ISC (Commerce)
Academic Year: 2025-2026
Date & Time: 20th February 2026, 2:00 pm
Duration: 3h
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- You are allowed an additional fifteen minutes for only reading the paper.
- You must NOT start writing during reading time.
- This Question Paper has 16 printed pages.
- It is divided into three sections and has 18 questions in all.
- Section A is compulsory and has ten questions.
- You are required to attempt all questions either from Section B or Section C.
- Section B and Section C have four questions each.
- Internal choices have been provided in five questions in Section A and in two questions each in Section B and Section C.
- While attempting Multiple Choice Questions in Sections A, B, and C, you are required to write only ONE option as the answer.
- All calculations should be shown clearly.
- All workings, including rough work, should be done on the same page as, and adjacent to, the rest of the answer.
- The intended marks for questions or parts of questions are given in the brackets [ ].
₹ 1,12,500
₹ 1,20,000
₹ 1,87,500
₹ 2,00,000
Chapter:
Malti, Bhumi, and Salim were partners sharing profits and losses in the ratio of 3 : 3 : 4 Malti died on 31st December 2024.
The following entry was passed for the adjustment of the interim profit of Malti.
| Date | Particulars | L.F. | Amount (₹) | Amount (₹) |
| 31.12.2024 | Bhumi’s Capital A/c ...Dr. | 20,000 | - | |
| Salim’s Capital A/c ...Dr. | 20,000 | - | ||
| To Malti’s Capital A/c | - | 40,000 | ||
| (Being an adjustment entry made for interim profit) |
What will be the new profit-sharing ratio for the continuing partners?
1 : 1
3 : 4
4 : 5
9 : 11
Chapter:
Ravi is a shareholder at Sarang Ltd., holding 5,000 shares of ₹ 20 each. He paid only the application money of ₹ 5, including a premium of ₹ 1. His shares were forfeited after the Final Call was made.
The maximum discount per share that can be offered by Sarang Ltd. to re-issue the forfeited shares is ______.
₹ 1
₹ 4
₹ 5
₹ 15
Chapter:
At the time of dissolution, a firm did not provide any information regarding the realisation of the following assets:
P: Freehold Premises
Q: Office Equipment
R: Goodwill
S: Furniture
Choose the assets to be realised at the book value of the firm.
P, Q, R
P, Q, S
P, R, S
Q, R, S
Chapter:
Both Assertion and Reason are true, and Reason is the correct explanation for Assertion.
Both Assertion and Reason are true, but Reason is not the correct explanation for Assertion.
Assertion is true and Reason is false.
Chapter:
At the time of dissolution of a firm, Furniture appeared at ₹ 4,50,000 in the firm’s Balance Sheet. One of the creditors to whom an amount of ₹ 4,00,000 was due agreed to take over the Furniture at 20% less than the book value and to pay the remaining amount by cheque.
Calculate the amount to be paid to the creditor by cheque.
Chapter:
Bisco Ltd. issued 10,000, 9% Debentures of ₹ 100 each at a discount of 4%, redeemable at a premium of 8% after five years. The company had a balance of ₹ 80,000 in Securities Premium Account and ₹ 1,00,000 in Statement of Profit and Loss.
Chapter:
Karma Ltd., an unlisted manufacturing company, had 30,000, 9% Debentures of ₹ 100 each due for redemption on 31st March, 2025.
Calculate the amount to be invested in the Debenture Redemption Investment Account for the redemption of Debentures, as per the provisions of the Companies’ Act, 2013.
Chapter:
On the date of Sahil’s retirement as a partner from a firm, Goodwill was valued at ₹ 1,25,000 under the Capitalisation of Super Profit method. Super Profit of the firm was ₹ 15,000.
Chapter:
Chapter:
On 1st July, 2024, Udaan Ltd. issued 20,000, 7% Debentures of ₹ 100 each at a premium of 5%, redeemable after 5 years at a premium of 10%.
According to the terms of issue of debentures, interest on debentures was payable yearly on 31st March.
You are required to:
- Pass the necessary journal entries in the books of Udaan Ltd. on the date of issue of debentures.
- Prepare Interest on Debentures Account for the year 2024-25.
Chapter:
- 10,000, 7% Debentures of ₹ 50 each at a discount of 5% to the Promoters of the company.
- 2,000, 7% Debentures of ₹ 50 each at par to BL & Co. for the settlement of their underwriting commission.
Chapter:
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On the date of Meena’s retirement, the firm’s Balance Sheet showed the following items:
| Balance Sheet of Meena, Ricky, and Vicky (An extract) as at 31st March, 2025 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| General Reserve | 1,80,000 | Investments (Market Value ₹ 40,000) | 50,000 |
| Investment Fluctuation Fund | 30,000 | ||
Chapter:
You are required to prepare Sam’s Capital Account.
