Punjab Pseb Class 12 Accountancy — Real Previous-Year Papers

An unrecorded asset was valued at ₹ 2,00,000. On firm's dissolution, it was sold for 52% of its value. Realisation account will be credited with: (a) ₹ 2,52,000 (b) ₹ 1,04,000 (c) ₹ 48,000 (d) ₹ 2,00,000

Discount on issue of debentures is: (a) Intangible Asset (b) Tangible Asset (c) Current Asset (d) Fictitious Asset

Partnership business can be started without a partnership deed. (True/False) (a) True (b) False

Newly admitted partner does not have the right on the assets of the firm. (True/False) (a) True (b) False

A company is an artificial person. (True/False) (a) True (b) False

The payment of outside liabilities is must in case of dissolution of firm, even if the question is silent about it. (True/False) (a) True (b) False

Revaluation account is ____ account. (real/nominal) (a) real (b) nominal

The executor is entitled to all the rights of a ____. (retired partner / deceased partner) (a) retired partner (b) deceased partner

On dissolution of firm, fictitious assets are transferred to ____ accounts. (bank / partners' capital) (a) bank (b) partners' capital

Debenture holders are ____ of the company. (owners/creditors) (a) owners (b) creditors

Case: Ritu and Neeru are partners with profit sharing ratio of 2 : 3 with fixed capitals of ₹ 10,00,000 and ₹ 16,00,000 respectively. On 1st June 2024, Ritu and Neeru granted loans of ₹ 4,00,000 and ₹ 2,00,000 respectively to the firm. Books of the firm are closed on 31st March 2025. (Question 4(i)(1)) Total amount of interest on Ritu and Neeru's loan will be: (a) ₹ 40,000 (b) ₹ 50,000 (c) ₹ 36,000 (d) ₹ 30,000

Case: Ritu and Neeru are partners with profit sharing ratio of 2 : 3 with fixed capitals of ₹ 10,00,000 and ₹ 16,00,000 respectively. On 1st June 2024, Ritu and Neeru granted loans of ₹ 4,00,000 and ₹ 2,00,000 respectively to the firm. Books of the firm are closed on 31st March 2025. (Question 4(i)(2)) If loss before interest on loan for the year amounted to ₹ 12,000 then total amount of loss after interest on loan will be: (a) ₹ 42,000 (b) ₹ 24,000 (c) ₹ 25,000 (d) ₹ 38,000

Case: Ritu and Neeru are partners with profit sharing ratio of 2 : 3 with fixed capitals of ₹ 10,00,000 and ₹ 16,00,000 respectively. On 1st June 2024, Ritu and Neeru granted loans of ₹ 4,00,000 and ₹ 2,00,000 respectively to the firm. Books of the firm are closed on 31st March 2025. (Question 4(i)(3)) Which accounts of the partners should be opened when the capitals are fixed? (a) Bank Accounts (b) Current Accounts (c) Fluctuating Accounts (d) None of above

Case: Ritu and Neeru are partners with profit sharing ratio of 2 : 3 with fixed capitals of ₹ 10,00,000 and ₹ 16,00,000 respectively. On 1st June 2024, Ritu and Neeru granted loans of ₹ 4,00,000 and ₹ 2,00,000 respectively to the firm. Books of the firm are closed on 31st March 2025. (Question 4(i)(4)) If the loss before interest on loan for the year amounted to ₹ 20,000, the interest allowed on loan to Ritu will be: (a) ₹ 25,000 (b) ₹ 16,000 (c) ₹ 20,000 (d) None of these

Case: Ritu and Neeru are partners with profit sharing ratio of 2 : 3 with fixed capitals of ₹ 10,00,000 and ₹ 16,00,000 respectively. On 1st June 2024, Ritu and Neeru granted loans of ₹ 4,00,000 and ₹ 2,00,000 respectively to the firm. Books of the firm are closed on 31st March 2025. (Question 4(i)(5)) Interest on Neeru's loan amounted to: (a) ₹ 15,000 (b) ₹ 25,000 (c) ₹ 10,000 (d) ₹ 12,000

Case: Ritu and Neeru are partners with profit sharing ratio of 2 : 3 with fixed capitals of ₹ 10,00,000 and ₹ 16,00,000 respectively. On 1st June 2024, Ritu and Neeru granted loans of ₹ 4,00,000 and ₹ 2,00,000 respectively to the firm. Books of the firm are closed on 31st March 2025. (Question 4(i)(6)) If profit before interest on loan for the year amounted to ₹ 60,000, the profits given to Ritu after interest on loan will be: (a) ₹ 20,000 (b) ₹ 12,000 (c) ₹ 25,000 (d) None of these

