CBSE Class 12 2025 Accountancy 67-1-1 Question Paper Set-1: Download Solutions with Answer Key

Sara and Tara were partners in a firm. Their capitals as on 1^st April, 2023 were ₹ 6,00,000 and ₹ 4,00,000 respectively. On 1^st October, 2023, Tara withdrew ₹ 1,00,000 for personal use. According to the partnership deed, interest on capital was allowed @ 8% p.a.

The amount of interest allowed on Tara’s capital for the year ended 31^st March, 2024 was :

• (1) ₹ 28,000
• (2) ₹ 30,000
• (3) ₹ 48,000
• (4) ₹ 32,000

Assertion (A): Each partner carrying on the business of the firm is the principal as well as the agent for all the other partners of the firm.

Reason (R): There exists a relationship of mutual agency between all the partners.

Choose the correct option from the following:

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

(a) VL Ltd. offered for public subscription 90,000 equity shares of ₹ 10 each at a premium of 10%. The entire amount was payable on application. Applications were received for 1,00,000 shares and allotment was made to all the applicants on pro-rata basis. The amount received on application was ___.

• (1) ₹ 10,00,000
• (2) ₹ 9,00,000
• (3) ₹ 9,90,000
• (4) ₹ 11,00,000

VX Ltd. issued 30,000, 8% debentures of ₹ 100 each at a discount of 10% redeemable at a certain rate of premium. On issue of these debentures, ‘Loss on issue of debentures account’ was debited with ₹ 4,50,000. The amount of premium on redemption of debentures was ___.

• (1) ₹ 3,00,000
• (2) ₹ 1,50,000
• (3) ₹ 30,000
• (4) ₹ 4,50,000

Kartik, Inder and Lalit were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1^st April, 2024, they decided to share profits and losses in the ratio of 2 : 3 : 4. For this purpose, the goodwill of the firm was valued at ₹ 1,80,000. The necessary journal entry to show the effect of the above will be :

• (1) Lalit’s Capital A/c Dr. 40,000
   To Kartik’s Capital A/c 40,000
• (2) Kartik’s Capital A/c Dr. 40,000
   To Lalit’s Capital A/c 40,000
• (3) Lalit’s Capital A/c Dr. 1,80,000
   To Kartik’s Capital A/c 1,80,000
• (4) Kartik’s Capital A/c Dr. 1,80,000
   To Lalit’s Capital A/c 1,80,000

Nidhi, Pranav and Ishu were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. With effect from 1^st April, 2024, they decided to share profits and losses in the ratio of 4 : 1 : 5. On that date, there was a debit balance of ₹ 4,00,000 in the Profit and Loss Account. The necessary journal entry to show the effect of the above will be :

• (1) Ishu’s Capital A/c Dr. 1,60,000
   To Nidhi’s Capital A/c 40,000
   To Pranav’s Capital A/c 1,20,000
• (2) Profit & Loss A/c Dr. 4,00,000
   To Nidhi’s Capital A/c 2,00,000
   To Pranav’s Capital A/c 1,60,000
   To Ishu’s Capital A/c 40,000
• (3) Nidhi’s Capital A/c Dr. 2,00,000
   Pranav’s Capital A/c Dr. 1,60,000
   Ishu’s Capital A/c Dr. 40,000
   To Profit & Loss A/c 4,00,000
• (4) Nidhi’s Capital A/c Dr. 40,000
   Pranav’s Capital A/c Dr. 1,20,000
   To Ishu’s Capital A/c 1,60,000

Moksh and Pran were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their capitals were ₹ 5,00,000 and ₹ 3,00,000 respectively. They admitted Tushar as a new partner on 1^st April, 2024 for 1/4^th share in future profits. Tushar brought ₹ 4,00,000 as his share of capital. The goodwill of the firm on Tushar’s admission will be :

• (1) ₹ 16,00,000
• (2) ₹ 4,00,000
• (3) ₹ 8,00,000
• (4) ₹ 12,00,000

Money received in advance from the shareholders before it is actually called up by the directors is :

• (1) credited to calls in advance account.
• (2) debited to calls in advance account.
• (3) credited to calls account.
• (4) debited to calls in arrears account.

Debentures in respect of which all details including names, addresses and particulars of holding of the debenture holders are entered in a register kept by the company are called :

• (1) Bearer debentures
• (2) Redeemable debentures
• (3) Registered debentures
• (4) Secured debentures

That portion of the called up capital which has been actually received from the shareholders is known as :

• (1) Paid up capital
• (2) Called up capital
• (3) Uncalled capital
• (4) Reserve capital

Misha, Sarita and Isha were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. With effect from 1^st April 2024, they decided that they will share profits and losses equally. The gain or sacrifice by the partners due to change in profit sharing ratio will be :

• (1) Misha’s sacrifice 1/6, Isha’s gain 1/6
• (2) Misha’s gain 1/6, Isha’s sacrifice 1/6
• (3) Misha’s sacrifice 1/6, Sarita’s gain 1/3, Isha’s sacrifice 1/6
• (4) Misha’s sacrifice 1/3, Isha’s gain 1/3

Anuj and Kartik were partners in a firm sharing profits and losses in the ratio of 5 : 4. Anuj withdrew ₹ 20,000 at the beginning of every month starting 1^st April, 2023 to 31^st March, 2024. Interest on drawings is charged @ 6% p.a. The interest on drawings will be:

• (1) ₹ 4,800
• (2) ₹ 1,200
• (3) ₹ 4,200
• (4) ₹ 3,600

Vishesh, Manik and Amit were partners in the ratio 5 : 4 : 1. Amit retired on 31^st March, 2024. Vishesh and Manik decided to share Amit’s share in the ratio 2 : 3. What will be the new profit sharing ratio between Vishesh and Manik?

• (1) 5 : 4
• (2) 2 : 3
• (3) 1 : 1
• (4) 27 : 23

Varun, Aryan and Nimit were partners in a firm sharing profits in the ratio 2 : 2 : 1. Aryan retired and surrendered 1/3 of his share to Varun and remaining to Nimit. What will be the new ratio between Varun and Nimit?

• (1) 2 : 1
• (2) 1 : 2
• (3) 8 : 7
• (4) 1 : 1

When a partner brings capital at the time of admission, it is credited to:

• (1) Partner’s Capital Account
• (2) Partner’s Drawing Account
• (3) Partner’s Current Account
• (4) Revaluation Account

₹10 per share on 4,000 shares were forfeited for non-payment of final call of ₹2 and application and allotment money was paid. These shares were reissued at ₹8 per share. The minimum amount transferred to Capital Reserve will be:

• (1) ₹ 8,000
• (2) ₹ 32,000
• (3) ₹ 40,000
• (4) ₹ 48,000

On 1st April 2023, Veebee Ltd. issued 20,000, 13% debentures of \( Rs.~100 \) each at a discount of 10% redeemable at a premium of 5% after 4 years. Total amount of interest on debentures for the year ending 31st March, 2024 will be :

• (1) \( Rs.~2,00,000 \)
• (2) \( Rs.~2,60,000 \)
• (3) \( Rs.~1,00,000 \)
• (4) \( Rs.~3,00,000 \)

Arushi, Vivaan and Mitali were partners in a firm. On 31^st March 2024, the firm was dissolved. On that date, the firm had debtors of \( Rs.~60,000 \) and provision for doubtful debts of \( Rs.~3,000 \) were existing in the books. Debtors of \( Rs.~8,000 \) proved bad and full amount was realised from the remaining debtors. The amount realised from debtors was:

• (1) \( Rs.~60,000 \)
• (2) \( Rs.~55,000 \)
• (3) \( Rs.~52,000 \)
• (4) \( Rs.~49,000 \)

Ashmit, Veena and Rohan were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Veena retired on 31^st March, 2024. The capital accounts of Ashmit, Veena and Rohan showed a credit balance of ₹ 2,00,000, ₹ 1,80,000 and ₹ 1,20,000 respectively after making all adjustments relating to revaluation, goodwill, reserves etc. Veena was paid in cash brought in by Ashmit and Rohan in such a way that their capitals were in proportion to their new profit sharing ratio. The new capitals of Ashmit and Rohan will be :

