CBSE Class 12 Accountancy Question Paper 2025 Available: Download Solution PDF with Answer Key (Set 1- 67/2/1)

Arun, Bashir and Joseph were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They admitted Daksh as a new partner who acquired his share entirely from Arun. If Arun sacrificed \( \frac{1}{5} \)th from his share to Daksh, Daksh's share in the profits of the firm will be :

• (A) \( \frac{1}{5} \)
• (B) \( \frac{1}{10} \)
• (C) \( \frac{3}{10} \)
• (D) \( \frac{2}{5} \)

Eliza, Fenn and Garry were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. Fenn was guaranteed Rs 25,000 as his share in the profits. Any deficiency arising on that account was to be met by Eliza. The firm earned a profit of Rs 80,000 for the year ended 31st March, 2024. The amount of profit credited to Fenn's capital account will be :

• (A) Rs 30,000
• (B) Rs 40,000
• (C) Rs 25,000
• (D) Rs 10,000

Wayne, Shaan and Bryan were partners in a firm. Shaan had advanced a loan of Rs 1,00,000 to the firm. On 31st March, 2024 the firm was dissolved. After transferring various assets (other than cash \& bank) and outside liabilities to Realisation Account, Shaan took over furniture of book value of Rs 90,000 in part settlement of his loan amount. For the payment of balance amount of Shaan's loan Bank Account will be credited with :

• (A) Rs 1,00,000
• (B) Rs 90,000
• (C) Rs 1,90,000
• (D) Rs 10,000

Pulkit and Ravinder were partners in a firm sharing profits and losses in the ratio of 3 : 2. Sikander was admitted as a new partner for \( \frac{1}{5} \)th share in the profits of the firm. Pulkit, Ravinder and Sikander decided to share future profits in the ratio of 2 : 2 : 1. Sikander brought Rs 5,00,000 as his capital and Rs 10,00,000 as his share of premium for goodwill. The amount of premium for goodwill that will be credited to the old partners' capital accounts will be :

• (A) Pulkit's Capital Account Rs 10,00,000
• (B) Pulkit's Capital Account Rs 6,00,000 and Ravinder's Capital Account Rs 4,00,000
• (C) Pulkit's Capital Account Rs 5,00,000 and Ravinder's Capital Account Rs 5,00,000
• (D) Pulkit's Capital Account Rs 2,00,000

Kajal and Laura were partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted Maddy for \( \frac{1}{4} \)th share in future profits. Maddy brought Rs 8,00,000 as his capital and Rs 4,00,000 as his share of premium for goodwill. Kajal, Laura and Maddy decided to share profits in future in the ratio of 2 : 1 : 1. After all adjustments in respect of goodwill, revaluation of assets and liabilities etc. Kajal's capital was Rs 15,00,000 and Laura's capital was Rs 8,00,000. It was agreed that partners' capitals should be in proportion to their new profit sharing ratio taking Maddy's capital as base. The adjustment was made by bringing in or withdrawing the necessary cash as the case may be. The cash brought in by Kajal was :

• (A) Rs 1,00,000
• (B) Rs 8,00,000
• (C) Rs 16,00,000
• (D) Rs 12,00,000

Assertion (A): The maximum number of partners in a partnership firm is 50.

Reason (R): By virtue of the Companies Act 2013, the Central Government is empowered to prescribe maximum number of partners in a firm. The Central Government has prescribed the maximum number of partners in a firm to be 50.

Choose the correct option from the following:

• (A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
• (B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
• (C) Assertion (A) is true, but Reason (R) is false.
• (D) Both Assertion (A) and Reason (R) are false.

Nandita and Prabha were partners in a firm. Nandita withdrew Rs 3,00,000 during the year for personal use. The partnership deed provides for charging interest on drawings @ 10% p.a. Interest on Nandita's drawings for the year ended 31st March, 2024 will be :

• (A) Rs 9,000
• (B) Rs 30,000
• (C) Rs 18,000
• (D) Rs 15,000

Radhika, Mehar and Shubha were partners in a firm sharing profits and losses in the ratio of 9 : 8 : 7. If Radhika's share of profit at the end of the year amounted to Rs 5,40,000, Shubha's share of profit will be :

• (A) Rs 5,40,000
• (B) Rs 4,80,000
• (C) Rs 60,000
• (D) Rs 4,20,000

Suhas and Vilas were partners in a firm with capitals of Rs 4,00,000 and Rs 3,00,000 respectively. They admitted Prabhas as a new partner for \( \frac{1}{5} \)th share in future profits. Prabhas brought Rs 2,00,000 as his capital. Prabhas' share of goodwill will be :

• (A) Rs 1,00,000
• (B) Rs 10,00,000
• (C) Rs 9,00,000
• (D) Rs 20,000

Offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) is known as :

• (A) Sweat equity
• (B) Incorporation cost
• (C) Private placement of shares
• (D) Employee stock option plan

Ajay Ltd. forfeited 100 shares of Rs 10 each for non-payment of first call of Rs 1 per share and second and final call of Rs 3 per share. The minimum price per share at which these shares can be reissued will be :

• (A) Rs 6
• (B) Rs 4
• (C) Rs 10
• (D) Rs 16

(a) The amount of share capital which a company is authorised to issue by its Memorandum of Association is known as ........

• (A) Nominal capital
• (B) Issued capital
• (C) Reserve capital
• (D) Subscribed capital

OR

(b) According to Securities and Exchange Board of India (SEBI), guidelines, minimum subscription of capital cannot be less than 90% of .......

• (A) Authorised capital
• (B) Issued capital
  (C) Reserve capital
• (D) Subscribed capital

(a) Debentures on which a company does not give any undertaking for the repayment of money borrowed are called :

• (A) Bearer Debentures
• (B) Secured Debentures
• (C) Perpetual Debentures
• (D) Registered Debentures

• (A) Capital Reserve
• (B) Goodwill
• (C) Purchase Consideration
• (D) General Reserve

The following journal entry appears in the books of Latvion Ltd. :
Particulars & Dr. Amount (Rs) & Cr. Amount (Rs)
Bank A/c \hspace{5cm Dr. & 4,75,000 &
Loss on issue of debentures A/c 1.9cm Dr. & 75,000 &
12% Debentures A/c & & 5,00,000
To Premium on Redemption of Debentures A/c & & 50,000
The discount on issue of debentures is :

• (A) 15%
• (B) 5%
• (C) 10%
• (D) 95%

Zeba Limited issued 15,000, 9% debentures of Rs 100 each at 10% discount on 1st April, 2023. It has a balance of Rs 1,00,000 in Securities Premium Account. The 'Discount on issue of Debentures' of Rs 1,50,000 will be written off :

• (A) Rs 1,00,000 out of Securities Premium Account and Rs 50,000 out of Statement of Profit and Loss
• (B) Rs 50,000 out of Securities Premium Account and Rs 1,00,000 out of Statement of Profit and Loss
• (C) Rs 1,50,000 out of Securities Premium Account
• (D) Rs 1,50,000 out of Statement of Profit and Loss

Anubha and Yuvika were partners in a firm sharing profits and losses in the ratio of 3 : 2. From 1st April 2024, they decided to share future profits and losses in the ratio of 2 : 3. On this date, their balance sheet showed a balance of Rs 50,000 in General Reserve and a debit balance of Rs 2,50,000 in Profit and Loss Account. Partners decided to write off Profit and Loss Account but decided not to distribute the General Reserve. Pass the necessary journal entries for the above transactions on the reconstitution of the firm. Show your workings clearly.

Sunny and Ujjwal were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2024 Timmy was admitted as a new partner for \( \frac{1}{5} \)th share in profits which he acquired equally from Sunny and Ujjwal. On the date of Timmy's admission the Balance Sheet of Sunny and Ujjwal showed investments at Rs 5,00,000 and a balance of Rs 2,00,000 in Investment Fluctuation Reserve. Pass necessary journal entries for treatment of Investment fluctuation reserve on the date of Timmy's admission in each of the following cases:

(i) Market value of Investments was Rs 5,00,000.

(ii) Market value of Investments was Rs 3,00,000.

(iii) Market value of Investments was Rs 2,00,000.

Apoorv Ltd. acquired building worth Rs 15,50,000, Machinery worth Rs 11,40,000 and Furniture worth Rs 1,10,000 from Dhruv Ltd. and took over its liabilities of Rs 2,00,000 for a purchase consideration of Rs 25,00,000. Apoorv Ltd. paid the purchase consideration by issuing 12% debentures of Rs 100 each at a premium of 25%. Pass the necessary journal entries in the books of Apoorv Ltd. for the above transactions.

Ajanta Ltd. purchased machinery worth Rs 36,00,000 from Sujata Ltd. Ajanta Ltd. paid half the amount to Sujata Ltd. through a bank draft and the balance by issuing 8% debentures of Rs 100 each at a discount of 10%. Pass the necessary journal entries in the books of Ajanta Ltd. for the above transactions.

Aakash and Baadal entered into partnership on 1st October, 2023 with the capitals of Rs 80,00,000 and Rs 60,00,000 respectively. They decided to share profits and losses equally. Partners were entitled to interest on capital @ 10% per annum as per the provisions of the partnership deed. Baadal is given a guarantee that his share of profit, after charging interest on capital will not be less than Rs 7,00,000 per annum. Any deficiency arising on that account shall be met by Aakash. The profit of the firm for the year ended 31st March, 2024 amounted to Rs 13,00,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2024.

Parul and Rajul were partners in a firm, sharing profits and losses in the ratio of 5 : 3. The balance in their fixed capital accounts on 1st April, 2023 were: Parul Rs 6,00,000 and Rajul Rs 8,00,000. The partnership deed provided for allowing interest on capital at 12% per annum. The net profit of the firm for the year ended 31st March, 2024 was Rs 1,26,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2024. Show your working clearly.

Ridyum Limited issued 5,000, 9% debentures of Rs 500 each at a premium of 10%. The amount was payable as follows:

On Application - Rs 200 per debenture

On Allotment – Balance (including premium)

The debentures were fully subscribed and all amounts were duly received. Pass the necessary journal entries for issue of debentures in the books of Ridyum Limited.

Simar, Tanvi and Umara were partners in a firm sharing profits and losses in the ratio of 5 : 6 : 9. On 31st March, 2024 their Balance Sheet was as follows:
Balance sheet of Simar, Tanvi and Umara as at 31st March, 2024
 [Balance Sheet Table - Simplified representation below]
Liabilities: Capitals (S:13L, T:12L, U:14L) = 39L; General Reserve = 7L; Trade Payables = 6L; Total = 52L
Assets: Fixed Assets = 25L; Stock = 10L; Debtors = 8L; Cash = 7L; P&L A/c (2023-24) = 2L; Total = 52L
Liabilities: Capitals (S:13L, T:12L, U:14L) 39L, General Reserve 7L, Trade Payables 6L. Total 52L.
Assets: Fixed Assets 25L, Stock 10L, Debtors 8L, Cash 7L, Profit and Loss Account (2023-24) 2L. Total 52L.
Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner:
(i) Goodwill of the firm be valued at 3 years purchase of average profits for the last 5 years. The profit/loss for the previous four years were : 2022-23: Rs 3,10,000 (loss); 2021-22: Rs 3,00,000 (profit); 2020-21: Rs 4,00,000 (profit); 2019-20: Rs 2,50,000 (profit)
(ii) Umara's share of profit or loss till the date of her death was to be calculated on the basis of profit or loss for the year ended 31st March 2024.
(a) Calculate Goodwill of the firm.
(b) Pass the necessary journal entry for the treatment of goodwill on Umara's death.
(c) Calculate Umara's share in the profit or loss of the firm till the date of her death.
(d) Pass the necessary journal entry to record Umara's share of profit or loss till the date of her death.

Pass necessary journal entries for the following transactions on dissolution of the firm of Rajesh, Somesh and Yogesh after various assets (other than cash) and third party liabilities have been transferred to Realisation Account :
(i) Rajesh took over stock of Rs 4,00,000 at a discount of 20%.
(ii) Somesh agreed to take over the firm's furniture, not recorded in the books of the firm at Rs 80,000.
(iii) Land and Building of the book value of Rs 60,00,000 was sold for Rs 90,00,000 through a broker who charged 10% commission.
(iv) Ashish, an old customer, whose account for Rs 70,000 was written off as bad in the previous year, paid 60% of the amount.
(v) Sundry Creditors of Rs 3,00,000 were settled at a discount of 10%.
(vi) Realisation expenses amounting to Rs 21,000 were paid by Yogesh.

Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at 31st March, 2024 along with Notes to accounts:
[Balance Sheet Extract & Notes shown in Question]
Notes to accounts' as at 31st March, 2023 & 2024 show changes in Share Capital.
Analysis from Notes:
As at 31-3-2023: Issued & Subscribed Capital: 5,00,000 equity shares of Rs 10 each, fully paid up = Rs 50,00,000.
As at 31-3-2024: Issued Capital: 6,00,000 equity shares of Rs 10 each. Subscribed: 5,80,000 shares fully paid up (Rs 58,00,000) + 20,000 shares fully called up (Rs 2,00,000) less Calls in Arrears (Rs 40,000 on 20,000 shares @ Rs 2) = Rs 1,60,000. Total Subscribed = Rs 59,60,000.
Answer the following questions :

(i) The total face value of equity shares issued during the year 2023-2024 was:

(A) Rs 10,00,000 (B) Rs 9,80,000 (C) Rs 4,20,000 (D) Rs 11,00,000

(ii) The number of shares on which the called up amount was not received were :

(A) 1,00,000 (B) 80,000 (C) 3,00,000 (D) 20,000

(iii) On 1st 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 :

(A) Rs 1,60,000 (B) Rs 40,000 (C) Rs 2,00,000 (D) Rs 2,40,000

(iv) On forfeiture, 'Share Forfeiture Account' will be credited with :

(A) Rs 1,60,000 (B) Rs 40,000 (C) Rs 2,00,000 (D) Rs 2,40,000

(v) If all the forfeited shares are reissued at Rs 8 per share fully paid up, the amount credited to 'Capital Reserve A/c' will be :

(A) Rs 40,000 (B) Rs 1,60,000 (C) Rs 2,00,000 (D) Rs 1,20,000

(vi) If the forfeited shares are reissued at the minimum permissible price, the amount credited to 'Capital Reserve Account' will be :

(A) Rs 2,00,000 (B) Rs 1,60,000 (C) Rs 40,000 (D) NIL

Alexia Limited invited applications for issuing 1,00,000 equity shares of Rs 10 each at premium of Rs 10 per share. The amount was payable as follows:

On application Rs 9 per share (Including premium Rs 6 per share)

On allotment Rs 8 per share (Including premium Rs 4 per share)

On first and final call Rs 3 per share.

Applications were received for 1,50,000 equity shares and allotment was made to the applicants as follows:

Category A: Applicants for 90,000 shares were allotted 70,000 shares.

Category B: Applicants for 60,000 shares were allotted 30,000 shares.

Excess money received on application was adjusted towards allotment and first and final call. Shekhar, who had applied for 1200 shares failed to pay the first and final call. Shekhar belonged to category B. Pass necessary journal entries for the above transactions in the books of Alexia Limited. Open calls in arrears and calls in advance account, wherever necessary.

Pass the necessary journal entries for forfeiture and reissue of shares in the following cases:

(i) Premier Ltd. forfeited 600 shares of Rs 10 each issued at a premium of Rs 3 per share (payable with allotment) for non-payment of allotment money of Rs 7 per share including premium. The first and final call of Rs 3 per share was not yet made. The forfeited shares were reissued at Rs 13 per share fully paid up.

(ii) Risha Ltd. forfeited 1000 shares of Rs 10 each, Rs 8 per share called up issued at a premium of Rs 2 per share to Atul, for non-payment of allotment money of Rs 6 per share (including premium). Out of these, 800 shares were reissued at Rs 7 per share, Rs 8 paid up.

Bittu and Chintu were partners in a firm sharing profit and losses in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2024 was as follows:
Balance Sheet Table - Simplified representation below]
Liabilities: Capitals (B:8L, C:6L) = 14L; General Reserve = 2.1L; Creditors = 4.9L; Total = 21L
 Assets: Fixed Assets = 15.4L; Stock = 3.5L; Debtors = 1.4L; Bank = 0.7L; Total = 21L
Liabilities: Capitals (Bittu:8L, Chintu:6L) 14L, General Reserve 2.1L, Creditors 4.9L. Total 21L.

Assets: Fixed Assets 15.4L, Stock 3.5L, Debtors 1.4L, Bank 0.7L. Total 21L.

On 1st April, 2024, Diya was admitted in the firm for \( \frac{1}{7} \)th share in the profits on the following terms:

(i) New profit sharing ratio between Bittu, Chintu and Diya will be 3:3:1.

(ii) Fixed Assets were found to be overvalued by Rs 1,40,000.

(iii) Creditors were paid Rs 4,20,000 in full settlement.

(iv) Diya brought proportionate capital and Rs 5,60,000 as her share of goodwill premium by cheque.

Prepare Revaluation Account and Partners' Capital Accounts.

Rupal, Shanu and Trisha were partners in a firm sharing profits and losses in the ratio of 4:3:1. Their Balance Sheet as at 31st March, 2024 was as follows:
(i) Trisha's share of profit was entirely taken by Shanu.
(ii) Fixed assets were found to be undervalued by Rs 2,40,000.
(iii) Stock was revalued at Rs 2,00,000.
(iv) Goodwill of the firm was valued at Rs 8,00,000 on Trisha's retirement.
(v) The total capital of the new firm was fixed at Rs 16,00,000 which was adjusted according to the new profit sharing ratio of the partners. For this necessary cash was paid off or brought in by the partners as the case may be.

Prepare Revaluation Account and Partners' Capital Accounts.

The Quick Ratio of a company is 1 : 1. Which of the following transactions will result in increase in Quick Ratio?

• (A) Cash received from debtors
• (B) Sold goods on credit
• (C) Purchased goods on credit
• (D) Purchased goods on cash

Statement-I : Snow Limited earned a profit of Rs 2,00,000 after charging depreciation of Rs 50,000 on machinery. So, operating profit before working capital changes would be Rs 2,50,000.
Statement-II : Depreciation is added back to net profit as it does not result in any cash flow.

Choose the correct option from the following:

• (A) Only Statement-I is true.
• (B) Only Statement-II is true.
• (C) Both the Statements are false.
• (D) Both the Statements are true.

 ______ is not a tool of 'Analysis of Financial Statements'.

• (A) Income Statement
• (B) Ratio Analysis
  (C) Comparative Statements
• (D) Cash Flow Statement

 In 'Common size income statement' each item is expressed as a percentage of ______

• (A) Total Income
• (B) Total Expenses
• (C) Profit After Tax
• (D) Revenue from Operations

Short-term highly liquid investments qualify as cash equivalents if they are realisable into known amounts of cash from the date of acquisition within a period of :

• (A) 6 months or less
• (B) 9 months or less
• (C) 12 months or less
• (D) 3 months or less

 Which of the following item is not included in cash and cash equivalents ?

• (A) Trade Receivables
• (B) Demand deposits with bank
  (C) Short-term marketable securities
• (D) Cheques in hand

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:
(i) Work in progress
(ii) Securities premium
(iii) Creditors

From the following information, prepare a Comparative Statement of Profit and Loss of Smart Ltd. :

Particulars & 2023-24 (Rs) & 2022-23 (Rs)
Revenue from operations & 24,00,000 & 20,00,000
Cost of materials consumed & 6,00,000 & 4,00,000
Employee benefit expenses & 4,00,000 & 2,00,000
Tax Rate 50% & &
 

From the following information, calculate Opening Trade Receivables and Closing Trade Receivables :
Trade Receivables Turnover Ratio - 4 times
Closing Trade Receivables were Rs 20,000 more than that in the beginning.
Cost of Revenue from operations - Rs 6,40,000.
Cash Revenue from operations \( \frac{1}{3} \)rd of Credit Revenue from operations
Gross Profit Ratio - 20%

 From the following information, calculate opening and closing inventory:
Gross Profit Ratio - 25%
Revenue from operations - Rs 8,00,000
inventory turnover ratio - 4 times
Opening inventory was 2 times of the closing inventory.

On 31st March, 2024 following is the Balance Sheet of Bhavik Limited :

Bhavik Ltd.
Additional Information :

(i) During the year a piece of machinery costing Rs 8,00,000 accumulated depreciation thereon Rs 50,000 was sold for Rs 6,50,000

(ii) Debentures were redeemed on 31-03-2024.

Calculate:

(a) Cash flows from Investing Activities

(b) Cash flows from Financing Activities

A piece of information shown in a graph which is assigned to the data series is known as :

• (A) data point
• (B) data label
  (C) legend
• (D) plot area

The software of computerised accounting system can be used for any size of business and type of organization as it enables changing the volume of data processing in tune with the change in the size of business. Which feature of Computerised Accounting System is being highlighted in above lines?

• (A) Scalability
• (B) Simple
  (C) Speed
• (D) Reliability

(a) Which of the following is a part of Asset group 'Current Assets' in account group of Assets?

• (A) Duties and Taxes
• (B) Miscellaneous Expenditures
  (C) Reserves & Surplus
• (D) Direct Expenses

 Null value is the special value which represents :

• (A) Stores value items
• (B) Data with many values
  (C) Absence of data items
• (D) Single value data item

To see all available shape styles which of the following button is clicked ?

• (A) Chart tool
• (B) Picture
  (C) Custom
• (D) More

Name the error which occurs when Excel doesn't recognize a Text formula. Give any two solutions to correct it.

State the advantages of 'Pivot Table' report.

What is data formatting? What tools are used to format data ?

Explain the 'ROUND' function in Excel.