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After the tremendous success of our last year Important Questions Bank for Kerala Board (+2) Board Exam 2016, we have also created a list of Most Important Question Bank for Kerala Board (+2) HSE (HSC) Board Exam 2017 which are likely to appear in HSC Board Exams this year.
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1.From the following Balance Sheets of PQR Ltd , prepare Cash Flow Statement.
|Equity Share capital||1,50,000||2,00,000||Goodwill||36,000||20,000|
|13%, Pref. share capital||75,000||50,000||Building||80,000||60,000|
|P & L A/c||15,000||24,000||Debtors||1,19,000||1,54,500|
Depreciation charged on Plant was Rs . 10,000 and on Building Rs. 60,000.
2. From the following information calculate – i) Average stock b) Purchases c) Average payment period d) Average collection period e) Debtors turnover ratio g) Working capital turnover ratio
a) Trade debtors at the end of the year Rs. 1,20,000
b) Trade creditors at the beginning of the year Rs. 37, 500
c) Trade creditors at the end of the year Rs. 67, 500
d) Net working capital Rs. 1, 80,000
e) Stock turnover ratio 5 times
f) Sales for the year Rs. 8, 00,000
g) Gross profit ratio 25%
3. As compared to 2009, debtors increased by 25% in 2010 and 50% in 2011. Similar, as compared to 2009, creditors decreased by 15 % in 2010 and increased by 20 % in 2011 . This is an important form of analysis of financial data. What this analysis is called? Explain.
4. If current liabilities are Rs. 50000; Quick ratio 1.5:1; inventory 25000. Calculate current asset.
5 . Can you suggest the advantages available to an investor who uses a comparative income statement and balance sheet instead of the traditional Profit and loss a/c and Balance sheet?
6. If Average stock is Rs 20,000 and closing stock is Rs 2000 more than the opening stock. Calculate the opening and closing stock?
7. Briefly explain any three tools used for analyzing financial statement?
8. Sun Ltd issued 30000 Equity shares of Rs 10 each at a premium of Rs.2 per share payable as Rs 2 0n application, Rs 5 on allotment (including premium) , Rs 3 on first call and Rs.2 on final call. Applications were received for 35,000 shares. Excess application money was refunded. All amount were received except the final call on 800 shares held by Salim. These shares were forfeited and reissued at Rs 9 each. Record necessary Journal entries
9. Prepare a comparative income statement of X Ltd with the help of the following information:
|Cost of Goods sold||50% of sales||60% of sales|
|Indirect expenses||15% of Gross Profit|
|Rate of Income Tax||40% of Net Profit before tax|
10. Emarald Ltd. being in need of further capital made an issue of 4000, 15% mortgage debentures of 100 each secured on the fixed assets of the company. Of these ,3000 debentures were issued to the public at a premium of 2% , while the remaining 1000 debentures were issued to the company’s Bankers by way of collateral security against a loan of Rs.75000. Show how these transactions will be recorded in the company’s books and how they will appear in the balance sheet of the company.
11. A firm has an average profit of Rs.50,000 during the last few years. The normal rate of return is 10%. The firm has net tangible asset of Rs.3,00,000 . Calculate the value of goodwill using Capitalization method.
12. Minerva Ltd invited applications for 50,000 shares of Rs 100 each issued at a discount of 8% payable as follows: On application Rs.20; on allotment Rs. 37; on first call Rs. 20 and on final call Rs.15. Applications were received for 40,000 shares and all of them were accepted. All money were received except the first and final call on 500 shares, which were forfeited . Out of the shares so forfeited 200 shares reissued at Rs. 90 per share as fully paid up. Journalize the above in the books of the company
13. . Sisco Ltd. took over assets of Rs.10,00,000 and liabilities of Suby Ltd. for a purchase consideration of Rs.8,80,000. The purchase consideration was paid by the company by issuing its debentures of Rs.100 each at 10% premium. Pass Journal entries
14. List out the differences between shares and debentures.
15. Laxmi mills Ltd was registered with a nominal capital of Rs.5,00,000 divided into shares of 10 each. The company invited application for 20,000 equity shares of 10 each issued at a premium of Rs. 5 per share, payable as to 4 per share on application , 7 per share on allotment ( 5 being premium),2 per share on first call , 2 per share on second and final call. Application were received for 30,000 shares . Of these application for 6000 shares were totally rejected and pro-rata allotment was made to the remaining applicants . All the money due was collected with the exception of call money on 1000 shares . Subsequently these shares were forfeited and of these 500 shares were reissued as fully paid at Rs.12 per share. Journalize the above in the books of the company.
16. A business has earned average profits of Rs. 72000 during the last few years and the normal rate of return in this 2 class of business is 12%. Find out the value of goodwill by capitalization method, given that the assets of the firm amount to Rs. 4,75,000 and liabilities to Rs. 50,000 .
17. F Ltd forfeited 500 shares of Rs.10 each, which were issued at a discount of 10% for nonpayment of final call of Rs. 2 per share. These shares were subsequently re-issued for Rs.5 per share as fully paid up. Give journal entries for the forfeiture and reissue of shares.
18. A B and C were partners sharing profits in the ratio 3:5:7. C retires and his share is taken up by A and B in the ratio 3:2. Find out the new profit sharing ratio?
19. Give any two points of difference between Revaluation account and Realization account.
20. XYZ Ltd. Issued 12% debentures of Rs.2,00,000 which is to be redeemed after 5 years. List out the possible sources for redemption of debentures.
21. In a firm where ‘A’, ‘B’ and ‘C’ are partners where ‘C’ is guaranteed yearly profit of Rs.10,000 .During the year the firm made a profit of Rs. 28,000 only. Give a journal entry to meet the deficiency, if any, which was equally borne by the other partners.
22. Explain the possible adjustments that one has to undergo when admission process is on in the context of a partnership concern?
23. Anu and Sreekala are partners sharing profits in the ratio of 3:2 .Their Balance sheet as on 31-3-2015 stood as follows:
Rema is taken in as a new partner for a sixth share.
(a) Plant is revalued at Rs. 1,00,000
(b) Stock and debtors valued 10% less
(c) Rema is to bring Rs. 50,000 towards her capital and Goodwill
(d) Goodwill is valued at Rs. 60,000
Prepare revaluation account and capital a/c.
24. A music club was established by the local residents near Kovalam on 1st April, 2014.A celebrity was invited on the inaugural day and a sum of Rs. 10,000 was spent out. It had the following receipts too on the day. MLA contribution Rs.2, 000, collections from interested parties Rs.10000, contribution from an old musician Rs.2,000 in cash and musical instruments worth Rs.12,000 and furniture worth Rs. 6,000. Prepare the accounting statements for the year ending March 31, 2015
25. Following in the Balance Sheet of Kamal and Vinod as on 31-03-2014
On 31-03-2014 the firm went into liquidation
i. Creditors and Bank OD met out of the existing cash balance
ii. General reserve shared in capital ratio which was their profit sharing ratio
iii. Fixed assets valued at Rs.1,00,000 which was taken over by Vinod
iv. Workmen compensation of Rs.8,000 had to be paid by Kamal.
v. Bad debts of Rs.800 has to be written off against debtors.
(i) Realization a/c
(ii) Capital a/c
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