CBSE Class 12 Accountancy Question Paper 2025 Available: Download Solution PDF with Answer Key (Set 3- 67/2/2)

Aman, Boman and Chetan were partners in a firm sharing profits and losses in the ratio of 5:3:2. Dinesh was admitted as a new partner who acquired his share entirely from Aman. Aman surrendered \( \frac{1}{5} \)th of his share in the profits to Dinesh. Dinesh was admitted for which of the following share in the profits of the firm?

• (A) \( \frac{1}{10} \)
• (B) \( \frac{2}{10} \)
• (C) \( \frac{3}{10} \)
• (D) \( \frac{4}{10} \)

Emily, Farida and Gauri were partners in a firm sharing profits and losses in the ratio of 4:3:1. Farida was guaranteed Rs 35,000 as her share in the profits in the firm. Any deficiency arising on that account was to be met by Emily. The firm earned a profit of Rs 80,000 for the year ended 31st March 2024. The profit credited to Farida's capital account was:

• (A) Rs 30,000
• (B) Rs 35,000
• (C) Rs 25,000
• (D) Rs 5,000

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

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

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 a \( \frac{1}{5} \) 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

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

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

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

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.

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

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 a \( \frac{1}{5} \) 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) Anisha, Deepa, and Charu were partners sharing profits and losses in the ratio of 5:3:2. On 31st March 2024, they decided to change their profit-sharing ratio to 2:3:5. Each partner's gain or sacrifice due to the change in profit-sharing ratio will be:

OR

(b) Preet and Saral were partners sharing profits and losses in the ratio of 3:2. On 31st March, 2024 they decided to change their profit sharing ratio to 1:1. On the date of reconstitution goodwill of the firm was valued at Rs 1,00,000. The journal entry for treatment of goodwill on account of change in profit-sharing ratio will be:

• (A) Preet's Capital A/c Dr. 1,00,000 To Saral's Capital A/c 1,00,000
• (B) Saral's Capital A/c Dr. 1,00,000 To Preet's Capital A/c 1,00,000
• (C) Preet's Capital A/c Dr. 10,000 To Saral's Capital A/c 10,000
• (D) Saral's Capital A/c Dr. 10,000 To Preet's Capital A/c 10,000

(a) Ishan, Jatin and Kapil were partners in a firm sharing profits and losses in the ratio of 5:4:1. Jatin retired and his share was taken up by Ishan and Kapil in the ratio 1:1. The new profit-sharing ratio between Ishan and Kapil after Jatin's retirement will be:

• (A) 5:1
• (B) 1:1
• (C) 5:4
• (D) 7:3

(b) Sakshi, Kiara and Gunjan were partners in a firm sharing profits and losses in the ratio of 3:2:1. Kiara retired on 1-4-2023. After all adjustments the amount due to Kiara was Rs 5,00,000. The payment was to be made in two yearly instalments of Rs 2,50,000 each plus interest @ 10% per annum on the unpaid balance. The amount of first instalment paid on 31-03-2024 will be:

• (A) Rs 3,00,000
• (B) Rs 2,75,000
• (C) Rs 5,50,000
• (D) Rs 2,50,000

(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

(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

(b) If the amount of debentures issued is more than the amount of the net assets taken over by a company, the difference will be treated as:

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

(a) The following journal entry appears in the books of Latvion Ltd.:

Date Particulars Dr. Amount Cr. Amount
--------------------------------------------------------------------
Bank A/c ................. Dr. 4,75,000
Loss on issue of debentures A/c Dr. 75,000
To 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%

(b) 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

Bhawana and Vedika were partners in a firm sharing profits and losses in the ratio of 5:4. From 1st April, 2024 they decided to share future profits and losses in the ratio of 4:5. On this date, their balance sheet showed a debit balance of Rs 1,80,000 in Profit and Loss Account and a balance of Rs 6,30,000 in General Reserve. Partners decided to write off debit balance in Profit and Loss Account but decided not to distribute the General Reserve.

Pass necessary journal entries for the above transactions on the reconstitution of the firm. Show your workings clearly.

(a) Aakash and Baadal entered into partnership on 1st October 2023 with 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.

(a) 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.

(b) 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.

Sargam Limited issued 2,000, 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 Sargam 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:

Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner:

Pass necessary journal entries for the following transactions on dissolution of the firm of Sachin, Virat and Rohit after various assets (other than cash) and third party liabilities have been transferred to Realisation Account:

(a) 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.

(a) 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:

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

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: