Commerce Exam > Commerce Notes > Accountancy Class 12 > Class 12 Accountancy Previous Year Paper 2023
Class 12 Accountancy Previous Year Paper 2023
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Page 1
67/1/1 JJ JJ Page 1 P.T.O.
narjmWu àíZ-nÌ H$moS> >H$mo CÎma-nwpñVH$m Ho$
_wI-n¥ð >na Adí` {bIo§ &
Candidates must write the Q.P. Code on
the title page of the answer-book.
Series
E F1 G H / 1
S E T~ 1
Q.P. Code
Roll No.
boImemñÌ
ACCOUNTANCY
*
: 3 : 80
Time allowed : 3 hours Maximum Marks : 80
N O T E :
(i)
- 3 9
Please check that this question paper contains 3 9 printed pages.
(ii)
- - -
-
Q.P. Code given on the right hand side of the question paper should be written on the title
page of the answer-book by the candidate.
(iii)
- 3 4
Please check that this question paper contains 3 4 questions.
(iv)
-
Please write down the serial number of the question in the answer-book before attempting
it.
(v)
- 15 -
10.15 10.15 10.30 -
-
15 minute time has been allotted to read this question paper. The question paper will be
distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the
question paper only and will not write any answer on the answer-book during this period.
67/1/1
Page 2
67/1/1 JJ JJ Page 1 P.T.O.
narjmWu àíZ-nÌ H$moS> >H$mo CÎma-nwpñVH$m Ho$
_wI-n¥ð >na Adí` {bIo§ &
Candidates must write the Q.P. Code on
the title page of the answer-book.
Series
E F1 G H / 1
S E T~ 1
Q.P. Code
Roll No.
boImemñÌ
ACCOUNTANCY
*
: 3 : 80
Time allowed : 3 hours Maximum Marks : 80
N O T E :
(i)
- 3 9
Please check that this question paper contains 3 9 printed pages.
(ii)
- - -
-
Q.P. Code given on the right hand side of the question paper should be written on the title
page of the answer-book by the candidate.
(iii)
- 3 4
Please check that this question paper contains 3 4 questions.
(iv)
-
Please write down the serial number of the question in the answer-book before attempting
it.
(v)
- 15 -
10.15 10.15 10.30 -
-
15 minute time has been allotted to read this question paper. The question paper will be
distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the
question paper only and will not write any answer on the answer-book during this period.
67/1/1
67/1/1 JJ JJ Page 2
:
:
(i) 34
(ii)
(iii)
(iv) (1) (2)
(v) 1 16 27 30
(vi) 17 20, 31 32
(vii) 21, 22 33
(viii) 23 26 34
(ix) 7
2 1 2
^mJ> H$
(gmPoXmar \$_m] VWm H$ån{Z`m| Ho$ {bE boIm§H$Z)
1. (i) {hZm VWm ZrZm EH$ \$_© _| gmPoXma h¢ & 31 _mM©, 2022 H$mo g_mßV hþE df© _|,
ZrZm Zo àË`oH$ _mh Ho$ àmaå^ _| < 10,000 à{V _mh H$m AmhaU {H$`m h¡ &
AmhaU na ã`mO 6% dm{f©H$ Xa go à^m[aV {H$`m OmZm Wm &
31 _mM©, 2022 H$mo g_mßV hþE df© _| ZrZm Ho$ AmhaU na ã`mO hmoJm : 1
(a) < 3,900 (b) < 325
(c) < 3,600 (d) < 3,300
AWdm
(ii) {d^m VWm Amem EH$ \$_© _| gmPoXma h¢ & 31 _mM©, 2022 H$mo g_mßV hþE df© _|
Amem Zo àË`oH$ {V_mhr Ho$ AÝV _| < 1,000 H$m AmhaU {H$`m h¡ & AmhaU na
ã`mO H$s JUZm H$s Am¡gV Ad{Y hmoJr : 1
(a) 6 _mh (b) 4
2
1
_mh$ $
(c) 7
2
1
_mh (d) 6
2
1
_mh
Page 3
67/1/1 JJ JJ Page 1 P.T.O.
narjmWu àíZ-nÌ H$moS> >H$mo CÎma-nwpñVH$m Ho$
_wI-n¥ð >na Adí` {bIo§ &
Candidates must write the Q.P. Code on
the title page of the answer-book.
