List of top Questions asked in CBSE CLASS XII

Astha Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each. The amount per share was payable as follows: Rs 2 on application; Rs 3 on allotment; Rs 3 on first call and Rs 2 on second and final call. Applications were received for 1,50,000 shares. Applications for 30,000 shares were rejected and application money refunded. The shares were allotted on pro-rata basis to the applicants of 1,20,000 shares. Excess money received with applications was adjusted towards sums due on allotment. All shareholders paid the allotment money except Sarthak, who was allotted 2,000 shares. These shares were forfeited. The first call was made thereafter and duly received. The second and final call was not yet made. Pass necessary journal entries for the above transactions in the books of Astha Ltd. Open Calls-in-Arrears Account, wherever required.

Anmol, Kapeesh and Meera were partners in a firm sharing profits and losses in the ratio of 4:3:3. The firm closes its books on 31st March every year. On 1st July, 2025, Kapeesh died. On that date his capital account showed a credit balance of Rs 2,50,000 and he had withdrawn Rs 20,000 till that date for personal use. On the date of Kapeesh's death, the firm had a General Reserve of Rs 90,000. The partnership deed provided that on the death of a partner, his executors will be entitled to the following:

(i) Balance in the capital account and interest on the same @ 12% p.a.

(ii) His share in the goodwill of the firm. The goodwill of the firm on Kapeesh's death was valued at Rs 1,40,000.

(iii) His share in the profits of the firm was to be calculated on the basis of previous year's profit. The profit of the firm for the year ended 31st March, 2025 was Rs 6,00,000.

Prepare Kapeesh's Capital Account to be presented to his executors.

On 1st April, 2024, Smaran Ltd. issued 60,000, 11% Debentures of Rs 100 each at a premium of 10%, redeemable at par after five years. The company closed its books on 31st March every year. Pass necessary journal entries in the books of the company for issue of debentures, payment of interest on debentures and writing off interest for the year ended 31st March, 2025.

Century Ltd. forfeited 5,000 shares of Rs 100 each issued at 40% premium for non-payment of allotment money of Rs 35 per share and first call of Rs 50 per share (including premium Rs 25). The second and final call of Rs 40 per share (including premium Rs 15) has not yet been called. Out of these, 3,000 shares were reissued as fully paid-up for Rs 90 per share. Pass necessary journal entries for forfeiture and reissue of forfeited shares in the books of Century Ltd.

Almond Ltd. purchased a running business of Cashew Ltd. comprising of land and building Rs 85,00,000, machinery Rs 50,00,000 and sundry liabilities Rs 10,00,000 for a purchase consideration of Rs 1,00,00,000. Payment of Rs 10,00,000 was made through a cheque and the remaining amount by issue of 11% Debentures of Rs 100 each at a premium of 20%. Pass necessary journal entries for the above transactions in the books of Almond Ltd.

Rohit, Ashish and Sameer entered into a partnership on 1st October, 2024 with capitals of Rs 12,00,000; Rs 6,00,000 and Rs 6,00,000 respectively. They decided to share the profits and losses in the ratio of 3:1:1. Partners were entitled to interest on capital @ 5% per annum as per the provisions of the partnership deed. Sameer was given a guarantee that his share of profit, after charging interest on capital, will not be less than Rs 1,50,000 per annum. Any deficiency arising on that account shall be met by Rohit. The profit for the year ended 31st March, 2025 amounted to Rs 5,60,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2025.

Tara, Dev and Ishaan were partners in a firm sharing profits and losses in the ratio of 4:3:1. The partnership deed provided for charging interest on drawings @ 10% p.a. The drawings of Tara, Dev and Ishaan during the year ending 31st March, 2025 amounted to Rs 30,000; Rs 18,000 and Rs 12,000 respectively. After the final accounts were prepared, it was discovered that interest on drawings was not taken into consideration. Give necessary adjusting journal entry to correct the omission. Show your workings clearly.

Sanjana and Mehul were partners in a firm sharing profits and losses in the ratio of 4:1. From 1st April, 2025, they decided to share future profits and losses in the ratio of 5:3. On this date, their balance sheet showed a balance of Rs 40,000 in General Reserve Account and a debit balance of Rs 1,80,000 in the Profit and Loss Account. 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.

