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

Abha, Manju, and Rhea were partners in a firm sharing profits and losses in the ratio of \( 3 : 3 : 4 \). During the year ended 31\textsuperscript{st March, 2023, Rhea withdrew ₹ 30,000 at the beginning of each half year. Interest on Rhea’s drawings @ 10\% p.a. for the year ended 31\textsuperscript{st} March, 2023 will be:}

Nicku, Mala, and Ritu were partners in a firm sharing profits in the ratio of \( 5 : 3 : 2 \). Nicku died on 30\textsuperscript{th September, 2023. The deceased partner was entitled to his share of profit up to the date of death, which was to be calculated on the basis of the previous year’s profit. The previous year’s profit was ₹ 80,000. Nicku’s share of profit will be:}

Nikhil, Arun, and Mansi were partners in a firm sharing profits and losses in the ratio of \( 4 : 3 : 3 \). With effect from 1\textsuperscript{st April, 2023, they decided to share profits and losses in the ratio of \( 5 : 3 : 2 \). Due to the change in the profit-sharing ratio, Mansi’s gain or sacrifice will be:}

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:

NUK Ltd. forfeited 1,000 shares of ₹ 10 each, fully called up for non-payment of final call of ₹ 2 per share. 800 of these shares were reissued at ₹ 11 per share fully paid. The amount credited to Capital Reserve Account will be:

The debentures which do not carry a specific rate of interest are called:

Minimum subscription for allotment of shares as per SEBI guidelines cannot be less than 90\% of which of the following capital?

Assertion (A): When the shares are forfeited, share capital account is debited with the amount called up and credited to:
(i) respective unpaid calls account i.e., calls in arrears and
(ii) share forfeiture account with the amount already received on shares.
Reason (R): When the shares are forfeited, all entries relating to the shares forfeited, except those relating to securities premium, already recorded in accounting records must be reversed.

Alfa Ltd. offered for public subscription 50,000 equity shares of ₹ 10 each at ₹ 110 per share. The entire amount was payable on application. Applications were received for 48,000 shares and allotment was made to all the applicants. The amount received on application will be:

Lexa Ltd. issued 50,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. The amount was payable as follows:
On application and allotment — ₹ 7 per share (including premium)
On first and final call — Balance
The issue was fully subscribed. All the money was duly received except the first and final call on 1,000 equity shares. These shares were forfeited. On forfeiture of these shares, Calls in Arrears Account will be: