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SAMPLE QUESTION PAPER 2024 – 25
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. Anthony a partner was being guaranteed that his share of profits will not be less than ?
60,000 p.a. Deficiency, if any was to be borne by other partners Amar and Akbar
equally. For the year ended 31st March, 2024 the firm incurred loss of ? 1,80,000.
What amount will be debited to Amar’s Capital Account in total at the end of the year?
A. ? 60,000
B. ? 1,20,000
C. ? 90,000
D. ? 80,000
1
2. Assertion: Partner’s current accounts are opened when their capital are fluctuating.
Reasoning: In case of Fixed capitals all the transactions other than Capital are done
through Current account of the partner.
A. Both A and R are true and R is the correct explanation of A.
B. Both A and R are true but R is not the correct explanation of A.
C. A is true but R is false
D. A is false but R is true
1
3. Forfeiture of shares leads to reduction of _________________Capital.
A. Authorised
B. Issued
C. Subscribed
D. Called up
1
OR
Moon ltd. issued 40,000, 10% debentures of ?100 each at certain rate of discount and
were to be redeemed at20% premium. Exiting balance of Securities premium before
issuing of these debentures was ?12,00,000 and after writing off loss on issue of
debentures , the balance in Securities Premium was ?2,00,000. At what rate of discount
these debentures were issued?
A. 10%
B. 5%
C. 25%
D. 15%
4. At the time of admission of new partner Vasu, Old partners Paresh and Prabhav had
debtors of ? 6,20,000 and a provision for doubtful debts (PDD) of ? 20,000 in their
books. As per terms of admission, assets were revalued, and it was found that debtors
worth ? 15,000 had turned bad and hence should be written off. Which journal entry
reflects the correct accounting treatment of the above situation?
A. Bad Debts A/c Dr.
To Debtors A/c
Prov for D. debts A/c Dr.
To Bad Debts A/c
15,000

15,000

B. Bad Debts A/c Dr.
To Debtors A/c
Revaluation A/c Dr.
To Prov for doubt debtsA/c
15,000

15,000

C. Revaluation A/c Dr.
To Debtors A/c
15,000
15,000

D. Bad Debts A/c Dr.
To Revaluation A/c
15,000
15,000

Ram and Shyam were partners sharing profits and losses in the ratio of 3:2. Their
balance sheet shows building at ? 1,60,000. They admitted Mohan as a new partner for
1/4th share. In additional information it is given that building is undervalued by 20%.
The share of loss/gain of revaluation of Shyam is ____________ & current value of
building shown in new balance sheet is _______.
A. Gain ? 12,800, Value? 1,92,000 B. Loss ? 12,800, Value? 1,28,000
C. Gain ? 16,000, Value? 2,00,000 D. Gain ? 40,000, Value? 2,00,000

15,000

B. Bad Debts A/c Dr.
To Debtors A/c
Revaluation A/c Dr.
To Prov for doubt debtsA/c
15,000

15,000

C. Revaluation A/c Dr.
To Debtors A/c
15,000
15,000

D. Bad Debts A/c Dr.
To Revaluation A/c
15,000
15,000

1
5. The profit earned by a firm after retaining ? 15,000 to its reserve was ? 75,000. The
firm had total tangible assets worth ? 10,00,000 and outside liabilities ? 3,00,000. The
value of the goodwill as per capitalization of average profit method was valued as ?
50,000. Determine the rate of Normal Rate of Return.
A. 10 %
B. 5 %
1
C. 12 %
D. 8 %
6. Mohit had applied for 900 shares, and was allotted in the ratio 3 : 2. He had paid
application money of ? 3 per share and couldn’t pay allotment money of ? 5 per share.
First and Final call of ? 2 per share was not yet made by the company. His shares were
forfeited. The following entry will be passed

Share Capital A/c Dr. X
To Share Forfeited A/c Y
To Share Allotment A/c Z

Here X, Y and Z are:

A. ? 6,000; ? 2,700; ? 3,300 B. ? 4,800; ? 2,700; ? 2,100
C. ? 4,800; ? 1,800; ? 3,000 D. ? 6,000; ? 1,800; ? 4,200

A company forfeited 6,000 shares of ? 10 each, on which only application money of ? 3
has been paid. 4,000 of these shares were re-issued at ? 12 per share as fully paid up.
Amount of Capital Reserve will be _______.

A. ? 18,000 B. ? 12,000
C. ? 30,000 D. ? 24,000

1
7. On 1st April 2019 a company took a loan of ?80,00,000 on security of land and building.
This loan was further secured by issue of 40,000, 12% Debentures of ?100 each as
collateral security. On 31st March 2024 the company defaulted on repayment of the
principal amount of this loan consequently on 1
st
April 2024 the land and building were
taken over and sold by the bank for ?70,00,000. For the balance amount debentures
were sold in the market on 1st May 2024. From which date would the interest on
debentures become payable by the company?
A. 1st April 2019.
B. 31st March 2024.
C. 1st April 2024.
D. 1st May 2024.
1
8. Rama, a partner took over Machinery of ? 50,000 in full settlement of her Loan of ?
60,000. Machinery was already transferred to Realisation Account.
How it will effect the Realisation Account?
A. Realisation Account will be
credited by ? 60,000
B. Realisation Account will be
credited by ? 10,000
C. Realisation Account will be
credited by ? 50,000
D. No effect on Realisation Account

Dada, Yuvi and Viru were partners sharing profits and losses in the ratio 3:2:1. Their
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Page 4

15,000

B. Bad Debts A/c Dr.
To Debtors A/c
Revaluation A/c Dr.
To Prov for doubt debtsA/c
15,000

15,000

C. Revaluation A/c Dr.
To Debtors A/c
15,000
15,000

D. Bad Debts A/c Dr.
To Revaluation A/c
15,000
15,000

Share Capital A/c Dr. X
To Share Forfeited A/c Y
To Share Allotment A/c Z

Here X, Y and Z are:

A. ? 6,000; ? 2,700; ? 3,300 B. ? 4,800; ? 2,700; ? 2,100
C. ? 4,800; ? 1,800; ? 3,000 D. ? 6,000; ? 1,800; ? 4,200

A. ? 18,000 B. ? 12,000
C. ? 30,000 D. ? 24,000

Dada, Yuvi and Viru were partners sharing profits and losses in the ratio 3:2:1. Their
1
books showed Workmen Compensation Reserve of ? 1,00,000. Workmen Claim
amounted to ? 60,000. How it will affect the books of Accounts at the time of
dissolution of firm?
A. Only ? 40,000 will be distributed amongst partner’s capital account
B. ? 1,00,000 will be credited to Realisation Account and ? 60,000 will be paid
off.
C. ? 60,000 will be credited to Realisation Account and will be even paid off.
Balance ? 40,000 will be distributed amongst partners.
D. Only ? 60,000 will be credited to Realisation Account and will be even paid off

9. Ikka, Dukka and Teeka were partners sharing profits and losses in the ratio of 2:2:1.
Their fixed Capital balances were ? 5,00,000; ? 4,00,000 and ? 3,00,000 respectively.
For the year ended March 31, 2024 profits of ? 84,000 were distributed without
providing for Interest on Capital @ 10% p.a as per the partnership deed.
While passing an adjustment entry, which of the following is correct?
A. Teeka will be debited by ? 4,200
B. Teeka will be credited by ? 4,200
C. Teeka will be credited by ? 6,000
D. Teeka will be debited by ? 6,000

1
10. At the time of dissolution Machinery appears at ? 10,00,000 and accumulated
depreciation for the machinery appears at ? 6,00,000 in the balance sheet of a firm.
This machine is taken over by a creditor of ? 5,40,000 at 5% below the net value. The
balance amount of the creditor was paid through bank. By what amount should the
bank account be credited for this transaction?
A. ? 60,000.
B. ? 1,60,000.
C. ? 5,40,000.
D. ? 4,00,000.
1
11. Rahul, Samarth and Ayaan were partners sharing profits and losses in the ratio of 5:4:3.
Ayaan’s fixed Capital balance as on March 31, 2024 was ? 2,70,000. Which of the
following items would have affected this Capital balance?
A. Profit/Loss for the year B. Additional Capital introduced
C. Reduction in Capital due to
Capital Adjustment
D. Both B and C

1
12. Shares issued as sweat equity can be
(I) Issued at par.
(ii) Issued at discount.
(iii) Issued at a premium.
Which of the following is correct?

