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

Chavi Ltd. purchased machinery from Neo Ltd. It was agreed that the purchase consideration will be paid by issuing 10,000 equity shares of Rs.10 each at a premium of 10% and a bank draft of Rs.50,000.
Pass the necessary Journal entries in the books of Chavi Ltd. for the above transactions.

Ravi, Guru, Mani, and Sonu were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31^st January, 2023, Sonu retired.
On Sonu’s retirement, the Goodwill of the firm was valued at Rs.1,40,000.
The new profit-sharing ratio among Ravi, Guru, and Mani was 5 : 5 : 1.
Showing your workings clearly, pass the necessary Journal entry for the treatment of Goodwill in the books of the firm on Sonu’s retirement without opening the goodwill account.

Mahesh, Ramesh, and Naresh were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From 1^st April, 2023, they decided to share profits equally.
On that date, there was a balance of Rs.3,60,000 in General Reserve and a debit balance of Rs.1,80,000 in the Profit and Loss Account.
Pass a single adjustment Journal entry for the above on account of the change in the profit-sharing ratio.

Anand, Ridhi, and Shyam were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their fixed capitals were Rs.1,00,000, Rs.60,000, and Rs.40,000 respectively.
For the year ended 31^st March, 2023, interest on capital was credited to their capital accounts @ 9% p.a. instead of 7% p.a. Pass the necessary adjusting Journal entry.

Isha and Manish were partners in a firm sharing profits and losses in the ratio of 3:2. With effect from 1^st April, 2023, they agreed to share profits equally. On this date, the goodwill of the firm was valued at Rs. 3,00,000. The necessary journal entry for the treatment of goodwill without opening Goodwill Account will be: \[ \begin{array}{|c|l|c|c|} \hline \textbf{Date 2023} & \textbf{Particulars} & \textbf{Dr. Amount (Rs.)} & \textbf{Cr. Amount (Rs.)} \\ \hline \text{(A) April, 1} & \text{Manish’s Capital A/c Dr.} & 30,000 & \text{To Isha’s Capital A/c} 30,000 \\ \text{(B) April, 1} & \text{Isha’s Capital A/c Dr.} & 30,000 & \text{To Manish’s Capital A/c} 30,000 \\ \text{(C) April, 1} & \text{Manish’s Capital A/c Dr.} & 3,000 & \text{To Isha’s Capital A/c} 3,000 \\ \text{(D) April, 1} & \text{Isha’s Capital A/c Dr.} & 3,000 & \text{To Manish’s Capital A/c} 3,000 \\ \hline \end{array} \]

Kewal Ltd. purchased sundry assets from Ganpati Ltd. for Rs.28,60,000. The amount was paid by issuing fully paid shares of Rs.100 each issued at a premium of 10%.
The number of shares issued to Ganpati Ltd. were:

Dove Ltd. issued 8,000, 11% debentures of Rs.100 each at a premium of 5%. The total amount of interest on Debentures for one year will be:

Aarav Ltd. issued 10,000, 9% debentures of Rs.100 each at a premium of 5%, redeemable at a premium of 10%. Loss on issue of debentures account will be debited by:

Ruchika and Harshita were partners in a firm. Ruchika had withdrawn Rs.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:

Ridhima and Kavita were partners sharing profits and losses in the ratio of 3 : 2. Their fixed capitals were Rs.1,50,000 and Rs.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 31^st March, 2023 amounted to Rs.21,000.
The amount of interest on capital credited to the capital accounts of Ridhima and Kavita will be:

Raghav Ltd. forfeited 100 shares of Rs.10 each issued at a premium of 20% for non-payment of the first call of Rs.3 per share and final call of Rs.1 per share. The minimum price per share at which these shares can be reissued will be: