HSC Accounts March 2020 Board Paper With Solution | Aster Classes

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: 


(1) Answer: Rs. 90,000
(2) Answer: 1881
(3) Answer: 5:2
(4) Answer: at discount
(5) Answer: 14th August, 2016 

(D) State whether the following statements are True or False: 


(1) Answer: False
(2) Answer: True
(3) Answer: False
(4) Answer: False
(5) Answer: True

(E) Prepare a format of Bill of Exchange from the following information. (5) 

Solution: 

Q.2. single entry

ADMISSION OF PARTNER

BILLS OF EXCHANGE

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