Chapter:
On 1st April, 2022, RR Ltd., a listed manufacturing company, issued 15,000 8% Debentures of ₹ 100 each, due for redemption on 31st March, 2025, at a premium of 10%. The issue was fully subscribed. The debentures were redeemed on the due date. On 1st April, 2024, the company invested the required amount in the Debenture Redemption Investment Account, earning an interest @ 6% per annum.
You are required to pass the necessary journal entries in the books of RR Ltd. for the redemption of debentures for the year 2024-25. (Ignore Interest on Debentures)
Chapter:
| Year | Profit (₹) |
| 2022-23 | 56,000 |
| 2023-24 | 72,000 |
| 2024-25 | 85,000 |
- Calculate the firm’s Goodwill.
- Calculate the new profit-sharing ratio of Rani, Mani, and Jasmine.
Chapter:
On 31st March 2025, BIMA Ltd. showed the following balances:
| Particulars | (₹) |
| Equity Share Capital of ₹ 10 each, called up to ₹ 6 | 30,00,000 |
| Calls-in-Arrears | 40,000 |
| 6% Debentures | 10,00,000 |
| 8% Bank Loan | 5,00,000 |
| Securities Premium | 70,000 |
| Calls-in-Advance | 40,000 |
| Statement of Profit & Loss (Dr) | 50,000 |
| Interest on debentures accrued but not due | 15,000 |
- BIMA Ltd. incorporated with an authorised capital of 8,00,000 Equity Shares of ₹ 10 each, of which 5,00,000 shares were issued to the public. Shares were subscribed in full.
- 8% Bank loan was taken on 1st April 2022, due for repayment on 31st August, 2025.
- Prepare Notes to Accounts showing Share Capital.
- Give the amount for each of the following:
- Reserve and Surplus
- Long-term borrowings
- Short-term borrowings
- Other Current Liabilities
Chapter:
Sameer and Daulat were partners sharing profits and losses in the ratio of 2 : 3. They decided to dissolve the firm on 31st March, 2025. Their Balance Sheet was as under:
|
Balance Sheet of Sameer and Daulat
As at 31st March 2025 |
||||
| Liabilities | (₹) | Assets | (₹) | (₹) |
| Sameer’s Capital | 4,50,000 | Land & Building | 3,20,000 | |
| Daulat’s Capital | 3,00,000 | Investments | 1,80,000 | |
| Trade Creditors | 60,000 | Trade Debtors | 70,000 | 65,000 |
| Sameer’s Loan | 50,000 | Less: Provision for doubtful debts | 5,000 | |
| Closing Stock | 45,000 | |||
| Cash at Bank | 2,50,000 | |||
| 8,60,000 | 8,60,000 | |||
Additional information:
The firm was dissolved subject to the following adjustments:
- Sameer took over the closing stock for the settlement of his loan.
- Debtors of ₹ 15,000 proved bad.
- Land & Building was realised at 25% above the book value.
- Sameer paid realisation expenses of ₹ 15,000.
Chapter:
Their Balance Sheet as at 31st March, 2025, is as follows:
| Balance Sheet of Ishita and Divya As at 31st March 2025 |
|||
| Liabilities | (₹) | Assets | (₹) |
| Ishita’s Capital | 5,10,000 | Freehold Premises | 2,50,000 |
| Divya’s Capital | 2,00,000 | Plant | 2,80,000 |
| General Reserve | 90,000 | Debtors | 1,50,000 |
| Creditors | 80,000 | Closing Stock | 1,40,000 |
| Divya’s Current A/c | 25,000 | ||
| Cash at Bank | 35,000 | ||
| 8,80,000 | 8,80,000 | ||
On 1st April, 2025, they admit Abhinav as a new partner on the following terms:
- New profit-sharing ratio of Ishita, Divya and Abhinav to be 3 : 4 : 1.
- Divya’s Current Account to be transferred to her Capital Account.
- 4% of the Debtors to be maintained as a Provision for doubtful debts.
- Creditors of ₹ 20,000 are not to be paid, as they are untraceable.
- Abhinav to contribute ₹ 2,70,000 as his capital and ₹ 40,000 as his share of Goodwill.
- Record the necessary journal entries in the books of the reconstituted firm.
- Calculate the firm’s Goodwill.
Chapter:
|
Balance Sheet of Ravi and Prakash
As at 31st March 2025
|
|||
| Liabilities | (₹) | Assets | (₹) |
| Ravi’s Capital | 65,000 | Goodwill | 10,000 |
| Prakash’s Capital | 35,000 | Land & Building | 60,000 |
| Workmen Compensation Reserve | 20,000 | Office Equipment | 50,000 |
| Bills Payable | 15,000 | Debtors | 24,000 |
| Bank Overdraft | 25,000 | Bills Receivable | 16,000 |
| 1,60,000 | 1,60,000 | ||
- Nasir is to bring ₹ 50,000 as his capital and the necessary amount as his share of goodwill.
- Firm’s Goodwill to be valued at ₹ 1,20,000.
- Liability for Workmen Compensation to be recorded as ₹ 15,000.
- Capital Accounts of Ravi and Prakash are to be adjusted based on Nasir’s capital and his share of profit. Any deficit or surplus in their capital is to be adjusted by opening a Current Account.
- Prepare Partners’ Capital Account.
- Calculate the balance of Cash at the bank on the date of Nasir’s admission.
Chapter:
Sara Ltd. is registered with 5,00,000 Equity Shares of ₹ 10 each.
The company offered 1,00,000 Equity Shares to the public for subscription at 50% premium, payable as:
| On Application | ₹ 5 |
| On Allotment | ₹ 7 (including premium) |
| On First and Final Call | ₹ 3 |
Chapter:
Skyline Ltd. invited applications for 20,000 shares of ₹ 10 each, payable as:
| On 1st June, 2024 | ₹ 3 on Application |
| On 1st July, 2024 | ₹ 2 on Allotment |
| On 1st September, 2024 | ₹ 2 on First Call |
| On 1st December, 2024 | ₹ 3 on Second and Final Call |
- Pass the necessary journal entries in the books of Skyline Ltd. to record Interest on Calls-in-Advance.
- Prepare Share Capital Account.
- Prepare Calls-in-Advance Account.
Chapter:
Julie, Jenny, and Sadiq were partners in a firm. On 1st April, 2024, the firm’s book showed the following balances:
| Particulars | Julie (₹) | Jenny (₹) | Sadiq (₹) |
| Capital Account | 4,50,000 | 1,50,000 | 2,50,000 |
| Current Account | 50,000 (Cr) | 20,000 (Cr) | 30,000 (Dr) |
- On 1st July, 2024, Julie gave a loan of ₹ 1,00,000 to the firm.
- On 1st October, 2024, the firm took Jenny’s premises on a rental basis and agreed to pay ₹ 5,000 per month.
- Interest on Capital to be allowed @ 8% per annum.
- Interest on Current Account to be allowed/charged @ 10% per annum.
- Interest on Drawings to be charged @ 6% per annum.
- 10% of the net profit is to be transferred to the General Reserve.
After considering interest on Julie’s loan and rent allowed to Jenny, the net profit of the firm for the year ended 31st March, 2025, stood at ₹ 2,60,000.
- Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2025.
- Prepare Julie’s Loan Account.
- Record the closing entry for rent allowed to Jenny.
Chapter:
Baljeet and Jacob are partners sharing profits and losses in 4 : 1 ratio. On 1st April, 2024, capital balances of Baljeet and Jacob were ₹ 2,30,000 and ₹ 3,20,000 respectively.
- Allowing Interest on Capital @ 10% per annum.
- Charging Interest on Drawings @ 6% per annum.
Chapter:
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Karim, Micky, and Jai are partners sharing profits and losses in the ratio of 3 : 2 : 1.
On 1st April, 2024, their capital balances were ₹ 2,10,000, ₹ 1,20,000, and ₹ 1,00,000 respectively.
As per the Partnership Deed,
- Interest on Capital to be allowed @ 10% per annum.
- Salary to be allowed to Karim @ ₹ 2,000 per month.
- Jai to compensate for the deficit in the net profit, if the net profit is less than ₹ 2,50,000 per annum.
The net profit for the year ended 31st March, 2025, was ₹ 2,00,000 before allowing Interest on Capital, but after allowing Karim’s salary.
You are required to:
- Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2025.
- Find the balance of Jai’s Capital after the distribution of profits.
Chapter:
Which one of the following ratios is NOT a part of the Solvency Ratio?
Debt-Equity Ratio
Earnings Per Share
Interest Coverage Ratio
Debt to Total Assets Ratio
Chapter:
Bank overdraft of Asha Ltd. on 31st March, 2024, and 31st March, 2025, were ₹ 30,000 and ₹ 36,000 respectively. How will the change in Bank overdraft be shown in the Cash Flow Statement of Asha Ltd. for the year ended 31st March, 2025?
Add to Financing Activities
Add to Operating Activities
Less from Operating Activities
Less from Financing Activities
Chapter:
Chapter:
Under which activity will an increase in the value of Goodwill be recorded in the Cash Flow Statement?
Chapter:
Debt Equity Ratio of JP Ltd. is 1.8 : 1.
Mention whether this ratio will improve/reduce/not change after the issue of 5,000, 6% Debentures of ₹ 100 each.
