Accountancy – Important Question Bank for Kerala HSE 2016 Examination

Accountancy – Important Question Bank for Kerala HSE 2016 Examination


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Today, we are posting the Accountancy  – Important Questions Bank for Kerala Board HSE 2016 Examination to make life easy for all you HSE students.

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ACCOUNTANCY WITH COMPUTERIZED ACCOUNTING

PART A – Accounting

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. What do you think of the existing partners sharing all accumulated profit balances just before a new partner being admitted into the firm?

3. Prioritize the following payments on dissolution and show the chronology of payments.

a. Partners loan

b. Partners wife’s loan

c. Loan from bank

d. Expenses on dissolution

e. Accumulated profit balances of the partners

4. Explain the possible adjustments that one has to undergo when admission process is on in the context of a partnership concern?

5. Anu and Sreekala are partners sharing profits in the ratio of 3:2 .Their Balance sheet as on 31-3-2015 stood as follows:

accountancy 2

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.

6. Given:

acc 1

Show the goodwill adjustment in the partner’s capital account.

7. Given below is the Balance Sheet of a firm as on 31-3-2015

BALANCE SHEET AS ON 31-03-2015

accountancy 3

Anil is to retire on the above date. Arun and Biju has agreed to pay Rs. 10,000 being his share of Goodwill

On revaluation of the asset and liabilities, they found some changes in their value and the following entries have been passed

accountancy 4

They have shared the General reserve as follows: Arun Rs. 10,000; Anil Rs. 5000; Biju Rs. 5000. Now you are required to prepare the following accounts

i. Revaluation a/c

ii. Capital account of partners

8.  Amar Jwellers, a partnership firm gives you the following particulars

acc 2

Abey, Neha and Anil were equal partners. Anil is to retire on 31.03.2015. Their capital a/c balances were equal. Anil is to get whatever share belongs to him as a partner. Besides the above, firm’s goodwill was valued at Rs.30,000.

i. Find out the original capital account balances of the partners?

ii. The amount due to Anil?

9. Following in the Balance Sheet of Kamal and Vinod as on 31-03-2014

accountancy 5

On 31-03-2014 the firm went in to liquidation

Further information

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.

Prepare:

(i) Realization a/c

(ii) Capital a/c

(iii) State profit sharing ratio

10.  Show the following items in the Balance Sheet of an arts and sports club during the year 2014.

acc 3

11. 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.

accountancy 6

13. Following was the receipt and payments account of a club for the year ended 31-03-2015.

Receipts and payments a/c for the year ended 31-03-2015

accountancy 7

Additional information.

a. The club had 200 members, each paying Rs.300 as annual subscription

b. Subscription of Rs.1500 relating to 2013-2014 was still outstanding.

c, 1/3rd of entrance fee and 1/2 of life membership fee are to be treated as income

d, on 1-1-2014, the club had furniture worth Rs. 10,000, sports equipments Rs. 12,000 and library books Rs. 8,000

e. Depreciate furniture @10% p.a and library books (including purchase)@ 10% p.a

Prepare an income and expenditure account for the year ended 31.03.2015 and a Balance sheet as on that date.

14.  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

15.  Prepare the Income and Expenditure of a library from the given data during the year 2014

acc 4

16. Vinod and Thomas were partners who share profits in 3:2 share, decided to dissolve the firm on 31/03/2015.

acc 6

Adjustments:

a. Debtors realized in full at its book value

b. A laptop worth Rs.9,000 which was not in the books has been exchanged for settlement of creditors in full

c. Interest on bank loan Rs.600 is due for payment.

d. Investment is taken over at Rs.8,000 by Vinod

e. Land and Building is sold for Rs.1,30,000.

State:

(i). How you have settled the creditors a/c

(ii). Prepare a realization a/c

17. The following is the Balance Sheet of Sajeev and Mohan kumar on 31/03/2015.

acc7

Manju is admitted as an equal partner with the following adjustments:

1. Manju to bring Rs.20,000 towards the capital and Rs.8,000 towards the goodwill account

2. The entire capital of the firm is to be adjusted on the basis of the capital brought in by Manju being an equal partner. The excess or deficit found in the other partners should be adjusted through current accounts`

3. The value of fixed asset is increased by Rs.3,000 while creditors of Rs. 4,000 is no longer a liability which may be written back

4. Current assets are valued 5% less. Prepare the revaluation a/c, capital accounts and new Balance Sheet of the firm.

18.  Soorya and Archana are partners. They decide to take Hari into the firm on the conditions that:

a. Hari to bring Rs.20000 as capital for which he shall be given a third share.

b. Hari to bring Rs.8,000 being goodwill

c. The total capital is decided to be in accordance with Hari’s share of profit

d. The excess/ deficiency found in the capital balances of Soorya and Archana shall be kept in the current account

e. Profits on revaluation:

Fixed Assets Rs.4,000    ( Book Value Rs.47,000)

Creditors Rs.3,000          (Book Value Rs.17,000)

Loss on revaluation:Current assets Rs.1000    ( Book Value Rs.20,000)

f. Capital accounts: Soorya    – Rs.30,000

                                            Archana  -Rs.20,000

Prepare capital accounts and Balance Sheet of the new firm?

PART B

COMPUTERIZED ACCOUNTING

1.List out the important steps to construct a Bank Reconciliation Statement is Tally

2. Identify the ledgers relevent groups, vouchers to be passed and voucher key in respect of the following transaction in the table given below.

a. Started business with cash Rs 100000.

b. Purchased goods worth Rs 35000

c. Paid salary Rs 8000

d. Depreciation to machinery Rs 2000

e. Paid cash into bank Rs 10000

Sl. NoTransactionLedgers involvedAccount GroupVoucherVoucher Key
 – – – – – –

3.  Write the steps for the creation of the following.

i) Company

ii) Account Groups

iii) Ledger

4. List out any five accounting vouchers with their purpose, function key etc

5.  Mr. 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?

6. Mention the use of the following MS Access components.

i. Tables

ii. Forms

iii. Queries

7.  State the reason for the following errors in Spread sheet

a. ##### error

b. #DIV/0! error

c. #NAME? error

d. #REF! error

8. 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?

9. Consider the cell content

ABCDEFGHIJ
1172225300200150250350400120

a. Write a formula (with out function) to calculate the average of the above

b. Use a function to calculate the average of the above

c. Use a function to count number of cell contents given above.

10.  Write the syntax for calculating depreciation under written down value method using DB(), with an example

11.  Assume code 1 is assigned for ‘Assets’ and coding is continued like that and code 13 is given for Current Assets, then what codes are assigned to the following

Fixed Assets ………………………

Land ………………………

Cash ………………………..

Bank ……………………….

12. Consider the following codesaccountancy 8

a. Which of the above is an example for sequential code?

b. Identify Mnemonic codes from the above table?

13.  List the important elements of a chart or graph (any 4)

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