Accountancy  – Important Question Bank for Jharkhand class 12th Intermediate (HSC) Board Exam 2017

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1.Calculate current Ratio, Liquid Ratio and Gross Profit Ratio

Current Assets Rs. 70,000 , Current Liabilities Rs. 17500 , Sale Rs. 140,000 Stock Rs. 30,000 , Cost of good sold Rs. 68,000

2. From the following Balance Sheets, Prepare Cash flow statement by indirect method.

3. Name the major headings under which the following items will be shown in a company’s Balance sheet as per schedule III Part 1 of companies Act. 2013.

i) Sundry creditors

ii) Provision for Income tax

iii) Loose Tools

4. Write the name of Tools or Techniques of Financial Analysis

5. A Ltd. has an authorized capital of Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each, The Company offered for sale 5000 shares on which money was payable as follows: Rs. 2 on application, Rs. 2 on Allotment, Rs. 3 on first call and Rs. 3 on 2nd & Final call. The company received application for 7000 shares. Allotment was duly made. Half of the money received on application was refunded and the remaining half was adjusted towards allotment. All the calls were made and money received except on 200 shares on 2nd & Final call. Make the necessary Journal entries in the books of the Company.

6. Convert the following Receipts and Payments Account of the Ranchi Nursing Society for the year ended on 30th June, 2009 into an Income and Expenditure Account.

A bill of medicines purchased during the year amounting to Rs. 128 was outstanding.

7. A limited company forfeited 100 equity shares of the face value of Rs. 10 each, Rs. 6 per share called up. For non-payment of first call of Rs. 2 per share. The forfeited shares were subsequently re-issued as fully paid @ Rs. 7 each. Give necessary Journal entries in company’s Journal.

8. A,B and C are partners sharing profits in the ratio of 3:2:1. Goodwill is appearing in the books at a value of Rs. 24000. B retires and on the date of B’s retirement, Goodwill is valued at Rs. 60,000. A and C decided to share future profits in the ratio of 3:2. Pass necessary Journal entries.

9. Distinguish between over subscription and under subscription

10. X Ltd. issued 10,000 shares of Rs. 100 each at a premium of 5 %. Applications were received for 15000 shares. Amt. was payable as follow :

On Application                   Rs. 20 per share

On Allotment Rs.             35 per share (including premium)

On 1st & Final call            Rs. 50 per share

Due to over subscription allotment was made as follows :

Share Applied for                                    Shares Allotted

8000 share                                                   100 % share

4000 share                                                   2000 share

3000 share                                                     Nil

According to prospectus if the amount received on Application is more than the amount due, the exceed amount is used for payment of allotment. All the calls were duly made and payment were duly received except on 200 share on 1st & final calls. Pass Journal entries

11. Z Ltd. forfeited 2000 shares of Rs. 10 each (fully called up) for the non payment of the allotment money of Rs. 6 per share including Rs. 2 as premium. All these share were reissued to X at Rs. 9 per share fully paid. Give Journal Entries.

12. A Ltd purchased machinery for Rs. 265000 from B Ltd. A sum of Rs. 100000 was paid in cash and for the Balance due A Ltd. issued shares of Rs. 10 each fully paid at a premium of 10 % A us B

13. A & B are partner in a firm sharing profit in the ratio of 3:2. They admitted C as a new partner. The new profit sharing ratio between A, B & C will be 5:3:2. C brings Rs. 75000 as capital and Rs. 25000 for his share of goodwill. Pass necessary Journal entries.

14. A & B started business on 1st April 2014 with a capital of Rs. 50,000 and Rs. 40,000 respectively. They agreed to share profit in the ratio of 3:2 after providing for the following

Interest on capital @ 10 % p.a.

A salary of Rs. 1000 per month to A

For the year ending 31st March, 2015 they earned profit of Rs. 50,000 before providing for interest and salary. Drawings were A Rs. 8000 and B Rs. 6000.

Prepare profit and loss Appropriation A/C showing the distribution of profit.

15. A and B are equal partners. Their capitals are Rs. 28000 and Rs. 56000 respectively. After the accounts for the year were prepared, it was discovered that interest at 10% p.a as provided in the agreement has not been credited to the capital accounts before distribution of profit. It is decided to make an adjustment entry at the beginning of year. Give Adjustment entry.

16. X Ltd. issued 500, 8 % Debenture of Rs. 100 each at par and redeemable at 10 % premium. Give Journal entries on issue.

17. X Ltd. purchased a Building for Rs. 288000. Half of the amount was paid in cash and for the balance 10 % Debenture of Rs. 100 each were issued at a Discount of 10%. Pass necessary Journal entries.

18. A, B , C and D are partners sharing profits equally. They decided to share future profits in the ratio of 5:4:3:2. You are required to calculate sacrificing Ratio and gaining Ratio.

19. The average profit of a firm was Rs. 5000. The normal profit on capital invested in such a business is 10 % p.a. The net capital invested in the business is Rs. 35000. Calculate the value of goodwill on the basis of three year purchases of super profit.

20. What do you understand by Redemption of Debentures? Write various method of Redemption.

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