Series
E F1 G H / 1
S E T~ 1
Q.P. Code
Roll No.
boImemñÌ
ACCOUNTANCY
*
: 3 : 80
Time allowed : 3 hours Maximum Marks : 80
N O T E :
(i)
- 3 9
Please check that this question paper contains 3 9 printed pages.
(ii)
- - -
-
Q.P. Code given on the right hand side of the question paper should be written on the title
page of the answer-book by the candidate.
(iii)
- 3 4
Please check that this question paper contains 3 4 questions.
(iv)
-
Please write down the serial number of the question in the answer-book before attempting
it.
(v)
- 15 -
10.15 10.15 10.30 -
-
15 minute time has been allotted to read this question paper. The question paper will be
distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the
question paper only and will not write any answer on the answer-book during this period.
67/1/1
67/1/1 JJ JJ Page 2
:
:
(i) 34
(ii)
(iii)
(iv) (1) (2)
(v) 1 16 27 30
(vi) 17 20, 31 32
(vii) 21, 22 33
(viii) 23 26 34
(ix) 7
2 1 2
^mJ> H$
(gmPoXmar \$_m] VWm H$ån{Z`m| Ho$ {bE boIm§H$Z)
1. (i) {hZm VWm ZrZm EH$ \$_© _| gmPoXma h¢ & 31 _mM©, 2022 H$mo g_mßV hþE df© _|,
ZrZm Zo àË`oH$ _mh Ho$ àmaå^ _| < 10,000 à{V _mh H$m AmhaU {H$`m h¡ &
AmhaU na ã`mO 6% dm{f©H$ Xa go à^m[aV {H$`m OmZm Wm &
31 _mM©, 2022 H$mo g_mßV hþE df© _| ZrZm Ho$ AmhaU na ã`mO hmoJm : 1
(a) < 3,900 (b) < 325
(c) < 3,600 (d) < 3,300
AWdm
(ii) {d^m VWm Amem EH$ \$_© _| gmPoXma h¢ & 31 _mM©, 2022 H$mo g_mßV hþE df© _|
Amem Zo àË`oH$ {V_mhr Ho$ AÝV _| < 1,000 H$m AmhaU {H$`m h¡ & AmhaU na
ã`mO H$s JUZm H$s Am¡gV Ad{Y hmoJr : 1
(a) 6 _mh (b) 4
2
1
_mh$ $
(c) 7
2
1
_mh (d) 6
2
1
_mh
67/1/1 JJ JJ Page 3 P.T.O.
General Instructions :
Read the following instructions very carefully and strictly follow them :
(i) This question paper contains 34 questions. All questions are compulsory.
(ii) This question paper is divided into two parts Part A and Part B.
(iii) Part A is compulsory for all candidates.
(iv) Part B has two options i.e. (1) Analysis of Financial Statements, and
(2) Computerised Accounting. Candidates must attempt only one of the given
options as per the subject opted in Part B.
(v) Questions no. 1 to 16 and 27 to 30 carry 1 mark each.
(vi) Questions no. 17 to 20, 31 and 32 carry 3 marks each.
(vii) Questions no. 21, 22 and 33 carry 4 marks each.
(viii) Questions no. 23 to 26 and 34 carry 6 marks each.
(ix) There is no overall choice. However, an internal choice has been provided in
7 questions of one mark, 2 questions of three marks, 1 question of four marks
and 2 questions of six marks.
