List of top Accountancy Questions asked in CBSE CLASS XII

Calculate Opening and Closing Trade Receivables:
Trade Receivables Turnover Ratio = 5 times
Cost of Revenue = \₹ 8,00,000
Gross Profit Ratio = 20%
Closing TR = 40,000 more than Opening
Cash Sales = \( \frac{1}{4} \) of Credit Sales
From the following information, calculate Interest Coverage Ratio:

Financial Information

ParticularsAmount (₹)
Profit after Tax6,30,000
Tax Rate30%
15% Debentures20,00,000
Equity Share Capital10,00,000
From the following information of KL Ltd., prepare a Common Size Statement of Profit and Loss for the year ended 31st March, 2024:

Statement of Profit Elements

ParticularsAmount (₹)
Revenue from Operations20,00,000
Other Income5,00,000
Cost of Materials Consumed12,00,000
Employee Benefit Expenses6,00,000
Depreciation2,00,000
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) Prepaid expenses
(b) Capital Work-in-Progress
(c) Interest accrued and due on debentures
EF Ltd. invited applications for issuing 4000, 10% debentures of \u20b9 100 each at a premium of \u20b9 10 per debenture. The amount was payable as follows :
On application \hspace{1.5cm} -- \u20b9 40 per debenture
On allotment \hspace{2cm} -- \u20b9 70 per debenture (including premium) The debentures were fully subscribed and all money was duly received. Pass necessary journal entries for the above transactions in the books of EF Ltd.

Following is the extract of the Balance Sheet of Sankalp Ltd. as per Schedule III, Part I of the Companies Act, 2013 as at 31st March, 2024 along with the notes to accounts: Balance Sheet of Sankalp Ltd. as at 31st March, 2024 (An extract)}

Particulars31.03.2024 (₹)31.03.2023 (₹)
I – Equity and Liabilities  
1. Shareholders’ Funds  
 (a) Share Capital29,80,00025,00,000

Notes to Accounts as at 31 st March, 2023

Particulars31.03.2023 (₹)
Authorised Capital 
 4,50,000 Equity Shares of ₹10 each		45,00,000
Issued Capital
 2,50,000 Equity Shares of ₹10 each		25,00,000
Subscribed Capital
 Subscribed and fully paid-up
 2,50,000 Equity Shares of ₹10 each		25,00,000
Subscribed but not fully paid-upNIL
Total25,00,000

Notes to Accounts as at 31st March, 2024

Particulars 31.03.2024 (₹)
Authorised Capital
 4,50,000 Equity Shares of ₹10 each		45,00,000
Issued Capital
 3,00,000 Equity Shares of ₹10 each		30,00,000
Subscribed Capital
 Subscribed and fully paid-up
 2,90,000 Equity Shares of ₹10 each		29,00,000
Subscribed but not fully paid-up
 10,000 Equity Shares of ₹10 each fully called-up		1,00,000
Less: Calls-in-Arrears
 10,000 Equity Shares @ ₹2 per share		20,000
Total29,80,000

Answer the following questions:

If a user wishes to change a ‘Text Option’ as an element of chart, how can he/she do so? Explain.
What is meant by ‘Data Validation’? What is facilitated by ‘Error Alert Tab’?
‘A’, ‘B’ and ‘C’ were partners in a firm. On 1st April, 2023, their capitals stood at 50,000, 25,000 and 25,000 respectively. As per the provisions of the partnership deed :
C was to be given a commission of ₹ 5,000 p.a.
Interest on capital was to be allowed @ 10% p.a.
A was to be given a salary of ₹ 1,000 p.m.
The net profit of the firm for the year ended 31st March, 2024 before providing for any of the above was ₹ 75,000. The net profit to be distributed among partners will be :
Balance of Debenture Redemption Reserve is transferred to which account after the redemption of all debentures?
When realisation expenses are paid by a partner on behalf of the firm, then :
As per the requirements of the user, Excel gives an option to change chart elements. State the options available to change the 'Shape Outline'.
What is meant by 'Data Validation'? What is facilitated by 'Error Alert Tab'?
Each and every data from Notepad file can be saved as an Excel data file. This provides a lead that Excel worksheet consists of four types of data in cell. Name and state these data types.
What is meant by 'Data', 'Information' and 'Transaction' ?
List six features of an Accounting Software.
The need for codification is for :
Which of the following is not an advantage of Computerised Accounting System ?
To see all the available shape styles, which of the following button is to be clicked ?
Which of the following item is not included in Account group - loans (liabilities) in the Account group of Balance Sheet ?
To safeguard assets and optimise the use of resources of a business :
Which of the following is an adjustment voucher normally used for non-cash transaction ?
Which of the following statements is incorrect?
Pass necessary journal entries for the following transactions on the dissolution of the partnership firm of Mansha and Rajiv after various assets (other than cash) and external liabilities have been transferred to Realisation Account: (i) Mansha’s loan of ₹ 18,000 was settled by giving her an unrecorded furniture of ₹ 20,000.
(ii) Machinery of the book value of ₹ 80,000 was sold at a loss of 10%.
(iii) A creditor of ₹ 40,000 accepted cash ₹ 21,000 and stock of the book value of ₹ 25,000 in full settlement of his claim.
(iv) Bank loan of ₹ 1,00,000 was paid along with interest of ₹ 10,000.
(v) Investments of the face value of ₹ 52,000 were sold in the open market for ₹ 63,000 for which a commission of ₹ 2,000 was paid to the broker.
(vi) Profit and Loss Account balance of ₹ 30,000 appeared on the asset side of the balance sheet.
Moon Ltd. issued 4,000, 10% debentures of ₹ 100 each at a premium of 10% redeemable at par after 5 years.
Pass journal entries in the books of the company for issue of debentures.