Sample Question Paper 2025 Accountancy 12th with Solution.
1. Select the correct answer of the following-
(6×1)
I. The relationship of partners with the firm is-
(a) As owner and Agent
(b) As Servant
(d) As monopolist
(c) As manager
II. Goodwill is-
(a) A Current asset
(b) A fixed Asset
(d) An artificial Asset
(c) A tangible Asset
III. When old ratio is deducted from new ratio, it is called-
(a) Sacrificing Ratio
(b) Equal Ratio
(c) Gaining Ratio
(d) Loss Ratio
IV. Security premium is-
(a) Capital Profit
(b) Revenue Profit
(c) Capital Loss
(d) Revenue Loss
V. The balance sheet is called-
(a) Assets Statement
(b) Liabilities Statement
(c) Position Statement
(d) Income Statement
VI. Ideal liquid Ratio should be-
(a) 1:2
(b) 2:1
(c) 2:3
(d) 1:1
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Q 2. Fill in the blanks-. (6×1)
I. To be a partner of a firm, the person must have ability of ...........
II. Goodwill is ......... to earn profit.
Ⅲ. The debentures which can be converted into shares are called....... debentures.
IV. The balance of share forfeited A/C is shown in ......... side of the balance sheet.
V. Cash received from the issue of of shares is ........ activity.
VI. The bank overdraft is treated as ........ liability.
Q 3. Answer the following in True/False-
(6×1)
I. In the absence of partnership agreement, the profit is shared in capital ratio.
II. Registration of partnership is not compulsory.
III. Revaluation account is prepared when the assets are sold.
IV. On dissolution of firm, payment made to creditors is debited to realisation account.
V. A private company doesn't issue a prospectus.
VI. Depreciation is a non-cash item.
Q 4. Match the columns-. (7×1)
(A). (B)
I. Current Account. (a) Winding up Of Company
II. Sacrificing Partner. (b) Fully Paid
III. Part Amount of Reserve. (c) Creditors Turnover Ratio
IV. Trade Payable. (d) Fixed Capital Method
V. Credit Purchase. (e) Compensation
VI. Debenture Stock (f) Executor Of Deceased Partner
VII. Reserve Capital. (g) Sundry Creditors
Q5. Write answer in one sentence. (7×1)
I. What is the maximum number of members a partnership firm can have?
II. Accounting standard -10 is related to?
III. The document which is related with internal management of a company is called?
IV. Sale of forfeited share is called?
V. Under which heading profit of company is shown in the balance sheet?
VI. What type of activity of cash flow is receipt of cash from customers?
VII. Issue of shares at a price higher than its face value is called?
Q 6. What is partnership Deed? (2)
OR
What is meant by Firm?
Q 7. Mention any two reasons for the retirement of a partner. (2)
OR
What is meant by internal fund?
Q 8. Explain the Realisation account. (2)
OR
Which accounts are prepared on dissolution of firm.
Q 9. What is meant by minimum subscription? (2)
OR
What is Authorized capital?
Q 10. A company issued 15,000 equity shares of 100 each to the public. All amounts have been received in lump-sum. Pass the necessary journal entries in the books of company. (2)
OR
What is stock?
Q 11. What is meant by Surrender of Shares. OR. (2)
What is meant by Forfeiture of shares?
Q 12. Write any two difference between Current ratio and Liquid ratio? (2)
OR
Calculate net profit ratio-
Net Profit. ₹ 12,80,000
Sales. ₹. 80,000
Sales Return. ₹. 80,000
Q 13. What are Non cash item? (2)
OR
What is meant by cash outflow?
14. What are meant by convertible debentures? (2)
OR
Ravi trades purchased furniture costing ₹ 2,20,000. It was agreed that the purchase consideration be paid by issue of 10% debentures of ₹ 100 each. Give necessary journal entries in the books of Ravi traders.
Q 15. What is meant by calls in Arrears? (2)
OR.
Write the meaning of calls in advance?
Q 16. Write any three causes of origin of goodwill. (3)
OR
Jay, Vijay and Sanjay are partners sharing of 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.
Q 17. Hemant and Jayant are partners sharing profit and losses in the ratio of 3:2. They agreed to admit Ajay into partnership on 1 January 2023 and give him ¼ share of profit which he acquire equally from Hemant and Jayant. Ajay brings ₹ 20,000 as capital and ₹ 8,000 as goodwill. Pass necessary journal entries. (3)
OR
Why is a new person admitted to partnership firm as a partner? Write any three reasons?
Q 18. Write any three difference between Shares and Debentures. (3)
OR
Anant limited issued 8,000, 6% Debentures of ₹ 100 each at a discount of 10%, payable ₹ 40 on application and balance on allotment. Pass necessary journal entries in the books of company.
Q 19. Show how the following items will. appear in a company's balance sheet-. (3)
land and building. ₹ 15,00,000
Goodwill. ₹ 3,75,000
Marketable securities. ₹ 75,000
Cash. ₹ 1,95,000
Trade Receivables. ₹ 20,000
OR
Write the major headings of the "Equity and Liabilities" side of the company's balance sheet as per company's Act 2013.
Q 20. 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 capitalisation of super profit method. (4)
OR
Write the Difference between Sacrificing ratio and Gaining ratio.
Q 21. Write the procedure of forfeiture of Share. ( 4)
OR
Paras, Vikas and Nitin are partners in a firm sharing profits in the ratio of 3:2:1. Vikas retires on 31 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, machine 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 profit and loss adjustment account and partner's Capital Account.
Q 22. Write the procedure of forfeiture of shares. (4)
OR
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.
Q 23. Explain the method of calculating "Cash flow from operating activities" under indirect method. ( 4)
OR
Calculate cash flow from operating activities from the following information-
Particulars. 31-03-2022 (₹) 31-03-2023 (₹)
Surplus in Profit and Loss 2,40,000 2,20,000
Debtors. 1,24,000 1,00,000
Outstanding Rent. 84,000. 48,000
Goodwill. 1,52,000. 1,60,000
Prepaid Insurance. 8,000. 16,000
Creditors. 76,000. 52,000
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