List of top Questions asked in CBSE CLASS XII

Delta Ltd. invited applications for issuing 30,000, 9% debentures of Rs 100 each at a premium of Rs 30 per debenture. The full amount was payable on application. Applications were received for 40,000 debentures. Applications for 2,000 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants on pro rata basis. Pass the necessary journal entries for the above transactions in the books of Delta Ltd.

Pass necessary journal entries in the books of Mitali Ltd. for issue of debentures in the following cases:

(i) Issued 7,000, 9% debentures of Rs 100 each at a discount of 10%, redeemable at a premium of 5% after 5 years.

(ii) Issued 8,000, 11% debentures of Rs 100 each at a premium of 10%, redeemable at a premium of 5% after 5 years.

A business earned average profits of Rs 60,000 during the last three years. The normal rate of return on similar business is 12%. The value of net assets of the business is Rs 4,00,000. Calculate the value of goodwill by:

(i) Capitalisation of average profits method.

(ii) Capitalisation of super profits method.

Miraya Ltd. took over assets of Rs 70,00,000 and liabilities of Rs 12,00,000 of Vishal Ltd. for a purchase consideration of Rs 64,00,000. The payment of purchase consideration was made by issue of 50,000, 11% debentures of Rs 100 each at a premium of 20% to Vishal Ltd. and the balance through a cheque. Pass necessary journal entries for the above transactions in the books of Miraya Ltd.

Devki and Neena were partners in a firm sharing profits and losses in the ratio of 4:3. Amar was admitted as a new partner for 1/5th share in the profits of the firm. Amar acquired 1/3rd of his share from Devki. How much share did Amar acquire from Neena?

Sarita and Veena were partners in a firm sharing profits and losses in the ratio of 3:2. The balance in their capital and current accounts as on 1st April, 2024 were as under:

The partnership deed provided that Sarita was to be paid salary @ Rs 2,000 per month whereas Veena was to get commission of Rs 30,000 for the year. Interest on capital was to be allowed @ 8% p.a. The drawings of Sarita and Veena for the year ended 31st March, 2025 were Rs 20,000 and Rs 15,000 respectively. After preparing Profit and Loss Appropriation Account for the year ended 31st March, 2025, Rs 36,000 and Rs 24,000 were credited respectively to the current accounts of Sarita and Veena as their share of divisible profit. Prepare Current Accounts of Sarita and Veena.

Vani, Vanya and Ajay were partners in a firm sharing profits and losses in the ratio of 5:3:2. Vani retired and her share was taken over by Vanya and Ajay in the ratio of 2:3. The new profit sharing ratio between Vanya and Ajay after Vani's retirement was:

Bose and Roy were partners in a firm sharing profits and losses in the ratio of 2:1. Bose withdrew the following amounts from the firm for personal use during the year ending 31st March, 2025:

(i) For the first three months, he withdrew Rs 3,000 at the beginning of every month.

(ii) For the remaining months, he withdrew Rs 4,000 at the end of every month.

Interest on drawings was to be charged @ 6% p.a. The books of the firm are closed on 31st March every year. Calculate interest on Bose's drawings for the year ending 31st March, 2025.

Manya, Vivek and Vishal were partners in a firm sharing profits and losses in the ratio of 5:3:2. With effect from 1st April, 2025, they decided to share future profits and losses in the ratio of 3:5:2. Their Balance Sheet as at 31st March, 2025 showed the following balances:

(i) General Reserve Rs 2,40,000.

(ii) Debit balance of Rs 60,000 in Profit and Loss Account.

Goodwill of the firm was valued at Rs 6,00,000 and revaluation of assets and re-assessment of liabilities resulted in a gain of Rs 2,00,000. Partners decided to distribute the amount of General Reserve and Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass necessary journal entries to give effect to the above.

