List of top Questions asked in CBSE CLASS XII

Bittu and Chintu were partners in a firm sharing profits and losses in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2024 was as follows:

Balance Sheet of Bittu and Chintu as at 31st March, 2024

LiabilitiesAmount (₹)AssetsAmount (₹)
Capitals: Fixed Assets15,40,000
  Bittu8,00,000Stock3,50,000
  Chintu6,00,000Debtors1,40,000
General Reserve2,10,000Bank70,000
Creditors4,90,000  
Total21,00,000Total21,00,000

On 1st April, 2024, Diya was admitted in the firm for 1⁄7 share in the profits on the following terms:

  1. New profit sharing ratio between Bittu, Chintu, and Diya will be 3 : 3 : 1.
  2. Fixed Assets were found to be overvalued by ₹ 1,40,000.
  3. Creditors were paid ₹ 4,20,000 in full settlement.
  4. Diya brought proportionate capital and ₹ 5,60,000 as her share of goodwill premium by cheque.

Prepare Revaluation Account and Partners’ Capital Accounts.

State Faraday’s second law of electrolysis. How much electricity is required in terms of Faraday for the reduction of 1 mole of $Cr_2\text{O}_7^{2-} \text{ to Cr}^{3+}$?
State the advantages of ‘Pivot Table’ report.
Which function can be used as an alternate to the ‘IF’ function for elaborate test and why? Give the meaning of its types with their syntax.
What is data formatting? What tools are used to format data?
Name the error which occurs when Excel doesn’t recognize a ‘Text’ formula. Give any two solutions to correct it.

Identify the type of code used by a trading company Ms. Ahana Ltd.:

CodesAccounts
CA005Super Ltd.
CA006Regina Ltd.
CA007Nasir & Sons Ltd.
Explain ‘ROUND’ function of Excel.
Calculate Trade Receivables from the following:
  • Trade Receivables Turnover Ratio = 4 times
  • Cash Revenue from Operations = ₹ 2,50,000
  • Credit Revenue from Operations = 40% of Total Revenue
  • Opening Trade Receivables = ₹ 50,000
  • Closing Trade Receivables = ₹ 1,50,000
The software of computerised accounting system can be used for any size of business and type of organization as it enables changing the volume of data processing in tune with the change in the size of business. Which feature of Computerised Accounting System is being highlighted in above lines?
Which of the following is a part of Asset group ‘Current Assets’ in account group of Assets?

From the following Statement of Profit and Loss of Nutan Ltd. for the years ended 31st March, 2023 and 2024, prepare a Comparative Statement of Profit and Loss:

Particulars2022–23 (₹)2023–24 (₹)
Revenue from Operations5,00,0006,00,000
Other Income20,00030,000
Expenses4,00,0005,00,000
Tax Rate40%40%
From the following information, calculate cash flow from investing and financing activities:
  • Purchase of Machinery ₹1,60,000
  • Sale of Machinery ₹40,000
  • Interest Paid ₹10,000
  • Dividend Paid ₹15,000
  • Proceeds from Issue of Shares ₹2,00,000
  • Proceeds from Long-Term Borrowings ₹50,000
A piece of information shown in a graph which is assigned to the data series is known as:
Null value is the special value which represents:
The Quick Ratio of a company is 1 : 1. Which of the following transactions will result in increase in Quick Ratio?
Which of the following item is not included in cash and cash equivalents?
_______ is not a tool of ‘Analysis of Financial Statements’.
Short-term highly liquid investments qualify as cash equivalents if they are realisable into known amounts of cash from the date of acquisition within a period of :
In ‘Common size income statement’ each item is expressed as a percentage of ____.
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) Outstanding Salaries
(ii) Trademarks
(iii) Loose tools
Statement-I: Snow Limited earned a profit of \rupee 2,00,000 after charging depreciation of \rupee 50,000 on machinery. So, operating profit before working capital changes would be \rupee 2,50,000.
Statement-II: Depreciation is added back to net profit as it does not result in any cash flow.
Choose the correct option from the following:

Simar, Tanvi, and Umara were partners in a firm sharing profits and losses in the ratio of 5 : 6 : 9. On 31st March, 2024, their Balance Sheet was as follows:

Balance Sheet of Simar, Tanvi, and Umara as at 31st March, 2024

LiabilitiesAmount (₹)AssetsAmount (₹)
Capitals: Fixed Assets25,00,000
  Simar13,00,000Stock10,00,000
  Tanvi12,00,000Debtors8,00,000
  Umara14,00,000Cash7,00,000
General Reserve7,00,000Profit and Loss A/c2,00,000
Trade Payables6,00,000  
Total52,00,000Total52,00,000

Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner:

  1. Goodwill of the firm be valued at 3 years purchase of average profits for the last 5 years. The profits/losses for the previous four years were:
    • 2022-23: ₹ 3,10,000 (loss)
    • 2021-22: ₹ 3,00,000 (profit)
    • 2020-21: ₹ 4,00,000 (profit)
    • 2019-20: ₹ 2,50,000 (profit)
  2. Umara’s share of profit or loss till the date of her death was to be calculated on the basis of profit or loss for the year ended 31st March 2024.
  3. Calculate Goodwill of the firm.
  4. Pass the necessary journal entry for the treatment of goodwill on Umara’s death.
  5. Calculate Umara’s share in the profit or loss of the firm till the date of her death.
  6. Pass the necessary journal entry to record Umara’s share of profit or loss till the date of her death.
Alexia Limited invited applications for issuing 1,00,000 equity shares of ₹ 10 each at a premium of ₹ 10 per share. The amount was payable as follows :
On application ₹ 9 per share (including premium ₹ 6 per share)
On allotment ₹ 8 per share (including premium ₹ 4 per share)
On first and final call ₹ 3 per share.
Applications were received for 1,50,000 equity shares and allotment was made to the applicants as follows :
Category A : Applicants for 90,000 shares were allotted 70,000 shares.
Category B : Applicants for 60,000 shares were allotted 30,000 shares.
Excess money received on application was adjusted towards allotment and first and final call.
Shekhar, who had applied for 1,200 shares, failed to pay the first and final call. Shekhar belonged to Category B.
Pass necessary journal entries for the above transactions in the books of Alexia Limited. Open calls in arrears and calls in advance account wherever necessary.
Aakash and Baadal entered into partnership on 1st October, 2023 with the capitals of ₹ 80,00,000 and ₹ 60,00,000 respectively. They decided to share profits and losses equally. Partners were entitled to interest on capital @ 10% per annum as per the provisions of the partnership deed. Baadal is given a guarantee that his share of profit, after charging interest on capital will not be less than ₹ 7,00,000 per annum. Any deficiency arising on that account shall be met by Aakash. The profit of the firm for the year ended 31st March, 2024 amounted to ₹ 13,00,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2024.