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100+ Free Maharashtra HSC Bookkeeping & Accountancy Practice Questions

Maharashtra Higher Secondary Certificate (HSC / Class 12) Book-Keeping and Accountancy under the Maharashtra State Board of Secondary and Higher Secondary Education (MSBSHSE), Pune — subject code 50 practice questions are available now; exam metadata is being verified.

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2026 Statistics

Key Facts: Maharashtra HSC Bookkeeping & Accountancy Exam

3 hours

Typical Maharashtra HSC Book-Keeping theory paper duration

MSBSHSE HSC exam pattern reporting for commerce subjects including Book-Keeping

35%

Common minimum passing floor per HSC subject under MSBSHSE

Maharashtra HSC pass-mark practice (~35% each subject)

80 + 20

Common theory + internal/project mark split for HSC Book-Keeping (code 50)

Maharashtra HSC subject-wise mark distribution reporting

Subject code 50

Official MSBSHSE HSC subject code for Book Keeping & accounts

MSBSHSE HSC general subject codes (mahahsscboard.org/hscsub.htm)

Mixed written paper

Official Book-Keeping papers mix objective, theory, and practical items — not pure MCQ

MSBSHSE HSC Book-Keeping paper-pattern summaries

English MCQ adaptation

This free local bank is not the official Higher Secondary paper format

OpenExamPrep practice policy

Maharashtra MSBSHSE HSC Book-Keeping and Accountancy (code 50) is a Class 12 public-exam theory subject of about 3 hours (commonly 80+20) with ~35% pass floor, covering Balbharati partnership, NPO, reconstitution, dissolution, bills, shares, and ratios — not a pure MCQ board paper. This free 2026 bank is an English MCQ study adaptation for concept and calculation fluency.

Sample Maharashtra HSC Bookkeeping & Accountancy Practice Questions

Try these sample questions to test your Maharashtra HSC Bookkeeping & Accountancy exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the classic limits taught with the Indian Partnership Act framework in Balbharati Std XII, the maximum number of partners in a banking business is:
A.10
B.20
C.50
D.Unlimited
Explanation: Textbook treatment of partnership formation limits banking partnerships to a maximum of 10 partners, while non-banking partnerships were limited to 20 under the older company-law ceiling commonly tested at this level.
2In the absence of a partnership deed, interest on partners' capital is allowed at:
A.6% p.a.
B.8% p.a.
C.12% p.a.
D.Nil
Explanation: When no partnership deed exists (or the deed is silent), the Indian Partnership Act, 1932 does not allow interest on capital. Partners share profits equally and interest on capital is nil unless agreed.
3In the absence of a partnership deed, interest on a partner's loan to the firm is allowed at:
A.Nil
B.6% p.a.
C.9% p.a.
D.12% p.a.
Explanation: Under the Indian Partnership Act, 1932, if the deed is silent, a partner who advances a loan is entitled to interest at 6% per annum on that loan.
4A, B and C are partners sharing profits equally. Net profit before interest on capital is Rs 90,000. Interest on capital: A Rs 12,000; B Rs 9,000; C Rs 6,000. Divisible profit among partners is:
A.Rs 90,000
B.Rs 63,000
C.Rs 27,000
D.Rs 72,000
Explanation: Interest on capital is an appropriation. Total interest = 12,000 + 9,000 + 6,000 = 27,000. Divisible profit = 90,000 - 27,000 = Rs 63,000, shared equally Rs 21,000 each.
5Partners X and Y share profits 3:2. Drawings of X are Rs 40,000 during the year. Interest on drawings is charged at 10% p.a. Assuming drawings evenly throughout the year (average period 6 months), interest on drawings of X is:
A.Rs 4,000
B.Rs 2,000
C.Rs 1,000
D.Rs 3,000
Explanation: When drawings are assumed evenly over the year, average period is 6 months. Interest on X's drawings = 40,000 x 10% x 6/12 = Rs 2,000.
6Closing stock is shown at Rs 45,000. It is undervalued by 10%. The correct value of closing stock for final accounts is:
A.Rs 40,500
B.Rs 49,500
C.Rs 50,000
D.Rs 45,000
Explanation: If stock is undervalued by 10%, the given figure is 90% of true value. True value = 45,000 x 100/90 = Rs 50,000.
7Gross profit is Rs 1,20,000. Salaries Rs 30,000, rent Rs 12,000, bad debts Rs 3,000, interest on capital Rs 15,000, commission to partner (charge against profit) Rs 5,000. Net profit transferred to Profit and Loss Appropriation is:
A.Rs 75,000
B.Rs 70,000
C.Rs 55,000
D.Rs 60,000
Explanation: Business expenses: salaries 30,000 + rent 12,000 + bad debts 3,000 = 45,000. After expenses: 1,20,000 - 45,000 = 75,000. Partner commission Rs 5,000 as a charge gives net profit to Appropriation = 75,000 - 5,000 = Rs 70,000. Interest on capital is an appropriation, not deducted to arrive at net profit.
8Under the fixed capital method:
A.Capitals change only for permanent capital introduced or withdrawn
B.All profits and drawings pass only through capital accounts
C.Current accounts are never used
D.Capitals are revalued every month
Explanation: Under the fixed capital method, partners' capital accounts stay fixed except for permanent additional capital or permanent withdrawals. Drawings, interest, salary, and share of profit are usually passed through current accounts.
9Trading Account credit side includes sales Rs 5,00,000 and closing stock Rs 80,000. Debit side: opening stock Rs 60,000, purchases Rs 3,20,000, wages Rs 40,000, carriage inward Rs 10,000. Gross profit is:
A.Rs 1,50,000
B.Rs 1,70,000
C.Rs 1,30,000
D.Rs 1,90,000
Explanation: Debit total of Trading A/c = 60,000 + 3,20,000 + 40,000 + 10,000 = 4,30,000. Credit total = 5,00,000 + 80,000 = 5,80,000. Gross profit = 5,80,000 - 4,30,000 = Rs 1,50,000.
10Provision for doubtful debts is to be maintained at 5% on debtors of Rs 80,000. Existing provision is Rs 3,000. The amount debited to Profit and Loss Account is:
A.Rs 4,000
B.Rs 1,000
C.Rs 3,000
D.Rs 7,000
Explanation: Required provision = 5% of 80,000 = Rs 4,000. Existing provision Rs 3,000. Additional charge = 4,000 - 3,000 = Rs 1,000 debited to P&L.

About the Maharashtra HSC Bookkeeping & Accountancy Practice Questions

Verified exam format metadata for Maharashtra Higher Secondary Certificate (HSC / Class 12) Book-Keeping and Accountancy under the Maharashtra State Board of Secondary and Higher Secondary Education (MSBSHSE), Pune — subject code 50 is pending. The practice questions above remain available while official exam length, timing, passing score, fee, and administrator details are reviewed.