A. Only (i) is correct.
B. Both (i) and (iii) are correct.
C. All are correct.
D. Only (ii) is correct.
1
13. 2,000 shares allotted to Ms. Regal, on which ? 80 each called up and ? 50 paid were
forfeited and reissued for ? 70 each as ? 90 paid up. Amount transferred to capital
1
Page 5

15,000

B. Bad Debts A/c Dr.
To Debtors A/c
Revaluation A/c Dr.
To Prov for doubt debtsA/c
15,000

15,000

C. Revaluation A/c Dr.
To Debtors A/c
15,000
15,000

D. Bad Debts A/c Dr.
To Revaluation A/c
15,000
15,000

Share Capital A/c Dr. X
To Share Forfeited A/c Y
To Share Allotment A/c Z

Here X, Y and Z are:

A. ? 6,000; ? 2,700; ? 3,300 B. ? 4,800; ? 2,700; ? 2,100
C. ? 4,800; ? 1,800; ? 3,000 D. ? 6,000; ? 1,800; ? 4,200

A. ? 18,000 B. ? 12,000
C. ? 30,000 D. ? 24,000

1
12. Shares issued as sweat equity can be
(I) Issued at par.
(ii) Issued at discount.
(iii) Issued at a premium.
Which of the following is correct?

14. Joey, Sam and Tex were partners sharing profits and losses in the ratio 5:3:2. W.e.f 01
April, 2024 they decided to share future profits and losses in the ratio 2:1:1. For which
of the following balances Tex will be credited at the time of reconstitution of firm, if
the firm decided to continue with available accumulated profits and losses balances.
A. General Reserve ? 2,00,000
and Profit and Loss (Dr.) ?
1,20,000
B. General Reserve ? 2,00,000
and Profit and Loss (Cr.) ?
2,50,000
C. Deferred Revenue Expenditure
? 50,000 and Profit and Loss
(Cr.) ? 80,000
D. Deferred Revenue Expenditure
? 50,000 and Profit and Loss
(Dr.) ? 80,000

1
15. Rohit, Virat and Shikhar were partners sharing profits and losses in the ratio 3:1:1.
Their Capital balance as on March 31, 2024 was ? 3,00,000; ? 2,70,000 and ? 2,50,000
respectively. On the same date, they admitted Hardik as a new partner for 20% share.
Hardik was to bring ? 80,000 for his share of goodwill and 1/5 of the combined capital
of all the partners of new firm. What will be the amount of capital brought in by Hardik
on his admission as a new partner?
A. ? 2,25,000 B. ? 1,80,000
C. ? 2,60,000 D. ? 3,05,000

A, B and C were partners sharing profits and losses equally. B died on 31 August, 2023
and total amount transferred to B’s executors was ? 13,20,000. B’s executors were
being paid ? 1,20,000 immediately and balance was to be paid in four equal semi-
annual instalments together with interest @ 10% p.a. Total amount of interest to be
credited to B’s executors Account for the year ended March 31, 2024 will be?
A. ? 70,000 B. ? 67,500
C. ? 60,000 D. ? 77,000

1
16. String and Kite were partners sharing profits and losses in the ratio 5:3. They admitted
spinner as a new partner. String sacrificed ¼ from his share and Kite sacrificed 1/6 of
his share. What will be the new ratio?
A. 6:5:5 B. 9:5:10
C. 15:10:7 D. 35:21:40

1
17. Rusting, a partner of a firm under dissolution was to get a remuneration 2% of the total
assets realised other than cash and 10% of the amount distributed to the partners.
Sundry assets (including Cash ? 8,000) realised at ? 1,16,000 and sundry liabilities to be
paid ? 31,340. Calculate Rustings’s remuneration and Show your workings clearly. Also
pass necessary journal entry for remuneration.
3
18. A, B and C were partners sharing profits, and losses in the ratio of 2:2:1. C died on 1st
July, 2023 on which date the capitals of A, B and C after all necessary adjustments
stood at ?74,000, ? 63,750 and 42,250 respectively. A and B continued to carry on the
business for six months without settling the accounts of C. During the period of six
months from 1 -7-2023, a profit of ? 20,500 is earned using the firm’s property. State
3

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