MODEL ANSWER OF BOOK KEEPING & ACCOUNTANCY

BOARD PAPER MARCH - 2024

Q.1. A. find odd one
1 Equity shares
2. Bills Payable
3. Noting of bill
4. Sundry Receipts
5. Investment
B. Do you agree or Disagree
1. Disagree
2. Disagree
3. Disagree
4. Agree
5. Agree
C. Select the most appropriate alternative (need to write statements)
1 In case of dissolution, assets and liabilities are transferred to Realisation Account.
2. In the absence of agreement, interest on laon advance by the partner to the firm is
allowed at the rate of 6% p.a.
3. If an asset taken by the partner, Capital account is debited
4. The balance of Capital Account of a retired partner is transferred to his loan
account, if it is not paid.
5. Income expenditure Account is a Nominal Account.
D.
1. Mercantile/ Legal/ Licencsed
2. Partnership deed/ constituition of the firm
3. quick asset/ liquid asset
4. Legal heirs/ Executor/ Legal representative
5. Deficit/ Excess of expenditure over Income.
Q.2. admission
1. General Reserve A/c Dr 3750
To Seeta's Capital A/c 2250
To Geeta's Capital A/c 1500

2. Bank A/c DR 22500

To Reeta's Capital A/c 15000
To Goodwill A/c 7500

3. Goodwill A/c Dr 7500

To Seeta's Capital A/c 4500
To Geeta's Capital A/c 3000

4. Seeta's Capital A/c Dr 2250

Geeta's Capital A/c dr 1500
To Bank A/C 3750

5. Furniture A/c Dr 975

 Building A/c Dr 4500
To revaluation A/c 5475

6. Revaluation A/c Dr 2475

To RDD A/c 300
To Stock A/c 1800
To Machinery A/c 375

7. Revaluation A/c Dr 3000

To Seeta's Capital A/c 1800
To Geeta's Capital A/c 1200
Total 48450 48450

Q.2. Retirement
Profit & Loss Adjustment A/c
Particulars Amt(Rs) Amt(Rs) Particulars Amt(Rs) Amt(Rs)
To Machinery A/c 4800 By Building A/c 6000
To RDD A/c 300 By Stock A/c 11400
To Partners capital A/c
Raj 6150
Rahul 2460
Nitin 3690 12300
17400 17400
Partners capital A/c
Particulars Raj Rahul Nitin Particulars Raj Rahul Nitin
To Goodwill 7500 4500 By Balance b/d 54000 48000 26400
To Rahul's Loan A/c 66660 By General Res 10500 4200 6300
By GoodwillA/c 12000
To Balance c/d 63150 31890 By P/L Adj A/c 6150 2460 3690
70650 66660 36390 70650 66660 36390
Balance sheet as on 1st April, 2020.
Liabilities Amt(Rs) Amt(Rs) Assets Amt(Rs) Amt(Rs)
Captal Accounts Plant & Machinery 48000
Raj 63150 Less: Depreciation 4800 43200
Nitin 31890 95040 Building 60000
Add: Appreciation 6000 66000
Rahul's Loan A/c 66660 Stock 30600
Creditors 30000 Add: Appreciation 11400 42000
Bills Payable 1800 Debtors 25200
Less :RDD 1500 23700
Bank 18600
193500 193500
Q.3. Dissolution
Realisation Account
Particulars Amt(Rs) Amt(Rs) Particulars Amt(Rs) Amt(Rs)
To Sundry AssetsA/c By RDD A/c 3000
Machinery 50000 By Sundry Liabities
 Investment 24000 Creditors 48000
Debtors 55000 Bills Payable 14000 62000
Stock 20000 149000 By Bank A/c
To Bank A/c Machinery 45000
Creditors 48000 Stock 18000
Bills Payable 14000 Investment 21000
Dissolution Exp 3000 65000 Debtors 45000 129000
To Partners capital A/c By Bank A/c 24000
Lal 1600 (Goodwill)
Bal 1600
Pal 800 4000
218000 218000
Partners capital A/c
Particulars Lal Bal Pal Particulars Lal Bal Pal
To P& Loss A/c 7200 7200 3600 By Balance b/d 60000 20000 20000
By G. Reserve 2400 2400 1200
By Realisation A/c 1600 1600 800
To Bank A/c 56800 16800 18400
64000 24000 22000 64000 24000 22000

Bank Account
Particulars Amt(Rs) Amt(Rs) Particulars Amt(Rs) Amt(Rs)
To Balance b/d 4000 By Realisation A/c 65000
To Realisation A/c 129000 By Partners capital A/c
To Realisation A/c 24000 Lal 56800
Bal 16800
Pal 18400 92000

157000 157000

Q.3 . Bill of Exchange In the books of Arvind

Particulars Debit Credit
A) Bank A/c Dr 29800
Bank Charges A/c Dr 200
To Bank for Collection A/c 30000
Alternative answer
A) Bank A/c Dr 30000
To Bank for Collection A/c 30000

Bank Charges A/c Dr. 200

To Bank A/c 200

B) Neena's A/C Dr 25400

To Arun's A/c 25400

C) Jay's A/c Dr 35500

To Bank A/c 35500
D) 1)Sagar's A/c Dr 20000
To Sales A/c 20000
2. Bill Receivable A/c Dr 20000
To Sagar's A/c 20000
e) Cash A/c Dr 16000
Rebate A/c Dr 500
To Bill Receivable A/c 16500

Q.4. Issue of shares

IN THE BOOKS OF MOHINI COMPANY LIMITED
Particulars Debit Credit
1. Bank A/c Dr 440000
To Equity share Application A/c 440000

2. Equity share Application A/c Dr 440000

To Equity share capital A/c 440000

3. Equity share Allotment A/c Dr 660000

To Equity share capital A/c 660000

4. Bank A/c Dr 660000

To Equity share Allotment A/c 660000

5. Equity share first call A/c Dr 440000

To Equity share capital A/c 440000

6. Bank A/c Dr 440000

To Equity share first call A/c 440000

7. Equity share second & final call A/c Dr 660000

To Equity share capital A/c 660000

8. Bank A/c Dr 660000

To Equity share second & final call A/c Dr 660000

TOTAL 4400000 4400000

Q.5. Death of partner

Profit & Loss Adjustment A/c
Particulars Amt(Rs) Amt(Rs) Particulars Amt(Rs) Amt(Rs)
To Land & Building 20000 By Furniture A/c 20000
To RDD 7500 By Partners capital A/c
Suresh 2500
Naresh 2500
Paresh 2500 7500
 27500 27500
Partners capital A/c
Particulars Suresh Naresh Paresh Particulars Suresh Naresh Paresh
To P&L Adj A/c 2500 2500 2500 By Balance b/d 250000 100000 100000
To Suresh Ex Loan A/c255000 By P& L Susp 7500

To Balance C/e 97500 97500

257500 100000 100000 257500 100000 100000
Balance sheet as on 30th June, 2019.
Liabilities Amt(Rs) Amt(Rs) Assets Amt(Rs) Amt(Rs)
Captal Accounts Furniture 150000
Naresh 97500 Add: Appreciation 20000 170000
Paresh 97500 195000 Land & Building 200000
Less: Depreciation 20000 180000
Suresh Executor Loan A/c 255000 Debtors 150000
Sundry creditors 150000 Less: RDD 7500 142500
Cash 100000
P& L Suspense A/c 7500

600000 600000

Q.5. Vertical Income statement

Sales 600000
Less: Cost of goods sold
Opening stock 50000
Purchases 450000
Carriage 20000
Direct expenses 30000
Wages 50000
600000
Less: Closing stock 150000 450000
Gross Profit 150000
Less: Operating expenses
a) Office expenses 62500
b) Selling Expenses 50000
c) Finance Expenses 15000 127500
Net Profit 22500

Q.6. NPO
Income & Expenditure for the year ending 31st March, 2020
Expenditures Amt(Rs) Amt(Rs) Income Amt(Rs) Amt(Rs)
To Drugs 14000 By Visit Fees 20000
Less: stock of drugs 2000 12000 Add: Arrears 4000 24000
To Salaries 24000 By Receipts from Despensary 60000
Add : Outstanding 1000 25000 Add: Arrears 1000 61000
To Rent 12000 By Sundry receipts 10000
Add : Outstanding 2000 14000
To Conveyance 8000
Less: Domestic use -3200 4800
To stationery 1000
To Electrical charges 10000
To Journals 1000
To Depreciation on
Furniture 1280
Equipment 1000 2280
To surplus 24920
95000 95000
Balance sheet as on 31st March, 2020.
Liabilities Amt(Rs) Amt(Rs) Assets Amt(Rs) Amt(Rs)
Capital Fund 50000 Furniture 16000
Add : Surplus 24920 Less: Depreciation 1280 14720
74920 Equipment 20000
Less : Drawings 33200 41720 Less: Depreciation 1000 19000
Stock of drugs 2000
Outstanding expeses Arrears of Visit fees 4000
Salaries 2000 Arrears of Dispensary 1000
Rent 1000 3000 Cash/Bank 4000

44720 44720
Q.7. Final Accounts
AS PER Text .BOOK Profit & Loss account for the year ending 31st March, 2019.
Particulars Amt(Rs) Amt(Rs) Particulars Amt(Rs) Amt(Rs)
To Insurance 30000 By Gross Profit 69000
Less: Pre paid Insurance -7500 22500 By Interest 3000
To Depreciation
Land & Building 9000
Furniture 4000 13000
To salaries 10000
To Export duty 5000
To Interest 2000
Add: Outstanding interest 3000 5000
To Bad debt 2000
Add New RDD 2500 4500
To Net Profit transferred
to parners capital A/c
Mama 6000
Kaka 6000 12000

72000 72000
Balance sheet as on 31st March, 2019.
Liabilities Amt(Rs) Amt(Rs) Assets Amt(Rs) Amt(Rs)
Capital Accounts Land & Building 100000
Mama 106000 Less: Depreciation -9000 91000
 Kaka 106000 212000 Furniture 80000
Less: Depreciation -4000 76000
Bank Loan 60000 Pre paid Insurance 7500
Add: Outstanding Int 3000 63000 Debtors 52000
Bills Payable 16000 Less: Further Bad debt -2000
50000
Less: New RDD -2500 47500
Closing stock 69000

291000 291000

Partners capital A/c

Particulars Mama Kaka Particulars Mama Kaka
By Balance b/d 100000 100000
To Balance c/d 106000 106000 By Net Profit 6000 6000
0 106000 106000 0 106000 106000

ALTERNATIVE Profit & Loss account for the year ending 31st March, 2019.
Particulars Amt(Rs) Amt(Rs) Particulars Amt(Rs) Amt(Rs)
To Insurance 30000 By Gross Profit 69000
Less: Pre paid Insurance -7500 22500 By Interest 3000
To Depreciation
Land & Building 9000
Furniture 4000 13000
To salaries 10000
To Export duty 5000
To Interest 2000
Add: Outstanding interest 1000 3000
To Bad debt 2000
Add New RDD 2500 4500
To Net Profit transferred
to parners capital A/c
Mama 7000
Kaka 7000 14000

72000 72000
Balance sheet as on 31st March, 2019.
Liabilities Amt(Rs) Amt(Rs) Assets Amt(Rs) Amt(Rs)
Capital Accounts Land & Building 100000
Mama 107000 Less: Depreciation -9000 91000
Kaka 107000 214000 Furniture 80000
Less: Depreciation -4000 76000
Bank Loan 60000 Pre paid Insurance 7500
Add: Outstanding Int 1000 61000 Debtors 52000
Bills Payable 16000 Less: Further Bad debt -2000
50000
 Less: New RDD -2500 47500
Closing stock 69000

291000 291000

Dr Partners capital A/c Cr

Particulars Mama Kaka Particulars Mama Kaka
By Balance b/d 100000 100000
To Balance c/d 107000 107000 By Net Profit 7000 7000
0 107000 107000 0 107000 107000