List of top Questions asked in CBSE CLASS XII

Reeha, Meenu, and Sara were partners in a partnership firm sharing profits and losses in the ratio of 2:2:1. With effect from 1\textsuperscript{st April, 2023, they agreed to share profits and losses equally. On that date, there was a General Reserve of \rupee50,000 in the books of the firm. It was agreed that:} Goodwill of the firm be valued at \rupee3,00,000. Profit on revaluation of assets and re-assessment of liabilities amounted to \rupee30,000. Pass necessary journal entries for the above transactions in the books of the firm.
If vendors are issued fully paid shares of \rupee1,25,000 in purchase consideration of net assets of \rupee1,50,000, the balance of \rupee25,000 will be credited to:
Mahesh Ltd. purchased Plant and Machinery from Ish Ltd. for \rupee4,50,000. \rupee50,000 was paid by cheque to Ish Ltd., and the balance by issuing 6\% debentures of \rupee100 each at a discount of 20\%. Pass the necessary Journal Entries for the above transactions in the books of Mahesh Ltd.
Manika Ltd. forfeited 500 shares of \rupee100 each for non-payment of the first call of \rupee20 per share and the second and final call of \rupee25 per share. 250 of these shares were reissued at \rupee50 per share fully paid up. Pass the Journal Entries for forfeiture and reissue of shares.
At the time of admission of a partner, the Balance Sheet of the firm showed a workmen compensation reserve of \rupee80,000. The claim for workmen compensation was estimated at \rupee1,00,000. The shortfall of \rupee20,000 will be:
Which one of the following items is not dealt through Profit and Loss Appropriation Account?
As per the provisions of Companies Act, 2013, Securities Premium cannot be utilized for:
On the disSolutions of a partnership firm, there were debtors of \rupee34,000. Debtors of \rupee1,000 became bad, and 60\% was realized from the remaining debtors. Which account will be debited and by how much amount on the realization from debtors?
Vishnu and Mishu are partners in a firm. Mishu draws a fixed amount at the end of every quarter. Interest on drawings is charged @ 15\% p.a. At the end of the year, interest on Mishu's drawings amounted to \rupee9,000. Interest on drawings was charged on drawings of Mishu for:
Interest on Aditi's capital will be:
Interest on capital will be provided to Aditi and Saurabh in which of the following ratio?
Ravi, Vani, and Toni were equal partners in a firm. After the retirement of Vani, the capital balances of Ravi and Toni were \rupee1,56,000 and \rupee1,08,000, respectively. The new capital of the firm was determined at \rupee2,80,000. It was decided that the capital will be in proportion of the profit-sharing ratio of the remaining partners. Toni will bring \_\_\_\_ for deficiency of his new capital.
Riya, Rita, and Renu were partners in a firm. On 31\textsuperscript{st March, 2023, Renu retired. The amount payable to Renu \rupee2,17,000 was transferred to her loan account. Renu agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. The rate at which interest would be paid to Renu is:}
Assertion (A): Interest on bearer debentures is paid to a person who produces the interest coupon attached to such debentures. Reason (R): Bearer debentures are transferred by way of delivery, and the company does not keep any record of these debenture holders. Choose the correct option from the following:
Omkar and Shiva were partners in a firm. Omkar was entitled to a salary of \rupee20,000 p.a. while Shiva was entitled to a salary of \rupee50,000 p.a. Net profit for the year ended 31\textsuperscript{st March, 2023, after charging salaries of Omkar and Shiva, was \rupee5,60,000. The total amount credited to Omkar's capital account will be:}
On 1\textsuperscript{st May, 2023, Amrit Ltd. issued 10,000, 10\% debentures of \rupee100 each at a premium of 10\%, redeemable at a premium of 10\%. Loss on issue of debentures will be:}
Arnav Ltd. purchased assets worth \rupee24,00,000. It issued 9\% debentures of \rupee100 each at a discount of 4\% for payment of the purchase consideration. The number of debentures issued to the vendor were:
Assertion (A): Under the fixed capital method, partners' capital accounts always show a credit balance. Reason (R): Under the fixed capital method, all items like share of profit or loss, interest on capital, drawings, and interest on drawings are recorded in a separate account called partners' current account. Choose the correct alternative from the following:
Vanya and Aanya were partners in a firm sharing profit and losses in the ratio of \(3:2\). Their capitals were \rupee5,00,000 and \rupee1,00,000, respectively. Vanya was entitled to interest on capital @ 8\% p.a., and Aanya was entitled to salary @ \rupee5,000 per month. The net profit before any appropriation was \rupee1,75,000. Vanya's share in divisible profit will be:
M Ltd. forfeited 5,000 equity shares of \rupee10 each issued at a premium of 10\% for non-payment of the final call of \rupee2 per share. The minimum amount at which these shares can be reissued as fully paid up will be:
Gupta and Sharma are partners in a firm sharing profit in the ratio of 4:1. They admitted Preeti as a new partner for \(\frac{1}{4}\) share in the profits, which she acquired wholly from Gupta. New profit sharing ratio of Gupta, Sharma, and Preeti will be:
Vishant Ltd. invited applications for issuing 6,000 equity shares of \rupee10 each at 10\% premium. The issue was fully subscribed. The amount per share was payable as follows: On application - \rupee3, on allotment - \rupee3 (including premium), on first call - \rupee3, and on final call - \rupee2. Ashish, the holder of 200 shares, paid the entire money along with allotment. The total amount received on allotment was:
Aditya, Vishesh, and Nimesh were partners in a firm sharing profits and losses equally. Aditya died on 1\textsuperscript{st July 2023. Remaining partners decided to continue the business of the firm and decided to share future profits in the ratio of \(4:3\). The gaining ratio of Vishesh and Nimesh will be:}
Kanha, Resham, and Nisha were partners in a firm. Nisha had given a loan of \rupee1,00,000 to the firm at 10\% p.a. The accountant of the firm is emphasizing that interest on the loan will be paid at 6\% p.a. At what rate will the interest on the loan be paid to Nisha?
From the following information prepare a Comparative Statement of Profit and Loss of Y Ltd.: \[ \begin{array}{|l|r|r|} \hline \textbf{Particulars} & \textbf{31.3.2023 (\text{₹})} & \textbf{31.3.2022 (\text{₹})} \\ \hline \text{Revenue from operations} & 40,00,000 & 20,00,000 \\ \text{Purchase of stock in trade} & 24,00,000 & 12,00,000 \\ \text{Change in inventories (\% of purchase of stock in trade)} & 25\% & 20\% \\ \text{Other expenses} & 2,00,000 & 1,60,000 \\ \text{Tax rate} & 40\% & 40\% \\ \hline \end{array} \]