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After the tremendous success of our last year Important Questions Bank for Bihar Class 12 Intermediate (HSC) Board Exam 2016 and Important Questions Bank for Bihar Class 12 Intermediate (HSC) Board Exam 2017 we have also created a list of Most Important Questions Bank for Bihar Class 12 Intermediate (HSC) Board Exam 2018 which are likely to appear in HSC Board Exams this year.
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Bihar – Accountancy Important Question Bank 2018:
1. 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.
2. Our acceptance to M. Madan for Rs 3,000 retired before due date, rebate allowed Rs 45.Pass the necessary journal entries.
3. 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
4. P & J Ltd. company was established with an autorised capital of Rs. 10,00,000 divided into shares of Rs. 10 each. 32,000 shares were issued and subscribed for by the public
payable as Rs. 4 on application, 2 on allotment, 2 on first call and 2 on final call. The amount received in respect of these shares were as follows : on 24,000 shares full
amount called. on 5,000 shares Rs. 8 per share on 2,000 shares Rs. 6 per share on 1,000 shares Rs. 4 per share The Directors forfeited 3,000 shares on which less than Rs. 8 per
share has been paid and reissued to Kamal at Rs. 8 per share as fully paid. Pass Journal Entries in the books of the Company for the record of above transactions.
5. Raja of Nagpur draws a bill on Pradhan of Bhandara for Rs. 6,000 at 3 months. Pradhan accepted and returned it to Raja. Raja then sent the bill to bank for collection.On due
date, Pradhan finds himself unable to make payment of the bill and requests Raja to renew it. Raja accepted a proposal on the condition that, Pradhan should pay Rs. 1,000
on account along with interest Rs. 250 in cash and should accept new bill for the balance at 2 months. These arrangements were carried through. Afterwards, one month before
due date of new bill Pradhan retired his acceptance by paying Rs. 4,850. Give Journal entries int he books of Raja of Nagpur.
6. Our acceptance to P. Swamy for Rs 8,000 renewed for 3 months on the condition that Rs 2,000 is paid in cash immediately and the remaining balance to carry interest at 18 per
cent. Pass the necessary journal entries.
7. D. Dutt’s promissory note for Rs 7,000 which we had endorsed in favour of P. Mukeijee dishonoured. P. Mukerjee paid Rs 10 as noting charges. We pay P. Mukerjee by cheque
and accept from D. Dutt another bill for the amount due plus interest, Rs 315. Pass the necessary journal entries.
8. A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on
revaluation, the balances in capital accounts of A and B were `3,85,000 and `4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits.
Calculate the amount of capital to be brought by C.
9. The following bills were accepted on 1st January, 2012 for 4 months:
(i) By B, Rs 10,000 and by C, Rs 15,000 in favour of A.
(ii) By A, Rs 20,000 and by C, Rs 5,000 in favour of B.
(iii) By A, Rs 10,000 and by B, Rs 20,000 in favour of C.
All bills were discounted on 4th January at 18% p.a., and the proceeds were shared by the three parties equally. On the due date C became insolvent and, later, a dividend of
30% was received from his estate. Pass journal entries and prepare ledger accounts in the books of A.
10. Kisan Co. Ltd. Miraj, issued Rs. 50,000 shares at par Rs. 10 each, payable Rs. 3 on application, Rs. 4 on allotment and the balance on the final call. All the shares were fully
subscribed and paid except a shareholder Mr. D. Kose having Rs. 1,000 shares could not pay the final call. Mr. D. K. Kose paid the call – in – arrears amount together with
interest after four months of due date of final call. Company charged interest on the arrears received as per table ‘A’. Pass journal entries to record these transactions assuming that call – in – arrears and interest money received from Mr. D. Kose in the books of Kisan Co Ltd. Miraj.
11. Distinguish between sacrificing ratio and old ratio
12. K. Kaku’s acceptance for Rs 4,000 renewed for a further period of 3 months, interest charged at 15 per cent. Pass the necessary journal entries.
13. A receives three promissory notes from B, dated 1st January, 2012 for 3 months. One bill is for Rs 3,000, the second is for Rs 4,000 and the third is for Rs 5,000. The second bill
is immediately endorsed in favour of C and on 4th January, 2012 the third bill is discounted with the bank for Rs 4,700. Pass the entries in A’s journal assuming (i) the bills are met on maturity and (ii) they are dishonoured
14. Define Revaluation A/C.
15. On 1st January, 2012 Mohan draws on Ram a bill for 3 months from Rs 20,000 which Ram duly accepts. Mohan discounts the bill for Rs 19,400. On the same date Ram draws
on Mohan a bill for 3 months from Rs 20,000 which is accepted by Mohan Ram gets the bill discounted with his bankers at 18 per cent. On the due date, Mohan meets his bill,
but Ram fails to honour his acceptance, the bank having to pay Rs 10 as noting charges. Pass the necessary journal entries in the books of Mohan.
