List of top Questions asked in CBSE CLASS XII

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 :
(i) Computer software
(ii) Outstanding salary
(iii) Work in progress

From the following information of CN Ltd., prepare a common size Statement of Profit and Loss for the years ended 31st March, 2023 and 31st March, 2024 :

Statement of Profit (in ₹)

Particulars	2023–24 (₹)	2022–23 (₹)
Revenue from Operations	40,00,000	20,00,000
Less: Purchase of Stock-in-Trade	8,00,000	4,00,000
Less: Other Expenses	4,00,000	2,00,000
Profit Before Tax	28,00,000	14,00,000
Less: Tax @ 50%	14,00,000	7,00,000
Net Profit After Tax	14,00,000	7,00,000

A Ltd. purchased a running business from B Ltd. for a sum of ₹ 6,00,000 payable by issue of 12,000 equity shares of ₹ 10 each at a premium of ₹ 10 per share. The assets and liabilities consisted of the following:}
Sundry Assets ₹ 6,45,000
Sundry Liabilities ₹ 90,000 Pass journal entries in the books of A Ltd.

Ashish, Vinit and Reema were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet on 31st March, 2024 was as follows :

Balance Sheet of Ashish, Vinit and Reema as at 31^st March, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Capital: Ashish	2,00,000	Patents	80,000
Capital: Vinit	2,00,000	Furniture	3,00,000
Capital: Reema	1,00,000	Stock	1,70,000
General Reserve	50,000	Debtors	80,000
Bills Payable	80,000	Less: Provision for Doubtful Debts	(8,000)
Creditors	40,000	Net Debtors	72,000
		Cash	48,000
Total	6,70,000	Total	6,70,000

(i) Goodwill of the firm was valued at ₹ 60,000 and the same was adjusted into the capital accounts of Ashish and Reema who will share profits in future in the ratio of 3 : 2.
(ii) Value of stock was to be reduced by ₹ 10,000.
(iii) Patents are found undervalued by 20%.
(iv) Vinit was paid ₹ 20,000 immediately on retirement and the balance was transferred to his loan account carrying interest @ 8% p.a.
Pass necessary journal entries on Vinit’s retirement.

The tool of analysis of financial statements which indicates the trend and direction of financial position and operating results is _______.

Ratios that are calculated for measuring the efficiency of operations of the business based on effective utilization of resources are known as _______

On 1st April, 2023, Bhanu and Dhruv were partners in a firm sharing profits and losses in the ratio of 3 : 2. On that date their capitals were ₹ 1,80,000 and ₹ 1,20,000 respectively. They admitted Rajat as a new partner with 1/4th share in the profits. Rajat brought ₹ 2,00,000 as his capital. The new profit sharing ratio was 2 : 1 : 1. Calculate the value of goodwill of the firm and record the necessary journal entry for adjustment of goodwill.

Pass necessary Journal entries for the following transactions on the dissolution of a firm after the transfer of assets and liabilities has been made to Realisation Account:
(i) Debtors of ₹ 60,000; provision for doubtful debts ₹ 2,000. ₹ 56,000 were collected.
(ii) Creditors were ₹ 80,000; settled at ₹ 76,000.

The capital of the firm of Rajat and Karan is ₹ 15,00,000 and the market rate of interest is 12%. Annual salary of Rajat and Karan is ₹ 20,000 and ₹ 30,000 respectively. The profits for the last three years were ₹ 2,40,000, ₹ 2,80,000 and ₹ 3,20,000. Goodwill of the firm is to be valued on the basis of two years’ purchase of last three years’ average super profits. Calculate the goodwill of the firm.

Pass necessary journal entries for issue of debentures for the following transactions:
(i) Kiero Ltd. issued 80,000, 9% debentures of ₹ 100 each at par, redeemable at a premium of 10%.
(ii) Naro Ltd. issued 50,000, 10% debentures of ₹ 100 each at a premium of 5%, redeemable at a premium of 10%.

Raja, Bharat and Vedika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as on 31st March, 2024 was as follows :
Balance Sheet of Raja, Bharat and Vedika as on 31st March, 2024

Liabilities Amount (₹)	Amount (₹)	Assets
Creditors	80,000	Bank
General Reserve	50,000	Stock
Capitals: Raja Bharat Vedika	1,10,000 1,00,000 90,000	Debtors Furniture Machinery
Total	4,30,000	Total

₹10 per share on 4,000 shares were forfeited for non-payment of final call of ₹2 and application and allotment money was paid. These shares were reissued at ₹8 per share. The minimum amount transferred to Capital Reserve will be:

Vishesh, Manik and Amit were partners in the ratio 5 : 4 : 1. Amit retired on 31st March, 2024. Vishesh and Manik decided to share Amit’s share in the ratio 2 : 3. What will be the new profit sharing ratio between Vishesh and Manik?

Varun, Aryan and Nimit were partners in a firm sharing profits in the ratio 2 : 2 : 1. Aryan retired and surrendered 1/3 of his share to Varun and remaining to Nimit. What will be the new ratio between Varun and Nimit?

When a partner brings capital at the time of admission, it is credited to:

Debentures in respect of which all details including names, addresses and particulars of holding of the debenture holders are entered in a register kept by the company are called :

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

Misha, Sarita and Isha were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. With effect from 1st April 2024, they decided that they will share profits and losses equally. The gain or sacrifice by the partners due to change in profit sharing ratio will be :

Kartik, Inder and Lalit were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2024, they decided to share profits and losses in the ratio of 2 : 3 : 4. For this purpose, the goodwill of the firm was valued at ₹ 1,80,000. The necessary journal entry to show the effect of the above will be :

Nidhi, Pranav and Ishu were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. With effect from 1st April, 2024, they decided to share profits and losses in the ratio of 4 : 1 : 5. On that date, there was a debit balance of ₹ 4,00,000 in the Profit and Loss Account. The necessary journal entry to show the effect of the above will be :

Moksh and Pran were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their capitals were ₹ 5,00,000 and ₹ 3,00,000 respectively. They admitted Tushar as a new partner on 1st April, 2024 for 1/4th share in future profits. Tushar brought ₹ 4,00,000 as his share of capital. The goodwill of the firm on Tushar’s admission will be :

Money received in advance from the shareholders before it is actually called up by the directors is :

Assertion (A): Each partner carrying on the business of the firm is the principal as well as the agent for all the other partners of the firm.
Reason (R): There exists a relationship of mutual agency between all the partners.
Choose the correct option from the following:

VL Ltd. offered for public subscription 90,000 equity shares of ₹ 10 each at a premium of 10%. The entire amount was payable on application. Applications were received for 1,00,000 shares and allotment was made to all the applicants on pro-rata basis. The amount received on application was___.

VX Ltd. issued 30,000, 8% debentures of ₹ 100 each at a discount of 10% redeemable at a certain rate of premium. On issue of these debentures, ‘Loss on issue of debentures account’ was debited with ₹ 4,50,000. The amount of premium on redemption of debentures was___.