List of top Book-Keeping & Accountancy Questions asked in MPBSE Class XII Board

Surabhi, a shareholder holding 5,000 shares of Rs. 10 each, did not pay the allotment money of Rs. 4 per share (including premium of Rs. 2) and the first and final call of Rs. 3 per share. Her shares were forfeited after first and final call. Give journal entry for forfeiture of shares.

Write journal entries for the revaluation of assets and liabilities and for adjustment of profit/loss on the Revaluation.

Ajeet, Mahesh and Sujeet are partners. Mahesh retires from the firm. On that date, Rs. 6,00,000 are payable to him. The amount due to Mahesh will be paid in four yearly instalments with interest @ 12% p.a. on the unpaid balance. Prepare Mahesh's Loan Account.

Amit and Babu are partners in the ratio of 3 : 2. They admit Charu for \( \frac{1}{6} \) share. Interest on capital @ 6% p.a. Amit guarantees that Charu's profit after interest on capital will not be less than Rs. 30,000. Capitals: Amit Rs. 2,50,000, Babu Rs. 2,00,000, Charu Rs. 1,50,000. Profit before interest on capital Rs. 1,50,000. Prepare Profit and Loss Appropriation Account (New Ratio 3 : 2 : 1).

Akshay, Bhanu and Chakresh established a partnership firm on 01 April 2016 by investing Rs. 5,00,000, Rs. 4,00,000 and Rs. 3,00,000 as capital. Additional information: (i) Profit sharing ratio 3 : 2 : 1, (ii) 6% interest on capital, (iii) Akshay salary Rs. 1,20,000, (iv) Bhanu commission Rs. 50,000, (v) Drawings: Akshay Rs. 60,000, Bhanu Rs. 40,000, Chakresh Rs. 20,000, (vi) Interest on drawings: Akshay Rs. 2,700, Bhanu Rs. 1,800, Chakresh Rs. 900. Net Profit for the year was Rs. 3,56,600. Prepare Profit and Loss Appropriation Account.

Shreyas Ltd. issued 10,000 debentures of Rs. 100 each. The public applied for 9,000 debentures which were fully allotted. All the money was received in lump-sum. Give necessary journal entries in the books of Shreyas Ltd.

Sonu and Sandeep are partners in the ratio of 3 : 2. They admit Neeraj for \( \frac{1}{3} \) share in profits. Neeraj brings Rs. 30,000 for his capital but fails to bring his share of goodwill in cash. The goodwill of the firm is valued at Rs. 9,000. Give necessary journal entries.

Vimal and Nirmal are partners in the ratio of 3 : 2. They admit Sushil for \( \frac{1}{3} \) share. Sushil brings Rs. 30,000 for his capital and also brings necessary amount of his share of goodwill in cash. On the date of admission, the goodwill of the firm is valued at Rs. 24,000. Goodwill already appears in the books at Rs. 12,000. Give necessary journal entries in the books of the firm.

The balance of share forfeiture account is transferred to which account?

Match the columns:
A B
(i) Debentureholders (1) Sacrifice by old partners
(ii) Loss on Revaluation (2) Internal liability
(iii) Equal profit loss sharing ratio (3) Creditors of company
(iv) Loan by partner (4) Owners of company
(v) Admission of new partner (5) Dr. side of capital account
(vi) Shareholders (6) Absence of partnership deed