List of top Questions asked in CBSE CLASS XII

On 1st April, 2022, Mega Ltd. issued 30,000, 10% Debentures of ₹100 each at a discount of 10%. The total amount of interest due on debentures for the year ending 31st March, 2023 will be:} 
 

Manas and Ranvir are partners in a firm having capital balances of ₹1,20,000 and ₹80,000 respectively. Sanju is admitted as a new partner in the firm for a 1/5 share in future profits. Sanju brought ₹1,00,000 as his capital. The goodwill of the firm on Sanju’s admission will be:

On 1st January, 2023, Abhishek, a partner, advanced a loan of ₹ 3,00,000 to the firm. In the absence of a partnership agreement, the amount of interest on the loan for the year ending 31\textsuperscript{st} March, 2023 will be:
 

If a partner withdraws a fixed amount at the end of each quarter, interest on drawings will be charged for ........ months.
Interest on capital payable to Vivek will be:
Ashu and Basu are partners sharing profits and losses in the ratio of 2:1. Chetan is admitted as a new partner with \( \frac{1}{4} \) share in the profits, which he acquires equally from Ashu and Basu. The new profit-sharing ratio between Ashu, Basu, and Chetan will be:
Prateek, Charu, and Sirima were partners in a firm sharing profits in the ratio of 3:2:1. Prateek retired from the firm on 31\textsuperscript{st March, 2023. Charu and Sirima decided that the capital of the new firm will be ₹6,30,000. The capital accounts of Charu and Sirima after all adjustments on the date of retirement showed a credit balance of ₹4,35,000 and ₹1,89,000 respectively. Calculate the amount of actual cash to be brought into the firm or to be paid to the partners. Also pass necessary journal entries.}

Madhu, Raj, Atul, and Prachi were partners in a firm sharing profit and losses in the ratio of 3:2:4:1. With effect from 1st April, 2023, they decided to share profits and losses equally. Their Balance Sheet showed a General Reserve of ₹1,00,000. The goodwill of the firm was valued at ₹20,00,000. Pass necessary journal entries for the above on account of change in the profit-sharing ratio. Show your working clearly.

Priti Ltd. purchased assets worth ₹5,40,000 and took over liabilities of ₹1,20,000 of Payal Ltd. for a purchase consideration of ₹5,28,000. Priti Ltd. paid half the amount by cheque, and the balance was settled by issuing 10% Debentures of ₹100 each at a premium of 10%.
Dhatu Ltd. invited applications for issuing 4,000, 11% Debentures of ₹100 each at a premium of ₹50 per debenture. Full amount was payable on application. Applications were received for 5,000 debentures. Applications for 1,000 debentures were rejected, and application money was refunded. Debentures were allotted to the remaining applicants. Pass necessary journal entries for the above transactions in the books of Dhatu Ltd.
On 1st April, 2023, the books of the firm of Kashish and Sagar showed assets of ₹9,00,000 including cash of ₹32,000 and bank balance of ₹1,68,000. The partners’ capital accounts showed a balance of ₹6,00,000 and reserves constituted the rest. If the normal rate of return is 8% and the goodwill of the firm is valued at ₹4,00,000 at 5 years purchase of super profits, find the average profits of the firm.
Zee Ltd. invited applications for issuing 40,000 shares of ₹10 each at a premium of ₹2 per share. The amount was payable as follows: On Application – ₹4 per share On Allotment – ₹5 per share (including premium) On First Call – ₹2 per share On Second and Final Call – Balance Applications were received for 60,000 shares. Applications for 12,000 shares were rejected and money returned to the applicants. The shares were allotted on a pro-rata basis to the applicants of 48,000 shares. The excess money received on application was adjusted towards sums due on allotment. All shareholders paid the allotment money except one shareholder who had applied for 1,200 shares. His shares were forfeited immediately after allotment. First call was made thereafter and all the money due was received. The second and final call was not yet made. Pass necessary journal entries for the above transactions in the books of Zee Ltd.

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Sharma and Verma after the various assets (other than cash and bank balance) and outside liabilities have been transferred to Realisation Account: 
(i) Sharma paid creditors ₹ 34,000 in full settlement of their claim of ₹ 40,000. 
(ii) Verma agreed to pay his wife’s loan of ₹ 8,000. 
(iii) There was an old typewriter which had been written off completely from the books. It was estimated to realise ₹ 3,000. It was taken over by Verma at the estimated price less 20%. 
(iv) Neelu, an old customer whose account for ₹ 1,500 was written off as bad debt in the previous year, paid 80% of the amount. 
(v) Dissolution expenses amounting to ₹ 8,000 were paid by Sharma. (vi) Loss on realisation ₹ 40,000 was to be distributed between Sharma and Verma in their profit-sharing ratio of 3:2. 
 

Pass necessary journal entries for issue of debentures for the following transactions: 
(i) Suhavo Ltd. issued 10,000, 11% Debentures of ₹ 100 each at a discount of 10%, redeemable at a premium of 5%. 
(ii) Mudit Ltd. issued 20,000, 9% Debentures of ₹ 100 each at a premium of 5%, redeemable at a premium of 10%. 
(iii) Sudip Ltd. issued 30,000, 8% Debentures of ₹ 100 each at par, redeemable at a premium of 5%. 
 

\(\_\_\_\_\_\_\) is also known as Acid-Test Ratio. 
 

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013: Livestock Accrued incomes Unpaid dividend
From the following information calculate ‘Gross Profit Ratio’:
\[ \begin{array}{|l|r|} \hline \text{Revenue from operations} & ₹ 10,00,000 \\ \text{Purchases} & ₹ 3,00,000 \\ \text{Carriage inwards} & ₹ 60,000 \\ \text{Salaries} & ₹ 1,18,000 \\ \text{Decrease in inventory} & ₹ 40,000 \\ \text{Returns outwards} & ₹ 20,000 \\ \text{Wages} & ₹ 50,000 \\ \hline \end{array} \]
From the following information, prepare Comparative Statement of Profit and Loss for the year ended 31st March, 2023: \[ \begin{array}{|l|r|r|} \hline \text{Particulars} & 2022\text{--}23 (\text{₹}) & 2021\text{--}22 (\text{₹}) \\ \hline \text{Revenue from operations} & 4,00,000 & 2,00,000 \\ \text{Other income} & 80,000 & 40,000 \\ \text{Employee benefit expenses} & 2,00,000 & 1,00,000 \\ \text{Tax rate} & 50\% & 50\% \\ \hline \end{array} \]
What is meant by ‘resizing of chart’? How can it be done? Explain.
State any three limitations of Computerised Accounting System.
What is meant by Accounting Cycle? List its basic phases.
What is ‘data formatting’? What tools are used to format a given data?
Write the steps to create ‘If’ function using formula tab and dialogue box on a given spreadsheet where the total income less expenses if greater than ₹ 10,000 then 10% savings and if income is less than ₹ 10,000 then 5% savings. Also write the syntax of the result.
From the following, identify a ‘Data label’ as a chart element:
‘Sales and Accounts Receivable Sub-system’ of Accounting Information System deals with which of the following?