CBSE Class 12 Accountancy 2026 Question Paper

The books of Mehul and Barkha showed that their capital employed on 31st March, 2025 was Rs. 6,00,000. If the normal profits are Rs. 60,000 and super profits are Rs. 20,000, then the normal rate of return is :

There are two statements Assertion (A) and Reason (R) : Assertion (A) : Partnership Agreement becomes the basis of relationship among the partners. Reason (R) : Partnership is the result of an agreement between two or more persons to do business and share its profits and losses. Choose the correct option from the following :

(a) If 600 shares of Rs. 10 each, issued at a premium of Rs. 1 per share are forfeited on which Rs. 8 per share (including premium) have been called and Rs. 6 per share (including premium) have been paid, then 'Share Forfeiture Account' will be ________ by ________. (A) credited, Rs. 3,000 (B) debited, Rs. 3,000 (C) debited, Rs. 3,600 (D) credited, Rs. 3,600 OR (b) T.D. Ltd. issued Rs. 10,00,000, 9% debentures at a discount of 10% redeemable at a certain rate of premium. On issue of these 9% debentures, the premium on redemption of debentures account was credited by Rs. 1,00,000. The amount of 'loss on issue of debentures' was : (A) Rs. 1,00,000 (B) Rs. 2,00,000 (C) Rs. 3,00,000 (D) Nil

(a) Tarun and Tej were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April 2024, Tej had given a loan of Rs. 50,000 to the firm. The net profit of the firm before charging interest on loan was Rs. 3,75,000. The firm closes its books on 31st March every year. The amount of profit transferred from Profit and Loss Account to Profit and Loss Appropriation Account will be : (A) Rs. 3,75,000 (B) Rs. 3,72,000 (C) Rs. 4,25,000 (D) Rs. 3,78,000 OR (b) Ashok and Vasu were partners in a firm sharing profits and losses in the ratio of 4 : 3. Their capitals on 31st March, 2025 were Rs. 3,00,000 and Rs. 3,75,000 respectively. During the year ended 31st March, 2025 Vasu withdrew Rs. 40,000 for his personal use and introduced Rs. 1,50,000 as additional capital in the business. Profit of the firm for the year ended 31st March, 2025 was Rs. 1,40,000. Vasu's capital in the beginning of the year was : (A) Rs. 2,75,000 (B) Rs. 4,25,000 (C) Rs. 2,05,000 (D) Rs. 3,45,000

Soni and Kush were partners in a firm sharing profits and losses in the ratio of 4 : 5. Hitesh was admitted as a new partner for 1/5th share in the profits of the firm. After all adjustments regarding general reserve, goodwill, and gain on revaluation of assets and reassessment of liabilities, the balances in capital accounts of Soni and Kush were Rs. 7,00,000 and Rs. 13,00,000 respectively. Hitesh brought in proportionate capital for his 1/5th share in the profits of the firm. The amount of proportionate capital brought in by Hitesh was :

Which of the following is not correct about collateral security? OR 'A company is formed according to the provisions of Company Law' indicates which of the following characteristics of a company?

Chandan, Ravi and Mahesh were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. From 1st April, 2025 they decided to share the future profits in the ratio of 3 : 2 : 1. On that date there existed a general reserve of Rs. 7,00,000 in the books of the firm which they decided to distribute among themselves. In which ratio will the general reserve be distributed among the partners? OR Suman and Tanya were partners in a firm sharing profits and losses in the ratio of 2 : 1. With effect from 1st April, 2025, they decided to share the profits equally. On that date furniture was appearing in the books of the firm at Rs. 4,50,000. At the time of change in the profit sharing ratio, it was found to be undervalued by 10%. In the new balance sheet, furniture will be shown at :

Tula, Ram and Madhvi were partners in a firm. The partnership deed provided for interest on partners drawings @ 12% p.a. The firm closes its books on 31st March every year. Starting from 31st December, 2025 Madhvi withdrew Rs. 40,000 at the end of every month for her personal use. Interest on Madhvi's drawings will be :

Dharam, Karam and Raman were partners in a firm sharing profits and losses in the ratio of 7 : 8 : 5. On 31st March, 2025, Raman retired from the firm. Dharam and Karam decided to share profits in future in the ratio of 11 : 9. Their gaining ratio will be : OR Deen, Raju and Hari were partners in a firm sharing profit and losses in the ratio of 7 : 6 : 7. On 31st March, 2025 Raju died. Deen and Hari decided to take over Raju's share equally. The new profit sharing ratio between Deen and Hari will be :

Nidhi and Kunal were partners in a firm sharing profits and losses in the ratio of 4 : 1. Their capitals were Rs. 3,00,000 and Rs. 2,00,000 respectively. They were entitled to interest on capital @ 6% p.a. The firm earned a profit of Rs. 15,000 during the year. Interest on partners' capitals will be :

On 1st April, 2024, Dina Ltd. issued 8,000, 9% debentures of Rs. 100 each at a discount of 6%. The total amount of interest due on debentures for the year ended 31st March, 2025 will be :

Sakshi Ltd. forfeited 500 equity shares of Rs. 10 each, issued at a premium of Rs. 2 per share for non-payment of second and final call of Rs. 4 per share (including premium). The maximum amount of discount at which these shares can be reissued is :

Surya Ltd. issued 50,000 equity shares of Rs. 10 each. The amount was payable as follows : on Application - Rs. 3 per share, on Allotment - Rs. 2 per share, on First and Final Call - the balance. Usha, to whom 700 shares were allotted, paid her entire share money on allotment. Raj, to whom 300 shares were allotted did not pay the first and final call. The amount to be debited to Bank Account for first and final call after it becomes due will be :

Sidhi, Gyan and Gayatri were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 2. On 31st March, 2025 their firm was dissolved. At the time of dissolution a debtor amounting to Rs. 25,000 whose debt had been previously written off as bad debt paid 40% of the amount. The accounting treatment for the above transaction will be :

Chaman and Vatika were partners in a firm sharing profits and losses in the ratio of 4 : 5. They admitted Mohan as a new partner for $\frac{1}{5}$th share in the profits of the firm. Mohan acquired his share equally from Chaman and Vatika. The new profit sharing ratio of Chaman, Vatika and Mohan will be :

Lalita, Shivani and Madhuri were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Madhuri retired from the firm on 31st March, 2025. The balance in her capital account on the date of her retirement was Rs. 1,80,000. Lalita and Shivani agreed to pay her Rs. 2,25,000 in full settlement of her claim. The goodwill of the firm on Madhuri's retirement was :

Average profit of a firm during the last few years is Rs. 8,00,000. In similar business, the normal rate of return is 10% of the capital employed. Assets of the business were Rs. 60,00,000 and its external liabilities were Rs. 20,00,000. Calculate the value of goodwill by : (i) Capitalisation of super profits method (ii) Super profit method if the goodwill is valued at four years' purchase of super profits.

(a) Sanjay and Vijay were partners in a firm sharing profits and losses in the ratio of 4 : 3. On 1st April, 2025 they admitted Babul as a new partner for 2/5th share in the profits of the firm. On Babul's admission, the following was agreed upon : (i) The new profit sharing ratio of Sanjay, Vijay and Babul will be 3 : 3 : 4. (ii) The goodwill of the firm will be valued at four years purchase of the average profits of the last three years. The profits of the previous three years were : | Year | Profit (Rs.) | | --- | --- | | 2022-23 | 16,500 | | 2023-24 | 17,500 | | 2024-25 | 18,500 | (iii) Babul will bring his share of goodwill premium in cash, half of which will be withdrawn by Sanjay and Vijay. (iv) On Babul's admission, revaluation of assets and reassessment of liabilities resulted in a loss of Rs. 70,000. (v) At the time of Babul's admission, the firm had a General Reserve of Rs. 28,000. (vi) After making necessary adjustments relating to goodwill, loss on revaluation and general reserve, the capital accounts of Sanjay and Vijay showed balances of Rs. 3,50,000 and Rs. 2,50,000 respectively. Babul brought proportionate capital for his 2/5th share in the profits of the firm. Showing your workings clearly pass necessary journal entries for the above transactions in the books of the firm on Babul's admission. OR (b) Anuj, Divij and Shilpa were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their Balance Sheet as at 31st March, 2023 was as follows : Balance Sheet of Anuj, Divij and Shilpa as at 31st March, 2023 | Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | | --- | --- | --- | --- | | Capitals : | | Land & Building | 8,00,000 | | Anuj 3,00,000 | | Furniture | 2,40,000 | | Divij 4,00,000 | | Stock | 1,20,000 | | Shilpa 5,00,000 | 12,00,000 | Debtors | 1,70,000 | | Bills Payable | 60,000 | Cash | 50,000 | | Creditors | 1,20,000 | | | | | 13,80,000 | | 13,80,000 | Anuj retired on the above date on the following terms : (i) Anuj's share of goodwill was valued at Rs. 90,000 and the same was to be treated without opening goodwill account. (ii) Revaluation of assets and reassessment of liabilities resulted in a gain of Rs. 25,000. (iii) Amount due to Anuj was transferred to his loan account, to be paid in two equal yearly instalments plus interest @ 12% p.a. on the unpaid balance starting from 31st March, 2024. Prepare Partners' Capital Accounts and Anuj's Loan Account till it is fully discharged.

The nominal capital of Dharma Ltd. is :

The issued capital of the company is :

Subscribed and fully paid capital of Dharma Ltd. will be :

The amount of 'Share Capital' presented in the Balance sheet of Dharma Ltd. under 'Shareholders Funds' will be :

In the Notes to Accounts, the amount to be shown under 'Share Forfeiture Account' will be :

Subscribed and not fully paid capital of Dharma Ltd. will be :

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

From the following Balance sheets of Royal Sugar Mills Ltd. as at 31st March, 2024 and 2025, prepare a Comparative Balance Sheet : | Particulars | Note No. | 31-3-2025 (Rs.) | 31-3-2024 (Rs.) | |---|---|---|---| | I. Equity and Liabilities : | | | | | 1. Shareholders' Funds | | | | | Share Capital | | 24,00,000 | 20,00,000 | | 2. Non-current Liabilities | | | | | Long term borrowings | | 12,00,000 | 10,00,000 | | 3. Current liabilities | | | | | Trade Payables | | 6,00,000 | 5,00,000 | | Total | | 42,00,000 | 35,00,000 | | II. Assets : | | | | | 1. Non-Current Assets | | | | | Property, plant and equipment and intangible assets | | 30,00,000 | 25,00,000 | | 2. Current Assets | | | | | (a) Inventories | | 2,00,000 | 4,00,000 | | (b) Cash & Cash equivalents | | 10,00,000 | 6,00,000 | | Total | | 42,00,000 | 35,00,000 |

(a) From the following information, calculate : (i) Current ratio and (ii) Debt to capital employed ratio | Information | Rs. | |---|---| | Total Assets | 6,00,000 | | Non-Current Liabilities | 1,40,000 | | Shareholders' Funds | 4,20,000 | | Non-current Assets | 5,20,000 | OR (b) From the following information, calculate : (i) Debt-Equity Ratio and (ii) Total Assets to Debt ratio | Information | Rs. | |---|---| | Long-term borrowings | 8,00,000 | | Other long-term liabilities | 80,000 | | Long term provisions | 1,20,000 | | Share capital | 24,00,000 | | Reserves and Surplus | 6,00,000 | | Non-current Assets | 36,00,000 | | Current Assets | 14,00,000 | | Current Liabilities | 10,00,000 |

For the year ended 31st March 2025, Sona Ltd. made a profit of Rs. 4,00,000 after charging depreciation of Rs. 75,000 on fixed assets and a transfer of Rs. 1,50,000 to general reserve. Goodwill written off during the year was Rs. 80,000. The company sold machinery of the book value of Rs. 90,000 at Rs. 95,000. During the year, trade receivables increased by Rs. 40,000 and trade payables increased by Rs. 30,000. Prepaid expenses increased by Rs. 2,000 and outstanding wages decreased by Rs. 20,000. Calculate cash flows from operating activities.

(a) The process of identifying the financial strengths and weaknesses of the firm by properly establishing relationships between the various items of Balance Sheet and the Statement of Profit and Loss is called : (A) Comparative Statement Analysis (B) Cash Flow Analysis (C) Financial Analysis (D) Common Size Analysis OR (b) Ratios calculated to measure the ability of the business to pay the amount due to stakeholders as and when it is due are known as : (A) Solvency ratios (B) Liquidity ratios (C) Activity ratios (D) Profitability ratios

Which of the following transaction will affect the 'Gross Profit Ratio' of a company : (i) Revenue from operations Rs. 1,00,000 (ii) Purchased goods worth Rs. 70,000. (iii) Goods costing Rs. 15,000 withdrawn for personal use. (iv) Goods costing Rs. 50,000 sold for Rs. 60,000.

(a) Purchase of marketable securities or short term investments are not considered for the preparation of cash flow statement because : (A) These are current assets (B) These constitute cash equivalents (C) These are intangible assets (D) These are tangible assets OR (b) Which of the following will not amount to cash outflow from operating activities ? (A) Purchase of marketable securities (B) Cash payment to suppliers of goods (C) Payment of employee benefit expenses (D) Payment of insurance premium

Statement - I : In case of non-financial enterprises, receipts of interest and dividend are classified as financing activities. Statement - II : In case of financial enterprises receipts of interest and dividend are classified as investing activities. Choose the correct option from the following :

(b) Sameer and Manveer were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2024, they admitted Sandeep as a new partner for 1/5th share in the profits with a guaranteed minimum amount of Rs. 80,000. Sameer and Manveer continue to share profits as before but agreed to bear any deficiency on account of guarantee to Sandeep in the ratio of 3 : 5. The net profit of the firm for the year ended 31st March, 2025 was Rs. 3,20,000. Prepare Profit and Loss Appropriation Account of Sameer, Manveer and Sandeep for the year ended 31st March, 2025.

(a) Raunak Cotton Ltd. purchased machinery of Rs. 6,80,000 from Heavy Machines Ltd. The Payment to Heavy Machines Ltd. was made by issuing 10,500 equity shares of Rs. 50 each at a premium of 20% and the balance through a cheque. Pass necessary journal entries for the above transactions in the books of Raunak Cotton Ltd. OR (b) Neo Ltd. took over assets of Rs. 25,00,000 and liabilities of Rs. 12,00,000 of Madura Ltd. for a purchase consideration of Rs. 18,00,000. Neo Ltd. issued 11% debentures of Rs. 100 each at a discount of 10% in full satisfaction of the purchase consideration. Pass necessary journal entries for the above transactions in the books of Neo Ltd.

Shree and Hari were partners in a firm sharing profits and losses in the ratio of 2 : 3. Their fixed capitals were Rs. 4,00,000 and Rs. 3,00,000 respectively. The partnership deed provided that Hari is to be allowed a commission of 5% of net profit. The net profit of the firm for the year ended 31st March, 2025 was Rs. 1,00,000. Pass the following journal entries in the books of the firm : (i) For crediting Hari's commission to his current account. (ii) For transferring the commission to Profit and Loss Appropriation Account.

On 1st April, 2024 Bhumika Ltd. issued 500, 9% debentures of Rs. 500 each at a discount of 10% redeemable at a premium of 6% after five years. On 31st March, 2025 the company had a balance of Rs. 30,000 in its Securities Premium Account. Pass necessary journal entries for issue of 9% Debentures and writing off Loss on issue of Debentures. Also prepare 'Loss on Issue of Debentures Account'.

Kiran, Raveena and Hina were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. The firm closes its books on 31st March every year. As per the terms of the partnership deed, on the death of any partner, the goodwill of the firm will be calculated on the basis of four times the average profits of the last three years. Hina died on 1st July 2025. The Profits for the last three years were : 2022-23 Rs. 4,75,000 2023-24 Rs. 4,05,000 2024-25 Rs. 3,20,000 Hina's share of profit upto the date of death was to be calculated on the basis of previous year's profit. (i) Calculate goodwill of the firm and Hina's share of goodwill. (ii) Calculate Hina's share in the profits of the firm till the date of her death. (iii) Pass necessary journal entries for the treatment of goodwill without opening goodwill account and for Hina's share of profit at the time of her death.

Ravneet and Manmeet were partners in a firm sharing profits and losses in the ratio of 7 : 3. On 31st March, 2025, their Balance Sheet was as follows : Balance Sheet of Ravneet and Manmeet as on 31st March, 2025 | Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | |---|---|---|---| | Creditors | 4,50,000 | Cash at Bank | 2,50,000 | | Capitals : | | Stock | 2,50,000 | | Ravneet 5,00,000 | | Debtors | 2,00,000 | | Manmeet 3,00,000 | 8,00,000 | Plant & Machinery | 5,50,000 | | | 12,50,000 | | 12,50,000 | On the above date, the firm was dissolved. The plant and machinery was sold at Rs. 4,87,000 and stock at 20% less than the book value. Debtors realised Rs. 1,40,000. Ravneet agreed to bear all realisation expenses for which he was allowed a commission of Rs. 9,000. Actual realisation expenses amounted to Rs. 7,500. Prepare Realisation Account and Partners' Capital Accounts.

(a) Generic Pharma Ltd. invited applications for using 3,00,000 equity shares of Rs. 10 each at a premium of Rs. 6 per share. The amount was payable as follows : on Application and Allotment - Rs. 4 per share (including premium of Rs. 2 per share) on First and Final Call - Balance Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and the application money was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received on applications was adjusted towards sums due on first and final call. Jain, an applicant for 3,600 shares failed to pay the first and final call. His shares were forfeited. Pass necessary journal entries in the books of Generic Pharma Ltd. for the above transactions. Open 'calls in arrears account' and 'calls in advance account', wherever necessary. OR (b) Pass necessary journal entries for forfeiture and reissue of forfeited shares in the following cases : (i) Diksha Ltd. forfeited 3,000 shares of Rs. 10 each for non-payment of final call of Rs. 2 per share. Out of these, 600 shares were reissued as fully paid up in such a way that Rs. 4,200 was transferred to capital reserve. (ii) Ashoka Ltd. forfeited 2,000 equity shares of Rs. 100 each issued at a premium of 10% for non-payment of allotment money of Rs. 60 per share (including premium). The first and final call of Rs. 20 per share was not yet made. The forfeited shares were re-issued at Rs. 70 per share fully paid up. (3 + 3 = 6)