Accountancy/12/PT II/25-26/1

AADHARSHILA VIDYAPEETH
CD-Block, Pitampura
SESSION : 2025-2026
PT-II EXAMINATION
SUBJECT:- ACCOUNTANCY
CLASS XII
TIME :3 HOURS MAX. MARKS: 80
GENERAL INSTRUCTIONS:
1. This question paper contains 34 questions. All questions are compulsory.
2. Question 1 to 20 carries 1 mark each.
3. Questions 21 to 26 carries 3 marks each.
4. Questions from 27 to 29 carries 4 marks each.
5. Questions from 30 to 34 carries 6 marks each.
6. Total No. of Printed pages is 9.

S.No. Question Mark

s
1. On retirement of a partner, goodwill will be credited to the Capital 1
Account of:
a. Retiring Partner b. Remaining Partners
c. All Partners d. None of the Above
2. A, B and C are partners sharing profits in the ratio of 5 : 2 : 1. If the new 1
ratio on the retirement of A is 3 : 2, what will be the gaining ratio?
(A) 11: 14 (B) 3 : 2 (C) 2 : 3 (D) 14 : 11
3. Forfeiture of shares leads to reduction of Capital. 1
a. Authorised b. Issued c. Subscribed d. Called
up
4. Suraj ltd. issued 40,000, 10% debentures of ₹100 each at certain rate of 1
discount and were to be redeemed at20% premium. Exiting balance of
Securities premium before issuing of these debentures was ₹12,00,000
and after writing off loss on issue of debentures , the balance in
Securities Premium was ₹2,00,000. At what rate of discount these
debentures were issued?
a. 10% b. 5% c. 25% d. 15%
5. A,B and C are partners sharing profits and losses in the ratio of 1 : 1
1 : 2. A died on 01-Jun 2025. His share of profits from the closure of
the last accounting year i.e. 31-Mar 2025 till the date of death was to
be calculated on the basis of the average profits of two completed
years before death. Profit for the year 2024 and 2025 were Rs. 50000
and Rs. 70000 respectively. Calculate A ‘s share of profit till the
death.
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(a) Rs. 35000 (b) Rs. 12500 (c) Rs. 2500 (d) None of
these
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6. Which of the following transaction will result in no flow of cash? 1

(a) Purchase of machinery
(b) Sale of investments
(c) Acquisition of machinery by issue of equity shares
(d) Redemption of debentures
7. 1
A company forfeited 6,000 shares of ₹ 10 each, on which only application
money of ₹ 3 has been paid. 4,000 of these shares were re-issued at ₹ 12 per
share as fully paid up. Amount of Capital Reserve will be .

a. ₹ 18,000 b. ₹ 12,000 c. ₹ 30,000 d. ₹

24,000
8. On 1st April 2019 a company took a loan of ₹80,00,000 on security of land 1
and building. This loan was further secured by issue of 40,000, 12%
Debentures of ₹100 each as collateral security. On 31st March 2024 the
company defaulted on repayment of the principal amount of this loan
consequently on 1st April 2024 the land and building were taken over and
sold by the bank for ₹70,00,000. For the balance amount debentures were
sold in the market on 1st May 2024. From which date would the interest on
debentures become payable by the company?
A. 1st April 2019. B. 31st March 2024.
C. 1st April 2024. D. 1st May 2024.
9. Rama, a partner took over Machinery of ₹ 50,000 in full settlement of her 1
Loan of ₹
60,000. Machinery was already transferred to Realisation
Account. How it will effect the Realisation Account?
A. Realisation Account will be B. Realisation Account will be
credited by ₹ 60,000 credited by ₹ 10,000
C. Realisation Account will be D. No effect on Realisation Account
credited by ₹ 50,000
OR
Dada, Yuvi and Viru were partners sharing profits and losses in the ratio
3:2:1. Their books showed Workmen Compensation Reserve of ₹ 1,00,000.
Workmen Claim amounted to ₹ 60,000. How it will affect the books of
Accounts at the time of dissolution of firm?
A. Only ₹ 40,000 will be distributed amongst partner’s capital account
B. ₹ 1,00,000 will be credited to Realisation Account and ₹ 60,000 will
be paid off.
C. ₹ 60,000 will be credited to Realisation Account and will be even
paid off. Balance ₹ 40,000 will be distributed amongst partners.
D. Only ₹ 60,000 will be credited to Realisation Account and will be
even paid off.
10. Which of the following is a tool of Analysis of Financial Statements: 1
(a) Cash Flow Statement
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(b) Statement of Profit and Loss

(c) Notes to Accounts
(d) Balance Sheet
Choose the correct option:
(a) (i) b) (i) and (ii) (c) (ii) (d) (i), (ii) and (iv)
11. At the time of dissolution Machinery appears at ₹ 10,00,000 and 1
accumulated depreciation for the machinery appears at ₹ 6,00,000 in the
balance sheet of a firm. This machine is taken over by a creditor of ₹
5,40,000 at 5% below the net value. The balance amount of the creditor was
paid through bank. By what amount should the bank account be credited for
this transaction?
A. ₹ 60,000. B. ₹ 1,60,000. C. ₹ 5,40,000. D. ₹
4,00,000.
12. Which of the following statement is incorrect? 1
(a) intra-firm analysis is a comparison of financial statements of an
enterprise for two or more accounting periods.
(b) Inter-firm analysis is a comparison of financial statements of two or more
enterprises for the same accounting period.
(c) Vertical analysis provides information in absolute and percentage form.
(d) An income statement indicates the financial position of an enterprise for
an accounting period.

13. Shares issued as sweat equity can be 1

(i)Issued at par.
(ii) Issued at discount.
(iii) Issued at a premium.
Which of the following is correct?
A. Only (i) is correct. B. Both (i) and (iii) are correct.
C. All are correct. D. Only (ii) is correct.
14. 2,000 shares allotted to Ms. Regal, on which ₹ 80 each called up and ₹ 1
50 paid were forfeited and reissued for ₹ 70 each as ₹ 90 paid up.
Amount transferred to capital reserve A/c is :
A. Rs. 1,00,000 B. 60,000 C. 40,000 D. 20,000
15. From the following information compute the current ratio. 1
Particulars Amount

Working Capital 6,00,000

Current Assets 16,00,000

Inventory 4,50,000
(a) 14.4 :4 (b)4. 8 :2 (c) 1.6 :1 (d) None of the above
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16. Under which sub-heading will the “Loan of Rs. 1,00,000 payable after three 1
years” is shown?
A. Long term borrowing B. Short term borrowings
C. Reserve & Surplus D. Loan and Advances
17. Which analysis is based only on one year’s data: 1
A. Cash flow statement B. Dividend Analysis
C. Vertical Analysis D. Horizontal Analysis

18. Assertion (A): At the time of retirement, the retiring partner will get an 1
amount equal to his share in profits out of general reserve and credit balance
in Profit and Loss Account.
Reason (R): Retiring partner will not get an amount out of the General
Reserve and credit balance of the Profit and Loss Account at the time of his
retirement since he gets his share in goodwill.
Options:
a) Assertion (A) and Reason (R) are correct and Reason (R) is the correct
explanation of Assertion (A).
b) Assertion (A) and Reason (R) are correct but Reason (R) is not the correct
explanation of Assertion (A).
c) Assertion (A) is correct but Reason (R) is not correct.
d) Assertion (A) is not correct but Reason (R) is correct.

19. Assertion (A): In the absence of Partnership Deed or Agreement, interest on 1

amount due to Deceased Partner is paid @ 6% p.a. on the outstanding
amount.
Reason (R): Unpaid amount is a loan to the firm. The Partnership Act, 1932
(Section 37) prescribes that interest is payable @ 6% p.a. in the absence of
agreement.
(Options same as Q.18.)
20. Assertion (A): Loan from the wife of a partner is treated just like loan from 1
the partner himself.
Reason (R): It is not transferred to Realisation Account.
Options:
(a) Both Assertion (A) and Reason (R) are correct and Reason (R) is the
correct reason of Assertion (A)
(b) Both Assertion (A) and Reason (R) are correct but Reason (R) is not the
correct reason of Assertion (A)
(c) Both Assertion (A) and Reason (R) are incorrect
(d) Only Reason (R) is correct
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21. Vinod, a partner of a firm under dissolution was to get a remuneration 2% 3

