50 Book Keeping & Accountancy – Important Question Bank for Madhya Pradesh HSSC 12th (HSC) Board Exam 2018

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1.Define debentures? Write types of debentures?
2. Write difference between share and debentures?
3. Write characteristics of debentures?
4. What is meant by analysis of financial statement?
5. Explain the importance of analysis of financial statement?
6. What do you mean by cash flow statement? Explain any four objectives of preparing cash flow statement?
7. Explain the differences between cash flow statement and fund flow statement?
8. Write importance of cash flow statement?
9. What do you mean by goodwill? Explain various methods of valuation of goodwill with example?
10. Describe five characteristics of goodwill?
11. Explain causes of origin of goodwill?
12. Distinguish between revaluation account and realisation account?
13. Explain the current ratio and liquid ratio?
14. What do you mean by Liquidity Ratio? What is the Ratio Calculated in it?
15. Write differences between fixed capital and fluctuation capital?
16. What do you mean by consignment? Write characteristics of it?
17. Distinguish between consignment and sale?
18. What are non-cash items?
19. What do you mean by preference share? Give the characteristics and types of preference shares?
20. Write difference between equity shares and preference shares?
21. Under what heading the following items are shown in balance sheet of the company:
a. Goodwill

b. Unclaimed dividend
c. Provision for tax
d. Securities premium a/c. Loose tools.
22. What is partnership? Write characteristics of partnership?
23. Explain the procedure of forfeiture of shares in brief?
24. Discuss the methods of redemption of debentures?
25. R, S and HY are partners in a firm on 1 st Jan. 2000; their capital was Rs. 20,000, Rs. 10,000 and Rs. 5,000. Interest provided @ 4% on partner’s capital. H is to receive Rs. 500 p.a. as salary. After deducting interest and salary first Rs. 1000 of the profit is to be distributed in the ratio of 9: 7: 4, further Rs. 1000 in the ratio of 9: 6: 5 and remaining amount to be  distributed equally, on 31 st Dec, 2000 the years profit was Rs. 4,500 before deducting interest and salaries. Prepare profit and Loss A/c and Capital Account of the partners.
26. Balbir of Mumbai consigned 25 electric fans at a cost of Rs. 400 per fan to their agent Amirchand of Agra. The invoice price is 20% more than cost price. He paid Rs. 100 for
packing charges, Rs. 50 for freight and Rs. 250 for insurance. 5 fans were lost in transit and the Insurance Co. accepted the claim including proportionate expenses. The consignee paid Rs. 80 for Octroi and sold 18 fans for Rs. 9,180. He paid 1% Brokerage and Rs. 120 for selling expenses. It was agreed to pay to the agent 5% commission on the invoice price and 10% commission on excess price of goods sold. The agent remitted a Bank draft of the balance with the Account sale. It was reported by the agent that the cost of repairing one damaged fan will be estimated to Rs. 50. Prepare the following Accounts in the book of consigner – Agra consignment account.
27. 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.
28. X and Y are partners 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.
29. 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.
30. Ankit and Rahul are partners who divide profit in ratio of 3/5, 2/5 respectively. Their balance sheet is as under :-
Balance Sheet

LiabilitiesAssets
Creditor2500Cash Balance500
Capital a/cDebtors2000
Ankit 8000Stock3500
Rahul 350011500Machinery4500
Building3500

They admitted Sumit 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 prepares Revaluation account and partners
capital account.

31. Kuldeep has 300 share of Rs. 10 each of Suneeta Limited which was 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.
32. X Ltd. Purchased 500 Equity Share of Rs. 10 each of payable as Rs. 2 on Application Rs. 3 on Allotment and 5 on Calls. He failed of pay allotment and calls money and therefore the company forfeited his shares make necessary entries in the books of company.
33. Tripti Limited redeemed the 2000, 15% debenture at 25% premium by converting them into equity shares of Rs. 10 each debentures were originally issued at a discount of 25% make necessary journal entries.
34. R. Ltd. Purchased a machinery from Neelam Traders worth Rs. 39,600/- which payment made by shares of Rs. 10 each. Make Journal entries in are following condition – (i) When Shares are issued at 10% premium. (ii) When Shares are issued at 10% discount.
35. Anand and Sohal are partners in a firm and their capital are Rs. 80,000 and Rs. 60,000 respectively. The Creditors are Rs. 45,000. The assets of the firm realised Rs. 95.000. Prepare realisation account, partners capital account and bank account.
36. A company issued 10000 equity shares of Rs. 100 each at a premium of Rs. 10. The entire amount due were received with premium at the time of application. Pass necessary entries.
37. Kanti Ltd. issued 4000, 13% debentures for Rs. 100 each. Make Journal Entries in the books of the company, if Debentures are issued at 10% discount and received the amount.

38. Average profit of a firm is Rs. 60000 and the rate of capitalisation is 12%. Sundry assets and liabilities of a firm are Rs. 650000 and Rs. 200000 respectively. Calculate goodwill by super profit capitalization method.
39. The following information was extracted from the trial balance of a company.

Equity share capital (10000 equity share of Rs. 10 each) – 100000 ,

10% Debentures – 50000
Creditors – 15000
Proposed dividend – 10000
You are required to draw up the liabilities side of balance sheet of the company according to requirement of the companies Act.
40. Harsit & Richa are partners of a firm and they share their profits & losses in the ratio of 4:3. They decided to dissolve the partnership firm on that date Harshits capital was Rs. 65000 and Richas  capital was Rs. 35000. Creditors were Rs.15000 and cash was Rs. 1270. For the remaining assets other than cash Rs.109000 was realized. Dissolution expenses were Rs. 1250. Prepare Balance Sheet on the date of dissolution and also prepare realization account.
41. Given –
 Current Ratio = 2.8
 Liquid Ratio = 1.5
 Working Capital = 162000
Find out –
 Current Assets.
 Current Liabilities.
 Liquid Assets.
42. Calculate cash from operation from the following information –

Particulars20042005
Stock7000050000
Debtors3000024000
Creditors3500029000
Outstanding expenses25003500
Bills payable3000018000
Accured income80009000
Profit and loss account7500090000

43. Soniya ltd. issued 4000, 6% debentures of Rs. 100 each payable Rs. 10 on application Rs. 30 on allotment and Rs. 60/- per debenture on call assuring that all the money were duly received draw up necessary journal entries in the books of company.
44. The authorized capital of a company is Rs. 3, 00,000 which is divided in to 1000, 12% preference shares of Rs. 100 each and 20,000 equity shares of Rs. 10 each out of these shares 800 12% preference, share and 16000 equity shares are issued on the condition that full Amount of these shares will be paid on application all these share were taken up and paid by  public pass the necessary journal entries in the books of company.
45. Prepare comparative income statement from the following particulars for the year ended 31 march 2008 and 31 march 2009 –

Particular20082009
Net sales1500020000
Cost of goods sold80009000
Administration and office expense10001000
Selling and distribution expense8001000
Non-operating expense200300
Non-operating income400300
Income tax12501500

46. Calculate Net Cash flow from operating Activities by Indirect method from following
informations:

Net Profit7500
Salaries5000
Dep. On plant1800
Loss on sale of plant700
Interest received2500
Profit on sale of investment2500
Increase in current liabilities20000
Increase in current assets10000

47. A and B decided to dissolve their business on 31 Dec. 2007 on that date their
balance sheet stood as follows –

LiabilityAssets
Creditor12000Cash200
A’s loan160000Debtors10000
Capital a/cStock40000
A- 40000
B- 20000
60000Plant20000
Fixtures8000
Goodwill8000
8800088000

Partner sharing profits & losses in the ratio of capital sundry debtor realised Rs 7400, stock Rs. 37000, plant & fixture realized 80% of their book value and goodwill realized
Rs 12000 creditors paid off at 5% discount and cost of dissolution amended to Rs. 1200. Prepare the realization a/c and partner capital a/c?
48. Banarsidas sends out a consignment to indorilal of the value of Rs. 5000 and drawing a bill on the later for Rs. 4000 as on advance against the same. Banarsidas
also pay Rs.475 forfreight and Rs. 125 other expenses. Indorilal clears the goods by paying Rs. 250 for octroi and cartage he sales on credit half the goods for Rs. 4200
and half of the remaining is sold of cash at Rs. 2000.Indorilal gets 2.5 commission on gross proceeds prepare consignment A/c?
49. On 1.4.2015, J.K. Ltd. issued 8,000, 9% debentures of < 1,000 each at a discount of 6%, redeemable at a premium of 5% after three years. The company closes its
books on 31st March every year. Interest on 9% debentures is payable on 30th September and 31st March every year. The rate of tax deducted at source is 10%.
Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31.3.2016?
50. From the following data calculate funds from operations –

Particular31-3-200831-3-2009
P/l appropriation a/c900012000
General reserve60007500
Good will30001500
preliminary expenses18001200
provision for depreciation30003600
proposed dividend10002000

(6)  1000 2000

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