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

From the following information, prepare a 'Common Size Statement of Profit and Loss' of K K Ltd. for the year ended 31.3.2021 and 31.3.2022:

From the following information, prepare a 'Common Size Statement of Profit and Loss' of GG Ltd. for the year ended 31.3.2021 and 31.3.2022:

Under which major heads and sub-heads will the following items be presented in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013?

1. Bills Receivable
2. Securities premium reserve
3. Calls in advance

It is technique which involves regrouping of data by application of arithmetical relationships. Identify the technique and state any two advantages of the technique identified.

From the information extracted from the statement of Profit & Loss of Zee Ltd for the year ended 31^st March 2022 and 31^st March 2023, prepare a common size statement of profit & loss:

From the following details obtained from the financial statements of Jeev Ltd. Calculate interest coverage ratio

Net Profit after tax 1, 20,000

12% Long term Debt 20, 00,000

Tax Rate 40%

Give the meaning of 'Long-Term Provisions'.

From the Following information, compute Debt-Equity Ratio

The current ratio of Y Ltd. is 2:1. A state with reason which of the following transaction would

i. increase;
ii. decrease or
iii. not change the ratio

1) Trade receivables included debtors of Rs 40,000 which were received

2) The company purchased furniture of Rs 45,000. The vendor was paid by issue of equity share of Rs 10 each at par.

From the Following information, compute Debt-Equity Ratio

From the following information compute 'Proprietary Ratio'

Choose the appropriate alternative from the given options:

Which of the following is not an activity ratio?

Calculate Inventory Turnover Ratio

If revenue from operations is ₹ 9,00,000; gross profit is 25% on cost and operating expenses are ₹ 90,000 the operating ratio will be:

Debt-Equity Ratio of Dhamaka Ltd is 3 : 1. Which of the following will result in decrease in this ratio?

Which of the following is not included in cash and cash equivalents?
(a) Balances with banks
(b) Bank deposits with 100 days of maturity
(c) Cheques and drafts on hand and
(d) Cash on hand

K and P were partners in a firm sharing profits in the ratio of 7:5. On 31-1-2016 their firm was dissolved. After transferring assets (other than cash) and outsiders liabilities to the realization account, you are given the following information:

(a) Raman, a creditor for Rs.4, 20,000 accepted building valued at Rs.8, 00,000 and paid the balance to the firm by a cheque.

(b) Rajeev, a second creditor for Rs.1, 70,000 accepted machinery valued at Rs.1, 65,000 in full settlement of his claim.

(c) Ranjan, a third creditor for Rs.90,000 accepted investments of Rs.45,000 and a bank draft of Rs.43,000 in his favour in full settlement of his claim.

(d) P we appointed to do the work of dissolution for which he was allowed Rs.2,000. Actual expenses of dissolution Rs.2,400 were paid by P.

Pass necessary journal entries for the above transactions in the books of K and P.

L and M were partners in a firm sharing profits in the ratio of 2:3. On 28-2-2016 the firm was dissolved. After transferring assets (other than cash) and outsiders' liabilities to realization account you are given the following information :

(a) A creditor for Rs.1,40,000 accepted building valued at Rs.1, 80,000 and paid to the firm Rs.40,000.

(b) A second creditor for Rs.30,000 accepted machinery valued at Rs.28,000 in full settlement of his claim.

(c) A third creditor amounting to Rs.70,000 accepted Rs.30,000 in cash and investments of the book value of Rs.45,000 in full settlement of his claim.

(d) Loss on dissolution was Rs.4,000.

Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments were made by cheque.

Lal and Pal were partners in a firm sharing profits in the ratio of 3: 7. On 1.4.2015 their firm was dissolved. After transferring assets (other than cash) and outsider's liabilities to realisation account, you are given the following information:

(a) A creditor of Rs.3,60,000 accepted machinery valued at Rs.5,00,000 and paid to the firm Rs.1,40,000.

(b) A Second creditor for Rs.50,000 accepted stock at Rs.45,000 in full settlement of his claim.

(c) A third creditor amounting to Rs.90,000 accepted Rs.45,000 in cash and investments worth Rs.43,000 in full settlement of his claim.

(d) Loss on dissolution was Rs.15,000.

Pass necessary journal entries for the above transactions in the books of firm assuming that all payments were made by cheque.

Prem and Suresh were partners in a firm sharing profits in the ratio of 7: 8. On 1.4.2015 their firm was dissolved. After transferring assets (other than cash) and outsider's liabilities to realisation account, you given the following information :

(a) Raman, a creditor of  Rs 4, 00,000 accepted land valued at Rs 7,00,000 and paid Rs 3,00,000 to the firm.

(b) Gopal, a second creditor for Rs 1,05,000 accepted  Rs 90,000 in cash and investments of  Rs 14,000 in full settlement of his account.

(c) Hari, a third creditor amounting to Rs 75,000 accepted stock of the book value of Rs 60,000 for Rs 45,000 and the balance was paid to him by cheque.

(d) Loss on dissolution was Rs 45,000.

Pass necessary journal entries for the above transactions in the books of the firm.