PART A
(Accounting for Partnership Firms and Companies)
1. (i) Hina and Neena are partners in a firm. Neena withdrew < 10,000
per month at the beginning of each month during the year ended
31
st
March, 2022. Interest on drawings was to be charged @ 6% per
annum.
st
March, 2022
will be : 1
(a) < 3,900 (b) < 325
(c) < 3,600 (d) < 3,300
OR
(ii) Vibha and Asha are partners in a firm. Asha withdrew < 1,000 at
the end of each quarter during the year ended 31
st
March, 2022.
Interest on drawings will be calculated for an average period of : 1
(a) 6 months (b) 4
2
1
months
(c) 7
2
1
months (d) 6
2
1
months
Page 4
67/1/1 JJ JJ Page 1 P.T.O.
narjmWu àíZ-nÌ H$moS> >H$mo CÎma-nwpñVH$m Ho$
_wI-n¥ð >na Adí` {bIo§ &
Candidates must write the Q.P. Code on
the title page of the answer-book.
Series
E F1 G H / 1
S E T~ 1
Q.P. Code
Roll No.
boImemñÌ
ACCOUNTANCY
*
: 3 : 80
Time allowed : 3 hours Maximum Marks : 80
N O T E :
(i)
- 3 9
Please check that this question paper contains 3 9 printed pages.
(ii)
- - -
-
Q.P. Code given on the right hand side of the question paper should be written on the title
page of the answer-book by the candidate.
(iii)
- 3 4
Please check that this question paper contains 3 4 questions.
(iv)
-
Please write down the serial number of the question in the answer-book before attempting
it.
(v)
- 15 -
10.15 10.15 10.30 -
-
15 minute time has been allotted to read this question paper. The question paper will be
distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the
question paper only and will not write any answer on the answer-book during this period.
67/1/1
67/1/1 JJ JJ Page 2
:
:
(i) 34
(ii)
(iii)
(iv) (1) (2)
(v) 1 16 27 30
(vi) 17 20, 31 32
(vii) 21, 22 33
(viii) 23 26 34
(ix) 7
2 1 2
^mJ> H$
(gmPoXmar \$_m] VWm H$ån{Z`m| Ho$ {bE boIm§H$Z)
1. (i) {hZm VWm ZrZm EH$ \$_© _| gmPoXma h¢ & 31 _mM©, 2022 H$mo g_mßV hþE df© _|,
ZrZm Zo àË`oH$ _mh Ho$ àmaå^ _| < 10,000 à{V _mh H$m AmhaU {H$`m h¡ &
AmhaU na ã`mO 6% dm{f©H$ Xa go à^m[aV {H$`m OmZm Wm &
31 _mM©, 2022 H$mo g_mßV hþE df© _| ZrZm Ho$ AmhaU na ã`mO hmoJm : 1
(a) < 3,900 (b) < 325
(c) < 3,600 (d) < 3,300
AWdm
(ii) {d^m VWm Amem EH$ \$_© _| gmPoXma h¢ & 31 _mM©, 2022 H$mo g_mßV hþE df© _|
Amem Zo àË`oH$ {V_mhr Ho$ AÝV _| < 1,000 H$m AmhaU {H$`m h¡ & AmhaU na
ã`mO H$s JUZm H$s Am¡gV Ad{Y hmoJr : 1
(a) 6 _mh (b) 4
2
1
_mh$ $
(c) 7
2
1
_mh (d) 6
2
1
_mh
67/1/1 JJ JJ Page 3 P.T.O.
General Instructions :
Read the following instructions very carefully and strictly follow them :
(i) This question paper contains 34 questions. All questions are compulsory.
(ii) This question paper is divided into two parts Part A and Part B.
(iii) Part A is compulsory for all candidates.
(iv) Part B has two options i.e. (1) Analysis of Financial Statements, and
(2) Computerised Accounting. Candidates must attempt only one of the given
options as per the subject opted in Part B.