16. X draws on Y a bill of exchange for Rs 15,000 on 1st April, 2011 for 3 months. Y accepts the bill and sends it to X who gets it discounted for Rs 14,400. X immediately remits Rs
4,800 to Y. On the due date, X, being unable to remit the amount due, accepts a bill for Rs 21,000 for three months which is discounted by Y for Rs 20,055. Y sends Rs 3,370 to X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in the rupee. Give the journal entries in the books of X and Y. Also show X’s account in T’s books.
17. Write Distinguish between ‘fixed Capital A/C’ and ‘fluctuating capital A/C’. ( any four differences.)
18. Our promissory note in favour of A. Alam for Rs 2,500 returned unpaid due to lack of instructions to the bank. A. Alam claims Rs 2,510 which we pay by cheque. Pass the
necessary journal entries.
19. . B owes C a sum of Rs 6,000. On 1st April, 2011 he gives a promissory note for the amount for 3 months to C who gets it discounted with his bankers for Rs 5,760. On the
due date the bill is dishonoured, the bank paying Rs 15 as noting charges. B then pays Rs 2,000 in cash and accepts a bill of exchange drawn on him for the balance together with
Rs 100 as interest. This bill of exchange is for 2 months and on the due date the bill is again dishonoured, C paying Rs 15 for noting charges draft the journal entries to be
passed in C’s books.
20. A, B and C are partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital balance after adjustments regarding reserves, accumulated profits/ losses and
gain/loss on revaluation was `2,50,000. C was paid `3,00,000 in full settlement. Afterwards D was admitted for 1/4th share. Calculate the amount of goodwill premium
brought by D.
21. X draws on Y a bill of exchange for Rs 15,000 on 1st April, 2011 for 3 months. Y accepts the bill and sends it to X who gets it discounted for Rs 14,400. X immediately remits Rs
4,800 to Y. On the due date, X, being unable to remit the amount due, accepts a bill for Rs 21,000 for three months which is discounted by Y for Rs 20,055. Y sends Rs 3,370 to
X. Before the maturity of the bill X becomes bankrupt, his estate paying fifty paise in the rupee. Give the journal entries in the books of X and Y. Also show X’s account in T’s
22. ABC Ltd. purchased for cancellation its own 5,000, 9% Debentures of `100 each for `95 per debenture. Brokerage charges `15,000 were incurred. Calculate the amount to be
transferred to capital reserve.
23. Our promissory note for Rs 5,000 in favour of Patel settled by sending him Tanna’s acceptance for Rs 5,000. Pass the necessary journal entries.
24. As per Receipt and Payment Account for the year ended on March 31, 2015, the subscriptions received were Rs. 2,50,000. Additional Information given is as follows: 1.
Subscriptions Outstanding on 1.4.2014 Rs. 50,000 2. Subscriptions Outstanding on 31.3.2015 Rs.35,000 3. Subscriptions Received in Advance as on 1.4.2014 Rs.25,000 4. Subscriptions Received in Advance as on 31.3.2015 Rs.30,000 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. Lionel, Richie and Sally Partnership Statement of Financial Position as at 30 September 2012 NS.
25. SAMSUNG Company issued 5000 10% debentures of Rs 10 each at par, Redeemable also at par. Pass necessary Journal entries for the issue of debenture.
26. On 31st March 2015 the Balance Sheet of Punit, Rahul and Seema was as follows Balance Sheet of Punit, Rahul and Seema as at March 31, 2015 Liabilities Assets Capitals:
Punit 60,000 Rahul 50,000 Seema 30,000 Reserves Creditors 1,40,000 20,000 14,000
Buildings Machinery Patents Stock Cash 40,000 60,000 12,000 20,000 42,000 1,74,000
1,74,000 They were sharing profit and loss in the ratio 5:3:2. Seema died on October 1, 2015. It was agreed between her executors and the remaining partners that: (i) Goodwill
be valued at 2 years’ purchase of the average profits of the previous five years, which were: 2010-11: 30,000; 2011-12: 26,000; 2012-13: 24,000; 2013-14: 30,000 (6) and
2014-15: 40,000 (ii) Patents be valued at 16,000; Machinery at 56,000; Buildings at 60,000 (iii) Profit for the year 2015-16 be taken as having been accrued at the same rate
as that in the previous year. (iv) Interest on capital be provided at 10% p.a. (v) A sum of 15,500 was paid to her executors immediately.
Prepare Revaluation Account, Seema’s Capital Account and Seema’s executors Account
27. . Prepare a specimen of Bill of Exchange from the following information:
(1) Drawee : M.P. Shinde, Siddharth Nagar, Panchgani.
(2) Drawer: M.M. Shaikh, Satara Road, Sangli.
(3) Period of bill : 90 days.
(4) Amount of bill : Rs. 12,800/-
(5) Date of bill : 10th March, 2013.
(6) Date of Acceptance: 14th March, 2013.
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