CBSE Class 12 2025 Accountancy 67-4-3 Question Paper Set-3: Download Solutions with Answer Key

Rakesh and Somesh were partners in a firm sharing profits and losses in the ratio of 2 : 3. Moksh was admitted as a new partner for \( \frac{3}{5} \) share in the profits of the firm. Moksh brought \(Rs.~3,00,000\) as his share of capital and \(Rs.~6,00,000\) as his share of goodwill premium. The value of the firm’s goodwill was:

• (A) \(Rs.~30,00,000\)
• (B) \(Rs.~20,00,000\)
• (C) \(Rs.~15,00,000\)
• (D) \(Rs.~10,00,000\)

Eklavya, Fateh and Girish entered into a partnership firm on 1^st January, 2024 with capitals of \(Rs.~30,00,000\) each. The partnership deed provided for interest on capital @ 10% per annum. The firm earned a net profit of \(Rs.~5,25,000\) for the year ended 31^st March, 2024. The amount of profit transferred to Eklavya’s capital account was:

• (A) \(Rs.~4,75,000\)
• (B) \(Rs.~3,00,000\)
• (C) \(Rs.~2,00,000\)
• (D) \(Rs.~1,00,000\)

‘The business of a partnership firm may be carried on by all the partners or any of them acting for all.’
The above statement highlights which of the following feature of partnership?

• (A) Agreement
• (B) Business
• (C) Sharing of profit
• (D) Mutual agency

Reema, Meesha and Shikha were partners in a partnership firm sharing profits and losses in the ratio of 8 : 7 : 5. On 1^st October, 2023, Reema advanced a loan of ₹5,00,000 to the firm. There is no partnership deed. The firm’s profit for the year ended 31^st March, 2024 before charging interest on Reema’s loan amounted to ₹2,15,000. The amount of profit credited to Shikha’s capital account was:

• (A) \(Rs.~80,000\)
• (B) \(Rs.~70,000\)
• (C) \(Rs.~50,000\)
• (D) \(Rs.~42,500\)

Neeru and Pooja were partners in a partnership firm sharing profits and losses in the ratio of 4 : 3. The firm earned average profits of \(Rs.~5,00,000\) during the last few years. The normal rate of return in a similar business is 10%. The average super profits of the firm were \(Rs.~4,00,000\). The amount of capital employed by the firm was:

• (A) \(Rs.~90,00,000\)
• (B) \(Rs.~40,00,000\)
• (C) \(Rs.~50,00,000\)
• (D) \(Rs.~10,00,000\)

Kabir and Lara were partners in a firm sharing profits and losses in the ratio of 5 : 3. Mark was admitted as a new partner for \( \frac{2}{5} \) share in the profits of the firm. Mark was to bring \( \frac{2}{5} \) of the combined capital of Kabir and Lara after all adjustments are carried out. The capitals of Kabir and Lara after all adjustments were \(Rs.~8,00,000\) and \(Rs.~7,00,000\) respectively. The capital brought by Mark was:

• (A) \(Rs.~3,75,000\)
• (B) \(Rs.~3,00,000\)
• (C) \(Rs.~6,00,000\)
• (D) \(Rs.~15,00,000\)

Prakhar and Rajan were partners in a firm sharing profits and losses in the ratio of 3 : 2 with capitals of \(Rs.~10,00,000\) and \(Rs.~9,00,000\) respectively. Siddharth was admitted as a new partner for \( \frac{1}{5} \) share in the profits of the firm. The new profit sharing ratio between Prakhar, Rajan and Siddharth was agreed at 12 : 8 : 5. The sacrificing ratio of Prakhar and Rajan will be:

• (A) 3 : 2
• (B) 1 : 1
• (C) 2 : 3
• (D) 10 : 9

Diksha Ltd. invited applications for issuing 1,00,000 equity shares of ₹10 each at a premium of 10%. The whole amount was payable on application. Applications were received for 3,00,000 equity shares. The company decided to allot the shares on pro-rata basis to all the applicants. The amount refunded by the company was:

• (A) \(Rs.~22,00,000\)
• (B) \(Rs.~33,00,000\)
• (C) \(Rs.~11,00,000\)
• (D) \(Rs.~20,00,000\)

‘Reserve Capital’ can be utilised:

• (A) any time during the life of the company.
• (B) only at the time of winding up of the company.
• (C) to issue fully paid bonus shares.
• (D) to provide for premium on the redemption of preference shares.

An offer of securities or invitation to subscribe securities to a select group of persons is called:

• (A) Sweat equity
• (B) Employee Stock Option Plan
• (C) Private placement
• (D) Buy-back of shares

Assertion (A): Partners' salary is debited to Profit and Loss Appropriation Account and not to Profit and Loss Account.

Reason (R): Partners’ salary is an appropriation of profit; it is not a charge against profits.


Choose the correct option from the following:

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

White, Shaun and Todd were partners in a firm sharing profits and losses equally. Shaun’s wife had advanced a loan of ₹ 1,00,000 to the firm.
The firm was dissolved. Shaun’s wife’s loan had already been transferred to Realisation account. The account credited to discharge Shaun’s wife’s loan will be:

• (A) Shaun’s capital account
• (B) Bank account
• (C) Realisation account
• (D) Shaun’s loan account

Shivalik Ltd. issued 7% debentures of ₹ 100 each at a discount of 5% on 1^st April, 2023. Discount on issue of debentures, ₹ 1,00,000 was completely written off through Statement of Profit and Loss on 31^st March, 2024. On issue of debentures, ‘Debentures Account’ was credited with __________.

• (A) ₹ 10,00,000
• (B) ₹ 20,00,000
• (C) ₹ 19,00,000
• (D) ₹ 1,00,000

Keya Ltd. issued 2,00,000, 8% debentures of ₹ 100 each at 10% discount on 1^st April, 2023. Interest is payable half-yearly on 30^th September and 31^st March every year. Interest written off on 31^st March, 2024 was :

• (A) ₹ 16,00,000
• (B) ₹ 14,40,000
• (C) ₹ 8,00,000
• (D) ₹ 7,20,000

Tavish, Umesh and Varun were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Tavish retired. Umesh and Varun decided to share profits and losses in future in the ratio of 5 : 3.
The gaining share of Umesh will be:

• (A) \(\dfrac{21}{72}\)
• (B) \(\dfrac{11}{72}\)
• (C) \(\dfrac{45}{72}\)
• (D) \(\dfrac{32}{72}\)

Asit, Sonu and Hina were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Asit retired and the balance in his capital account after making necessary adjustments on account of reserves and revaluation of assets and liabilities was ₹ 40,00,000. Sonu and Hina agreed to pay him ₹ 45,00,000 in full settlement of his claim. The value of goodwill of the firm was:

• (A) ₹ 5,00,000
• (B) ₹ 20,00,000
• (C) ₹ 15,00,000
• (D) ₹ 10,00,000

Ajit, Biswas and Chitra were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Biswas died on 30^th September, 2024. The firm closes its books on 31^st March every year. Biswas’s share of profits till the date of death from the last Balance Sheet date was to be calculated on the basis of sales. Sales for the year ended 31^st March, 2024 amounted to ₹ 24,00,000 and that from 1^st April, 2024 to 30^th September, 2024 amounted to ₹ 15,00,000. The profits for the year ended 31^st March, 2024 were ₹ 2,40,000. Biswas’s share of profits till the date of his death was:

• (A) ₹ 11,250
• (B) ₹ 70,000
• (C) ₹ 45,000
• (D) ₹ 22,500

Isha, Julie and Kavita were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The firm closes its books on 31^st March every year. On 12^th June, 2024, Kavita died. Her share in the profits of the firm from the last Balance Sheet till the date of death was to be calculated on the basis of last year’s profit. Last year’s profits were ₹ 6,00,000. Kavita’s share of profit till the date of her death was:

• (A) ₹ 20,000
• (B) ₹ 30,000
• (C) ₹ 40,000
• (D) ₹ 50,000

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

• (A) Issued Capital
• (B) Reserve Capital
• (C) Paid-up Capital
• (D) Nominal/Registered Capital

On 1^st April, 2024, Bright Ltd. issued 20,000, 11% debentures of ₹ 100 each at a premium of 10%, redeemable at a premium of 10%.
Loss on issue of debentures was :

• (A) ₹ 2,00,000
• (B) ₹ 4,00,000
• (C) ₹ 20,00,000
• (D) ₹ 40,00,000

Minimum subscription for allotment of shares as per Securities and Exchange Board of India (SEBI) guidelines cannot be less than 90% of ________ capital.

• (A) Reserve
• (B) Issued
• (C) Nominal/Registered
• (D) Subscribed

Aman, Suman and Tanvi were partners in a firm sharing profits and losses in the ratio of 9:8:7. They decided to share future profits and losses in the ratio of 7:9:8 with effect from 1^st April, 2024. Their Balance Sheet as at 31^st March, 2024 showed:
(i) Contingency Reserve of ₹ 24,00,000.
(ii) Credit Balance of ₹ 12,00,000 in Profit and Loss Account.
Goodwill of the firm was valued at ₹ 42,00,000 and Revaluation of assets and liabilities resulted in a loss of ₹ 6,00,000. The partners did not want to distribute the Contingency Reserve and the Balance of the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books.
Pass a single adjustment entry to give effect to the above. Show your workings clearly.

