CBSE(NCERT) GRADE 12 ACCOUNTANCY 2026 SET2

Anup, Bharti and Manoj were partners in a firm sharing profits and losses in the ratio of 11 : 8 : 1. From 1st April, 2025, they decided to share the future profits in the ratio of 2 : 2 : 1. The gain or sacrifice of each partner due to change in profit sharing ratio will be:

Divya and Bholi were partners in a firm sharing profits and losses in the ratio of 3 : 1. On 1st April, 2024, their fixed capitals were 8,00,000 and 6,00,000 respectively. On 30th September, 2024, Bholi introduced 50,000 as additional capital. Partnership deed provided that interest on capital was to be calculated at 12% p.a. The amount of interest on capital of Bholi for the year ended 31st March, 2025 was:

(a) Persons who have entered into partnership with one another are collectively called:

(b) In the absence of partnership deed, partners are entitled to:

When capitals of the partners are fluctuating, then the adjustments for ________ are shown in the _________.

Nigam Ltd. issued 40,000, 11% Debentures of 100 each at a certain rate of discount. The debentures were to be redeemed at 20% premium. Existing balance of Securities Premium before issue of these debentures was 13,00,000. The maximum rate of discount on issue of debentures was:

On 31st March, 2025, the amount of shareholders’ funds was 9,700 and outside liabilities were 8,900. Find the amount of capital employed.

On 31st March, 2025, the partnership between Hari and Om was dissolved. Hari was appointed to look after dissolution work for which he was allowed a commission of 9,700. He agreed to bear the dissolution expenses. The actual expenses of dissolution amounted to 8,900. The amount transferred to Realisation Account will be:

In the ratio 4 : 1, partners had capitals of 1,20,000 and 90,000 respectively. A new partner is admitted on 1 April, 2025 with capital of 1,00,000. The value of goodwill will be:

Atul and Nisha were partners in a firm sharing profits and losses in the ratio of 4 : 1. Their capitals were 1,20,000 and 90,000 respectively. On 1st April, 2025, they admitted Mona as a new partner in the firm for share in the future profits. Mona brought 1,00,000 as her capital. The value of goodwill of the firm was:

Yashoda and Devi were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2025, their balance sheet showed land and building at 20,00,000 and furniture at 6,00,000. On that date they admitted Poonam as a new partner for share in the future profits. The value of assets to be be:

Chaman, Raman and Suman were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2025, they decided to share the future profits in the ratio of 2 : 3 : 5. For this purpose, it was agreed that the goodwill of the firm be valued at 1,00,000. The treatment of goodwill without opening goodwill account will be:

On 1st April, 2024, Mobi Ltd. issued 3,000, 9% Debentures of 1,000 each at a premium of 5%. The total amount of interest due on debentures for the year ended 31st March, 2025 will be:

Delta Ltd. issued 5,000, 10% Debentures of 500 each at 450 per debenture. 10% Debentures Account will be credited by:

A company may reserve a portion of its uncalled capital to be called only in the event of winding up of the company. Such uncalled amount is called:

Paramount Ltd. forfeited 2,000 equity shares of 100 each, 80 called up, issued at a premium of 10%, for non-payment of first call of 20 per share. On forfeiture of these shares, Equity Share Capital Account will be ________ by ________.

Assertion (A): In case of admission of a new partner in the partnership firm, there is a need to ascertain the new profit sharing ratio among all the partners. Reason (R): On admission of a new partner, the profit sharing ratio among the old partners will change, keeping in view their respective contribution to the profit sharing ratio of the incoming partner. Choose the correct option from the following:

Rudali Ltd. invited applications for issuing 2,00,000 equity shares of 10 each at a premium of 2 per share. 5 per share (including premium) was payable on application. Applications for 2,60,000 shares were received. An applicant for 5,000 shares paid his entire share money along with application. The amount received on application

Dharam and Karan were partners in a firm sharing profits and losses in the ratio of 7 : 3. On 1st April, 2025, they admitted Vinod as a new partner in the firm. Dharam surrendered of his share in favour of Vinod and Karan surrendered of his share in favour of Vinod. The new profit sharing ratio will be:

Rani, Megha and Mahan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 1st April, 2025, their capitals were $7,50,000$, $4,00,000$ and $5,00,000$ respectively. The firm closes its books on 31st March every year. On 31st December, 2025, Mahan died. The partnership deed provides that in the event of death of a partner, his/her legal representatives will be entitled to the following: (i) Interest on capital @ 12% p.a. (ii) His share in the profits of the firm till the date of his death. Mahan had withdrawn $1,20,000$ for personal use till 31st December, 2025 and interest on drawings @ 10% p.a. is to be charged. His share in the profits of the firm was calculated on the basis of the average profits of last three years. The average profits of last three years were $6,00,000$.

(a) Oasis Ltd. purchased building worth $12,00,000$, machinery worth $1,90,000$ and furniture worth $3,00,000$ from Nitara Ltd. and took over its liabilities of $90,000$ for a purchase consideration of $15,30,000$. Oasis Ltd. paid the purchase consideration by issuing 11% Debentures of $100$ each at a discount of 10%. Pass necessary journal entries in the books of Oasis Ltd. for the above transactions. OR (b) On 1st April, 2025, Bharat Heavy Industries Ltd. purchased the running business of Mac Ltd. consisting of sundry assets of the book value of $20,00,000$ and sundry liabilities of $8,00,000$ for a purchase consideration of $15,00,000$. The purchase consideration was paid by issuing 8,000, 9% Debentures of $100$ each at a premium of 25% and the balance was paid by a bank draft in favour of Mac Ltd. Pass necessary journal entries for the above transactions in the books of Bharat Heavy Industries Ltd.

(a) Laxmi, Rani and Priya were partners in a firm sharing profits and losses in the ratio of 5 : 7 : 8. Their fixed capitals were $8,00,000$, $7,00,000$ and $5,00,000$ respectively. The partnership deed provided interest on capital @ 9% per annum. For the year ending 31st March, 2025, interest on capital was provided @ 12% per annum. Showing your workings clearly, pass a single adjustment entry to rectify the error. OR (b) Sukesh and Surbhi were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2024, they admitted Suman, as a new partner for $\frac{1}{4}$ share in the profits of the firm with a minimum guaranteed profit of $1,20,000$. Any deficiency arising on that account will be borne by Sukesh. The net profit of the firm for the year ended 31st March, 2025 was $5,50,000$. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2025.

Akash and Mita were partners in a firm sharing profits and losses in the ratio of 5 : 3. Their capitals were $9,00,000$ and $6,00,000$ respectively. The normal rate of return was 15%. The profits of the last four years were: $5,50,000$, $5,00,000$, $(1,50,000)$, $6,50,000$. Calculate the value of goodwill of the firm.

Pass necessary journal entries for issue of debentures for the following transactions: (i) AB Ltd. issued 30,000, 10% Debentures of $100$ each at a premium of 5%, redeemable at a premium of 10%. (ii) CD Ltd. issued 40,000, 8% Debentures of $100$ each at par, redeemable at a premium of 10%.

Vikas, Saurav and Govind were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2025, their capitals were $5,00,000$, $3,00,000$ and $2,00,000$ respectively. On 1st April, 2025,

Vikas, Saurav and Govind were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2025, their capitals were $5,00,000$; $3,00,000$ and $2,00,000$ respectively. With effect from 1st April, 2025, they decided to share the future profits equally. Due to change in profit sharing ratio, it was agreed that: (i) Goodwill of the firm will be valued at $9,00,000$. (ii) Revaluation of assets and liabilities will be carried out. The revaluation of assets and reassessment of liabilities resulted in a loss of $1,00,000$. (iii) The total capital of the reconstituted firm will be $12,00,000$ and the same will be in proportion of the new profit sharing ratio of the partners. For this purpose, necessary cash will be brought in by the partners or paid off to the partners, as the case may be.

Sophia and Lalit were partners in a firm sharing profits and losses equally. Their firm was dissolved on 31st March, 2025. After transferring sundry assets (other than cash in hand and cash at bank) and the third party liabilities to the Realisation Account, the following transactions took place: (i) The firm had stock of the book value of $80,000$. 50% of the stock was taken over by Sophia at 10% less than its book value and the remaining stock was sold at a gain of 15%. (ii) There was an unrecorded investment which was sold for $25,000$. (iii) There were debtors of $1,20,000$. Debtors realised 90% only and $5,000$ were recovered for bad debts written off last year. (iv) Sophia had given a loan to the firm of $52,000$. She was paid $41,000$ in full settlement of her claim. (v) Creditors of $60,000$ were paid at a discount of 5%. (vi) Expenses of realisation amounting to $7,000$ were paid by Lalit. Pass necessary journal entries for the above transactions in the books of the firm.

Maya Ltd. was registered with an authorised capital of $30,00,000$ divided into shares of $10$ each. On 1st April, 2025, the company offered to the public for subscription $1,30,000$ shares. Applications for $1,20,000$ shares were received and allotment was made in full to all the applicants. A shareholder holding $5,000$ shares failed to pay the second and final call of $3$ per share. Answer the following questions on the basis of the above information:

(a) Anand and Bir were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2025, their Balance Sheet was as follows: Balance Sheet of Anand and Bir as on 31st March, 2025 Liabilities Amount (₹) Assets Amount (₹) Creditors 45,000 Cash 9,000 Workmen Compensation Fund 15,000 Debtors 36,000 Capitals: Anand 90,000 Stock 45,000 Bir 60,000 1,50,000 Furniture 30,000 Plant and Machinery 90,000 2,10,000 2,10,000 On 1st April, 2025, they admitted Vishal as a new partner for th share in the profits of the firm. It was agreed that: (i) Vishal will bring 45,000 as his capital and 15,000 for his share of goodwill premium. (ii) Stock was to be reduced by 10% and machinery was to be appreciated by 10%. (iii) Furniture was revalued at 27,000. (iv) 5% provision for bad debts was to be created and 600 were to be provided for outstanding repair bill. (v) There were unrecorded investments of 3,000 which were to be recorded. (vi) A creditor of 900 was not likely to claim his money and hence was to be written off. Pass necessary journal entries for the above transactions in the books of the firm.

(a) Madhav Ltd. invited applications for issuing 4,00,000 equity shares of 10 each at a premium of 4 per share. The amount was payable as follows: On Application and Allotment 6 per share (including premium 2) On First and Final Call Balance Applications for 6,00,000 shares were received. Applications for 1,00,000 shares were rejected and the application money was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received on application and allotment was adjusted towards sums due on first and final call. A shareholder, who had applied for 500 shares, failed to pay the first and final call. His shares were forfeited. Pass necessary journal entries in the books of Madhav Ltd. for the above transactions. OR (b) (i) NN Ltd. forfeited 800 equity shares of 100 each for non-payment of the first call of 20 per share. The second and final call of 30 per share was not yet made. Out of the forfeited shares, 600 shares were re-issued for 54,000 as fully paid-up. Pass necessary journal entries for the above transactions in the books of NN Ltd. (ii) KG Ltd. forfeited 7,000 equity shares of 100 each, issued at a premium of 20 per share, for non-payment of second and final call of 20

The Current Ratio of Megh Raj Ltd. is 1.5 : 1. Which of the following transactions will reduce the ratio ?

data processing in accordance with the size and growth of the being highlighted in the statement :

The process of comparing input data with some known data is known as :

Cash Flow Statement ? (i) Payment of taxes (ii) Payment of dividend and interest (iii) Receipt of interest and dividend Choose the correct option from the following :

________ provides additional information about a data marker to identify the details of data point in a data series.

The paid-up capital will be:

Statement I : Operating activities are the activities that constitute the primary or main activities of an enterprise. Statement II : Cash advances and loans made by financial enterprises are usually classified as operating activities. Choose the correct option from the following :

Which financial function calculates the lump-sum amount for series of future payments ?

The amount of shares on which second and final call was not received is:

Which of the following is not Accounting Software ?

Identify what will be displayed on the screen when we specify an intersection of two areas that do not intersect.

Maya Ltd. will be:

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule-III, Part-I of the Companies Act, 2013 : (i) Outstanding Salary (ii) Capital work-in-progress (iii) Stores and Spare parts

What are the three categories in which accounting entries can be classified while entering them in vouchers ?

If all the shares on which second and final call was not received are forfeited, the amount forfeited will be:

From the following information of GV Ltd., prepare a Comparative Statement of Profit and Loss for the years ended 31st March, 2024 and 2025 :

Explain Sequential codes and Block codes with the help of example.

The minimum price at which the forfeited shares can be reissued is:

(a) Equity Share Capital $30,00,000$ $8\%$ Long-term debt $10,00,000$ Net profit after tax $2,40,000$ Tax Rate $40\%$ OR (b) Revenue from operations $15,00,000$ Opening inventory $2,00,000$ Gross profit is $25\%$ of cost of revenue from operations. Closing inventory was 2 times the opening inventory.

(a) List the necessary information to be filled by a user on company creation screen. OR (b) What is a Chart/Graph ? Explain its advantages.

JC Ltd. earned a net profit of 50,000 after providing depreciation of 20,000 on fixed assets and a transfer of 15,000 to general reserve. The position of its Current Assets and Current Liabilities was as follows: Trade Receivables 75,000 70,000 Trade Payables 75,000 65,000 Inventories 40,000 25,000 Expenses Payable 7,500 5,000 Prepaid Expenses 5,000 10,000 Accrued Incomes 20,000 15,000 Income Received in Advance 5,000 10,000 Calculate cash flows from operating activities.

elaborate tests and why ? Explain its various types with syntax.

Radha, Shyam and Meera were partners in a firm sharing profits and losses equally. Their Balance Sheet as at 31st March, 2025 was as follows: Balance Sheet of Radha, Shyam and Meera as at 31st March, 2025 Liabilities Amount (₹) Assets Amount (₹) Capitals: Patents 1,80,000 Radha 4,00,000 Building 6,90,000 Shyam 4,00,000 Debtors 2,70,000 Meera 4,00,000 12,00,000 Stock 3,60,000 General Reserve 3,00,000 Bank 1,80,000 Creditors 1,80,000 16,80,000 16,80,000 Shyam retired from the firm on the above date on the following terms: (i) The new profit sharing ratio between the remaining partners was agreed at 3 : 2. (ii) The value of stock was to be reduced by 1,20,000. (iii) Patents were considered as valueless and hence were to be written off. (iv) Goodwill of the firm was valued at retirement. (v) Shyam was paid 1,00,000 immediately on his retirement and the balance was transferred to his loan account.

Which of the following statements is correct ?

Which of the following is a financial statement of a company ?

Which of the following is not a Solvency Ratio ?

Long-term debt 10,00,000 Net profit after tax 2,40,000 Tax Rate 40%

Revenue from operations 15,00,000 Opening inventory 2,00,000 Gross profit is 25% of cost of revenue from operations. Closing inventory was 2 times the open