List of top Questions asked in CBSE CLASS XII

Mallika Ltd. took over assets of Rs 40,00,000 and liabilities of Rs 4,00,000 of Pari Ltd. for a purchase consideration of Rs 45,00,000. The payment of the purchase consideration was made by issue of 11% Debentures of Rs 100 each at a discount of 10% to Pari Ltd..

Pass the necessary journal entries for the above transactions in the books of Mallika Ltd..

Glow Ltd. forfeited 900 equity shares of Rs 100 each for non-payment of second and final call of Rs 20 per share. These shares were reissued as fully paid up at maximum permissible discount as per Companies Act, 2013. The amount transferred to the Capital Reserve Account was :

Aarti, Nikita and Sakshi were partners in a firm, sharing profits and losses in the ratio of 2 : 3 : 5. Nikita retired. Her share of profit was taken up by Aarti and Sakshi in the ratio of 2 : 1. The new profit sharing ratio between Aarti and Sakshi will be :

Prerna and Riya were partners in a firm, sharing profits and losses in the ratio of 4 : 3. Arun was admitted as a new partner for 1/5th share in the profits of the firm. Arun brought Rs 80,000 as his share for premium for goodwill and proportionate capital. The capitals of Prerna and Riya, after all adjustments, were Rs 2,50,000 and Rs 1,50,000 respectively. The capital brought in by Arun was :

The debentures which can be transferred by the way of delivery and the company does not keep any record of the debentures holders are called ___________ debentures.

Hina, Sia and Anu were partners in a firm, sharing profits and losses in the ratio of 2 : 3 : 4. The firm was dissolved on 31st March, 2025. Hina was appointed to look after the dissolution work for which she was allowed a remuneration of Rs 30,000. Hina agreed to bear realisation expenses. Actual realisation expenses amounted to Rs 35,000, which were paid by Hina. For realisation expenses, the Realisation Account will be debited by :

Gautam and Sunita were partners in a firm, sharing profits and losses in the ratio of 3 : 1. Their capitals were Rs 5,00,000 and Rs 2,00,000 respectively. On 1st April, 2025, they admitted Namita as a new partner in the firm for 1/4th share in the future profits. Namita brought Rs 3,00,000 as her capital. The goodwill of the firm on Namita's admission was :

Farid, Madhur and Tarush were partners in a firm, sharing profits and losses in the ratio of 5 : 3 : 2. The firm closes its books on 31st March every year. Tarush died on 30th November, 2025. As per the partnership deed, the executors of the deceased partner are entitled to his share of the profits till the date of death, calculated on the basis of last year's profit. Profit for the year ended 31st March, 2025 was Rs 3,60,000. Tarush's share of profit was :

Kartik and Yogesh were partners in a firm, sharing profits and losses in the ratio of 2 : 1. Their capitals were Rs 6,00,000 and Rs 4,00,000 respectively. Interest on capital is allowed @ 8% p.a. The firm earned a profit of Rs 60,000 for the year ended 31st March, 2025. Interest on capital credited to the partners will be :

Adish, Bina and Chand were partners in a firm, sharing profits and losses in the ratio of 4 : 2 : 1. Bina's share of profit at the end of the year amounted to Rs 1,40,000. Adish's share in the profit was :

Lily Ltd. forfeited 1,000 shares of Rs 100 each issued at a premium of 10% on which application money of Rs 40 per share had been paid. Out of these, 500 shares were reissued as fully paid up for Rs 80 per share. The amount transferred to the Capital Reserve Account was :

There are two statements Assertion (A) and Reason (R):

Assertion (A) : At the time of dissolution of partnership firm, Realisation Account is prepared.

Reason (R) : When the firm is dissolved, its books of accounts are to be closed and the profit or loss arising on realisation of its assets and discharge of its liabilities is to be computed.

Choose the correct option from the following :

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 :

Reema and Leena were partners in a firm, sharing profits and losses in the ratio of 4 : 1. On 1st April, 2024, Maya was admitted as a new partner for 1/4th share in the profits of the firm. Maya was guaranteed a minimum profit of Rs 1,20,000. Any deficiency on this account was be borne by Reema and Leena in the ratio of 3 : 2. During the year ended 31st March, 2025, the firm earned a net profit of Rs 4,00,000. The amount of deficiency borne by Leena will be :

Vani Ltd. purchased furniture of Rs 6,60,000 from Max Ltd. The payment was made by issue of 11% Debentures of Rs 100 each at a premium of 10%. The number of debentures issued in favour of Max Ltd. were :

Atul and Raj were partners in a firm, sharing profits and losses in the ratio of 4 : 3. Ira was admitted as a new partner for 1/4th share in the profits of the firm. Ira brought Rs 3,50,000 as her capital and Rs 1,00,000 as her share of goodwill premium. The value of firm's goodwill was :

Avi and Gita were partners in a firm, sharing profits and losses in the ratio of 2 : 1. They admitted Suhaan as a new partner for 1/4th share in the profits of the firm. Suhaan acquired his share from Avi and Gita in the ratio of 1 : 2. The new profit sharing ratio between Avi, Gita and Suhaan will be :

Kamya, Inaya and Lokesh were partners in a firm, sharing profits and losses in the ratio of 3 : 2 : 4. With effect from 1st April, 2025, they decided to share profits and losses in the ratio of 4 : 2 : 3. The goodwill of the firm was valued at Rs 9,00,000.

The necessary journal entry to show the effect of the above transaction will be :

Isha, Pallavi and Manoj were partners in a firm, sharing profits and losses in the ratio of 4 : 3 : 3. With effect from 1st April, 2025, they decided to share future profits in the ratio of 3 : 1 : 1. After revaluation of assets and reassessment of liabilities, revaluation account showed a loss of Rs 5,00,000. Isha's Capital Account will be debited by ____________ due to the loss on revaluation.

Nitya Ltd. issued 9,000, 11% Debentures of Rs 100 each at Rs 97 per debenture. On issue of these debentures, 11% Debentures Account was credited by :

Anya and Shiv were partners in a firm, sharing profits and losses in the ratio of 4 : 1. They admitted Girish as a new partner in the firm. Anya sacrificed 1/4th of her share and Shiv sacrificed 1/10th of his share in favour of Girish. The new profit sharing ratio between Anya, Shiv and Girish will be :

Diksha, Madhav and Rohit were partners in a firm, sharing profits and losses in the ratio of 5 : 3 : 2. Rohit retired on 31st March, 2025. The balance in Rohit's capital account after making the necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities was Rs 4,30,000. Diksha and Madhav agreed to pay him Rs 5,00,000 in full settlement of his claim. Rohit's share of goodwill in the firm was :

From the following information obtained from the books of 'Sawera Ltd.', calculate Cash from Operations:

Net Profit for the year ended 31st March, 2025 after charging depreciation of Rs 80,000 and after writing off goodwill Rs 2,000 was Rs 5,40,000.

Additional Information:

Diksha, Raj and Amit were partners in a firm sharing profits and losses in the ratio of 6:3:1. On 1st April, 2025 Amit retired. On the date of Amit's retirement, there existed a balance of Rs 90,000 in Workmen's Compensation Fund. Pass the necessary journal entries for treatment of Workmen's Compensation Fund on Amit's retirement in each of the following cases:

(i) Claim on account of Workmen's Compensation was estimated at Rs 1,00,000.

(ii) Claim on account of Workmen's Compensation was estimated at Rs 70,000.

(iii) Claim on account of Workmen's Compensation was estimated at Rs 90,000.

Pass necessary journal entries for issue of debentures for the following transactions:

(i) KL Ltd. issued 80,000, 9% Debentures of Rs 100 each at a premium of 10%, redeemable at a premium of 5%.

(ii) UH Ltd. issued 40,000, 9% Debentures of Rs 100 each at par, redeemable at a premium of 10%.