Bishan Ltd. acquired assets worth Rs 12,60,000 and took over liabilities of Rs 2,40,000 of Nimi Ltd. for a purchase consideration of Rs 9,40,000. Bishan Ltd. issued 12% debentures of Rs 100 each at a discount of 6% in favour of Nimi Ltd. for payment of purchase consideration. The number of debentures issued were:

Amita, Shivani and Tarush were partners in a firm sharing profits and losses in the ratio of 4:3:2. Tarush's share of profit at the end of the year amounted to Rs 1,80,000. Amita's share of profit at the end of the year was:

Meera, Varun and Tarun were partners in a firm sharing profits and losses in the ratio of 5:2:3. Meera retired and Varun and Tarun decided to share future profits and losses equally. On Meera's retirement, the goodwill of the firm was valued at Rs 5,00,000. The amount that was debited to Varun's and Tarun's capital account for the treatment of goodwill was:

On 1st April, 2024 Vinar Ltd. issued Rs 5,00,000, 9% debentures of Rs 100 each at 10% discount. Interest is payable half yearly on 30th September and 31st March every year. The amount of interest written off on 31st March, 2025 was:

Assertion (A): The retiring partner or the executors of the deceased partner are entitled to their share of goodwill at the time of retirement or death.

Reason (R): Goodwill is earned by the firm with the efforts of all the existing partners (including the retiring or deceased partner).

Choose the correct option from the following:

Shiv, Riya and Rohit were partners in a firm. On 1st October, 2024 Rohit had given a loan of Rs 2,00,000 to the firm, at an interest rate of 10% p.a. as per the partnership agreement. The accountant of the firm is emphasizing that interest on loan will be paid at 6% p.a. The amount of interest on loan paid to Rohit for the year ended 31st March, 2025 will be:

Xiom Ltd. issued 30,000, 12% debentures of Rs 100 each at a certain rate of discount, redeemable at 10% premium after three years. Balance in Securities Premium Account before issuing these debentures was Rs 5,00,000 and after writing off loss on issue of debentures, the balance in Securities Premium Account was Rs 50,000. These debentures were issued at a discount of:

Debentures which do not have a specific charge on the assets of the company are known as:

Zubin, Nidhi and Reena were partners in a firm sharing profits and losses in the ratio of 2:1:2. The firm closes its books on 31st March every year. On 31st July, 2025 Reena died. Her share in the profits of the firm from the last balance sheet till the date of death 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. Reena's share of profit till the date of her death was:

On the dissolution of the partnership firm of Puneet and Binny, an unrecorded asset of Rs 56,000 was given to an unrecorded creditor of Rs 70,000 in settlement of his claim of Rs 50,000 and the balance was paid to him in cash. Realisation Account will be ____ by ____.

Sameer, Rajat and Aastha were partners in a firm sharing profits and losses in the ratio of 2:3:1. Rajat retired from the firm on 31st March, 2025. On the date of Rajat's retirement, the Balance Sheet of the firm showed a balance of Rs 2,40,000 in Workmen Compensation Fund. The claim on account of workmen compensation amounted to Rs 1,80,000. The amount credited to Rajat's capital account on the treatment of Workmen Compensation Fund would be:

In case of dissolution of a partnership firm, the losses, including deficiencies of capital, shall be paid first:

As per Companies Act 2013, the balance in Securities Premium Account cannot be utilized for:

When the company issues shares at a premium, the amount of premium can be received by the company along with:

Kabir, Divya and Mansha were partners in a firm sharing profits and losses in the ratio of 5:4:1. With effect from 1st April 2025, they decided to share the future profits and losses in the ratio of 4:1:5. For this purpose, the goodwill of the firm was valued at Rs 3,00,000. The necessary journal entry for the treatment of goodwill because of change in profit sharing ratio will be:

Hira Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of 10%. The whole amount was payable with application. Applications were received for 4,00,000 equity shares. The company decided to allot the shares on pro-rata basis to all the applicants. The amount refunded by the company was: