Important Questions Class XII Accounting (2009)

Fundamental Accounting

Q. 1. What is the meaning of Non Profit Organization. How These organizations will work & maintain the Books of Accounts

Q. 2. Is Non Profit organizations are differ from other organizations ? Give reasons.

Q. 3. What is the difference between Receipt & Payment and Cash Account.

Q. 4. Mention two important features of income.

Q. 5. In the absence of a partnership deed, what are the rules & provisions which are automatically applied

Q. 6. Discuss the Meaning of Fixed & Fluctuating Capital. In which circumstances the amount shown in Fixed Capital Account is changed.

Q. 7. Why Profit & Loss Appropriation Account is prepared.

Goodwill

Q. 1. What are the various methods for computing the amount of Goodwill.

Q. 2. Discuss the Concept of Hidden Goodwill.

Q. 3. If the amount of Goodwill is hidden, how will you compute this? Explain with help of imaginary figures.

Q. 4. Explain the Super Normal Profit method for computation of goodwill

Admission, Retirement & Death

Q. 1. If New Partner’s Capital is not given. How can it be worked out ?

Q. 2. Is the Interest paid on partner loan recorded in the Profit and Loss Appropriation Account. Give reason of your answer.

Q. 3. Define Memorandum Revaluation Account. In which circumstances it is prepared.

Q. 4. State the circumstances in which the need of valuation of goodwill arises.

Q. 5. Why is it necessary to revalue the assets and liabilities at the time of admission of a partner?

Q. 6. Is retiring partner liable to firm’s act done before and after his retirement ?

Q. 7. How would you compute the amount of profit of retiring partner ?

Q. 8. what is the percentage of interest paid to the retiring partner if his dues is not paid at the time of his retirement or in lump sum ?

SHARES & DEBENTURES

Q. 1. Define Company.

Q. 2. Define
1. Equity shares
2. Preference shares
3. Cumulative & Non cumulative Preference shares
4. Convertible Shares
5. Authorized Share Capital
6. Issued Share Capital
7. Subscribed Share Capital
8. Uncalled Capital

Q. 3. Can the 1st Allotment of shares be made without receiving the minimum subscription

Q. 4. When the provisions of Table ‘A’ is applied.

Q. 5. According to Table ‘A’
1. What is the minimum time interval between two calls
2. What is the maximum amount of Calls.

Q. 6. What is meant by Security Premium? In which case the Share issued at premium.

Q. 7. State the Provisions of Sec. 78 of Indian Companies Act regarding Security Premium.

Q. 8. How the amount of security premium is being utilized.

Q. 9. What conditions must a company comply with before the issue of shares at a discount?

Q. 10. Distinguish between
1. Capital Reserve and Reserved Capital
2. Over Subscription and Under Subscription
3. Calls-in-advance and Calls-in-arrears

Q. 11. Can Forfeited Shares be reissued at a discount ? if yes, upto what extent.

Debentures & Redemption

Q. 1. Explain the term ‘Debentures’?

Q. 2. What do you mean by Debentures issued as a collateral security by a company? Show its treatment in the Balance Sheet of the Company.

Q. 3. What is meant by :
1. Registered and Bearer Debentures
2. Redeemable and Irredeemable Debentures
3. Convertible and Non Convertible Debentures
4. Mortgage Debentures and Debentures having floating charges

Q. 4. Is interest on Debenture paid before payment of any dividend to shareholders ? Give reasons.

Q. 5. State the guidelines issued by SEBI for issue of Debentures & Shares.

Q. 6. State the provisions of Sec. 79 of Companies Act. related to premium & issue of Debentures.

Q. 7. What is meant by “Redemption of Debentures”.

Q. 8. what is the accounting treatment given to Debentures Redemption Reserve fund after
1. all the debentures are redeemed
2. a certain portion of debentures is only redeemed

Q. 9. What do you meant by :
1. Redemption of Debenture out of Capital
2. Redemption of Debenture out of profit
3. Redemption of Debenture in lump sum at the end of the stipulated period
4. Redemption of Debenture by drawing a lot.