Vishal and Pulkit were partners in a firm sharing profits and losses in the ratio of 7:3. Following is the extract of their Balance Sheet as on 31^st March, 2024.
Liabilities:
Investment Fluctuation Fund ₹ 5,00,000

Workmen Compensation Fund ₹ 25,00,000
Assets:
Investments ₹ 50,00,000

On 1^st April, 2024, Tarun was admitted for 1/10 share.
(i) Market value of investments ₹ 44,00,000.

(ii) Claim for workmen compensation ₹ 25,00,000.
Pass necessary journal entries.

Mallark Ltd. purchased assets of book value ₹ 40,00,000 and took over liabilities of ₹ 5,00,000 from Naroha Ltd. Purchase consideration ₹ 36,00,000 paid by issuing 7% debentures of ₹ 100 at 20% premium.

Sunlock Ltd. purchased assets of ₹ 50,00,000 and took over liabilities of ₹ 6,00,000 from Moondock Ltd. Consideration paid by 46,000 debentures of ₹ 100 each at 10% discount.

Abhay and Sujoy entered into partnership on 1^st April, 2024 with capitals of ₹ 80,00,000 and ₹ 60,00,000 respectively. The partners decided to share profits in the ratio of their capital contribution. They withdrew ₹ 6,00,000 and ₹ 4,00,000 respectively during the year. The partners were charged interest on drawings @ 10% per annum as per the provisions of the partnership deed. Abhay’s share of profit was guaranteed by Sujoy at a minimum of ₹ 3,50,000 per annum.

The profit of the firm for the year ended 31^st March, 2024 amounted to ₹ 6,50,000.

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

Sonia and Shruti were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1^st April, 2023 the balance in their fixed capital accounts were ₹ 25,00,000 and ₹ 15,00,000 respectively. The profit of the firm for the year ended 31^st March, 2024 was ₹ 24,00,000. Calculate their share of profit if:
(i) The partnership deed is silent as to the payment of interest on capital.
(ii) The partnership deed provides for interest on capital @ 10% per annum.

CD Ltd. invited applications for issuing 2,000, 12% debentures of ₹ 100 each at a premium of ₹ 10 per debenture. The amount was payable as follows:

On Application – ₹ 50 per debenture

On Allotment – ₹ 60 per debenture (including premium)

The debentures were fully subscribed, and all money was duly received.
Pass necessary journal entries for the above transactions in the books of CD Ltd.

Gopal, Heera and Iqbal were partners in a firm sharing profits and losses equally. Iqbal died on 1^st April, 2022. Final dues payable to Iqbal’s executor as on the date of death amounted to ₹ 4,00,000. Starting from 31^st March, 2023, the executor was to be paid in two equal annual instalments of ₹ 2,00,000 each, with interest @ 10% per annum. Accounts are closed on 31^st March every year.
Prepare Iqbal’s executor’s account till he is finally paid.

Rishika and Shivika were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31^st March, 2024 stood as follows:

Balance Sheet of Rishika and Shivika as at 31^st March, 2024
Liabilities & Amount (₹) & Assets & Amount (₹)

Capitals: & & Equipment & 45,00,000

Rishika – 30,00,000 & & Investments & 5,00,000

Shivika – 20,00,000 & 50,00,000 & Debtors & 35,00,000

Shivika’s Husband’s Loan & 5,00,000 & Stock & 8,00,000

Creditors & 40,00,000 & Cash at Bank & 2,00,000

Total & 95,00,000 & Total & 95,00,000

The firm was dissolved on the above date and the following transactions took place:

(i) Equipments were given to creditors in full settlement of their account.

(ii) Investments were sold at a profit of 20% on its book value.

(iii) Full amount was collected from debtors.

(iv) Stock was taken over by Rishika at 50% discount.

(v) Actual expenses of realisation amounted to ₹ 2,00,000 which were paid by the firm.

Prepare Realisation Account.