(v) Questions no. 1 to 16 and 27 to 30 carry 1 mark each.
(vi) Questions no. 17 to 20, 31 and 32 carry 3 marks each.
(vii) Questions no. 21, 22 and 33 carry 4 marks each.
(viii) Questions no. 23 to 26 and 34 carry 6 marks each.
(ix) There is no overall choice. However, an internal choice has been provided in
7 questions of one mark, 2 questions of three marks, 1 question of four marks
and 2 questions of six marks.
PART A
(Accounting for Partnership Firms and Companies)
1. (i) Hina and Neena are partners in a firm. Neena withdrew < 10,000
per month at the beginning of each month during the year ended
31
st
March, 2022. Interest on drawings was to be charged @ 6% per
annum.
st
March, 2022
will be : 1
(a) < 3,900 (b) < 325
(c) < 3,600 (d) < 3,300
OR
(ii) Vibha and Asha are partners in a firm. Asha withdrew < 1,000 at
the end of each quarter during the year ended 31
st
March, 2022.
Interest on drawings will be calculated for an average period of : 1
(a) 6 months (b) 4
2
1
months
(c) 7
2
1
months (d) 6
2
1
months
67/1/1 JJ JJ Page 4
2. A_Z Am¡a M_Z EH$ \$_© _| gmPoXma h¢ & A_Z Zo 1 OwbmB©, 2021 H$mo \$_© H$mo
< 6,00,000 H$m G$U {X`m & CZH$m H$moB© gmPoXmar g§boI Zht Wm & 31 _mM©, 2022 H$mo
A_Z G$U na {_bZo dmbo ã`mO H$s {ZåZ am{e H$m hH$Xma Wm : 1
(a) < 36,000 (b) < 18,000
(c) < 9,000 (d) < 27,000
3. (i) A{jVm {b{_Q>oS> Zo < 4,70,000 H$s ewÕ n[agån{Îm`m| Ho$ H«$` _yë` Ho$ ~Xbo
< 5,00,000 Ho$ nyU© àXÎm A§em| H$m {ZJ©_Z {H$`m & < 30,000 Ho$ eof H$s IVm¡Zr
__________ ImVo Ho$ _________ _| H$s OmEJr & $ 1
(a) »`m{V, Zm_ nj
(b) ny±Or g§M`, Zm_ nj
(c) ny±Or g§M`, O_m nj
(d) gm_mÝ` g§M`, O_m nj
AWdm
(ii) _mBam {b{_Q>oS> Zo gw^d {b{_Q>oS> H$s < 12,00,000 H$s n[agån{Îm`m| VWm
< 4,00,000 H$s Xo`VmAm| H$s < 9,00,000 Ho$ H«$` _yë` na A{YJ«hU H$aZo H$s
gh_{V Xr >& _yë` H$m ^wJVmZ < 100 àË`oH$ Ho$ 11% G$UnÌm| H$m 10% ~Å>o na
{ZJ©_Z H$aHo$ Xo` Wm & {ZJ©{_V {H$E JE G$UnÌm| H$s g§»`m hmoJr : 1
(a) 9,000 (b) 10,000
(c) 8,000 (d) 11,000
4
5
H${dVm, ny± : < 6,00,000,
< 4,00,000 VWm < 2,00,000 Wt & ny±Or na 10% dm{f©H$ Xa go ã¶mO XoZo Ho$ níMmV²
bm^m| H$m {d^mOZ {ZåZ àH$ma go Wm :
H${dVm
3
1
^mJ, g{dVm
2
1
6
1
^mJ & H${dVm Zo ì¶{º$JV ê$n go Jma§Q>r Xr
{H$ ny±Or na ã¶mO à^m[aV H$aZo Ho$
< 1,00,000 ht hmoJm &
ny±Or na ã¶mO àXmZ H$aZo go nyd© 31 , 2022 df©
< 3,00,000 Wm &
Page 5
67/1/1 JJ JJ Page 1 P.T.O.
narjmWu àíZ-nÌ H$moS> >H$mo CÎma-nwpñVH$m Ho$
_wI-n¥ð >na Adí` {bIo§ &
Candidates must write the Q.P. Code on
the title page of the answer-book.
Series
E F1 G H / 1
S E T~ 1
Q.P. Code
Roll No.
boImemñÌ
ACCOUNTANCY
*
: 3 : 80
Time allowed : 3 hours Maximum Marks : 80
N O T E :
(i)
- 3 9
Please check that this question paper contains 3 9 printed pages.
(ii)
- - -
-
Q.P. Code given on the right hand side of the question paper should be written on the title
page of the answer-book by the candidate.
(iii)
- 3 4
Please check that this question paper contains 3 4 questions.
(iv)
-
Please write down the serial number of the question in the answer-book before attempting
it.
(v)
- 15 -
10.15 10.15 10.30 -
-
15 minute time has been allotted to read this question paper. The question paper will be
distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the
question paper only and will not write any answer on the answer-book during this period.
67/1/1
67/1/1 JJ JJ Page 2
:
:
(i) 34
(ii)
(iii)
(iv) (1) (2)
(v) 1 16 27 30
(vi) 17 20, 31 32
(vii) 21, 22 33
(viii) 23 26 34
(ix) 7
2 1 2
^mJ> H$
(gmPoXmar \$_m] VWm H$ån{Z`m| Ho$ {bE boIm§H$Z)
1. (i) {hZm VWm ZrZm EH$ \$_© _| gmPoXma h¢ & 31 _mM©, 2022 H$mo g_mßV hþE df© _|,
ZrZm Zo àË`oH$ _mh Ho$ àmaå^ _| < 10,000 à{V _mh H$m AmhaU {H$`m h¡ &
AmhaU na ã`mO 6% dm{f©H$ Xa go à^m[aV {H$`m OmZm Wm &
31 _mM©, 2022 H$mo g_mßV hþE df© _| ZrZm Ho$ AmhaU na ã`mO hmoJm : 1
(a) < 3,900 (b) < 325
(c) < 3,600 (d) < 3,300
AWdm
(ii) {d^m VWm Amem EH$ \$_© _| gmPoXma h¢ & 31 _mM©, 2022 H$mo g_mßV hþE df© _|
Amem Zo àË`oH$ {V_mhr Ho$ AÝV _| < 1,000 H$m AmhaU {H$`m h¡ & AmhaU na
ã`mO H$s JUZm H$s Am¡gV Ad{Y hmoJr : 1
(a) 6 _mh (b) 4
2
1
_mh$ $
(c) 7
2
1
_mh (d) 6
2
1
_mh
67/1/1 JJ JJ Page 3 P.T.O.
General Instructions :
Read the following instructions very carefully and strictly follow them :
(i) This question paper contains 34 questions. All questions are compulsory.
(ii) This question paper is divided into two parts Part A and Part B.
(iii) Part A is compulsory for all candidates.
(iv) Part B has two options i.e. (1) Analysis of Financial Statements, and
(2) Computerised Accounting. Candidates must attempt only one of the given
options as per the subject opted in Part B.
(v) Questions no. 1 to 16 and 27 to 30 carry 1 mark each.
(vi) Questions no. 17 to 20, 31 and 32 carry 3 marks each.
(vii) Questions no. 21, 22 and 33 carry 4 marks each.
(viii) Questions no. 23 to 26 and 34 carry 6 marks each.
(ix) There is no overall choice. However, an internal choice has been provided in
7 questions of one mark, 2 questions of three marks, 1 question of four marks
and 2 questions of six marks.
