List of top Accountancy Questions asked in CBSE Class Twelve Board Exam

From the given information, calculate: (a) Quick Ratio (b) Inventory Turnover Ratio Particulars: \[ \begin{array}{|l|r|} \hline Particulars & Amount (\rupee)
\hline \text{Current Assets} & 4,00,000
\hline \text{Inventory} & 1,00,000
\hline \text{Current Liabilities} & 2,00,000
\hline \text{Net Profit Before Tax} & 72,000
\hline \text{Revenue from Operations} & 10,00,000
\hline \text{Gross Profit Ratio} & 20\%
\hline \end{array} \] \vspace{0.5cm}

From the following information, prepare a Comparative Statement of Profit and Loss: Comparative Statement of Profit and Loss for the years ended 31st March, 2022 and 2023: \[ \begin{array}{|l|r|r|r|} \hline Particulars & 2022–23 (\rupee) & 2021–22 (\rupee) & \% Change
\hline \text{Revenue from Operations} & 10,00,000 & 8,00,000 & 25\%
\hline \text{Employee Benefit Expenses} & 2,50,000 & 2,00,000 & 25\%
\hline \text{Other Expenses} & 5,50,000 & 4,00,000 & 37.5\%
\hline \text{Profit Before Tax (PBT)} & 2,00,000 & 2,00,000 & 0\%
\hline \text{Tax Expense (50\%)} & 1,00,000 & 1,00,000 & 0\%
\hline \text{Profit After Tax (PAT)} & 1,00,000 & 1,00,000 & 0\%
\hline \end{array} \] \vspace{0.5cm}

Data, \_\_\_\_\_\_, \_\_\_\_\_\_, Hardware, and Software are five pillars of Computerised Accounting System (CAS). From the following, which two pillars of CAS are missing in the above statement?

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: \[ \begin{array}{|l|l|} \hline Item & Classification in Balance Sheet
\hline \text{Long-Term Loans from Bank} & \text{Non-Current Liabilities → Long-Term Borrowings}
\hline \text{Loose Tools} & \text{Non-Current Assets → Fixed Assets → Tangible Assets}
\hline \text{Outstanding Expenses} & \text{Current Liabilities → Other Current Liabilities}
\hline \end{array} \] \vspace{0.5cm}

Shivalik Limited was registered with an authorized capital of \rupee10,00,000 divided into equity shares of \rupee10 each. It offered 50,000 equity shares to the public. The amount was payable as follows: On Application: \rupee2 per share On Allotment: \rupee6 per share On First and Final Call: Balance (\rupee2 per share) Additional Information: The issue was fully subscribed. All amounts were duly received except the allotment and first and final call money on 4,000 equity shares. These equity shares were forfeited. Required: Present the Share Capital in the Balance Sheet as per Schedule III, Part I of the Companies Act, 2013, and prepare "Notes to Accounts" for the same. \vspace{0.5cm}

Archana, Vandana, and Arti were partners in a firm sharing profits and losses in the ratio \(5 : 3 : 2\). Their Balance Sheet as at 31st March, 2023 was as follows: \[ \begin{array}{|l|r|l|r|} \hline Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
\hline \text{Capitals:} & & \text{Investments} & 80,000
\quad \text{Archana} & 80,000 & \text{Plant} & 1,00,000
\quad \text{Vandana} & 70,000 & \text{Stock} & 40,000
\quad \text{Arti} & 60,000 & \text{Debtors} & 50,000
\text{General Reserve} & 30,000 & \text{Cash at Bank} & 30,000
\text{Creditors} & 60,000 & &
\hline Total & 3,00,000 & Total & 3,00,000
\hline \end{array} \] \vspace{0.5cm} The firm was dissolved on the above date: (i) Assets were realised as follows: \[ \text{Debtors = \rupee40,000}, \quad \text{Stock = \rupee50,000}, \quad \text{Plant = \rupee60,000}. \] (ii) \(25\%\) of the investments were taken over by Vandana at \rupee18,000. Remaining investments were taken over by Archana at \(10\%\) less than book value. (iii) Expenses of realisation \rupee20,000 were paid by Arti. Prepare Realisation Account. \vspace{0.5cm}

