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After the tremendous success of our last year Important Question Bank for Madhya Pradesh HSSC (HSC) Board Exam 2016, we have also created a list of Most Important Question Bank for Madhya Pradesh HSSC 12th (HSC) Board Exam 2017 which are likely to appear in HSC Board Exams this year.
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1.Differentiate between revaluation account or revaluation account.
2. Richa company issued 2500 equity share of Rs. 100 each as following : Rs. 20 on application Rs. 30 on allotment (including Rs. 10 as premium) and balance on all made one month after allotment. All money was received.
Pass Journal entries in the books of company.
3. K. S. and R are partner sharing profit and losses in the ratio 3 : 2 : 1 on 31st march 2013. Their Balance Sheet was as following :-
The Firm was dissolved on 1st April 2013 :-
(i) There was a Joint life policy of Rs. 30,000. The policy was surrendered for Rs. 7500.
(ii) The assets were realised as under. Stock Rs. 23,000, Goodwill Rs. 6,000, Debtors 60% of the book value, Machinery Rs. 45,000.
(iii) Liabilities were paid in full.
(iv) The expenses on realisation amounted Rs. 200. Prepare realisation account.
4. Differentiate between Equity Shares and
5. Harshit limited issued 10,000 share of Rs. 10 each at a discount of Rs. 1 per share, payables Rs.2 per share on application. Rs. 3 per share on allotment and the balance on call. Assuming that all the money were duly received, Pass necessary Journal entries in the books of company.
6. Kuldeep has 300 share of Rs. 10 each of Suneeta Limited which ware issued on 10% Discount. He paid Rs. 2 per share on application but could not pay allotment amount Rs. 3 and first all amount of Rs. 2 per share. His shares were forfeited pass journal entries in the book of company.
7. Rearrange the following items under three head
i) Fixed assets
ii) Current assets
iii) Loan and advances
Loose tools, Goodwill, Bills receivable, Debtor furniture, land, Trade, Stock, vehicle, cash at Bank plant
8. Write any five conditions in which a partner can take retirement from the firm.
9. Ankit and Rahul are partners who divide profit in ratio of 3/5, 2/5 respectively. Their balance sheet is as under :-
They admitted Summit as a partner subject to the following conditions :-
(i) Value of Building is to be a appreciated by Rs. 1500.
(ii) Value of machine is to be depreciated by Rs. 1000.
(iii) Good will account is to be opened in the book of new firm for Rs. 2000.
(iv) Sunil will bring required capital for 1/5th. Share prepare Revaluation account and partner’s capital account.
10. Explain the following using item of assets side :-
(i) Fixed Assets (ii) Investment
11. Mahakali Drug House, Mumbai consigned 35 boxes of medicine to Subhash Drug house Raipur at an Invoice price Rs. 8400 Which was 10% more than the actual cost Price and Paid Rs. 700 for bright. In transit 5 boxes used last and Railway company paid Rs. 1000 for the loss. The consignee took the delivery of the remaining boxes and incurred Rs. 420 for expenses. The consignee sent intimation the sale of 25 boxes for on 7500. The selling expenses incurred by them amounted Rs. 600. They are entitled to a commission 5% of gross sales. Prepare consignment account
12. Discuss the five characteristics of Goodwill.
13. Distinguish between consignment and sale.
14. X and Y are partner in a firm. Their profit sharing ratio is 3 : 2. They make R as a new partner for 1/4 share. Give new profit distribution.
15. What are the items included in cash flow term investment activities?
16. Write a short note on profitability Ration.
17. Write any four objective of fund flow statement
18. Calculate current ratio from the following :-
19. Mention the item of sources of fund.
20. Mehta limited issued 10,000/-, 15% debenture of Rs. 50 each with Rs. 10 premium. The amount payable on application is Rs. 20 and remaining on allotment with premium. Write necessary entries in the Journals book of companies.
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