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

Which of the following statements is correct?

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:
(a) Prepaid expenses
(b) Capital Work-in-Progress
(c) Interest accrued and due on debentures

Calculate 'Cash Flows from Investing Activities' from the given information:

Comparative Statement of Assets

Particulars	31.03.2024 (₹)	31.03.2023 (₹)
10% Long Term Investments	2,50,000	4,50,000
Plant and Machinery	8,00,000	6,00,000
Goodwill	1,40,000	1,00,000
Investment in shares of Pinnacle Ltd.	14,00,000	5,00,000
Patents	-	1,50,000

From the following information, calculate Interest Coverage Ratio:

Financial Information

Particulars	Amount (₹)
Profit after Tax	6,30,000
Tax Rate	30%
15% Debentures	20,00,000
Equity Share Capital	10,00,000

The Quick Ratio of a company is 2 : 1. Which of the following transactions will result in decrease of this ratio?

The tool of ‘Analysis of Financial Statements’ which indicates the trend and direction of financial position and operating results is:

Chandan, Deepak and Elvish were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 2. Their Balance Sheet as at 31st March, 2024 stood as follows:

Balance Sheet of Chandan, Deepak and Elvish as at 31^st March, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Capitals:		Fixed Assets	27,00,000
Chandan	7,00,000	Stock	3,00,000
Deepak	5,00,000	Debtors	2,00,000
Elvish	3,00,000	Cash	1,00,000
General Reserve	4,50,000
Creditors	13,50,000
Total	33,00,000	Total	33,00,000

Chandan retired from the firm on 1st April, 2024 on the following terms:
[(i)] Fixed assets were to be depreciated by 10%.
[(ii)] Debtors of ₹ 30,000 were to be written off as bad debts.
[(iii)] Goodwill of the firm was valued at ₹ 6,00,000 and the retiring partner’s share is adjusted through the capital accounts of the remaining partners.
[(iv)] Chandan was paid through cash brought in by Deepak and Elvish in such a way so as to make their capitals proportionate to their new profit sharing ratio. Prepare Revaluation Account and Partners’ Capital Accounts.

While preparing Common Size Statement of Profit and Loss of a company, each item is expressed as a percentage of ________.

Cash Flow Statement is prepared in accordance with:

Statement I: Snow Ltd. made a net profit of ₹ 5,00,000 after taking into consideration interest on investment of ₹ 1,00,000. Operating profit before working capital changes would be ₹ 4,00,000.
Statement II: To calculate operating profit, before working capital changes, interest on investment is subtracted from net profit because it is a non-operating income.
Choose the correct option:

Atharv and Anmol were partners in a firm sharing profits and losses in the ratio of 5 : 2. Their Balance Sheet as at 31st March, 2024 was as follows:

Balance Sheet of Atharv and Anmol as at 31^st March, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Capitals:		Fixed Assets	14,00,000
Atharv	8,00,000	Stock	4,90,000
Anmol	4,00,000	Debtors	5,60,000
General Reserve	3,50,000	Cash	10,000
Creditors	9,10,000
Total	24,60,000	Total	24,60,000

Surya was admitted for \(\frac{2}{7}\) share in profits. Terms:
New ratio: Atharv, Anmol, Surya = 4 : 1 : 2
Fixed Assets decreased 10%
Stock sold ₹ 4,20,000
Surya brings ₹ 3,00,000 capital, ₹ 2,00,000 goodwill
Capital adjusted to Surya's capital Prepare Revaluation A/c and Capital A/cs.

Centurian Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 20 per share. The amount was payable as follows: On Application and Allotment – ₹ 20 per share (including premium ₹ 17 per share)
On First and Final call – ₹ 10 per share (including premium ₹ 3 per share)
Applications were received for 3,00,000 equity shares and allotment was made to the applicants as follows: (i) Applicants for 2,00,000 shares were allotted 1,50,000 shares.
(ii) Applicants for 1,00,000 shares were allotted 50,000 shares.
Excess money received on application and allotment was adjusted towards sums due on first and final call. Deepali, who had applied for 2,000 shares, failed to pay the first and final call money. Her shares were subsequently forfeited. Deepali belonged to Category (i).
Pass necessary journal entries for the above transactions in the Books of Centurian Ltd.
Open Calls-in-Arrears and Calls-in-Advance account, wherever necessary.

EF Ltd. invited applications for issuing 4000, 10% debentures of \u20b9 100 each at a premium of \u20b9 10 per debenture. The amount was payable as follows :
On application \hspace{1.5cm} -- \u20b9 40 per debenture
On allotment \hspace{2cm} -- \u20b9 70 per debenture (including premium) The debentures were fully subscribed and all money was duly received. Pass necessary journal entries for the above transactions in the books of EF Ltd.

Sunlock Ltd. purchased assets of book value \u20b9 50,00,000 and took over liabilities of \u20b9 6,00,000 from Moondock Ltd. It paid the purchase consideration by issue of \u20b9 46,00,000, 8% debentures of \u20b9 100 each at a discount of 10%. Record the journal entries in the books of Sunlock Ltd.

Gopal, Heera and Iqbal were partners in a firm sharing profits and losses equally. Iqbal died on 1st April, 2022. Final dues payable to Iqbal\u2019s executor as on the date of death amounted to \u20b9 4,00,000. Starting from 31st March, 2023, the executor was to be paid in two equal annual instalments of \u20b9 2,00,000 each, with interest @ 10% per annum. Accounts were closed on 31st March every year. Prepare Iqbal\u2019s executor\u2019s account till the final payment is made.

Abhay and Sujoy entered into partnership on 1st April, 2024 with capitals of \u20b9 80,00,000 and \u20b9 60,00,000 respectively. The partners decided to share profits in the ratio of their capital contribution. They withdrew \u20b9 6,00,000 and \u20b9 4,00,000 respectively during the year. The partners were charged interest on drawings @ 10% per annum as per the provisions of the partnership deed. Abhay\u2019s share of profit was guaranteed by Sujoy at a minimum of \u20b9 3,50,000 per annum. The profit of the firm for the year ended 31st March, 2024 amounted to \u20b9 6,50,000. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2024.

Romerio Ltd. issued ₹ 80,00,000, 8% debentures of ₹ 100 each on 1st April, 2023 at par, redeemable at a premium of 5%. The company had ₹ 3,00,000 in its Securities Premium Account.
Give journal entries in the books of Romerio Ltd. relating to the: (i) Issue of Debentures
(ii) Debenture interest for the year ending 31st March, 2024 assuming that interest was paid yearly on 31st March.
(iii) Writing off Debenture Interest and Loss on Issue of Debentures.

Madhur and Neeraj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The Balance Sheet as at 31st March, 2024 was as follows: Balance Sheet of Madhur and Neeraj as at 31^st March, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Capitals:		Machinery	7,00,000
Madhur	9,00,000	Investments	4,00,000
Neeraj	8,00,000	Debtors	11,00,000
Creditors	6,00,000	Stock	2,00,000
Bills Payable	2,00,000	Cash at Bank	1,00,000
Total	25,00,000	Total	25,00,000

The firm was dissolved on the above date and the following transactions took place:

Machinery was taken over by creditors in full settlement of their account.
Investments were taken over by Neeraj at \u20b9 5,00,000.
One of the debtors of \u20b9 1,00,000 was untraceable. Remaining debtors were realised at 10% less.
Stock was taken over by Madhur at 50% discount.
Realisation expenses amounting to \u20b9 1,00,000 were paid by Madhur.
Prepare Realisation Account.

Keya Ltd. issued 2,00,000, 8% debentures of \u20b9 100 each at 10% discount on 1st April, 2023. Interest is payable half-yearly on 30\textsuperscript{th} September and 31st March every year. Interest written off on 31st March, 2024 was:

Mallark Ltd. purchased assets of book value \u20b9 40,00,000 and took over liabilities of \u20b9 5,00,000 from Naroha Ltd. It was agreed that the purchase consideration, \u20b9 36,00,000 be paid by issuing 7% debentures of \u20b9 100 each at a premium of 20%. Record the journal entries in the books of Mallark Ltd. for the above transactions.

Tavish, Umesh and Varun were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Tavish retired. Umesh and Varun decided to share profits and losses in future in the ratio of 5 : 3. The gaining share of Umesh will be :

Ajit, Biswas and Chitra were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Biswas died on 30\textsuperscript{th} September, 2024. The firm closes its books on 31st March every year. Biswas\u2019s share of profits till the date of death from the last Balance Sheet date, was to be calculated on the basis of sales. Sales for the year ended 31st March, 2024 amounted to \u20b9 24,00,000 and that from 1st April, 2024 to 30\textsuperscript{th} September, 2024 amounted to \u20b9 15,00,000. The profits for the year ended 31st March, 2024 were \u20b9 2,40,000. Biswas\u2019s share of profits till the date of his death was:

Vinay and Pankaj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The following is the extract of their Balance Sheet as at 31st March, 2024 : Balance Sheet of Vinay and Pankaj as at 31^st March, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Investment Fluctuation Fund	6,00,000	Investments	15,00,000
Workmen Compensation Fund	8,00,000

On 1st April, 2024, Parth was admitted as a new partner for \(\frac{1}{5}\) share in the profits of the firm on the following terms:

Market value of investments was \u20b9 13,00,000.
Claim on account of Workmen Compensation was estimated at \u20b9 9,00,000.
Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on the date of Parth\u2019s admission.

Isha, Julie and Kavita were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. On 12\textsuperscript{th} June, 2024, Kavita died. Her share in the profits of the firm from the last Balance Sheet till the date of death was to be calculated on the basis of last year\u2019s profit. Last year\u2019s profits were \u20b9 6,00,000. Kavita\u2019s share of profit till the date of her death was:

On 1st April, 2024, Bright Ltd. issued 20,000, 11% debentures of ₹ 100 each at a premium of 10%, redeemable at a premium of 10%. Loss on issue of debentures was: