Class 12 Accountancy: CBSE Sample Question Papers (2022-23) | Sample Papers for Class 12 Commerce PDF Download

 Page 1


SAMPLE QUESTION PAPER 2022-23 
SUBJECT ACCOUNTANCY 055 
CLASS XII 
TIME 3 HOURS                                                                                  MAX. MARKS 80 
GENERAL INSTRUCTIONS: 
1. This question paper contains 34 questions. All questions are compulsory. 
2. This question paper is divided into two parts, Part A and B. 
3. Part - A is compulsory for all candidates.  
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised 
Accounting. Students must attempt only one of the given options.  
5. Question 1 to 16 and   27 to 30 carries 1 mark each. 
6. Questions 17 to 20, 31and 32 carries 3 marks each. 
7. Questions from 21 ,22 and 33 carries 4 marks each 
8. Questions from 23 to 26 and 34 carries 6 marks each  
9. 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) 
 
S.No. Question Marks 
Part A :- Accounting for Partnership Firms and Companies  
1.  Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. 
Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring 
her share of goodwill premium in cash. The journal entry recorded for goodwill 
premium is given below: 
Date Particular LF Debit  
(?) 
Credit 
 (?) 
 Shreya’s Current A/c. Dr. 
    To Navya’s Capital A/c. 
    To Radhey’s Capital A/c 
(Being entry for goodwill treatment passed) 
 24,000  
8,000 
16,000 
     
The new profit-sharing ratio of Navya, Radhey and Shreya will be: 
a) 41: 7: 12 
b) 13:12: 10 
c) 3:1: 1  
d) 5:3: 2                                                                                                                         
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page 2


SAMPLE QUESTION PAPER 2022-23 
SUBJECT ACCOUNTANCY 055 
CLASS XII 
TIME 3 HOURS                                                                                  MAX. MARKS 80 
GENERAL INSTRUCTIONS: 
1. This question paper contains 34 questions. All questions are compulsory. 
2. This question paper is divided into two parts, Part A and B. 
3. Part - A is compulsory for all candidates.  
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised 
Accounting. Students must attempt only one of the given options.  
5. Question 1 to 16 and   27 to 30 carries 1 mark each. 
6. Questions 17 to 20, 31and 32 carries 3 marks each. 
7. Questions from 21 ,22 and 33 carries 4 marks each 
8. Questions from 23 to 26 and 34 carries 6 marks each  
9. 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) 
 
S.No. Question Marks 
Part A :- Accounting for Partnership Firms and Companies  
1.  Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. 
Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring 
her share of goodwill premium in cash. The journal entry recorded for goodwill 
premium is given below: 
Date Particular LF Debit  
(?) 
Credit 
 (?) 
 Shreya’s Current A/c. Dr. 
    To Navya’s Capital A/c. 
    To Radhey’s Capital A/c 
(Being entry for goodwill treatment passed) 
 24,000  
8,000 
16,000 
     
The new profit-sharing ratio of Navya, Radhey and Shreya will be: 
a) 41: 7: 12 
b) 13:12: 10 
c) 3:1: 1  
d) 5:3: 2                                                                                                                         
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c. 
Reason (R):- Commission provided to partner is charge against profits and is to 
be provided at fixed rate. 
a) (A) is correct but (R) is wrong 
b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)  
c) Both (A) and (R) are incorrect.  
d) Both (A) and (R) are correct, and (R) is the correct explanation of (A) 
1 
 
 
 
 
 
 
 
3. A share of ? 10 each, issued at ? 4 premium out of which ? 7 (including ? 1 
premium) was called up and paid up. The uncalled Capital will be ___________.  
a) ? 7 per share b) ? 4 per share 
c) ? 8 per share d) ? 3 per share 
OR 
While issuing ___________ type of Debentures, company doesn’t give any 
undertaking for the repayment of money borrowed by issuing such 
debentures.   
a) Zero Coupon Rate Debentures b) Non-Convertible Debentures 
c) Secured Debentures d) No
n-Redeemable Debentures 
 
1 
 
 
 
 
 
 
 
 
 
 
4. Samiksha, Arshiya and Divya were partners in a firm sharing profits and losses 
in the ratio of 5: 3: 2. With effect from 1st April 2022, they agreed to share 
future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a 
debit balance of ? 50,000 in the Profit and Loss Account and a balance of ? 
40,000 in the Investment Fluctuation Fund. The market value of an investment 
is ?30,000 against the book value of ?50,000. Partners have decided, not to 
show revised valued in the balance sheet and to pass an adjusting entry for it. 
Which of the following is the correct treatment of the above? 
a) Samiksha’s Capital A/c. Dr. 
    To Arshiya’s Capital A/c. 
    To Divya’s Capital A/c 
9,000  
6,000 
3,000 
b) Arshiya’s Capital A/c. Dr. 
    To Samiksha’s Capital A/c. 
    To Divya’s Capital A/c. 
5,000  
2,000 
3,000 
c) Arshiya’s Capital A/c.      Dr. 
Divya’s Capital A/c.       Dr. 
    To Samiksha’s Capital A/c 
2,000 
1,000 
 
 
3,000 
d) Arshiya’s Capital A/c.      Dr. 
Divya’s Capital A/c.       Dr. 
    To Samiksha’s Capital A/c 
6,000 
3,000 
 
 
9,000 
 
Or 
 
Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 
with the capitals of ? 5,00,000 and ? 6,00,000 respectively. On 1st January 
2022, Sohan and Mohan granted loans of ? 20,000 and ? 10,000 respectively to 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Page 3


SAMPLE QUESTION PAPER 2022-23 
SUBJECT ACCOUNTANCY 055 
CLASS XII 
TIME 3 HOURS                                                                                  MAX. MARKS 80 
GENERAL INSTRUCTIONS: 
1. This question paper contains 34 questions. All questions are compulsory. 
2. This question paper is divided into two parts, Part A and B. 
3. Part - A is compulsory for all candidates.  
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised 
Accounting. Students must attempt only one of the given options.  
5. Question 1 to 16 and   27 to 30 carries 1 mark each. 
6. Questions 17 to 20, 31and 32 carries 3 marks each. 
7. Questions from 21 ,22 and 33 carries 4 marks each 
8. Questions from 23 to 26 and 34 carries 6 marks each  
9. 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) 
 
S.No. Question Marks 
Part A :- Accounting for Partnership Firms and Companies  
1.  Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. 
Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring 
her share of goodwill premium in cash. The journal entry recorded for goodwill 
premium is given below: 
Date Particular LF Debit  
(?) 
Credit 
 (?) 
 Shreya’s Current A/c. Dr. 
    To Navya’s Capital A/c. 
    To Radhey’s Capital A/c 
(Being entry for goodwill treatment passed) 
 24,000  
8,000 
16,000 
     
The new profit-sharing ratio of Navya, Radhey and Shreya will be: 
a) 41: 7: 12 
b) 13:12: 10 
c) 3:1: 1  
d) 5:3: 2                                                                                                                         
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c. 
Reason (R):- Commission provided to partner is charge against profits and is to 
be provided at fixed rate. 
a) (A) is correct but (R) is wrong 
b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)  
c) Both (A) and (R) are incorrect.  
d) Both (A) and (R) are correct, and (R) is the correct explanation of (A) 
1 
 
 
 
 
 
 
 
3. A share of ? 10 each, issued at ? 4 premium out of which ? 7 (including ? 1 
premium) was called up and paid up. The uncalled Capital will be ___________.  
a) ? 7 per share b) ? 4 per share 
c) ? 8 per share d) ? 3 per share 
OR 
While issuing ___________ type of Debentures, company doesn’t give any 
undertaking for the repayment of money borrowed by issuing such 
debentures.   
a) Zero Coupon Rate Debentures b) Non-Convertible Debentures 
c) Secured Debentures d) No
n-Redeemable Debentures 
 
