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Free Practice Questions for Maharashtra HSC Bookkeeping & Accountancy

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Exam Review

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 review concepts for the Maharashtra HSC Bookkeeping & Accountancy exam. 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 Exam

Maharashtra HSC Book-Keeping and Accountancy under MSBSHSE covers Class 12 commerce accounting aligned to Balbharati Standard XII and board subject code 50. Core themes include partnership fundamentals and final accounts with appropriations and year-end adjustments; not-for-profit Receipts and Payments and Income and Expenditure accounts; admission, retirement, and death of partners including goodwill and revaluation; dissolution and realisation; bills of exchange lifecycle; company share issues, calls, forfeiture and reissue; analysis of financial statements and accounting ratios; and computerised accounting concepts. Official assessment is typically a ~3-hour theory paper for 80 marks plus 20 internal/project marks, with about 35% required to pass. This free local bank provides English four-option MCQs with real numerical practice; pair it with Balbharati textbooks, full practical problems, and official papers via mahahsscboard.in.

Exam sponsor: Maharashtra State Board of Secondary and Higher Secondary Education (MSBSHSE), Pune. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Maharashtra Higher Secondary Book-Keeping and Accountancy is an HSC (Class 12) theory subject under MSBSHSE, Pune (subject code 50). Official logistics commonly describe about 3 hours of written theory work for 80 marks, with 20 marks internal assessment / project, for a 100-mark subject total. Qualifying typically requires about 35% in the subject. Syllabus centres on Balbharati Standard XII Book-Keeping and Accountancy: partnership introduction and final accounts; accounts of not-for-profit concerns; reconstitution (admission, retirement, death); dissolution of partnership firm; bills of exchange; company accounts — issue of shares; analysis of financial statements; and computer in accounting. English/Marathi medium materials are typical; this practice bank is an English-language MCQ study adaptation. Confirm current syllabus and circulars on mahahsscboard.in.

Time Limit

3 hours

Passing Score

35%

Exam / Certification Fees

As notified by MSBSHSE and paid through affiliated junior colleges for regular and private/improvement sittings (no single fixed public subject fee for all categories).

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

~14% of this local bank

Partnership Final Accounts

Partnership basics, appropriations, Trading and P&L, Balance Sheet adjustments.

~10% of this local bank

Not-for-Profit Concerns

Receipts & Payments, Income & Expenditure, subscriptions, capital receipts.

~12% of this local bank

Admission of a Partner

Sacrificing ratio, goodwill, revaluation, capital adjustments.

~10% of this local bank

Retirement of a Partner

Gaining ratio, goodwill, settlement of retiring partner.

~8% of this local bank

Death of a Partner

Profit share to date of death, goodwill, executor’s account.

~12% of this local bank

Dissolution of Partnership

Realisation account, liability settlement, insolvency basics.

~10% of this local bank

Bills of Exchange

Acceptance, discounting, endorsement, dishonour, noting.

~12% of this local bank

Company Accounts — Shares

Issue, calls, oversubscription, forfeiture, reissue.

~8% of this local bank

Analysis of Financial Statements

Comparative analysis and accounting ratios.

~4% of this local bank

Computer in Accounting

Computerised accounting features, benefits, limitations.

Preparing for the Maharashtra HSC Bookkeeping & Accountancy Exam

What You Need to Know

  • Passing score: 35%
  • Assessment: Maharashtra Higher Secondary Book-Keeping and Accountancy is an HSC (Class 12) theory subject under MSBSHSE, Pune (subject code 50). Official logistics commonly describe about 3 hours of written theory work for 80 marks, with 20 marks internal assessment / project, for a 100-mark subject total. Qualifying typically requires about 35% in the subject. Syllabus centres on Balbharati Standard XII Book-Keeping and Accountancy: partnership introduction and final accounts; accounts of not-for-profit concerns; reconstitution (admission, retirement, death); dissolution of partnership firm; bills of exchange; company accounts — issue of shares; analysis of financial statements; and computer in accounting. English/Marathi medium materials are typical; this practice bank is an English-language MCQ study adaptation. Confirm current syllabus and circulars on mahahsscboard.in.
  • Time limit: 3 hours
  • Exam / certification fees: As notified by MSBSHSE and paid through affiliated junior colleges for regular and private/improvement sittings (no single fixed public subject fee for all categories). Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

Maharashtra HSC Bookkeeping & Accountancy: Suggested Study Strategy

1Always prepare working notes for adjustments (closing stock, outstanding/prepaid, depreciation, RDD, interest on capital/drawings) before final accounts.
2Memorise ratio formulas: sacrificing = old − new; gaining = new − old; current ratio = CA/CL; quick ratio = (CA − stock − prepaid)/CL.
3For admission/retirement/death, settle revaluation and reserves in the old ratio before applying new ratios.
4On share issues, track application → allotment → calls separately and compute forfeited amount as money received less reissue discount.
5After MCQ concept checks, write full practical problems under ~3-hour timing using MSBSHSE past papers and Balbharati exercises.

Frequently Asked Questions

How is Maharashtra HSC Book-Keeping and Accountancy officially examined?

Book-Keeping and Accountancy is examined under the Maharashtra Higher Secondary Certificate Examination as a Class 12 theory subject (MSBSHSE subject code 50). Logistics commonly describe about 3 hours of written theory work for 80 marks, plus 20 marks internal assessment / project, for a 100-mark total. Papers typically mix objective items, short theory, and practical problems. Candidates generally need about 35% in the subject to pass. Confirm the year’s syllabus, timetable, and circulars on mahahsscboard.in.

Is this practice bank the same format as the official HSC Book-Keeping paper?

No. Official MSBSHSE HSC Book-Keeping papers mix objective items with written practical problems and theory (and internal/project work). This bank is an English-language multiple-choice study adaptation for concepts and calculations only — not an official translation, blueprint replica, or full practical-paper simulation.

What syllabus does this bank follow?

It is aligned to Maharashtra HSC / Class 12 Book-Keeping and Accountancy under MSBSHSE and Balbharati Standard XII themes: partnership final accounts; not-for-profit concerns; admission, retirement, and death of a partner; dissolution; bills of exchange; company accounts — issue of shares; analysis of financial statements; and computer in accounting. Always confirm the current Balbharati/MSBSHSE syllabus for your year.

What is the pass mark for Maharashtra HSC Book-Keeping and Accountancy?

MSBSHSE commonly requires a minimum of about 35% in each subject (including Book-Keeping and Accountancy) out of the full 100-mark total with theory and internal components as applicable. Always verify the current Higher Secondary notification for your sitting.

What is the official subject code for HSC Book-Keeping and Accountancy?

MSBSHSE lists Book Keeping & accounts as subject code 50 in the HSC general subject codes scheme (see mahahsscboard.org/hscsub.htm and official question-paper listings). Confirm against your college subject registration and admit card.

Where should I check official syllabus, papers, and results?

Use the MSBSHSE site at mahahsscboard.in for circulars and question papers, mahahsscboard.org/hscsub.htm for subject codes, Balbharati digital textbooks (e.g. books.ebalbharati.in/pdfs/1203020425.pdf), and your divisional board portals for results and hall tickets.