List of top Questions asked in CBSE CLASS XII

Alisha, Bobby, and Pooja were partners in a firm sharing profits and losses in the ratio of \( 5 : 3 : 2 \). Pooja died on 30\textsuperscript{th September, 2023. Pooja’s share in the profits of the firm till the date of death was to be calculated on the basis of sales. Sales during the year 2022–23 were ₹ 30,00,000, and sales from 1\textsuperscript{st} April, 2023, to 30\textsuperscript{th} September, 2023, were ₹ 10,00,000. The profit for the year ended 31\textsuperscript{st} March, 2023, was ₹ 3,00,000.} Calculate Pooja’s share of profit up to the date of death and pass the necessary journal entry for the same in the books of the firm.

Sumi Ltd. acquired assets of ₹ 8,00,000 and took over sundry creditors of ₹ 2,00,000 from Pandora Ltd. for a purchase consideration of ₹ 9,00,000. The payment was made by issuing a cheque of ₹ 4,60,000 and the remaining by issue of 9\% Debentures of ₹ 100 each at a premium of 10\%.

Misha and Prisha were partners in a firm sharing profits and losses in the ratio of \( 3 : 2 \). On 1\textsuperscript{st April, 2022, their capital accounts showed balances of ₹ 50,000 and ₹ 30,000 respectively. During the year, Misha withdrew ₹ 12,900 while Prisha withdrew ₹ 9,600. They were allowed interest on capital @ 10\% p.a. Interest on drawings of ₹ 660 was charged on Misha’s drawings and ₹ 540 on Prisha’s drawings. Prisha had advanced a loan of ₹ 20,000 to the firm on 1\textsuperscript{st} August, 2022. The net profit for the year ended 31\textsuperscript{st} March, 2023 amounted to ₹ 22,600. Prepare Profit and Loss Appropriation Account for the year ended 31\textsuperscript{st} March, 2023.}

Seema and Laksh were partners in a firm sharing profits and losses in the ratio of \( 2 : 1 \). Their capitals were ₹ 2,00,000 and ₹ 1,80,000 respectively. They admitted Aadi as a new partner on 1\textsuperscript{st April, 2023, for \( \frac{1}{5} \) share in future profits. Aadi brought ₹ 1,50,000 as his share of capital. The goodwill of the firm on Aadi’s admission will be:}

Sanya, Sarthak, and Nitya were partners in a firm sharing profits and losses in the ratio of \( 4 : 3 : 1 \). They decided to dissolve the firm on 31\textsuperscript{st March, 2023. On this date, the firm had debtors amounting to ₹ 3,00,000 and provision for doubtful debts of ₹ 30,000. On dissolution, debtors for ₹ 20,000 proved bad, and the remaining debtors realised 90\%. Amount realised from the debtors will be:}

Geeta and Hari were partners in a firm sharing profits and losses in the ratio of \( 3 : 2 \). Krish was admitted as a new partner for \( \frac{1}{5} \) share in the profits of the firm, which he acquired from Geeta and Hari in the ratio of \( 2 : 3 \). Krish brought ₹ 1,00,000 as his share of capital and ₹ 50,000 as premium for goodwill in cash. The sacrificing ratio of Geeta and Hari will be:

Assertion (A): Partners’ current accounts maintained under the ‘Fixed Capital Method’ may show a debit or a credit balance. Reason (R): In the ‘Fixed Capital Method’, all items like share of profit or loss, interest on capital, drawings, interest on drawings, etc., are recorded in the partners’ capital accounts.
Choose the correct option from the following:

Lata, Mehu, and Namita were partners in a firm sharing profits and losses in the ratio of \( 3 : 2 : 1 \). They decided to dissolve the firm on 31\textsuperscript{st March, 2023. Creditors took over stock of book value ₹ 80,000 at 80\%, in part settlement of their amount of ₹ 90,000. The balance amount was paid to the creditors by cheque. The amount paid by cheque to the creditors will be:}

Manu, Sonu, and Rahul were partners in a firm sharing profits and losses in the ratio of \( 4 : 3 : 2 \). With effect from 1\textsuperscript{st April, 2023, they decided to share profits and losses in the future in the ratio of \( 3 : 2 : 1 \). Their Balance Sheet showed Workmen Compensation Reserve of ₹ 84,000. The claim on account of Workmen Compensation is estimated at ₹ 75,000. The journal entry to give effect to the above transaction will be:} \includegraphics[width=0.5\linewidth]{Screenshot 2025-01-17 200658.jpg} \label{fig:enter-label} \end{figure}

Nicku, Mala, and Ritu were partners in a firm sharing profits in the ratio of \( 5 : 3 : 2 \). Nicku died on 30\textsuperscript{th September, 2023. The deceased partner was entitled to his share of profit up to the date of death, which was to be calculated on the basis of the previous year’s profit. The previous year’s profit was ₹ 80,000. Nicku’s share of profit will be:}

Nikhil, Arun, and Mansi were partners in a firm sharing profits and losses in the ratio of \( 4 : 3 : 3 \). With effect from 1\textsuperscript{st April, 2023, they decided to share profits and losses in the ratio of \( 5 : 3 : 2 \). Due to the change in the profit-sharing ratio, Mansi’s gain or sacrifice will be:}

Aaroh, Bhuvan, and Charu were partners in a firm sharing profits and losses in the ratio of \( 1 : 2 : 6 \). Charu died. Aaroh and Bhuvan acquired Charu’s share in the ratio of \( 2 : 1 \). The new profit-sharing ratio between Aaroh and Bhuvan after Charu’s death will be:

Abha, Manju, and Rhea were partners in a firm sharing profits and losses in the ratio of \( 3 : 3 : 4 \). During the year ended 31\textsuperscript{st March, 2023, Rhea withdrew ₹ 30,000 at the beginning of each half year. Interest on Rhea’s drawings @ 10\% p.a. for the year ended 31\textsuperscript{st} March, 2023 will be:}

Hema and Tara were partners in a firm sharing profits and losses in the ratio of \( 2 : 3 \). They admitted Ojas as a new partner. Hema surrendered \( \frac{1}{3} \) of her share and Tara surrendered \( \frac{1}{2} \) of her share in favour of Ojas. The new profit-sharing ratio of Hema, Tara and Ojas will be:

Tapti’s share of profit will be:

Shrikant and Ajay were partners in a firm sharing profits and losses in the ratio of \( 5 : 3 \). Shrikant withdrew ₹ 10,000 in the beginning of each quarter during the year ended 31st March, 2023. Interest on Shrikant’s drawings @ 6\% p.a for the year ended 31st March, 2023 will be:

NUK Ltd. forfeited 1,000 shares of ₹ 10 each, fully called up for non-payment of final call of ₹ 2 per share. 800 of these shares were reissued at ₹ 11 per share fully paid. The amount credited to Capital Reserve Account will be:

Assertion (A): When the shares are forfeited, share capital account is debited with the amount called up and credited to:
(i) respective unpaid calls account i.e., calls in arrears and
(ii) share forfeiture account with the amount already received on shares.
Reason (R): When the shares are forfeited, all entries relating to the shares forfeited, except those relating to securities premium, already recorded in accounting records must be reversed.

The debentures which do not carry a specific rate of interest are called:

KLB Ltd. forfeited 3,000 shares of ₹ 10 each, ₹ 8 per share called up for non-payment of first call of ₹ 2 per share. All these shares were reissued at ₹ 7 per share, ₹ 8 paid up. The amount transferred to Capital Reserve Account will be:

Minimum subscription for allotment of shares as per SEBI guidelines cannot be less than 90\% of which of the following capital?

Alfa Ltd. offered for public subscription 50,000 equity shares of ₹ 10 each at ₹ 110 per share. The entire amount was payable on application. Applications were received for 48,000 shares and allotment was made to all the applicants. The amount received on application will be:

Lexa Ltd. issued 50,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. The amount was payable as follows:
On application and allotment — ₹ 7 per share (including premium)
On first and final call — Balance
The issue was fully subscribed. All the money was duly received except the first and final call on 1,000 equity shares. These shares were forfeited. On forfeiture of these shares, Calls in Arrears Account will be:

A person with trisomy of 21^st chromosome shows:
(i) Furrowed tongue
(ii) Characteristic palm crease
(iii) Rudimentary ovaries
(iv) Gynaecomastia
Select the correct option from the choices given below: