MP Class 12 Accountancy Important Questions 2026

MP Class 12 Accountancy Important Questions 2025-26 are provided here after referring to the previous year's question papers and sample papers. After completing the MP Class 12 Accountancy Syllabus 2025-26 , you can start solving these questions. The MP 12th Accountancy exam paper consists of 23 questions in different categories but no sections. Questions no. 1 to 5 are objective-type questions. Each sub-question carries 1 mark. Questions no. 6 to 15, each question is worth 02 marks, with a word limit of 30 words. Questions no. 16 to 19, each question is worth 03 marks, with a word limit of 75 words. Questions no. 20 to 23, each question is worth 04 marks, with a word limit of 120 words. You can go through the article below to check the marks-wise MP Class 12 Accountancy Important Questions 2025-26.

MP Class 12 Accountancy Important Questions 2025-26: 1 Mark

Multiple Choice Questions (MCQs), fill-in-the-blanks, match the following, one-sentence answer questions, and true-false questions are among the kinds of objective-type questions that make up questions 1 to 5. Check out some important questions for one mark from the details given below:

1. The relationship of partners with the firm is-
(a) As owner and Agent (b) As Servant (c) As manager (d) As monopolist

2. Fill in the blanks:
I. To be a partner of a firm, the person must have the ability of………………….
II. Goodwill is………………….to earn profit.
III. The balance of the share forfeited A/C is shown on the …………………. side of the balance sheet.
IV. The debentures that can be converted into shares are called…………………. debentures.
V. The bank overdraft is treated as a ………………. liability.
VI. Cash received from the issue of shares is ……………..activity.

3. Answer the following in True/False
I. In the absence of a partnership agreement, the profit is shared in a capital ratio.
II. Registration of partnership is not compulsory.
III. Revaluation account is prepared when the assets are sold.
IV. On dissolution of the firm, payment made to creditors is debited to the realization account.
V. A private company doesn’t issue a prospectus.
VI. Depreciation is a non-cash item.

4. What is the maximum number of members a partnership firm can have?

5. Under which heading is the profit of the company shown in the balance sheet?

MP Class 12 Accountancy Important Questions 2025-26: 2 marks

1. What is meant by retirement of a partner?
or
A, B, and C are partners sharing profit in the ratio of 2:1:1. Calculate the new profit and loss ratio if c retires.

2. A company issued 15,000 equity shares of ₹100 each to the public. All amounts have been received in a lump sum. Pass the necessary journal entries in the books of the company.

3. What is meant by dissolution of a firm by agreement?
or
Name the accounts that are not transferred to the realization account.

4. Bharat limited purchased machinery from Bajaj for Rs. 90,000 purchase consideration is paid by issuing 11% debentures of Rs. 100 each. Give the necessary journal entry.

5. A company issued 50,000 equity shares at the rate of Rs. 10 each. Full amount of these shares was received with the application. Pass the necessary journal entry.
or
For what purpose can the security premium be used? (any two)

Also Check MP Class 12 Accountancy Model Papers 2025-26

MP Class 12 Accountancy Question Paper 2025-26: 3 Marks

1. P, Q, and R have been in business for ten years. They have shared profit and loss equally. On 31st Dec. 2022 they agree that R will take a 1/5 share of profits from 1st January 2023, because of old age. Partners agree that the goodwill should be valued at Rs. 6,000. Give a journal entry.

2. Sanjay Ltd. issued 4,000, 6% debentures of Rs. 100 each, payable Rs. 10 on application, Rs. 30 on allotment and Rs. 60 per debenture on call. Assuming that all the moneys were duly received. Draw up necessary journal entries in the books of the company.

3. Jay, Vijay, and Sanjay are partners sharing profit in the ratio of 3:2:1. The Partner agreed to share future profit in the ratio of 4:3:1. Find out the share of gain and sacrifice of each partner as a result of this change.

4. Hemant and Jayant are partners sharing profit and losses in the ratio of 3:2. They agreed to admit Ajay into partnership on 1st January 2023 and give him a ¼ share of profit, which he acquired equally from Hemant and Jayant. Ajay brings Rs. 20,000 as capital and Rs. 8,000 as goodwill. Pass necessary journal entries.

5. Anant limited issued 8,000, 6% Debentures of ₹100 each at a discount of 10%, payable ₹40 on application and the balance on allotment. Pass necessary journal entries in the books of the company.

MP Class 12 Accountancy Question Paper 2025-26: 4 Marks

1. Rajat, a partner in a firm, retired on 31st March 2019. On that day the balance of his capital account was Rs. 20,000. It is arranged that this will be paid by annual installments of Rs. 5000 each, with interest being charged on the outstanding balance at 5%. The first installment was on 31st march 2020 and subsequent payments were made on 31st march each year, showing Rajat’s loan A/c in the books of the firm.

2. A company issued 3000 equity shares of Rs. 10 each at a premium of 20%. The final call of Rs. 3 was not paid by Anuj, who holds 200 shares and his shares were forfeited. All forfeited shares were reissued at Rs. 12 per share. Journalize the forfeiture and reissue of shares.

3. The net average profit of Yash Ltd. is ₹1,68,000 per year. Capital invested is ₹10,00,000. Rate of return is 12%. Remuneration of partners is ₹24,000. Calculate goodwill by the capitalization of the super profit method.

4. Paras, Vikas, and Nitin are partners in a firm sharing profits in the ratio of 3:2:1. Vikas retires on 31st Dec 2023. On this day the balances of Capital Accounts were ₹6,000, ₹5,000 and ₹4,000. Goodwill is valued at ₹4,500 which will not appear in the books. On the basis of revaluation, machines and stocks are reduced by ₹1,200 and ₹800 respectively. Provision of ₹280 is made for doubtful debts. The creditors are reduced by ₹600 and the patents, of which the book value was ₹300 became valueless. Prepare a profit and loss adjustment account and a partner’s Capital Account.

5. A company issued 2,000 equity shares of ₹10 each at a premium of 10%. The final call of ₹ 2 was not paid by A, who holds 200 shares and his shares were forfeited. Half of the forfeited shares were reissued at ₹8 fully paid up. Give journal entries for the forfeiture and reissue of shares.

You can start preparing these questions and achieve a higher score. Along with that, you can also go through the MP Class 12 Accountancy Exam Pattern 2026 to get an idea about the distribution of the marks.