Azhar, Sumit, and Robit were partners in a firm sharing profits and losses in the ratio \(3 : 1 : 1\). Their Balance Sheet as at 31st March, 2023 was as follows: \[ \begin{array}{|l|r|l|r|} \hline Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
\hline \text{Creditors} & 90,000 & \text{Bank} & 20,000
\text{General Reserve} & 60,000 & \text{Stock} & 40,000
\text{Capitals:} & & \text{Debtors} & 1,50,000
\quad \text{Azhar} & 60,000 & \text{Fixed Assets} & 60,000
\quad \text{Sumit} & 40,000 & &
\quad \text{Robit} & 20,000 & &
\hline Total & 2,70,000 & Total & 2,70,000
\hline \end{array} \] Robit died on 30th June, 2023. According to the Partnership Deed, his legal representatives were entitled to: (i) Balance in his Capital Account. (ii) His share of General Reserve. (iii) Interest on capital @10\% p.a. (iv) His share of goodwill (based on thrice the average of the past four years’ profits). (v) His share in profits up to the date of death (based on the profit of the last year). Profits for the previous four years: \[ \text{2019–20: (\rupee3,000)}, \quad \text{2020–21: \rupee28,000}, \quad \text{2021–22: \rupee16,000}, \quad \text{2022–23: \rupee15,000}. \] \vspace{0.5cm}

On 1st April 2022, Zubian Ltd. issued \rupee10,00,000, 7\% Debentures of \rupee100 each at a premium of 6\%, redeemable at a premium of 4\% after five years. The company had a balance of \rupee30,000 in Securities Premium Account. (a) Pass necessary journal entries for the issue of debentures and for writing off 'Loss on Issue of Debentures' utilising the Securities Premium Account at the end of the first year itself. (b) Prepare 'Loss on Issue of Debentures Account' for the year ended 31st March, 2023. \vspace{0.5cm}

Qumtan Ltd. invited applications for issuing 1,00,000 equity shares of \rupee10 each at a premium of \rupee6 per share. The amount was payable as follows: On Application and Allotment: \rupee8 per share (including premium \rupee3). On First and Final Call: Balance (including premium). Applications for 1,60,000 shares were received. Applications for 10,000 shares were rejected, and pro-rata allotment was made to the remaining applicants. Excess money received on application was returned. Dheeraj, who was allotted 200 shares, failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were reissued at \rupee5 per share fully paid up. \vspace{0.5cm}

Printkit Limited invited applications for issue of 80,000 equity shares of \rupee10 each. The amount was payable as follows: On Application: \rupee3 per share On Allotment: \rupee2 per share On First and Final Call: Balance Applications for 1,50,000 shares were received. Applications for 10,000 shares were rejected, and pro-rata allotment was made to the remaining applicants as follows: - Category A: Applicants for 80,000 shares were allotted 40,000 shares. - Category B: Applicants for 60,000 shares were allotted 40,000 shares. Excess money received on application was adjusted toward the amount due on allotment and first and final call. All the amounts due on allotment and first and final call were duly received. \vspace{0.5cm}

Shubhi and Revanshi were partners in a firm sharing profits and losses in the ratio of \(3 : 2\). Their Balance Sheet as at 31st March 2023 was as follows: \[ \begin{array}{|l|r|l|r|} \hline Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
\hline \text{Capitals:} & & \text{Fixed Assets} & 90,000
\quad \text{Shubhi} & 60,000 & \text{Stock} & 38,000
\quad \text{Revanshi} & 32,000 & \text{Debtors} & 30,000
\text{General Reserve} & 30,000 & \text{Cash} & 52,000
\text{Bank Loan} & 18,000 & &
\text{Creditors} & 70,000 & &
\hline Total & 2,10,000 & Total & 2,10,000
\hline \end{array} \] \vspace{0.5cm} Adjustments: Pari brings \rupee50,000 as her capital and \rupee50,000 as her share of premium for goodwill for \( \frac{1}{4} \) share in the profits of the firm. Fixed assets were depreciated by 30\%. Stock was revalued at \rupee45,000. Bank loan was paid off. Capitals of Shubhi and Revanshi were adjusted based on Pari’s capital, with actual cash being paid or brought in. \vspace{0.5cm}

Rishi, Shashi, and Trishi were partners in a firm sharing profits and losses in proportion of \( \frac{1}{2}, \frac{1}{6}, \frac{1}{3} \) respectively. Their Balance Sheet as at 31st March, 2023 was as follows: \[ \begin{array}{|l|r|l|r|} \hline Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
\hline \text{Capitals:} & & \text{Fixed Assets} & 80,000
\quad \text{Rishi} & 36,000 & \text{Stock} & 20,000
\quad \text{Shashi} & 30,000 & \text{Debtors} & 30,000
\quad \text{Trishi} & 20,000 & \text{Cash} & 40,000
\text{General Reserve} & 30,000 & &
\text{Creditors} & 54,000 & &
\hline Total & 1,70,000 & Total & 1,70,000
\hline \end{array} \] \vspace{0.5cm} Adjustments: Fixed assets were valued at \rupee56,000. Stock was taken over by Shashi at \rupee26,000. Goodwill of the firm was valued at \rupee18,000 on Shashi’s retirement. The balance in Shashi’s Capital Account was transferred to her loan account. \vspace{0.5cm}