Aarav, Karan and Meera were partners in a firm sharing profits and losses equally. On 31st March, 2023, Karan retired. On the date of his retirement, Rs 1,80,000 became due to him. Aarav and Meera agreed to pay Karan in two equal yearly instalments plus interest @ 12% p.a. on unpaid balance, starting from 31st March, 2024. The firm closes its books on 31st March every year. Prepare Karan's loan account till it is fully paid.

Anita and Priyal were partners in a firm sharing profits and losses in the ratio of 3:2. On 1st April, 2024, their capital accounts showed balances of Rs 3,00,000 and Rs 4,00,000 respectively. The partnership deed provided for interest on capital @ 8% p.a. The firm earned a profit of Rs 28,000 for the year ended 31st March, 2025. Interest on capital allowed to Anita and Priyal was:

Assertion (A): Goodwill is an intangible asset.

Reason (R): Goodwill is the value of the reputation of a firm in respect of profits expected in future over and above the normal profits.

Choose the correct option from the following:

White Ltd. purchased Plant and Machinery worth Rs 3,96,000 from Nath Ltd. The purchase consideration was paid by issue of 9% Debentures of Rs 100 each at 10% discount. The number of debentures issued were:

Dinesh, Siddharth and Naina were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31st March, 2025, they decided to dissolve the firm. On this date, the firm had debtors amounting to Rs 2,10,000 and provision for doubtful debts of Rs 20,000. On dissolution, debtors of Rs 10,000 proved bad and the remaining debtors realised 90%. Amount realised from debtors will be:

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:

Amik Ltd. issued 70,000, 9% Debentures of Rs 100 each at a premium of 5%, redeemable at a premium of 10%. 'Loss on Issue of Debentures Account' will be debited in the books of Amik Ltd. by:

A business earned an average profit of Rs 2,00,000 during the last few years. The value of net assets of the business is Rs 17,00,000 and the normal rate of return in a similar business is 10%. The value of goodwill of the business by capitalisation of super-profits method will be:

As per the provisions of Companies Act, 2013, the amount received as Securities Premium cannot be utilised to:

Asha, Manan and Niyati were partners in a firm sharing profits and losses in the ratio of 3:2:1. With effect from 1st April, 2025, they agreed to share profits and losses equally. Due to change in the profit sharing ratio, Asha's gain or sacrifice will be:

Ankur and Angad were partners in a firm sharing profits and losses in the ratio of 8:7. On 1st July, 2024, Angad advanced a loan of Rs 8,00,000 to the firm. There is no partnership deed. Angad demands interest on loan @ 10% p.a. On 31st March, 2025, the amount of interest on loan due to Angad will be:

Ravi, Nisha and Priya were partners in a firm sharing profits and losses in the ratio of 4:3:1. Ravi retired and the balance in his Capital Account after making necessary adjustments on account of reserves and revaluation of assets and re-assessment of liabilities was Rs 2,40,000. Nisha and Priya agreed to pay him Rs 2,70,000 in full settlement of his claim. The value of goodwill of the firm was:

____ debentures refer to those debentures where a charge is created on the assets of the company for the purpose of payment in case of default.

Rohan and Meeta were partners in a firm sharing profits and losses in the ratio of 5:4. Their capitals were Rs 3,00,000 and Rs 2,00,000 respectively. They admitted Kabir as a new partner for 1/5th share in the profits of the firm. Kabir brought Rs 1,50,000 as his capital. Kabir's share in the goodwill of the firm was:

Ravi, Sohan and Neena were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 1st April 2025, Sohan retired and his share was taken up by Ravi and Neena in the ratio of 2:1. The new profit sharing ratio between Ravi and Neena will be:

Kunal, Raj and Leela were partners in a firm sharing profits and losses in the ratio of 4:3:2. On 1st April, 2025, Kunal retired. Raj and Leela decided to share profits in the future in the ratio of 5:3. The gaining ratio between Raj and Leela will be:

5,000 shares of Rs 20 each were forfeited for non-payment of second and final call of Rs 4 per share. The minimum amount that the company must collect at the time of reissue of these shares will be: