CBSE Class 12 Accountancy Expected Question Paper 2025

1

A& B are partners sharing profits and losses in the ratio of 3:2. C is admitted for ¼ and for which ₹30,000 and ₹10,000 are credited as a premium for goodwill to A and B respectively. The new profitsharing ratio of A:B:C will be:

a) 3:2:1

b) 12:8:5

c) 9:6:5

d) 33:27:20

2

Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The firm maintains fluctuating capital accounts and the balance of the same as on 31st March 2022 is ₹ 4,00,000 and ₹ 4,65,000 for Vihaan and Mann respectively. Drawings during the year were ₹ 65,000 each. As per the partnership Deed, Interest on capital @ 10% p.a. on Opening Capital has been allowed to them. Calculate the opening capital of Vihaan given that the divisible profits during the year 2021-22 was ₹ 2,25,000.

a) ₹ 3,30,000

b) ₹ 4,40,000

c) ₹ 4,00,000

d) ₹ 3,00,000

3

In case the partners’ capitals are fixed, in which account will withdrawal of capital be recorded?

4

Rusting, a partner of a firm under dissolution was to get a remuneration 2% of the total assets realised other than cash and 10% of the amount distributed to the partners. Sundry assets (including Cash ₹ 8,000) realised at ₹ 1,16,000 and sundry liabilities to be paid ₹ 31,340.Calculate Rustings’s remuneration and Show your workings clearly. Also pass necessary journal entry for remuneration.

5

A, B and C are in partnership business. A used ₹2,00,000 belonging to the firm without the information to other partners and made a profit of ₹35,000 by using this amount. Which decision should be taken by the firm to rectify this situation?

a) A need to return only ₹2,00,000 to the firm.

b) A is required to return ₹35,000 to the firm.

c) A is required to pay back ₹35,000 only equally to B and C.

d) A need to return ₹2,35,000 to the firm

6

Ganga and Jamuna are partners sharing profits in the ratio of 2:1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her share of goodwill and she agrees to contribute proportionate capital of the new firm. How much capital will be brought by Saraswati? a) ₹ 43,750 b) ₹ 37,500 c) ₹ 50,000 d) ₹ 40,000

7

Furkan, Tanmay and Barkat were partners in a firm sharing profits in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. Tanmay died on 31st July, 2019. His executor was entitled to :

(i) His capital < 8,00,000 and his share of goodwill which was valued for the firm at < 96,000.

(ii) His share of profit as per partnership agreement, which was to be calculated on the basis of average profit of last 3 years. Average profits of the last 3 years were < 78,000.

(iii) Tanmay’s executors were paid < 95,000 by cheque at the time of his death and the balance was transferred to his executor’s loan account.

Pass the necessary journal entries in the books of the firm, on Tanmay’s death, for the above transactions.

8

A company forfeited 8,000 shares of ₹ 10 each on which ₹ 8 were called (including ₹ 1

premium) and ₹ 6 was paid (including ₹ 1 premium). Out of these 5,000 shares were reissued at maximum possible discount. Pass necessary journal entries.

9

Which of the following statements is incorrect about debentures?

a) Interest on debentures is an appropriation of profits.

b) Debenture holders are the creditors of a company.

c) Debentures can be issued to vendors at discount.

d) Interest is not paid on Debentures issued as Collateral Security.

10

At the time of dissolution of a firm, Creditors are ₹ 70,000; Firm’s Capital is ₹ 1,20,000; Cash Balance is ₹ 10,000. Other assets realised ₹ 1,50,000. Gain/Loss

in the realisation account will be:

a) ₹ 30,000 (Gain)

b) ₹ 40,000 (Gain)

c) ₹ 40,000 (Loss)

d) ₹ 30,000 (Loss)

11

Mahesh Ltd. had issued 20,000, 10% debentures of < 100 each. 8,000, 10% debentures were due for redemption on 31st March, 2019. The company had a balance of < 4,40,000 in the Debenture Redemption Reserve Account on 31st March, 2018. The company invested the required amount in the Debenture Redemption Investment on 1st April, 2018.

Pass the necessary journal entries for redemption of debentures. Ignore the entries for interest on debentures.

12

Bat, Cat and Rat were partners sharing profits and losses in the ratio 5:3:2. Cat retired and on that date there was a balance of Investment of ₹ 4,00,000 and

Investment Fluctuation Reserve of ₹ 1,00,000 was appearing in the balance sheet.

Pass necessary journal entries for Investment Fluctuation reserve in the following cases.

(i) Market Value of Investments was ₹ 4,80,000.

(ii) Market Value of Investments was ₹ 3,80,000.

(iii)Market Value of Investments was ₹ 2,90,000

13

Assertion (A):- A Company is Registered with an authorised Capital of 5,00,000 Equity Shares of ₹10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.

Reason ( R ):- Reserve Capital can be called up only at the time of winding up of the company.

(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 incorrect, but Reason (R) is Correct.

(d) Assertion (A) is correct, but Reason (R) is incorrect

14

Cheese and Slice are equal partners. Their capitals as on April 01, 2022 were Rs. 50,000 and Rs. 1,00,000 respectively. After the accounts for the financialyear ending March 31, 2023 have been prepared, it is observed that interest on capital @ 6% per annum and salary to Cheese @ ₹5,000 per annum, as provided in the partnership deed has notbeen credited to the partners’ capital accounts before distribution of profits.

You are required to give necessary rectifying entries using P&L adjustment account.

15

Lala Ltd. and Bala Ltd. use different accounting policies for inventory valuation. These variations leave a big question mark on the cross-sectional analysis and comparison of these two firms was not possible. Identify the limitation of Ratio Analysis highlighted in the above situation. Also explain any two other limitations of Ratio Analysis apart from the identified above.