CBSE Class 12 Accountancy Question Paper 2026 Set-1 (Code: 67/5/1) is now available for download. CBSE conducted the Class 12 Accountancy examination on Feb 24, 2026, from 10:30 AM to 1:30 PM. The question paper consists of 34 questions carrying a total of 80 marks. Part A is compulsory for all candidates. Part B has two options. Candidates have to attempt only one of the given options. Option I : Analysis of Financial Statements and Option II : Computerised Accounting. The Accountancy question paper 2026 was rated moderately difficult by the students.
CBSE Class 12 Accountancy Question Paper 2026 (Set 1- 67/5/1) with Answer Key
Candidates can use the link below to download the CBSE Class 12 Accountancy 2026 Set 1 Question Paper with detailed solutions.
| CBSE Class 12 2026 Accountancy Question Paper Set 1 with Answer Key | Download PDF | Check Solution |
Arora and Gurmeet were partners in a firm sharing profits and losses in the ratio of \(3:2\). Starting from 1\(^{st}\) October, 2024 Arora withdrew ₹ 30,000 at the beginning of each quarter for his personal use. Interest on drawings was to be charged @ 12% per annum. Interest on Arora’s drawings for the year ended 31\(^{st}\) March, 2025 was:
There are two statements Assertion (A) and Reason (R):
Assertion (A): At the time of admission of a new partner in a partnership firm, the newly admitted partner brings an agreed amount of capital either in cash or in kind.
Reason (R): On admission, the new partner gets the right to acquire share in the assets and profits of the partnership firm.
Choose the correct option from the following:
Merak Ltd. forfeited 6,000 equity shares of ₹ 10 each for non-payment of final call of ₹ 3 per share. The minimum amount per share at which these shares can be reissued will be:
Nori Ltd. issued 20,000, 11% debentures of ₹ 100 each at a premium of 10%, redeemable at a premium of 5%. Loss on issue of debentures account will be debited by:
Guru and Prakash were partners in a firm sharing profits and losses in the ratio of \(7:3\). They admitted Anu as a new partner for \(\frac{1}{4}\) share in the profits of the firm. On the date of Anu's admission, the Profit and Loss Account of Guru and Prakash showed a credit balance of ₹ 40,000. The necessary journal entry for its treatment will be:
Samta, Mamta and Geeta were partners in a firm sharing profits and losses in the ratio of \(11:5:4\). On 31\(^{st}\) March, 2025 Samta died. On Samta’s death, the goodwill of the firm was valued at ₹ 1,80,000. The necessary journal entry for the treatment of goodwill on Samta’s death will be:
Mansi and Uma were partners in a firm and their capitals were ₹ 4,00,000 and ₹ 2,00,000 respectively. Normal rate of return in a similar business was 15% and the goodwill of the firm was valued at ₹ 4,00,000. If goodwill was calculated at four years’ purchase of super profits, the average profits of the firm were:
Reserve capital is that portion of the _______ capital that can be called only in the event of winding up of the company.
The debentures which do not carry a specific rate of interest are known as:
John, Honey and Jacob were partners in a firm sharing profits and losses equally. On 31\(^{st}\) July, 2025 John died. His share in the profits of the firm from the date of last balance sheet till the date of his death will be:
Shashi, Maya and Komal were partners in a firm sharing profits and losses in the ratio of \(5:3:2\). On 31\(^{st}\) March, 2025 Komal retired. The new profit sharing ratio between Shashi and Maya was decided as \(3:5\). The gain or sacrifice of Shashi and Maya on Komal’s retirement was:
Alok, Sarah and Aditya were partners in a firm sharing profits and losses in the ratio of \(5:3:2\). On 1\(^{st}\) January, 2025 Alok advanced a loan of ₹ 2,00,000 to the firm. In the absence of a partnership agreement, the amount of interest on loan due to Alok on 31\(^{st}\) March, 2025 will be:
Sudama, Sharma and Varun were partners in a firm sharing profits and losses in the ratio of \(6:4:3\). Sharma retired from the firm on 31\(^{st}\) March, 2025. The gaining ratio of Sudama and Varun will be:
Hari, Murari and Abhi were partners in a firm sharing profits and losses in the ratio of \(8:7:4\). Murari retired from the firm on 31\(^{st}\) March, 2025. Hari and Abhi decided to share profits in the future in the ratio of \(2:1\). The gaining ratio of Hari and Abhi was:
