CBSE Class 12 Accountancy 2026 — Set 67/4/1

(a) Rohan and Meeta were partners in a firm sharing profits and losses in the ratio of 5 : 4. Their capitals were ₹ 3,00,000 and ₹ 2,00,000 respectively. They admitted Kabir as a new partner for 1/5th share in the profits of the firm. Kabir brought ₹ 1,50,000 as his capital. Kabir's share in the goodwill of the firm was : (A) ₹ 50,000 (B) ₹ 20,000 (C) ₹ 1,00,000 (D) ₹ 2,50,000 OR (b) Ravi, Nisha and Priya were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. Ravi retired and the balance in his Capital Account after making necessary adjustments on account of reserves and revaluation of assets and re-assessment of liabilities was ₹ 2,40,000. Nisha and Priya agreed to pay him ₹ 2,70,000 in full settlement of his claim. The value of goodwill of the firm was : (A) ₹ 30,000 (B) ₹ 90,000 (C) ₹ 60,000 (D) ₹ 1,20,000

Ankur and Angad were partners in a firm sharing profits and losses in the ratio of 8 : 7. On 1st July, 2024, Angad advanced a loan of ₹ 8,00,000 to the firm. There is no partnership deed. Angad demands interest on loan @ 10% p.a. On 31st March, 2025, the amount of interest on loan due to Angad will be : (A) ₹ 36,000 (B) ₹ 48,000 (C) ₹ 80,000 (D) ₹ 60,000

(a) ______ debentures refer to those debentures where a charge is created on the assets of the company for the purpose of payment in case of default. (A) Unsecured (B) Secured (C) Convertible (D) Registered OR (b) As per the provisions of Companies Act, 2013, the amount received as Securities Premium cannot be utilised to : (A) Issue fully paid bonus shares to the members (B) Write off preliminary expenses of the company (C) Purchase fixed assets (D) Purchase its own shares, i.e. buyback of shares

A business earned an average profit of ₹ 2,00,000 during the last few years. The value of net assets of the business is ₹ 17,00,000 and the normal rate of return in a similar business is 10%. The value of goodwill of the business by capitalisation of super-profits method will be : (A) ₹ 17,00,000 (B) ₹ 2,00,000 (C) ₹ 3,00,000 (D) ₹ 30,000

Asha, Manan and Niyati were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. With effect from 1st April, 2025, they agreed to share profits and losses equally. Due to change in the profit sharing ratio, Asha's gain or sacrifice will be : (A) Sacrifice 1/6 (B) Gain 1/6 (C) Sacrifice 1/12 (D) Gain 1/12

Dinesh, Siddharth and Naina were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025, they decided to dissolve the firm. On this date, the firm had debtors amounting to ₹ 2,10,000 and provision for doubtful debts of ₹ 20,000. On dissolution, debtors of ₹ 10,000 proved bad and the remaining debtors realised 90%. Amount realised from debtors will be : (A) ₹ 1,71,000 (B) ₹ 2,00,000 (C) ₹ 1,80,000 (D) ₹ 1,89,000

Amik Ltd. issued 70,000, 9% Debentures of ₹ 100 each at a premium of 5%, redeemable at a premium of 10%. 'Loss on Issue of Debentures Account' will be debited in the books of Amik Ltd. by : (A) ₹ 10,50,000 (B) ₹ 7,00,000 (C) ₹ 3,50,000 (D) ₹ 6,30,000

A portion of the uncalled capital reserved by a company to be called only in the event of winding up of the company is called : (A) Subscribed but not fully paid capital (B) Unissued capital (C) Subscribed capital (D) Reserve capital

White Ltd. purchased Plant and Machinery worth ₹ 3,96,000 from Nath Ltd. The purchase consideration was paid by issue of 9% Debentures of ₹ 100 each at 10% discount. The number of debentures issued were : (A) 3,960 (B) 4,000 (C) 4,400 (D) 3,600

Assertion (A) : Goodwill is an intangible asset. Reason (R) : Goodwill is the value of the reputation of a firm in respect of profits expected in future over and above the normal profits. Choose the correct option from the following : (A) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A). (B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A). (C) Assertion (A) is incorrect, but Reason (R) is correct. (D) Assertion (A) is correct, but Reason (R) is incorrect.

Anita and Priyal were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2024, their capital accounts showed balances of ₹ 3,00,000 and ₹ 4,00,000 respectively. The partnership deed provided for interest on capital @ 8% p.a. The firm earned a profit of ₹ 28,000 for the year ended 31st March, 2025. Interest on capital allowed to Anita and Priyal was : (A) Anita ₹ 24,000, Priyal ₹ 32,000 (B) Anita ₹ 16,000, Priyal ₹ 12,000 (C) Anita ₹ 12,000, Priyal ₹ 16,000 (D) Anita ₹ 16,800, Priyal ₹ 11,200

Statement I : Quick Credit Ltd., a finance company, paid interest on borrowings amounting to ₹ 80,000. This will be shown as cash outflow from operating activities in its Cash Flow Statement. Statement II : Royal Foods Ltd., a non-financial enterprise, paid dividends amounting to ₹ 2,30,000. It will be shown as cash outflow from operating activities in its Cash Flow Statement. Choose the correct option from the following : (A) Statement I is true and Statement II is false. (B) Statement I is false and Statement II is true. (C) Both the Statements are true. (D) Both the Statements are false.

(a) The following information was obtained about the cash flows of XYZ Ltd. for the year ended 31st March, 2025 : Cash inflows from operating activities ₹ 28,000; cash used in investing activities ₹ 32,000 and cash inflows from financing activities ₹ 5,000. If the opening balance of cash and cash equivalents on 1st April, 2024 was ₹ 25,000, the closing balance of cash and cash equivalents on 31st March, 2025 will be : (A) ₹ 90,000 (B) ₹ 6,000 (C) ₹ 26,000 (D) ₹ 70,000 OR (b) The following information was obtained from the books of PQR Ltd. : Profit and Loss balance (Dr.) as at 31st March, 2024 : ₹ 30,000 Profit and Loss balance (Cr.) as at 31st March, 2025 : ₹ 56,000 Interim Dividend paid during the year : ₹ 36,000 The net profit before taxation for the year ended 31st March, 2025 will be : (A) ₹ 86,000 (B) ₹ 62,000 (C) ₹ 1,22,000 (D) ₹ 50,000

The Debt-Equity Ratio of a company is 2 : 1. Which of the following transactions will increase the Debt-Equity Ratio ? (A) Issue of Shares ₹ 2,00,000 (B) Issue of 8% Debentures ₹ 5,00,000 (C) Issue of Bonus shares ₹ 4,00,000 (D) Payment to Creditors ₹ 1,00,000

(a) Which of the following statements are correct ? I. A low current ratio endangers the business and puts it at risk of facing a situation, where it will not be able to pay its short-term debts on time. II. Trade payables turnover ratio expresses the relationship between net credit sales and average trade payables. III. Operating profit ratio plus Gross profit ratio = 100. IV. Inventory turnover ratio determines the number of times inventory is converted into revenue from operations during the accounting period under consideration. Options : (A) I and II (B) II and III (C) III and IV (D) I and IV OR (b) Ratios that are calculated for measuring the efficiency of operations of business based on effective utilisation of resources are called : (A) Turnover ratios (B) Profitability ratios (C) Solvency ratios (D) Liquidity ratios

Aarav, Karan and Meera were partners in a firm sharing profits and losses equally. On 31st March, 2023, Karan retired. On the date of his retirement, ₹ 1,80,000 became due to him. Aarav and Meera agreed to pay Karan in two equal yearly instalments plus interest @ 12% p.a. on unpaid balance, starting from 31st March, 2024. The firm closes its books on 31st March every year. Prepare Karan's loan account till it is fully paid.

(a) Rohit, Ashish and Sameer entered into a partnership on 1st October, 2024 with capitals of ₹ 12,00,000; ₹ 6,00,000 and ₹ 6,00,000 respectively. They decided to share the profits and losses in the ratio of 3 : 1 : 1. Partners were entitled to interest on capital @ 5% per annum as per the provisions of the partnership deed. Sameer was given a guarantee that his share of profit, after charging interest on capital, will not be less than ₹ 1,50,000 per annum. Any deficiency arising on that account shall be met by Rohit. The profit for the year ended 31st March, 2025 amounted to ₹ 5,60,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2025. OR (b) Tara, Dev and Ishaan were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. The partnership deed provided for charging interest on drawings @ 10% p.a. The drawings of Tara, Dev and Ishaan during the year ending 31st March, 2025 amounted to ₹ 30,000; ₹ 18,000 and ₹ 12,000 respectively. After the final accounts were prepared, it was discovered that interest on drawings was not taken into consideration. Give necessary adjusting journal entry to correct the omission. Show your workings clearly.

