CBSE Class 12 2025 Accountancy 67-2-3 Question Paper Set-3: Download Solutions with Answer Key

Akhil, Bajrang and Chinmay were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Dilawar was admitted as a new partner in the firm. Dilawar acquired his \( \frac{1}{10} \) share from Akhil and \( \frac{2}{10} \) from Bajrang.

Dilawar was admitted for which of the following share in the profits of the firm?

• (A) \( \frac{1}{10} \)
• (B) \( \frac{2}{10} \)
• (C) \( \frac{3}{10} \)
• (D) \( \frac{4}{10} \)

Ekta, Faguni and Garima were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 1. Faguni was guaranteed ₹ 25,000 as her share of profit in the firm. Any deficiency arising on that account was to be met by Ekta. The firm earned a profit of ₹ 90,000 for the year ended 31st March, 2024.

The profit credited to Faguni’s capital account was:

• (A) ₹ 30,000
• (B) ₹ 40,000
• (C) ₹ 25,000
• (D) ₹ 10,000

Suhas and Vilas were partners in a firm with capitals of ₹ 4,00,000 and ₹ 3,00,000 respectively. They admitted Prabhas as a new partner for \( \frac{1}{5} \) share in future profits. Prabhas brought ₹ 2,00,000 as his capital.

Prabhas’ share of goodwill will be:

• (A) ₹ 1,00,000
• (B) ₹ 10,00,000
• (C) ₹ 9,00,000
• (D) ₹ 20,000

Radhika, Mehar and Shubha were partners in a firm sharing profits and losses in the ratio of 9 : 8 : 7. If Radhika’s share of profit at the end of the year amounted to ₹ 5,40,000, Shubha’s share of profit will be:

• (A) ₹ 5,40,000
• (B) ₹ 4,80,000
• (C) ₹ 60,000
• (D) ₹ 4,20,000

Nandita and Prabha were partners in a firm. Nandita withdrew ₹ 3,00,000 during the year for personal use. The partnership deed provides for charging interest on drawings @ 10% p.a. Interest on Nandita’s drawings for the year ended 31st March, 2024 will be:

• (A) ₹ 9,000
• (B) ₹ 30,000
• (C) ₹ 18,000
• (D) ₹ 15,000

Kajal and Laura were partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted Maddy for \( \frac{1}{4} \) share in future profits. Maddy brought ₹ 8,00,000 as his capital and ₹ 4,00,000 as his share of premium for goodwill. Kajal, Laura and Maddy decided to share profits in future in the ratio of 2 : 1 : 1. After all adjustments in respect of goodwill, revaluation of assets and liabilities etc. Kajal’s capital was ₹ 15,00,000 and Laura’s capital was ₹ 8,00,000. It was agreed that partners’ capitals should be in proportion to their new profit sharing ratio. The cash brought in to adjust the capital was made by bringing in or withdrawing the necessary cash as the case may be. The cash brought in by Kajal was:

• (A) ₹ 1,00,000
• (B) ₹ 2,00,000
• (C) ₹ 6,00,000
• (D) ₹ 12,00,000

Pulkit and Ravinder were partners in a firm sharing profits and losses in the ratio of 3 : 2. Sikander was admitted as a new partner for \( \frac{1}{5} \) share in the profits of the firm. Pulkit, Ravinder and Sikander decided to share future profits in the ratio of 2 : 2 : 1. Sikander brought ₹ 5,00,000 as his capital and ₹ 10,00,000 as his share of premium for goodwill. The amount of premium for goodwill that will be credited to the old partners’ capital accounts will be:

• (A) Pulkit’s Capital Account ₹ 10,00,000
• (B) Pulkit’s Capital Account ₹ 6,00,000 and Ravinder’s Capital Account ₹ 4,00,000
• (C) Pulkit’s Capital Account ₹ 5,00,000 and Ravinder’s Capital Account ₹ 5,00,000
• (D) Pulkit’s Capital Account ₹ 2,00,000

Offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) is known as:

• (A) Sweat equity
• (B) Incorporation cost
• (C) Private placement of shares
• (D) Employee stock option plan

Ajay Ltd. forfeited 100 shares of ₹ 10 each for non-payment of first call of ₹ 1 per share and second and final call of ₹ 3 per share. The minimum price per share at which these shares can be reissued will be:

• (A) ₹ 6
• (B) ₹ 4
• (C) ₹ 10
• (D) ₹ 16

Assertion (A): The maximum number of partners in a partnership firm is 50.

Reason (R): By virtue of the Companies Act 2013, the Central Government is empowered to prescribe maximum number of partners in a firm. The Central Government has prescribed the maximum number of partners in a firm to be 50.


Choose the correct option from the following:

• (A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
• (B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
• (C) Assertion (A) is true, but Reason (R) is false.
• (D) Both Assertion (A) and Reason (R) are false.

Wayne, Shaan and Bryan were partners in a firm. Shaan had advanced a loan of ₹ 1,00,000 to the firm. On 31st March, 2024 the firm was dissolved. After transferring various assets (other than cash & bank) and outside liabilities to Realisation Account, Shaan took over furniture of book value of ₹ 90,000 in part settlement of his loan amount. For the payment of balance amount of Shaan’s loan Bank Account will be credited with:

• (A) ₹ 1,00,000
• (B) ₹ 90,000
• (C) ₹ 10,000
• (D) ₹ 1,90,000

The following journal entry appears in the books of Latvion Ltd.:

Date & Particulars & Dr. Amount (₹) & Cr. Amount (₹)

& Bank A/c  Dr. & 4,75,000 &

& Loss on issue of debentures A/c  Dr. & 75,000 &

& To 12% Debentures A/c & & 5,00,000

& To Premium on Redemption of Debentures A/c & & 50,000


The discount on issue of debentures is:

• (A) 15%
• (B) 5%
• (C) 10%
• (D) 95%

(a) Anisha, Deepa and Charu were partners sharing profits and losses in the ratio of 5 : 3 : 2. On 31^st March, 2024, they decided to change their profit-sharing ratio to 2 : 3 : 5. Each partner’s gain or sacrifice due to change in profit-sharing ratio will be:

• (A) Anisha’s sacrifice \(\dfrac{3}{10}\) ; Charu’s gain \(\dfrac{3}{10}\)
• (B) Anisha’s gain \(\dfrac{3}{10}\) ; Charu’s sacrifice \(\dfrac{3}{10}\)
• (C) Anisha’s sacrifice \(\dfrac{3}{10}\) ; Deepa’s gain \(\dfrac{3}{10}\)
• (D) Deepa’s gain \(\dfrac{3}{10}\) ; Charu’s sacrifice \(\dfrac{3}{10}\)

(a) Ishan, Jatin and Kapil were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Jatin retired and his share was taken up by Ishan and Kapil in the ratio 1 : 1. The new profit-sharing ratio between Ishan and Kapil after Jatin’s retirement will be:

• (A) 5 : 1
• (B) 1 : 1
• (C) 5 : 4
• (D) 7 : 3

(a) The amount of share capital which a company is authorised to issue by its Memorandum of Association is known as ___.

• (A) Nominal capital
• (B) Issued capital
• (C) Reserve capital
• (D) Subscribed capital

(a) Debentures on which a company does not give any undertaking for the repayment of money borrowed are called:

• (A) Bearer Debentures
• (B) Secured Debentures
• (C) Perpetual Debentures
• (D) Registered Debentures

Rambha and Urvashi were partners in a firm sharing profits and losses in the ratio of 13 : 12. From 1^st April, 2024, they decided to share future profits and losses in the ratio of 12 : 13. On this date, their balance sheet showed a debit balance of ₹ 2,50,000 in Advertising Suspense Account and a balance of ₹ 5,00,000 in Contingency Reserve. Partners decide to write off the balance of the Advertising Suspense Account but decide not to distribute Contingency Reserve.
Pass necessary journal entries for the above transactions on the reconstitution of the firm. Show your working clearly.

Luv and Kush were partners in a firm sharing profits and losses in the ratio of 5 : 4. On 1^st April, 2024, Rishi was admitted as a new partner for \(\dfrac{2}{9}\) share in profits which he acquired equally from Luv and Kush. On the date of Rishi’s admission, the Balance Sheet of Luv and Kush showed debtors of ₹ 9,00,000 and provision for bad and doubtful debts of ₹ 90,000.

Pass necessary journal entries for treatment of provision for bad and doubtful debts on the date of Rishi’s admission in each of the following cases:


(i) Bad debts amounted to ₹ 60,000.

(ii) Bad debts amounted to ₹ 90,000.

(iii) Bad debts amounted to ₹ 1,00,000.

(a) Apoorv Ltd. acquired building worth ₹ 15,50,000, Machinery worth ₹ 11,40,000 and Furniture worth ₹ 1,10,000 from Dhruv Ltd. and took over its liabilities of ₹ 2,00,000 for a purchase consideration of ₹ 25,00,000. Apoorv Ltd. paid the purchase consideration by issuing 12% debentures of ₹ 100 each at a premium of 25%.

Pass the necessary journal entries in the books of Apoorv Ltd. for the above transactions.

(a) Aakash and Baadal entered into partnership on 1^st October, 2023 with the capitals of ₹ 80,00,000 and ₹ 60,00,000 respectively. They decided to share profits and losses equally. Partners were entitled to interest on capital @ 10% per annum as per the provisions of the partnership deed. Baadal is given a guarantee that his share of profit, after charging interest on capital will not be less than ₹ 7,00,000 per annum. Any deficiency arising on that account shall be met by Aakash. The profit of the firm for the year ended 31^st March, 2024 amounted to ₹ 13,00,000.

Prepare Profit and Loss Appropriation Account for the year ended 31^st March, 2024.

Swar Sangam Limited issued 3,000, 9% debentures of ₹ 500 each at a premium of 10%. The amount was payable as follows:

On Application – ₹ 200 per debenture

On Allotment – Balance (including premium)

The debentures were fully subscribed and all amounts were duly received.

Pass the necessary journal entries for issue of debentures in the books of Swar Sangam Limited.

Simar, Tanvi and Umara were partners in a firm sharing profits and losses in the ratio of 5 : 6 : 9. On 31^st March, 2024 their Balance Sheet was as follows:

Balance Sheet of Simar, Tanvi and Umara as at 31^st March, 2024

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

Capitals: & & Fixed Assets & 25,00,000

Simar & 13,00,000 & Stock & 10,00,000

Tanvi & 12,00,000 & Debtors & 8,00,000

Umara & 14,00,000 & Cash & 7,00,000

General Reserve & 7,00,000 & Profit and Loss A/c & 2,00,000

Trade Payables & 6,00,000 & &

Total & 52,00,000 & Total & 52,00,000

Umara died on 30^th June, 2024. The partnership deed provided for the following on the death of a partner:

(i) Goodwill of the firm be valued at 3 years purchase of average profits for the last 5 years. The profits/losses for the previous four years were:
2022-23 : ₹ 3,10,000 (loss)
2021-22 : ₹ 3,00,000 (profit)
2020-21 : ₹ 4,00,000 (profit)
2019-20 : ₹ 2,50,000 (profit)

(ii) Umara’s share of profit or loss till the date of her death was to be calculated on the basis of profit or loss for the year ended 31^st March 2024.

(a) Calculate Goodwill of the firm.

(b) Pass the necessary journal entry for the treatment of goodwill on Umara’s death.

(c) Calculate Umara’s share in the profit or loss of the firm till the date of her death.

(d) Pass the necessary journal entry to record Umara’s share of profit or loss till the date of her death.

Pass necessary journal entries for the following transactions on dissolution of the partnership firm of Preeti, Varsha and Kamala after various assets (other than cash) and third party liabilities have been transferred to Realisation Account :

[(i)] Preeti took over the debtors of book value of ₹ 90,000 at a discount of 20%.
[(ii)] Kamala took over her husband’s loan of ₹ 4,00,000.
[(iii)] There were 100 shares of ₹ 10 each in Star Ltd. acquired at a cost of ₹ 2,00,000 which had been written off completely from the books. These shares were valued at ₹ 2,400 each and divided among the partners in their profit sharing ratio.
[(iv)] Sundry creditors amounting to ₹ 5,00,000 were settled at a discount of 10%.
[(v)] Land and Building of the book value of ₹ 40,00,000 was sold for ₹ 60,00,000 through a broker who charged 5% commission.
[(vi)] Varsha paid the dissolution expenses of ₹ 45,000 on behalf of the firm.

(a) Bittu and Chintu were partners in a firm sharing profit and losses in the ratio of 4 : 3. Their Balance Sheet as at 31^st March, 2024 was as follows :


Balance Sheet of Bittu and Chintu as at 31^st March, 2024


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

Capitals: & & Fixed Assets & 15,40,000

Bittu & 8,00,000 & Stock & 3,50,000

Chintu & 6,00,000 & Debtors & 1,40,000

General Reserve & 2,10,000 & Bank & 70,000

Creditors & 4,90,000 & &

Total & 21,00,000 & Total & 21,00,000


On 1^st April, 2024, Diya was admitted in the firm for \(\frac{1}{7}\) share in the profits on the following terms :

(i) New profit sharing ratio between Bittu, Chintu and Diya will be 3 : 3 : 1.

(ii) Fixed Assets were found to be overvalued by ₹ 1,40,000.

(iii) Creditors were paid ₹ 4,20,000 in full settlement.

(iv) Diya brought proportionate capital and ₹ 5,60,000 as her share of goodwill premium by cheque.

Prepare Revaluation Account and Partners’ Capital Accounts.

Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at 31^st March, 2024 along with notes to accounts :




(i) The total face value of equity shares issued during the year 2023-24 was :

Alexia Limited invited applications for issuing 1,00,000 equity shares of ₹ 10 each at a premium of ₹ 10 per share. The amount was payable as follows :

On application ₹ 9 per share (including premium ₹ 6 per share)

On allotment ₹ 8 per share (including premium ₹ 4 per share)

On first and final call ₹ 3 per share.

Applications were received for 1,50,000 equity shares and allotment was made to the applicants as follows :

Category A : Applicants for 90,000 shares were allotted 70,000 shares.

Category B : Applicants for 60,000 shares were allotted 30,000 shares.

Excess money received on application was adjusted towards allotment and first and final call.

Shekhar, who had applied for 1,200 shares, failed to pay the first and final call. Shekhar belonged to Category B.

Pass necessary journal entries for the above transactions in the books of Alexia Limited. Open calls in arrears and calls in advance account wherever necessary.

Premier Ltd. forfeited 600 shares of ₹ 10 each issued at a premium of ₹ 3 per share (payable with allotment) for non-payment of allotment money of ₹ 7 per share including premium. The first and final call of ₹ 3 per share was not yet made. The forfeited shares were reissued at ₹ 13 per share fully paid up.

Risha Ltd. forfeited 1,000 shares of ₹ 10 each, ₹ 8 per share called up issued at a premium of ₹ 2 per share to Atul, for non-payment of allotment money of ₹ 6 per share (including premium). Out of these, 800 shares were reissued at ₹ 7 per share, ₹ 8 paid up.

(a) _______ is not a tool of ‘Analysis of Financial Statements’.

• (A) Income Statement
• (B) Ratio Analysis
• (C) Comparative Statements
• (D) Cash Flow Statement

(b) In ‘Common size income statement’ each item is expressed as a percentage of ____.

• (A) Total Income
• (B) Total Expenses
• (C) Profit After Tax
• (D) Revenue from Operations

(a) Short-term highly liquid investments qualify as cash equivalents if they are realisable into known amounts of cash from the date of acquisition within a period of :

• (A) 6 months or less
• (B) 9 months or less
• (C) 12 months or less
• (D) 3 months or less

(b) Which of the following item is not included in cash and cash equivalents?

• (A) Trade Receivables
• (B) Demand deposits with bank
• (C) Short-term marketable securities
• (D) Cheques in hand

The Quick Ratio of a company is 1 : 1. Which of the following transactions will result in increase in Quick Ratio?

• (A) Cash received from debtors
• (B) Sold goods on credit
• (C) Purchased goods on credit
• (D) Purchased goods on cash

Statement-I: Snow Limited earned a profit of Rs. 2,00,000 after charging depreciation of Rs. 50,000 on machinery. So, operating profit before working capital changes would be Rs. 2,50,000.

Statement-II: Depreciation is added back to net profit as it does not result in any cash flow.

Choose the correct option from the following:

• (A) Only Statement-I is true.
• (B) Only Statement-II is true.
• (C) Both the Statements are false.
• (D) Both the Statements are 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) Outstanding Salaries

(ii) Trademarks

(iii) Loose tools

From the following Statement of Profit and Loss of Nutan Ltd. for the years ended 31st March, 2023 and 2024, prepare a Comparative Statement of Profit and Loss:

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

Revenue from Operations & 5,00,000 & 6,00,000

Other Income & 20,000 & 30,000

Expenses & 4,00,000 & 5,00,000

Tax Rate & 40% & 40%
 

Calculate Trade Receivables from the following:

Trade Receivables Turnover Ratio = 4 times
Cash Revenue from Operations = ₹ 2,50,000
Credit Revenue from Operations = 40% of Total Revenue
Opening Trade Receivables = ₹ 50,000
Closing Trade Receivables = ₹ 1,50,000

From the following information, calculate cash flow from investing and financing activities:

Purchase of Machinery ₹1,60,000
Sale of Machinery ₹40,000
Interest Paid ₹10,000
Dividend Paid ₹15,000
Proceeds from Issue of Shares ₹2,00,000
Proceeds from Long-Term Borrowings ₹50,000

Which of the following is a part of Asset group ‘Current Assets’ in account group of Assets?

• (A) Duties and Taxes
• (B) Miscellaneous Expenditures
• (C) Reserves & Surplus
• (D) Direct Expenses

Which of the following is a part of Asset group ‘Current Assets’ in account group of Assets?

• (A) Duties and Taxes
• (B) Miscellaneous Expenditures
• (C) Reserves & Surplus
• (D) Direct Expenses

Null value is the special value which represents:

• (A) Stores value items
• (B) Data with many values
• (C) Absence of data items
• (D) Single value data item

The software of computerised accounting system can be used for any size of business and type of organization as it enables changing the volume of data processing in tune with the change in the size of business. Which feature of Computerised Accounting System is being highlighted in above lines?

• (A) Scalability
• (B) Simple
• (C) Speed
• (D) Reliability

A piece of information shown in a graph which is assigned to the data series is known as:

• (A) data point
• (B) data label
• (C) legend
• (D) plot area

(b) Identify the type of code used by a trading company Ms. Ahana Ltd.:

Codes & Accounts

CA005 & Super Ltd.

CA006 & Regina Ltd.

CA007 & Nasir & Sons Ltd.
 

• (A) Block codes
• (B) Mnemonic codes
• (C) Encryptic codes
• (D) Sequential codes

State the advantages of ‘Pivot Table’ report.

Name the error which occurs when Excel doesn’t recognize a ‘Text’ formula. Give any two solutions to correct it.

(a) What is data formatting? What tools are used to format data?

(b) Explain ‘ROUND’ function of Excel.

Which function can be used as an alternate to the ‘IF’ function for elaborate test and why? Give the meaning of its types with their syntax.