Chapter:
Prepare a Common Size Balance Sheet of Robert Ltd. as at 31st March, 2025, from the following information:
| Particulars | 31.03.2025 (₹) |
| Shareholders’ Funds | 12,00,000 |
| Current Liabilities | 2,00,000 |
| Non-Current Assets | 15,00,000 |
| Current Assets | 5,00,000 |
Chapter:
From the following Balance Sheet of Raj Ltd. and the additional information given below, you are required to prepare a Cash Flow Statement (as per AS 3) for the year 2024-25.
| Balance Sheet of Raj Ltd. As at 31st March, 2025 and 31st March, 2024 |
|||
| Particulars | Note No. | 31st March 2025 (₹) | 31st March 2024 (₹) |
| I. Equity and Liabilities | |||
| 1. Shareholders’ Funds | |||
| (a) Equity Share Capital | 4,35,000 | 3,28,000 | |
| (b) Reserve and Surplus | 1 | 1,20,000 | 80,000 |
| 2. Non-Current Liabilities | |||
| Long-term borrowings (7% Debentures) | 5,00,000 | 4,00,000 | |
| 3. Current Liabilities | |||
| Short-term Provision (Provision for Tax) | 15,000 | 10,000 | |
| Total | 10,70,000 | 8,18,000 | |
| II. Assets | |||
| 1. Non-Current Assets | |||
| Property, Plant & Equipment (Plant & Machinery) | 6,00,000 | 3,80,000 | |
| 2. Current Assets | |||
| (a) Short-term Investments | 3,00,000 | 2,20,000 | |
| (b) Inventories | 80,000 | 1,00,000 | |
| (c) Cash & Bank Balances (Cash at Bank) | 90,000 | 1,18,000 | |
| Total | 10,70,000 | 8,18,000 | |
Notes to Accounts:
| Particulars | 31st March 2025 (₹) | 31st March 2024 (₹) |
| Reserve and Surplus | ||
| Balance in Statement of Profit & Loss | 1,05,000 | 70,000 |
| Securities Premium | 15,000 | 10,000 |
| Total | 1,20,000 | 80,000 |
Additional Information:
- Issued additional Debentures on 1st April, 2024 at a premium of 5%.
- Sold Plant & Machinery at a loss of ₹ 20,000, the book value of which was ₹ 80,000.
- Purchased additional Plant & Machinery for ₹ 3,50,000.
Chapter:
From the following information of HM Ltd., you are required to calculate Cash flow from Operating Activities for the year 2024-25.
| Particulars | (₹) |
| Profits for the year 2024-25, after considering the following items: | 2,42,000 |
| Tax provided | 40,000 |
| Depreciation on Office Equipment | 48,000 |
| Profit on Sale of Land | 26,000 |
| Interest on Bank Loan | 24,000 |
| Interim dividend | 36,000 |
- Balance of Provision for Tax on 31st March, 2025 was ₹ 45,000, which was increased by ₹ 5,000 as compared to the previous year.
- Trade Receivables were increased by ₹ 11,000 as compared to the previous year.
Chapter:
From the following extract of the Balance Sheet of KK Ltd. and the additional information, you are required to calculate Cash and Bank Balance as at 31st March, 2025.
| Particulars | 31st March, 2025 (₹) | 31st March, 2024 (₹) |
| Non-Current Investments | 4,00,000 | 6,00,000 |
| Cash and Bank Balance | ? | 1,48,000 |
- Cash flow from Operating Activities was ₹ 1,02,000
- Cash used in Financing Activities was ₹ 52,000
- Interest received on Non-Current Investments was ₹ 45,000
Chapter:
| Particulars | |
| Revenue from Operations | ₹ 5,50,000 |
| Opening Inventory | ₹ 1,00,000 |
| Inventory Turnover Ratio | 4 times |
| Gross Profit | 20% of Revenue from Operations |
Chapter:
Calculate the Quick Ratio (up to two decimal places) of TXT Ltd. from the particulars given below:
| Particulars | (₹) |
| Working Capital | 80,000 |
| Current Liabilities | 50,000 |
Note: Current Assets include Inventory of ₹ 20,000.
Chapter:
| Particulars | (₹) |
| 8% Debentures | 10,00,000 |
| 6% Bank Loan (Long-term) | 1,50,000 |
| Profit before Tax | 5,34,000 |
Chapter:
Bloom Hotels posts ₹ 357 crore revenue in FY25. Bloom’s EBIDTA (Earnings Before Interest, Taxes, Depreciation, and Amortization) stood at ₹ 75.01 crore, and its Profit After Tax (PAT) was ₹ 15.20 crore in FY25.
Calculate the Net Profit Ratio (up to two decimal places) of Bloom Hotels from the above information.
Chapter:
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