Arts (English Medium) Class 12 - CBSE Important Questions for Accountancy

On July 01, 2022, Panther Ltd. issued 20,000, 9% Debentures of ₹ 100 each at 8% premium and redeemable at a premium of 15% in four equal instalments starting from the end of the third year. The balance in Securities Premium on the date of issue of debentures was ₹ 80,000. Interest on debentures was to be paid on March 31 every year.

Pass Journal entries for the financial year 2022-23.  Also prepare Loss on Issue of Debentures account.

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

Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per revised Schedule-VI, Part-I of the Companies Act, 1956:

1. Accrued Incomes
2. Loose Tools
3. Provision for employees benefits
4. Unpaid dividend
5. Short-term loans
6. Long-term loans.

List any four items other than 'stock-in-trade' that are presented under the sub-head 'inventories' as per schedule Ill of the Companies Act, 2013.

'Panipat Blankets Limited' are the manufacturers and exporters of blankets. The company decided to distribute 1,000 blankets free of cost to five villages of Kashmir which had been damaged by the floods. It also decided to employ 100 young persons from these villages in their newly established factory at Ludhiana in Punjab To meet the requirements of funds for its new factory, the company issued 1,00,000 equity shares of  Rs 10 each and 2,000, 9% debentures of Rs 100 each to the vendors of machinery purchased for Rs 12,00,000.

Pass necessary journal entries for the above transactions in the books of the company. Also, identify anyone value which the company wants to communicate to the society.

Choose the appropriate alternative from the given options:
Which of the following is a limitation of financial analysis?

From the following Balance Sheet of Rohit Ltd., prepare a Common Size Balance Sheet:

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

What is meant by solvency of business?

What is meant by 'Activity Ratios'?

Calculate Debt-Equity Ratio

The 'Inventory Turnover Ratio' from the following information will be:

Why should assets and liabilities be revalued on the reconstitution of a partnership firm? Explain briefly giving examples.

Pass necessary journal entries on the dissolution of a partnership firm in the following cases :

1) Expenses of dissolution were Rs 9,000.

2) Expenses of dissolution Rs 3,400 were paid by a partner, Vishal

3) Shiv, a partner, agreed to do the work for dissolution for a commission of Rs 4,500. He also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 3,900 were paid from the firm's bank account.

4) Naveen, a partner, agreed to look after the dissolution work for which he was allowed a remuneration of Rs 3,000. Naveen also agreed to bear the dissolution expenses. Actual expenses on dissolution Rs 2,700 were paid by Naveen.

5) Vivek, a partner, was appointed to look after the dissolution work for a remuneration of Rs 7,000. He agreed to bear the dissolution expenses. Actual dissolution expenses Rs 6,500 were paid by Rishi, another partner, on behalf of Vivek.

6) Gaurav, a partner, was appointed to look after the work of dissolution for a commission of Rs 12,500. He agreed to bear the dissolution expenses. Gaurav took over furniture of Rs 12,500 as his commission. The furniture had already been transferred to realisation account.

A and B are partners in a firm sharing profits in the ratio of 3:2. On 31.3.2014, the Balance Sheet of the firm was as follows :

The Profit of Rs 80,000 for the year ended 31.3.2014 was divided between the partners without allowing interest on capital @ 12% per annum and a salary to A at Rs 1,000 per month. During the year A withdrew Rs 10,000 and B Rs 20,000.
Pass a single journal entry to rectify the error

The Current Ratio of a company is 2.5: 1.5. A state with reasons which of the following transactions will increase, decrease or not change the ratio

(1) Discounted a bill receivable of  Rs 10,000 from the bank, Bank charged discount of  Rs 200.
(2) A bill receivable Rs 8,000 discounted with the bank was dishonoured.
(3) Cash deposited into bank Rs 7,000.
(4) Paid cash Rs 5,000 to the creditors

State the ratio in which the partners share profits or losses on the revaluation of assets and liabilities when there is a change in profit sharing ratio amongst existing partners?

Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital account.

Prachi, Ritika and Ishita were partners in a firm sharing profits and losses in the ratio of 5 : 3: 2. In spite of repeated reminders by the authorities, they kept dumping hazardous material into a nearby river. The court ordered for the dissolution of their partnership firm on 31st March 2012. Prachi was deputed to realise the assets and pay the liabilities. She was aid Rs 1,000 as the commission for her services. The financial position of the firm was as follows:

Navya and Radhey were partners sharing profits and losses in the ratio of 3 : 1. Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below:

The new profit-sharing ratio of Navya, Radhey and Shreya will be ______.