List of top Accountancy Questions asked in PSEB XII

Do any three questions out of four questions. Each question carries 4 marks.
(i) Write any four differences between 'Share' and 'Debenture'.
Write any four limitations of the cash flow statement.
One or more cells selected is called:
Which chart is also known as scatter chart?
_________ is not a feature of computer. (Accuracy/Intelligency)
Explain redemption of debentures by draw of lots.
ABC Ltd. invited applications for issuing 30,000, 10% debentures of ₹100 each at a premium of ₹50 per debenture. Applications were received for 50,000 debentures. The full amount was payable on application. Applications for 10,000 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants on a pro-rata basis.
Pass the necessary journal entries for the above transactions in the books of ABC Ltd.
Write any two limitations of financial statements.
Harsh Ltd., a financing company obtained loans and advances of ₹10,00,000 for the year @ 12% per annum. In which activity will it be included while preparing the cash flow statement?
Calculate Cash Flow from Investing Activities from the following particulars:
Plant & Machinery (Written Down Value)
1st April, 2023: ₹14,40,000
31st March, 2024: ₹17,20,000
Information:
(i) Depreciation charged during the year ₹1,70,000.
(ii) Plant & Machinery having a written down value of ₹2,20,000 was sold for ₹2,50,000.
Give any two differences between Calls in Arrears & Calls in Advance.
Ritu Ltd. forfeited 2,000 shares of ₹20 each issued at 10% premium to Neeru (₹18 called up) on which he did not pay ₹6 of allotment (including premium) and first call of ₹4. Out of these, 1200 shares were re-issued to Goldy as fully paid up for ₹16 per share. Give journal entries for forfeiture and re-issue of shares.
For whom, analysis of financial statements is not significant?
Horizontal analysis is also known as _________ analysis. (static/dynamic)
Cash flow statement is prepared on the basis of _________ issued by Institute of Chartered Accountants of India. (AS-3/AS-3 Revised)
A company purchased machinery for ₹18,00,000 and in consideration issued shares at 20% premium. What will be the face value of shares issued?
What are rules applicable in absence of partnership deed?
What adjustments are required to be made at the time of retirement of a partner?
What is Capital Reserve?
Debenture holders are entitled to get _________. (dividend/interest)
L, M, and N were partners in a firm sharing profits in 3:2:1 ratio. The firm closes its books on 31st March every year. M died on 12.06.2024. On M’s death the Goodwill of the firm was valued at ₹1,80,000. On M’s death his share in the profits till the time of his death was to be calculated on the basis of previous year’s profit which was ₹3,00,000. Calculate M’s share in the profit of the firm. Pass necessary journal entries for the treatment of Goodwill and M’s share of profit at the time of his death.
Write any two factors affecting Goodwill.
P and Q are partners in a firm. P is entitled to a salary of ₹7,500 p.m. and a commission of 10% of net profit before charging any commission. Q is entitled to a commission of 10% of net profit after charging his commission. Net profit for the year ended 31st March 2024 was ₹2,20,000. Show the distribution of profit.
Write any two differences between fixed capital accounts and fluctuating capital accounts.
Why are 'Reserves and Surplus' distributed at the time of reconstitution of the firm?