Munna and Sonu were partners in a firm sharing profits and losses in the ratio of \(4:1\). Their fixed capitals were ₹ 40,00,000 and ₹ 30,00,000 respectively. During the year ended 31\(^{st}\) March, 2025, Munna withdrew ₹ 50,000 for personal use. Interest on drawings was to be charged @ 6% p.a. The journal entry for charging interest on Munna’s drawings will be:
Sujata and Laxmi were partners in a firm sharing profits and losses in the ratio of \(2:1\). On 1\(^{st}\) April, 2025, they admitted Raghu as a new partner for \(\frac{1}{5}\) share in the profits of the firm. On the date of Raghu’s admission, it was found that the equipment is undervalued by ₹ 90,000. After revaluation, the Balance Sheet of Sujata, Laxmi and Raghu showed equipment at ₹ 3,00,000. The value of equipment shown in the books of the firm of Sujata and Laxmi before Raghu’s admission was:
On 1\(^{st}\) April, 2024, DD Ltd. issued 2,000, 9% debentures of ₹ 50 each at a premium of 5%, redeemable at a premium of ₹ 10 per debenture after five years. Interest on the debentures was to be paid on half-yearly basis on 30\(^{th}\) September and 31\(^{st}\) March. Interest on the debentures for the year ended 31\(^{st}\) March, 2025 will be:
Universal Ltd. took over machinery of ₹ 3,30,000, furniture of ₹ 1,60,000 and liabilities of ₹ 80,000 from Amol Ltd. for a purchase consideration of ₹ 4,50,000. The payment to Amol Ltd. was made by issue of 10% debentures of ₹ 50 each at a discount of 10%. The number of debentures issued to Amol Ltd. was:
At the time of forfeiture of shares, ‘Share Capital Account’ is debited with:
Sushil and Sapna were partners in a firm sharing profits and losses in the ratio of \(3:2\). On 31\(^{st}\) March, 2025, the firm was dissolved. On the date of dissolution there existed a balance of ₹ 1,20,000 in sundry creditors account. The sundry creditors were payable after three months. They were paid immediately at a discount of 12% p.a. The amount paid to sundry creditors was:
Raha, Naveen and Vandana were partners in a firm sharing profits and losses equally. Naveen retired on 31\(^{st}\) March, 2025. The balance in his capital account after making the necessary adjustments on account of reserves and revaluation of assets and reassessment of liabilities was ₹ 1,27,000. Naveen was paid ₹ 1,50,000 in full settlement of his claim. The value of goodwill of the firm on the date of Naveen’s retirement was:
Namita, Narendra and Kunwar were partners in a firm sharing profits and losses in the ratio of \(3:1:1\). The firm closes its books on 31\(^{st}\) March every year. Kunwar died on 30\(^{th}\) September, 2025. His share in the profits of the firm from 1\(^{st}\) April, 2025 to 30\(^{th}\) September, 2025 was calculated as per the provisions of the partnership deed which amounted to ₹ 15,600. On the date of Kunwar’s death, the Balance Sheet of the firm showed General Reserve of ₹ 40,000 and Profit and Loss Account (Dr.) ₹ 80,000. Pass necessary journal entries on Kunwar’s death in the books of the firm.
Naik, Vinay and Vibhuti were partners in a firm sharing profits and losses in the ratio of \(4:2:3\). On 31\(^{st}\) March, 2025, Naik retired. General Reserve = ₹ 45,000. Revaluation resulted in a loss of ₹ 18,000. Goodwill of the firm was valued at ₹ 1,80,000 and adjusted without opening goodwill account. Amount payable to Naik was transferred to his loan account. Pass necessary journal entries.
Kiara Ltd. purchased assets worth ₹ 12,40,000 and took over liabilities of ₹ 3,40,000 of Amrit Ltd. for a purchase consideration of ₹ 11,00,000. Kiara Ltd. paid half the amount by cheque. The balance was settled by issuing 9% debentures of ₹ 100 each at a premium of 10%. Pass necessary journal entries in the books of Kiara Ltd.
On 1\(^{st}\) April, 2024, Zara Ltd. issued 8,000, 9% debentures of ₹ 100 each at a discount of 10%. The company had a balance of ₹ 50,000 in Securities Premium Account on the same date. Pass necessary journal entries for the issue of debentures and to write off discount on issue of debentures.
Nandini, Shweta and Hiren were partners in a firm sharing profits and losses in the ratio of \(9:7:4\). On 1\(^{st}\) April, 2025, Shweta retired. On the date of Shweta’s retirement, there existed a balance of ₹ 1,00,000 in Workmen’s Compensation Fund. Pass necessary journal entries for treatment of Workmen’s Compensation Fund on Shweta’s retirement in each of the following cases:
(i) Claim on account of Workmen’s Compensation was estimated at ₹ 1,20,000.
