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

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

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

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, calculate opening and closing inventory: 
Gross Profit Ratio - 25% 
Revenue from operations - Rs 8,00,000 
Inventory turnover ratio - 4 times 
Opening inventory was 2 times of the closing inventory. 

Which of the following is a part of Asset group ‘Current Assets’ in account group of Assets?

(A) Duties and Taxes

(B) Miscellaneous Expenditures

(C) Reserves & Surplus

(D) Direct Expenses

On $31^{\text {st }}$ March, 2024, following is the Balance Sheet of Bhavik Limited :

Bhavik Ltd.

Balance Sheet as at $31^{\text {st }}$ March 2024

I. Equity and Liabilities :

II. Assets :

Notes to Accounts :

Additional Information :

• During the year, a piece of machinery costing ₹ 8,00,000 with accumulated depreciation of ₹ 50,000 was sold for ₹ 6,50,000.
• Debentures were redeemed on $31^{\text {st }}$ March, 2024.

Calculate :

1. Cash flows from Investing Activities
2. Cash flows from Financing Activities

From the following information, calculate opening and closing inventory :

• Gross Profit Ratio – 25%
• Revenue from operations – ₹ 8,00,000
• Inventory turnover ratio – 4 times
• Opening inventory was 2 times of the closing inventory.

From the following information, prepare a Comparative Statement of Profit and Loss for the year ended $31^{\text {st }}$ March, 2024 :

(a) From the following information, calculate Opening Trade Receivables and Closing Trade Receivables :

• Trade Receivables Turnover Ratio = 4 times
• Closing Trade Receivables were ₹ 20,000 more than that in the beginning.
• Cost of Revenue from operations = ₹ 6,40,000.
• Cash Revenue from operations = $\frac{1}{3}$ of Credit Revenue from Operations
• Gross Profit Ratio = 20%

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 :

1. Bills payable
2. Loose Tools
3. Copyrights

The Quick Ratio of a company is $1:1$. Which of the following transactions will result in an increase in the Quick Ratio?

• (A) Cash received from debtors
• (B) Sold goods on credit
• (C) Purchased goods on credit
• (D) Purchased goods on cash

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. 

Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at $31^{\text {st }}$ March, 2024 along with Notes to accounts:

Vikalp Ltd.

Balance Sheet as at $31^{\text {st }}$ March, 2024

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:

1. The total face value of equity shares issued during the year 2023-2024 was :
2. The number of shares on which the called up amount was not received were :
3. On $1^{\text {st }}$ April, 2024 Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, ‘Share Capital Account’ will be debited by :
4. On forfeiture, ‘Share Forfeiture Account’ will be credited with :
5. If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
6. If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :