List of top Questions asked in CBSE CLASS XII

Alok, Sarah and Aditya were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 1st January, 2025 Alok advanced a loan of Rs 2,00,000 to the firm. In the absence of a partnership agreement, the amount of interest on loan due to Alok on 31st March, 2025 will be:

Munna and Sonu were partners in a firm sharing profits and losses in the ratio of 4:1. Their fixed capitals were Rs 40,00,000 and Rs 30,00,000 respectively. During the year ended 31st March, 2025, Munna withdrew Rs 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:

On 1st April, 2024, DD Ltd. issued 2,000, 9% Debentures of Rs 50 each at a premium of 5%, redeemable at a premium of Rs 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 the debentures for the year ended 31st March, 2025 will be:

Samta, Mamta and Geeta were partners in a firm sharing profits and losses in the ratio of 11:5:4. On 31st March, 2025 Samta died. On Samta's death, the goodwill of the firm was valued at Rs 1,80,000. The necessary journal entry for the treatment of goodwill on Samta's death will be:

Guru and Prakash were partners in a firm sharing profits and losses in the ratio of 7:3. They admitted Anu as a new partner for 1/4th share in the profits of the firm. On the date of Anu's admission, the Profit and Loss Account of Guru and Prakash showed a credit balance of Rs 40,000. The necessary journal entry for its treatment will be:

Jhalak and Arsh were partners in a firm sharing profits and losses equally. Their Balance Sheet as at 31st March, 2025 was as follows:

The firm was dissolved on the above date and the following transactions took place:

(i) Debtors were taken over by Creditors in full settlement of their account.

(ii) Arsh agreed to pay off Mrs. Arsh's loan.

(iii) Investments were taken over by Arsh at 90% of book value.

(iv) Machinery was realised at 20% discount.

(v) 50% of the stock was sold at a profit of 20% and the balance was taken over by Jhalak at 10% discount.

(vi) Realisation expenses were Rs 20,000 which were paid by Jhalak.

Prepare Realisation Account.

From the following information, prepare a Comparative Statement of Profit and Loss of YX Ltd. for the year ended 31st March, 2025:

What is 'HLOOKUP'? How it is different from 'VLOOKUP'? Explain its syntax.

On 1st April, 2024, Kavita Ltd. issued 40,000, 9% Debentures of Rs 100 each at a premium of 8%, redeemable at par after 5 years. The company closes its books on 31st March every year.

Pass necessary journal entries in the books of Kavita Ltd. for issue of debentures, payment of interest on debentures and writing off interest for the year ended 31st March, 2025.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013:

(a) Licenses and Franchise

(b) Capital Advance

(c) Stores and Spares

Sakshi and Anumita were partners in a firm sharing profits and losses in the ratio of 2:3. From 1st April, 2025, they decided to share future profits and losses in the ratio of 4:1. On this date, their balance sheet showed a balance of Rs 60,000 in Contingency Reserve and a debit balance of Rs 2,00,000 in the Profit and Loss Account. The partners decided to distribute the Contingency Reserve, but decided not to disturb the Profit and Loss Account, which will continue in the books of the reconstituted firm.

Pass necessary journal entries for the above transactions on the reconstitution of the firm. Show your workings clearly.

Shubh, Vansh and Veer were partners in a firm sharing profits and losses equally. On 31st March, 2023, Vansh retired. On the date of retirement, Rs 2,40,000 became due to him. Shubh and Veer agreed to pay Vansh in two equal yearly instalments plus interest @ 10% p.a. on the unpaid balance starting from 31st March, 2024. The firm closes its books on 31st March every year.

Prepare Vansh's Loan Account till it is fully paid.

Glaze Ltd. purchased land and building worth Rs 3,84,000 from Sia Ltd. The purchase consideration was paid by issue of 8% Debentures of Rs 100 each at 4% discount. The number of debentures issued by Glaze Ltd. was:

Nishi Ltd. issued 80,000, 11% Debentures of Rs 100 each at a premium of 9%, redeemable at a premium of 7%. 'Loss on Issue of Debentures Account' will be debited in the books of Nishi Ltd. by:

What is 'VLOOK'? Explain it with its syntax.

From the following information, prepare a Common Size Statement of Profit and Loss of AG Ltd. for the year ended 31st March, 2025:

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013:

(a) Bills Payable

(b) Public Deposits

(c) Accrued Income

Chaitanya and Divya were partners in a firm sharing profits and losses in the ratio of 2:1. From 1st April 2025, they decided to share future profits and losses in the ratio of 2:3. On this date, their balance sheet showed a debit balance of Rs 1,80,000 in the Profit and Loss Account and a balance of Rs 90,000 in General Reserve. The partners decided to distribute the General Reserve, but decided not to disturb the Profit and Loss Account, which will continue in the books of the reconstituted firm. Pass necessary journal entries for the above transactions on the reconstitution of the firm. Show your workings clearly.

Saket and Suveni were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st March, 2025 was as follows:

The firm was dissolved on the above date and the following transactions took place:

(i) 40% of the creditors were given stock in full settlement of their dues. Remaining creditors were settled at 20% discount.

(ii) Investments were taken over by Suveni at Rs 12,00,000.

(iii) Debtors realised Rs 8,00,000.

(iv) Machinery was realised at 10% discount.

(v) Suveni agreed to bear the realisation expenses for a remuneration of Rs 20,000.

Prepare Realisation Account.

Rosy, Golu and Sonu were partners in a firm sharing profits and losses equally. On 31st March, 2023, Sonu retired. On the date of retirement, Rs 2,00,000 became due to her. Rosy and Golu agreed to pay Sonu in two equal annual instalments plus interest @ 10% p.a. on the unpaid balance starting from 31st March, 2024. The firm closes its books on 31st March every year.

Prepare Sonu's Loan Account till it is fully paid.

On 1st April, 2024, Deendayal Ltd. issued 80,000, 10% Debentures of Rs 100 each at a premium of 9%, redeemable at par after 6 years. The company closes its books on 31st March every year.

Pass necessary journal entries in the books of Deendayal Ltd. for issue of debentures, payment of interest on debentures and writing off interest for the year ended 31st March, 2025.

Disha Ltd. purchased furniture worth Rs 2,85,000 from Gupta Ltd. The purchase consideration was paid by issue of 7% Debentures of Rs 100 each at 5% discount. The number of debentures issued by Disha Ltd. was:

Manas Ltd. issued 60,000, 10% Debentures of Rs 100 each at a premium of 8%, redeemable at a premium of 5%. 'Loss on Issue of Debentures Account' will be debited in the books of Manas Ltd. by:

Bright Motors Ltd. was registered with an authorised capital of Rs 10,00,00,000 divided into equity shares of Rs 100 each. The company issued 3,00,000 shares to the public for subscription. The amount was payable as follows: On application - Rs 30 per share; On allotment - Rs 50 per share; On first and final call - balance. All the shares were fully subscribed. All amounts were duly received except from Raman, a holder of 500 shares, who failed to pay the first and final call.

Using the Formula tab and dialog box, write the formula to create function 'IF' on the given spreadsheet, where the total income minus expenses is 20% if it is more than Rs 50,000 and 10% if it is less than Rs 50,000. Also write the result statement.