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

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 31st March, 2024
LiabilitiesAmount (₹)AssetsAmount (₹)
Capitals:  Machinery7,00,000
    Madhur9,00,000Investments4,00,000
    Neeraj8,00,000Debtors11,00,000
Creditors6,00,000Stock2,00,000
Bills Payable2,00,000Cash at Bank1,00,000
Total25,00,000Total25,00,000
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.
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.
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.
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.
Sonia and Shruti were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2023 the balance in their fixed capital accounts were \u20b9 25,00,000 and \u20b9 15,00,000 respectively. The profit of the firm for the year ended 31st March, 2024 was \u20b9 24,00,000. Calculate their share of profit if : (i) the partnership deed is silent as to the payment of interest on capital. (ii) the partnership deed provides for interest on capital @ 10% per annum.
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.
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.
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.
Alok, Sameer and Tushar were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2024, they decided to share future profits and losses in the ratio of 3 : 2 : 4. Their Balance Sheet as at 31st March, 2024 showed the following: (i) Advertisement Suspense Account \u20b9 90,000.
(ii) Credit Balance of \u20b9 2,70,000 in Profit and Loss Account.
Goodwill of the firm was valued at \u20b9 4,50,000 and revaluation of assets and liabilities resulted in a loss of \u20b9 1,80,000. Partners did not want to distribute the amount of Advertisement Suspense Account and the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Also show your workings clearly.
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:
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:
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 31st March, 2024
LiabilitiesAmount (₹)AssetsAmount (₹)
Investment Fluctuation Fund6,00,000Investments15,00,000
Workmen Compensation Fund8,00,000  
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.
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 :
‘Reserve Capital’ can be utilised:
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:
Shivalik Ltd. issued 7% debentures of \u20b9 100 each at a discount of 5% on 1st April, 2023. Discount on issue of debentures, \u20b9 1,00,000 was completely written off through Statement of Profit and Loss on 31st March, 2024. On issue of debentures, \u2018Debentures Account\u2019 was credited with ____________________________.
That portion of the called-up capital which has been actually received from the shareholders is called:
Minimum subscription for allotment of shares as per Securities and Exchange Board of India (SEBI) guidelines cannot be less than 90% of ________ capital.
An offer of securities or invitation to subscribe securities to a select group of persons is called:
Diksha Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each at a premium of 10%. The whole amount was payable on application. Applications were received for 3,00,000 equity shares. The company decided to allot the shares on pro-rata basis to all the applicants. The amount refunded by the company was:
‘The business of a partnership firm may be carried on by all the partners or any of them acting for all.’
The above statement highlights which of the following feature of partnership?
textit{Assertion (A)}: Partners' salary is debited to Profit and Loss Appropriation Account and not to Profit and Loss Account.
\textit{Reason (R)}: Partners' salary is an appropriation of profit, it is not a charge against profits.
Choose the correct option from the following:
Neeru and Pooja were partners in a partnership firm sharing profits and losses in the ratio of 4 : 3. The firm earned average profits of \(₹ 5,00,000\) during the last few years. The normal rate of return in a similar business is 10%. The average super profits of the firm were \(₹ 4,00,000\). The amount of capital employed by the firm was:
Prakhar and Rajan were partners in a firm sharing profits and losses in the ratio of 3 : 2 with capitals of ₹ 10,00,000 and ₹ 9,00,000 respectively. Siddharth was admitted as a new partner for \( \frac{1}{5} \) share in the profits of the firm. The new profit sharing ratio between Prakhar, Rajan and Siddharth was agreed at 12 : 8 : 5. The sacrificing ratio of Prakhar and Rajan will be :