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Published on: 25/10/2025
Download CBSE Class 12th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 12th Standard CBSE Accountancy
Questions + Answers key
Take MCQ Accountancy Test
1.
Current liabilities of a company are Rs. 5,60,000, current ratio is 2.5 : 1 and quick ratio is 2:1. Find the value of the Inventories.
2.
Calculate ‘Liquid Ratio’ from the following information:
Current liabilities = Rs. 50,000
Current assets = Rs. 80,000
Inventories = Rs. 20,000
Advance tax = Rs. 5,000
Prepaid expenses = Rs. 5,000
3.
State the importance of Financial Analysis?
4.
Prepare the balance sheet for Rishant Ltd as at 31st March, 2012from the following information as per provisions of Schedule III, Part I of the Companies Act, 2013. Identify the valuesinvolved in the presentation of balance sheet.
| Particulars | Amt(Rs.) |
|---|---|
| General Reserve | 3,00,000 |
| 8% Debentures | 3,00,000 |
| Balance of Statement of Profit and Loss (Credit) | 1,20,000 |
| Depreciation of Fixed Assets | 70,000 |
| Tangible Fixed Assets (Cost) | 9,00,000 |
| Trade Payables | 2,50,000 |
| Preference Share Capital | 5,00,000 |
| Inventories | 64,000 |
| Trade Receivables | 2,56,000 |
| Cash and Cash Equivalents | 3,20,000 |
5.
Satish is interested in investing in Data Unlimited, a company providing 4G services.However, before investing, his financial advisor who undoubtedly is his wife, advises him to go through the financial statements of the company.Satish falls under which category of user?
6.
Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:
(i)Bonds
(ii)Capital Redemption Reserve
(iii)Short-term Provisions
(iv)Balance of the statement of profit and Loss
(v)Provision for Warranties
(vi)Brand/Trade Marks
7.
Blue Prints Ltd. purchased building worth Rs.1,50,000, machinery worth Rs.1,40,000 and furniture worth Rs.10,000 from XYZ Co. and took over its liabilities of Rs.20,000 for a purchase consideration other than cash of Rs.3,15,000. Blue Prints Ltd. paid the purchase consideration by issuing 12% debentures of Rs.100 each at a premium of 5%. Record necessary journal entries.
8.
Pass necessary journal entries relating to the issue of debentures in the books of Shree Ltd. for the following transactions
(i) ₹3,000, 7% debentures of ₹100 each are issued at 10% premium, redeemable at a premium of 5%.
(ii) ₹2,000, 8% debentures of ₹100 each are issued at 10% premium, redeemable at par.
(iii) ₹1,000, 9% debentures of ₹100 each are issued at 10% discount, redeemable at 10% premium.
9.
Classify the following activities into operating activities, investing activities, financing activities, cash equivalents.
| 1. | Purchase of machinery. |
| 2. | Proceeds from issue of equity share capital. |
| 3. | Cash revenue from operations. |
| 4. | Proceeds from long-term borrowings. |
| 5. | Proceeds from sale of old machinery. |
| 6. | Cash receipt from trade receivables. |
| 7. | Trading commission received. |
| 8. | Purchase of non-current investment. |
| 9. | Redemption of preference shares. |
| 10. | Cash purchases |
| 11. | Proceeds from sale of non-current investment. |
| 12. | Purchase of goodwill. |
| 13. | Cash paid to supplier. |
| 14. | Interim dividend paid on equity shares. |
| 15. | Employee benefits expenses paid. |
| 16. | Proceeds from sale of patents. |
| 17. | Interest received on debentures held as investments. |
| 18. | Interest paid on long-term borrowings. |
| 19. | Office and administrative expenses paid. |
| 20. | Manufacturing overheads paid. |
| 21. | Dividend received on shares held as investment. |
| 22. | Rent received on property held as investment. |
| 23. | Selling and distribution expenses paid. |
| 24. | Income tax paid. |
| 25. | Dividend paid on preferences shares. |
| 26. | Under-writing commission paid. |
| 27. | Rent paid. |
| 28. | Brokerage paid on purchase of non-current investment |
| 29. | Bank overdraft. |
| 30. | Cash credit. |
| 31. | Short-term deposit. |
| 32. | Marketable securities. |
| 33. | Refund of income-tax received. |
10.
Calculate Current Ratio if:
Inventory is Rs. 6,00,000; Liquid Assets Rs. 24,00,000; Quick Ratio 2 : 1.
11.
The following are the Balance Sheets of J. Ltd. as at March 31, 2016 and 2017. Prepare a Comparative balance sheet.
| Particulars | Note No | March 31, 2017 (Rs.) |
March 31,2016 (Rs.) |
|---|---|---|---|
| I. Equity and Liabilities | |||
| 1. Shareholders’ Funds | |||
| a) Share capital | 20,00,000 | 15,00,000 | |
| b) Reserve and surplus | 3,00,000 | 4,00,000 | |
| 2. Non-current Liabilities | |||
| Long-term borrowings | 9,00,000 | 6,00,000 | |
| 3. Current liabilities | |||
| Trade payables | 3,00,000 | 2,00,000 | |
| Total | 35,00,000 | 27,00,000 | |
| II. Assets | |||
| 1. Non-current assets | |||
| a) Fixed assets | |||
| - Tangible assets | 20,00,000 | 15,00,00 | |
| - Intangible assets | 9,00,000 | 6,00,000 | |
| 2. Current assets | |||
| - Inventories | 3,00,000 | 4,00,000 | |
| - Cash and cash equivalents | 3,00,000 | 2,00,000 | |
| Total | 35,00,00 | 27,00,00 |
12.
Show the following items in the balance sheet of Sunfill Ltd. as at March 31, 2017:
| Particulars | Amount (Rs) |
|---|---|
| General Reserve (since 31 March 2012) | 5,00,000 |
| Statement of profit & loss (debit balance) for 2016–17 | (3,00,000) |
13.
Fill in the blanks in the following
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) | |
|---|---|---|---|---|---|
| Sundry Assets A/c | Dr | 18,00,00 | |||
| _________ | Dr | ______ | |||
| To Sundry Creditors A/c | 2,00,000 | ||||
| To ________ | |||||
| (Being business of Rohit & Co. purchased for a consideration of Rs.20000) | |||||
| ________ | Dr | 20,00,000 | |||
| _________ | Dr | _____ | |||
| To 8% Debentures A/c | ___ | ||||
| (Being paid to Rohit & Co. by issue of ...... ,8% debentures of Rs.150 each at a discount of Rs.50 per depenture) | |||||
14.
X Ltd invited applications for issuing 500, 12% debentures of Rs.100 each at a discount of 5%. These debentures were redeemable after three years at par. Applications for 600 debentures were received. Pro-rata allotment was made to all the applicants.
Pass necessary journal entries for the issue of debentures assuming that the whole amount was payable with application.
15.
Under which type of activity will you classify the following while preparing cash flow statement ?
(i) Issuing 9% debentures
(ii) Furnitures purchased for cash
(iii) Cash receipts from trade receivables
(iv) Proceeds from sale of building/machinery
(v) Sale of shares of another company
(vii) Purchase of shares in another company
(vii) Purchased of shares in another company
(viii) Commision and Royalty Received.
(ix) Proceeds from sale of patents.
(x) Cash paid to suppliers.
(xi) Payment of bonus to the employees.
16.
Rohit Ltd. issued ₹2,000, 9% debentures of ₹100 each at ₹95 per debenture. 9% debentures account will be credited by
₹1,90,000
₹1,10,000
₹2,00,000
₹10,000
17.
Which of the following are the tools of vertical analysis?
(i) Ratio analysis
(ii) Comparative statements
(iii) Common size statements
Only (iii)
Both (i) and (iii)
Both (i) and (ii)
Only (i)
18.
The following journal entry appears in the books of X Co. Ltd.
| Bank a/c | Dr. | 4,75,000 | |
| Loss on issue of debenture a/c | Dr. | 75,000 | |
| To 12% Debentures a/c | 5,00,000 | ||
| To Premium on Redemption of Debenture A/c | 50,000 |
Debentures have been issued at a discount of:
15%
5%
10%
50%
19.
Which ratio indicates the proportion of assets financed out of shareholder's funds?
Debt-equity ratio
Fixed assets turnover ratio
Proprietary ratio
Total assets to debt ratio
20.
From the following calculate interest coverage ratio Net profit after tax ₹ 12,00,000 ; 10 % debentures ₹ 1,00,00,000; tax rate 40 %
1.2 times
3 times
5 times
2 times
21.
Which of the following is correct?
(i) Quick ratio can be more than current ratio.
(ii) High inventory tumover ratio is good for the organisation, except when goods are bought in small lots or sold quickly at low margins to realise cash.
(iii) Sum of operating ratio and operating profit ratio is always 100 %.
All are correct
Only (i) and (iii) are correct
Only (ii) and (iii) are correct
Only (i) and (ii) are correct
22.
Which of the following equation is correct?
Cost of Revenue from Operations = Revenue from Operations + Gross Profit
Cost of Revenue from Operations = Opening Inventory - Net Purchases + Direct Expenses - Closing Inventory
Cost of Revenue from Operations = Opening Inventory + Closing Inventory
Cost of Revenue from Operations = Revenue from Operations - Gross Profit
23.
Provision for tax is______ to net profit in operating activities
added
deducted
No treatment
None of the above
24.
The_________ is useful in evaluating credit and collection policies.
average payment period
current ratio
average collection period
current asset turnover
25.
Comparative statements are also known as
dynamic analysis
horizontal analysis
vertical analysis
external analysis
26.
An Annual Report is issued by a company to its
Directors
Auditors
Shareholders
Management
27.
Revenue from operations on 31st March, 2016 was Rs. 15,00,000 and on 31st March, 2015 was Rs.12,00,000, then what will be the percentage change in revenue from operations?
50%
62%
45%
25%
28.
External users of financial statements are
banks
suppliers
Both (a) and (b)
director of company
29.
When debentures are issued at par and are redeemable at a premium, the loss on such an issues debited to
Statement of profit and loss
Debentures applications and allotment account
Loss on issue of debentures account
All of the above
30.
X Co. Ltd. purchased assets worth Rs.28,80,000. It issued debentures of Rs.100 each at a discount of 4 per cent in full satisfaction of the purchase consideration. The number of debentures issued to vendor is
30,000
28,800
32,000
40,000
31.
Which of the following is not considered as Cash Equivalents?
short term deposits in bank
commercial papers
treasury bills
investment
32.
Average stock is find out by
Opening stock
closing stock
both
33.
current ratio is
liquidity ratio
quick ratio
solvency ratio
debt equity ratio
34.
What is the limitations of financial statement
basis for fiscal policies
basis for granting of credit
guide to the value of the investment already made
do not reflect current situation
35.
Debenture holders are
Owners of the company
Creditors of the company
Vendors of the company
Customers of the company
36.
Nidiya limited was incorporated on 1st April 2017 with registered office in Mumbai. The capital clause of memorandum of Association reflected a registered capital of 8,00,000 equity shares of Rs.10 each and 1,00,000 preference shares of Rs.50 each.
Since some large investments were required for building and machinery the company in consultation with vendors,Ms.VPS Enterprises, issued 1,00,000 equity shares and 20,000 preference shares at par to them in full consideration of assets acquired. Besides this the company issued 2,00,000 equity shares for cash at par payable as Rs 3 on application, 2 on allotment, 3 on first call and 2 on second call.
Till date second call has not yet been made and all the shareholders have paid except Mr. Ajay who did not pay allotment and calls on his 300 shares and Mr. Vipul who did not pay first call on his 200 shares. Shares of Mr. Ajay were then forfeited and out of them 100 shares were reissued at Rs.12 per share.
Based on above information you are required to answer the following questions.
1.Shares issue to vendors of building and machinery, Ms. VPS Enterprises, would be classified as:
| a. Preferential Allotment | b. Employee Stock Option Plan |
| c. Issue for Consideration other than cash | d. Right Issue of Shares |
2.How many equity shares of the company have been subscribed?
| (a) 3,00,000 | (b) 2,99,500 | (c) c. 2,99,800 | (d) None of these |
3.What is the amount of security premium reflected in the balance sheet at the end of the year?
| (a). Rs.200 | (b). Rs.600 | (c). Rs.400 | (d).Rs.1,000 |
4.What amount of share forfeiture would be reflected in the balance sheet?
| (a). Rs.600 | (b). Rs.900 | (c). Rs.200 | (d). Rs. 300 |
37.
Read the following hypothetical extract of Rehan Limited and answer the given questions on the basis of the same:
| YEAR | 2020 | 2019 | 2018 |
|---|---|---|---|
| AMOUNT | (IN Rs.) | (IN Rs.) | (IN Rs.) |
| Outstanding Expense | 50,000 | 40,000 | 25,000 |
| Prepaid Expense | 3,00,000 | 2,50,000 | 3,50,000 |
| Trade Payables | 18,00,000 | 16,00,000 | 14,00,000 |
| Inventory | 12,00,000 | 10,00,000 | 11,00,000 |
| Trade Receivables | 11,00,000 | 8,00,000 | 10,00,000 |
| Cash in hand | 17,00,000 | 12,00,000 | 15,00,000 |
| Revenue from operations | 24,00,000 | 18,00,000 | 20,00,000 |
| Gross Profit Ratio | 12% | 15% | 18% |
1.Current Ratio for the year 2020 will be_______________ (Choose the correct alternative)
| (a) 2:1 | (b) 1.8:1 | (c) 2.32:1 | (d) 2.4:1 |
2.Quick Ratio for the year 2018 will be______________(Choose the correct alternative)
| (a) 1.75:1 | (b) 1.8:1 | (c) 0.94:1 | (d) 1.25:1 |
3.Inventory turnover ratio for the year 2020 will be______(Choose the correct alternative)
| (a) 1.62times | (b) 1.82 times | (c) 1.55time | (d) 1.92 times |
4.Cost of Revenue from Operations for the year 2020 would be ________(Choose the correct alternative)
| (a) Rs.21,12,000 | (b) Rs.21,13,000 | (c) Rs.21,15,000 | (d) Rs.21,17,000 |
1.
Current Ratio = CurrentAssets / Current Liabilities
= 2.5 / 1 = Current Assets/Current Liabilities
= 2.5 \(\times\) Current Liabilities = Current Assets
= 2.5 \(\times\) 5,60,000 = Current Assets
= Rs 14,00,000
Quick Ratio = Quick Assets/Current Liabilities
= Quick assets = 2 \(\times\) 5,60,000
= Rs 11,20,000
Quick Assets = Current Assets – Inventories
Inventories = Current Assets – Quick Assets
= 14,00,000 – 11,20,000
= Rs 2,80,000
2.
\(\text { Liquid Ratio }=\frac{\text { Liquid Assets }}{\text { Current Liabilities }}\)
Liquid Assets = Current assets – (Inventories + Prepaid expenses +Advance tax)
= Rs. 80,000 – (Rs. 20,000 + Rs. 5,000 + Rs. 5,000)
= Rs. 50,000
\(\text { Liquid Ratio }=\frac{\text { Rs. } 50,000}{\text { Rs. } 50,000}=1: 1\)
3.
Financial Analysis has great importance to various accounting users on various matters. Income Statements, Balance Sheets and other financial data provides information about expenses and sources of income, profit or loss and also helps in assessing the financial position of a business. These financial data are not useful until they are analysed. There are various tools and methods such as Ratio Analysis, Cash Flow Statements that make the financial data to cater varying needs of various accounting users.
The following are the reasons that advocate in favour of Financial Analysis:
1. It helps in evaluating the profit earning capacity and financial feasibility of a business.
2. It helps in assessing the long-term solvency of the business.
3. It helps in evaluating the relative financial status of a firm in comparison to other competitive firms.
4. It assists management in decision making process, drafting various plans and also in establishing an effective controlling system.
4.
Balancesheet total =Rs.4,70,000
5.
Satish is a potential investor for Data Unlimited.Therefore, he is an external user.
6.
(i)Non-current Liabilities-Long-term Borrowings
(ii)Shareholders' Fund-Reserves and Surplus
(iii)Current Liabilities-Short-term Provisions
(iv)Shareholders' Funds-Reserves and Surplus
(v)Non-Current Liabilities-Long-term provisions Non-current Assets-Fixed Assets(Intangible)
7.
Books of Blue Prints Limited
Journal
| Date | Particulars | L.F. | Debit Amount (Rs.) |
Credit Amount (Rs.) | |
|---|---|---|---|---|---|
| Building A/c | Dr. | 1,50,000 | |||
| Plant & Machinery A/c | Dr. | 1,40,000 | |||
| Furniture A/c | Dr. | 10,000 | |||
| Goodwill A/c1 | Dr. | 35,000 | |||
| To Liabilities (Sundry) | 20,000 | ||||
| To XYZ Co. | 3,15,000 | ||||
| (Purchase of assets and taking over of liabilities of XYZ Co.) | |||||
| XYZ Co. | Dr. | 3,15,000 | |||
| To 12% Debentures A/c | 3,00,000 | ||||
| To Securities Premium Reserve A/c | 15,000 | ||||
| (Issue of 3,000 debentures at a premium of 5%) | |||||
Note: 1. Since the purchase consideration is more than net assets taken over, the difference has been debited to goodwill account.
2. No. of debentures issued =\(\frac{Purchase \ Consideration}{Issue \ Price \ of \ a \ Debenture}\)
\(=\frac{\text { Rs. } 3,15,000}{105}=3,000\)
8.
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) | |
|---|---|---|---|---|---|
| Bank A/c | Dr | 3,30,000 | |||
| To Debenture Application A/c | 3,30,000 | ||||
| (Being money received on issue of 3,000,7% debentures @ Rs.110) | |||||
| Debenture Application A/c | Dr | 3,30,000 | |||
| Loss on Issue of Debentures A/c | Dr | 15,000 | |||
| To 7% Debentures A/c | 3,00,000 | ||||
| To Securities Premium Reserve A/c | 30,000 | ||||
| To Premium on Redemption of Debentures A/c | 15,000 | ||||
| (Being 3,000, 7% debentures issued at 10% premium and redeemable at 5% premium) | |||||
| Bank A/c | Dr | 2,20,000 | |||
| To Debenture Application and Allotment A/c | 2,20,000 | ||||
| (Being money received on issue of 2,000,8% debentures @ Rs.110) | |||||
| Debenture Application and Allotment A/c | Dr | 2,20,000 | |||
| To 8% Debentures A/c | 2,00,000 | ||||
| To Securities Premium Reserve A/c | 20,000 | ||||
| (Being issue of 2,000,8% debentures at 10% premium and redeemable at par) | |||||
| Bank A/c | Dr | 90,000 | |||
| To Debenture Application and Allotment A/c | 90,000 | ||||
| (Being money received on issue of 1,000, 9% debentures @ Rs.90) | |||||
| Debenture Application and Allotment A/c | Dr | 90,000 | |||
| Loss on lssue of Debentures A/c | Dr | 20,000 | |||
| To 9% Debentures A/c | 1,00,000 | ||||
| To Premium on Redemption of Debentures A/c | 10,000 | ||||
| (Being issue of 1,000, 9% debentures at 10% discount and redeemable at 10% premium) | |||||
9.
a) Operating activities - 3, 6, 7, 10, 13, 15, 19, 20, 23, 24, 27;
b) Investing activities - 1, 5, 8, 11, 12, 16, 17, 21, 22
c) Financing activities - 2, 4, 9, 14, 18, 25, 26, 28, 29;
d) Cash equivalents - 30, 31, 32, 33
10.
\(\text { Quick Ratio }=\frac{\text { Liquid Assets }}{\text { Current Liabilities }}\)
or \(2=\frac{24,00,000}{\text { Current Liabilities }}\)
\(\text { Current Liabilities }=\frac{24,00,000}{2}\)
= 12,00,000
Current Assets = Liquid Assets + Inventory
= 24,00,000+6,00,000
= 30,00,000
\(\text { Current Ratio }=\frac{\text { Current Assets }}{\text { Current Liabilities }}\)
\(=\frac{30,00,000}{12,00,000}=\frac{2.5}{1}=2.5: 1\)
11.
| Particulars | March 31 2016 | March 31, 2017 | Absolute Change | Percentage Change |
|---|---|---|---|---|
| I. Equity and Liabilities | ||||
| 1. Shareholders’ Funds | ||||
| a) Share capital | 15 | 20 | 05 | 33.33 |
| b) Reserve and surplus | 04 | 03 | (01) | (25) |
| 2. Non-current Liabilities | ||||
| a) Long-term borrowings | 06 | 09 | 03 | 50 |
| 3. Current liabilities | ||||
| a) Trade payables | 02 | 03 | 01 | 50 |
| Total | 27 | 35 | 08 | 29.63 |
| II. Assets | ||||
| 1. Non-current assets | ||||
| a) Fixed assets | ||||
| - Tangible assets | 15 | 20 | 20 | 33.33 |
| -Intangible assets | 06 | 09 | 03 | 50 |
| - Cash and cash equivalents | 02 | 03 | 01 | 50 |
| Total | 27 | 35 | 08 | 29.63 |
12.
| Particulars | Note No | 31st March 2017 (Rs.) | 31st March 2016 (Rs.) |
|---|---|---|---|
| I. Equity and Liabilities | |||
| 1. Shareholders’ Funds | |||
| Reserve and surplus | 1 | 2,00,000 | 5,00,00 |
Notes to Accounts
| Particulars | Amount(Rs.) |
|---|---|
| 1. Reserve and surplus | |
| General Reserve (1 April, 2016) | 5,00,000 |
| Less: Statement of profit and loss | 3,00,000 |
| (Dr. balance) | |
| 2,00,000 |
13.
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) | |
|---|---|---|---|---|---|
| Sundry Assets A/c | Dr | 18,00,000 | |||
| Goodwil A/c | Dr | 4,00,000 | |||
| To Sundry Creditors A/c | 2,00,000 | ||||
| To Rohit & Co | |||||
| (Being business of Rohit & Co. purchased for a consideration of Rs.20,000) | |||||
| Rohit & Co | Dr | ||||
| Discount on Issue of Debentures A/c | Dr | 10,00,000 | |||
| To 8% Debentures A/c | 30,00,000 | ||||
| (Being paid to Rohit & Co. by issue of 20,000, 8% debentures of Rs.150 each at a discount of Rs.50 per debenture) | |||||
Working note
\(\text { Number of debentures issued }=\frac{20,00,000}{(150-50)}=20,000\)
14.
| Date | Particulars | LF | Amt (Dr) |
Amt (Cr) |
|
|---|---|---|---|---|---|
| Bank A/c (600X95) | Dr | 57,000 | |||
| To Debenture Application and Allotment A/c | 57,000 | ||||
| (Being the application money received) | |||||
| Debenture Application and Allotment A/c | Dr | 57,000 | |||
| Discount on Issue of Debenture A/c (500 x 5) | Dr | 2,500 | |||
| To 12% Debentures A/c (500 x 100 | |||||
| To Bank A/c | 9,500 | ||||
| (Being the application money transferred to debentures account and excess refunded) | |||||
15.
(i) Finacing Activity
(ii) Investing Activity
(iii) Operating Activity
(iv) Investing Activity
(v) Financing Activity
(vi) Investing Activity
(vii) Investing Activity
(viii) Operating Activity.
(ix) Investing Activity
(x) Operating Activity.
(xi) Operating Activity.
16.
(c)
₹2,00,000
17.
(b)
Both (i) and (iii)
18.
(b)
5%
19.
(c)
Proprietary ratio
20.
(b)
3 times
21.
(c)
Only (ii) and (iii) are correct
22.
(d)
Cost of Revenue from Operations = Revenue from Operations - Gross Profit
23.
(a)
added
24.
(c)
average collection period
25.
(b)
horizontal analysis
26.
(c)
Shareholders
27.
(d)
25%
28.
(c)
Both (a) and (b)
29.
(c)
Loss on issue of debentures account
30.
(a)
30,000
31.
32.
(c)
both
33.
(a)
liquidity ratio
34.
(d)
do not reflect current situation
35.
(b)
Creditors of the company
36.
1.( c) Issue for consideration other than cash.
2 ( c) Rs.2,99,800
3 ( c) Rs.400
4 (a) Rs. 600
37.
1. (c) 2.32:1 2
2. (b) 1.75:1 3
3. (d) 1.92 times 4
4. (a) Rs.21,12,000
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