Atharv and Anmol were partners in a firm sharing profits and losses in the ratio of 5 : 2. Their Balance Sheet as at 31^st March, 2024 was as follows:

Balance Sheet of Atharv and Anmol as at 31^st March, 2024
Liabilities & Amount (₹) & Assets & Amount (₹)

Capitals: & & Fixed Assets & 14,00,000

Atharv – 8,00,000 & & Stock & 4,90,000

Anmol – 4,00,000 & 12,00,000 & Debtors & 5,60,000

General Reserve & 3,50,000 & Cash & 10,000

Creditors & 9,10,000 & &

Total & 24,60,000 & Total & 24,60,000

On 1^st April, 2024, Surya was admitted as a new partner for \(\dfrac{2}{7}\) share in profits on the following terms:

(i) New ratio: Atharv : Anmol : Surya = 4 : 1 : 2

(ii) Fixed assets reduced by 10%

(iii) Stock was sold at ₹ 4,20,000

(iv) Surya brings ₹ 3,00,000 as capital and ₹ 2,00,000 as goodwill premium in cash

(v) Capital accounts of old partners adjusted on the basis of Surya’s capital

Prepare Revaluation Account and Partners’ Capital Accounts.

Chandan, Deepak and Elvish were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 2. Their Balance Sheet as at 31^st March, 2024 stood as follows:

Balance Sheet of Chandan, Deepak and Elvish as at 31^st March, 2024

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

Capitals: & & Fixed Assets & 27,00,000

Chandan – 7,00,000 & & Stock & 3,00,000

Deepak – 5,00,000 & & Debtors & 2,00,000

Elvish – 3,00,000 & 15,00,000 & Cash & 1,00,000

General Reserve & 4,50,000 & &

Creditors & 13,50,000 & &

Total & 33,00,000 & Total & 33,00,000

Chandan retired from the firm on 1^st April, 2024 on the following terms:

(i) Fixed assets were to be depreciated by 10%.

(ii) Debtors of ₹ 30,000 were to be written off as bad debts.

(iii) Goodwill of the firm was valued at ₹ 6,00,000 and was to be adjusted in the accounts of the remaining partners.

(iv) Chandan was paid through cash brought in by Deepak and Elvish in such a way so as to make their capitals proportionate to their new profit sharing ratio.

Prepare Revaluation Account and Partners’ Capital Accounts.

Following is the extract of the Balance Sheet of Sankalp Ltd. as per Schedule III, Part I of the Companies Act, 2013 as at 31^st March, 2024 along with the notes to accounts:

Balance Sheet of Sankalp Ltd. as at 31^st March, 2024 (Extract)

Particulars & 31.03.2024 (₹)

I. Equity and Liabilities: &

(a) Share Capital (Note 1) & 29,80,000


Notes to Accounts as at 31^st March, 2023

Particulars & 31.03.2023 (₹)

Authorised Capital: 4,50,000 Equity Shares of ₹10 each & 45,00,000

Issued Capital: 2,50,000 Equity Shares of ₹10 each & 25,00,000

Subscribed and Fully Paid-up: 2,50,000 shares × ₹10 & 25,00,000

Subscribed but Not Fully Paid-up & NIL

Notes to Accounts as at 31^st March, 2024

Particulars & 31.03.2024 (₹)

Authorised Capital: 4,50,000 shares of ₹10 each & 45,00,000

Issued Capital: 3,00,000 shares of ₹10 each & 30,00,000

Subscribed and Fully Paid-up: 2,90,000 shares × ₹10 & 29,00,000

Subscribed but Not Fully Paid-up: 10,000 shares × ₹10 & 1,00,000

Less: Calls-in-Arrears (10,000 shares @ ₹2) & (20,000)

Total Share Capital & 29,80,000

Answer the following questions:

• (i) Equity share capital issued during the year 2023–24 amounted to: (1) ₹ 2,10,000 \quad (2) ₹ 4,90,000 \quad (3) ₹ 5,00,000 \quad (4) ₹ 5,50,000
• (v) If all the forfeited shares are reissued at ₹ 9 per share fully paid-up, the amount transferred to Capital Reserve will be: (1) ₹ 20,000 \quad (2) ₹ 80,000 \quad (3) ₹ 1,00,000 \quad (4) ₹ 70,000

Centurian Ltd. invited applications for issuing 2,00,000 equity shares of ₹10 each at a premium of ₹20 per share. The amount was payable as follows:
- On Application and Allotment: ₹20 per share (including premium ₹17)
- On First and Final Call: ₹10 per share (including premium ₹3)

Applications were received for 3,00,000 equity shares and allotment was made as follows:
(i) Applicants for 2,00,000 shares were allotted 1,50,000 shares
(ii) Applicants for 1,00,000 shares were allotted 50,000 shares

Excess money received on application and allotment was adjusted towards sums due on first and final call. Deepali, who had applied for 2,000 shares, failed to pay the first and final call money. Deepali belonged to Category (i). Her shares were subsequently forfeited.

Pass necessary journal entries for the above transactions in the books of Centurian Ltd. Open Calls-in-Arrears and Calls-in-Advance account wherever necessary.