PART A
(Accounting for Partnership Firms and Companies)
1. (i) Hina and Neena are partners in a firm. Neena withdrew < 10,000
per month at the beginning of each month during the year ended
31
st
March, 2022. Interest on drawings was to be charged @ 6% per
annum.
st
March, 2022
will be : 1
(a) < 3,900 (b) < 325
(c) < 3,600 (d) < 3,300
OR
(ii) Vibha and Asha are partners in a firm. Asha withdrew < 1,000 at
the end of each quarter during the year ended 31
st
March, 2022.
Interest on drawings will be calculated for an average period of : 1
(a) 6 months (b) 4
2
1
months
(c) 7
2
1
months (d) 6
2
1
months
67/1/1 JJ JJ Page 4
2. A_Z Am¡a M_Z EH$ \$_© _| gmPoXma h¢ & A_Z Zo 1 OwbmB©, 2021 H$mo \$_© H$mo
< 6,00,000 H$m G$U {X`m & CZH$m H$moB© gmPoXmar g§boI Zht Wm & 31 _mM©, 2022 H$mo
A_Z G$U na {_bZo dmbo ã`mO H$s {ZåZ am{e H$m hH$Xma Wm : 1
(a) < 36,000 (b) < 18,000
(c) < 9,000 (d) < 27,000
3. (i) A{jVm {b{_Q>oS> Zo < 4,70,000 H$s ewÕ n[agån{Îm`m| Ho$ H«$` _yë` Ho$ ~Xbo
< 5,00,000 Ho$ nyU© àXÎm A§em| H$m {ZJ©_Z {H$`m & < 30,000 Ho$ eof H$s IVm¡Zr
__________ ImVo Ho$ _________ _| H$s OmEJr & $ 1
(a) »`m{V, Zm_ nj
(b) ny±Or g§M`, Zm_ nj
(c) ny±Or g§M`, O_m nj
(d) gm_mÝ` g§M`, O_m nj
AWdm
(ii) _mBam {b{_Q>oS> Zo gw^d {b{_Q>oS> H$s < 12,00,000 H$s n[agån{Îm`m| VWm
< 4,00,000 H$s Xo`VmAm| H$s < 9,00,000 Ho$ H«$` _yë` na A{YJ«hU H$aZo H$s
gh_{V Xr >& _yë` H$m ^wJVmZ < 100 àË`oH$ Ho$ 11% G$UnÌm| H$m 10% ~Å>o na
{ZJ©_Z H$aHo$ Xo` Wm & {ZJ©{_V {H$E JE G$UnÌm| H$s g§»`m hmoJr : 1
(a) 9,000 (b) 10,000
(c) 8,000 (d) 11,000
4
5
H${dVm, ny± : < 6,00,000,
< 4,00,000 VWm < 2,00,000 Wt & ny±Or na 10% dm{f©H$ Xa go ã¶mO XoZo Ho$ níMmV²
bm^m| H$m {d^mOZ {ZåZ àH$ma go Wm :
H${dVm
3
1
^mJ, g{dVm
2
1
6
1
^mJ & H${dVm Zo ì¶{º$JV ê$n go Jma§Q>r Xr
{H$ ny±Or na ã¶mO à^m[aV H$aZo Ho$
< 1,00,000 ht hmoJm &
ny±Or na ã¶mO àXmZ H$aZo go nyd© 31 , 2022 df©
< 3,00,000 Wm &
67/1/1 JJ JJ Page 5 P.T.O.
2. Aman and Chaman are partners in a firm. On 1
st
July, 2021 Aman
advanced a loan of < 6,00,000 to the firm. There is no partnership deed.
On 31
st
March, 2022, Aman was entitled to get the following amount as
interest on loan : 1
(a) < 36,000 (b) < 18,000
(c) < 9,000 (d) < 27,000
3. (i) Akshita Ltd. issued fully paid shares of < 5,00,000 in purchase
consideration of net assets of < 4,70,000. The balance of < 30,000
will be ______ to _______ account. 1
(a) debited, Goodwill
(b) debited, Capital Reserve
(c) credited, Capital Reserve
(d) credited, General Reserve
OR
(ii) Maira Ltd. took over assets of < 12,00,000 and liabilities of
< 4,00,000 of Subav Ltd. for an agreed purchase consideration of
< 9,00,000. The amount was payable by issue of 11% debentures of
< 100 each at 10% discount. The number of debentures issued will
be : 1
(a) 9,000 (b) 10,000
(c) 8,000 (d) 11,000
Read the following hypothetical situation and answer questions number
4 and 5 on the basis of the given information :
Kavita, Savita and Madhu were partners in a firm with capitals of
< 6,00,000, < 4,00,000 and < 2,00,000 respectively. After providing
interest on capital @ 10% p.a., the profits are divisible as follows :
Kavita
3
1
, Savita
2
1
and Madhu
6
1
. Kavita personally guaranteed that
less than < 1,00,000 in any year.
The profit for the year ending 31
st
March, 2022 amounted to < 3,00,000
before providing interest on capital.
Read MoreFAQs on Class 12 Accountancy Previous Year Paper 2023
| 1. What are the most important journal entries that appeared in CBSE Class 12 Accountancy 2023 exam papers? |  |
Ans. The 2023 CBSE Class 12 Accountancy papers heavily featured journal entries for partnership dissolution, retirement of partners, and revaluation of assets. Students should focus on entries involving goodwill adjustments, capital account transfers, and final settlement of partner claims. Refer to previous year question compilations and mind maps to identify recurring patterns in journal entry formats and common mistake areas that examiners target regularly.
| 2. How do I solve partnership accounting problems that combine admission and retirement in one question? | |
Ans. Partnership accounting problems involving both admission and retirement require sequential treatment: first record the retiring partner's final settlement, then adjust capital accounts for remaining partners, and finally introduce the new partner's contribution. The key is maintaining the balance sheet equation throughout each transaction. Students should practise these combined scenarios from previous year papers to master the interconnected adjustments and timing of entries.
| 3. What's the difference between goodwill calculated by valuation method versus average profits method in Class 12 Accountancy? | |
Ans. Goodwill by valuation method values the entire firm, then subtracts net asset value to find goodwill. Average profits method calculates goodwill by multiplying average profits by an agreed number of years' purchase. The valuation method reflects actual business worth, while average profits method bases value on earning capacity. Both methods frequently appear in CBSE 2023 papers; understanding when to apply each is critical for scoring marks.
| 4. Why do examiners ask about adjustments for outstanding expenses and accrued income in final accounts preparation? | |
Ans. Outstanding expenses and accrued income adjustments ensure final accounts reflect the true accrual basis of accounting, not just cash transactions. Examiners test whether students understand the matching principle-recognising revenue earned and expenses incurred in the correct period, regardless of payment timing. These adjustments consistently appear in CBSE Class 12 papers because they directly impact both the profit and loss account and balance sheet accuracy.
| 5. What accounting treatments should I memorise for contingent liabilities and contingent assets before my exam? | |
Ans. Contingent liabilities are disclosed as notes to accounts only when probable; they're not recorded in journal entries unless the liability becomes certain. Contingent assets are never recognised in accounts-only disclosed if virtually certain. This distinction frequently confuses students answering previous year Class 12 Accountancy questions. Practising EduRev's flashcards and MCQ tests on accounting standards clarifies when recognition versus disclosure applies.
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Document Description: Class 12 Accountancy Previous Year Paper 2023 for Commerce 2026 is part of Accountancy Class 12 preparation. The notes and questions for Class 12 Accountancy Previous Year Paper 2023 have been prepared according to the Commerce exam syllabus. Information about Class 12 Accountancy Previous Year Paper 2023 covers topics like and Class 12 Accountancy Previous Year Paper 2023 Example, for Commerce 2026 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Class 12 Accountancy Previous Year Paper 2023.
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