Std. 12th Book Keeping And Accountancy Notes, Commerce (MH .
SAPLMENOCTENT
NTWritten as per the revised syllabus prescribed by the Maharashtra State Boardof Secondary and Higher Secondary Education, Pune.PERFECTTEBOOK-KEEPING & ACCOUNTANCYSTD. XII COMMERCEOCovers Textual ProblemsA selection of Practice Problems as well as Board Problems (Mar 2008 July 2018)CContains answers for Textual Problems as well as Practice ProblemsIncludes Two Model Question Papers as per the latest paper patternCovers Board Question Papers of 2017, 2018 and March 2019Self evaluative in naturePLE NSalient FeaturesSAMScan the QR code to download Quill app. Use code "QUILL30D" for onemonth free trial.Printed at: Repro India Ltd., Mumbai Target Publications Pvt. Ltd.No part of this book may be reproduced or transmitted in any form or by any means, C.D. ROM/Audio Video Cassettes or electronic, mechanicalincluding photocopying; recording or by any information storage and retrieval system without permission in writing from the Publisher.Balbharati Registration No.: 2018MH0022TEID: 13191P.O. No. 151119
Preface"Std. XII Commerce: Book-Keeping & Accountancy" has been created with a revolutionary fresh approach towardscontent, so as to facilitate the student's thorough preparation of the subject.NTThis book has been written according to the revised syllabus and guidelines as prescribed by the Maharashtra StateBoard of Secondary and Higher Secondary Education.TEThe book has a section covering Textual Problems and a separate section that covers Practice Problems which areimportant from an examination point of view. It also includes Board Problems from the year March 2008 toJuly 2018.Moreover, we have provided answers for Textual as well as Practice Problems.The book also includes two Model Question Papers as per the latest paper pattern.NWe are sure, this study material will turn out to be a powerful resource for the students and facilitate them inunderstanding the concepts of this subject in the most lucid way.OWe would also like to express our gratitude to Mr. Anil R. Dwivedi (M.Com., M.Ed., M.B.A.) for his valuableguidance in the creation of this book.CThe journey to create a book is strewn with triumphs, failures and near misses. If you think we've nearly missedsomething or want to applaud us for our triumphs, we'd love to hear from you.EPlease write to us on: mail@targetpublications.orgPLBest of luck to all the aspirants!Yours faithfully,PublisherSAMEdition: SecondDisclaimerThis reference book is transformative work based on textual contents published by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune. We the publishers aremaking this reference book which constitutes as fair use of textual contents which are transformed by adding and elaborating, with a view to simplify the same to enable the students tounderstand, memorize and reproduce the same in examinations.This work is purely inspired upon the course work as prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune. Every care has been taken in thepublication of this reference book by the Authors while creating the contents. The Authors and the Publishers shall not be responsible for any loss or damages caused to any person on accountof errors or omissions which might have crept in or disagreement of any third party on the point of view expressed in the reference book. reserved with the Publisher for all the contents created by our Authors.No copyright is claimed in the textual contents which are presented as part of fair dealing with a view to provide best supplementary study material for the benefit of students.
Board Paper PatternTime: 3 HoursTotal Marks: 80(A)NTQ.1. Attempt any THREE of the following sub-questions :[15]Includes five sub-questions of five marks each. Out of the five, three sub-questions have to beanswered.Answer the following questions in ‘one sentence’ each:Five sub-questions will be given.[one mark each]Write a word/term/phrase which can substitute each of the following statements :Five sub-questions will be given.[one mark each](C)Select the most appropriate alternative from those given below and rewrite the statements:Five sub-questions. Each sub question carries four options.[one mark each](D)State whether the following statements are True or False :Five sub-questions will be given.Q.2. Practical problem on Single Entry System.NPrepare a specimen of Bill of Exchange.[one mark each][five marks][8]O(E)TE(B)CORTheory Questions on Analysis of Financial Statements.Two sub-questions will be given.[four marks each][10]Q.4. Practical problem on Bill of Exchange.[10]PLEQ.3. Practical problem on Reconstitution of Partnership (Admission / Retirement / Death of Partner).ORPractical problem on Reconstitution of Partnership (Admission / Retirement / Death of Partner).Questions will be asked from any two of the above three chapters.[10]Q.6. Practical problem on Accounts of ‘Not for Profit’ Concerns.[12]Q.7. Practical problem on Partnership Final Accounts.[15]SAMQ.5. Practical problem on Dissolution of Partnership Firm .ORPractical problem on Accounting for Shares / Debentures.One question will be asked from Dissolution of Partnership Firm and the second question will beasked either from Accounting for Shares or Accounting for Debentures.Total:Scheme of Evaluation(A)(B)Written ExaminationProject Preparation (with Viva)Total:Marks802010080
Unitwise ectives only) and PartnershipFinal AccountsAccounts of ‘Not for Profit’ConcernsAdmission / Retirement / Death ofPartnerORAdmission / Retirement / Death ofPartnerDissolution of Partnership FirmORAccounting for Shares /Accounting for DebenturesBill of Exchange (Objectivesinclude 5 marks for question onspecimen)Single Entry SystemORAnalysis of Financial Statements(Theory 0200420251180810800893Chapter NameIntroduction to PartnershipPartnership Final AccountsReconstitution of Partnership (Admission of Partner)Reconstitution of Partnership (Retirement of Partner)Reconstitution of Partnership (Death of Partner)Dissolution of Partnership FirmAccounts of ‘Not for Profit’ ConcernsSingle Entry SystemBill of Exchange (Trade Bill)Company Accounts Part I (Accounting for Shares)Company Accounts Part II (Accounting for Debentures)Analysis of Financial StatementsModel Question Paper – IModel Question Paper – IIBoard Question Paper : March 2017Board Question Paper : July 2017Board Question Paper : March 2018Board Question Paper : July 2018Board Question Paper : March 2019MSA1410PL1.2.3.4.5.6.7.8.9.10.11.12.021010ESr. No.1210C6.ProblemsNT3.Marks With OptionN2.MarksO1.ChapterTESr.No.Note: All Textual questions are represented by * mark.Page 83288
Std. XII : Commerce06Dissolution of Partnership FirmTENTTextual ProblemsAdjustments for Realisation of Assets & Settlement of Liabilties and Partner’s Loan Account*Q.1. Sushil and Sumit were in partnership sharing profits and losses in the proportion of 3/5 and 2/5 respectively.On 31st March, 2005, they decided to dissolve the firm when their Balance Sheet was as under:Sushil’s CapitalSumit’s CapitalGeneral ReserveSumit’s Loan A/cSundry CreditorsAmount alance Sheet as on 31st March, 2005AmountAssets 20,000 Plant & Machinery18,000 Stock5,000 Sundry Debtors2,000 Bank10,000PLEThe Assets realised as follows:Stock 14,000; Plant and Machinery 12,000 and Debtors 20,000. The Sundry Creditors were paid 9,000 in full settlement.Prepare: Realisation Account, Partners Capital Accounts and Bank Account.Ans: Realisation Loss 5,000; Bank Account Total 49,000Settlement amount paid to Partners: Sushil 20,000; Sumit 18,000Adjustments for Reserve Fund and Assets taken over by PartnersSAM*Q.2. Ganesh and Chandan were partners sharing profits and losses in the proportion of 3 : 2. They dissolve thepartnership firm on 31st March, 2011 when their position was as follows:Balance Sheet as on 31st March, 2011AmountAmountLiabilitiesAssets Sundry Creditors25,000 Debtors1,12,500Bank Overdraft20,000Less: R.D.D.12,5001,00,000Reserve Fund30,000 Stock2,25,00050,000Capital Account’s:Furniture2,30,000 Motor Car75,000GaneshChandan1,50,000 Cash in Hand5,0004,55,0004,55,000The Assets realised as follows:Debtors 90,000; Stock 2,00,000 and Goodwill 25,000; Motor Car was taken over by Ganesh for 70,000 and Furniture by Chandan for 60,000.The Creditors were paid 22,500 in full settlement. The expenses of realisation amounted to 10,000.Pass necessary journal entries in the books of the firm.Ans: Realisation Loss 12,500; Total of Journal Proper: 13,27,500Settlement amount paid to Partners: Ganesh 1,70,500; Chandan 97,000118
Chapter 06: Dissolution of Partnership FirmAdjustments for Partner’s Current Accounts and Liability taken over by Partner*Q.3. Anil and Sunil were partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as on31st March, 2009.Capital Account’s:AnilSunilCurrent Account’s:AnilSunilCreditorsBills Payable2,05,000Amount ce Sheet as on 31st March, 2009AmountAssets Bank50,000 Stock30,000 DebtorsPlant15,000 Building10,00087,00013,0002,05,000CONThe firm was dissolved on the above date and the assets realised as under:i.Stock 20,000; Debtors 60,000; Plant 40,000 and Building 30,000.ii.Anil agreed to pay off the bills payable.iii.Creditors were paid in full.iv.Dissolution expenses were 7,000.Prepare: Realisation Account, Bank Account and Current and Capital Accounts of the partners.Ans: Realisation Loss 32,000; Bank Account Total 1,80,000Settlement amount paid to Partners: Anil 58,800; Sunil 27,200Adjustments for Reserve Fund, Partner’s Loan Account and Asset taken over by PartnerSAMPLE*Q.4. X, Y and Z were carrying on business. They share profit and losses in the ratio of 5 : 3 : 2 respectively. TheirBalance sheet as on 31st March, 2010, was as under:Balance Sheet as on 31st March, 2010AmountAmountLiabilitiesAssets Sundry Creditors21,000 Plant & Machinery20,000Y’s Loan5,000 Investment8,000Reserve Fund20,000 Stock30,000Capital Account’s:Debtors18,000X20,000Less: R.D.D.1,00017,000Y10,000 Cash in Hand2,000Z4,000 Cash at Bank3,00080,00080,000On the above date, the firm was dissolved and the assets were realised as under:i.Investment 5,000; Stock 24,000 and Debtors 15,000.ii.The Plant and Machinery was taken over by Mr. ‘X’ at book value.iii.Sundry Creditors and Mr. ‘Y’ loan were paid in full.iv.Realisation expenses incurred 1,000.Prepare Realisation Account, Partner’s Capital Account and Bank Account.Ans: Realisation Loss 12,000; Cash/Bank Account Total 49,000Settlement amount paid to Partners: X 4,000; Y 12,400; Z 5,600119
Std. XII : CommerceAdjustments for Reserve Fund, Partner’s Loan Account, Asset taken over by Partner and Contingent LiabilityTENT*Q.5. A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2010, their BalanceSheet was as follows:Balance Sheet as on 31st March, 2010AmountAmountLiabilitiesAssets Sundry Creditors15400 Cash at Bank3,500Bills Payable3,600 Stock19,800A’s Loan A/c10,000 Debtors15,000Capital A/c’s:Less: Provision1,00014,000A20,000 Joint Life Policy4,000B16,000 Plant and Machinery43,700C8,000Reserve Fund12,00085,00085,000stThe firm was dissolved on 31 March, 2010 and the assets realised as follows:i.Joint Life Policy was taken over by Mr. A at 5,000.NStock realised 18,000; Debtors realised 14,500; Plant and Machinery was sold for 36,000.Liabilities were paid in full. In addition, one bill for 700 under discount was dishonoured and had tobe taken up by the firm.COii.iii.iv.There were no realisation expenses.Give the Journal entries and necessary ledger accounts to close the books of the firm.Ans: Realisation Loss 8,700; Bank Account Total 72,000; Total of Journal Proper: 2,68,700Settlement amount paid to Partners: A 16,650; B 17,100; C 8,550Adjustments for General Reserve and Partner’s Loan AccountSAMPLE*Q.6. Pannalal, Babulal and Hiralal were partners sharing profits and losses in the proportion of 2:2:1. Following istheir Balance Sheet as on 31st March, 2008.Balance Sheet as on 31st March, 2008AmountAmountLiabilitiesAssets Capital Account’s:Machinery25,000Pannalal30,000 Stock10,000Babulal10,000 Debtors27,500Hiralal10,000Less: R.D.D.1,50026,000General Reserve3,000 Investment12,000Creditors20,000 Profit & Loss A/c9,000Pannalal’s Loan A/c4,000 Bank2,000Bills Payable7,00084,00084,000On the above date, the partners decided to dissolve the firm:i.Assets were realised: Machinery 22,500; Stock 9,000; Investment 10,500; Debtors 22,500.ii.Dissolution expenses were 1,500.iii.Goodwill of the firm realised 12,000Pass the necessary Journal entries in the books of the firm.[Mar 16]Ans: Realisation Profit 2,000; Total of Journal Proper: 2,72,000Settlement amount paid to Partners: Pannalal 28,400; Babulal 8,400; Hiralal 9,200120
Chapter 06: Dissolution of Partnership FirmAdjustments for Assets & Liabilities taken over by Partners, Outstanding Interest on Loan and Unrecorded ExpensesTENT*Q.7. Mahesh, Suresh and Jayesh were partners of the firm. They decided to dissolve the firm on 31st March,2012. Their Balance Sheet as on that date was as under:Balance Sheet as on 31st March, 2012AmountAmountLiabilitiesAssets Creditors18,000 Cash at Bank9,600Loan4,500 Sundry Assets51,000CapitalsDebtors72,600Mahesh82,500Less: R.D.D.3,60069,000Suresh30,000 Stock23,400Jayesh21,000 Furniture3,0001,56,0001,56,000PLECONThe firm was dissolved as follows:i.Mahesh will accept furniture for 2,000 and agreed to accept the debtors of book value of 60,000 at an agreed value of 51,000.ii.Suresh will accept stock
Std. XII : Commerce Adjustments for Reserve Fund, Partner’s Loan Account, Asset taken over by Partner and Contingent Liability *Q.5. A, B and C were partners sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2010, their Balance Sheet was as follows: Balance Sheet as on 31st March, 2010 Liabilities Amount Assets Amount Sundry Creditors 15400 Cash at Bank 3,500 Bills .
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