Case: Goldy Ltd. invited applications for 1,00,000 shares of ₹ 10 each at 10% premium, payable as ₹ 3 on application, ₹ 3 on allotment and balance amount on first and final call. Applications were received for 2,40,000 shares and shares were allotted on pro-rata basis. The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 12,000 shares, could not pay the first and final call money and his shares were accordingly forfeited. Company reissued 2,000 shares @ ₹ 6 per share as fully paid up. (Question 4(ii)(1)) The amount refunded will be: (a) ₹ 60,000 (b) ₹ 1,20,000 (c) ₹ 80,000 (d) ₹ 1,00,000

Case: Goldy Ltd. invited applications for 1,00,000 shares of ₹ 10 each at 10% premium, payable as ₹ 3 on application, ₹ 3 on allotment and balance amount on first and final call. Applications were received for 2,40,000 shares and shares were allotted on pro-rata basis. The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 12,000 shares, could not pay the first and final call money and his shares were accordingly forfeited. Company reissued 2,000 shares @ ₹ 6 per share as fully paid up. (Question 4(ii)(2)) The amount of call in arrears in first and final call will be: (a) ₹ 25,000 (b) ₹ 20,000 (c) ₹ 30,000 (d) ₹ 28,000

Case: Goldy Ltd. invited applications for 1,00,000 shares of ₹ 10 each at 10% premium, payable as ₹ 3 on application, ₹ 3 on allotment and balance amount on first and final call. Applications were received for 2,40,000 shares and shares were allotted on pro-rata basis. The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 12,000 shares, could not pay the first and final call money and his shares were accordingly forfeited. Company reissued 2,000 shares @ ₹ 6 per share as fully paid up. (Question 4(ii)(3)) Maximum limit of Premium on shares is: (a) 100% (b) 5% (c) 10% (d) No Limit

Case: Goldy Ltd. invited applications for 1,00,000 shares of ₹ 10 each at 10% premium, payable as ₹ 3 on application, ₹ 3 on allotment and balance amount on first and final call. Applications were received for 2,40,000 shares and shares were allotted on pro-rata basis. The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 12,000 shares, could not pay the first and final call money and his shares were accordingly forfeited. Company reissued 2,000 shares @ ₹ 6 per share as fully paid up. (Question 4(ii)(4)) The excess application money adjusted towards allotment will be: (a) ₹ 4,20,000 (b) ₹ 2,20,000 (c) ₹ 3,00,000 (d) ₹ 2,50,000

Case: Goldy Ltd. invited applications for 1,00,000 shares of ₹ 10 each at 10% premium, payable as ₹ 3 on application, ₹ 3 on allotment and balance amount on first and final call. Applications were received for 2,40,000 shares and shares were allotted on pro-rata basis. The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 12,000 shares, could not pay the first and final call money and his shares were accordingly forfeited. Company reissued 2,000 shares @ ₹ 6 per share as fully paid up. (Question 4(ii)(5)) State the amount of application money received: (a) ₹ 9,60,000 (b) ₹ 3,50,000 (c) ₹ 4,10,000 (d) ₹ 7,20,000

Case: Goldy Ltd. invited applications for 1,00,000 shares of ₹ 10 each at 10% premium, payable as ₹ 3 on application, ₹ 3 on allotment and balance amount on first and final call. Applications were received for 2,40,000 shares and shares were allotted on pro-rata basis. The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 12,000 shares, could not pay the first and final call money and his shares were accordingly forfeited. Company reissued 2,000 shares @ ₹ 6 per share as fully paid up. (Question 4(ii)(6)) Amount transferred to capital reserve will be: (a) ₹ 2,000 (b) ₹ 2,700 (c) ₹ 4,500 (d) ₹ 5,000

Asha Ltd. acquired assets of ₹ 16,00,000 and took over sundry creditors of ₹ 4,00,000 from Nisha Ltd. for a purchase consideration of ₹ 18,00,000. The payment was made by issuing a cheque of ₹ 9,20,000 and remaining by issue of 9% Debentures of ₹ 100 each at a premium of 10%. Pass necessary Journal entries in the books of Asha Ltd.

P, Q and R are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of ₹ 1,20,000. Q retires and at the time of Q's retirement, goodwill is valued at ₹ 1,68,000. P and R decided to share future profits in the ratio of 2 : 1. Record the necessary Journal entries.

Star Ltd. forfeited 1,000 equity shares of ₹ 100 each for the non-payment of first call of ₹ 30 per share. The final call of ₹ 10 per share was not yet made. The forfeited shares were re-issued for ₹ 1,30,000 fully paid up. Pass necessary journal entries in the books of the company.

Differentiate between Calls in Arrears Calls in Advance on any two points.

Write any two modes of reconstitution of a partnership firm.

Give any two differences between dissolution of partnership and dissolution of partnership firm.

Manpreet withdraws ₹ 3,000 per month on the last day of every month for the year ended 31st March 2025. Interest on drawings is to be charged @ 9% p.a. Calculate the amount of interest.

Swift Limited issued 10,000, 10% debentures of ₹ 100 each payable as follows: On application ₹ 20 On allotment ₹ 20 On first call ₹ 30 On final call ₹ 30 The public applied for 14,000 debentures. Applications for 9,000 debentures were accepted in full; applications for 2,000 debentures were allotted 1,000 debentures and the remaining applications, were rejected. All money was duly received. Journalise the transactions.

(Question 3(i) — internal choice, attempt this OR the alternative) Distinguish between 'Reserve Capital' and 'Capital Reserve' on any four points.

Write any four essential features of Partnership.

(Question 3(ii) — internal choice, attempt this OR the alternative) The profits of a firm Raman Chemicals for the last five years were as follows: Year ended 31st March — Profit (₹): 2021 — 86,000 2022 — 1,20,000 2023 — 1,04,000 2024 — 1,50,000 2025 — 1,70,000 Calculate the value of goodwill on the basis of two years' purchase of weighted average profits. The weights to be used are: 2021-1; 2022-2; 2023-3; 2024-4; 2025-5.

X, Y and Z were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Their Balance Sheet as at 31-3-2025 was as follows: Liabilities — Capitals: X 3,00,000, Y 2,00,000, Z 1,00,000 = 6,00,000; Profit for the year 2024-25 1,50,000; Creditors 1,10,000; Total 8,60,000. Assets — Plant and Machinery 5,50,000; Stock 1,20,000; Sundry Debtors 1,30,000; Cash at Bank 40,000; Advertisement Expenditure A/c 20,000; Total 8,60,000. X died on 30th June, 2025. 1. X withdraw ₹ 60,000 on 01-06-2025. 2. His share of goodwill in the firm was to be calculated on the basis of two years' purchase of average profit of last two years. 3. His share of profit till the date of death was to be calculated on the basis of average profit of last two years. 4. Profit for the year 2023-24 was ₹ 50,000. Prepare X's Capital Account to be rendered to his executor.

(Question 3(iii) — internal choice, attempt this OR the alternative) Sony and Harsh were partners sharing profits equally. Their Balance Sheet as on March 31st, 2025 was as follows: Liabilities — Capitals: Sony 1,00,000, Harsh 50,000 = 1,50,000; Creditors 20,000; Harsh's current account 10,000; Workmen Compensation Reserve 15,000; Bank overdraft 5,000; Total 2,00,000. Assets — Bank 30,000; Debtors 25,000; Stock 35,000; Furniture 40,000; Machinery 60,000; Sony's current account 10,000; Total 2,00,000. The firm was dissolved on the above date: 1. Sony took over 50% of the stock at 10% less on its book value, and the remaining stock was sold at a gain of 15%. Furniture and Machinery realised for ₹ 30,000 and ₹ 50,000 respectively. 2. There was an unrecorded investment which was sold for ₹ 34,000. 3. Debtors realised 90% only and ₹ 1,200 were recovered for bad debts written-off last year. 4. There was an outstanding bill for repairs which had to be paid for ₹ 2,000. Prepare realisation account.

Given below is the Balance Sheet of Sita and Gita, as on March 31st, 2025 who are carrying on partnership business. Sita and Gita share profits in the ratio of 2 : 1. Liabilities — Bills Payable 10,000; Sundry Creditors 58,000; Outstanding Expenses 2,000; Capitals: Sita 1,80,000, Gita 1,50,000 = 3,30,000; Total 4,00,000. Assets — Cash in hand 10,000; Cash at Bank 40,000; Sundry Debtors 60,000; Stock 40,000; Plant and Machinery 1,00,000; Buildings 1,50,000; Total 4,00,000. Rita is admitted as a partner on the date of the balance sheet on the following terms: (1) Rita will bring in ₹ 1,00,000 as her capital and ₹ 60,000 as her share of goodwill for 1/4 share in profits. (2) Plant and Machinery is to be appreciated to ₹ 1,20,000 and the value of buildings is to be appreciated by 10%. (3) Stock is found overvalued by ₹ 4,000. (4) A provision for bad debts is to be created at 5% of debtors. (5) Creditors were unrecorded to the extent of ₹ 1,000. Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the reconstituted firm.

(Question 5 — internal choice, attempt this OR the alternative) The Balance Sheet of Aman, Raman and Shaman who are partners in a firm sharing profits according to their capitals as on March 31st, 2025 was as under: Liabilities — Creditors 21,000; General Reserve 20,000; Capitals: Aman 80,000, Raman 40,000, Shaman 40,000 = 1,60,000; Total 2,01,000. Assets — Buildings 1,00,000; Machinery 50,000; Stock 18,000; Debtors 20,000 Less: PDD 1,000 = 19,000; Cash at bank 14,000; Total 2,01,000. On that date, Raman decided to retire from the firm and was paid for his share in the firm subject to the following: (1) Buildings to be appreciated by 20%. (2) Provision for Bad debts to be increased to 15% on Debtors. (3) Machinery to be depreciated by 20%. (4) Goodwill of the firm is valued at ₹ 72,000 and the retiring partner's share is adjusted through the capital accounts of remaining partners. (5) The capital of the new firm be fixed at ₹ 1,20,000. Prepare Revaluation Account, Capital Accounts of the partners, and Balance sheet after retirement of Raman.

Name any one item prescribed under the head "Intangible Assets" in the Balance Sheet of a company.

Which of the following is not a current asset? (a) Cash in hand (b) Bank overdraft (c) Inventories (d) Bills Receivable

Inter firm comparison is always done between two or more companies. (True/False) (a) True (b) False

Cash Flow statement is useful for ____ financial planning. (long term/short term) (a) long term (b) short term

Prepare Plant and Machinery Account from the following information: Plant and Machinery (Written Down Value) — 1st April, 2024 ₹ 3,10,000; 31st March, 2025 ₹ 3,80,000. Information: (A) Depreciation charged during the year ₹ 47,500. (B) Plant and Machinery having a written down value of ₹ 55,000 was sold for ₹ 62,500.

Write any two limitations of financial statements.

Compute Gross Profit Ratio from the following information: Revenue from Operations (Net Sales) ₹ 10,00,000; Gross Profit 25% on Cost.

From the following information, prepare a Comparative Income Statement: Particulars — 31st March, 2025 / 31st March, 2024: Revenue from operations ₹ 12,00,000 / ₹ 9,00,000 Other Incomes (% of Revenue from Operations) 15% / 25% Expenses (% of Revenue from Operations) 60% / 50% Tax Rate 30% / 30%

(Question 8 — internal choice, attempt this OR the alternative) From the following information, calculate Cash Flow from Operating Activities: Particulars — 31st March, 2025 (₹) / 31st March, 2024 (₹): Surplus, i.e., Balance in Statement of Profit and Loss 8,00,000 / 2,00,000 Provisions for Tax 60,000 / 60,000 Trade Payables 3,00,000 / 80,000 Property, Plant and Equipment and intangible Assets: Fixed Assets (Net) 24,80,000 / 20,40,000 Non-current Investments 3,20,000 / 1,20,000 Current Assets (Inventories and Trade Receivables) 10,40,000 / 9,20,000 Additional Information: (i) During the year, a machine costing ₹ 2,80,000 (Depreciation provided there on ₹ 1,20,000) was sold for ₹ 1,00,000. (ii) Depreciation charged was ₹ 2,80,000. (iii) Tax paid was ₹ 60,000. (iv) At the end of the year, investment costing ₹ 1,60,000 was sold at a profit of 25%.

Write any six advantages of Cash Flow statement.

(Question 9 — internal choice, attempt this OR the alternative) Following information is given by a company from its books of accounts as on March 31, 2025: Particulars — (₹): Inventory 2,00,000 Total Current Assets 3,20,000 Shareholders' Funds 8,00,000 13% Debentures 6,00,000 Current Liabilities 2,00,000 Net Profit Before Tax 7,02,000 Cost of revenue from operations 10,00,000 Calculate: (i) Current Ratio (ii) Liquid Ratio (iii) Debt Equity Ratio (iv) Inventory Turnover Ratio