,80,000

Prepare 1) Profit and Loss adjustment A/c , 2) Partners capital account, 3) Balance sheet of the continuing firm

Q.5 Following is the Balance Sheet of Sakshi Prepare cashflow statement.

Liabilities31.3.17

(₹)

31.3.18

(₹)

Assets31.3.17

(₹)

31.3.18

(₹)

Share Capital2,00,0003,00,000Cash20,00030,000
Creditors60,00090,000Debtors1,40,0002,50,000
Profit and Loss A/c40,00070,000Stock80,00070,000
Land60,0001,10,000
3,00,0004,60,0003,00,0004,60,000

Q.6 From the following transactions of Receipts and Payments Account of “Pavan – putra Hanuma Vyayamshala” Parbhani, and the adjustments given, you are required to prepare Income and Expenditure Account and Balance Sheet as on 31st March

Receipts and payments Account for the year ending 31.03.2019.

Dr.                                                                                                                   Cr.

ReceiptsAmount ₹PaymentsAmount ₹
To Balance b/dBy Salaries6,000
Cash in Hand5,000By Entertainment Expenses2,480
To SubscriptionsBy Sundry Expenses1,300
2018 – 1918,000By Electricity Charges1,200
2019 – 2041018,410By Rent700
6,000By Investment15,000
To Donations
To Receipts from Entertainment5,400By Printing and Stationery800
To Interest400By Postage3,200
To Entrance fees6,200By Fixed Deposit3,900
By Balance c/d
Cash in Hand                  830
Cash at Bank               60006,830
41,41041,410

Adjustments :

  1. There are 500 members paying an annual Subscription of  ₹ 50 each
  2. Outstanding Salary was  ₹ 1,200
  3. The Assets on 01.04.2018 were as follows: Building  ₹ 50,000, Furniture  ₹ 15,000
  4. Provide depreciation on Building and Furniture at 5 % and 10 %
  5. 50 % Entrance Fees is to be capitalized.
  6. Interest on Investment at 5 % a. has accrued for 6 months.
  7. Capital Fund  ₹ 70,000 on 01.04.2018

(Ans. : Surplus  ₹ 19,395,  Total of Balance Sheet  ₹ 94, 105)

Q.7 Kshipra and Manisha are Partners sharing Profit and Losses in their Capital You are required to prepare Trading Account and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2019

Debit BalanceAmount  ₹Credit BalanceAmount  ₹
Sundry Debtors28,000Sales1,20,000
Purchases55,000Rent1,800
Furniture38,500Sundry Creditors38,500
Plant & Machinery60,000Purchase Return1,000
Wages800Discount500
Salaries3,500Bills Payable9,000
Discount800Capital A/c :
Bills Receivable14,400Kshipra90,000
Carriage Outward1,000Manisha30,000
Postage500Current A/c :
Sales Return500Kshipra5,000
Cash in Hand4,000Manisha3,000
Cash at Bank47,000
Insurance2,000
Opening Stock17,800
Trade Expenses1,500
Ware house Rent2,500
Advertisement1,000
Building20,000
2,98,8002,98,800

Adjustments :

  • Stock on 31st March 2019 was at  ₹ 37,000.
  • Sales includes, sale of machinery of  ₹ 2,000, which is sold on 1st April
  • Depreciation on fixed assets @ 5%.
  • Each Partners is entitled to get Commission at 1% of Gross Profit and Interest on Capital 5%a.
  • Outstanding Expenses Wages  ₹ 200 & Salaries  ₹ 500
  • Create provision for doubtful debts @ 3% on Sundry

(Ans : G.P.  ₹ 81,700, N.P.  ₹ 56,401   Balance Sheet Total  ₹ 2,40,235)

Prepare a format of bill of exchange from the followings:

Drawer: Kashmira Shah, Partner M/S Shah and Shah, 2-C, Matruchaya Building, Akola.

Drawee: Dhanashree Traders, Bangalore Road, Belgaum. (Signed by Jayashree, Partner)

Payee: M/S Janki Traders, Akola.

Amount: ₹ 64,500 Period of Bill : 3 months

Date of drawing: 12th Sept. 2019

Date of acceptance: 15th Sept. 2019

Q.2 Solve Any one from the following Admission of Partner/Retirements of Partner

Q.2 The following is the Balance Sheet of Om and Jay on 31st March 2018, they share profits and losses in the ratio 3:2

Balance Sheet as On 31st March 2018 

LiabilitiesAmount (₹)AssetsAmount (₹)
Creditors30,000Cash3,000
Capital A/cBuilding15,000
Om21,000Machinery21,000
Jay21,000Furniture900
Current A/cStock12,300
Om3,750Debtors27,000
Jay3,450
79,20079,200

They take  Jagdish into partnership on 1st April 2018 the terms being

  1. Jagdish should pay  ₹ 3,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
  2. He should bring  ₹ 9,000 as capital for 1/4th share in future
  3. Building to be valued at  ₹ 18,000, Machinery and Furniture to be reduced by 10%
  4. A Provision of 5% on debtors to be made for doubtful
  5. Stock is to be taken at the value of  ₹ 15,000.

Prepare profit and loss A/c, Partner’s Current  A/c, Balance Sheet of the new firm.

Q.2 The Balance Sheet of Shyam Traders Pune is as follows, Partners share Profit and Losses as 5:2:3

Balance Sheet as on 31st March  2019

LiabilitiesAmt ₹Amt ₹AssetsAmt ₹Amt ₹
Capital Account:Plan & Machinery32,000
Rambha36,000Building40,000
Menka32,000Stock20,400
Urvashi17,600Debtors16,800
Creditors20,000Less: R. D. D.80016,000
Bill Payable1,200Bank12,400
General Reserve14,000
1,20,8001,20,800

Menka retired from the business on 1st April 2019 on the following terms. The assets were revalued as under.

  1. Stock at 28,000
  2. The building is appreciated by 10%
  3. D.D. is to be increased upto 1000
  4. Plant and Machinery is to be depreciated by 10%
  5. The Goodwill of retiring partner is valued at 8000 and the remaining Partners decided that Goodwill be written back in their New Profit sharing ratio which will be 5:3
  6. Amount due to Menka is to be transferred to her Loan Account

Prepare : Profit and Loss Adjustment A/c , Capital Account of partners, Balance Sheet of new firm.

Q.3 Solve Any one from the following Dissolution of partnership firms/Bills of Exchange

Q.3 Sangeeta, Anita and Smita were in partnership sharing Profits and Losses in the ratio 2:2:1. Their Balance Sheet as on 31st March 2019 was as under :

Balance Sheets as on 31st March 2019.

LiabilitiesAmount ₹AssetsAmount ₹
Capital :Land2,10,000
Sangeeta60,000Plant20,000
Anita40,000Goodwill15,000
Smita30,000Debtors1,25,000
Sangeeta’s Loan A/c1,20,000Loans and Advances15,000
Sundry Creditors1,20,000Bank5,000
Bills Payable20,000
3,90,0003,90,000

They decided to dissolve the firm as follows :

  1. Assets realised as; Land recovered ₹ 1,80,000; Goodwill for ₹ 75,000; Loans and Advances realised ₹ 12,000; 10% of the Debts proved bad;
  2. Sangeeta took Plant at book
  3. Creditors and Bills payable paid at 5% discount.
  4. Sandhya’s Loan was discharged along with ₹ 6,000 as interest.
  5. There was a contingent Liability in respect of bills of ₹ 1,00,000 which was under discount. Out of them, a holder of one bill of ₹ 20,000 became insolvent.

Show Realisation Account, Partners Capital Account and Bank Account.

Q.3 Sanjay sold goods of ₹ 45,000 to Govind at 10% Trade Discount. Govind paid 1/3rd of the amount immediately at a cash discount of ₹ 1,000 and for the balance accepted a bill for 3 months. Sanjay endorsed the bill to Aadesh on the same day in full settlement of his account ₹27,500. On the due date the bill was dishonoured by Govind and noting charges paid by Aadesh ₹450. Govind requested  Sanjay to renew the bill.  Sanjay agreed on condition that  Govind should pay ₹5,250 immediately along with noting charges and for the balance Govind should accept a new bill for 2 months along with interest ₹ 1,500. Govind agreed to these contritions and these arrangements were carried through. Sanjay paid Aadesh balance due to him. On the due date of the new bill Govind dishonoured the bill.

Give journal entries in the books of Sanjay and prepare Sajnay’s account in the books of Govind.

Q.4 Solve Any one from the following Issue of Shares/Computer Accounting

Q.4 Subhash Company Limited issues 2000 Equity shares of  ₹100 each payable as ₹30 on application,  ₹30 on allotment, ₹40 on first and final call

All the shares were subscribed and duly allotted. Company made all the calls. All cash was duly received except the first & final call on 100 equity shares. These shares were forfeited by company and were re-issued as fully paid for ₹ 75 per share.

Show the Journal entries in the books of Subhash Company Ltd.

Q.5 Solve Any one from the following Death of a Partner/ Analysis of Financial Statement

Q.5 Ram,  Madhav, and  Keshav are partners sharing  Profit and  Losses in the ratio  5:3:2  respectively. Their Balance Sheet as on 31st March 2018 was as follows.

Balance Sheet as on 31st March  2018

LiabilitiesAmt ₹AssetsAmt ₹
General Reserve25,000Goodwill50,000
Creditors1,00,000Loose Tools50,000
Unpaid Rent25,000Debtor1,50,000
Capital AccountsLive Stock1,00,000
Ram1,00,000Cash25,000
Madhav75,000
Keshav50,000
3,75,0003,75,000

Keshav  died  on  31st  July  2018  and  the  following  Adjustment  were  agreed  by  as  per partnership deed.

  1. Creditors have increased by 10,000
  2. Goodwill is to be calculated at 2 years purchase of average profits of 5 year.
  3. The Profits of the preceding 5 years was
2013-14₹ 90,0002014-15₹ 1,00,000
2015-16₹ 60,0002016-17₹ 50,000
2017-18₹ 50,000 (Loss)

Keshav share in it was to be given to him.

  1. Loose Tools and live stock were valued at ₹80,000 and ₹ 1,20,000 respectively
  2. R.D.D. was maintained at ₹ 10,000
  3. Commission ₹ 2000 p.m. was payable to Keshav Profit for 2018 -19 was estimated at ₹ 45000 and keshav’s share in it up to the date of his death was given to him.

Prepare  Revaluation  A/c  ,  Keshav’s  capital  A/c  showing  the  amount  payable  to  his executors.

Q.5 Prepare Comparative Balance Sheet for the year ended 3.17 and 31.3.18

Particulars31.3.17 (₹)31.3.18 (₹)
1) Current liabilities60,00048,000
2) Fixed Assets2,40,0003,00,000
3) Loan68,0001,02,000
4) Share Capital1,20,0001,44,000
5) Reserve & Surplus48,00060,000
6) Current Assets56,00054,000

Q.6 From the following information supplied to you, prepare Income and Expenditure Account for the year ending on 31.03,2020 and Balance Sheet as on that date for “Morya Sports Club” Thane.

Balance Sheet as on 01.04.2019.

LiabilitiesAmount ₹AssetsAmount ₹
Capital Fund64,500Machinery69,000
Bank overdraft38,000Outstanding Subscriptions8,000
Outstanding Salary4,000Prepaid Insurance Premium2,000
Furniture15,000
Cash in Hand12,000
Outstanding Locker’s Rent500
1,06,5001,06,500

Receipts and Payments Account for the year ended 31.03.2020

Dr.                                                                                                                  Cr.

LiabilitiesAmount `PaymentsAmount `
To Balance b/d12,000By Balance b/d (Bank Overdraft)38,000
To Subscription1,05,000By Salary17,500
To Entrance Fees (Capitalized)9,300By Insurance Premium11,000
To Locker Rent1,500By Interest1,400
To Donations (Capitalized)800By Refreshment Expenses4,200
By Furniture30,000
By Balance c/d
Cash in Hand6,500
Cash at Bank20,000
1,28,6001,28,600

Adjustments :

  1. Subscription received includes  ₹ 3,000 for 2018 – 19 and Outstanding Subscription for 2019 – 20 was  ₹ 14,000.
  2. On 31.03.2020, Prepaid Insurance Premium was  ₹ 2,500.
  3. Depreciate Furniture by  ₹ 3,000.
  4. Locker Rent Outstanding for 2019 – 20 is  ₹ 400.

(Ans. : Surplus  ₹ 84,800, Total of Balance Sheet  ₹ 1,59,400)

Q.7 From the following Trial Balance and adjustments given below of Reena and Aarti, you are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that

Trial Balance as on 31st March, 2019

Debit BalanceAmount  ₹Credit BalanceAmount  ₹
Purchases35,500Sales58,200
Sundry Debtors40,000Sundry Creditors25,700
Sales Returns1,000Purchases Returns500
Opening Stock18,100R.D.D800
Bad debts500Discount50
Land & Building25,000Commission250
Furniture20,000Capital :
Discount1,000Reena50,000
Royalties700Aarti30,000
Rent1,900
Salaries3,000
Wages800
Insurance1,500
Drawings :
Reena2,000
Aarti1,000
Cash at Bank11,500
Cash in Hand2,000
1,65,5001,65,500

Adjustments :

  1. Closing Stock valued at  ₹ 22,000.
  2. Write off ` 900 for Bad & doubtful debts and create a provision for Reserve for doubtful debts ₹ 1,000.
  3. Create a provision for Discount on Debtors @ 3% and creditors @ 5%.
  4. Outstanding Expenses – Wages ₹ 700 and Salaries₹ 800
  5. Insurance is paid for 15 months, w.e.f. 1st April 2018
  6. Depreciate Land and Building @ 5%
  7. Reena & Aarti are Sharing Profits & Losses in their Capital

(Ans : G.P. ₹ 23,900, N.P. ₹13,592     Balance Sheet Total ₹ 1,16,507)

Kantilal, 343/D, Palm Heights, Jogeshwari, drew a bill on 10th 2019 for ` 63,490 for 45 days after date on Shantilal, B2, Himalaya Towers, Baramati, payable to Priyanksa, Satara.

The bill was accepted on 13th Oct. 2019 for 60 days.

Prepare a format of bill of exchange from the above detalis.

Q.2 Solve Any one from the following Admission of Partner/Retirements of Partner

Q.2 The Balance Sheet of Sahil and Nikhil who share profits in the ratio of 3:2 as on 31st March, 2017

Balance Sheet as on 31st March 2017 

LiabilitiesAmt. (₹)Amt. (₹)AssetsAmt. (₹)Amt. (₹)
Creditors60,000Furniture60,000
Capitals:Building72,000
Sahil80,000Debtors40,000
Nikhil1,00,0001,80,000Closing Stock48,000
Cash in Hand20,000
2,40,0002,40,000

Varad admitted on 1St April 2017 on the following terms :

  1. Varad was to pay 1,00,000 for his share of capital.
  2. He was also to pay 40,000 as his share of goodwill.
  3. The new profit sharing ratio was 3:2:3
  4. Old partners decided to revalue the assets as follows: Building 1,00,000, Furniture- 48,000, Debtors – 38,000 (in view of likely bad debts)
  5. It was found that there was a liability for 3,000 for goods in March 2017 but recorded on 2nd April 2017.

You are required to prepare :

  1. Profit and Loss adjustment accounts
  2. Capital accounts of the partners
  3. Balance sheet after the admission of Varad

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.

Balance Sheet as on 31 st March 2018 

LiabilitiesAmt ₹AssetsAmt ₹
Creditors40,000Bank12,500
General Reserve50,000Debtors60,000
Bills payable25,000Live Stock50,000
Capital Accounts :Building75,000
Rohan1,25,000Plant and Machinery35,000
Rohit1,00,000Motor Truck1,00,000
Sachin50,000Goodwill57,500
3,90,0003,90,000

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

Give Journal entries in the books of new firm.

Q.3 Solve Any one from the following Dissolution of partnership firms/Bills of Exchange

Q.3 Following is the Balance Sheet of Vaibhav, Sanjay and Santosh

Balance Sheets as on 31st March 2019

LiabilitiesAmount `AssetsAmount `
Captital Accounts :Machinery6,000
Vaibhav36,000Goodwill9,000
Sanjay27,000Stock and Debtors57,000
Creditors12,000Profit and Loss Account18,000
Bank Overdraft18,000Santosh’s Capital3,000
93,00093,000

Santosh is declared insolvent so firm is dissolved and assets realised as follows :

  1. Stock and Debtors ` 54,000, Goodwill – NIL, Machinery at Book
  2. Creditors allowed discount at 10%.
  3. Santosh could pay only 25 paise in rupee of the balance
  4. Profit sharing ratio was 8:4:3.
  5. A contingent liability against the firm ` 9,000 is

Give Ledger Account to close the books of the firm.

Q.3 Journalise the following transactions of Arvind as on 24th October, 2019

  1. Renewed Sainath’s acceptance of 18,000 with interest of 380 for 2
  2. Sahil informs Arvind that Meenal’s acceptaance of 13,000 endorsed to Sahil was dishonoured and noting charges paid ₹ 195
  3. Accepted a bill of 16,400 at 2 months drawn on Chand and Sons for the amount due to them 19,000 and balance paid in cash.
  4. Bank informed that Vidya’s acceptance of 14,000 which was discounted was dishououred and bank paid noting charges ₹ 105. Renewed bill on Vidya’s request for 2 months with interest 295.
  5. Nandita retired her acceptance to Arvind of 13,550 by paying cash 13,000.

Q.4 Solve Any one from the following Issue of Shares/Computer Accounting

Q.4 Rakesh issued 2000 equity shares of 100 each at a premium of ₹ 20 per share payable as follows :

On Application              ₹ 20

On Allotment                  ₹ 50 (including Premium)

On first Call                    ₹ 20

On final Call                  ₹ 30

Applications were received for 3000 shares, 2000 share allotted to the applicants for 2400 shares. The remaining applications for 600 shares being refused and application money there on was refunded. Excess money received on application was adjusted against allotment.

All amounts were duly received except Mr. Mandar to whom 80 shares were alloted.

Mandar fails to pay First and Final call. His shares were forfeited and were reissued to Mr. Ketan as fully paid at ₹ 80 per share.

Journalise the transactions in the books of the company.

Q.5 Solve Any one from the following Death of a Partner/ Analysis of Financial Statement

Q.5 Virendra, Devendra and Narendra were partners sharing Profit and Losses in the ratio of 3:2:1.  Their Balance Sheet as on 31st March 2019 was as follows.

Balance Sheet as on 31st March  2019

LiabilitiesAmt ₹AssetsAmt ₹
Bank Loan25,000Furniture50,000
Creditors20,000Land & Building50,000
Bills Payable5,000Motor Car20,000
Reserve Fund30,000Sundry Debtors50,000
Capital Account :Bills Receivable20,000
Virendra90,000Investments50,000
Devendra60,000Cash at Bank20,000
Narendra30,000
2,60,0002,60,000

Mr. Virendra died on 31st August 2019 and the Partnership deed provided that. That the event of the death of  Mr. Virendra his executors be entitled to be paid out.

  1. The capital to his credit at the date of death
  2. His proportion of Reserve at the date of last Balance sheet
  3. His proportion of Profits to date of death based on the average profits of the last four years.
  4. His share of Goodwill should be calculated at two years purchase of the profits of the last four years for the year ended 31st March were as follows –

2016          40,000                       2017     60,000

2018          70,000                       2019     30,000

  1. Virendra has drawn 3000 p.m. to date of death, There is no increase and Decrease the value of assets and liabilities.

Prepare Mr. Virendras Executors A/c

Q.5 Following is the Balance Sheet of Sakshi Traders for the year ended 3.17 and 31.3.18

Liabilities31.3.17

(₹)

31.3.18

(₹)

Assets31.3.17

(₹)

31.3.18

(₹)

Equity Share Capital80,00080,000Fixed Assets1,20,0001,44,000
Pref. Share Capital20,00020,000Investment20,00020,000
Reserve & Surplus20,00024,000Current Assets60,00048,000
Secured Loan40,00016,000
Unsecured Loan20,00036,000
Current Liabilities20,00036,000
2,00,0002,12,0002,00,0002,12,000

Prepare common size Balance-Sheet for the year 31.3.17 and 31.3.18

Q.6 From the following Receipts and Payments Account “K.B.P. Engineering College” Nashik for the year ending on 31.03.2019 and additional information, prepare Income and Expenditure Account for the year ending 03.2019 and Balance Sheet as on that date.

Receipts and payments Account for the year ending 31.03.2019.

Dr.                                                                                                                      Cr.

ReceiptsAmount `PaymentsAmount `
To Balance b/dBy Salaries to Teaching Staff11,70,000
Cash in Hand18,000By Electricity Charges55,000
Cash at Bank1,00,400By Books61,000
To Interest55,000By Furniture51,000
To Subscriptions28,300By Stationery21,850
To Life Membership fees25,000By Fixed Deposit (31.03.2019)8,50,000
To Donation7,00,000By Balance c/d
To Tution Fees12,30,000Cash in Hand16,650
To Term Fees2,00,800Cash at Bank2,00,000
To Sundry Receipts8,000
To Admission Fees (Revenue)60,000
24,25,50024,25,500

 Additional Information :

Particulars01.04.2018 `31.03.2019 `
Books6,00,0006,00,000
Furniture3,19,0003,00,000
Building Fund10,00,000?
Fixed Deposit9,10,000?
Capital Fund9,47,400?
  1. 50% of Donation are for Building Fund and the balance is to be treated Revenue Income
  2. Outstanding subscription  ₹ 5,300
  3. Life membership fees are to capitalised

(Ans. : Surplus ` 5,59,550, Total of Balance Sheet ` 28,81,950)

Q. 7 Amitbhai and Narendrabhai are in Partnership Sharing Profits and Losses equally. From the following Trial  Balance and Adjustments given below,  you are required to prepare Trading and Profit and Loss Account for the year ended 31st March 2019 and Balance Sheet as on that date.

Trial Balance as on 31st March, 2019

Debit BalanceAmount ₹Credit BalanceAmount ₹
Plant & Machinery2,80,000Capital A/c :
Factory Building75,000Amitbhai3,50,000
Sundry Debtors28,700Narendrabhai3,00,000
Purchases85,500Sales1,80,000
Bad Debts500Bills Payable8,500
Sales Return2,200Discount1,200
10% Govt. Bond40,000Creditors38,500
(Purchased on 1st Oct, 2018)R.D.D.2,700
Import Duty1,800Bank Loan15,000
Legal Charges2,000Purchases Return2,000
Motive Power12,000
Warehouse Rent1,800
Cash in Hand20,000
Cash at Bank70,000
Advertisement10,000
(for 2 years, w.e.f 1st Jan 2019)
Salaries3,800
Rent1,500
Drawings :
Amitbhai2,400
Narendrabhai3,200
Furniture1,95,800
Bills Receivable20,700
Free hold Property41,000
8,97,9008,97,900

Adjustments :

  1. Stock on hand on 31st March 2019 was valued at  ₹ 43,000.
  2. Uninsured Goods worth ` 8,000 were
  3. CreateD.D at 2% on Sundry debtors.
  4. Patil, our customer become insolvent and could not pay his debts of  ₹ 500.
  5. Outstanding Expenses – Rent ₹ 800 and Salaries  ₹ 300
  6. Depreciate Factory Building by  ₹ 2,500 and Furniture by  ₹ 1,800

 

HSC Accounts Notes

HSC Accounts Notes

 

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Reference: MHSB Books

 

 

Reference: MHSB

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