CBSE Class 12 Accountancy Question Paper 2003 (Set 1)

CBSE CLASS XII Questions

• 1.

  Aastha, Diya and Mohit were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025 their Balance Sheet was as follows: Balance Sheet of Aastha, Diya and Mohit as at 31st March, 2025

  

  Aastha retired from the firm on the above date on the following terms:

  • [(i)] Goodwill of the firm was valued at ₹ 2,00,000 and the same was to be treated without opening goodwill account.
  • [(ii)] Revaluation of assets and reassessment of liabilities resulted in a loss of ₹ 60,000.
  • [(iii)] Amount payable to Aastha was transferred to her loan account.

  Pass necessary journal entries for goodwill, general reserve and revaluation of assets and reassessment of liabilities on Aastha's retirement.

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• 2.

  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:

  • Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
    
  • Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
    
  • Assertion (A) is correct, but Reason (R) is incorrect.
    
  • Assertion (A) is incorrect, but Reason (R) is correct.
    
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• 3.

  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 :

  • Shashi's sacrifice \( \frac{1}{8} \) ; Maya's gain \( \frac{13}{40} \)
    
  • Shashi's gain \( \frac{1}{8} \) ; Maya's sacrifice \( \frac{13}{40} \)
    
  • Shashi's sacrifice \( \frac{1}{8} \) ; Maya's sacrifice \( \frac{13}{40} \)
    
  • Shashi's gain \( \frac{1}{8} \) ; Maya's gain \( \frac{13}{40} \)
    
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• 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
  • B
  • C
  • D
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• 5.

  Arora and Gurmeet were partners in a firm sharing profits and losses in the ratio of 3 : 2. Starting from 1st 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 31st March, 2025 was:

  • ₹ 1,800
    
  • ₹ 2,700
    
  • ₹ 450
    
  • ₹ 3,600
    
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• 6.

  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:

  • Debited to Profit and Loss Account
    
  • Credited to Profit and Loss Account
    
  • Debited to Profit and Loss Suspense Account
    
  • Credited to Profit and Loss Suspense Account
    
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