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

Aman, Boman and Chetan were partners in a firm sharing profits and losses in the ratio of 5:3:2. Dinesh was admitted as a new partner who acquired his share entirely from Aman. Aman surrendered \( \frac{1}{5} \)th of his share in the profits to Dinesh. Dinesh was admitted for which of the following share in the profits of the firm?
Emily, Farida and Gauri were partners in a firm sharing profits and losses in the ratio of 4:3:1. Farida was guaranteed Rs 35,000 as her share in the profits in the firm. Any deficiency arising on that account was to be met by Emily. The firm earned a profit of Rs 80,000 for the year ended 31st March 2024. The profit credited to Farida's capital account was:
Prepare a ‘Common Size Statement of Profit and Loss’ of Neurosci Ltd. for the year ended 31st March, 2023 from the following information: \[ \begin{array}{|l|r|r|} \hline \text{Particulars} & 2022\text{--}23 (\text{₹}) & 2021\text{--}22 (\text{₹}) \\ \hline \text{Revenue from operations} & 40,00,000 & 20,00,000 \\ \text{Purchase of stock in trade} & 4,00,000 & 2,00,000 \\ \text{Other expenses} & 40,000 & 20,000 \\ \text{Tax rate} & 50\% & 50\% \\ \hline \end{array} \]
A, B and C were partners in a firm sharing profits and losses in the ratio of \( \frac{1}{2} : \frac{1}{3} : \frac{1}{4} \). D was admitted in the firm for \( \frac{1}{6} \) share. C would retain his original share. The new profit sharing ratio will be:
Mohan, Suhaan, and Adit were partners in a firm sharing profits and losses in the ratio \(3 : 2 : 1\). Their fixed capitals were \rupee2,00,000, \rupee1,00,000, and \rupee1,00,000 respectively. For the year ended 31st March 2023, interest on capital was credited to their accounts @8\% p.a. instead of 5\% p.a. Pass necessary adjusting journal entry.

Raju, Sohan, and Tina are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Tina is guaranteed a minimum amount of ₹40,000 as a share of profit every year. Any deficiency arising on that account shall be borne by Raju. If profit of the firm for the year ended 31st March, 2023 is ₹1,60,000, Raju will bear a deficiency of:
 

KLB Ltd. forfeited 3,000 shares of ₹ 10 each, ₹ 8 per share called up for non-payment of first call of ₹ 2 per share. All these shares were reissued at ₹ 7 per share, ₹ 8 paid up. The amount transferred to Capital Reserve Account will be:
Ridhima and Kavita were partners sharing profits and losses in the ratio of 3:2. Their fixed capitals were |1,50,000 and |2,00,000 respectively. The partnership deed provides for interest on capital @ 8% p.a. The net profit of the firm for the year ended 31st March, 2023 amounted to |21,000. The amount of interest on capital credited to the capital accounts of Ridhima and Kavita will be:
Ruchika and Harshita were partners in a firm. Ruchika had withdrawn rupee 9,000 at the end of each quarter throughout the year. The interest to be charged on Ruchika’s drawings at 6% p.a. will be:
Kewal Ltd. purchased sundry assets from Ganpati Ltd. for rupee 28,60,000. The amount was paid by issuing fully paid shares of rupee 100 each issued at a premium of 10%. The number of shares issued to Ganpati Ltd. were:
Aarav Ltd. issued 10,000, 9% debentures of rupee 100 each at a premium of 5%, redeemable at a premium of 10%. Loss on issue of debentures account will be debited by:
Dove Ltd. issued 8,000, 11% debentures of rupee 100 each at a premium of 5%.The total amount of interest on Debentures for one year will be:
Opening capital of Keshav was:
Amount of interest to be charged on Hitesh’s drawings will be:
Isha and Manish were partners in a firm sharing profits and losses in the ratio of 3 : 2. With effect from 1st April, 2023, they agreed to share profits equally. On this date the goodwill of the firm was valued at |3,00,000. The necessary journal entry for the treatment of goodwill without opening Goodwill Account will be:
Mahi, Ruhi and Ginni are partners in a firm sharing profits and losses in the ratio of 6 : 4 : 1. Mahi guaranteed a profit of rupee 50,000 to Ginni. Net profit for the year ending 31st March, 2023 was rupee 1,10,000. Mahi’s share in the profit of the firm after giving the guaranteed amount to Ginni will be:
Sarita Ltd. forfeited 100 shares of rupee 10 each, rupee 8 called up issued at a premium of rupee 2 per share to Ramesh for non-payment of allotment money of rupee 5 per share (including premium). The first and final call of rupee 2 per share was not made. Out of these, 70 shares were reissued to Ashok as rupee 8 called up for rupee 10 per share. The gain on reissue will be:
Aditi, Sukriti, and Niti were partners sharing profits in the ratio of 2 : 2 : 1. Sukriti died on 30th June, 2023. Net profit for the year ended 31st March, 2023, was |4,50,000. If the deceased partner’s share of profit is to be calculated on the basis of the previous year’s profit, the amount of profit credited to Sukriti’s Capital Account will be:
Pawan, a partner, was appointed to look after the process of dissolution of the firm for which he was allowed a remuneration of rupee 75,000. Pawan agreed to bear the dissolution expenses. Actual dissolution expenses rupee 60,000 were paid by Pawan. Pawan’s capital account will be credited by:
A partnership firm has 45 partners. It wants to admit 7 more partners into partnership. Only ...... more partners can be admitted in the partnership firm according to Companies Act, 2013.
Rohit, Udit, and Mohit were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Mohit retired. The balance in his capital account after making the necessary adjustments on account of reserves and revaluation of assets and liabilities was rupee 1,80,000. Rohit and Udit agreed to pay him rupee 2,00,000 in full settlement of his claim. Mohit’s share of goodwill in the firm was:
A, B and C were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. D was admitted in the firm for 1/6th share. C would retain his original share. The new profit sharing ratio will be:
Raghav Ltd. forfeited 100 shares of rupee 10 each issued at a premium of 20% for non-payment of first call of rupee 3 per share and final call of rupee 1 per share. The minimum price per share at which these shares can be reissued will be:
On dissolution of a partnership firm, if realisation expenses are paid by the firm on behalf of a partner, then such expenses are debited to which of the following account:
Anvi, Vani, and Karan were partners in a firm sharing profits in the ratio of 2:2:1. Their fixed capitals were |4,00,000, |5,00,000, and |6,00,000 respectively. For the year ended 31st March, 2023, interest on capital was credited to the part- ners’ capital accounts @ 6% p.a. instead of 10% p.a. Pass the necessary adjusting journal entry.