Accountancy – Important Question Bank for Kerala Board (+2) HSE (HSC) Board Exam 2019

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1. 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
2. A and B are partners sharing profits in the ratio of 3:2 whose capital a/c balances was Rs. 60,000 and Rs. 40,000 respectively. They admit ‘C’ in to the firm for a sixth share who brings Rs. 30,000 being his capital contribution. Find out. (i) How much should have been the total capital of the firm based on new partners capital contribution? (ii) Can you infer the amount of goodwill if, any from the above statement.
3. What do you think of the existing partners sharing all accumulated profit balances just before a new partner being admitted into the firm?`
4. The profit earned by a firm during the year before appropriation of profits was 30,000. But this has been shared by ‘A’, ‘B’, and ‘C’ on equal ratio. Interest on capital during the year A – Rs.5,000 B – Rs.4,000 C – Rs.1,000 Salary to ‘A’ during the year Rs.2,000. Partner ‘A’ seeks your advice how it can be corrected and wishes to know his true increase in his capital a/c.
5. 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.
6. Explain the possible adjustments that one has to undergo when admission process is on in the context of a partnership concern?
7. What is meant by fund based accounting?
8. Tournament fund appears in the books Rs. 15,000 and expenses on tournament during the year were Rs. 18000. How will you show this in format while preparing financial statement of a not-for-profit organisation?
9. Show the following information in the Balance Sheet of the Cosmos club as on 31^st March 2007:-

Additional Information:-

Interest accrued on Tournament Fund Investment Rs. 6000.

10. Ravi and Mohan were partner in a firm sharing profits in the ratio of 7:5. Their respective fixed capitals were Ravi Rs. 10,00,000 and Mohan Rs. 7,00,000. The partnership deed provided for the following:-

(i) Interest on capital @ 12% p.a.

(ii) Ravi’s salary Rs. 6000 per month and Mohan’s salary Rs. 60000 per year.

The profit for the year ended 31-03-2007 was Rs. 5,04,000 which was distributed equally without providing for the above. Pass an adjustment Entry.

11. Rakhi and Parul are partners sharing profits in the ratio of 3:1. Neha is admitted as a partner. The new profit sharing ratio among Rakhi, Parul and Neha is 2:3:2. Find out the sacrificing ratio.
12. A and B are partners sharing profits in the ratio of 3:2. Their books showed goodwill at Rs. 2000. C is admitted with 1/4^th share of profits and brings Rs. 10,000 as his capital but is not able to bring in cash goodwill Rs. 3000. Give necessary Journal entries.
13. On a firms dissolution debtors as shown in the Balance sheet were Rs. 17000 out of these Rs. 2000 became bad. One debtor of Rs. 6000 became insolvent and 40% could be recovered from him. Full recovery was made from the balance debtors. Calculate the amount received from debtors and pass necessary journal entry.
14. Krishna Ltd. With paid-up share capital of Rs. 60,00,000 has a balance of Rs. 15,00,000 in securities premium account. The company management does not want to carry over this balance. You are required to suggest the method for utilizing this premium money that would achieve the objectives of the management and maximize the return to shareholders
15. Virani Industries Ltd. issued 1,00,000, 10% Debentures of Rs. 10 each at a discount of 9% on April 1^st, 2001 redeemable as follows:

31^st March 2003 –              20,000 Debentures

31^st March 2004 –              30,000 Debentures

31^st March 2005 –              20,000 Debentures

31^st March 2006 –              Remaining Debentures

Calculate the amount of discount to be written off each year and prepare discount on issue of debentures account.

16. 200 shares of Rs. 100 each issued at a discount of 10% were forfeited for the non payment of allotment money of Rs. 50 per share. The first and final call of Rs. 10 per share on these shares were not made. The forfeited share were reissued at Rs. 14 per share fully paid up.
17. What is the interest of Shareholders in the analysis of Financial statements?
18. Assuming that the Debt Equity Ratio is 2:1. State giving reason , whether the ratio will improve , decline or will have no change in case bonus shares allotted to equity shareholders by Capitalizing profits.
19. What are the two methods which can be employed to calculate net cash flow from operating activities ?

COMPUTERISED ACCOUNTING

1. A lot of functions are used in MS Excel for various purpose. Can you give one, for calculating depreciation under straight line and written down value method?
2. Sarath with employee ID S1245 is the sales manager whose Basic pay is 45000 and DA @ 85%. He is given HRA and HTA @ 1000 and 1500 rupees respectively. His PF contribution is Rs 2000. To compute his gross pay and net pay design a suitable data structure?
3. Define a computerised accounting system. Distinguish between a manual and computerised accounting system.
4. Discuss the advantages of computerised accounting system over the manual accounting system.
5. Describe the various types of accounting software along with their advantages and limitations.
6. ‘Accounting software is an integral part of the computerised accounting system’ Explain. Briefly list the generic considerations before sourcing an accounting software.
7. ‘Computerised Accounting Systems are best form of accounting system’. Do you agree? Comment
8. State the four basic requirements of a database applications.
9. Name the various categories of accounting package.
10. Give examples of two types of operating systems.
11. List the various advantages of computerised accounting systems.
12. Give two examples each of the organisations where ‘ready-to-use’, ‘customised’, and ‘tailored’ accounting packages respectively suitable to perform the accounting activity.
13. Distinguish between a ‘ready-to-use’ and ‘tailored’ accounting software.
14. Write the steps involved in installation of CAS, codification and hierarchy of account heads, creation of accounts.
15. Explain the concept of DBMS and write its features.