CBSE Class 12 Accountancy Question Paper 2026 (67/3/1) with Solutions
The complete CBSE Class 12 Accountancy board paper of 2026, Q.P. code 67/3/1: all 42 questions exactly as set, with marks. 29 solutions are free below. The Class 12 Accountancy PYQ Book: Solved Board Papers 2016-2026 (CBSE) solves all 16 papers in full and sorts every question chapter-wise.
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2026 · Q.P. Code 67/3/1
Maximum marks: 80
Part A · Multiple choice (1 mark each)
Dharam and Karan were partners in a firm sharing profits and losses in the ratio of 7 : 3. On 1st April, 2025, they admitted Vinod as a new partner in the firm. Dharam surrendered 1/3rd of his share in favour of Vinod and Karan surrendered 1/4th of his share in favour of Vinod. The new profit sharing ratio will be :
Assertion (A) : In case of admission of a new partner in the partnership firm, there is a need to ascertain the new profit sharing ratio among all the partners.
Reason (R) : On admission of a new partner, the profit sharing ratio among the old partners will change, keeping in view their respective contribution to the profit sharing ratio of the incoming partner.
(a) Atul, Bajaj and Madan were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 5. The partnership deed provides that interest on a partner's drawings shall be charged @ 18% per annum. During the year ended 31st March, 2025, Bajaj withdrew ₹ 7,000 at the end of each quarter. Interest on Bajaj's drawings will be :
(b) Damodar, Rao and Shridharan were partners in a firm sharing profits and losses in the ratio of 3 : 1 : 1. Their fixed capitals were ₹ 4,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. Interest on capital is allowed at the rate of 6% per annum. Journal entry for allowing interest on Rao's capital will be :
| Particulars | Debit ₹ | Credit ₹ | |
|---|---|---|---|
| (A) | Profit & Loss Appropriation A/c Dr. To Rao's Capital A/c | 18,000 | 18,000 |
| (B) | Profit & Loss Appropriation A/c Dr. To Rao's Current A/c | 18,000 | 18,000 |
| (C) | Interest on Capital A/c Dr. To Rao's Current A/c | 18,000 | 18,000 |
| (D) | Interest on Capital A/c Dr. To Rao's Capital A/c | 18,000 | 18,000 |
(a) Paramount Ltd. forfeited 2,000 equity shares of ₹ 100 each, ₹ 80 called up, issued at a premium of 10%, for non-payment of first call of ₹ 20 per share. On forfeiture of these shares, Equity Share Capital Account will be ________ by ________.
(b) Rudali Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. ₹ 5 per share (including premium) was payable on application. Applications for 2,60,000 shares were received. An applicant for 5,000 shares paid his entire share money along with application. The amount received on application was :
Chaman, Raman and Suman were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2025, they decided to share the future profits in the ratio of 2 : 3 : 5. For this purpose, it was agreed that the goodwill of the firm be valued at ₹ 1,00,000. The treatment of goodwill without opening goodwill account will be :
(a) On 1st April, 2024, Mobi Ltd. issued 3,000, 9% Debentures of ₹ 1,000 each at a premium of 5%. The total amount of interest due on debentures for the year ended 31st March, 2025 will be :
(b) A company may reserve a portion of its uncalled capital to be called only in the event of winding up of the company. Such uncalled amount is called :
(a) Anup, Bharti and Manoj were partners in a firm sharing profits and losses in the ratio of 11 : 8 : 1. From 1st April, 2025, they decided to share the future profits in the ratio of 2 : 2 : 1. The gain or sacrifice of each partner due to change in profit sharing ratio will be :
(b) Arun, Varun and Tarun were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025, Arun died. Varun and Tarun decided to share future profits equally. The gaining ratio of Varun and Tarun will be :
Divya and Bholi were partners in a firm sharing profits and losses in the ratio of 3 : 1. On 1st April, 2024, their fixed capitals were ₹ 8,00,000 and ₹ 6,00,000 respectively. On 30th September, 2024, Bholi introduced ₹ 50,000 as additional capital. Partnership deed provided that interest on capital will be allowed @ 12% p.a. Interest on Bholi's capital for the year ended 31st March, 2025 was :
(a) Persons who have entered into partnership with one another are collectively called :
(b) In the absence of partnership deed, partners are entitled to :
When capitals of the partners are fluctuating, then the adjustments for drawings, interest on drawings, interest on capital, partners' salary, etc. are shown in the ________.
Nigam Ltd. issued 40,000, 11% Debentures of ₹ 100 each at a certain rate of discount. The debentures were to be redeemed at 20% premium. Existing balance of Securities Premium before issue of these debentures was ₹ 13,00,000. After writing off 'Loss on issue of debentures', the balance in Securities Premium was ₹ 3,00,000. The above debentures were issued at a discount of :
Deep Ltd. issued 6,000, 9% Debentures of ₹ 500 each at ₹ 490 per debenture. 9% Debentures Account will be credited by :
Mogra Ltd. purchased assets of ₹ 14,40,000 from DK Ltd. It issued 9% Debentures of ₹ 100 each at a discount of 4% in full satisfaction of the purchase consideration. The number of debentures issued to DK Ltd. were :
On 31st March, 2025, the partnership between Hari and Om was dissolved. Hari was appointed to look after dissolution work for which he was allowed a commission of ₹ 9,700. He agreed to bear the dissolution expenses. The actual expenses of dissolution amounted to ₹ 8,900 which were paid by Hari's friend, Bhanu on his behalf. The amount debited to Realisation Account will be :
Atul and Nisha were partners in a firm sharing profits and losses in the ratio of 4 : 1. Their capitals were ₹ 1,20,000 and ₹ 90,000 respectively. On 1st April, 2025, they admitted Mona as a new partner in the firm for 1/4th share in the future profits. Mona brought ₹ 1,00,000 as her capital. The value of goodwill of the firm was :
Yashoda and Devi were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2025, their balance sheet showed land and building at ₹ 20,00,000 and furniture at ₹ 6,00,000. On that date they admitted Poonam as a new partner for 1/4th share in the future profits of the firm. On Poonam's admission, it was found that land and building is undervalued by 20%. On Poonam's admission, Revaluation Account will be :
Part A · Short answer (3 marks each)
Tara, Meera and Neera were partners in a firm sharing profits and losses equally. Their capitals on 1st April, 2025 were ₹ 4,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. The firm closes its books on 31st March every year. Tara died on 30th June, 2025. The partnership deed provides that in the event of death of a partner, her legal representatives will be entitled to the following : (i) Interest on capital @ 6% p.a. (ii) Her share in the profits of the firm till the date of her death. Tara had withdrawn ₹ 8,000 for her treatment till 30th June, 2025 and interest on drawings @ 12% p.a. is to be charged. Her share in the profits of the firm was to be calculated on the basis of last year's profit. Last year's profit amounted to ₹ 1,80,000. Prepare Tara's Capital Account to be presented to her legal representatives on her death.
(a) Laxmi, Rani and Priya were partners in a firm sharing profits and losses in the ratio of 5 : 7 : 8. Their fixed capitals were ₹ 8,00,000; ₹ 7,00,000 and ₹ 5,00,000 respectively. The partnership deed provided interest on capital @ 9% per annum. For the year ending 31st March, 2025, interest on capital was provided @ 12% per annum. Showing your workings clearly, pass a single adjustment entry to rectify the error.
(b) Sukesh and Surbhi were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2024, they admitted Suman, as a new partner for 1/5th share in the profits of the firm with a minimum guaranteed profit of ₹ 1,20,000. Any deficiency arising on that account will be borne by Sukesh. The net profit of the firm for the year ended 31st March, 2025 was ₹ 5,50,000. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2025.
(a) Oasis Ltd. purchased building worth ₹ 12,00,000, machinery worth ₹ 1,90,000 and furniture worth ₹ 3,00,000 from Nitara Ltd. and took over its liabilities of ₹ 90,000 for a purchase consideration of ₹ 15,30,000. Oasis Ltd. paid the purchase consideration by issuing 11% Debentures of ₹ 100 each at a discount of 10%. Pass necessary journal entries in the books of Oasis Ltd. for the above transactions.
(b) On 1st April, 2025, Bharat Heavy Industries Ltd. purchased the running business of Mac Ltd. consisting of sundry assets of the book value of ₹ 20,00,000 and sundry liabilities of ₹ 8,00,000 for a purchase consideration of ₹ 15,00,000. The purchase consideration was paid by issuing 8,000, 9% Debentures of ₹ 100 each at a premium of 25% and the balance was paid by a bank draft in favour of Mac Ltd. Pass necessary journal entries for the above transactions in the books of Bharat Heavy Industries Ltd.
Dhruv and Seema were partners in a firm sharing profits and losses in the ratio of 2 : 3. Their capitals were ₹ 18,00,000 and ₹ 12,00,000 respectively. The normal rate of return was 15%. The profits of the last four years were : 2021–22 ₹ 7,75,000; 2022–23 ₹ 5,00,000; 2023–24 ₹ (75,000); 2024–25 ₹ 7,00,000. The closing stock for the year 2024 – 25 was undervalued by ₹ 1,00,000. Goodwill of the firm is to be valued at three years' purchase of last four years' average super-profits. Calculate the value of goodwill of the firm.
