Book Keeping & Accountancy (50) March 2020 Board Paper with Solution.
Q.1. Attempt any Three of the Following sub-questions:
(A) Answer the following questions in only ‘one’ sentence each. (5)
(1) Answer: The person who draws or makes the bill of exchange is called the drawer. He is the creditor. He will receive the money from the debtor.
(2) Answer: Dissolution means termination of the existing relationship between the partners of a firm. It means that the business will come to an end and the firm will wind up its business.
(3) Answer: A balance sheet is a statement showing the financial position of the firm at a particular date.
(4) Answer: A statement which shows inflow and outflow of cash and cash equivalents from operating, investing and financing activities during a specific period.
(5) Answer: Capital Receipts are those receipts which are non – recurring in nature and not forming a part of regular flow of income of a concern. E.g. specific donation received for construction of a building.
(B) Write a word / term / phrase as a substitute for each of the following statements: (5)
(1) Answer: Dissolution Expenses / Realization Expenses (2) Answer: Gross Profit Ratio (3) Answer: Legacies (4) Answer: Nominal partner. (5) Answer: Retirement of Bill of Exchange
(C) Select the most appropriate alternative from the choices given below and rewrite the statements: