Accountancy – Important Question Bank for Bihar Class 12 Intermediate (HSC) Board Exam 2017

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Bihar – Accountancy Important Question Bank 2017

Q1. On 1.4.2015 assets of the club were as follows:

Land & Building                                                                           2,00,000

Furniture                                                                                        25,000

Cash in hand                                                                                  15,000

Subscriptions Outstanding/Receivable                       30,000 Liabilities as on1.4.2016

Bank overdraft                                                                             10,000

Outstanding Salary                                                                      15,000

Find out Capital Fund

Q2. From the following receipts & payments A/c of a Club, prepare an income & expenditure A/c for the year ended on 31^st December 2015

a) Rs. 19,250 was due as subscription for the year 2015

b) Outstanding salaries amounted to Rs. 14,000

c) Equipment were to be depreciated @ 25%

Q3. From the following receipts and payment account of Rose Club, prepare Income and Expenditure account of the year ended 31 December 2015, and Balance sheet as on that date.

a) subscription due for 2015 Rs. 450 and subscription received in advance for 2016 Rs 175.

b) Insurance Premium due Rs. 25

c) 50% of donation is to be capitalized

d) Entrance Fee are to be treated as revenue income.

e) 8% interest has accrued on investment for five months

f) billiard table was purchased last year costing Rs. 15,000 and Rs. 11,000 were paid for it

Q4. Receipt and payment account of Maitree Club for the year ended March 31^st 2015, show that the subscriptions received were Rs. 25,000. Additional information are as follows”

                                                              1-4-2014                 31-3-2015 

Outstanding subscription                Rs. 5,000                 Rs. 3,500

Subscription received in advance      Rs. 2,500                 Rs. 3,000

Ascertain the amount of income from subscriptions for the year 2014-15 and show how relevant items of subscriptions appear in opening and closing balance sheets.

Q5. A, B and C are equal partners. Their fixed capitals as on 1^st April 2014 were: A Rs, 10,000, B Rs. 20,000 and C Rs. 30,000. Profits for the year 2014-15 amounting to Rs. 12,000 were distributed. Give the necessary Journal entry if interest on capital was credited @ 10% p.a. instead of 12% p.a.

Q6.  Somi and Shreya is partner in a firm, sharing profits in the ratio of 3:2. Their capitals as a at 1^st April 2014 were Rs. 21000 and Rs. 15,000 respectively. The partnership deed provides interest on capital @10% p.a. The profit of the firm before interest for the year ended 32st March, 2015 is Rs. 3,000. Show the distribution of profits

Q7. x,y and z are partner in a firm in the ration 3:2:1. On 1^st April 2015 they decide to share the profits in future in the ration of 7:5:4. On this date General Reserve is Rs. 76,000 and profit on revaluation of assets and liabilities being Rs. 68,000. It was decided that adjustment should be made without altering the figures in the balance sheet. Make adjustment by one single journal entry.

Q8. Explain Accounting treatment of goodwill on retirement of a partner

Q9. What is Joint Life Insurance Policy? How is the treatment of Joint Life Insurance Policy on Retirement of a partner?

Q10. How and in what circumstances can a firm be dissolved?

Q11. Give the Journal entries of accounting treatment on dissolution of firm.

Q12. They decided to dissolve partnership on this date and the assets, with the exception of the investments and cash, were sold for Rs. 34,500. The investments, the market value of which at the date of the balance sheet was Rs. 11,000, were taken over at that amount by Y; who also agreed to discharge the Bank loan. The expenses of winding up were Rs. 550, the creditors were paid Rs. 2,515 in full settlement.

You are required to prepare the Realization A/c, cash A/c and partners’ Capital A/cs.

Q13.  The Roshan Co. Ltd., which has been registered with an authorized capital of Rs. 30,00,000 dividend into 2,00,000 equity shares of Rs. 10 each and 10,000 preference shares of Rs. 100 each, offered to the public for subscription 60,000 equity shares and 8,000 preference shares. The amount payable on both types of shares was as follows: 10% on application, 30% on allotment, 30% on first call and 30% on second and final call.

All the shares except 500 ordinary shares on which final call money and 600 preference shares on which first and final call money was not paid were taken up and money duly paid.

You are required to pass journal and cash book entries.

Q14.  List the major head under which the ‘Equity and Liabilities’ are presented in the balance sheet of a company as per schedule VI (Revised) Part I to the Company Act, 1956.

Q15. Under which headings the following items will be shown on the assets side of the balance sheet?

a) Land & Building

b) Sundry Debtors

c) Goodwill

d) Patents

e) Work in progress

f) Live stock

Q16. Satyam Ltd issued 15,000 debenture of Rs.10 each payable as follows:

Rs. 2 Application

Rs 3 on allotment

Rs. 5 on First and Final call

All the debentures were applied for and allotted. All money due were received. Pass necessary journal entries.

Q17.  Sharad Ltd. offered for public subscription 1,000 debentures of Rs. 100 each payable as Rs. 30 per debenture on application, Rs. 50 per debenture on allotment and the balance on a call. Applications were received for 800 debentures and these were issued. All the calls were duly made and money due thereon realized in full. Show the cash book and journal

Q18. Give any two differences of Bond and Debentures.

Q19. State the meaning of Redemption of Debentures in Profits.

Q20. State any three differences between shareholders and debenture holders.

Q21. Let N be the Set of all natural number and R be the relation in N x N defined  by (a,b) and R(C,d) if ad and bc. Show that R is and equivalence relation.

Q22. A rectangle is inscribed in a semi – circle of radius r with one of its sides on a diameter o the semi-circle. The dimensions of the rectangle so that its area is maximum. Also, find the maximum area.

Q23. Find the shortest distance of the point (0,c) from the parabola y = x² where 1 ≤ c ≤ 5.

Q24. Find the intervals in which the function f (x) = 2x³ – 15x² + 36x + 1 is strictly increasing or decreasing

Q25. Prove that f (x) = l x – 2l is not differentiable at x = 2.

Q26. Find the equation of normal at the point (am², am³) for the curve ay² = x³

Q27. Test whether the relation R in the set of real defined by, R = {(a,b): a ≤b²} is reflexive, symmetric and transitive.