Accountancy 67/2/3 2025-2026 Commerce (English Medium) Class 12 Question Paper Solution

Dilshad, Ajit and Deepna were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their fixed capitals were: ₹ 5,00,000, ₹ 4,00,000 and ₹ 1,00,000, respectively. After closing the accounts for the year ended 31st March 2025, it was discovered that interest on partners’ capitals was provided @ 6% p.a. instead of 7% p.a. The adjustment entry to rectify the above error will be:

In case of dissolution of a partnership firm, the losses, including deficiencies of capital, shall be paid first:

by partners individually and equally

by partners individually in their profit-sharing ratio

out of the capital of the partners

out of profits

Hira Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each at a premium of 10%. The whole amount was payable with the application. Applications were received for 4,00,000 equity shares. The company decided to allot the shares on a pro-rata basis to all the applicants. The amount refunded by the company was ______.

₹ 22,00,000

₹ 20,00,000

₹ 24,00,000

Nil

Debentures which do not have a specific charge on the assets of the company are known as ______.

Non-convertible debentures

Irredeemable debentures

Unsecured debentures

Bearer debentures

As per Companies Act 2013, the balance in Securities Premium Account cannot be utilized for ______.

Writing off the preliminary expenses of the company.

Writing off expenses of or commission paid or discount allowed on issue of shares or debentures of the company.

Issuing partly paid up bonus shares to the existing shareholders of the company.

Providing for premiums payable on redemption of redeemable preference shares or debentures of the company.

When the company issues shares at a premium, the amount of premium can be received by the company along with:

Application money

Allotment money

Call money

Any of the above or with all the above.

Xiom Ltd. issued 30,000, 12% debentures of ₹ 100 each at a certain rate of discount, redeemable at 10% premium after three years. Balance in Securities Premium Account before issuing these debentures was ₹ 5,00,000, and after writing off loss on issue of debentures, the balance in Securities Premium Account was ₹ 50,000. These debentures were issued at a discount of ______.

10%

12%

5%

Zubin, Nidhi and Reena were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. The firm closes its books on 31st March every year. On 31st July, 2025, Reena died. Her share in the profits of the firm from the last balance sheet till the date of death was to be calculated on the basis of the previous year’s profit. The profit of the firm for the year ended 31st March, 2025 was ₹ 6,00,000.

Reena’s share of profit till the date of her death was ______.

₹ 2,40,000

₹ 6,00,000

₹ 60,000

₹ 80,000

On the dissolution of the partnership firm of Puneet and Binny, an unrecorded asset of ₹ 56,000 was given to an unrecorded creditor of ₹ 70,000 in settlement of his claim of ₹ 50,000 and the balance was paid to him in cash. Realisation Account will be ______ by ______.

debited, ₹ 20,000

credited, ₹ 20,000

debited, ₹ 14,000

credited, ₹ 14,000

Nandita and Prabha were partners in a firm manufacturing furniture. They were sharing profits and losses in the ratio of 8 : 7. During the year ended 31st March 2025, Nandita withdrew ₹ 80,000 in cash and ₹ 20,000 as furniture for her personal use. The partnership deed provided for charging interest on partners’ drawings @ 6% p.a. The amount of interest on Nandita’s drawings for the year ended 31st March 2025 was ______.

₹ 6,000

₹ 1,200

₹ 2,400

Shiv, Riya and Rohit were partners in a firm. On 1st October, 2024, Rohit had given a loan of ₹ 2,00,000 to the firm, at an interest rate of 10% p.a. as per the partnership agreement. The accountant of the firm is emphasising that interest on the loan will be paid at 6% p.a. The amount of interest on the loan paid to Rohit for the year ended 31st March, 2025, will be ______.

₹ 20,000

₹ 10,000

₹ 12,000

₹ 6,000

Sameer, Rajat and Aastha were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 1. Rajat retired from the firm on 31st March, 2025. On the date of Rajat’s retirement, the Balance Sheet of the firm showed a balance of ₹ 2,40,000 in Workmen Compensation Fund. The claim on account of workmen compensation amounted to ₹ 1,80,000. The amount credited to Rajat’s capital account on the treatment of Workmen Compensation Fund would be ______.

₹ 1,20,000

₹ 20,000

₹ 30,000

₹ 10,000

Meera, Varun and Tarun were partners in a firm sharing profits and losses in the ratio of 5 : 2 : 3. Meera retired, and Varun and Tarun decided to share future profits and losses equally. On Meera’s retirement, the goodwill of the firm was valued at ₹ 5,00,000. The amount that was debited to Varun’s and Tarun’s capital account for the treatment of goodwill was ______.

Varun ₹ 3,00,000, Tarun ₹ 2,00,000

Varun ₹ 1,50,000, Tarun ₹ 1,00,000

Varun ₹ 1,00,000, Tarun ₹ 1,50,000

Varun ₹ 1,25,000, Tarun ₹ 1,25,000

Amita, Shivani and Tarush were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Tarush’s share of profit at the end of the year amounted to ₹ 1,80,000. Amita’s share of profit at the end of the year was ______.

₹ 2,70,000

₹ 3,60,000

₹ 1,80,000

₹ 2,00,000

On 1^st April, 2024, Vinar Ltd. issued ₹ 5,00,000, 9% debentures of ₹ 100 each at 10% discount. Interest is payable half yearly on 30^th September and 31^st March every year. The amount of interest written off on 31^st March, 2025 was ______.

₹ 50,000

₹ 25,000

₹ 22,500

₹ 45,000

Bishan Ltd. acquired assets worth ₹ 12,60,000 and took over the liabilities of ₹ 2,40,000 of Nimi Ltd. for a purchase consideration of ₹ 9,40,000. Bishan Ltd. issued 12% debentures of ₹ 100 each at a discount of 6% in favour of Nimi Ltd. for payment of purchase consideration. The number of debentures issued were:

12,600

9,400

9,600

10,000

Navya, Kartik and Samir were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. Samir was given a guarantee that his share of profit in any year will not be less than ₹ 57,000. Any deficiency on this account was to be borne by Navya and Kartik equally. The firm earned a profit of ₹ 4,00,000 during the year ended 31st March, 2025. The amount of deficiency borne by Kartik was ______.

₹ 3,500

₹ 4,000

₹ 3,000

₹ 7,000

Devki and Neena were partners in a firm sharing profits and losses in the ratio of 4 : 3. Amar was admitted as a new partner for 1/5th share in the profits of the firm. Amar acquired 1/3rd of his share from Devki. How much share did Amar acquire from Neena?

`2/3`

`2/15`

`1/15`

`3/7`

Assertion (A): The retiring partner or the executors of the deceased partner are entitled to their share of goodwill at the time of retirement or death.

Reason (R): Goodwill is earned by the firm with the efforts of all the existing partners (including the retiring or deceased partner).

Choose the correct option from the following:

Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct explanation of Assertion (A).

Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).

Assertion (A) is correct, but Reason (R) is incorrect.

Assertion (A) is incorrect, but Reason (R) is correct.

Vani, Vanya and Ajay were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Vani retired and her share was taken over by Vanya and Ajay in the ratio of 2 : 3. The new profit sharing ratio between Vanya and Ajay after Vani’s retirement was ______.

2 : 1

5 : 3

3 : 2

1 : 1

Nandini and Reva were partners in a firm sharing profits and losses in the ratio of 5 : 3. Nandini withdrew the following amounts from the firm for her personal use during the year ending 31st March 2025:

1. For the first five months, she withdrew ₹ 2,000 at the end of each month.
2. For the remaining months, she withdrew ₹ 3,000 at the beginning of each month.

Interest on drawings was to be charged @ 6% p.a. The books of the firm are closed on 31st March every year. Calculate interest on Nandini’s drawings for the year ending 31st March, 2025.

Sarita and Veena were partners in a firm sharing profits and losses in the ratio of 3:2. The balance in their capital and current accounts as on 1st April, 2024 were as under:

The partnership deed provided that Sarita was to be paid a salary @ ₹ 2,000 per month, whereas Veena was to get a commission of ₹ 30,000 for the year. Interest on capital was to be allowed @ 8% p.a. The drawings of Sarita and Veena for the year ended 31st March, 2025 were ₹ 20,000 and ₹ 15,000 respectively. After preparing the Profit and Loss Appropriation Account for the year ended 31st March, 2025, ₹ 36,000 and ₹ 24,000 were credited respectively to the current accounts of Sarita and Veena as their share of divisible profit.

Prepare the current accounts of Sarita and Veena.

Manya, Vivek and Vishal 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 future profits and losses in the ratio of 3 : 5 : 2. Their Balance Sheet as at 31st March, 2025, showed the following balances:

1. General Reserve ₹ 2,40,000.
2. Debit balance of ₹ 60,000 in Profit and Loss Account.

Goodwill of the firm was valued at ₹ 6,00,000, and revaluation of assets and re-assessment of liabilities resulted in a gain of ₹ 2,00,000. Partners decided to distribute the amount of the General Reserve and the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books.

Pass necessary journal entries to give effect to the above.

Miraya Ltd. took over the assets of ₹ 70,00,000 and liabilities of ₹ 12,00,000 of Vishal Ltd. for a purchase consideration of ₹ 64,00,000. The payment of purchase consideration was made by the issue of 50,000, 11% debentures of ₹ 100 each at a premium of 20% to Vishal Ltd. and the balance through a cheque.

Pass the necessary journal entries for the above transactions in the books of Miraya Ltd.

Delta Ltd. invited applications for issuing 30,000, 9% debentures of ₹ 100 each at a premium of ₹ 30 per debenture. The full amount was payable on application. Applications were received for 40,000 debentures. Applications for 2,000 debentures were rejected, and the application money was refunded. Debentures were allotted to the remaining applicants on a pro rata basis.

Pass the necessary journal entries for the above transactions in the books of Delta Ltd.

Average profits of a firm during the last few years were ₹ 3,20,000. The normal rate of return in a similar business is 10%. If the goodwill of the firm is ₹ 8,00,000 at four years purchase of super profit, find the capital employed by the firm.

Pass necessary journal entries in the books of Mitali Ltd. for the issue of debentures in the following cases:

1. Issued 7,000, 9% debentures of ₹ 100 each at a discount of 10%, redeemable at a premium of 5% after 5 years.
2. Issued 8,000, 11% debentures of ₹ 100 each at a premium of 10%, redeemable at a premium of 5% after 5 years.

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Arjun and Kunal after various assets (other than cash) and external liabilities have been transferred to the Realisation Account:

1. Arjun was appointed to look after dissolution work for which he was allowed a remuneration of ₹ 10,000. He agreed to bear the dissolution expenses. Actual dissolution expenses paid by Arjun were ₹ 9,500.
2. A creditor to whom the firm owed ₹ 9,000 accepted stock of ₹ 3,000 at a discount of 10%, and the balance was paid to him in cash.
3. Kunal had given a loan of ₹ 20,000 to the firm. He was paid ₹ 19,000 in full settlement of his loan.
4. A piece of furniture, which was not recorded in the books was taken over by Arjun at ₹ 27,000 whereas its expected value was ₹ 30,000.

Answer the following questions:

1. The Nominal Capital of the company is:
   1. ₹ 43,50,000
   2. ₹ 44,00,000
   3. ₹ 45,00,000
   4. ₹ 50,00,000
2. The Issued Capital of the company is:
   1. ₹ 45,00,000
   2. ₹ 50,00,000
   3. ₹ 43,50,000
   4. ₹ 44,00,000
3. Subscribed and fully paid up capital of Radhey Ltd. is:
   1. ₹ 43,58,000
   2. ₹ 43,90,000
   3. ₹ 43,50,000
   4. ₹ 44,00,000
4. The amount of ‘share capital’ presented in the Balance Sheet of Radhey Ltd. will be:
   1. ₹ 43,50,000
   2. ₹ 43,90,000
   3. ₹ 43,82,000
   4. ₹ 44,00,000
5. In the ‘Notes to Accounts’, the amount disclosed under ‘Share Forfeiture Account’ will be:
   1. ₹ 50,000
   2. ₹ 40,000
   3. ₹ 8,000
   4. ₹ 32,000
6. The amount of ‘Calls in Arrears’ disclosed in ‘Notes to Accounts’ will be:
   1. ₹ 8,000
   2. ₹ 2,000
   3. ₹ 10,000
   4. ₹ 5,000

Mohit, Anisha and Shivam were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. On 30^th September, 2023, Mohit died. After all necessary adjustments, Mohit’s capital account showed a credit balance of ₹ 4,50,000. On 1st October 2023, Mohit’s executors were paid ₹ 50,000 in cash and the balance in two equal yearly instalments starting from 30th September, 2024 with interest @ 6% p.a. on the unpaid amount. The firm closes its books on 31st March every year.

