Subject

Accountancy

Class

CBSE Class 12

Pre Boards

Practice to excel and get familiar with the paper pattern and the type of questions. Check you answers with answer keys provided.

Sample Papers

Download the PDF Sample Papers Free for off line practice and view the Solutions online.
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 Multiple Choice QuestionsShort Answer Type

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11.

Sandesh Ltd. took over the assets of ₹ 7,00,000 and liabilities of ₹ 2,00,000 from Sanchar Ltd. for a purchase consideration of ₹4,59,500. ₹ 8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of ₹10 each at a premium of 10% in favour of Sanchar Ltd.
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.


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12.

To provide employment to the youth and to develop the Naxal affected backward areas of Chhattisgarh. X Ltd. decided to set-up a power plant. For raising funds the company decided to issue 7,50,000 equity shares of ₹10 each at a premium of 50%. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 50,000 shares were rejected and shares were allotted to the remaining applicants on pro-rata basis.
Pass necessary journal entries for the above transactions in the books of the company and identify any two values which X Ltd. wants to propagate.

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13.

‘An enterprise may hold securities and loans for dealing or trading purposes in which case they are similar to inventory acquired specifically for resale.” Is the statement correct? Cash flows from such activities will be classified under which type of activity which preparing Cash Flow Statements?

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14.

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

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15.

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

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16.

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

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17.

What is meant by solvency of business?

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18.

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%

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19.

Following is the statement of Profit and Loss of Sun India Ltd. For the year ended 31st March. 2015:



The motto of Sun India Ltd is to produce and supply green energy in the rural areas of India. It has also taken up a project of constructing a road that will pass through five villages so that these villages could be connected to the nearby town. It will use the local resources and employ local people for construction of the road. You are required to prepare a Comparative Statement of Profit and Loss of Sun India Ltd from the given statement of Profit and Loss. Also, identify any two values that the company wishes to convey to the society

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 Multiple Choice QuestionsLong Answer Type

20.

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 ₹ 1,40,000 accepted building valued at ₹ 1,80,000 and paid to the firm ₹ 40,000.
(b) A second creditor for ₹30,000 accepted machinery valued at ₹28,000 in full settlement of his claim.
(c) A third creditor amounting to ₹70,000 accepted ₹30,000 in cash and investments of the book value of ₹45,000 in full settlement of his claim.
(d) Loss on dissolution was ₹4,000.
Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments were made by cheque.

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