List of top Questions asked in CBSE CLASS XII

Isha, Julie and Kavita were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. On 12\textsuperscript{th} June, 2024, Kavita died. Her share in the profits of the firm from the last Balance Sheet till the date of death was to be calculated on the basis of last year\u2019s profit. Last year\u2019s profits were \u20b9 6,00,000. Kavita\u2019s share of profit till the date of her death was:

Vinay and Pankaj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The following is the extract of their Balance Sheet as at 31st March, 2024 : Balance Sheet of Vinay and Pankaj as at 31^st March, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Investment Fluctuation Fund	6,00,000	Investments	15,00,000
Workmen Compensation Fund	8,00,000

On 1st April, 2024, Parth was admitted as a new partner for \(\frac{1}{5}\) share in the profits of the firm on the following terms:

Market value of investments was \u20b9 13,00,000.
Claim on account of Workmen Compensation was estimated at \u20b9 9,00,000.
Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on the date of Parth\u2019s admission.

Mallark Ltd. purchased assets of book value \u20b9 40,00,000 and took over liabilities of \u20b9 5,00,000 from Naroha Ltd. It was agreed that the purchase consideration, \u20b9 36,00,000 be paid by issuing 7% debentures of \u20b9 100 each at a premium of 20%. Record the journal entries in the books of Mallark Ltd. for the above transactions.

Diksha Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each at a premium of 10%. The whole amount was payable on application. Applications were received for 3,00,000 equity shares. The company decided to allot the shares on pro-rata basis to all the applicants. The amount refunded by the company was:

‘Reserve Capital’ can be utilised:

An offer of securities or invitation to subscribe securities to a select group of persons is called:

That portion of the called-up capital which has been actually received from the shareholders is called:

On 1st April, 2024, Bright Ltd. issued 20,000, 11% debentures of ₹ 100 each at a premium of 10%, redeemable at a premium of 10%. Loss on issue of debentures was:

Minimum subscription for allotment of shares as per Securities and Exchange Board of India (SEBI) guidelines cannot be less than 90% of ________ capital.

Shivalik Ltd. issued 7% debentures of \u20b9 100 each at a discount of 5% on 1st April, 2023. Discount on issue of debentures, \u20b9 1,00,000 was completely written off through Statement of Profit and Loss on 31st March, 2024. On issue of debentures, \u2018Debentures Account\u2019 was credited with ____________________________.

Prakhar and Rajan were partners in a firm sharing profits and losses in the ratio of 3 : 2 with capitals of ₹ 10,00,000 and ₹ 9,00,000 respectively. Siddharth was admitted as a new partner for \( \frac{1}{5} \) share in the profits of the firm. The new profit sharing ratio between Prakhar, Rajan and Siddharth was agreed at 12 : 8 : 5. The sacrificing ratio of Prakhar and Rajan will be :

Kabir and Lara were partners in a firm sharing profits and losses in the ratio of 5 : 3. Mark was admitted as a new partner for \( \frac{2}{5} \) share in the profits of the firm. Mark was to bring \( \frac{2}{5} \) of the combined capital of Kabir and Lara after all adjustments are carried out. The capitals of Kabir and Lara after all adjustments were ₹ 8,00,000 and ₹ 7,00,000 respectively. The capital brought by Mark was :

textit{Assertion (A)}: Partners' salary is debited to Profit and Loss Appropriation Account and not to Profit and Loss Account.
\textit{Reason (R)}: Partners' salary is an appropriation of profit, it is not a charge against profits.
Choose the correct option from the following:

Neeru and Pooja were partners in a partnership firm sharing profits and losses in the ratio of 4 : 3. The firm earned average profits of \(₹ 5,00,000\) during the last few years. The normal rate of return in a similar business is 10%. The average super profits of the firm were \(₹ 4,00,000\). The amount of capital employed by the firm was:

Reema, Meesha and Shikha were partners in a partnership firm sharing profits and losses in the ratio of 8 : 7 : 5. On 1st October, 2023, Reema advanced a loan of \(₹ 5,00,000\) to the firm. There is no partnership deed. The firm's profit for the year ended 31st March, 2024 before charging interest on Reema's loan amounted to \(₹ 2,15,000\). The amount of profit credited to Shikha’s capital account was:

‘The business of a partnership firm may be carried on by all the partners or any of them acting for all.’
The above statement highlights which of the following feature of partnership?

White, Shaun and Todd were partners in a firm sharing profits and losses equally. Shaun’s wife had advanced a loan of ₹ 1,00,000 to the firm. The firm was dissolved. Shaun’s wife’s loan had already been transferred to Realisation account. The account credited to discharge Shaun’s wife’s loan will be :