Prepare Mohit’s Executor’s account till the Amount is finally paid.

Pass necessary journal entries for the forfeiture and reissue of forfeited shares in the following case:

Sanya Ltd. forfeited 2,000 shares of ₹ 10 each, issued at a premium of ₹ 2 per share, ₹ 8 called up, for non-payment of allotment money of ₹ 5 per share (including premium). Out of these, 700 shares were reissued to Dev as ₹ 8 paid up for ₹ 10 per share.-

Pass necessary journal entries for the forfeiture and reissue of forfeited shares in the following case:

Moksh Ltd. forfeited 5,000 shares of ₹ 10 each on which the first call of ₹ 3 per share was not received. The second and final call of ₹ 2 per share has not yet been called. Out of these, 2,000 shares were issued to Geeta as ₹ 8 paid up for ₹ 7 per share.

Raga Ltd. invited applications for issuing 85,000 equity shares of ₹ 100 each at par. The amount was payable as follows:

On Application – ₹ 30 per share

On Allotment – ₹ 40 per share

On First and final call – balance

Applications were received for 80,000 shares, and allotment was made to all the applicants in full. When the allotment was due, one shareholder failed to pay the amount on 300 shares held by him, and another shareholder holding 500 shares paid the entire amount on his shares. The first and final call was duly received, along with arrears of allotment.

Raga Ltd. invited applications for issuing 85,000 equity shares of ₹ 100 each at par. The amount was payable as follows:

On Application – ₹ 30 per share

On Allotment – ₹ 40 per share

On First and final call – balance

Applications were received for 80,000 shares, and allotment was made to all the applicants in full. When the allotment was due, one shareholder failed to pay the amount on 300 shares held by him, and another shareholder holding 500 shares paid the entire amount on his shares. The first and final call was duly received, along with arrears of allotment.

In ‘Common size income statement’ each item is expressed as a percentage of ______.

Total Income 

Total Expenses

Net Profit After Tax

Revenue from Operations

The statements which are useful both in intra firm comparison over different years and also in inter firm comparison for the same year or for several years are known as ______.

Comparative statement

Common size statement

Income statement

Cash flow statement

Both the Statements are false.

Both the Statements are true.

Statement I is false, and Statement II is true.

The quick ratio of Theta Ltd. is 0.8 : 1. Which of the following transactions will result in a decrease in this ratio?

Sold goods on credit ₹ 39,000.

Cash collected from debtors ₹ 76,000.

Outstanding electricity bill paid ₹ 41,000.

Issue of shares ₹ 5,00,000.

Which of the following transactions is NOT a cash flow from investing activity?

Sale of machinery for cash ₹ 90,000.

Purchase of goodwill ₹ 5,00,000.

Purchase of marketable securities for cash ₹ 20,000.

Sale of furniture for ₹ 43,000 for cash

Which of the following transactions will not result in a flow of cash?

Purchase of furniture through a cheque.

Payment of salaries.

Issue of shares.

Cash deposited in the bank.

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:

1. Loose tools
2. Design
3. Capital work in progress

The following information has been obtained from the books of Naval Ltd. Trade receivables turnover ratio of the company is 4 times, cost of revenue from operations ₹ 6,40,000; gross profit ratio 20%, closing trade receivables were ₹ 20,000 more than that in the beginning. Cash revenue from operations being `33 1/3%` of credit revenue from operations. Calculate its opening and closing trade receivables.

From the following Balance Sheet of Rama Ltd. as at 31st March, 2025, calculate cash flows from Investing Activities and cash flows from Financing Activities.

Notes to Accounts:

Additional Information:

1. Depreciation amounting to ₹ 80,000 was charged on plant and machinery during the year.
2. During the year, a new machine costing ₹ 8,00,000 was purchased, and an old machine was sold at a profit of ₹ 8,000.
3. Interest paid on debentures amounted to ₹ 32,000.