Accountancy – Important Question Bank for Bihar Class 12 Intermediate (HSC) Board Exam 2019

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Bihar – Accountancy Important Question Bank 2019.

1. What is the difference between fixed income and fluctuating income?
2. Hitesh sold good for Rs. 4500 to Ashok on 1.1.2010 and drew upon him a bill of exchange payable 2 months after sight. Ashok accepted the bill and returned the same to Hitesh. On the due date the bill was met in his books. Record the necessary journal entries in the books of Hitesh and also prepare Ashok account in his books when the bill was endorsed immediately by Hitesh favour of his creditor Venkat.
3. Sudhatai sold goods to Chhayatri on credit for 4 months for Rs. 10000 on 7^th September 2009. Chhayatai paid on her account of Rs. 4000 at 2% cash discount and accepted the bill for the balance at 2 months. On the same date sudhatai discounted with her bank at 12%p.a. on due date Chhayatai honoured her bill.

You are required to write the journal of Sudhatai.

Pass journal entries in the books of Sudhatai assuming that on due date the bill is dishonoured and sudhatai’s bank paid noting charges of Rs.100.

4. On 1^st august 2010 Swapnali sold goods to Swapnil on credit for Rs.20000 and drew two bills of 60% and 40% of the amount due from Swapnil for 3 and 4 months period respectively. Swapnil accepted and return it to Swapnali immediately. On 1^st September 2010 Swapnali send 3 months acceptance to her bank for collection and discounted 4 months acceptance with her bank @ 18% p.a. On the due date of the respective bills Swapnil honoured 3 months acceptance for which bank debited Rs.50 as bank charges. On due date of 4 months acceptance Swapnil dishonoured for which Swapnali’s bank paid noting charges of Rs.100.
5. Miss Kavita commenced her business with a capital of Rs 130000 on 1^st april 2010. Her financial position was as fillows as on 31^st march 2011, cash 9120, stock 10250 ,bills payable 12880, creditors 17180, debtors 31550, bill receivable 29120, premises 85750, vehicles 40250.

Additional information:

1. She brought additional capital Rs 20000 on 30^th September 2010. Interest on capital is to be provided at 5%p.a. She withdrew Rs. 10000 for personal use on which interest is to be charged at 6$ p.a. R.D.D. is to be provided at 2.5% p.a. after providing bad debts Rs.1000.
   Depreciate Vehicles at 2% and premises at 4%.
   6. Write any five characteristics of company.
   7.  Write any five difference between equity shares and preference shares.
   8.  A company issues 12000 shares of Rs.10 each. The amount of shares was payable as Rs.2 on application on allotment and Rs.4 on first and final call. All money have been duly received. Pass the necessary journal entries in the book of the company.
   9.  As per Receipt and Payments account for the year ended on March 31, 2008, the subscription received were Rs. 2,50,000. Addition information given is as follows:-

(i) Subscriptions outstanding on 01-04-2007 Rs. 50,000.(ii) Subscription outstanding on 31-03-2008 Rs. 35,000.(iii)Subscription Received in advance as on 31-03-2008 Rs. 30000.

Ascertain the amount of income from subscription for the year 2007-08.

10. Calculate the amount medicines to be debited in the Income and Expenditure Account of a Hospital on the basis of the following information:-

Amount paid for medicines during the year was Rs. 6,79000.

11. Distinguish between Receipts and Payments A/C and Income and expenditure A/C.
12. A, B and C were partners in a firm having capitals of Rs. 60,000, Rs. 60,000 and Rs. 80,000 respectively. Their current account balances were A- Rs. 10,000, B- Rs. 5000 and C- Rs. 2000 (Dr.). According to the partnership deed the partners were entitled to an interest on capital @ 5% p.a. C being the working partner was also entitled to a salary of Rs. 6,000 p. a. The profits were to be divided as follows:

(i) The first Rs. 20,000 in proportion to their capitals.

(ii) Next Rs. 30,000 in the ratio of 5:3:2.

(iii) Remaining profits to be shared equally.

During the year the firm made a profit of Rs. 1,56,000 before charging any of the above items.

Prepare the profit and loss appropriate on A/C.

13. The average profits for last 5 years of a firm are Rs. 20,000 and goodwill has been worked out Rs. 24,000 calculated at 3 years purchase of super profits. Calculate the amount of capital employed assuming the normal rate of interest is 8 %.
14. Rahul and Sahil are partners sharing profits together in the ratio of 4:3. They admit Kamal as a new partner. Rahul surrenders 1/4^th of his share and Sahil surrenders 1/3^rd of his share in favour of Kamal. Calculate the new profit sharing ratio.
15. X and Y are partners sharing profits in the ratio of 5:4. They admit Z in the firm for 1/3^rd profit, which he takes 2/9^th from X and 1/9^th from Y and brings Rs. 1500 as premium. Pass the necessary Journal entries on Z’s admission.
16. X, Y and Z are partners sharing profits in the ratio of 4/9, 1/3 and 2/9. X retires and surrenders 2/3^rd of his share in favour of Y and remaining in favour of Z. Calculate new profit sharing ratio and gaining ratio.
17. Why is Realisation Account prepared on dissolution of partnership firm?
18. Distinguish between a share and a Debenture.
19. State in brief, the SEBI guidelines regarding Debenture Redemption Reserve(DRR).
20. On 1^st July 2007. A Ltd gave notice of their intention to redeem their outstanding Rs. 400,000 8% Debentures on 1^st January, 2008 @ rs. 102 each and offered the holders the following options-

(a) To subscibe for (i) 6% cumulative preference shares of Rs. 20 each at Rs. 22.50 per share, accepted by debenture holders of Rs. 1,71,000 or (ii) 12% debentures were issued @96% accepted by the holders of Rs. 1,44,000 Debentures.

(b) Remaining debentures to be redeemed for cash if neither of the option under (a) was accepted. Pass necessary journal entries.

21. List any three items that can be shown as contingent Liabilities in a company’s Balance sheet.
22. Why stock is excluded from liquid assets ?
23. What will be the impact of ‘ Issue of shares against the purchase of fixed assets ‘ on a debt Equity ratio of 1:1 ?
24. Escorts Ltd. Engaged in the business of manufacturing tractors invested Rs.40,00,000 in the shares of a
25. Car manufacturing Company. state with reason whether the dividend received on this investment will Be cash flow from operating activities or Investing activities.