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SAMPLE QUESTION PAPER 2024 – 25
SUBJECT:- ACCOUNTANCY 055
CLASS XII
TIME 3 HOURS

MAX
...

2
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4
...

6
...

8
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This question paper contains 34 questions
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This question paper is divided into two parts, Part A and B
...

Part - B has two options i
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(i) Analysis of Financial Statements and (ii) Computerised Accounting
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Question 1 to 16 and 27 to 30 carries 1 mark each
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Questions from 21 ,22 and 33 carries 4 marks each
Questions from 23 to 26 and 34 carries 6 marks each
There is no overall choice
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PART A
(Accounting for Partnership Firms and Companies)
S
...

1
...


3
...
a
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For the year ended 31st March, 2024 the firm incurred loss of ₹ 1,80,000
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₹ 60,000
B
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₹ 90,000
D
...

1
Reasoning: In case of Fixed capitals all the transactions other than Capital are done
through Current account of the partner
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Both A and R are true and R is the correct explanation of A
...
Both A and R are true but R is not the correct explanation of A
...
A is true but R is false
D
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1
A
...

Issued
C
...

Called up

4
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issued 40,000, 10% debentures of ₹100 each at certain rate of discount and
were to be redeemed at20% premium
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At what rate of discount
these debentures were issued?
A
...

5%
C
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15%
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
...
Which journal entry
reflects the correct accounting treatment of the above situation?
A
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15,000
To Debtors A/c
15,000
Prov for D
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15,000
To Bad Debts A/c
15,000
B
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D
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To Debtors A/c
Revaluation A/c Dr
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To Debtors A/c

15,000

Bad Debts A/c Dr
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Ram and Shyam were partners sharing profits and losses in the ratio of 3:2
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They admitted Mohan as a new partner for
1/4th share
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The share of loss/gain of revaluation of Shyam is ____________ & current value of
building shown in new balance sheet is _______
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Gain ₹ 12,800, Value₹ 1,92,000
B
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Gain ₹ 16,000, Value₹ 2,00,000
D
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The
firm had total tangible assets worth ₹ 10,00,000 and outside liabilities ₹ 3,00,000
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Determine the rate of Normal Rate of Return
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10 %
B
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C
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8 %
Mohit had applied for 900 shares, and was allotted in the ratio 3 : 2
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First and Final call of ₹ 2 per share was not yet made by the company
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The following entry will be passed
Share Capital A/c Dr
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₹ 6,000; ₹ 2,700; ₹ 3,300
C
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₹ 4,800; ₹ 2,700; ₹ 2,100
D
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4,000 of these shares were re-issued at ₹ 12 per share as fully paid up
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7
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A
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₹ 12,000
C
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₹ 24,000
On 1st April 2019 a company took a loan of ₹80,00,000 on security of land and building
...
On 31st March 2024 the company defaulted on repayment of the
principal amount of this loan consequently on 1st April 2024 the land and building were
taken over and sold by the bank for ₹70,00,000
...
From which date would the interest on
debentures become payable by the company?
A
...

B
...

C
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D
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Rama, a partner took over Machinery of ₹ 50,000 in full settlement of her Loan of ₹
60,000
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How it will effect the Realisation Account?
A
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Realisation Account will be
credited by ₹ 60,000
credited by ₹ 10,000
C
...
No effect on Realisation Account
credited by ₹ 50,000
OR
Dada, Yuvi and Viru were partners sharing profits and losses in the ratio 3:2:1
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10
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12
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books showed Workmen Compensation Reserve of ₹ 1,00,000
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How it will affect the books of Accounts at the time of
dissolution of firm?
A
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₹ 1,00,000 will be credited to Realisation Account and ₹ 60,000 will be paid
off
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₹ 60,000 will be credited to Realisation Account and will be even paid off
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D
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Their fixed Capital balances were ₹ 5,00,000; ₹ 4,00,000 and ₹ 3,00,000 respectively
...
a as per the partnership deed
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Teeka will be debited by ₹ 4,200
B
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Teeka will be credited by ₹ 6,000
D
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This machine is taken over by a creditor of ₹ 5,40,000 at 5% below the net value
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By what amount should the
bank account be credited for this transaction?
A
...

B
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C
...

D
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Rahul, Samarth and Ayaan were partners sharing profits and losses in the ratio of 5:4:3
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Which of the
following items would have affected this Capital balance?
A
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Additional Capital introduced
C
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Both B and C
Capital Adjustment
Shares issued as sweat equity can be
(I) Issued at par
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(iii) Issued at a premium
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Only (i) is correct
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Both (i) and (iii) are correct
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All are correct
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Only (ii) is correct
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Regal, on which ₹ 80 each called up and ₹ 50 paid were
forfeited and reissued for ₹ 70 each as ₹ 90 paid up
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15
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₹ 1,00,000
B
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₹ 40,000
D
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W
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f 01
April, 2024 they decided to share future profits and losses in the ratio 2:1:1
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A
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General Reserve ₹ 2,00,000
and Profit and Loss (Dr
...
) ₹
1,20,000
2,50,000
C
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Deferred Revenue Expenditure
₹ 50,000 and Profit and Loss
₹ 50,000 and Profit and Loss
(Cr
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) ₹ 80,000
Rohit, Virat and Shikhar were partners sharing profits and losses in the ratio 3:1:1
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On the same date, they admitted Hardik as a new partner for 20% share
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What will be the amount of capital brought in by Hardik
on his admission as a new partner?
A
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₹ 1,80,000
C
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₹ 3,05,000

