Commerce (English Medium) कक्षा १२ - CBSE Important Questions for Accountancy

Neetu, Meetu, and Teetu were partners in a firm. On 1st January 2018, Meetu retired. On Meetu's retirement, the goodwill of the firm was valued at Rs 4,20,000.

Pass necessary journal entry for the treatment of goodwill on Meetu's retirement.

Moli, Bhola and Raj were partners in the firm sharing profits and losses in the ratio of 3 : 3: 4. Their partnership deed provided for the following:

1) Interest on capital @ 5% p.a.

2) Interest on drawing @ 12% p.a

3) Interest on partners' loan @ 6% p. a.

4) Moli was allowed an annual salary of Rs 4,000; Bhola was allowed a commission of 10% of net profit as shown by Profit and Loss Account and Raj was guaranteed a profit of Rs 1,50,000 after making all the adjustments as provided in the partnership agreement. Their fixed capitals were Moli: Rs 5,00,000; Bhola : Rs 8,00,000 and Raj : Rs 4,00,000. On 1st April 2016, Bhola extended a loan of  Rs 1,00,000 to the firm. The net profit of the firm for the year ended 31st March 2017 before interest on Bhola's loan was Rs 3,06,000.
Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31st March 2017 and their Current Accounts assuming that Bhola withdrew Rs 5,000 at the end of each month, Moli withdrew Rs 10,000 at the end of each quarter and Raj withdrew Rs 40,000 at the end of each half year.

P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were Rs 1,00,000 and Rs 50,000 respectively. The partnership deed provided for interest on capital @ 10% per annum. For the year ended 31st March 2016, the profits of the firm were distributed without providing interest on capital
Pass necessary adjustment entry to rectify the error.

Is 'Reserve Capital' a part of 'Unsubscribed Capital' or 'Uncalled Capital'?

What is meant by a 'Share

On 1st April 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of Rs 1,000 each at a discount of 6%. These debentures were repayable at the end of the 3rd year at a premium of 10%. Applications for 6,000 debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess money received with applications was refunded.

The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 1.4.2016, the company invested the necessary amount in 9% bank fixed deposit as per the provisions of the Companies Act 2013. A tax was deducted at source by bank on interest @10% p.a.

Pass the necessary journal entries for issue and redemption of debentures. Ignore entries relating to writing off a loss on issue of debentures and interest paid on debentures.

X Ltd. invited applications for issuing 50,000 equity shares of Rs 10 each. The amount was payable as follows:

Applications for 70,000 shares were received. Applications for 10,000 shares were rejected and the application money was refunded.
Shares were allotted to the remaining applicants on a pro-rata basis and excess money received with applications was transferred towards sums due on allotment and calls, if any.
Gopal, who applied for 600 shares, paid his entire share money with application. Ghosh, who had applied for 6,000 shares, failed to pay the allotment money and his shares were immediately forfeited. These forfeited shares were re-issued to Sultan for Rs 20,000; Rs 4 per share paid up. The first call money and the second and final call money was called and duly received.

Pass necessary journal entries for the above transactions in the books of X Ltd. Open Calls-in-Advance Account and Calls-in-Arrears Account wherever necessary.

Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of court's intervention.

Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of court's intervention.

Which of the following is not a tool of financial analysis?

Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of court's intervention.

Gupta and Sharma were partners in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.

One of the objectives of ‘Financial Statements Analysis’ is to identify the reasons for change in the financial position of the enterprise, State two more objectives of this analysis.

Explain any three components of the accounts group 'Current Liabilities'.

Name any two items that are shown under the head’ Other Current Liabilities’ and any two items that are shown under the head ‘Other Current Assets’ in the Balance Sheet of a company as per schedule III of the Companies Act, 2013.

If 10,000 shares of ₹ 10 each were forfeited for non-payment of final call money of ₹ 3 per share and only 7,000 shares were re-issued @ ₹ 11 per share as fully paid up, then what is the amount of maximum possible discount that company can allow at the time of re-issue of the remaining 3,000 shares?

State the objectives of 'Analysis of Financial Statements'.

Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.

From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013

(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft

Which of the following transactions will result in the flow of cash?

State the steps to construct Bank-Reconciliation statement using Tally.