1 
 
 
 
 
 
 
 
 
 
 
4. Samiksha, Arshiya and Divya were partners in a firm sharing profits and losses 
in the ratio of 5: 3: 2. With effect from 1st April 2022, they agreed to share 
future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a 
debit balance of ? 50,000 in the Profit and Loss Account and a balance of ? 
40,000 in the Investment Fluctuation Fund. The market value of an investment 
is ?30,000 against the book value of ?50,000. Partners have decided, not to 
show revised valued in the balance sheet and to pass an adjusting entry for it. 
Which of the following is the correct treatment of the above? 
a) Samiksha’s Capital A/c. Dr. 
    To Arshiya’s Capital A/c. 
    To Divya’s Capital A/c 
9,000  
6,000 
3,000 
b) Arshiya’s Capital A/c. Dr. 
    To Samiksha’s Capital A/c. 
    To Divya’s Capital A/c. 
5,000  
2,000 
3,000 
c) Arshiya’s Capital A/c.      Dr. 
Divya’s Capital A/c.       Dr. 
    To Samiksha’s Capital A/c 
2,000 
1,000 
 
 
3,000 
d) Arshiya’s Capital A/c.      Dr. 
Divya’s Capital A/c.       Dr. 
    To Samiksha’s Capital A/c 
6,000 
3,000 
 
 
9,000 
 
Or 
 
Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 
with the capitals of ? 5,00,000 and ? 6,00,000 respectively. On 1st January 
2022, Sohan and Mohan granted loans of ? 20,000 and ? 10,000 respectively to 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
the firm. Determine the amount of loss to be borne by each partner for the 
year ended 31st March 2022 if the loss before interest for the year amounted 
to ? 2,500.              
a) Share of Loss Sohan –? 1,250 Mohan – ? 1,250  
b) Share of Loss Sohan –? 1,000 Mohan – ? 1,500  
c) Share of Loss Sohan –? 820 Mohan – ? 1,230  
d) Share of Loss Sohan –? 1,180 Mohan – ? 1,770 
 
 
 
 
 
 
 
 
5. Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The 
firm maintains fluctuating capital accounts and the balance of the same as on 
31st March 2022 is ? 4,00,000 and ? 4,65,000 for Vihaan and Mann 
respectively. Drawings during the year were ? 65,000 each. As per the 
partnership Deed, Interest on capital @ 10% p.a. on Opening Capital has been 
allowed to them. Calculate the opening capital of Vihaan given that the 
divisible profits during the year 2021-22 was ? 2,25,000. 
a) ? 3,30,000 
b) ? 4,40,000 
c) ? 4,00,000 
d) ? 3,00,000 
1 
 
 
 
 
 
 
 
 
 
 
 
6. Savitri Ltd. issued 50,000, 8% Debentures of ? 100 each at certain rate of 
premium and to be redeemed at 10% premium. At the time of writing off Loss 
on Issue of Debentures, Statement of Profit and Loss was debited with ? 
2,00,000. At what rate of premium, these debentures were issued? 
a) 10% b) 16% 
c) 6% d) 4% 
 
Or 
 
Durga Ltd. issued 80,000, 10% Debentures of ? 100 each at certain rate of 
discount and were to be redeemed at 20% premium. Existing balance of 
Securities Premium before issuing of these debentures was ? 25,00,000 and 
after writing off Loss on Issue of Debentures, the balance in Securities Premium 
was ? 5,00,000. At what rate of discount, these debentures were issued? 
a) 10% b) 5
% 
c) 25% d) 15% 
 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7. Attire Ltd, issued a prospectus inviting applications for 12,000 shares of ?10 
each payable ?3 on application, ? 5 on allotment and balance on call. Public 
had applied for certain number of shares and application money was received. 
Which of the following application money, if received restricts the company to 
proceed with the allotment of shares, as per SEBI guidelines? 
a) ? 36,000  b) ? 45,000 
c) ? 30,000 d) ? 32,400 
 