(ii) Claim on account of Workmen’s Compensation was estimated at ₹ 80,000.
(iii) Claim on account of Workmen’s Compensation was estimated at ₹ 1,00,000.
Pass necessary journal entries for the issue of debentures for the following transactions:
(i) XS Ltd. issued 40,000, 9% debentures of ₹ 100 each at a premium of 10%, redeemable at a premium of 5%.
(ii) YG Ltd. issued 50,000, 9% debentures of ₹ 100 each at par, redeemable at a premium of 10%.
Jain and Gupta were partners in a firm sharing profits and losses in the ratio of \(3:1\). On 1\(^{st}\) April, 2024, Agarwal was admitted as a new partner for \(\frac{1}{5}\) share in the profits of the firm with a minimum guaranteed amount of ₹ 75,000. Any deficiency arising out of this guarantee was to be borne by Jain and Gupta in the ratio of \(1:3\). During the year ended 31\(^{st}\) March, 2025, the firm earned a net profit of ₹ 3,00,000. Prepare Profit and Loss Appropriation Account.
Annu, Bandhu, Sheelu and Golu were partners in a firm sharing profits in the ratio of \(4:3:2:1\). On 1\(^{st}\) April, 2025, they decided to share future profits equally. Goodwill of the firm was valued at ₹ 4,00,000. Calculate gain or sacrifice and pass single adjustment entry.
Diwan Ltd. was registered with an authorised capital of ₹ 1,00,00,000 divided into 1,00,000 equity shares of ₹ 100 each. The company invited applications for issuing 50,000 shares. The amount was payable as follows:
On Application and Allotment – ₹ 30 per share
On First Call – ₹ 40 per share
On Second and Final Call – Balance
The issue was fully subscribed. All amounts were received except from Nawal, a shareholder holding 700 shares, who failed to pay the second and final call. His shares were forfeited.
(i) The Registered capital of Diwan Ltd. is:
(ii) The Issued capital of Diwan Ltd. is:
(iii) Calls in arrears of the company amounted to:
(iv) Share Forfeiture Account will appear in Notes to Accounts at:
(v) The amount of Share Capital presented in Balance Sheet will be:
(vi) If forfeited shares are reissued at ₹ 30 per share fully paid, the amount transferred to Capital Reserve will be:
Asha and Indra were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet on 31st March, 2025 was as follows:
Balance Sheet of Asha and Indra as at 31st March, 2025
Liabilities & Amount (₹) & Assets & Amount (₹)
Capitals: & & Plant and Machinery & 4,05,000
Asha & 4,00,000 & Furniture & 1,20,000
Indra & 3,00,000 & Debtors & 80,000
& 7,00,000 & Less: Provision & (4,000)
General Reserve & 50,000 & & 76,000
Creditors & 20,000 & Stock & 1,54,000
& & Cash at Bank & 15,000
Total & 7,70,000 & Total & 7,70,000
On 1st April, 2025, Suraj was admitted for \( \frac{1}{4} \) share in the profits on the following terms:
(i) He will bring capital proportionate to his share.
(ii) Goodwill of the firm is valued at ₹1,00,000 and he will bring his share in cash.
(iii) Furniture is taken over by Asha at ₹1,00,000.
(iv) A liability of ₹5,000 included in creditors will not arise.
(v) Plant and Machinery is revalued at ₹4,35,000.
Prepare Revaluation Account and Partners’ Capital Accounts. Show clearly the calculation of proportionate capital.
Ajanta Ltd. invited applications for issuing 30,000 equity shares of ₹10 each at a premium of ₹5 per share. The amount was payable as follows:
On Application and Allotment – ₹10 per share (including premium)
On First and Final Call – Balance
Applications for 50,000 shares were received. Applications for 10,000 shares were rejected and application money refunded. Pro-rata allotment was made to the remaining applicants. Excess application money was adjusted towards sums due on first and final call. Sonu, an applicant for 4,000 shares, paid his entire share money with application. Vedika, to whom 300 shares were allotted, failed to pay the first and final call. After giving her the mandatory notice, her shares were forfeited.
Pass necessary journal entries in the books of Ajanta Ltd.
(i) Rao Ltd. forfeited 750 equity shares of ₹10 each for non-payment of first call of ₹3 per share (including premium of ₹1 per share). The second and final call of ₹3 per share was not yet made. Of the forfeited shares, 500 were re-issued for ₹2,500, ₹7 per share paid-up.
