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

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Equity Shares and Preference Shares.

Appears in 9 question papers
Chapter: [0.032] Accounting for Companies
Concept: Types of Shares - Preference Shares Equity Shares

State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'.

Appears in 9 question papers
Chapter: [0.032] Accounting for Companies
Concept: Creation of Debenture Redemption Reserve

A Ltd. invited applications for issuing 1,00,000 shares of Rs 10 each at a premium of Rs 1 per share. The amount was payable as follows:

On Application: Rs 3 per share

On Allotment: Rs 3 per share (including premium)

On First Call: Rs 3 per share

On Second and Final Call: Balance amount

Applications for 1,60,000 shares were received. The allotment was made on the following basis:
(i) To applicants for 90,000 shares: 40,000 shares

(ii) To applicants for 50,000 shares: 40,000 shares

(iii) To applicants for 20,000 shares: full shares

Excess money paid on the application is to be adjusted against the amount due on allotment and calls. Rishabh, a shareholder, who applied for 1,500 shares and belonged to category (ii), did not pay allotment, first and second and final call money.

Another shareholder, Sudha, who applied for 1,800 shares and belonged to category (i), did not pay the first and second and final call money.

All the shares of Rishabh and Sudha were forfeited and were subsequently re-issued at Rs 7 per share fully paid. Pass the necessary journal entries in the books of A Ltd. Open Calls-in-Arrears Account and Calls-in-Advance Account wherever required

Appears in 9 question papers
Chapter: [0.032] Accounting for Companies
Concept: Calls in Advance and Arrears

State any one limitation of Analysis of Financial Statement.

Appears in 9 question papers
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

NK Ltd., a truck manufacturing company, is registered with an authorised capital of Rs 1,00,00,000 divided into equity shares of Rs 100 each. The subscribed and paid up capital of the company is Rs 50,00,000. The company decided to open technical schools in the Jhalawar district of Rajasthan to train the specially-abled children of the area. It is planning to provide them employment in its various production units and industries in the neighbourhood area.

To meet the capital expenditure requirements of the project, the company offered 20,000 shares to the public for subscription. The shares were fully subscribed and paid.
Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also, identify any two values that the company wants to communicate.

Appears in 9 question papers
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Statement of Profit and Loss and Balance Sheet in the Prescribed Form with Major Headings and Sub Headings

Complete the following journal entries left blank in the books of VK Ltd.:

VK Ltd.
Journal
Date Particulars L.F.

Dr.

Rs

Cr.

Rs

2018
Feb 1

___________________             Dr.

        ___________________

(Purchased own 500, 9% debentures of Rs 100 each at Rs 97 each for immediate cancellation)

 

  ________

 

 

  ________

 

Feb 1

___________________             Dr.

       ___________________

       ___________________

(Cancelled own debentures)

 

  ________

 

 

 

 ________

 ________

______

___________________             Dr.

      ___________________

(______________________)

 

  ________

 

 

  ________

 

Appears in 9 question papers
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Financial Statements of a Company

Prepare a common size Balance Sheet of KJ Ltd. from the following information:

Particular Note
No.

31-3-2017

Rs

31-3-2016

Rs

I. Equity and Liabilities

   1. Shareholders' Funds

   2. Non-current Liabilities

   3. Current Liabilities

Total

II. Assets

   1. Non- Current Assets

   2. Current Assets

Total

 

 

8,00,000

5,00,000

3,00,000

16,00,000

 

10,00,000

6,00,000

16,00,000

4,00,000

2,00,000

2,00,000

8,00,000

 

5,00,000

3,00,000

8,00,000

 

Appears in 9 question papers
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Statement of Profit and Loss and Balance Sheet in the Prescribed Form with Major Headings and Sub Headings

From the following information obtained from the books of Kundan Ltd., calculate the inventory turnover ratio for the years 2015-16 and 2016-17 :

  2015-16 (Rs) 2016-17(Rs)
Inventory on 31st March 7,00,000 17,00,000
Revenue from operations 50,00,000 75,00,000

(Gross profit is 25% on the cost of revenue from operations)

In the year 2015-16, inventory increased by Rs 2,00,000.

Appears in 9 question papers
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Activity Ratios - Inventory Turnover Ratio

JW Ltd. was a company manufacturing geysers. As a part of its long-term goal for an expansion, the company decided to identify the opportunity in rural areas. The initial plan was rolled out for Bhiwani village in Haryana. Since the village did not have a regular supply of electricity, the company decided to manufacture solar geysers. The core team consisting of the Regional Manager, Accountant and the Marketing Manager was taken from the Head Office and the remaining employees were selected from the village and neighbourhood areas. At the time of preparation of financial statements, the accountant of the company fell sick and the company debuted a junior accountant temporarily from the village for two months. The Balance Sheet prepared by the junior accountant showed the following items against the Major Heads and Sub-heads mentioned which were not as per Schedule III of the Companies Act, 2013.

Items Major Head/Sub-Head
Loose Tools Trade Receivables
Cheques in Hand Current Investments
Term Loan from Bank Other Long-term Liabilities
Computer Software Tangible Fixed Assets

Identify any two values that the company wants to communicate to the society. Also, present the above items under the correct major heads and sub-heads as per Schedule III of the Companies Act, 2013.

Appears in 9 question papers
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

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

Appears in 8 question papers
Chapter: [0.015] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

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

Appears in 8 question papers
Chapter: [0.015] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

Give the meaning of forfeiture of shares

Appears in 8 question papers
Chapter: [0.021] Accounting for Share Capital
Concept: Accounting Treatment of Forfeiture and Re-issue of Share

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

Appears in 8 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Dissolution of Partnership Firm

Give the meaning of forfeiture of shares

Appears in 8 question papers
Chapter: [0.032] Accounting for Companies
Concept: Accounting Treatment of Forfeiture and Re-issue of Share

State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.

Appears in 7 question papers
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner
Concept: Concept of Goodwill

State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.

Appears in 7 question papers
Chapter: [0.013999999999999999] Reconstitution of a Partnership Firm – Retirement/Death of a Partner
Concept: Concept of Goodwill

Give the meaning of ‘Cash Equivalents’ for the purpose of preparing Cash Flow Statement.

Appears in 7 question papers
Chapter: [0.026000000000000002] Cash Flow Statement
Concept: Concept of Cash Flow Statement

State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.

Appears in 7 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Concept of Goodwill

What is meant by ‘Reconstitution of a partnership firm’

Appears in 6 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Accounting for Partnership Firms - Reconstitution and Dissolution

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.

Appears in 6 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Methods of Capital Accounts - Fixed and Fluctuating Capital Method
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