CBSE Class 12 2025 Accountancy 67-7-1 Question Paper Set-1: Download Solutions with Answer Key

CBSE CLASS XII Questions

• 1.

  Kajal and Laura were partners in a firm sharing profits and losses in the ratio of 5:3. They admitted Maddy for \( \frac{1}{4} \)th share in future profits. Maddy brought Rs 8,00,000 as his capital and Rs 4,00,000 as his share of premium for goodwill. Kajal, Laura and Maddy decided to share profits in future in the ratio of 2:1:1. After all adjustments in respect of goodwill, revaluation of assets and liabilities etc. Kajal's capital was Rs 15,00,000 and Laura's capital was Rs 8,00,000. It was agreed that partners' capitals should be in proportion to their new profit sharing ratio taking Maddy's capital as base. The adjustment was made by bringing in or withdrawing the necessary cash as the case may be. The cash brought in by Kajal was:

  • Rs 1,00,000
    
  • Rs 8,00,000
    
  • Rs 16,00,000
    
  • Rs 12,00,000
    
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• 2.

  Arun, Bashir and Joseph were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They admitted Daksh as a new partner who acquired his share entirely from Arun. If Arun sacrificed \( \frac{1}{5} \)th from his share to Daksh, Daksh's share in the profits of the firm will be :
  

  • \( \frac{1}{5} \) 
     

  • \( \frac{1}{10} \) 
     

  • \( \frac{3}{10} \)
    
  • \( \frac{2}{5} \)
    
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• 3.

  Nandita and Prabha were partners in a firm. Nandita withdrew Rs 3,00,000 during the year for personal use. The partnership deed provides for charging interest on drawings @ 10\% p.a. Interest on Nandita's drawings for the year ended 31st March, 2024 will be :
  

  • Rs 9,000
    
  • Rs 30,000
    
  • Rs 18,000
    
  • Rs 15,000
    
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• 4.

  Parul and Rajul were partners in a firm, sharing profits and losses in the ratio of 5 : 3. The balance in their fixed capital accounts on 1st April, 2023 were: Parul Rs 6,00,000 and Rajul Rs 8,00,000. The partnership deed provided for allowing interest on capital at 12\% per annum. The net profit of the firm for the year ended 31st March, 2024 was Rs 1,26,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2024. Show your working clearly.
  

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• 5.

  Aakash and Baadal entered into partnership on 1st October, 2023 with the capitals of Rs 80,00,000 and Rs 60,00,000 respectively. They decided to share profits and losses equally. Partners were entitled to interest on capital @ 10\% per annum as per the provisions of the partnership deed. Baadal is given a guarantee that his share of profit, after charging interest on capital will not be less than Rs 7,00,000 per annum. Any deficiency arising on that account shall be met by Aakash. The profit of the firm for the year ended 31st March, 2024 amounted to Rs 13,00,000. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2024.
  

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• 6.

  Bittu and Chintu were partners in a firm sharing profit and losses in the ratio of 4:3. Their Balance Sheet as at 31st March, 2024 was as   

  On $1^{\text {st }}$ April, 2024, Diya was admitted in the firm for $\frac{1}{7}$ share in the profits on the following terms:

  1. New profit sharing ratio between Bittoo, Chintoo and Diya will be $3:3:1$.
  2. Fixed Assets were found to be overvalued by ₹ 1,40,000.
  3. Creditors were paid ₹ 4,20,000 in full settlement.
  4. Diya brought proportionate capital and ₹ 5,60,000 as her share of goodwill premium by cheque.

  Prepare Revaluation Account and Partners' Capital Accounts.

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