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

Total Assets — Rs.3,00,000
Non-current Assets — Rs.2,60,000
Non-current Liabilities — Rs.80,000
Shareholders' Funds — Rs.2,00,000
Current ratio calculated on the basis of the above information will be:

Which of the following is not a tool of Analysis of Financial Statements?

Which of the following transaction will result in flow of cash?

When Current Ratio is 4 : 1, Current Assets are Rs.60,000 and Quick Ratio is 2.5 : 1, the amount of ‘Inventory’ will be:

Sarita Ltd. forfeited 100 shares of Rs.10 each, Rs.8 called up issued at a premium of Rs.2 per share to Ramesh for non-payment of allotment money of Rs.5 per share (including premium). The first and final call of Rs.2 per share was not made. Out of these 70 shares were reissued to Ashok as Rs.8 called up for Rs.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 30 superscript{th June, 2023. Net profit for the year ended 31 superscript{st} March, 2023 was Rs.4,50,000. If the deceased partner’s share of profit is to be calculated on the basis of previous year’s profit, the amount of profit credited to Sukriti’s Capital 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 Rs.50,000 to Ginni. Net profit for the year ending 31 superscript{st March, 2023, was Rs.1,10,000. Mahi’s share in the profit of the firm after giving the guaranteed amount to Ginni will be:}

Kriti, Hina and Nidhi were partners sharing profits in the ratio of 3 : 2 : 1. Nidhi retired. On the date of her retirement, Workmen Compensation Fund stood in the Balance Sheet at Rs.1,50,000. Workmen Compensation Claim was Rs.1,20,000. How much amount of Workmen Compensation Fund will be credited to Nidhi’s Capital Account?

Amount of interest to be charged on Hitesh’s drawings will be:

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 Rs.1,80,000. Rohit and Udit agreed to pay him Rs.2,00,000 in full settlement of his claim. Mohit’s share of goodwill in the firm was:

If a share of ₹10 issued at a premium of ₹2 per share, on which ₹8 (including premium) has been called and ₹6 (including premium) has been paid by the shareholder, is forfeited, then Share Capital Account will be debited with:

On 1st April, 2022, Mega Ltd. issued 30,000, 10% Debentures of ₹100 each at a discount of 10%. The total amount of interest due on debentures for the year ending 31st March, 2023 will be:}

Manas and Ranvir are partners in a firm having capital balances of ₹1,20,000 and ₹80,000 respectively. Sanju is admitted as a new partner in the firm for a 1/5 share in future profits. Sanju brought ₹1,00,000 as his capital. The goodwill of the firm on Sanju’s admission will be:

On 1st January, 2023, Abhishek, a partner, advanced a loan of ₹ 3,00,000 to the firm. In the absence of a partnership agreement, the amount of interest on the loan for the year ending 31\textsuperscript{st} March, 2023 will be:

If a partner withdraws a fixed amount at the end of each quarter, interest on drawings will be charged for ........ months.

Interest on capital payable to Vivek will be:

Ashu and Basu are partners sharing profits and losses in the ratio of 2:1. Chetan is admitted as a new partner with \( \frac{1}{4} \) share in the profits, which he acquires equally from Ashu and Basu. The new profit-sharing ratio between Ashu, Basu, and Chetan will be:

Prateek, Charu, and Sirima were partners in a firm sharing profits in the ratio of 3:2:1. Prateek retired from the firm on 31\textsuperscript{st March, 2023. Charu and Sirima decided that the capital of the new firm will be ₹6,30,000. The capital accounts of Charu and Sirima after all adjustments on the date of retirement showed a credit balance of ₹4,35,000 and ₹1,89,000 respectively. Calculate the amount of actual cash to be brought into the firm or to be paid to the partners. Also pass necessary journal entries.}

Madhu, Raj, Atul, and Prachi were partners in a firm sharing profit and losses in the ratio of 3:2:4:1. With effect from 1st April, 2023, they decided to share profits and losses equally. Their Balance Sheet showed a General Reserve of ₹1,00,000. The goodwill of the firm was valued at ₹20,00,000. Pass necessary journal entries for the above on account of change in the profit-sharing ratio. Show your working clearly.

Priti Ltd. purchased assets worth ₹5,40,000 and took over liabilities of ₹1,20,000 of Payal Ltd. for a purchase consideration of ₹5,28,000. Priti Ltd. paid half the amount by cheque, and the balance was settled by issuing 10% Debentures of ₹100 each at a premium of 10%.

Dhatu Ltd. invited applications for issuing 4,000, 11% Debentures of ₹100 each at a premium of ₹50 per debenture. Full amount was payable on application. Applications were received for 5,000 debentures. Applications for 1,000 debentures were rejected, and application money was refunded. Debentures were allotted to the remaining applicants. Pass necessary journal entries for the above transactions in the books of Dhatu Ltd.