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Explain any two advantages of centralized purchase.
Explain any five importance of computer system in accounting.
On comparison of cost and financial accounts, the following facts were disclosed:
a) Net profit as per cost account: Rs. 25,000
b) Factory overhead over recorded in cost account: Rs. 10,000
c) Over valuation of opening stock in cost account: Rs. 5,000
d) Depreciation under recorded in cost account: Rs. 3,000
Required:
Cost reconciliation statement.
C Company issued 500, 10% Debentures of Rs. 1,000 each at 5% premium, redeemable at 10% discount after 5 years.
Required:
Entries for issue and redemption of debentures.
Write about time card.
Write any two importance of Cost Accounting.
Write the meaning of decentralized store.
Write any two features of Public Company.
From the following information, calculate cash paid to creditors in second year.
Total Purchase: Rs. 12,00,000
1st Year: Rs. 80,000
2nd Year: Rs. 1,20,000
Write the meaning of cost accounting and explain any three limitations.
A worker produces 400 units in a week. Normal production per hour is 10 units. The wage rate per hour is Rs. 50.
Required:
Earning of worker in a week.
Required:
a) Multi-step Income Statement
b) Statement of Financial Position
Required:
a) Statement of Profit or Loss on NFRS
b) Statement of Financial Position on NFRS
A factory provides the following information:
Items | Rs. |
|---|---|
Material purchase | 4,00,000 |
Carriage on purchase | 20,000 |
Direct wages | 2,00,000 |
Chargeable expenses | 80,000 |
Custom duty | 10,000 |
Indirect material | 20,000 |
Factory rent | 40,000 |
Depreciation on factory machinery | 20,000 |
Depreciation on office furniture | 30,000 |
Depreciation Delivery van | 10,000 |
Carriage outward | 15,000 |
Legal fee | 25,000 |
Audit fee | 18,000 |
Stock of goods
Item | Opening (Rs.) | Closing (Rs.) |
|---|---|---|
Material | 40,000 | 60,000 |
Semi-finished goods | 80,000 | 20,000 |
Finished goods | 1,00,000 | 70,000 |
Profit policy: 20% on cost
Required:
Prepare Cost Sheet.
A Company issued 6,000 shares of Rs. 100 each payable as follows:
On application: Rs. 30
On allotment: Rs. 45
On first and final call: Rs. 25
Applications were received for 9,000 shares. Among them, applicants for 3,000 shares were allotted in full, 4,000 applicants were allotted on a pro-rata basis, and the rest were refunded. Excess application money was adjusted on subsequent calls. All money was duly received except the final call money on 500 shares.
Required:
a) Share application
b) Share allotment
c) First and final call
P Company issued shares of Rs. 100 each at 10% discount to purchase the following assets from S Company:
Plant and machinery: Rs. 6,00,000
Furniture: Rs. 2,00,000
Inventory: Rs. 1,00,000
Required:
Journal entries for assets purchased by issuing shares.
The closing ledger balances of a company are given below:
Particulars | Rs. |
|---|---|
Opening stock | 40,000 |
Purchases | 5,50,000 |
Wages | 60,000 |
Salary | 80,000 |
Discount received | 10,000 |
Interest expenses | 12,000 |
Administrative expenses | 35,000 |
Sales | 9,00,000 |
Advertisement expenses | 25,000 |
Rent expenses | 15,000 |
Water & electricity expenses | 30,000 |
Additional information:
i) Closing stock = Rs. 50,000
ii) Income tax provision = 25%
iii) Outstanding rent = Rs. 3,000
Required:
a) Trading Account
b) Profit and Loss Account
The trial balance of a company is given below:
Particulars | Dr. (Rs.) | Cr. (Rs.) |
|---|---|---|
Purchases | 2,00,000 | — |
Wages | 50,000 | — |
Salary | 35,000 | — |
Prepaid rent | 20,000 | — |
Machinery | 3,50,000 | — |
Furniture | 1,60,000 | — |
Debtors | 40,000 | — |
Cash | 15,000 | — |
Sales | — | 4,50,000 |
Share capital | — | 3,50,000 |
Retained earnings | — | 70,000 |
Total | 8,70,000 | 8,70,000 |
Additional information:
i) Prepaid rent expired = Rs. 12,000
ii) Depreciation on machinery @ 10%
Required:
Prepare:
Work sheet
Note: You should prepare format of worksheet yourself.
The following store transactions are provided for the month of Magh:
Magh 1: Opening stock = 500 units @ Rs. 20
Magh 7: Purchase = 600 units @ Rs. 22
Magh 15: Purchase = 800 units @ Rs. 23
Magh 25: Sold = 1,500 units
Required:
Value of closing stock and cost of goods sold using First In First Out (FIFO) method under periodic inventory system.
Profit & Loss Account