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 Vinod’s
remuneration and Show your workings clearly. Also
pass necessary journal entry for remuneration.
22. M, N and O were partners in a firm sharing profits and losses equally. Their 3
Balance Sheet on 31-12.2014 was as follows:

N died on 14th March, 2015. According to the Partnership Deed, executers of

the deceased partner are entitling to: (i) Balance of partner’s capital A/c (ii)
Interest on capital @ 5% p.a. (ii) Share of goodwill calculated on the basis of
twice the average of past three years’ profits. (iv) Share of profits from the
closure of the last accounting year till the date of death on the basis of twice
the average of three completed year’s profits before death. Profits for 2012,
2013 and 2014 were Rs. 80,000, Rs. 90,000, Rs. 1,00,000 respectively. Show
the working for deceased partner’s share of goodwill and profits till the date
of his death. Pass the necessary journal entries.
23. On 28th February, 2016 the first call of ₹ 2 per share became due on 50,000 3
equity shares allotted by Kumar Ltd. Komal a holder of 1,000 shares did not
pay the first call money. Kovil a holder of 750 shares paid the second and
final call of ₹ 4 per share along with the first call.
Pass the necessary journal entry for the amount received by opening calls-
in-arrears and calls-in -advance account in the books of the company.
OR
Nirman Ltd issued 50,000 equity shares of ₹ 10 each. The amount was
payable as follows
On application: ₹ 3 per share
On allotment: ₹ 2 per share
On first and final call: Balance
Applications for 45,000 shares were received and shares were allotted to all
the applicants, Pooja, to whom 500 shares were allotted, paid her entire
share money at the time of allotment, whereas Kundan did not pay the first
and final call on his 300 shares. What amount will be received at the time of
making the first and final call.
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24. Aman, Bharat and Dharam were partners sharing profits and losses 3
in the ratio 5:3:2. Bharat 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
25. From the following information, Prepare Comparative Statement of Profit 3
and Loss:

26. Opening inventory is Rs. 60,000, closing inventory is 1.5 times of opening 3
1/3
inventory. Inventory Turnover Ratio is 6 times. Selling price is 33 %
above cost. Calculate the Gross Profit Ratio.
27. Raunit Styles Ltd. was registered with a capital of Rs. 85,00,000 divided 4
into equity shares of Rs. 100 each. The company invited applications for
issuing 45,000 shares.
The amount was payable as Rs. 25 on application, Rs. 35 on allotment, Rs. 25
on first call and balance on final call.
Applications were received for 42,000 shares and allotment was made to
all the applicants. Kavi, to whom 3,300 shares were allotted, failed to pay
both the calls. His shares were forfeited.
Present the Share Capital in the Balance Sheet of the company as per
Schedule III of the Companies Act, 2013.
28. Akshay, Ranveer, and Ritesh were partners sharing profits and losses 4
equally. Ranveer died on 1st October, 2023 and total amount transferred to
Ranveer’s executors was ₹ 15,60,000. Ranveer’s executors were being paid
₹ 3,60,000 immediately and balance was to be paid in four equal quarterly
instalments, together with Interest @ 6% p.a. Pass entries till payment of
first two installments.
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29. Calculate the ‘Total Assets to Debt Ratio’ from the following information 4
Current Assets 11,00,000
Working Capital 6,50,000
Shareholder’s Fund 7,50,000
Total Debt 19,50,000
Reserves and Surplus 2,50,000
30. Sona Ltd. invited applications for issuing 60,000 equity shares of ₹ 50 each. 6
The amount was payable as follows:
On Application – ₹ 20 per share
On Allotment – ₹ 25 per share
On First and final call – Balance
Applications for 90,000 shares were received. Applications for 10,000 shares
were rejected and application money refunded. Shares were allotted on pro-
rata basis to the remaining applicants. Excess money received with
applications was adjusted towards sums due on allotment. Rahul, to whom
600 shares were allotted, failed to pay the allotment money and his shares
were forfeited immediately. Afterwards, the first and final call was made.
Mona, to whom 1,000 shares were allotted, failed to pay the first and final
call. Her shares were also forfeited. Pass necessary journal entries in the
books of Sona Ltd. for the above transactions.
31. Liabilities Amount Assets Amount 6
Creditors 28,000 Cash 27,000
General Reserve 7,500 Debtors 20,000
Capitals: Stock 28,000
Krisha 20,000 Furniture 5,000
Shubhra 14,500
Anshi 10,000 44,500
80,000 80,000
Krisha, Shubhra and Anshi were partners in a firm whose Balance Sheet as
on 31st March, 2023 was as under:
Balance Sheet

Shubhra retired on this date under following terms:

(i) To reduce stock and furniture by 5% and 10% respectively.
(ii) To provide for doubtful debts at 10% on debtors.
(iii) Goodwill was valued at `12,000.
(iv) Creditors of Rs.8,000 were settled at Rs.7,100.
(v) Shubhra should be paid off and the entire sum payable to her shall
be brought in by Krisha and Anshi in such a way that their capitals
should be in their new profit-sharing ratio and a balance of
Rs.25,000 is maintained in the cash account.
Prepare Revaluation Account and partners’ capital accounts of the new firm.
32. Liabilities Amount Assets Amount 6
Creditors 1,90,000 Bank 5,000
Bills Payable 1,10,000 Fixed Deposits 70,000
Employees provident fund 50,000 Stock 86,000
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Mrs. Shine’s Loan 55,000 Investments 1,04,000
Ray’s Loan 85,000 Debtors 1,77,000
Investment Fluctuation Fund 30,000 (-) Provision for D/D 1,65,000
12,000
Capitals: Other Fixed Assets 3,80,000
Sunny 2,20,000 Deferred Revenue 35,000
3,40,000 Expenditure 15,000
Bobby 1,20,000
Shine’s Loan
8,60,000 8,60,000
Shine and Ray were partners in a firm sharing profits and losses in the ratio
of 3:2. Their balance sheet as at 31st March, 2022:

The firm was dissolved on 31st March, 2022. The assets were realized and
the liabilities were paid as under:
(a) Shine promised to pay off Mrs. Shine’s Loan
(b) Ray took away stock at 20% discount and 80% of the investments at
10% discount.
(c) Dharam, a debtor of Rs. 60,000 had to pay the amount due 2 months
after the date of dissolution. He was allowed a discount of 9% p.a. for
making immediate payment.
(d) Creditors were paid Rs.1,75,000 in full settlement of their claim.
(e) 90% of Other fixed assets realised Rs. 1,98,000 and remaining were
realised at discount of 15%.
(f) Balance of investments were sold at 75% value and Fixed Deposits
were realised at110%.
(g) There was an old furniture which has been written off completely from
the books, Ray took away the same for Rs. 41,000 against his loan and
balance to him was given in cash.
(h) Realisation expenses Rs. 20,000 were paid by Shine and Ray equally
on behalf of the firm.
You are required to prepare Realisation A/c.

33. On 1st April , 2022 , R.J.Ltd. issued Rs. 10,00,000 , 9% debentures of Rs. 6
100 each at a discount of 10%. These debentures were redeemable at a
premium of 5% after four years. Pass necessary journal entries for the year
ending 31st March ,2023 and prepare 9% Debentures Account and Loss on
Issue of Debentures A/C.( Ignore interest on debentures )
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34. (a)From the following information, calculate Cash flow from Operating 6
Activities.

Particulars 31 March 2023 31 March 2024

Surplus i.e Balance in Statement of Profit and Loss 6,00,000 5,00,000
Provision for Tax 1,00,000 1,20,000
Trade Receivables 2,00,000 2,40,000
Trade Payables 1,50,000 2,00,000
Goodwill 2,00,000 1,50,000
Additional Information:-
Proposed Dividend for the year ended March 31, 2023 and March 31,
2024 was ₹ 1,50,000 and ₹ 1,80,000 respectively.

(b) From the following information calculate the Cash from Investing
Activities
Particulars 31 March 2023 31 March 2024
Machinery (Cost) 20,00,000 28,00,000
Accumulated Depreciation 4,00,000 6,50,000
Additional Information:-
(i) Machinery costing ₹ 50,000 (Book Value ₹ 40,000) was lost
by fire and insurance claim of ₹ 32,000 was received.
(ii) Depreciation charged during the year was ₹ 3,50,000.
(iii) A part of Machinery costing ₹ 2,50,000 was sold at a loss of ₹
20,000.