• (1) Ashmit ₹ 3,75,000 and Rohan ₹ 1,25,000
• (2) Ashmit ₹ 2,00,000 and Rohan ₹ 1,20,000
• (3) Ashmit ₹ 2,50,000 and Rohan ₹ 2,50,000
• (4) Ashmit ₹ 3,00,000 and Rohan ₹ 2,00,000

Nita, Vidur and Mita were partners in a firm sharing profits and losses in the ratio of 3 : 4 : 1. On 1^st April 2024, they decided to admit Samir as a new partner. The new profit sharing ratio between Nita, Vidur, Mita and Samir will now be 1 : 1 : 1 : 1. The balance sheet of Nita, Vidur and Mita before Samir’s admission showed machinery at ₹ 6,00,000. On the date of admission, it was found that the machinery is overvalued by 20%. The value of machinery shown in the new Balance Sheet after Samir’s admission will be :

• (1) ₹ 7,50,000
• (2) ₹ 4,80,000
• (3) ₹ 7,20,000
• (4) ₹ 5,00,000

Zaina, Yash and Kiran were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Zaina died on 1^st July, 2024. As per the partnership deed, Zaina’s share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31^st March, 2024 amounted to ₹ 4,00,000 and that from 1^st April to 30^th June, 2024 was ₹ 1,50,000. The profit for the year ending 31^st March, 2024 was ₹ 1,00,000. Calculate Zaina’s share of profit in the firm till the date of her death and pass necessary journal entry for the same.

The firm of Amish, Nitish and Misha, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for some years. Misha wanted that she should get equal share in the profits with Amish and Nitish and she further wished that the change in the profit sharing ratio should come into effect retrospectively for the last three years. Amish and Nitish had agreement for this.

The profits for the last three years were: 2021–22 ₹ 1,15,000; 2022–23 ₹ 1,24,000; 2023–24 ₹ 2,11,000

Show adjustment of profits by means of a single adjustment journal entry. Show your working clearly.

On 1^st April, 2023, Bhanu and Dhruv were partners in a firm sharing profits and losses in the ratio of 3 : 2. On that date their capitals were ₹ 1,80,000 and ₹ 1,20,000 respectively. They admitted Rajat as a new partner with 1/4^th share in the profits. Rajat brought ₹ 2,00,000 as his capital. The new profit sharing ratio was 2 : 1 : 1. Calculate the value of goodwill of the firm and record the necessary journal entry for adjustment of goodwill.

Pass necessary Journal entries for the following transactions on the dissolution of a firm after the transfer of assets and liabilities has been made to Realisation Account:

(i) Debtors of ₹ 60,000; provision for doubtful debts ₹ 2,000. ₹ 56,000 were collected.

(ii) Creditors were ₹ 80,000; settled at ₹ 76,000.

{The capital of the firm of Rajat and Karan is ₹ 15,00,000 and the market rate of interest is 12%. Annual salary of Rajat and Karan is ₹ 20,000 and ₹ 30,000 respectively. The profits for the last three years were ₹ 2,40,000, ₹ 2,80,000 and ₹ 3,20,000. Goodwill of the firm is to be valued on the basis of two years’ purchase of last three years’ average super profits. Calculate the goodwill of the firm.

• (A) ₹ 2,00,000
• (B) ₹ 1,60,000
• (C) ₹ 1,20,000
• (D) ₹ 3,00,000

Pass necessary journal entries for issue of debentures for the following transactions:

(i) Kiero Ltd. issued 80,000, 9% debentures of ₹ 100 each at par, redeemable at a premium of 10%.

(ii) Naro Ltd. issued 50,000, 10% debentures of ₹ 100 each at a premium of 5%, redeemable at a premium of 10%.