1

1

OR

16
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18
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B died on 31 August, 2023
and total amount transferred to B’s executors was ₹ 13,20,000
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a
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₹ 70,000
B
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₹ 60,000
D
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They admitted
spinner as a new partner
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What will be the new ratio?
A
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9:5:10
C
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35:21:40
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
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Calculate Rustings’s remuneration and Show your workings clearly
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A, B and C were partners sharing profits, and losses in the ratio of 2:2:1
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A and B continued to carry on the
business for six months without settling the accounts of C
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State

1

3

3

which of the two options available u/s 37 of the Indian Partnership Act, 1932 should be
exercised by executors of C and why?
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They decided to admit
Saurabh for an equal share in the profits
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The Balance Sheet of the firm on Saurabh's admission was as follows:
Liabilities
Amount (₹) Assets
Amount(₹)
Capital Accounts
Fixed Assets (Tangible)
75,000
Amit
Kartik
Creditors
General Reserve
Bills payable

19
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21
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90,000
50,000

Furniture
15,000
1,40,000 Stock
30,000
5,000 Debtors
20,000
20,000 Cash
50,000
25,000
1,90,000
1,90,000
The normal rate of return is 12% p
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Average profit of the firm for the last four years
was ₹30,000
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Buddha Limited took over assets of ₹ 40,00,000 and liabilities of ₹ 6,50,000 of Ginny
Limited
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Pass necessary
journal entries in the books of Buddha Ltd
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Out of these 5,000 shares were reissued at maximum possible discount
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Bat, Cat and Rat were partners sharing profits and losses in the ratio 5:3:2
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Pass necessary journal entries for Investment Fluctuation reserve in the
following cases
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(ii) Market Value of Investments was ₹ 3,80,000
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These shares were reissued at a discount of
₹ 5 and amount of ₹ 4500 was transferred to capital Reserve account
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X, Y and Z were partners sharing profits and losses equally
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Y’s executors were
being paid ₹ 3,60,000 immediately and balance was to be paid in four equal quarterly
instalments, together with Interest @ 6% p
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Pass entries till payment of first two

3

3

4

4

23
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instalments
...
N
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invited applications for issuing 6,00,000 equity shares of ₹10 each at a
premium of ₹3 per share
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The issue was oversubscribed by 1,50,000 shares
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Shares were allotted to the remaining applicants as follows:
Category I: Those who had applied for 4,00,000 shares were allotted 3,00,000 shares
on prorata basis
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Excess application money received with applications was adjusted towards sums due
on first call
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His shares were forfeited
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Pass necessary journal entries for
the above transactions in the books of K
...
Ltd
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Arman Ltd
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ii
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issued 800, 9% Debentures of ₹100 each at a premium of 20 per
debenture redeemable at a premium of ₹10 per Debenture
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obtained a loan of ₹4,00,000 from IDBI Bank
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Debentures of ₹100 each as a collateral security for the same
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Meghna, Mehak and Mandeep were partners in a firm whose Balance Sheet as on 31st
March, 2023 was as under:
Balance Sheet
Amount
Amount
Liabilities
Assets
Creditors
28,000 Cash
27,000
General Reserve
7,500 Debtors
20,000
Capitals:
Stock
28,000
Meghna
20,000
Furniture
5,000
Mehak
14,500
Mandeep
10,000
44,500
80,000
80,000
Mehak retired on this date under following terms:
(i) To reduce stock and furniture by 5% and 10% respectively
...

(iii) Goodwill was valued at `12,000
...
8,000 were settled at Rs
...

(v) Mehak should be paid off and the entire sum payable to Mehak shall be
brought in by Meghna and Mandeep in such a way that their capitals should be in
their new profit-sharing ratio and a balance of Rs
...

Prepare Revaluation Account and partners’ capital accounts of the new firm
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Varun and Vivek were partners in a firm sharing profits in the ratio of 3:2
...
) 2,00,000 (Cr
...
)
28,000 (Dr)
The partnership deed provided that Varun was to be paid a salary of ₹ 5,000 p
...

whereas Vivek was to get a commission of ₹ 30,000 for the year
...
a
...
a
...
The net profit of the firm for the year,
2022-23, before making the above adjustments was ₹ 1,20,000
...

Sunny and Bobby were partners in a firm sharing profits and losses in the ratio of 3:2,
their balance sheet as at 31st March, 2012:
Liabilities
Amount
Assets
Amount
Creditors
1,90,000 Bank
5,000
Bills Payable
1,10,000 Fixed Deposits
70,000
Employees provident fund
50,000 Stock
86,000
Mrs
...
The assets were realized and the liabilities
were paid as under:
(a) Sunny promised to pay off Mrs
...

