List of top Accountancy Questions asked in CBSE CLASS XII

A, B and C were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. D was admitted as a new partner for $\dfrac{1}{5}$ share in the profits of the firm. D acquired his share entirely from A. The new profit sharing ratio between A, B, C and D will be:
Ravi, Mohan and Vinod were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The partnership deed provided that interest on partners’ drawings will be charged @ 12% p.a. Starting from 1st July, 2023, Mohan withdrew ₹20,000 every month for his personal use. For the year ended 31st March, 2024 interest on Mohan’s drawings will be charged for \_\_\_\_\_\_\_\_ months.
Rajesh Ltd. forfeited 300 equity shares of ₹100 each, ₹70 called up for the non-payment of first call of ₹20 per share. Out of these shares, 100 shares were reissued @ ₹100 per share, ₹70 paid up. How much balance will remain in the share forfeiture account after reissue of 100 shares?
A portion of the uncalled capital reserved by a company to be called only in the event of winding up of the company, is called:
When applications for more shares of a company are received than the number of shares offered to the public for subscription, it is known as:
Two important requirements of an accounting report are:
Giri and Shyam were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their capitals were ₹1,60,000 and ₹1,00,000 respectively. Hema was admitted for $\dfrac{1}{5}$ share in the profits of the firm. Hema brought ₹1,50,000 as her capital. The goodwill of the firm on Hema’s admission was:
In the event of dissolution of a partnership firm, the order of payment of losses including deficiencies of capital shall be:
Java Ltd. forfeited 600 equity shares of ₹100 each ₹80 called up for the non-payment of first call of ₹20 per share. These shares were reissued at ₹90 per share fully paid up. The amount transferred to ‘Capital Reserve’ will be:
Daman, Mohit and Paras were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Daman retires. Mohit and Paras decided to share future profits and losses in the ratio of 5 : 3. The gaining ratio of Mohit and Paras will be:
The following account is debited for allowing interest on partners’ capital:
Uma and Veena were partners in a firm sharing profits and losses in the ratio of 4 : 5. On 1st April, 2024 they decided to admit Usha as a new partner for $\dfrac{1}{4}$ share in the profits of the firm. On Usha’s admission it was decided that the goodwill of the firm will be valued equal to the previous year’s profit. The profit for the year ended 31st March, 2024 was ₹5,76,000. However, to arrive at this profit, both the opening stock and closing stock were overvalued by ₹50,000. The goodwill of the firm will be:
Which of the following transactions will result in outflow of cash?
The raw facts for any business application is known as which of the following components of Computerised Accounting System?
The statement that shows changes in all items of financial statements in absolute and percentage terms over a period of time, for a firm, or between two firms is called ______.
In case of a non-financial enterprise, payment of dividend is considered as a/an:
The outcome of an arithmetic expression or function is called:
_______ ratios indicate the speed at which activities of the business are being performed.
There are two statements Assertion (A) and Reason (R):
Assertion (A): Partnership is the result of an agreement between two or more persons to do business and share its profits and losses.
Reason (R): Partnership agreement should always be in written form.
Choose the correct alternative from the following:
How are ranges identified within Excel?
Shyamla Ltd. purchased machinery of ₹9,50,000 from Rohini Ltd. The payment was made by issue of 9% debentures of ₹100 each at a discount of 5% redeemable at a premium of 10% after four years. The number of debentures issued in favour of Rohini Ltd. will be:
The Current Ratio of Magnum Ltd. is 2.5 : 1. Which of the following transactions will result in decrease in this ratio?
Debentures which can be transferred by way of delivery and the company does not keep any record of the debentureholders are called:
Rani, Maharani and Laxmi were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. On 1stApril, 2024 they admitted Reena as a new partner for \( \frac{1}{5} \) share in the profits of the firm. Reena acquired her share from Rani and Maharani in the ratio of 3 : 2. The new profit sharing ratio between Rani, Maharani, Laxmi and Reena will be :
4,000 shares of ₹ 10 each were forfeited for non-payment of second and final call money of ₹ 2 per share. The minimum amount that the company must collect at the time of reissue of these shares will be :