List of top Accountancy Questions asked in CBSE CLASS XII, CBSE Compartment XII

Statement I: In case of non-financial enterprises, payment of interest and dividend are classified as financing activities. Statement II: In case of financial enterprises, payment of interest and dividend are classified as investing activities. Choose the correct option from the following:

Sushil and Sapna were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2025, the firm was dissolved. On the date of dissolution there existed a balance of ₹ 1,20,000 in sundry creditors account. The sundry creditors were payable after three months. They were paid immediately at a discount of 12% p.a. The amount paid to sundry creditors was :

At the time of forfeiture of shares, ‘Share Capital Account’ is debited with:

Munna and Sonu were partners in a firm sharing profits and losses in the ratio of 4 : 1. Their fixed capitals were ₹ 40,00,000 and ₹ 30,00,000 respectively. During the year ended 31st March, 2025, Munna withdrew ₹ 50,000 for personal use. Interest on drawings was to be charged @ 6% p.a. The journal entry for charging interest on Munna’s drawings will be :

Which of the following statements best describes the purpose of a data vault in an accounting software?

From the following information obtained from the books of accounts of Ananda Ltd., calculate 'Quick Ratio' of the company: Total Current Assets (including stock and prepaid expenses) ₹ 2,00,000; Stock ₹ 20,000; Prepaid expenses ₹ 10,000; Current liabilities ₹ 1,70,000.

'Share Forfeiture Account' will appear in the 'Notes to Accounts' at:

Which of the following is a financing activity for the purpose of preparing a Cash Flow Statement?

The PMT function in MS Excel is used to:

On 1st April, 2024, EE Ltd. issued 3,000, 9% Debentures of ₹ 50 each at a premium of 5%, redeemable at a premium of ₹ 10 per debenture after five years. Interest on the debentures was to be paid on half-yearly basis on 30th September and 31st March. Interest on debentures for the year ended 31st March, 2025 will be:

Reserve capital is that portion of the ______________ capital that can be called only in the event of winding up of the company.

The amount of 'Share Capital' presented in the Balance Sheet of Diwan Ltd. will be:

John, Honey and Racob were partners in a firm sharing profits and losses equally. On 31st July, 2025 John died. His share in the profits of the firm from the date of last balance sheet till the date of his death will be:

Anchal, Prabhat and Karan were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2025, Anchal retired. The balance in her capital account after making the necessary adjustments on account of reserves and revaluation of assets and reassessment of liabilities was ₹ 5,10,000. Anchal was paid ₹ 5,90,000 in full settlement of her claim. The value of goodwill of the firm on the date of Anchal’s retirement was :

If all the forfeited shares are reissued at ₹30 per share, fully paid-up, the amount transferred to 'Capital Reserve' will be:

The debentures which do not carry a specific rate of interest are known as:

How is navigation conducted from the first to the last cell in a cluster of data in a column by skipping all the cells in between?

Under which major head and sub-heads (if any) will the following items be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013? (i) Demand deposits with banks
(ii) Long-term loans
(iii) Livestock

Asha and Indra were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet on 31st March, 2025 was as following : Balance Sheet of Asha and Indra as at 31st March, 2025

On 1st April, 2025, Suraj was admitted for 1/4th share in the profits of the firm on the following terms : (i) Suraj will bring capital proportionate to his share in the profits of the firm. (ii) Goodwill of the firm was valued at ₹ 1,00,000 and Suraj will bring his share of goodwill premium in cash. (iii) Furniture was taken over by Asha at ₹ 1,00,000. (iv) A liability of ₹ 5,000 included in creditors was not likely to arise. (v) Plant and Machinery was revalued at ₹ 4,35,000. Prepare Revaluation Account and Partners' capital accounts on Suraj's admission. Show the calculation of proportionate capital clearly.

‘Net Asset Turnover’ ratio of a company is 2 times. State with reason whether the following transactions will increase, decrease or not affect the ratio:
Cash sales ₹ 3,00,000
Issue of equity shares ₹ 10,00,000
Issue of 9% debentures ₹ 5,00,000
Credit purchase of goods ₹ 50,000

Promil, Kamlesh and Ritika were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2025 they decided to share future profits in the ratio of 2 : 3 : 5. On 31st March, 2025, their Balance Sheet was as follows : Balance Sheet of Promil, Kamlesh and Ritika as at 31st March, 2025

The question seems incomplete. Based on the given information, typically we would need to pass adjustment entries for change in profit sharing ratio, including treatment of general reserve and goodwill. However, since the full question is not provided, I'll assume we need to pass the necessary adjustment entries for the change in profit sharing ratio.

Naik, Vinay and Vibhuti were partners in a firm sharing profits and losses in the ratio of $4:2:3$. On 31$^{\text{st}}$ March, 2025, Naik retired. General Reserve = ₹ 45,000. Revaluation resulted in a loss of ₹ 18,000. Goodwill of the firm was valued at ₹ 1,80,000 and adjusted without opening goodwill account. Amount payable to Naik was transferred to his loan account. Pass necessary journal entries.

Nandini, Shweta and Hiren were partners in a firm sharing profits and losses in the ratio of $9:7:4$. On 1$^{\text{st}}$ April, 2025, Shweta retired. On the date of Shweta’s retirement, there existed a balance of ₹ 1,00,000 in Workmen’s Compensation Fund. Pass necessary journal entries for treatment of Workmen’s Compensation Fund on Shweta’s retirement in each of the following cases:

• [(i)] Claim on account of Workmen’s Compensation was estimated at ₹ 1,20,000.
• [(ii)] Claim on account of Workmen’s Compensation was estimated at ₹ 80,000.
• [(iii)] Claim on account of Workmen’s Compensation was estimated at ₹ 1,00,000.

From the following information, calculate ‘Proprietary Ratio’ and ‘Debt-to-Equity Ratio’: Equity Share Capital ₹3,00,000
Preference Share Capital ₹1,00,000
Reserves and Surplus ₹1,00,000
Plant and Machinery ₹3,50,000
Non-current Investments ₹1,00,000
Current Assets ₹2,00,000
Long-term Borrowings ₹1,50,000