CBSE(NCERT) GRADE 12 ACCOUNTANCY 2026 SET3

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. Premium was 3,00,000. The above debentures were issued at a discount of :

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 which Realisation Account 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 her 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 her share in the future profits. On admission, it was found that land and building is to be :

Divya and Bholi were partners in a firm sharing profits and losses in the ratio of $3:1$. On 1st April, 2024, their capitals were 8,00,000 and 6,00,000 respectively. Divya withdrew 50,000 on 30th June, 2024. Bholi allowed interest on capital at 12% p.a. up to 31st March, 2025.

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 at 12% p.a. The amount of interest on capital for the year ended 31st March, 2025 was :

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

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 :

Arun, Varun and Tarun were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025, Arun died. Varun and Tarun decided to share future profits equally. The gaining ratio of Varun and Tarun will be :

Atul, Bajaj and Madan were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 5. The partnership deed provides that interest on drawings is charged at 18% per annum. During the year ended 31st March, 2025, Bajaj withdrew 7,000. The interest on drawings of Bajaj will be :

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 :

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 $\frac{\,\,\,}{\,\,\,}$ of his share in favour of Vinod and Karan surrendered $\frac{\,\,\,}{\,\,\,}$ of his share in favour of Vinod. The new profit sharing ratio will be:

Novelty Ltd. issued 3,000, 11% Debentures of 500 each at 450 per debenture. 11% Debentures Account will be credited by:

Misha Ltd. purchased assets of 18,80,000 from Vibo Ltd. Misha Ltd. issued 11% Debentures of 100 each at a discount of 6% in full satisfaction of the purchase consideration. The number of debentures issued to Vibo Ltd. was:

(a) 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:

(b) 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:

(a) 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 ________.

(b) 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 was:

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:

Tanvi, Manvi and Noori were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 1st April, 2025, their capitals were 8,00,000; 6,00,000 and 4,00,000 respectively. The firm closes its books on 31st March every year. Tanvi died on 30th September, 2025. The partnership deed provides that in the event of death of a partner, his/her legal representatives will be entitled to the following:

Tanvi, Manvi and Noori were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 1st April, 2025, their capitals were 8,00,000; 6,00,000 and 4,00,000 respectively. The firm closes its books on 31st March every year. Tanvi died on 30th September, 2025. 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 @ 9% p.a. (ii) Her share in the profits of the firm till the date of her death. Till 30th September, 2025 Tanvi had withdrawn 1,00,000 for personal use and interest on drawings @ 12% p.a. is to be charged. Her share in the profits of the firm till the date of her death was 3,60,000. Present the amount due to her legal representatives.

(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 th 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.

(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.

Rita and Mohit were partners in a firm sharing profits and losses in the ratio of 7 : 3. Their capitals were 7,00,000 and 3,00,000 respectively. The normal rate of return was 10%. The profits for the last four years were : 3,30,000; 4,00,000; (70,000); 5,00,000. 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%.

Namrata, Bhavi and Surbhi were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025, their capitals were 10,00,000; 8,00,000 and 6,00,000 respectively. With effect from 1st April, 2025, they decided to share the future

Namrata, Bhavi and Surbhi were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025, their capitals were 10,00,000; 8,00,000 and 6,00,000 respectively. With effect from 1st April, 2025, they decided to share the future profits equally. It was agreed that on change in profit sharing ratio: (i) Goodwill of the firm will be valued at 2,40,000. (ii) Revaluation of assets and liabilities will be carried out. The revaluation of assets and reassessment of liabilities resulted in a gain of 20,000. (iii) Total capital of the reconstituted firm will be 30,00,000 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.

Astha Ltd. was registered with an authorised capital of 20,00,000 divided into shares of 10 each.

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.

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.

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 ?

(a) 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 :

(b) Which of the following statements is correct ?

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

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

(b) Which of the following is not a Solvency Ratio ?

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

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.

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) Unclaimed dividend (ii) Trademarks (iii) Vehicles

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

From the following information of Kumar Ltd. prepare a Comparative Statement of Profit and Loss for the years ended 31st March, 2024 and 2025: Particulars / Note No. Revenue from operations 60,00,000 40,00,000 Cost of revenue from operations 50% of revenue from operations 50% of revenue from operations Other Expenses 15,00,000 10,00,000 Tax Rate 50% 50%

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

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

On retirement of Shyam, the amount of goodwill to be credited to the partners was:

(a) 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.

After reducing the value of stock by $1,20,000$, the value of stock will be:

JC Ltd. earned a net profit of 50,000 after providing depreciation of 20,000 on fixed assets and

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 : Calculate cash flows from operating activities.

The amount of goodwill to be written off will be:

The remaining partners' capital accounts will be credited by:

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

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

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.

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 $20$ per share. The forfeited shares were re-issued at $80$ per share, fully paid-up. Pass necessary journal entries for the above transactions in the books of KG Ltd.

8% 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 opening inventory.

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.

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 :

List the necessary information to be filled by a user on company creation screen.

What is a Chart/Graph ? Explain its advantages.