List of top Accountancy Questions asked in UP Board XII

Zero coupon bonds are issued
Cash flow statement is prepared from
Which of the following is not a profitability ratio?
Which of the following is not a part of financial statement of a company?
On dissolution of a firm, the final balance of Capital Account is transferred to
Profits of the last three years were Rs. 6,000, Rs. 13,000 and Rs. 8,000 respectively. Goodwill at two years' purchase of the average net profit will be.
Revaluation gains and losses are carried at the time of retirement
The excess of average profit over the normal profit is called
For the firm, interest on partner's drawing is a/an
A and B are partners sharing profits and losses in the ratio 3 : 2. They decided to admit C as a new partner on 1st April, 2021 from the effective date. On 1st April, 2021 the Balance Sheet and terms of entries of A and B are as follows: \[ \begin{array}{|c|c|} \hline
Capital and Liabilities &
Amount (Rs.)
\hline \text{Capital A/c:} & 6,00,000
A & 3,00,000
B & 3,00,000
\text{Creditors} & 60,000
\text{Outstanding Expenses} & 15,000
\hline \text{Total Capital and Liabilities} & 6,75,000
\hline \end{array}
\begin{array}{|c|c|} \hline
Assets &
Amount (Rs.)
\hline \text{Plant} & 4,53,000
\text{Furniture} & 62,000
\text{Stock} & 84,000
\text{Debtors} & 36,000
\text{Cash} & 40,000
\hline \text{Total Assets} & 6,75,000
\hline \end{array} \]
The following are conditions of entries:

The profit in future will be distributed equally.
The capital of the firm was determined to be Rs. 6,00,000, which will be given in the profit ratio by the partners.
C will give the share of capital and goodwill in cash.
The valuation of goodwill will be done on the basis of over-value of two years’ purchases. The average net profit of the firm is Rs. 90,000 per year. The nominal profit on capital is 10% in nominal business.
Rohit Company Limited was registered with the capital of Rs. 5,00,000, which was divisible @ Rs. 10 in 50,000 shares. The company issued 40,000 shares out of them, on which Rs. 2 per share on application, Rs. 2 per share on allotment, Rs. 4 per share on 1st call and Rs. 2 per share on final call were payable. The public purchased all shares and the amounts were received. However, one shareholder who held 500 shares did not pay the amount of final calls. The directors forfeited these shares and reissued them @ Rs. 6 per share.
Pass necessary journal entries in the books of the company.
What do you understand by non-profitable organisations? For what purposes is income and expenditure account prepared?
Explain different methods of valuation of goodwill.
Explain the differences between equity and preference shares and explain different types of preference shares.
What is analysis of financial statement? Describe its objectives and limitations.
The following balances were received from the Books of Prayag Electronics on 31st March, 2021:
Stock Rs. 60,000, Sales Rs. 4,25,000, Wages Rs. 50,000, Purchases Rs. 2,10,000, Salaries Rs. 25,000, Sundry Creditors Rs. 35,000, Bad Debts Rs. 3,000, Cash Rs. 2,000, Insurance and General Expenses Rs. 7,500, Profit and Loss Account (Credit) Rs. 13,500, Debtors Rs. 50,000, Share Capital Rs. 1,00,000, Machine and Plant Rs. 1,00,000, Reserve Rs. 30,000, Building Rs. 50,000, Rent Rs. 6,000, Investment Rs. 30,000, Interim dividend Rs. 10,000.
Adjustments:
1. Prepare provisions for Bad Debts on debtors @ 5%.
2. Charge depreciation on machinery @ 10%.
3. The value of stock on 31st March, 2021 was Rs. 75,000.
4. Make provision of Rs. 10,000 for reserve and Rs. 15,000 for dividend.
On the basis of the above particulars and adjustments, prepare the Profit and Loss Account and the Profit and Loss Appropriation Account.
Discuss the types of preference shares.
Describe the significance of analysis of financial statements.
What do you understand by forfeiture of shares?
Describe the items shown in Profit and Loss Appropriation Account.
State differences between divisible profit and dividend.
Explain the difference between Income and Expenditure Account and Cash Account.
On the basis of the following Trial Balance and other information of Mahesh School for the year ended on 31st December, 2022, prepare Income and Expenditure Account and Balance Sheet:

Additional Information:

Outstanding fees of this year Rs. 25,000.
Outstanding salaries Rs. 30,000.
Furniture purchased of Rs. 40,000 on 1st October, 2021.
Furniture of book value Rs. 50,000 was sold on 1st April 2021.
Depreciation on furniture @ 10% per year, 15% per year on library books, 5% per year on building.
Explain the method of calculation of goodwill on the basis of average profit.
Distinguish between P & L Account and P & L Appropriation Account.