Raja, Bharat and Vedika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as on 31st March, 2024 was as follows :


Balance Sheet of Raja, Bharat and Vedika as on 31st March, 2024

Liabilities & Amount (₹) & Assets & Amount (₹)

Creditors & 80,000 & Bank & 15,000

General Reserve & 50,000 & Stock & 70,000

Capitals : & & Debtors & 85,000

 Raja & 1,10,000 & Furniture & 1,20,000

Bharat & 1,00,000 & Machinery & 1,40,000

 Vedika & 90,000 & &

Total & 4,30,000 & Total & 4,30,000
 

PL Ltd. offered 90,000 equity shares of ₹ 10 each. Applications received = 82,000 shares. All money received except final call ₹ 2 per share on 2,000 shares allotted to Atishay. His shares were forfeited.

Pass the necessary journal entries for the following transactions on the dissolution of a partnership firm of Vibha and Ajit after various assets (other than cash) and external liabilities have been transferred to Realisation Account:

Creditors worth ₹ 46,000 accepted ₹ 9,000 cash and furniture of ₹ 32,000 in full settlement of their claim.

The firm had stock of ₹ 20,000. Ajit took over 40% of the stock at a discount of 10% while the remaining stock was sold for ₹ 18,000.

Vibha was appointed to look after dissolution work for which she was allowed a remuneration of ₹ 16,000. Vibha agreed to bear the dissolution expenses. Actual dissolution expenses ₹ 15,000 were paid by Vibha.

Ajit’s loan of ₹ 45,000 was settled at ₹ 42,000.

A machine which was not recorded in the books was taken over by Vibha at ₹ 23,000, whereas its expected value was ₹ 28,000.

The firm had a debit balance of ₹ 20,000 in the Profit and Loss Account on the date of dissolution.

(a) Altima Ltd. invited applications for 2,00,000 equity shares of ₹ 10 at a premium of ₹ 4 per share. Amount payable:

On application and allotment – ₹ 7 (incl. ₹ 1 premium)

On first and final call – Balance.

Applications received for 2,40,000 shares. 30,000 rejected. Manvi allotted 4,000 shares failed to pay first and final call. Her shares were forfeited. These were reissued at ₹ 4 per share fully paid-up.

Pass journal entries in the books of Altima Ltd.

A Ltd. purchased a running business from B Ltd. for a sum of ₹ 6,00,000 payable by issue of 12,000 equity shares of ₹ 10 each at a premium of ₹ 10 per share. The assets and liabilities consisted of the following:


Sundry Assets ₹ 6,45,000
Sundry Liabilities ₹ 90,000


Pass journal entries in the books of A Ltd.

Aryan and Adya were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet on 31^st March, 2024 was as follows :


Balance Sheet of Aryan and Adya as at 31^st March, 2024

Liabilities & Amount (₹) & Assets & Amount (₹)

Capital: Aryan & 3,20,000 & Machinery & 3,90,000

Capital: Adya & 2,40,000 & Furniture & 80,000

Workmen’s Compensation Reserve & 20,000 & Debtors & 90,000

Bank Loan & 60,000 & Less: Provision for Doubtful Debts & (1,000)

Creditors & 48,000 & & 89,000

& & Stock & 77,000

& & Cash & 32,000

& & Profit and Loss A/c & 20,000

Total & 6,88,000 & Total & 6,88,000

Dev was admitted on 1^st April 2024 for 1/5^th share in the profits. Adjustments included revaluation of machinery, creation of provision for doubtful debts, and goodwill brought in cash. Liability of ₹ 3,500 was not likely to arise.

Ashish, Vinit and Reema were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet on 31^st March, 2024 was as follows :


Balance sheet of Ashish, Vinit and Reema as at 31^st March, 2024

Liabilities & Amount (₹) & Assets & Amount (₹)


Capital: Ashish & 2,00,000 & Patents & 80,000

Capital: Vinit & 2,00,000 & Furniture & 3,00,000

Capital: Reema & 1,00,000 & Stock & 1,70,000

General Reserve & 50,000 & Debtors & 80,000

Bills Payable & 80,000 & Less : provision for doubtful debts & (8,000)

Creditors & 40,000 & & 72,000

& & Cash & 48,000

Total & 6,70,000 & Total & 6,70,000


(i) Goodwill of the firm was valued at ₹ 60,000 and the same was adjusted into the capital accounts of Ashish and Reema who will share profits in future in the ratio of 3 : 2.