Part A · Long answer I (4 marks each)
Pass necessary journal entries for issue of debentures for the following transactions : (i) AB Ltd. issued 30,000, 10% Debentures of ₹ 100 each at a premium of 5%, redeemable at a premium of 10%. (ii) CD Ltd. issued 40,000, 8% Debentures of ₹ 100 each at par, redeemable at a premium of 10%.
Raman, Daman and Vikram were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. On 31st March, 2025, their capitals were ₹ 6,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. With effect from 1st April, 2025, they decided to share the future profits equally. Due to change in profit sharing ratio, it was agreed that : (i) Goodwill of the firm will be valued at ₹ 3,00,000. (ii) Revaluation of assets and liabilities will be carried out. The revaluation of assets and liabilities resulted in a loss of ₹ 12,000. (iii) Total capital of the reconstituted firm will be ₹ 12,00,000 and will be in the new profit sharing ratio of the partners. For this purpose, necessary cash will be brought in by the partners or paid off to the partners, as the case may be. Prepare Partners' Capital Accounts on the reconstitution of the firm.
Part A · Long answer II (6 marks each)
(a) Madhav Ltd. invited applications for issuing 4,00,000 equity shares of ₹ 10 each at a premium of ₹ 4 per share. The amount was payable as follows : On Application and Allotment – ₹ 6 per share (including premium ₹ 2); On First and Final Call – Balance. Applications for 6,00,000 shares were received. Applications for 1,00,000 shares were rejected and the application money was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received on application and allotment was adjusted towards sums due on first and final call. A shareholder, who had applied for 500 shares, failed to pay the first and final call. His shares were forfeited. Pass necessary journal entries in the books of Madhav Ltd. for the above transactions.
(b) (i) NN Ltd. forfeited 800 equity shares of ₹ 100 each for non-payment of the first call of ₹ 20 per share. The second and final call of ₹ 30 per share was not yet made. Out of the forfeited shares, 600 shares were re-issued for ₹ 54,000 as fully paid-up. Pass necessary journal entries for the above transactions in the books of NN Ltd.
(ii) KG Ltd. forfeited 7,000 equity shares of ₹ 100 each, issued at a premium of ₹ 20 per share, for non-payment of second and final call of ₹ 20 per share. The forfeited shares were re-issued at ₹ 80 per share, fully paid-up. Pass necessary journal entries for the above transactions in the books of KG Ltd.
Diksha Ltd. was registered with an authorised capital of ₹ 40,00,000 divided into shares of ₹ 10 each. On 1st April, 2025, the company offered to the public for subscription, 1,20,000 shares. Applications for 1,10,000 shares were received and allotment was made in full to all the applicants. A shareholder holding 10,000 shares failed to pay the second and final call of ₹ 2 per share. Answer the following questions on the basis of the above information :
(i) The amount of 'calls in arrears' will be : (A) ₹ 10,000 (B) ₹ 20,000 (C) ₹ 80,000 (D) ₹ 1,00,000
(ii) The 'subscribed and fully paid-up capital' of Diksha Ltd. will be : (A) ₹ 9,80,000 (B) ₹ 10,80,000 (C) ₹ 11,00,000 (D) ₹ 10,00,000
(iii) 'Subscribed but not fully paid-up capital' of Diksha Ltd. will be : (A) ₹ 80,000 (B) ₹ 20,000 (C) ₹ 10,000 (D) Nil
(iv) The amount of 'share capital' to be shown in the balance sheet of Diksha Ltd. will be : (A) ₹ 11,00,000 (B) ₹ 10,80,000 (C) ₹ 10,00,000 (D) ₹ 9,80,000
(v) If all the shares on which second and final call was not received, are forfeited, 'Share Forfeiture Account' will appear in the 'Notes to Accounts' at : (A) ₹ 20,000 (B) ₹ 80,000 (C) ₹ 1,00,000 (D) ₹ 1,80,000
(vi) The minimum price at which the forfeited shares can be reissued is : (A) ₹ 20,000 (B) ₹ 80,000 (C) ₹ 1,00,000 (D) ₹ 1,10,000
Sophia and Lalit were partners in a firm sharing profits and losses equally. Their firm was dissolved on 31st March, 2025. After transferring sundry assets (other than cash in hand and cash at bank) and the third party liabilities to the Realisation Account, the following transactions took place : (i) The firm had stock of the book value of ₹ 80,000. 50% of the stock was taken over by Sophia at 10% less than its book value and the remaining stock was sold at a gain of 15%. (ii) There was an unrecorded investment which was sold for ₹ 25,000. (iii) There were debtors of ₹ 1,20,000. Debtors realised 90% only and ₹ 5,000 were recovered for bad debts written off last year. (iv) Sophia had given a loan to the firm of ₹ 52,000. She was paid ₹ 41,000 in full settlement of her claim. (v) Creditors of ₹ 60,000 were paid at a discount of 5%. (vi) Expenses of realisation amounting to ₹ 7,000 were paid by Lalit. Pass necessary journal entries for the above transactions in the books of the firm.
