CBSE Class 12 Accountancy Question Paper 2014 (Set 1)

CBSE CLASS XII Questions

• 1.

  From the following information obtained from the books of 'Ajanta Ltd.', calculate Cash from Operations: Net Profit for the year ended 31st March, 2025 after charging depreciation of ₹ 80,000 and after writing off goodwill ₹ 10,500 was ₹ 4,90,000. Additional Information:

  

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• 2.

  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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• 3.

  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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• 4.

  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:

  • 1 : 2
    
  • 8 : 7
    
  • 2 : 1
    
  • 7 : 4
    
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• 5.

  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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• 6.

  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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