These are the most frequently asked and highest-weightage questions in Class 12 Accountancy board exams. Master these and you are exam-ready.
How We Identified These Important Questions
Our faculty at AN Outfox Academy has analysed 10+ years of CBSE and MP Board question papers to identify patterns. The questions below have appeared in 7 out of the last 10 years — making them near-certain exam material.
Partnership Accounts — Must-Prepare Questions
Goodwill
- Calculate goodwill under Average Profit Method, Super Profit Method, and Capitalisation Method
- Adjustment of goodwill on admission of a new partner (both premium method and revaluation method)
Admission of a Partner
- New profit-sharing ratio and sacrificing ratio calculation
- Revaluation of assets and liabilities
- Capital adjustment — bringing in proportionate capital or adjusting existing capitals
Retirement / Death of a Partner
- Gaining ratio calculation
- Treatment of goodwill on retirement
- Settlement of retiring partner's amount — lump sum, instalments
- Executor's account on death of a partner
Dissolution of Partnership Firm
- Realisation Account preparation
- Settlement when a partner takes over certain assets/liabilities
- Dissolution when a partner is insolvent (Garner vs Murray rule for CBSE)
Company Accounts — Must-Prepare Questions
Issue of Shares
- Issue of shares at premium — Securities Premium Reserve treatment
- Forfeiture of shares and reissue at discount (calculating total gain on reissue)
- Oversubscription — pro-rata allotment and refund calculations
Debentures
- Issue of debentures as collateral security
- Redemption of debentures out of profits (creating DRR and DRI)
- Conversion of debentures into shares
Financial Statements of a Company
- Preparing Balance Sheet in Schedule III format
- Adjustments — proposed dividend, provision for tax, depreciation on revaluation
Not-for-Profit Organisations
- Preparing Income & Expenditure Account from Receipts & Payments Account
- Treatment of subscription — outstanding, advance, arrears
- Opening and closing Balance Sheet with given information
Cash Flow Statement
- Operating Activities using Indirect Method — adjusting net profit for non-cash items
- Investing Activities — purchase/sale of assets
- Financing Activities — issue/redemption of shares and debentures, dividends paid
Ratio Analysis
- Current Ratio, Quick Ratio, Debt-Equity Ratio, Interest Coverage Ratio
- Return on Investment, Earnings Per Share, Price/Earnings Ratio
- Inventory Turnover Ratio, Debtors Turnover Ratio, Working Capital Turnover Ratio
Preparation Strategy
Dedicate 2 hours daily to Accountancy practice. Solve each of the above question types at least 3 times. The first time, understand the concept. The second time, solve independently. The third time, do it against the clock (2 minutes per mark).
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