1 
 
 
 
 
 
 
 
8. Amay, Bina and Chander are partners in a firm with capital balances of ? 
50,000, ? 70,000 and ? 80,000 respectively on 31st March, 2022. Amay decides 
1 
 
Page 4


SAMPLE QUESTION PAPER 2022-23 
SUBJECT ACCOUNTANCY 055 
CLASS XII 
TIME 3 HOURS                                                                                  MAX. MARKS 80 
GENERAL INSTRUCTIONS: 
1. This question paper contains 34 questions. All questions are compulsory. 
2. This question paper is divided into two parts, Part A and B. 
3. Part - A is compulsory for all candidates.  
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised 
Accounting. Students must attempt only one of the given options.  
5. Question 1 to 16 and   27 to 30 carries 1 mark each. 
6. Questions 17 to 20, 31and 32 carries 3 marks each. 
7. Questions from 21 ,22 and 33 carries 4 marks each 
8. Questions from 23 to 26 and 34 carries 6 marks each  
9. 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) 
 
S.No. Question Marks 
Part A :- Accounting for Partnership Firms and Companies  
1.  Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. 
Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring 
her share of goodwill premium in cash. The journal entry recorded for goodwill 
premium is given below: 
Date Particular LF Debit  
(?) 
Credit 
 (?) 
 Shreya’s Current A/c. Dr. 
    To Navya’s Capital A/c. 
    To Radhey’s Capital A/c 
(Being entry for goodwill treatment passed) 
 24,000  
8,000 
16,000 
     
The new profit-sharing ratio of Navya, Radhey and Shreya will be: 
a) 41: 7: 12 
b) 13:12: 10 
c) 3:1: 1  
d) 5:3: 2                                                                                                                         
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c. 
Reason (R):- Commission provided to partner is charge against profits and is to 
be provided at fixed rate. 
a) (A) is correct but (R) is wrong 
b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)  
c) Both (A) and (R) are incorrect.  
d) Both (A) and (R) are correct, and (R) is the correct explanation of (A) 
1 
 
 
 
 
 
 
 
3. A share of ? 10 each, issued at ? 4 premium out of which ? 7 (including ? 1 
premium) was called up and paid up. The uncalled Capital will be ___________.  
a) ? 7 per share b) ? 4 per share 
c) ? 8 per share d) ? 3 per share 
OR 
While issuing ___________ type of Debentures, company doesn’t give any 
undertaking for the repayment of money borrowed by issuing such 
debentures.   
a) Zero Coupon Rate Debentures b) Non-Convertible Debentures 
c) Secured Debentures d) No
n-Redeemable Debentures 
 
1 
 
 
 
 
 
 
 
 
 
 
4. Samiksha, Arshiya and Divya were partners in a firm sharing profits and losses 
in the ratio of 5: 3: 2. With effect from 1st April 2022, they agreed to share 
future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a 
debit balance of ? 50,000 in the Profit and Loss Account and a balance of ? 
40,000 in the Investment Fluctuation Fund. The market value of an investment 
is ?30,000 against the book value of ?50,000. Partners have decided, not to 
show revised valued in the balance sheet and to pass an adjusting entry for it. 
Which of the following is the correct treatment of the above? 
a) Samiksha’s Capital A/c. Dr. 
    To Arshiya’s Capital A/c. 
    To Divya’s Capital A/c 
9,000  
6,000 
3,000 
b) Arshiya’s Capital A/c. Dr. 
    To Samiksha’s Capital A/c. 
    To Divya’s Capital A/c. 
5,000  
2,000 
3,000 
c) Arshiya’s Capital A/c.      Dr. 
Divya’s Capital A/c.       Dr. 
    To Samiksha’s Capital A/c 
2,000 
1,000 
 
 
3,000 
d) Arshiya’s Capital A/c.      Dr. 
Divya’s Capital A/c.       Dr. 
    To Samiksha’s Capital A/c 
6,000 
3,000 
 