(a) Anand and Bir were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2025, their Balance Sheet was as follows :
| Liabilities | ₹ | Assets | ₹ |
|---|---|---|---|
| Creditors | 45,000 | Cash | 9,000 |
| Workmen Compensation Fund | 15,000 | Debtors | 36,000 |
| Capitals: Anand 90,000; Bir 60,000 | 1,50,000 | Stock | 45,000 |
| Furniture | 30,000 | ||
| Plant and Machinery | 90,000 | ||
| 2,10,000 | 2,10,000 |
On 1st April, 2025, they admitted Vishal as a new partner for 1/6th share in the profits of the firm. It was agreed that : (i) Vishal will bring ₹ 45,000 as his capital and ₹ 15,000 for his share of goodwill premium. (ii) Stock was to be reduced by 10% and machinery was to be appreciated by 10%. (iii) Furniture was revalued at ₹ 27,000. (iv) 5% provision for bad debts was to be created and ₹ 600 were to be provided for outstanding repair bill. (v) There were unrecorded investments of ₹ 3,000 which were to be recorded. (vi) A creditor of ₹ 900 was not likely to claim his money and hence was to be written off. Pass necessary journal entries for the above transactions in the books of the firm on Vishal's admission.
(b) Radha, Shyam and Meera were partners in a firm sharing profits and losses equally. Their Balance Sheet as at 31st March, 2025 was as follows :
| Liabilities | ₹ | Assets | ₹ |
|---|---|---|---|
| Capitals: Radha 4,00,000; Shyam 4,00,000; Meera 4,00,000 | 12,00,000 | Patents | 1,80,000 |
| General Reserve | 3,00,000 | Building | 6,90,000 |
| Creditors | 1,80,000 | Debtors | 2,70,000 |
| Stock | 3,60,000 | ||
| Bank | 1,80,000 | ||
| 16,80,000 | 16,80,000 |
Shyam retired from the firm on the above date on the following terms : (i) The new profit sharing ratio between the remaining partners was agreed at 3 : 2. (ii) The value of stock was to be reduced by ₹ 1,20,000. (iii) Patents were considered as valueless and hence were to be written off. (iv) Goodwill of the firm was valued at ₹ 6,00,000 on Shyam's retirement. (v) Shyam was paid ₹ 1,00,000 immediately on his retirement and the balance was transferred to his loan account. Prepare Revaluation Account and Partners' Capital Accounts.
Part B · Option I: Analysis of Financial Statements
(a) Which of the following is a financial statement of a company ?
(b) Which of the following is not a Solvency Ratio ?
The Current Ratio of Megh Raj Ltd. is 1·5 : 1. Which of the following transactions will reduce the ratio ?
(a) Which of the following are 'investing activities' for preparation of Cash Flow Statement ? (i) Payment of taxes (ii) Payment of dividend and interest (iii) Receipt of interest and dividend
(b) Which of the following statements is correct ?
Statement I : Operating activities are the activities that constitute the primary or main activities of an enterprise.
Statement II : Cash advances and loans made by financial enterprises are usually classified as operating activities.
Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule-III, Part-I of the Companies Act, 2013 : (i) Prepaid insurance (ii) Securities Premium (iii) Design
From the following information of Dholakia Ltd., prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2024 and 2025 :
| Particulars | 2024–25 | 2023–24 |
|---|---|---|
| Revenue from operations | ₹ 30,00,000 | ₹ 15,00,000 |
| Cost of revenue from operations | 80% of revenue from operations | 80% of revenue from operations |
| Other Expenses | ₹ 2,40,000 | ₹ 1,20,000 |
| Tax Rate | 50% | 50% |
(a) From the following information, calculate 'Interest Coverage Ratio' : Shareholders' funds ₹ 30,00,000; 8% Long-term debt ₹ 10,00,000; Net profit after tax ₹ 2,40,000; Tax Rate 40%
(b) From the following information, calculate 'Inventory Turnover Ratio' : Revenue from operations ₹ 15,00,000; Opening inventory ₹ 2,00,000. Gross profit is 25% of cost of revenue from operations. Closing inventory was 2 times the opening inventory.
JC Ltd. earned a net profit of ₹ 50,000 after providing depreciation of ₹ 20,000 on fixed assets and a transfer of ₹ 15,000 to general reserve. The position of its Current Assets and Current Liabilities was as follows :
| Particulars | 31.03.2025 ₹ | 31.03.2024 ₹ |
|---|---|---|
| Trade Receivables | 75,000 | 70,000 |
| Trade Payables | 75,000 | 65,000 |
| Inventories | 40,000 | 25,000 |
| Expenses Payable | 7,500 | 5,000 |
| Prepaid Expenses | 5,000 | 10,000 |
| Accrued Incomes | 20,000 | 15,000 |
| Income Received in Advance | 5,000 | 10,000 |
Calculate cash flows from operating activities.
Part B · Option II: Computerised Accounting
(a)·CA Which of the following is not a feature of 'Generic' Computerised Accounting Software ?
(b)·CA Identify what will be displayed on the screen when we specify an intersection of two areas that do not intersect.
Which financial function calculates the lump-sum amount for series of future payments ?
________ provides additional information about a data marker to identify the details of data point in a data series.
(a)·CA 'Computerised Accounting System enables changing the volume of data processing in accordance with the size and growth of the business.' Identify the feature of Computerised Accounting System being highlighted in the statement :
(b)·CA The process of comparing input data with some known data is known as :
Explain Sequential codes and Block codes with the help of example.
What are the three categories in which accounting entries can be classified while entering them in vouchers ?
(a)·CA List the necessary information to be filled by a user on company creation screen.
(b)·CA What is a Chart/Graph ? Explain its advantages.
A user wishes to change a 'Text Option' as an element of chart. State how can this be done.
Solutions: CBSE 2026 · 67/3/1
Answer: (D) 56 : 27 : 37
Dharam surrenders ; his new share .
Karan surrenders ; his new share .
Vinod's share . New ratio 56 : 27 : 37.
Answer: (A) ₹ 1,890
Total drawings = 7,000 × 4 = ₹ 28,000. For equal amounts withdrawn at the end of each quarter, the average period is 4½ months.
Interest (₹).
Answer: (A) debited, ₹ 1,60,000
On forfeiture, Share Capital A/c is debited with the called-up amount: 2,000 × ₹ 80 = ₹ 1,60,000. The premium has already been received, so Securities Premium is not touched.
Answer: (B)
Chaman: sacrifice; Raman: no change; Suman: gain.
Suman compensates Chaman: 1,00,000 × 3/10 = ₹ 30,000. So debit Suman's Capital A/c and credit Chaman's Capital A/c by ₹ 30,000.
Answer: (D) Reserve capital
It is created by a special resolution and can be called up only on winding up.
Answer: (C) 2 : 3
Gain = new share − old share. Varun: 5/10 − 3/10 = 2/10; Tarun: 5/10 − 2/10 = 3/10. Gaining ratio 2 : 3.
Answer: (A) Firm
Individually they are partners; collectively they are a "firm" (Section 4 of the Indian Partnership Act, 1932).
Answer: (B) Capital Account of partners
Under the fluctuating capital method, there is only one account per partner, the Capital Account, which records all these adjustments.
Answer: (D) ₹ 30,00,000
The Debentures A/c is always credited with the face value: 6,000 × 500 = ₹ 30,00,000. The discount of ₹ 60,000 is debited to Discount/Loss on Issue of Debentures.
Answer: (A) ₹ 9,700
Since Hari bears the expenses in return for a fixed commission, only the commission (₹ 9,700) is debited to Realisation A/c and credited to Hari's Capital A/c. The actual expenses, paid on his behalf, are his own concern.
Answer: (D) credited by ₹ 5,00,000
Undervalued by 20% means the book value is 80% of the true value: true value = 20,00,000 × 100/80 = ₹ 25,00,000. The increase of ₹ 5,00,000 is a gain, credited to Revaluation A/c.
Excess interest given @ 3% must be taken back and the same amount given as profit in 5 : 7 : 8.
| Particulars | Laxmi ₹ | Rani ₹ | Priya ₹ | Total ₹ |
|---|---|---|---|---|
| Excess interest to be taken back (3%) | (24,000) | (21,000) | (15,000) | (60,000) |
| Profit to be given (5 : 7 : 8) | 15,000 | 21,000 | 24,000 | 60,000 |
| Net effect | 9,000 Dr. | — | 9,000 Cr. | — |
| Date | Particulars | Dr. ₹ | Cr. ₹ |
|---|---|---|---|
| 2025 Mar 31 | Laxmi's Current A/c Dr. To Priya's Current A/c (Interest on capital provided in excess by 3%, now rectified) | 9,000 | 9,000 |
Net assets = 16,90,000 − 90,000 = ₹ 16,00,000; consideration ₹ 15,30,000, so capital reserve = ₹ 70,000.
Number of debentures = 15,30,000 ÷ 90 = 17,000 (face value ₹ 17,00,000; discount ₹ 1,70,000).
| Particulars | Dr. ₹ | Cr. ₹ |
|---|---|---|
| Building A/c Dr. Machinery A/c Dr. Furniture A/c Dr. To Liabilities A/c To Nitara Ltd. To Capital Reserve A/c (Assets and liabilities taken over) | 12,00,000 1,90,000 3,00,000 | 90,000 15,30,000 70,000 |
| Nitara Ltd. Dr. Discount on Issue of Debentures A/c Dr. To 11% Debentures A/c (17,000 debentures of ₹ 100 issued at 10% discount) | 15,30,000 1,70,000 | 17,00,000 |
Corrected profit of 2024–25 = 7,00,000 + 1,00,000 = ₹ 8,00,000.
Average profit (₹)
Capital employed = 18,00,000 + 12,00,000 = ₹ 30,00,000.
Normal profit = 30,00,000 × 15% = ₹ 4,50,000.
Super profit = 5,00,000 − 4,50,000 = ₹ 50,000.
Goodwill = 50,000 × 3 = ₹ 1,50,000
Sacrifice/gain (new ratio 1/3 each = 10/30): Raman 15/30 − 10/30 = 5/30 sacrifice; Daman 12/30 − 10/30 = 2/30 sacrifice; Vikram 10/30 − 3/30 = 7/30 gain.
Goodwill adjustment: Vikram pays 3,00,000 × 7/30 = ₹ 70,000; Raman gets 3,00,000 × 5/30 = ₹ 50,000 and Daman 3,00,000 × 2/30 = ₹ 20,000.
Revaluation loss ₹ 12,000 in old ratio 5 : 4 : 1 = ₹ 6,000, ₹ 4,800, ₹ 1,200.
New capital of each = 12,00,000 ÷ 3 = ₹ 4,00,000.
| Dr. Partners' Capital Accounts Cr. | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | Raman | Daman | Vikram | Particulars | Raman | Daman | Vikram |
| To Raman's Capital A/c | — | — | 50,000 | By Balance b/d | 6,00,000 | 3,00,000 | 2,00,000 |
| To Daman's Capital A/c | — | — | 20,000 | By Vikram's Capital A/c | 50,000 | 20,000 | — |
| To Revaluation A/c (loss) | 6,000 | 4,800 | 1,200 | By Cash/Bank A/c (bal. fig.) | — | 84,800 | 2,71,200 |
| To Cash/Bank A/c (bal. fig.) | 2,44,000 | — | — | ||||
| To Balance c/d | 4,00,000 | 4,00,000 | 4,00,000 | ||||
| 6,50,000 | 4,04,800 | 4,71,200 | 6,50,000 | 4,04,800 | 4,71,200 | ||
(i) Books of NN Ltd. Called up = 100 − 30 = ₹ 70; paid = ₹ 50 per share.
| Particulars | Dr. ₹ | Cr. ₹ |
|---|---|---|
| Equity Share Capital A/c (800 × 70) Dr. To Share Forfeiture A/c (800 × 50) To Calls in Arrears A/c (800 × 20) (800 shares forfeited) | 56,000 | 40,000 16,000 |
| Bank A/c Dr. Share Forfeiture A/c Dr. To Equity Share Capital A/c (600 shares re-issued as fully paid for ₹ 54,000) | 54,000 6,000 | 60,000 |
| Share Forfeiture A/c Dr. To Capital Reserve A/c (Gain on re-issue: 600 × 50 = 30,000 − 6,000) | 24,000 | 24,000 |
(ii) Books of KG Ltd. Fully called up ₹ 100; paid ₹ 80 towards capital (premium already received).
