List of top Accountancy Questions asked in CBSE CLASS XII

From the following information, calculate Opening Trade Receivables and Closing Trade Receivables : 
Trade Receivables Turnover Ratio - 4 times 
Closing Trade Receivables were Rs 20,000 more than that in the beginning. 
Cost of Revenue from operations - Rs 6,40,000. 
Cash Revenue from operations \( \frac{1}{3} \)rd of Credit Revenue from operations 
Gross Profit Ratio - 20% 

From the following information, prepare a Comparative Statement of Profit and Loss of Smart Ltd. : 

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule-III, Part-I of the
Companies Act, 2013:

  1. Work in progress
  2. Securities premium
  3. Creditors
Which of the following item is not included in cash and cash equivalents ?
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 ____
_____ is not a tool of 'Analysis of Financial Statements'.
Statement-I : Snow Limited earned a profit of Rs 2,00,000 after charging depreciation of Rs 50,000 on machinery. So, operating profit before working capital changes would be Rs 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:
The Quick Ratio of a company is 1 : 1. Which of the following transactions will result in increase in Quick Ratio?
Alexia Limited invited applications for issuing 1,00,000 equity shares of Rs 10 each at premium of Rs 10 per share. The amount was payable as follows:
On application Rs 9 per share (Including premium Rs 6 per share)
On allotment Rs 8 per share (Including premium Rs 4 per share)
On first and final call Rs 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 1200 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.
Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at 31st March, 2024 along with Notes to accounts:
% [Balance Sheet Extract & Notes shown in Question] Notes to accounts' as at 31st March, 2023 \& 2024 show changes in Share Capital.
Analysis from Notes:
As at 31-3-2023: Issued \& Subscribed Capital: 5,00,000 equity shares of Rs 10 each, fully paid up = Rs 50,00,000.
As at 31-3-2024: Issued Capital: 6,00,000 equity shares of Rs 10 each. Subscribed: 5,80,000 shares fully paid up (Rs 58,00,000) + 20,000 shares fully called up (Rs 2,00,000) less Calls in Arrears (Rs 40,000 on 20,000 shares @ Rs 2) = Rs 1,60,000. Total Subscribed = Rs 59,60,000.
Answer the following questions :
(i) The total face value of equity shares issued during the year 2023-2024 was:
Pass necessary journal entries for the following transactions on dissolution of the firm of Rajesh, Somesh and Yogesh after various assets (other than cash) and third party liabilities have been transferred to Realisation Account :
(i) Rajesh took over stock of Rs 4,00,000 at a discount of 20\%.
(ii) Somesh agreed to take over the firm's furniture, not recorded in the books of the firm at Rs 80,000.
(iii) Land and Building of the book value of Rs 60,00,000 was sold for Rs 90,00,000 through a broker who charged 10\% commission.
(iv) Ashish, an old customer, whose account for Rs 70,000 was written off as bad in the previous year, paid 60\% of the amount.
(v) Sundry Creditors of Rs 3,00,000 were settled at a discount of 10\%.
(vi) Realisation expenses amounting to Rs 21,000 were paid by Yogesh.
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
% [Balance Sheet Table - Simplified representation below] % Liabilities: Capitals (S:13L, T:12L, U:14L) = 39L; General Reserve = 7L; Trade Payables = 6L; Total = 52L % Assets: Fixed Assets = 25L; Stock = 10L; Debtors = 8L; Cash = 7L; P A/c (2023-24) = 2L; Total = 52L Liabilities: Capitals (S:13L, T:12L, U:14L) 39L, General Reserve 7L, Trade Payables 6L. Total 52L.
Assets: Fixed Assets 25L, Stock 10L, Debtors 8L, Cash 7L, Profit and Loss Account (2023-24) 2L. Total 52L.
\textbf{Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner:
Ridyum Limited issued 5,000, 9\% debentures of Rs 500 each at a premium of 10\%. The amount was payable as follows:
On Application - Rs 200 per debenture
On Allotment – Balance (including premium)
The debentures were fully subscribed and all amounts were duly received. Pass the necessary journal entries for issue of debentures in the books of Ridyum Limited.
Aakash and Baadal entered into partnership on 1st October, 2023 with the capitals of Rs 80,00,000 and Rs 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 Rs 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 Rs 13,00,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2024.
Ajanta Ltd. purchased machinery worth Rs 36,00,000 from Sujata Ltd. Ajanta Ltd. paid half the amount to Sujata Ltd. through a bank draft and the balance by issuing 8\% debentures of Rs 100 each at a discount of 10\%. Pass the necessary journal entries in the books of Ajanta Ltd. for the above transactions.
Apoorv Ltd. acquired building worth Rs 15,50,000, Machinery worth Rs 11,40,000 and Furniture worth Rs 1,10,000 from Dhruv Ltd. and took over its liabilities of Rs 2,00,000 for a purchase consideration of Rs 25,00,000. Apoorv Ltd. paid the purchase consideration by issuing 12\% debentures of Rs 100 each at a premium of 25\%. Pass the necessary journal entries in the books of Apoorv Ltd. for the above transactions.
Sunny and Ujjwal were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2024 Timmy was admitted as a new partner for \( \frac{1{5} \)th share in profits which he acquired equally from Sunny and Ujjwal. On the date of Timmy's admission the Balance Sheet of Sunny and Ujjwal showed investments at Rs 5,00,000 and a balance of Rs 2,00,000 in Investment Fluctuation Reserve. Pass necessary journal entries for treatment of Investment fluctuation reserve on the date of Timmy's admission in each of the following cases:

Zeba Limited issued 15,000, 9% debentures of Rs 100 each at 10% discount on 1st April, 2023. It has a balance of Rs 1,00,000 in Securities Premium Account. The 'Discount on issue of Debentures' of Rs 1,50,000 will be written off : 
 

The following journal entry appears in the books of Latvion Ltd. : 

The discount on issue of debentures is : 
 

If the amount of debentures issued is more than the amount of the net assets taken over by a company, the difference will be treated as :
Debentures on which a company does not give any undertaking for the repayment of money borrowed are called :

According to Securities and Exchange Board of India (SEBI), guidelines, minimum subscription of capital cannot be less than 90% of ....... 
 

The amount of share capital which a company is authorised to issue by its Memorandum of Association is known as ........
Ajay Ltd. forfeited 100 shares of Rs 10 each for non-payment of first call of Rs 1 per share and second and final call of Rs 3 per share. The minimum price per share at which these shares can be reissued will be :