Romerio Ltd. issued 80,00,000, 8% debentures of ₹100 each on 1^st April, 2023 at par, redeemable at a premium of 5%. The company had ₹3,00,000 in its Securities Premium Account.

Give journal entries in the books of Romerio Ltd. relating to the:
(i) Issue of Debentures
(ii) Debenture Interest for the year ending 31^st March, 2024, assuming interest is paid yearly
(iii) Writing off Loss on Issue of Debentures

The tool of ‘Analysis of Financial Statements’ which indicates the trend and direction of financial position and operating results is :

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

While preparing Common Size Statement of Profit and Loss of a company, each item is expressed as a percentage of ________.

• (A) Revenue from operations
• (B) Total liabilities
• (C) Total expenses
• (D) Total assets

Cash Flow Statement is prepared in accordance with :

• (A) Accounting Standard 3
• (B) Accounting Standard 26
• (C) The Companies Act, 2013
• (D) The Companies Act, 1956

Which of the following statements is correct ?

• (A) Proceeds from sale of goods and services will result in cash outflow from operating activities.
• (B) Payment of dividend will result in cash outflow from investing activities.
• (C) Sale of machinery will result in cash outflow from investing activities.
• (D) Payment of employee benefit expenses will result in cash outflow from operating activities.

The Quick Ratio of a company is 2 : 1. Which of the following transactions will result in decrease of this ratio?

• (A) Payment of outstanding salary
• (B) Cash received from debtors
• (C) Sale of goods at a profit
• (D) Purchase of goods for cash

Statement I: Snow Ltd. made a net profit of ₹5,00,000 after taking into consideration interest on investment of ₹1,00,000. Operating profit before working capital changes would be ₹4,00,000.

Statement II: To calculate operating profit, before working capital changes, interest on investment is subtracted from net profit because it is a non-operating income.

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 :
(a) Public Deposits
(b) Licences and Franchise
(c) Accrued Income

From the following information of AK Ltd., prepare a Comparative Statement of Profit and Loss for the year ended 31^st March, 2024.

From the following information, calculate Interest Coverage Ratio:

Profit after Tax & 6,30,000

Tax Rate & 30%

15% Debentures & 20,00,000
 

Calculate the amount of Opening Trade Receivables and Closing Trade Receivables from the following information:


Trade Receivables Turnover Ratio = 5 times
Cost of Revenue from Operations = ₹8,00,000
Gross Profit Ratio = 20%
Closing Trade Receivables were ₹40,000 more than that in the beginning
Cash sales were \( \frac{1}{4} \) times of Credit sales

Calculate ‘Cash Flows from Investing Activities’ from the following information:

Particulars & 31.03.2024 (₹) & 31.03.2023 (₹)

10% Long Term Investments & 2,50,000 & 4,50,000

Plant and Machinery & 8,00,000 & 6,00,000

Goodwill & 1,40,000 & 1,00,000

Investment in shares of ‘Pinnacle Ltd.’ & 14,00,000 & 5,00,000

Patents & -- & 1,50,000

Additional Information:

A machine costing ₹60,000 (Depreciation ₹18,000) was sold for ₹48,000. Depreciation charged during the year was ₹60,000.
Dividend received from Pinnacle Ltd. ₹40,000
Interest received on 10% Long Term Investments ₹45,000
Patents were sold at their book value.

It is a widely accepted security control. It uses binary coding format of storage to offer access to database. It is known as :

• (A) Data vault
• (B) Password security
• (C) Data audit
• (D) Data integrity

‘LABELS’ in Excel means :

• (A) A text or special character
• (B) Used for rows, columns or descriptive information
• (C) Can be treated mathematically
• (D) Both (A) and (B)

Which of the following is not contained on formula tab on Excel ribbon?

• (A) Function library
• (B) Defined names
• (C) Page layout
• (D) Calculations

The code that enables identification of missing documents is :

• (A) Sequential code
• (B) Mnemonic code
• (C) Alphabetic code
• (D) Block code

Absence of data item is represented by a special value i.e. :

• (A) Single value
• (B) Store value
• (C) Null value
• (D) Multi value

What is the activity sequence of the basic information processing model?

• (A) Organise data, collect data and then process data.
• (B) Process data, organise data and then collect data.
• (C) Process data, communicate information and then collect data.
• (D) Collect data, organise and process data and then communicate information.

Write the advantages of using Graphs.

Differentiate between tailored and specific softwares on any three basis.

What are the different phases of accounting cycle which can be processed through the use of computers?

List eight uses of accounting softwares.

What is meant by ‘Pivot Table’? What are its uses?