CBSE Class 12 2025 Accountancy 67-5-3 Question Paper Set-3: Download Solutions with Answer Key

CBSE CLASS XII Questions

• 1.

  Zaina, Yash and Kiran were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Zaina died on 1st 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 31st March, 2024 amounted to ₹ 4,00,000 and that from 1st April to 30th June, 2024 was ₹ 1,50,000. The profit for the year ending 31st 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.

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• 2.

  Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 5 : 3. Mohan was admitted as a new partner for \( \frac{1}{5} \)th share in the profits of the firm. Mohan brought ₹ 2,50,000 as his share of capital and ₹ 2,00,000 as his share of goodwill premium. The value of the firm’s goodwill was :

  • ₹ 2,00,000
  • ₹ 4,50,000
  • ₹ 12,50,000
  • ₹ 10,00,000
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• 3.

  Pass necessary journal entries for the following transactions on dissolution of the firm of Rajesh, Somesh and Yogesh after various assets (other than cash) and third party liabilities have been transferred to Realisation Account :
  (i) Rajesh took over stock of Rs 4,00,000 at a discount of 20\%.
  (ii) Somesh agreed to take over the firm's furniture, not recorded in the books of the firm at Rs 80,000.
  (iii) Land and Building of the book value of Rs 60,00,000 was sold for Rs 90,00,000 through a broker who charged 10\% commission.
  (iv) Ashish, an old customer, whose account for Rs 70,000 was written off as bad in the previous year, paid 60\% of the amount.
  (v) Sundry Creditors of Rs 3,00,000 were settled at a discount of 10\%.
  (vi) Realisation expenses amounting to Rs 21,000 were paid by Yogesh.
  

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• 4.

  Diksha, Krish and Rajan were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 1^st April, 2024, Rajan decided to retire from the firm. On that day, the balance in his capital account after making the necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities was ₹ 1,80,000. Diksha and Krish agreed to pay him ₹ 2,20,000 in full settlement of his claim.
  Calculate Rajan’s share of goodwill and pass the necessary journal entries for the same.
  

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• 5.

  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.

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• 6.

  Arun, Bashir and Joseph were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They admitted Daksh as a new partner who acquired his share entirely from Arun. If Arun sacrificed \( \frac{1}{5} \)th from his share to Daksh, Daksh's share in the profits of the firm will be :
  

  • \( \frac{1}{5} \) 
     

  • \( \frac{1}{10} \) 
     

  • \( \frac{3}{10} \)
    
  • \( \frac{2}{5} \)
    
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