List of top Accountancy Questions asked in Bihar Board Class XII

What journal entries would you pass for the following transactions on the dissolution of a firm of A and B?
(i) Dissolution expenses amounted to Rs. 500.
(ii) Unrecorded assets realised Rs. 2,500.
(iii) Stock worth Rs. 2,000 already transferred to Realisation A/c was taken over by partner A.
(iv) Creditors, already transferred to Realisation A/c, were paid Rs. 3,000.
(v) Profit on realisation Rs. 4,000 is to be distributed between A and B in the ratio of 3 : 1.
Cemto Ltd. forfeited 6,000 shares of ₹10 each issued at a premium of ₹2 per share for the non-payment of the \emph{final call} of ₹3 per share. Later, 300 of the forfeited shares were re-issued at ₹8 per share as fully paid. Pass the necessary journal entries for forfeiture and re-issue of shares. Also prepare the Share Forfeiture Account.
What is Cash Flow Statement? Describe its uses.
What is meant by comparative income statement? How is it prepared?
A Ltd. provides the following information (₹):
(i)Closing Stock 1,00,000;
(ii)Creditors 86,000;
(iii)Cash 20,000;
(iv)Bills Receivable 18,000;
(v)Sales 6,00,000;
(vi)Fixed Assets 1,20,000;
(vii)Bank 42,000;
(viii)Bank Overdraft 34,000.
You are required to calculate:
(a) Current Ratio, (b) Quick Ratio, (c) Stock Turnover Ratio, (d) Fixed Asset Turnover Ratio.
The total capital of the firm of Sourabh, Mohit and Nikhil was Rs. 1,00,000. The net profits for the last three years were: 2019–20 Rs. 40,000; 2020–21 Rs. 46,000; 2021–22 Rs. 52,000. There was an abnormal loss of Rs. 3,000 in 2020–21. Goodwill is to be valued at 2 years’ purchase of the \emph{average profit} of the last three years. Calculate the goodwill of the firm.
What is Receipts and Payments Account? How is it different from Income and Expenditure Account?
What is partnership firm? State its main characteristics.
Name any two solvency ratios.
What is Redeemable Debenture?
Why does a company forfeit shares?
Give two examples of cash outflow from investing activities.
What are the objectives of preparing a Cash Flow Statement?
What is Sweat Equity Share?
X, Y and Z are partners sharing profits in the ratio \(3:2:2\). Z retires. X and Y decide to share future profits in the ratio \(4:3\). Calculate the \emph{gaining ratio}.
What is partnership deed?
State the items which are debited to deceased partner’s Capital Account.
What is Joint Life Policy?
What is called accumulated profit?
X and Y are partners. They share profits and losses in the ratio of \(2:1\). They admit Z by giving him \(\tfrac{1}{4}\) share in future profits. Calculate the new profit-sharing ratio.
How is Capital Fund calculated (for a Not-for-Profit Organisation)?
Distinguish between charge against profit and appropriation of profit (any two points).
Write the formula of calculating gaining ratio.
State two objectives of ratio analysis.
What do you understand by common size statement?