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Following information are given:
Net profit =
Non-operating expenses =
Decrease in current liabilities =
Required: Cash from operating activities under indirect method.
Write the meaning of cumulative preference share.
Give any two items of current asset.
The Balance Sheet of a company on 31st December were given below:
Liabilities | Year I (Rs.) | Year II (Rs.) | Assets | Year I (Rs.) | Year II (Rs.) |
|---|---|---|---|---|---|
Share capital | 300,000 | 300,000 | Fixed Assets | 250,000 | 325,000 |
Retained earnings | 20,000 | 60,000 | Inventory | 10,000 | 35,000 |
Creditors | 20,000 | 30,000 | Debtors | 40,000 | 12,500 |
Expense payable | 25,000 | 17,500 | Bank balance | 65,000 | 35,000 |
Total | 365,000 | 407,500 | Total | 365,000 | 407,500 |
Additional Information:
i. Sales – Rs. 300,000
ii. Cost of goods sold – Rs. 180,000
iii. Sales of fixed assets – Rs. 25,000
iv. Purchase of fixed assets – Rs. 110,000
v. Dividend paid – Rs. 30,000
vi. Operating expense – Rs. 40,000
Required:
Cash flow statement using direct method
Differentiate between cost accounting and financial accounting.
If ordering cost per order is Rs. 300, carrying cost per unit is Rs. 2 and annual requirements are 30,000 units, find out economic order quantity.
Explain the features of accounting software.
Give the meaning of periodic inventory system.
State the meaning of private company.
a. Multi step income statement
b. Statement of financial position
A company purchased the following assets at an agreed price of Rs.:
Plant: Rs. 520,000
Land and Building: Rs. 730,000
The company paid the agreed price by issuing shares of Rs. 100 each at 20% discount.
Required: Entries for purchase of assets and issue of share.
a. Profit or Loss statement based on NFRS
b. Statement of financial position based on NFRS
Write in brief the meaning of convertible debentures.
State the features of debenture.
Write any two types of accounting software.
Mention the advantages of public limited company.
A company issued 15,000 shares @ Rs. 100 each at Rs. 10 discount, payable as under:
On application: Rs. 20
On allotment: Rs. 40
On first and final call: Rs. 30
Application were received for 25,000 shares. The BoD decided to allot 10,000 shares in full, 10,000 shares were allotted on pro-rata basis and rest application were rejected. Excess application money were adjusted on allotment. All calls money were duly received except of 500 shares in final call.
Required: Journal entry
(a) Share application
(b) Share allotment
(c) Share first and final call
Define company. State the characteristics of a company.
What is storage of accounting information? Explain.
What do you understand by debenture?