(c) Dharam, a debtor of Rs
...
He was allowed a discount of 9% p
...
for making
immediate payment
...
1,75,000 in full settlement of their claim
...
1,98,000 and remaining were
realised at discount of 15%
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(g) There was an old furniture which has been written off completely from the
books, Bobby took away the same for Rs
...

(h) Realisation expenses Rs
...

You are required to prepare Realisation A/c
26
...
03
...

31
...
2023
31
...
2024
I- Equity & Liabilities
1
...
Share Capital
b)
...
1 (For year ending 31
...
2023)
Share Capital
1)
...
10 each

80,00,000

2)
...
10 each

45,00,000

3)
...
Subscribed and Fully paid
Rs
...
Subscribed and not Fully paid
Rs
...
2 per share on 5,000 Equity
shares

Note no
...
03
...
Authorised Share Capital
8,00,000 Equity Shares of Rs
...
Issued Share Capital
5,50,000 Equity Shares of Rs
...
Subscribed Share Capital
a)
...
10 per share on 5,45,000 Equity Shares
c) Subscribed and not Fully paid
Rs
...
2 per share on 5,000 Equity
shares

54,50,000

50,000
-10,000

54,90,000

Note no
...
03
...
03
...
with Assets of Rs
...
7,30,000
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The entire transaction resulted in Capital
reserve of Rs
...

Q1
...

A)
...
10,00,000
B)
...
6,00,000
C)
...
9,50,000
D)
...
11,20,000
Q2
...
(assuming they
were issued together)?
A)
...
10
B)
...
8
C)
...
12
D)
...
11
...
On April 1, 2024, the company forfeited all the defaulting shares
...
Rs
...
Rs
...
Rs
...
Rs
...
What will be the number of Issued shares, as on April 1,2024, after the forfeiture
of these shares?
A)
...
5,50,000 shares
...
4,45,000 shares
...
5,05,000 shares
...
If 2,000 of the forfeited shares were issued at Rs
...
Rs, 3,20,000, Rs
...
Rs
...
56,000
C)
...
3,28,000, Rs
...
Rs
...
80,000
Q6
...
Rs
...
Rs
...
Rs
...
Rs
...


28
...


When an analyst analysis the financial statements of an enterprise over a number of
years, the analysis is called ______________analysis
...
Static
B
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Horizontal
D
...

A
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Sale of stock at loss
C
...
Sale of investments at cost
As on 31
...
2024 the following information of Bartan Manfacturing ltd
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Net profit ratio
40%
Operating profit ratio 50%
On 1st April 2024 it was came to notice that the accountant had omitted recording the
interest received on investment of Rs
...
The
required rectification was done
...
Net Profit ratio will increase and Operating Profit ratio will decrease
B
...
Net Profit ratio will increase and Operating Profit ratio will have no change
D
...

B
...

D
...
Investments in shares are excluded from cash equivalents unless they are in,
substance, cash equivalents
...
Short-term marketable securities which can be readily converted into cash are
not treated as cash equivalents
C
...

D
...

30
...


32
...
’ was carrying on a business of packaging in Delhi and earned
good profits in the past years
...
To meet its requirements the company issued equity shares
of ₹30,00,000
...
During the current
year the Net Profit of the company was ₹15,00,000
...

Statement-II: The patents of X Ltd
...
It will be taken as purchase of Patents of 50,000 and will be shown under
Cash outflow from Investing Activities
...
Both the statements are true
...
Both the statements are false
...
Only Statement-I is true
...
Only Statement-II is true
...


34
...

OR
Profit after tax amounted to ₹ 6,00,000, and tax rate was 20%
...

Particulars
31 March 2023 31 March 2024
Surplus i
...


4

6

(b) From the following information calculate the Cash from Investing Activities
Particulars
31 March 2023 31 March 2024
Machinery (Cost)
20,00,000
28,00,000
Accumulated Depreciation
4,00,000
6,50,000
Additional Information:(i) Machinery costing ₹ 50,000 (Book Value ₹ 40,000) was lost by fire and
insurance claim of ₹ 32,000 was received
...

(iii) A part of Machinery costing ₹ 2,50,000 was sold at a loss of ₹ 20,000
...


The syntax of PMT Function is ___________
A
...
PMT (rate, nper, pv, [fv], [type])
C
...
PMT (rate, nper, pv, [type], [fv])

Or
In Excel, the chart tools provide three different options _________, _________ and
__________ for formatting
...

B
...

D
...


Which formulae would result in TRUE if C4 is less than 10 and D4 is less than 100?
A
...
=AND(C4>10, C4<100)
...
=AND(C4>10, D4<10)
...
=AND (C4<10, D4,100)

1

29
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SUM and AVERAGE
B
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LABEL and AVERAGE
D
...
[Ctrl]+[Home]
B
...
[Home]
D
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What category of functions is used in this formula: =PMT (C10/12, C8, C9,1)
A
...
Financial
C
...
Statistical

1

31
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3

32
...


3

33
...


4

Or

Explain the use of ‘Conditional Formatting’
...


Describe two basic methods of charging depreciation
...


6



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