Sanjana and Mehul were partners in a firm sharing profits and losses in the ratio of 4 : 1. From 1st April, 2025, they decided to share future profits and losses in the ratio of 5 : 3. On this date, their balance sheet showed a balance of ₹ 40,000 in General Reserve Account and a debit balance of ₹ 1,80,000 in the Profit and Loss Account. The partners decided to distribute the General Reserve, but decided not to disturb the Profit and Loss Account, which will continue in the books of the reconstituted firm. Pass necessary journal entries for the above transactions on the reconstitution of the firm. Show your workings clearly.

(a) Century Ltd. forfeited 5,000 shares of ₹ 100 each issued at 40% premium for non-payment of allotment money of ₹ 35 per share and first call of ₹ 50 per share (including premium ₹ 25). The second and final call of ₹ 40 per share (including premium ₹ 15) has not yet been called. Out of these, 3,000 shares were reissued as fully paid-up for ₹ 90 per share. Pass necessary journal entries for forfeiture and reissue of forfeited shares in the books of Century Ltd. OR (b) Almond Ltd. purchased a running business of Cashew Ltd. comprising of land and building ₹ 85,00,000, machinery ₹ 50,00,000 and sundry liabilities ₹ 10,00,000 for a purchase consideration of ₹ 1,00,00,000. Payment of ₹ 10,00,000 was made through a cheque and the remaining amount by issue of 11% Debentures of ₹ 100 each at a premium of 20%. Pass necessary journal entries for the above transactions in the books of Almond Ltd.

Classify the following items under major heads and subheads (if any) in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013 : (a) Interest Accrued on Investments (b) Calls-in-Advance (c) Mortgage Loans

From the following information, prepare a Comparative Statement of Profit and Loss of AX Ltd. for the year ended 31st March, 2025 : | Particulars | 2024 – 25 (₹) | 2023 – 24 (₹) | | --- | --- | --- | | Revenue from Operations | 50,00,000 | 25,00,000 | | Cost of Revenue from Operations | 15,00,000 | 6,00,000 | | Other Expenses | 5,00,000 | 4,00,000 | Tax Rate 50%

On 1st April, 2024, Smaran Ltd. issued 60,000, 11% Debentures of ₹ 100 each at a premium of 10%, redeemable at par after five years. The company closed its books on 31st March every year. Pass necessary journal entries in the books of the company for issue of debentures, payment of interest on debentures and writing off interest for the year ended 31st March, 2025.

Anmol, Kapeesh and Meera were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. The firm closes its books on 31st March every year. On 1st July, 2025, Kapeesh died. On that date his capital account showed a credit balance of ₹ 2,50,000 and he had withdrawn ₹ 20,000 till that date for personal use. On the date of Kapeesh's death, the firm had a General Reserve of ₹ 90,000. The partnership deed provided that on the death of a partner, his executors will be entitled to the following : (i) Balance in the capital account and interest on the same @ 12% p.a. (ii) His share in the goodwill of the firm. The goodwill of the firm on Kapeesh's death was valued at ₹ 1,40,000. (iii) His share in the profits of the firm was to be calculated on the basis of previous year's profit. The profit of the firm for the year ended 31st March, 2025 was ₹ 6,00,000. Prepare Kapeesh's Capital Account to be presented to his executors.

(a) (i) Calculate Revenue from Operations from the following information : Average inventory – ₹ 1,20,000 Inventory turnover ratio – 8 times Goods are sold at a profit of 20% on revenue from operations (ii) Calculate Trade Payables Turnover Ratio from the following information : Credit purchases during 2024 – 25 : ₹ 24,00,000 Creditors on 1st April, 2024 : ₹ 3,00,000 Bills Payables on 1st April, 2024 : ₹ 2,00,000 Creditors on 31st March, 2025 : ₹ 4,80,000 Bills Payables on 31st March, 2025 : ₹ 2,20,000 OR (b) From the details given below, calculate : (i) Quick Ratio (ii) Working Capital Turnover Ratio Trade Receivables : ₹ 5,00,000 Inventory : ₹ 2,40,000 Marketable Securities : ₹ 1,20,000 Cash : ₹ 80,000 Prepaid Expenses : ₹ 60,000 Bills Payable : ₹ 1,20,000 Sundry Creditors : ₹ 2,40,000 Expenses Payable : ₹ 1,40,000 Debentures : ₹ 3,00,000 Revenue from Operations : ₹ 24,00,000

Bright Motors Ltd. was registered with an authorised capital of ₹ 10,00,00,000 divided into equity shares of ₹ 100 each. The company issued 3,00,000 shares to the public for subscription. The amount was payable as follows : On application – ₹ 30 per share On allotment – ₹ 50 per share On first and final call – balance All the shares were fully subscribed. All amounts were duly received except from Raman, a holder of 500 shares, who failed to pay the first and final call. Answer the following questions : (i) Total number of shares into which the authorised share capital of the company is divided, is : (A) 10,00,00,000 (B) 1,00,00,000 (C) 10,00,000 (D) 3,00,000 (ii) Amount of 'Subscribed and fully paid-up capital' of Bright Motors Ltd. will be : (A) ₹ 2,99,50,000 (B) ₹ 3,00,00,000 (C) ₹ 10,00,00,000 (D) ₹ 2,99,90,000 (iii) Amount of 'Subscribed but not fully paid-up capital' of Bright Motors Ltd. will be : (A) ₹ 2,99,90,000 (B) ₹ 2,99,50,000 (C) ₹ 3,00,00,000 (D) ₹ 40,000 (iv) Amount of 'Share Capital' to be presented in the Balance Sheet of Bright Motors Ltd. will be : (A) ₹ 3,00,00,000 (B) ₹ 2,99,50,000 (C) ₹ 2,99,90,000 (D) ₹ 10,00,00,000 (v) If the defaulting 500 shares are forfeited, 'Share Forfeiture Account' will be shown in the 'Notes to Accounts' at : (A) ₹ 10,000 (B) ₹ 40,000 (C) ₹ 50,000 (D) ₹ 5,000 (vi) If all the forfeited shares are reissued @ ₹ 90 per share fully paid-up, the amount credited to Capital Reserve Account will be : (A) ₹ 35,000 (B) ₹ 40,000 (C) ₹ 10,000 (D) ₹ 50,000

(a) Arjun and Kavya were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2025 was as follows : Balance Sheet of Arjun and Kavya as at 31st March, 2025 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Capitals : Arjun 4,80,000 ; Kavya 5,20,000 | 10,00,000 | Building | 6,00,000 | | Investment Fluctuation Reserve | 1,00,000 | Investments | 2,80,000 | | Creditors | 4,00,000 | Stock | 3,76,000 | | | | Debtors 1,60,000 Less : Provision for doubtful debts 7,000 | 1,53,000 | | | | Cash | 91,000 | | 15,00,000 | | 15,00,000 | | On 1st April, 2025, Raghav was admitted as a new partner for 1/4th share in the profits of the firm on the following terms : (i) Raghav shall bring ₹ 5,00,000 as his capital. (ii) Goodwill of the firm was valued at ₹ 4,00,000. Raghav was unable to bring his share of goodwill premium in cash. (iii) Provision for doubtful debts was to be created @ 10% on debtors. (iv) Investments were valued at ₹ 2,00,000 and building was to be brought down to ₹ 5,00,000. (v) Capitals of Arjun and Kavya were to be adjusted on the basis of Raghav's capital in the business. Actual cash was to be paid off or brought in by the old partners as the case may be. Prepare Revaluation Account and Partners' Capital Accounts. OR (b) Aarav, Kunal and Manav were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2025 was as follows : Balance Sheet of Aarav, Kunal and Manav as at 31st March, 2025 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Sundry Creditors | 70,000 | Cash | 2,30,000 | | Workmen Compensation Reserve | 1,00,000 | Debtors 90,000 Less : Provision for doubtful debts 10,000 | 80,000 | | | | Stock | 1,60,000 | | Capitals : Aarav 3,00,000 ; Kunal 2,50,000 ; Manav 1,50,000 | 7,00,000 | Machinery | 2,50,000 | | | | Building | 1,50,000 | | 8,70,000 | | 8,70,000 | | Aarav retired on the above date and it was agreed that : (i) Kunal and Manav will share future profits in the ratio of 1 : 4. (ii) Goodwill of the firm be valued at ₹ 6,00,000 and the retiring partner's share would be adjusted through the capital accounts of the remaining partners. (iii) An unrecorded creditor of ₹ 20,000 was to be taken into account. (iv) Debtors of ₹ 15,000 were to be written off as bad debts. (v) Liability on account of workmen compensation amounted to ₹ 40,000. (vi) Amount payable to Aarav was transferred to his loan account. Pass necessary journal entries for the above transactions in the books of the firm on Aarav's retirement.

(a) Astha Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The amount per share was payable as follows : ₹ 2 on application; ₹ 3 on allotment; ₹ 3 on first call and ₹ 2 on second and final call. Applications were received for 1,50,000 shares. Applications for 30,000 shares were rejected and application money refunded. The shares were allotted on pro-rata basis to the applicants of 1,20,000 shares. Excess money received with applications was adjusted towards sums due on allotment. All shareholders paid the allotment money except Sarthak, who was allotted 2,000 shares. These shares were forfeited. The first call was made thereafter and duly received. The second and final call was not yet made. Pass necessary journal entries for the above transactions in the books of Astha Ltd. Open Calls-in-Arrears Account, wherever required. OR (b) Orion Enterprises Ltd. invited applications for issue of 70,000 equity shares of ₹ 10 each at a premium of ₹ 1 per share. The amount was payable as follows : On Application – ₹ 4 per share (including premium ₹ 1 per share) On Allotment – ₹ 6 per share On First and final call – Balance Applications were received for 2,00,000 shares. Allotment was made as under : Category A : Applicants for 1,20,000 shares were allotted 60,000 shares. Category B : Applicants for 80,000 shares were allotted 10,000 shares. Excess money received with applications was adjusted towards sums due on allotment only. Meeta, from category A, who was allotted 500 shares, failed to pay allotment money and first and final call and Japna, from category B, who had applied for 1,600 shares, failed to pay the first and final call money. Pass necessary journal entries in the books of Orion Enterprises Ltd. for the above transactions.

Arhan and Kanak were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2025 was as follows : Balance Sheet of Arhan and Kanak as at 31st March, 2025 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Capitals : Arhan 6,00,000 ; Kanak 8,00,000 | 14,00,000 | Machinery | 12,00,000 | | Bank Loan | 7,00,000 | Investments | 7,00,000 | | Creditors | 13,00,000 | Debtors | 10,00,000 | | | | Stock | 4,00,000 | | | | Cash | 1,00,000 | | | 34,00,000 | | 34,00,000 | The firm was dissolved on the above date and the following transactions took place : (i) 50% of the creditors were given stock in full settlement of their dues. Remaining creditors were settled at 20% discount. (ii) Investments were taken over by Kanak at ₹ 8,40,000. (iii) Debtors realized ₹ 8,50,000 and machinery was sold at 70% of book value. (iv) Realisation expenses amounted to ₹ 1,20,000 which were paid by Arhan. Prepare Realisation Account.

(a) From the following information, calculate Cash Flows from Investing Activities : | Particulars | 31.03.2025 (₹) | 31.03.2024 (₹) | | --- | --- | --- | | Machinery (At Cost) | 6,00,000 | 2,60,000 | | Accumulated Depreciation | 1,00,000 | 35,000 | Additional Information : During the year, a machine costing ₹ 80,000 on which accumulated depreciation was ₹ 20,000, was sold at a loss of 20%. OR (b) From the following information, calculate Cash Flows from Financing Activities : | Particulars | 31.03.2025 (₹) | 31.03.2024 (₹) | | --- | --- | --- | | Equity Share Capital | 15,00,000 | 10,00,000 | | 10% Debentures | 11,00,000 | 8,00,000 | | Bank Overdraft | 3,00,000 | 2,00,000 | | Cash at Bank | 78,000 | 54,000 | Additional Information : ₹ 3,00,000, 10% Debentures were issued on 1st October, 2024.