The 2nd and 3rd breaker from bottom, at left side, are wired to knob and tube using 12-2. With black and white wire each being used has hot. No neutral terminating at panel. Is there anyway possible this install is acceptable?
I know the wire connections at joist are wrong.
Sounds like one I inspected a while back.
Where is the Knob and the Tube in the Joist.
They must of run out. 
Typical upgrade done half fast again.
I would just call it out to be repaired by a qualified licensed electrician. 
Sounds like a 240 volt circuit.
That was my impression at first. But the top breaker (white wire) is labeled for dining room and bedroom, no identification for lower breaker. Each is a 20 amp breaker. All 220 circuits were identified at panel, not sure how accurately. There was a mixture of NM, cloth covered, and K&T throughout the house.
Naw…if they’re from K&T. No grounding…
