List of top Questions asked in CBSE CLASS XII

Which of the following is not a purpose of analysis of financial statements?

Ratios that are calculated for measuring the efficiency of operations of business based on effective utilisation of resources are called :

Which of the following transactions will not result in the inflow of cash ?

Abha & Sara capital: ₹3L, ₹2L.
Profits: ₹60k, ₹90k, ₹1.2L
(i) 4 years purchase of avg. profits
(ii) Super profit capitalisation @10%

KM Ltd. acquired assets worth ₹ 7,20,000 and took over liabilities of ₹ 2,00,000 of LS Ltd. for a purchase consideration of ₹ 9,60,000. KM Ltd. issued 12% debentures of ₹ 100 each at a discount of 4% in favour of LS Ltd. for payment of purchase consideration. Pass necessary journal entries for the above transactions in the books of KM Ltd.

Varsha Ltd. invited applications for issuing 2,000, 12% debentures of ₹ 100 each at a premium of ₹ 30 per debenture. Full amount was payable on application. Applications were received for 5,000 debentures. Applications for 3,000 debentures were rejected and money refunded. Debentures were allotted to the remaining applicants. Pass necessary journal entries for the above transactions in the books of Varsha Ltd.

Aman, Govind and Guru shared profits 3 : 2 : 1. Sudarshan admitted for \( \frac{1}{4} \) share. New ratio = 9 : 5 : 4 : 6. Total capital of new firm = ₹ 3,60,000. Sudarshan brings \( \frac{1}{4} \) of total as capital. Capitals of Aman, Govind and Guru adjusted accordingly. New capitals of Aman, Govind and Guru were ₹ 60,000, ₹ 80,000 and ₹ 45,000 respectively. Calculate the new capitals and pass necessary journal entries.

Sudha, Sudama and Sulochna were partners in a firm sharing profits equally. On 31st March, 2020, Sudha retired. On the date of retirement ₹ 2,40,000 became due to her. Sudama and Sulochana agreed to pay Sudha in four equal yearly instalments plus interest @ 10% p.a. on the unpaid balance starting from 31st March, 2021. The firm closes its books on 31st March every year.
Prepare Sudha’s loan account till it is fully paid.

On 1st April, 2023, GI Ltd. issued 40,000, 12% debentures of ₹ 100 each at a premium of 10%, redeemable at par after five years. The company closes its books on 31st March every year. Interest on debentures is payable half-yearly on 30th September and 31st March every year. Pass necessary journal entries in the books of the company for issue of debentures and payment of interest for the year ended 31st March, 2024.

Radhika Ltd. invited applications for issuing 40,000 equity shares of ₹ 100 each at a premium of ₹ 50 per share. The amount was payable as follows:
On Application and Allotment – ₹ 40 per share (including ₹ 10 premium)
On First call – ₹ 45 per share (including ₹ 5 premium)
On Second and final call – Balance
Applications for 39,000 shares were received. Allotment was made in full to all the applicants. Dinu, to whom 100 shares were allotted, failed to pay the first call money. His shares were immediately forfeited. The forfeited shares were re-issued thereafter at ₹ 70 per share fully paid up. The second and final call was not yet made. Pass necessary journal entries for the above transactions in the books of Radhika Ltd.

X Ltd. invited applications for 90,000 equity shares of ₹ 100 each. Applications for 2,00,000 shares were received. 5,000 shares applicant paid full amount with application. Allotment = ₹50, Application = ₹20, Final Call = ₹30.

Old Ratio = 8:5:3, New Ratio = 6:5:5
A’s gain/sacrifice = ?

On dissolution, Mohan's loan of ₹10,000 will be discharged by crediting:

Which of the following events does not result in reconstitution?

Ajay and Parth sharing 2:1. Vinod admitted. New ratio = 2:1:1. What is Ajay’s sacrifice?

Suman & Lata’s capital = ₹1,50,000 & ₹2,00,000. Interest = 8%
(i) Profit = ₹14,000
(ii) Profit = ₹60,000

Sudha, a partner withdrew \(₹12,000\) on 31stOctober, 2023 for her personal use. Interest on drawings is charged @ 6% p.a. The interest on Sudha’s drawings for the year ended 31stMarch, 2024 will be :

The partnership deed should be prepared as per the provisions of which of the following Acts ?

Manoj, Dilip and Rajinder were partners in a firm sharing profits and losses in the ratio of 7 : 3 : 5. Their fixed capitals were \(₹10,00,000\), \(₹8,00,000\) and \(₹6,00,000\), respectively. The partnership deed provided for interest on partners’ drawings @ 12% p.a. Which of the following accounts will be debited for charging interest on partners’ drawings ?

Paratigm Ltd. issued 40,000, 11% debentures of \(₹100\) each at a discount of 5%, redeemable at a premium. On issue of these debentures ‘Loss on Issue of Debentures Account’ was debited with \(₹4,00,000\). The amount of premium on redemption of debentures was :

On 1stApril, 2023, Viya Ltd. issued 20,000, 10% debentures of ₹ 100 each at a premium of 10%. The total amount of interest on debentures for the year ended 31stMarch, 2024 will be :

Radhya Ltd. issued 5,000, 9% debentures of ₹ 100 each at ₹ 97 per debenture. The 9% debentures account will be credited by :

Sun and Moon were partners in a firm sharing profits and losses equally. Their fixed capitals were \(₹5,00,000\) each. After the accounts for the year ended 31stMarch, 2024 were prepared, it was discovered that interest on capital @ 10% p.a. was not credited to the partners’ current accounts as provided in the partnership deed.
The rectifying adjustment entry for the same will be :

Particulars	Debit Amount (₹)	Credit Amount (₹)
(A) No Entry
(B) Sun’s Current A/c Dr.      To Moon’s Current A/c	50,000	50,000
(C) Moon’s Current A/c Dr.      To Sun’s Current A/c	50,000	50,000
(D) Sun’s Current A/c Dr. Moon’s Current A/c Dr.      To Profit and Loss Appropriation A/c	50,000 50,000	1,00,000

John and Harry were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 1stApril, 2023, they admitted Dinesh as a new partner for \(\frac{1}{4}\) share in the profits of the firm with a guarantee that his share in the profits shall be at least \(₹1,00,000\). The net profit of the firm for the year ended 31stMarch, 2024 was \(₹2,80,000\). John’s share in the profits of the firm after giving the guaranteed amount of profit to Dinesh will be :

Jeeta Ltd. forfeited 300 shares of \(₹100\) each for the non-payment of final call of \(₹10\) per share. The amount credited to share forfeiture account will be :