Arts (English Medium) इयत्ता १२ - CBSE Question Bank Solutions for Accountancy

Which of the following statements are false?

1. When all the comparative figures in a balance sheet are stated as percentage of the total, it is termed as horizontal analysis.
2. When financial statements of several years are analysed, it is termed as vertical analysis.
3. Vertical Analysis is also termed as time series analysis.

Which of the following statements are false?

1. When all the comparative figures in a balance sheet are stated as percentage of the total, it is termed as horizontal analysis.
2. When financial statements of several years are analysed, it is termed as vertical analysis.
3. Vertical Analysis is also termed as time series analysis.

A company has an operating cycle of eight months. It has accounts receivables amounting to ₹ 1,00,000 out of which ₹ 60,000 have a maturity period of 11 months. How would this information be presented in the balance sheet?

A company has an operating cycle of eight months. It has accounts receivables amounting to ₹ 1,00,000 out of which ₹ 60,000 have a maturity period of 11 months. How would this information be presented in the balance sheet?

When navigating in a workbook, which command is used to move to the beginning of the current row?

Which of the following is a tool of Analysis of Financial Statements?

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

Which of the following are not tools of Financial Analysis?

1. Cash Flow Statement
2. Income Statement
3. Balance Sheet
4. Ratio Analysis

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.

‘Freedom to Choose of method of depreciation’ refers to which limitation of financial statement analysis.

‘Freedom to Choose of method of depreciation’ refers to which limitation of financial statement analysis.

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

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.

List any four items that are shown under the sub-heading 'Cash and Cash Equivalents' as per Schedule III of the Companies Act, 2013.

Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 'Economic Relationship'.

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.

Distinguish between ‘Dissolution of partnership’ and Dissolution of partnership firm ‘on the basis of closure of Books.

Give the meaning of Debenture?

Give any one purpose for which the amount received as ‘Securities Premium’ may be utilised.