(ii) Value of stock was to be reduced by ₹ 10,000.

(iii) Patents are found undervalued by 20%.

(iv) Vinit was paid ₹ 20,000 immediately on retirement and the balance was transferred to his loan account carrying interest @ 8% p.a.

Pass necessary journal entries on Vinit’s retirement.

(a) The tool of analysis of financial statements which indicates the trend and direction of financial position and operating results is ___

(A) Comparative Statements
(B) Common Size Statements
(C) Cash Flow Analysis  
(D) Ratio Analysis


OR

(b) Ratios that are calculated for measuring the efficiency of operations of the business based on effective utilization of resources are known as __

(A) Profitability ratios (B) Solvency ratios

(C) Turnover ratios (D) Liquidity ratios

The Debt Equity Ratio of Manak Enterprises is 2.5 : 1. Which of the following transaction will result in increase in this ratio?

(A) Purchase of goods on credit ₹ 2,00,000.

(B) Payment to creditors ₹ 3,00,000.

(C) Issue of debentures ₹ 6,00,000.

(D) Sale of furniture of the book value of ₹ 4,00,000 at a profit of 10%.

(a) Which of the following are operating activities for the purpose of preparing cash flow statement?
[(i)]
Cash payments to suppliers for goods and services.
Dividend received from investments in other enterprises.
Cash receipts from royalties, fees, commissions and other revenues.
Cash repayments of amounts borrowed.


(A) (i), (ii) and (iii) \hspace{1cm (B) (i) and (iii)

(C) (i), (iii) and (iv) \hspace{1cm (D) (iii) and (iv)


OR

(b) Which of the following statements is incorrect ?

Statement – I \hspace{0.2cm : Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.

Statement – II : Cash payments to acquire fixed assets including intangibles and capitalised research and development results in cash outflow from investing activities.

Choose the correct option from the following :

(A) Both the Statements are true.

(B) Both the Statements are false.

(C) Only Statement I is true.

(D) Only Statement II is true.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule-III, Part-I of the Companies Act, 2013 :

(i) Computer software

(ii) Outstanding salary

(iii) Work in progress

From the following information of CN Ltd., prepare a common size Statement of Profit and Loss for the years ended 31^st March, 2023 and 31^st March, 2024 :

Particulars & 2023-24 (₹) & 2022-23 (₹)

Revenue from operations & 40,00,000 & 20,00,000

Purchase of stock-in-trade & 8,00,000 & 4,00,000

Other expenses & 4,00,000 & 2,00,000

Tax @ 50% & &
 

(a) Calculate opening and closing Trade Payables from the following information :

Total purchases ₹ 15,00,000;

Cash purchases are 25% of credit purchases;

Trade payables turnover ratio is 4 times;

Closing trade payables are two times of opening trade payables.


OR

(b) From the following information, calculate ‘Return on Investment’ :

Shareholders Funds ₹ 16,00,000

10% Debentures ₹ 8,00,000

Current Liabilities ₹ 2,00,000

Current Assets ₹ 5,00,000

Non-Current Assets ₹ 21,00,000

Net profit after tax was ₹ 3,00,000 and the tax amounted to ₹ 1,00,000.

(a) From the following information, calculate Cash Flows from Investing Activities :

Particulars & 31-3-2024 (₹) & 31-3-2023 (₹)

Machinery (at cost) & 3,80,000 & 3,00,000

Accumulated Depreciation & 62,000 & 45,000

Additional Information :

A machine costing ₹ 50,000 on which accumulated depreciation was ₹ 20,000 was sold at a profit of 10%.


OR

(b) From the following information, calculate Cash Flows from Financing Activities :

Particulars & 31-3-2024 (₹) & 31-3-2023 (₹)

Equity Share Capital & 12,00,000 & 8,00,000

11% Debentures & 3,00,000 & 4,00,000

Securities Premium & 1,40,000 & 1,00,000

Additional Information :

Interest paid on debentures amounted to ₹ 40,000.