List of top Accountancy Questions asked in PSEB XII

Write any two differences between fixed capital accounts and fluctuating capital accounts.
Sita, Gita and Rita are partners sharing profits in the ratio of 4 : 3 : 2. From April 1, 2024, they decided to share the profit equally. On that date their books showed the following items:
% List of items Items:
General Reserves: ₹1,80,000
Workmen Compensation Reserve: ₹2,25,000
Profit & Loss Account (Dr.): ₹4,50,000
Record the necessary Journal Entries.
The ratio in which the remaining partners acquire the retiring partner's share is called _________. (Gaining Ratio/Sacrifice Ratio)
On dissolution of firm all assets and liabilities are transferred to the realization account at their _________ values. (book/market)
What is the formula for calculating Sacrifice Ratio?
How a partner can retire from the firm?
Define Goodwill.
Mohan withdrew ₹4,000 at the beginning of each quarter. Calculate interest on drawing at the rate of 6% p.a.
What is Realisation Account?
J, K, L, M are in partnership sharing profits and losses in ratio of 9 : 6 : 5 : 5. 'N' joins the partnership for 20% share. J, K, L and M would in future share profits among themselves as 3 : 4 : 2 : 1. The new profit sharing ratio will be:
X, Y and Z are three partners sharing profits in the ratio 10 : 7 : 7. Z retired. X and Y decided to share profits in equal ratio. Gaining ratio will be:
Rent paid to a partner is _________ against profit. (charge/appropriation)
An increase in the value of assets is recorded on which side of the Revaluation Account?
Revaluation Account is _________ account. (real/nominal)
Under which method of valuation of Goodwill, normal rate of return is not required?