 
9,000 
 
Or 
 
Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 
with the capitals of ? 5,00,000 and ? 6,00,000 respectively. On 1st January 
2022, Sohan and Mohan granted loans of ? 20,000 and ? 10,000 respectively to 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
the firm. Determine the amount of loss to be borne by each partner for the 
year ended 31st March 2022 if the loss before interest for the year amounted 
to ? 2,500.              
a) Share of Loss Sohan –? 1,250 Mohan – ? 1,250  
b) Share of Loss Sohan –? 1,000 Mohan – ? 1,500  
c) Share of Loss Sohan –? 820 Mohan – ? 1,230  
d) Share of Loss Sohan –? 1,180 Mohan – ? 1,770 
 
 
 
 
 
 
 
 
5. Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The 
firm maintains fluctuating capital accounts and the balance of the same as on 
31st March 2022 is ? 4,00,000 and ? 4,65,000 for Vihaan and Mann 
respectively. Drawings during the year were ? 65,000 each. As per the 
partnership Deed, Interest on capital @ 10% p.a. on Opening Capital has been 
allowed to them. Calculate the opening capital of Vihaan given that the 
divisible profits during the year 2021-22 was ? 2,25,000. 
a) ? 3,30,000 
b) ? 4,40,000 
c) ? 4,00,000 
d) ? 3,00,000 
1 
 
 
 
 
 
 
 
 
 
 
 
6. Savitri Ltd. issued 50,000, 8% Debentures of ? 100 each at certain rate of 
premium and to be redeemed at 10% premium. At the time of writing off Loss 
on Issue of Debentures, Statement of Profit and Loss was debited with ? 
2,00,000. At what rate of premium, these debentures were issued? 
a) 10% b) 16% 
c) 6% d) 4% 
 
Or 
 
Durga Ltd. issued 80,000, 10% Debentures of ? 100 each at certain rate of 
discount and were to be redeemed at 20% premium. Existing balance of 
Securities Premium before issuing of these debentures was ? 25,00,000 and 
after writing off Loss on Issue of Debentures, the balance in Securities Premium 
was ? 5,00,000. At what rate of discount, these debentures were issued? 
a) 10% b) 5
% 
c) 25% d) 15% 
 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7. Attire Ltd, issued a prospectus inviting applications for 12,000 shares of ?10 
each payable ?3 on application, ? 5 on allotment and balance on call. Public 
had applied for certain number of shares and application money was received. 
Which of the following application money, if received restricts the company to 
proceed with the allotment of shares, as per SEBI guidelines? 
a) ? 36,000  b) ? 45,000 
c) ? 30,000 d) ? 32,400 
 
1 
 
 
 
 
 
 
 
8. Amay, Bina and Chander are partners in a firm with capital balances of ? 
50,000, ? 70,000 and ? 80,000 respectively on 31st March, 2022. Amay decides 
1 
 
to retire from the firm on 31st March, 2022. With the help of the information 
provided, calculate the amount to be paid to Amay on his retirement.                                                                 
There existed a general reserve of ? 7,500 in the balance sheet on that date.  
The goodwill of the firm was valued at ? 30,000.  
Gain on revaluation was ?24,000. 
a) ? 88,500  b) ? 90,500 
c) ? 65,375 d) ? 70,500 
 
Or 
 
A, B and C are partners. A‘s capital is ? 3,00,000 and B‘s capital is ?1,00,000. C 
has not invested any amount as capital but he alone manages the whole 
business. C wants 30,000 p.a. as salary, though the deed is silent. Firm earned a 
profit of ?1,50,000. How much will each partner receives as an appropriation of 
profits?   
a) A ? 60,000; B ? 60,000; C  ? 30,000  
b) A ? 90,000; B ? 30,000; C  ? 30,000  
c) A ? 40,000; B ? 40,000 and C ? 70,000 
d) A ? 50,000; B ? 50,000 and C ? 50,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Read the following hypothetical situation, Answer Question No. 9 and 10 
 
Puneet and Raju are partners in a clay toys making firm. Their capitals were   ? 
5,00,000 and ? 10,00,000 respectively. The firm allowed Puneet to get a 
commission of 10% on the net profit before charging any commission and Raju 
to get a commission of 10% on the net profit after charging all commission. 
Following is the Profit and Loss Appropriation Account for the year ended 31st 
March 2022. 
Dr.            Profit and Loss Appropriation Account for the year ended 31st March 2022               Cr. 
Particulars Amount 
(?) 
Particulars Amount (?) 
To Puneet’s Capital A/c 
(Commission) 
(------ x10/100) 
 
44,000 
By Profit and Loss 
a/c 
…………… 
To Raju’s Capital A/c 
(Commission) 
-----------   
To Profit share transferred 
to :- 
   
Puneet’s Capital A/c -----------   
Raju’s Capital A/c ------------   
 =========  ========== 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9. Raju’s commission will be:- 
a) ? 40,000  b) ? 44,000 
1 
 
 
Page 5


SAMPLE QUESTION PAPER 2022-23 
SUBJECT ACCOUNTANCY 055 
CLASS XII 
TIME 3 HOURS                                                                                  MAX. MARKS 80 
GENERAL INSTRUCTIONS: 
1. This question paper contains 34 questions. All questions are compulsory. 
2. This question paper is divided into two parts, Part A and B. 
3. Part - A is compulsory for all candidates.  
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised 
Accounting. Students must attempt only one of the given options.  
5. Question 1 to 16 and   27 to 30 carries 1 mark each. 
6. Questions 17 to 20, 31and 32 carries 3 marks each. 
7. Questions from 21 ,22 and 33 carries 4 marks each 
8. Questions from 23 to 26 and 34 carries 6 marks each  
9. 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) 
 
S.No. Question Marks 
Part A :- Accounting for Partnership Firms and Companies  
1.  Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. 
Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring 
her share of goodwill premium in cash. The journal entry recorded for goodwill 
premium is given below: 
Date Particular LF Debit  
(?) 
Credit 
 (?) 
 Shreya’s Current A/c. Dr. 
    To Navya’s Capital A/c. 
    To Radhey’s Capital A/c 
(Being entry for goodwill treatment passed) 
 24,000  
8,000 
16,000 
     
The new profit-sharing ratio of Navya, Radhey and Shreya will be: 
a) 41: 7: 12 
b) 13:12: 10 
c) 3:1: 1  
d) 5:3: 2                                                                                                                         
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c. 
Reason (R):- Commission provided to partner is charge against profits and is to 
be provided at fixed rate. 
a) (A) is correct but (R) is wrong 
b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)  
c) Both (A) and (R) are incorrect.  
d) Both (A) and (R) are correct, and (R) is the correct explanation of (A) 
1 
 
 
 
 
 
 
 
3. A share of ? 10 each, issued at ? 4 premium out of which ? 7 (including ? 1 
premium) was called up and paid up. The uncalled Capital will be ___________.  
a) ? 7 per share b) ? 4 per share 
c) ? 8 per share d) ? 3 per share 
OR 
While issuing ___________ type of Debentures, company doesn’t give any 
undertaking for the repayment of money borrowed by issuing such 
debentures.   
a) Zero Coupon Rate Debentures b) Non-Convertible Debentures 
c) Secured Debentures d) No
n-Redeemable Debentures 
 
1 
 
 
 
 
 
 
 
 
 