(ii) Lily Ltd. forfeited 2,000 equity shares of ₹10 each for non-payment of first and final call of ₹2 per share. 750 of the forfeited shares were reissued to Ashok for ₹10,000 as fully paid-up. The remaining shares were reissued to Sudha at ₹9 per share fully paid-up.
Pass necessary journal entries.
Pronnil, Kamlesh and Ritika were partners sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2025 they decided to share future profits in the ratio of 2 : 3 : 5. Their Balance Sheet as at 31st March, 2025 was given.
Adjustments:
(i) Land and Building revalued at ₹6,62,000
(ii) Provision for doubtful debts @5% on debtors
(iii) Goodwill valued at ₹1,80,000 (without opening goodwill account)
(iv) Stock reduced to ₹2,00,000
Pass necessary journal entries.
Mr. Rinku and Mrs. Pinky were partners sharing profits in the ratio of 3 : 2. Their balance sheet was given. The firm was dissolved and various realisation transactions were given. Prepare Realisation Account.
From the following information obtained from the books of accounts of Ananda Ltd., calculate ‘Quick Ratio’ of the company:
Total Current Assets (including stock and prepaid expenses) ₹2,00,000;
Stock ₹20,000;
Prepaid Expenses ₹10,000;
Current Liabilities ₹1,70,000.
‘Analysis of financial statements is useful and significant to different users.’ Which of the following users is concerned with a firm’s long-term solvency and survival?
Statement I: In case of non-financial enterprises, payment of interest and dividend are classified as financing activities.
Statement II: In case of financial enterprises, payment of interest and dividend are classified as investing activities.
Choose the correct option from the following:
During the year ended 31st March, 2025, H.P. Ltd. paid an interim dividend of ₹50,00,000. From the following, choose the correct option for the purpose of preparing Cash Flow Statement:
Which of the following is a financing activity for the purpose of preparing a Cash Flow Statement?
The following information is obtained from the books of Devdutt Ltd.:
Working Capital = ₹4,00,000
Trade Payables = ₹50,000
Other Current Liabilities = ₹1,00,000
Current assets of Devdutt Ltd. are:
The following information was extracted from the Statement of Profit and Loss of Chaman Ltd. for the year ended 31st March, 2025:
\begin{tabular{|l|c|r|r|
Particulars & Note No. & 31.3.2025 (₹) & 31.3.2024 (₹)
Revenue from operations & & 40,00,000 & 32,00,000
Employee Benefit Expenses & & 20,00,000 & 16,00,000
Other Expenses & & 2,00,000 & 4,00,000
Tax Rate = 50%
Prepare a Comparative Statement of Profit and Loss.
Under which major head and sub-heads (if any) will the following items be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013?
(i) Demand deposits with banks
(ii) Long-term loans
(iii) Livestock
Net Asset Turnover ratio of a company is 2 times. State with reason whether the following transactions will increase, decrease or not affect the ratio:
(i) Cash sales ₹3,00,000
(ii) Issue of equity shares ₹10,00,000
(iii) Issue of 9% debentures ₹5,00,000
(iv) Credit purchase of goods ₹50,000
From the following information, calculate ‘Proprietary Ratio’ and ‘Debt-to-Equity Ratio’:
Equity Share Capital ₹3,00,000
Preference Share Capital ₹1,00,000
Reserves and Surplus ₹1,00,000
Plant and Machinery ₹3,50,000
Non-current Investments ₹1,00,000
Current Assets ₹2,00,000
Long-term Borrowings ₹1,50,000
From the following information obtained from the books of Informatics India Ltd., calculate ‘Cash from Operations’:
Net Profit for the year ended 31st March, 2025 after providing depreciation ₹60,000 and after writing off goodwill ₹2,000 was ₹3,40,000.
Additional Information:
\begin{tabular{|l|r|r|
Particulars & 31.3.2024 (₹) & 31.3.2025 (₹)
Rent received in advance & 20,000 & 10,000
Accrued interest & 30,000 & 40,000
Prepaid insurance & 15,000 & 20,000
Outstanding salary & 25,000 & 40,000
Trade receivables & 1,24,000 & 1,25,000
Trade payables & 1,30,000 & 1,50,000
Inventory & 50,000 & 80,000
Other current assets & 1,00,000 & 1,20,000
Which of the following is not a feature of Tailored accounting software?
When an arithmetic expression or function is executed, the value produced is known as:
Comments