Account– Important Question Bank for Karnataka Intermediate II PUC (HSC) Board Exam 2017

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After the tremendous success of our last year Important Question Bank for Karnataka 12th std  PUC HSC Board Exam 2016, we have also created a list of  Most Important Question Bank for Karnataka Intermediate II PUC (HSC) Board Exam 2017 which are likely to appear in HSC Board Exams this year.

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1.write the pro-forma of vertical balance sheet of a joint stock company with appropriate heads.

2. Prepare machinery account for two years under original cost method with imaginary figures

3. Prepare executor’s loan account with imaginary figure, showing the repayment in two annual equal instalments along with interest

4. Prepare the common size income statement of two years with five imaginary figures

5. Classify the following into capital receipts, capital expenditure, revenue receipts and revenue expenditure

  1. Rent received
  2. Life membership fees
  3. Honorarium paid to the secretary
  4. Locker rent paid
  5. Prize amount received from a lottery

6. Following is the receipt and payment account of Sharada Education trust, Ramanagar, commenced on 01.01.2013

Adjustments

Salary outstanding Rs.6,500

Subscription received in advance Rs. 4,000 and subscription due Rs. 7,000.

Depreciate furniture at 10%

Depreciate books by Rs 5,000

Sports materials were valued on 31.3.14 at Rs. 6,200

Govt. Grant are to be considered as revenue

Prepare (i) income and expenditure account and (ii) balance sheet as on 31.3.2014

7. From the following receipts and payments account of Adarsha Hospital which was newly started on 1.4.13 and the adjustments given below prepare income and expenditure A/c and the Balance sheet as on 31.3.14

Adjustments

Donations are to be capitalised

The government securities represent investment of the endowment fund

Outstanding subscriptions Rs. 2,000

Outstanding interest on government securities Rs 7000.

Office expenses outstanding Rs. 200

Depreciate instruments and equipments at 20% and furniture at 10%

Stock of medicines as on 31.2.14 Rs 700

8. Following are the balance sheet and receipts & payments account of Mercury Sports Club, Madikeri

Adjustments

Rent due on 31.3.14 was Rs. 1,500

Subscription due for 2013-14 was Rs 6,500

Subscription received in advance for 2014-15 was Rs 4,000

Capitalise half of entrance fees & entire donations,

Depreciates sports equipment & furniture by 10% each.  Prepare income and expenditure A/c & balance sheet as on 31.3.14

9. From the following particulars, prepare the Machinery A/c and Depreciation A/c for 4 years, closing the accounts every years on 31st March

‘A’ machine bought at a cost of Rs. 50000 on 1.4.10

‘B’ machine purchased for Rs. 30,000 on 1.10.11

‘A’ machine sold for Rs. 35,000 on 30.9.12

‘C’ machine bought for Rs. 40,000 on 1.4.13

Depreciation is charged at 10% p.a on original cost method

10. On 1.4.10 a firm acquired a lease costing Rs. 50,000 for a term of four years. It was proposed to depreciate it on the annuity method. Charging interest at 6% p.a with reference to the annuity table, to write off Rs. 1 at 6% over a period of four years, the amount to be charged is 0.288591.

Show the lease account and interest account for all four years

11. Indus limited has a nominal capital of Rs.5,00,000 divided into equity shares of Rs. 10 each. Of these, 40,000 shares were issued to public. The amount was to be paid as follows:

Rs 3 on application

Rs 2 on Allotment

Rs. 3 on first call and

Rs. 2 on final call

All the shares were subscribed and the money was duly received except the first and final call on 600 shares. The directors forfeited above shares and reissued that at Rs. 7 each as fully paid up

Pass necessary journal entries in the book of the company

12. Ganga,Yamuna and saraswathi are partners of a firm, sharing profit in the ration 5: 3: 2 with capitals of Rs. 1,00,000; 60,000 and 40,000 respectively. According to the partnership deed, they are entitled for the following;

a) interest on capital @ 12% p.a

b) interest on drawings @ 10% p.a

c) Yamuna is allowed a salary Rs. 1000 p.m

drawings of the parents during the year amounted to 16,000, 14,000 and 10,000 respectively and interest on drawings being 1600, 1400 and 1000 respectively

the profits for the year amounted to Rs 45,000. Prepare profit and loss appropriation A/c

13.  Surya and Chandra are partner sharing profit in the ratio 7:3. They admit Taara in to partnership. Surya agrees to surrender ½ of his share and Chandra aggress to surrender ¼ of his share in favor of Taara. Calculate New Ration of Partners.

14. Rajesh, Suresh, and Umesh are partners sharing profits and losses in the ratio of 4:3:2. Rajesh retires, Suresh and Umesh share the future profits equally. Calculate the gain ratio.

15. Mr. Krish, a partner has drawn the following amounts during the year 13-14:

Rs 3,000 on 31.5.13

Rs 2,000 on 1.9.13

Rs 4,000 on 30.11.13

Calculate his interest on drawing @ 10% p.a under product method, up to the yare ending 31.3.14

16. Amar, Akbar and Anthony are partners sharing profits and losses in the ration of 5:3:2. Akbar retires from business. His share is gained by Amar and Anthony in the ratio of 2:1. Calculate their new profit sharing ratio.

17. Bring out the difference between the Reserves and the Provision

18. Define partnership

19. State any two causes of deprecation

20. What is meant by fixed capital system?

21. What is oversubscription?

22. What is capital fund?

23. Mention any two types of information

24. Give any two examples for “Revenue Reserves”.

25. Mention any four contents of a partnership deed.

26. What is Gain Ratio?

27. What do you mean by ‘calls-in-arrears’?

28. Write the meaning of ‘unclaimed dividend’.

29.  What is ‘Provision’?

30.What is ‘Fluctuating Capital Method’?

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