| Particulars | Dr. ₹ | Cr. ₹ |
|---|---|---|
| Equity Share Capital A/c Dr. To Share Forfeiture A/c To Calls in Arrears A/c (7,000 shares forfeited for non-payment of final call) | 7,00,000 | 5,60,000 1,40,000 |
| Bank A/c Dr. Share Forfeiture A/c Dr. To Equity Share Capital A/c (7,000 shares re-issued @ ₹ 80 fully paid) | 5,60,000 1,40,000 | 7,00,000 |
| Share Forfeiture A/c Dr. To Capital Reserve A/c (Balance of forfeiture transferred) | 4,20,000 | 4,20,000 |
| Particulars | Dr. ₹ | Cr. ₹ | |
|---|---|---|---|
| (i) | Sophia's Capital A/c Dr. Bank A/c Dr. To Realisation A/c (Half stock taken by Sophia at 40,000 − 10% = 36,000; half sold at 40,000 + 15% = 46,000) | 36,000 46,000 | 82,000 |
| (ii) | Bank A/c Dr. To Realisation A/c (Unrecorded investment sold) | 25,000 | 25,000 |
| (iii) | Bank A/c Dr. To Realisation A/c (Debtors realised 90% = 1,08,000 and bad debts recovered 5,000) | 1,13,000 | 1,13,000 |
| (iv) | Sophia's Loan A/c Dr. To Bank A/c To Realisation A/c (Sophia's loan settled for 41,000) | 52,000 | 41,000 11,000 |
| (v) | Realisation A/c Dr. To Bank A/c (Creditors paid at 5% discount) | 57,000 | 57,000 |
| (vi) | Realisation A/c Dr. To Lalit's Capital A/c (Realisation expenses paid by Lalit) | 7,000 | 7,000 |
Note: a partner's loan is not transferred to Realisation A/c; it is settled directly, and the gain of ₹ 11,000 goes to Realisation A/c.
Gaining ratio: Radha 3/5 − 1/3 = 4/15; Meera 2/5 − 1/3 = 1/15, i.e. 4 : 1. Shyam's share of goodwill = 6,00,000 × 1/3 = ₹ 2,00,000, paid by Radha ₹ 1,60,000 and Meera ₹ 40,000.
| Dr. Revaluation Account Cr. | |||
|---|---|---|---|
| Particulars | ₹ | Particulars | ₹ |
| To Stock A/c | 1,20,000 | By Loss transferred to Capital A/cs: Radha 1,00,000; Shyam 1,00,000; Meera 1,00,000 | 3,00,000 |
| To Patents A/c | 1,80,000 | ||
| 3,00,000 | 3,00,000 | ||
| Dr. Partners' Capital Accounts Cr. | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | Radha | Shyam | Meera | Particulars | Radha | Shyam | Meera |
| To Revaluation A/c | 1,00,000 | 1,00,000 | 1,00,000 | By Balance b/d | 4,00,000 | 4,00,000 | 4,00,000 |
| To Shyam's Capital A/c | 1,60,000 | — | 40,000 | By General Reserve | 1,00,000 | 1,00,000 | 1,00,000 |
| To Bank A/c | — | 1,00,000 | — | By Radha's Capital A/c | — | 1,60,000 | — |
| To Shyam's Loan A/c | — | 5,00,000 | — | By Meera's Capital A/c | — | 40,000 | — |
| To Balance c/d | 2,40,000 | — | 3,60,000 | ||||
| 5,00,000 | 7,00,000 | 5,00,000 | 5,00,000 | 7,00,000 | 5,00,000 | ||
Answer: (B) Return on Investment
ROI is a profitability ratio.
Answer: (D) (iii) only
For a non-financial company, receipt of interest and dividend is an investing activity; payment of dividend and interest is financing; payment of tax is operating.
Answer: (D) Both the Statements are true.
For a financial enterprise, lending is its main business, so loans and advances are operating activities.
| Comparative Statement of Profit and Loss of Dholakia Ltd. for the years ended 31st March, 2024 and 2025 | ||||
|---|---|---|---|---|
| Particulars | 2023–24 ₹ | 2024–25 ₹ | Absolute change ₹ | % change |
| Revenue from Operations | 15,00,000 | 30,00,000 | 15,00,000 | 100 |
| Less: Cost of Revenue from Operations | 12,00,000 | 24,00,000 | 12,00,000 | 100 |
| Less: Other Expenses | 1,20,000 | 2,40,000 | 1,20,000 | 100 |
| Total Expenses | 13,20,000 | 26,40,000 | 13,20,000 | 100 |
| Profit before Tax | 1,80,000 | 3,60,000 | 1,80,000 | 100 |
| Less: Tax @ 50% | 90,000 | 1,80,000 | 90,000 | 100 |
| Profit after Tax | 90,000 | 1,80,000 | 90,000 | 100 |
Inventory Turnover Ratio
Revenue = Cost + 25% of cost = 125% of cost, so cost of revenue = 15,00,000 × 100/125 = ₹ 12,00,000.