 
4. Samiksha, Arshiya and Divya were partners in a firm sharing profits and losses 
in the ratio of 5: 3: 2. With effect from 1st April 2022, they agreed to share 
future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a 
debit balance of ? 50,000 in the Profit and Loss Account and a balance of ? 
40,000 in the Investment Fluctuation Fund. The market value of an investment 
is ?30,000 against the book value of ?50,000. Partners have decided, not to 
show revised valued in the balance sheet and to pass an adjusting entry for it. 
Which of the following is the correct treatment of the above? 
a) Samiksha’s Capital A/c. Dr. 
    To Arshiya’s Capital A/c. 
    To Divya’s Capital A/c 
9,000  
6,000 
3,000 
b) Arshiya’s Capital A/c. Dr. 
    To Samiksha’s Capital A/c. 
    To Divya’s Capital A/c. 
5,000  
2,000 
3,000 
c) Arshiya’s Capital A/c.      Dr. 
Divya’s Capital A/c.       Dr. 
    To Samiksha’s Capital A/c 
2,000 
1,000 
 
 
3,000 
d) Arshiya’s Capital A/c.      Dr. 
Divya’s Capital A/c.       Dr. 
    To Samiksha’s Capital A/c 
6,000 
3,000 
 
 
9,000 
 
Or 
 
Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 
with the capitals of ? 5,00,000 and ? 6,00,000 respectively. On 1st January 
2022, Sohan and Mohan granted loans of ? 20,000 and ? 10,000 respectively to 
1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
the firm. Determine the amount of loss to be borne by each partner for the 
year ended 31st March 2022 if the loss before interest for the year amounted 
to ? 2,500.              
a) Share of Loss Sohan –? 1,250 Mohan – ? 1,250  
b) Share of Loss Sohan –? 1,000 Mohan – ? 1,500  
c) Share of Loss Sohan –? 820 Mohan – ? 1,230  
d) Share of Loss Sohan –? 1,180 Mohan – ? 1,770 
 
 
 
 
 
 
 
 
5. Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The 
firm maintains fluctuating capital accounts and the balance of the same as on 
31st March 2022 is ? 4,00,000 and ? 4,65,000 for Vihaan and Mann 
respectively. Drawings during the year were ? 65,000 each. As per the 
partnership Deed, Interest on capital @ 10% p.a. on Opening Capital has been 
allowed to them. Calculate the opening capital of Vihaan given that the 
divisible profits during the year 2021-22 was ? 2,25,000. 
a) ? 3,30,000 
b) ? 4,40,000 
c) ? 4,00,000 
d) ? 3,00,000 
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6. Savitri Ltd. issued 50,000, 8% Debentures of ? 100 each at certain rate of 
premium and to be redeemed at 10% premium. At the time of writing off Loss 
on Issue of Debentures, Statement of Profit and Loss was debited with ? 
2,00,000. At what rate of premium, these debentures were issued? 
a) 10% b) 16% 
c) 6% d) 4% 
 
Or 
 
Durga Ltd. issued 80,000, 10% Debentures of ? 100 each at certain rate of 
discount and were to be redeemed at 20% premium. Existing balance of 
Securities Premium before issuing of these debentures was ? 25,00,000 and 
after writing off Loss on Issue of Debentures, the balance in Securities Premium 
was ? 5,00,000. At what rate of discount, these debentures were issued? 
a) 10% b) 5
% 
c) 25% d) 15% 
 
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7. Attire Ltd, issued a prospectus inviting applications for 12,000 shares of ?10 
each payable ?3 on application, ? 5 on allotment and balance on call. Public 
had applied for certain number of shares and application money was received. 
Which of the following application money, if received restricts the company to 
proceed with the allotment of shares, as per SEBI guidelines? 
a) ? 36,000  b) ? 45,000 
c) ? 30,000 d) ? 32,400 
 
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8. Amay, Bina and Chander are partners in a firm with capital balances of ? 
50,000, ? 70,000 and ? 80,000 respectively on 31st March, 2022. Amay decides 
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to retire from the firm on 31st March, 2022. With the help of the information 
provided, calculate the amount to be paid to Amay on his retirement.                                                                 
There existed a general reserve of ? 7,500 in the balance sheet on that date.  
The goodwill of the firm was valued at ? 30,000.  
Gain on revaluation was ?24,000. 
a) ? 88,500  b) ? 90,500 
c) ? 65,375 d) ? 70,500 
 
Or 
 
A, B and C are partners. A‘s capital is ? 3,00,000 and B‘s capital is ?1,00,000. C 
has not invested any amount as capital but he alone manages the whole 
business. C wants 30,000 p.a. as salary, though the deed is silent. Firm earned a 
profit of ?1,50,000. How much will each partner receives as an appropriation of 
profits?   
a) A ? 60,000; B ? 60,000; C  ? 30,000  
b) A ? 90,000; B ? 30,000; C  ? 30,000  
c) A ? 40,000; B ? 40,000 and C ? 70,000 
d) A ? 50,000; B ? 50,000 and C ? 50,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Read the following hypothetical situation, Answer Question No. 9 and 10 
 
Puneet and Raju are partners in a clay toys making firm. Their capitals were   ? 
5,00,000 and ? 10,00,000 respectively. The firm allowed Puneet to get a 
commission of 10% on the net profit before charging any commission and Raju 
to get a commission of 10% on the net profit after charging all commission. 
Following is the Profit and Loss Appropriation Account for the year ended 31st 
March 2022. 
Dr.            Profit and Loss Appropriation Account for the year ended 31st March 2022               Cr. 
Particulars Amount 
(?) 
Particulars Amount (?) 
To Puneet’s Capital A/c 
(Commission) 
(------ x10/100) 
 
44,000 
By Profit and Loss 
a/c 
…………… 
To Raju’s Capital A/c 
(Commission) 
-----------   
To Profit share transferred 
to :- 
   
Puneet’s Capital A/c -----------   
Raju’s Capital A/c ------------   
 =========  ========== 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9. Raju’s commission will be:- 
a) ? 40,000  b) ? 44,000 
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c) ? 36,000 d) ? 36,440 
 
 
10. Puneet’s share of profit will be :- 
a) ? 1,80,000  b) ? 1,44,000 
c) ? 2,16,000 d) ? 1,60,000 
 
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11. Choose the correct sequence of the following transactions in context of 
Division of Profits.  
(i) Guarantee by Firm to Partners 
(ii) Guarantee by Partners to Firm 
(iii) Transfer of Profits to Profit and Loss Appropriation Account 
(iv) Guarantee by Partner to Partner  
a)  (i); (iii) ; (iv) ; (ii) b) (iii); (i) ; (ii) ; (iv) 
c) (iii) ; (ii) ; (i); (iv) d) (ii); (iii); (iv); (i) 
 
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12. If 10,000 shares of ?10 each were forfeited for non-payment of final call money 
of ? 3 per share and only 7,000 shares were re-issued @ ? 11 per share as fully 
paid up, then what is the amount of maximum possible discount that company 
can allow at the time of re-issue of the remaining 3,000 shares? 
a) ? 28,000 b) ? 21,000 
c) ? 9,000 d) ? 16,000 
 
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13. As per Companies Act 2013, Securities Premium Balance can be utilised for 
which of the following purpose? 
a) Issuing bonus to existing 
shareholders to convert
 partly 
pa
id up into fully paid-up 
bonus shares. 
b) Providing for Premium payable 
on Redemption of Debentures. 
c) Writing off all Capitalised 
Expenditures 
d) Buy Back of Debentures 
 
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14. Ganga and Jamuna are partners sharing profits in the ratio of 2:1. They admit 
Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s 
capital was ? 1,02,000 and Jamuna’s capital was ? 73,000. Saraswati brings ? 
25,000 as her share of goodwill and she agrees to contribute proportionate 
capital of the new firm. How much capital will be brought by Saraswati?                                                                                                                                 
a) ? 43,750 
b) ? 37,500 
c) ? 50,000 
d) ? 40,000 
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15. Green and Orange are partners. Green draws a fixed amount at the beginning 
of every month. Interest on drawings is charged @8% p.a. At the end of the 
year interest on Green's drawings amounts to ? 2,600. Monthly drawings of 
Green were:  
a) ? 8,000  
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