List of top Accountancy Questions on Balance sheet statement asked in CBSE CLASS XII

On $31^{\text {st }}$ March, 2024, following is the Balance Sheet of Bhavik Limited :

Bhavik Ltd.

Balance Sheet as at $31^{\text {st }}$ March 2024

I. Equity and Liabilities :

ParticularsNote No.$31-3-2024$ (₹)$31-3-2023$ (₹)
1. Shareholders funds   
(a) Share Capital 12,00,00010,00,000
(b) Reserves and Surplus14,00,0003,00,000
2. Non-current liabilities   
Long-term borrowings26,00,00010,00,000
3. Current Liabilities 5,00,0001,00,000
(a) Trade Payables33,00,0004,00,000
(b) Short-term provisions   
Total 30,00,00028,00,000

II. Assets :

1. Non-current Assets   
(a) Property, Plant and Equipment and Intangible Assets   
Property plant and equipment419,00,00015,00,000
(b) Non-current Investments 3,00,0004,00,000
2. Current Assets   
(a) Inventories 4,50,0003,50,000
(b) Trade Receivables 2,50,0004,50,000
(c) Cash and Cash Equivalents 1,00,0001,00,000
Total 30,00,00028,00,000

Notes to Accounts :

NoteParticulars$31-3-2024$ (₹)$31-3-2023$ (₹)
No.   
1.Reserves and Surplus i.e. Balance in Statement of Profit and Loss4,00,0003,00,000
2.Long-term borrowings  
 10% Debentures6,00,00010,00,000
3.Short-term provisions  
 Provision for tax3,00,0004,00,000
4.Property plant and equipment  
 Plant and Machinery21,50,00016,00,000
 Less : Accumulated Depreciation2,50,0001,00,000
 19,00,00015,00,000 

Additional Information :

  • During the year, a piece of machinery costing ₹ 8,00,000 with accumulated depreciation of ₹ 50,000 was sold for ₹ 6,50,000.
  • Debentures were redeemed on $31^{\text {st }}$ March, 2024.

Calculate :

  1. Cash flows from Investing Activities
  2. Cash flows from Financing Activities

From the following information, calculate opening and closing inventory :

  • Gross Profit Ratio – 25%
  • Revenue from operations – ₹ 8,00,000
  • Inventory turnover ratio – 4 times
  • Opening inventory was 2 times of the closing inventory.

Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at $31^{\text {st }}$ March, 2024 along with Notes to accounts:

Vikalp Ltd.

Balance Sheet as at $31^{\text {st }}$ March, 2024

ParticularsNote No.$31-03-2024$ (₹)$31-03-2023$ (₹)
I. Equity and Liabilities   
(1) Shareholders Funds   
(a) Share capital159,60,00050,00,000

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:

NoteParticulars$31-3-2023$ (₹)
No.  
1.Share Capital : 
 Authorised capital 
 9,00,000 equity shares of ₹ 10 each90,00,000
 Issued capital : 
 5,00,000 equity shares of ₹ 10 each50,00,000
 Subscribed capital : 
 Subscribed and fully paid up 
 5,00,000 equity shares of ₹ 10 each50,00,000
 Subscribed but not fully paid upNil
 50,00,000 

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:

NoteParticulars$31-3-2024$ (₹)
No.  
1.Share Capital : 
 Authorised capital 
 9,00,000 equity shares of ₹ 10 each90,00,000
 Issued capital : 
 6,00,000 equity shares of ₹ 10 each60,00,000
 Subscribed capital : 
 Subscribed and fully paid up 
 5,80,000 equity shares of ₹ 10 each58,00,000
 Subscribed but not fully paid up 
 20,000 equity shares of ₹ 10 each, 
 fully called up2,00,000
 Less : calls in arrears 
 20,000 equity shares @ ₹ 2 per share40,000
 59,60,000 
  1. The total face value of equity shares issued during the year 2023-2024 was :
  2. The number of shares on which the called up amount was not received were :
  3. On $1^{\text {st }}$ April, 2024 Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, ‘Share Capital Account’ will be debited by :
  4. On forfeiture, ‘Share Forfeiture Account’ will be credited with :
  5. If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
  6. If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule-III, Part-I of the
Companies Act, 2013:

  1. Work in progress
  2. Securities premium
  3. Creditors

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule-III, Part-I of the Companies Act, 2013 :

  1. Bills payable
  2. Loose Tools
  3. Copyrights
_____ is not a tool of 'Analysis of Financial Statements'.
Depreciation is generated from which of the following Accounting information system?
From the following information, prepare a Common Size Statement of Profit and Loss of A Ltd. and B Ltd. for the year ended 31st March, 2023: \[ \begin{array}{|l|c|c|} \hline \textbf{Particulars} & \textbf{A Ltd. (Rs.)} & \textbf{B Ltd. (Rs.)} \\ \hline \text{Revenue from Operations} & 20,00,000 & 10,00,000 \\ \text{Other Income} & 3,00,000 & 80,000 \\ \text{Expenses} & 10,40,000 & 4,80,000 \\ \text{Tax Rate} & 40\% & 40\% \\ \hline \end{array} \]
From the following Statement of Profit and Loss of Shikha Ltd., prepare Comparative Statement of Profit and Loss for the year ended 31st March, 2023: \[ \begin{array}{|l|c|c|} \hline \textbf{Particulars} & \textbf{2022-23 (Rs.)} & \textbf{2021-22 (Rs.)} \\ \hline \text{Revenue from Operations} & 32,00,000 & 20,00,000 \\ \text{Employee Benefit Expenses} & 9,60,000 & 6,00,000 \\ \text{Other Expenses} & 6,40,000 & 4,00,000 \\ \hline \end{array} \]
Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013:
(i) Stores and Spares
(ii) Calls-in-Advance
(iii) Income received in advance
Shyam Sunder Ltd. is a financing company. Under which of the following activity will the amount of ‘Interest paid on loan’ be shown:
Total Assets — Rs.3,00,000
Non-current Assets — Rs.2,60,000
Non-current Liabilities — Rs.80,000
Shareholders' Funds — Rs.2,00,000
Current ratio calculated on the basis of the above information will be:
Which of the following is not a tool of Analysis of Financial Statements?
Pass the necessary journal entries for the following transactions on disSolution of the firm of Avyan and Shruti after various assets (other than cash) and third-party liabilities have been transferred to Realisation Account:
(i) Sundry creditors amounting to Rs.40,000 were settled at a discount of 10\%.
(ii) An unrecorded computer of Rs.50,000 was taken over by Shruti.
(iii) Creditors of Rs.5,000 agreed to take over debtors of Rs.8,000 in full settlement of their claim.
(iv) The firm had a debit balance of Rs.42,000 in the Profit and Loss Account on the date of disSolution.
(v) There was an old furniture with the firm which had been written off completely from the books. This was sold for Rs.9,000.
(vi) Realisation expenses amounting to Rs.11,000 were paid by Shruti.
Chavi Ltd. purchased machinery from Neo Ltd. It was agreed that the purchase consideration will be paid by issuing 10,000 equity shares of Rs.10 each at a premium of 10% and a bank draft of Rs.50,000.
Pass the necessary Journal entries in the books of Chavi Ltd. for the above transactions.
Mahesh, Ramesh, and Naresh were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From 1st April, 2023, they decided to share profits equally.
On that date, there was a balance of Rs.3,60,000 in General Reserve and a debit balance of Rs.1,80,000 in the Profit and Loss Account.
Pass a single adjustment Journal entry for the above on account of the change in the profit-sharing ratio.
Anand, Ridhi, and Shyam were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their fixed capitals were Rs.1,00,000, Rs.60,000, and Rs.40,000 respectively.
For the year ended 31st March, 2023, interest on capital was credited to their capital accounts @ 9% p.a. instead of 7% p.a. Pass the necessary adjusting Journal entry.