Closing inventory = 2 × 2,00,000 = ₹ 4,00,000; average inventory = (2,00,000 + 4,00,000) ÷ 2 = ₹ 3,00,000.
Inventory Turnover Ratio = 12,00,000 ÷ 3,00,000 = 4 times.
Answer: (A) Increased data security
Generic (ready-to-use) software has lower data security, as it is easily available; it is cheap, needs little support and suits small businesses.
Answer: (C) PV
PV returns the present value: the lump sum that a series of future payments is worth now.
Answer: (B) Scalability
Sequential codes: numbers and/or letters are assigned in consecutive order. They are used mainly for source documents such as cheques and invoices. They help to spot missing codes (documents) and to trace a document from its code.
| Code | Account |
|---|---|
| CL001 | GCERT Ltd. |
| CL002 | XYZ Ltd. |
| CL003 | Aril Corporation of India |
Block codes: a range of numbers is divided into sub-ranges, and each sub-range is allotted to a specific group. Within a sub-range, numbers usually follow sequential coding.
| Codes | Dealer type |
|---|---|
| 100–199 | Small pumps |
| 200–299 | Medium pumps |
| 300–399 | Pipes |
| 400–499 | Motors |
1. Company name, which is displayed on all company selection lists and internal documents.
2. Company mailing address.
3. Company address.
4. Income tax number allotted by the Income Tax Department.
5. Accounting module: to maintain financial accounts only, select "accounts only".
6. Financial year: the beginning and closing dates of the financial year.
7. Saving the company profile: the software asks for permission to save the profile, and on confirmation the profile is saved in the data bank.
The text in a chart element can be changed with regular text formatting options or with WordArt formats.
Regular text formatting:
1. Click the chart element that contains the text to be formatted.
2. Right-click the text (or select it), then either click the formatting options on the Mini toolbar, or on the Home tab, in the Font group, click the formatting buttons needed.
WordArt styles:
1. In the chart, click the element containing the text to be changed (or select it from the list of chart elements).
2. Click anywhere in the chart to display the Chart Tools, with the Design, Layout and Format tabs.
3. On the Format tab, in the Current Selection group, click the arrow next to the Chart Elements box and select the element to format.
4. On the Format tab, in the WordArt Styles group, choose any of: Text Fill, Text Outline, Shadow, 3-D format, 3-D rotation or text box.
Get every solution for all 16 papers
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Revising the chapter first? Complete Accountancy Notes for Class 12 (NCERT 2026-27, CBSE Board 2027) →
What you get in the pack
- Questions from 129 CBSE Accountancy papers, 2016 to 2026: every set code available
- Complete: 2571 different questions and parts from all set codes, 13 chapters and 16 full papers
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- Journals, ledger accounts, Balance Sheets and Cash Flow Statements drawn in full
- Questions on topics out of the board syllabus flagged
All chapters in this pack
- PYQ Ch 1 Accounting for Partnership: Fundamentals
- PYQ Ch 2 Goodwill: Nature and Valuation
- PYQ Ch 3 Change in Profit-Sharing Ratio
- PYQ Ch 4 Admission of a Partner
- PYQ Ch 5 Retirement and Death of a Partner
- PYQ Ch 6 Dissolution of Partnership Firm
- PYQ Ch 7 Accounting for Share Capital
- PYQ Ch 8 Issue of Debentures
- PYQ Ch 9 Financial Statements of a Company
- PYQ Ch 10 Analysis of Financial Statements
- PYQ Ch 11 Accounting Ratios
- PYQ Ch 12 Cash Flow Statement
- PYQ Ch 13 Computerised Accounting
- Board Paper 2026 Set 67-1-1 with Solutions
- Board Paper 2026 Set 67-1-2 with Solutions
- Board Paper 2026 Set 67-1-3 with Solutions
- Board Paper 2026 Set 67-3-1 with Solutions
- Board Paper 2026 Set 67-4-1 with Solutions
- Board Paper 2025 Set 67-4-1 with Solutions
- Board Paper 2025 Set 67-5-1 with Solutions
- Board Paper 2024 Set 67-1-1 with Solutions
- Board Paper 2024 Set 67-2-1 with Solutions
- Board Paper 2023 Set 67-1-1 with Solutions
- Board Paper 2022 Term 2 Set 67-2-1 with Solutions
- Board Paper 2020 Set 67-1-1 with Solutions
- Board Paper 2019 Set 67-1-1 with Solutions
- Board Paper 2018 Set 67-1 with Solutions
- Board Paper 2017 Set 67-2 with Solutions
- Board Paper 2016 Set 67-1 with Solutions