CBSE Class 12 2025 Accountancy 67-7-2 Question Paper Set-1: Download Solutions with Answer Key

CBSE CLASS XII Questions

• 1.

  Rupal, Shanu and Trisha were partners in a firm sharing profits and losses in the ratio of 4:3:1. Their Balance Sheet as at 31st March, 2024 was as follows: 
  
  (i) Trisha's share of profit was entirely taken by Shanu. 
  (ii) Fixed assets were found to be undervalued by Rs 2,40,000. 
  (iii) Stock was revalued at Rs 2,00,000. 
  (iv) Goodwill of the firm was valued at Rs 8,00,000 on Trisha's retirement. 
  (v) The total capital of the new firm was fixed at Rs 16,00,000 which was adjusted according to the new profit sharing ratio of the partners. For this necessary cash was paid off or brought in by the partners as the case may be. 
  Prepare Revaluation Account and Partners' Capital Accounts. 

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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.

  Preet and Saral were partners sharing profits and losses in the ratio of 3:2. On 31st March, 2024 they decided to change their profit sharing ratio to 1:1. On the date of reconstitution goodwill of the firm was valued at Rs 1,00,000. The journal entry for treatment of goodwill on account of change in profit-sharing ratio will be:
  

  • Preet's Capital A/c Dr. 1,00,000 To Saral's Capital A/c 1,00,000
    
  • Saral's Capital A/c Dr. 1,00,000 To Preet's Capital A/c 1,00,000
    
  • Preet's Capital A/c Dr. 10,000 To Saral's Capital A/c 10,000
    
  • Saral's Capital A/c Dr. 10,000 To Preet's Capital A/c 10,000
    
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• 4.

  The following journal entry appears in the books of Latvion Ltd. : 
  
  The discount on issue of debentures is : 
   

  • 15
    
  • 5%
    
  • 10%
    
  • 95%
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• 5.

  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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• 6.

  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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