CBSE Class 12 Accountancy 2026 — Set 67/5/1

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 : (A) ₹ 90,000 (B) ₹ 60,000 (C) ₹ 1,00,000 (D) ₹ 1,90,000

(a) Reserve capital is that portion of the ____ capital that can be called only in the event of winding up of the company. (A) called-up (B) uncalled (C) paid-up (D) subscribed OR (b) The debentures which do not carry a specific rate of interest are known as : (A) Irredeemable debentures (B) Bearer debentures (C) Specific coupon rate debentures (D) Zero coupon rate debentures

(a) John, Honey and Racob were partners in a firm sharing profits and losses equally. On 31st 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 : (A) Debited to Profit and Loss Account (B) Credited to Profit and Loss Account (C) Debited to Profit and Loss Suspense Account (D) Credited to Profit and Loss Suspense Account OR (b) Shashi, Maya and Komal were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st 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 : (A) Shashi’s sacrifice 1/8; Maya’s gain 13/40 (B) Shashi’s gain 1/8; Maya’s sacrifice 13/40 (C) Shashi’s sacrifice 1/8; Maya’s sacrifice 13/40 (D) Shashi’s gain 1/8; Maya’s gain 13/40

Alok, Sarah and Aditya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 1st 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 31st March, 2025 will be : (A) ₹ 20,000 (B) ₹ 12,000 (C) ₹ 3,000 (D) ₹ 5,000

(a) 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 31st March, 2025. The gaining ratio of Sudama and Varun will be : (A) 3 : 2 (B) 2 : 1 (C) 1 : 2 (D) 2 : 3 OR (b) 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 31st 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 : (A) 1 : 2 (B) 8 : 7 (C) 2 : 1 (D) 7 : 4

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 31st 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 : (A) Interest on Drawings A/c Dr. — Debit ₹ 1,500 | To Munna’s Capital A/c — Credit ₹ 1,500 (B) Munna’s Capital A/c Dr. — Debit ₹ 1,500 | To Interest on Drawings A/c — Credit ₹ 1,500 (C) Interest on Drawings A/c Dr. — Debit ₹ 1,500 | To Munna’s Current A/c — Credit ₹ 1,500 (D) Munna’s Current A/c Dr. — Debit ₹ 1,500 | To Interest on Drawings A/c — Credit ₹ 1,500

Sujata and Laxmi were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 1st April, 2025, they admitted Raghu as a new partner for 1/5th 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 : (A) ₹ 3,90,000 (B) ₹ 2,10,000 (C) ₹ 3,00,000 (D) ₹ 90,000

On 1st 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 30th September and 31st March. Interest on the debentures for the year ended 31st March, 2025 will be : (A) ₹ 4,500 (B) ₹ 9,000 (C) ₹ 9,450 (D) ₹ 4,725

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 : (A) 1,000 (B) 4,500 (C) 45,000 (D) 10,000

At the time of forfeiture of shares, ‘Share Capital Account’ is debited with : (A) Paid-up amount on forfeited shares (B) Called-up amount on forfeited shares (C) Face value of shares forfeited (D) Unpaid amount on forfeited shares

Sushil and Sapna were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st 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 : (A) ₹ 1,20,000 (B) ₹ 1,23,600 (C) ₹ 1,16,400 (D) ₹ 1,34,400

Raha, Naveen and Vandana were partners in a firm sharing profits and losses equally. Naveen retired on 31st 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 : (A) ₹ 1,50,000 (B) ₹ 23,000 (C) ₹ 69,000 (D) ₹ 4,50,000

(a) 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. (A) 20 : 17 (B) 1 : 1 (C) 18 : 17 (D) 19 : 17 OR (b) ‘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 ? (A) Labour unions (B) Trade payables (C) Finance manager (D) Lenders

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 : (A) Both the statements are true. (B) Both the statements are false. (C) Statement I is true, but Statement II is false. (D) Statement I is false, but Statement II is true.

(a) 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’ : (A) ₹ 50,00,000 paid as interim dividend during the year will be shown as outflow of cash under financing activities and added back to net profit to calculate cash flows from operating activities. (B) ₹ 50,00,000 paid as interim dividend during the year will be shown as outflow of cash under financing activities and deducted from net profit to calculate cash flows from operating activities. (C) ₹ 50,00,000 paid as interim dividend during the year will be shown as cash outflow from financing activities only. (D) ₹ 50,00,000 paid as interim dividend during the year will be added back to net profit to calculate cash flows from operating activities only. OR (b) Which of the following is a financing activity for the purpose of preparing a Cash Flow Statement ? (A) Interest received (B) Dividend received (C) Royalties received (D) Interest paid on debentures

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 : (A) ₹ 2,50,000 (B) ₹ 4,50,000 (C) ₹ 5,00,000 (D) ₹ 5,50,000

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 31st March every year. Kunwar died on 30th September, 2025. His share in the profits of the firm from 1st April, 2025 to 30th 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 31st March, 2025, their Balance Sheet was as follows : Balance Sheet of Naik, Vinay and Vibhuti as at 31st March, 2025 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Capitals : Naik 1,20,000; Vinay 1,20,000; Vibhuti 1,20,000 | 3,60,000 | Patents | 54,000 | | | | Land and Building | 2,07,000 | | General Reserve | 45,000 | Stock | 1,08,000 | | Creditors | 99,000 | Debtors | 81,000 | | | | Cash at bank | 54,000 | | | 5,04,000 | | 5,04,000 | Naik retired from the firm on the above date on the following terms : (i) Goodwill of the firm was valued at ₹ 1,80,000 and the same was to be treated without opening goodwill account. (ii) Revaluation of assets and reassessment of liabilities resulted in a loss of ₹ 18,000. (iii) Amount payable to Naik was transferred to his loan account. Pass necessary journal entries for general reserve, revaluation of assets and reassessment of liabilities and goodwill on Naik's retirement.

(a) Kiara Ltd. purchased assets worth ₹ 12,40,000 and took over liabilities of ₹ 3,40,000 of Amrex Ltd. for a purchase consideration of ₹ 11,00,000. Kiara Ltd. paid half the amount by cheque. The balance amount was settled by issuing 9% debentures of ₹ 100 each at a premium of 10%. Pass necessary journal entries for the above transactions in the books of Kiara Ltd. OR (b) On 1st 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 the 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 1st 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.

The following information was extracted from the Statement of Profit and Loss of Chaman Ltd. for the year ended 31st March, 2025 : | 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

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%.

(a) Jain and Gupta were partners in a firm sharing profits and losses in the ratio of 3 : 1. On 1st April, 2024, Agarwal was admitted as a new partner for 1/5th share in the profits of the firm with a minimum guaranteed amount of ₹ 75,000. Any deficiency arising out of this account will be borne by Jain and Gupta in the ratio of 1 : 3. During the year ended 31st March, 2025, the firm earned a net profit of ₹ 3,00,000. Prepare Profit and Loss Appropriation Account of Jain, Gupta and Agarwal for the year ended 31st March, 2025. OR (b) Annu, Bandhu, Sheelu and Golu were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2 : 1. On 1st April, 2025, they decided to share the future profits equally. For this purpose the goodwill of the firm was valued at ₹ 4,00,000. Calculate gain or sacrifice of the partners on change in profit sharing ratio and pass a single adjustment journal entry for the treatment of goodwill.

(a) ‘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 OR (b) From the following information, calculate ‘Proprietary Ratio’ and ‘Debt-to-Equity Ratio’ : | Particulars | ₹ | | --- | --- | | 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 |

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 duly received except from Nawal, a shareholder holding 700 shares, who failed to pay the second and final call. His shares were forfeited. On the basis of the above information, answer the following questions : (i) The Registered capital of Diwan Ltd. is : (A) ₹ 1,00,00,000 (B) ₹ 1,00,000 (C) ₹ 50,00,000 (D) ₹ 50,000 (ii) The Issued capital of Diwan Ltd. is : (A) ₹ 1,00,00,000 (B) ₹ 1,00,000 (C) ₹ 50,00,000 (D) ₹ 50,000 (iii) Calls in arrears of the company amounted to : (A) ₹ 21,000 (B) ₹ 70,000 (C) Nil (D) ₹ 49,000 (iv) ‘Share Forfeiture Account’ will appear in the ‘Notes to Accounts’ at : (A) ₹ 21,000 (B) ₹ 70,000 (C) Nil (D) ₹ 49,000 (v) The amount of ‘Share Capital’ presented in the Balance Sheet of Diwan Ltd. will be : (A) ₹ 49,30,000 (B) ₹ 50,00,000 (C) ₹ 49,79,000 (D) ₹ 49,49,000 (vi) If all the forfeited shares are reissued at ₹ 30 per share, fully paid-up, the amount transferred to ‘Capital Reserve’ will be : (A) ₹ 49,000 (B) ₹ 70,000 (C) ₹ 21,000 (D) Nil

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 following : Balance Sheet of Asha and Indra as at 31st March, 2025 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Capitals : Asha 4,00,000; Indra 3,00,000 | 7,00,000 | Plant and Machinery | 4,05,000 | | | | Furniture | 1,20,000 | | General Reserve | 50,000 | Debtors 80,000; Less : Provision for doubtful debts 4,000 | 76,000 | | Creditors | 20,000 | Stock | 1,54,000 | | | | Cash at bank | 15,000 | | 7,70,000 | | | 7,70,000 | On 1st April, 2025, Suraj was admitted for 1/4th share in the profits of the firm on the following terms : (i) Suraj will bring capital proportionate to his share in the profits of the firm. (ii) Goodwill of the firm was valued at ₹ 1,00,000 and Suraj will bring his share of goodwill premium in cash. (iii) Furniture was taken over by Asha at ₹ 1,00,000. (iv) A liability of ₹ 5,000 included in creditors was not likely to arise. (v) Plant and Machinery was revalued at ₹ 4,35,000. Prepare Revaluation Account and Partners’ capital accounts on Suraj’s admission. Show the calculation of proportionate capital clearly.

(a) 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 their application money was refunded. Pro-rata allotment was made to the remaining applicants. Excess money received with application was adjusted towards sums due on first and final call. Sonu, an applicant of 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 for the above transactions in the books of Ajanta Ltd. OR (b) (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. Pass necessary journal entries for the above transactions in the books of Rao Ltd. (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 for the above transactions in the books of Lily Ltd.

(a) Promil, Kamlesh and Ritika were partners in a firm 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. On 31st March, 2025, their Balance Sheet was as follows : Balance Sheet of Promil, Kamlesh and Ritika as at 31st March, 2025 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Sundry Creditors | 3,00,000 | Bank | 1,80,000 | | General Reserve | 1,60,000 | Sundry Debtors | 1,20,000 | | Capitals : Promil 2,80,000; Kamlesh 2,20,000; Ritika 1,40,000 | 6,40,000 | Stock | 2,40,000 | | | | Land and Building | 5,60,000 | | | 11,00,000 | | 11,00,000 | It was agreed that : (i) Land and Building will be valued at ₹ 6,62,000. (ii) A provision of 5% on debtors will be made for bad and doubtful debts. (iii) Goodwill of the firm will be valued at ₹ 1,80,000 and the same will be treated without opening goodwill account. (iv) The value of stock will be reduced to ₹ 2,00,000. Showing your working clearly, pass necessary journal entries for the above transactions in the books of the firm. OR (b) Mr. Rinku and Mrs. Pinky were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2025, their balance sheet was as follows : Balance Sheet of Mr. Rinku and Mrs. Pinky as at 31st March, 2025 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Creditors | 86,000 | Cash at Bank | 43,000 | | Mrs. Rinku’s Loan | 20,000 | Stock | 20,000 | | Pinky’s Husband’s Loan | 30,000 | Investments | 30,000 | | Investment Fluctuation Fund | 12,000 | Debtors 50,000; Less : Provision for doubtful debts 5,000 | 45,000 | | General Reserve | 30,000 | Building | 3,40,000 | | Capitals : Mr. Rinku 1,00,000; Mrs. Pinky 2,00,000 | 3,00,000 | | | | | 4,78,000 | | 4,78,000 | On the above date the firm was dissolved and the following transactions took place : (i) Mr. Rinku agreed to pay Mrs. Rinku’s loan and took away stock for ₹ 16,000. (ii) Mrs. Pinky took half of the investments at 10% less. Debtors realised ₹ 44,000, Building realised ₹ 4,00,000, Creditors were paid ₹ 5,000 less and the remaining investments were sold for ₹ 19,000. An old furniture not recorded in the books of the firm was taken over by Mrs. Pinky for ₹ 18,000. Realisation expenses amounted to ₹ 6,000. Prepare Realisation Account.

From the following information obtained from the books of ‘Informatics India Ltd.’, calculate ‘Cash from Operations’ : Net Profit for year ended 31st March, 2025 after providing depreciation was ₹ 60,000 and after writing off goodwill ₹ 2,000 was ₹ 3,40,000. Additional Information : | 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 |