CBSE Class 12 2024 Accountancy Question Paper with Answer Key PDF for Set 1 (Q.P. Code: 67/5/1) is available for download. The exam was successfully conducted by CBSE on March 23, 2024, in the morning session from 10:30 AM to 1:30 PM. As per the students’ initial reactions, the CBSE Class 12 2024 Accountancy Set 1 Question Paper was reported as Moderately Challenging. Section A was considered Easy to Moderate, Section B was of Moderate difficulty, while Section C was reported as Difficult by most students.

CBSE Class 12 2024 Accountancy (Set 1- 67/5/1) 2024 Answer Key With Solution

Candidates can download the CBSE Class 12 Accountancy Question Paper with Solution and Answer Key PDFs for Set 1 Question Paper (Code: 67/5/1) using the link below.

CBSE Class 12 2024 Accountancy Question Paper with Solutions
 

PART A (Accounting for Partnership Firms and Companies)

Question 1:

A partnership firm has 45 partners. It wants to admit 7 more partners into partnership. Only more partners can be admitted in the partnership firm according to Companies Act, 2013.

1. 1
2. 6
3. 5
4. 3

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Question 2:

A, B and C were partners in a firm sharing profits and losses in the ratio of 1/2 : 1/3 : 1/4. D was admitted in the firm for 1/6 share. C would retain his original share. The new profit sharing ratio will be:

1. 12 : 8 : 5 : 5
2. 21 : 14 : 18 : 12
3. 21 : 14 : 15 : 10
4. 2 : 2 : 1 : 1

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Question 3:

(a) If all the forfeited shares are reissued, the balance, if any, left in the Forfeited Shares Account is transferred to:

1. General Reserve Account
2. Securities Premium Account
3. Capital Reserve Account
4. Statement of Profit and Loss

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Question 3:

(b) Raghav Ltd. forfeited 100 shares of ₹10 each issued at a premium of 20% for non-payment of the first call of ₹3 per share and final call of ₹1 per share. The minimum price per share at which these shares can be reissued will be:

1. ₹4
2. ₹6
3. ₹8
4. ₹10

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Question 4:

Assertion (A): In partnership firm, the private assets of the partners can also be used to pay off the firm’s debts.
Reason (R): The liability of the partners for acts of the firm is limited. Choose the correct option from the following:

1. Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
2. Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
3. Assertion (A) is false, but Reason (R) is true.
4. Assertion (A) is true, but Reason (R) is false.

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Question 5:

(a) Ridhima and Kavita were partners sharing profits and losses in the ratio of 3 : 2. Their fixed capitals were ₹1,50,000 and ₹2,00,000 respectively. The partnership deed provides for interest on capital @ 8% p.a. The net profit of the firm for the year ended 31st March, 2023 amounted to ₹21,000. The amount of interest on capital credited to the capital accounts of Ridhima and Kavita will be:

1. ₹12,000 and ₹16,000 respectively.
2. ₹10,500 and ₹10,500 respectively.
3. ₹9,000 and ₹12,000 respectively.
4. ₹16,000 and ₹5,000 respectively.

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Question 5:

(b) Ruchika and Harshita were partners in a firm. Ruchika had withdrawn ₹9,000 at the end of each quarter throughout the year. The interest to be charged on Ruchika’s drawings at 6% p.a. will be:

1. ₹540
2. ₹2,160
3. ₹1,080
4. ₹810

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Question 6:

(a) Aarav Ltd. issued 10,000, 9% debentures of ₹100 each at a premium of 5%, redeemable at a premium of 10%. Loss on issue of debentures account will be debited by:

1. ₹10,00,000
2. ₹1,00,000
3. ₹1,50,000
4. ₹1,05,000

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Question 6:

(b) Dove Ltd. issued 8,000, 11% debentures of ₹100 each at a premium of 5%. The total amount of interest on Debentures for one year will be:

1. ₹80,000
2. ₹92,400
3. ₹88,000
4. ₹880

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Question 7:

Assertion (A): Securities Premium cannot be utilized for writing off loss on sale of a fixed asset.
Reason (R): Securities Premium can be applied only for the purposes mentioned in the Companies Act, 2013. Choose the correct option from the following:

1. Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
2. Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
3. Assertion (A) is false, but Reason (R) is true.
4. Assertion (A) is true, but Reason (R) is false.

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Question 8:

(a) Kriti, Hina and Nidhi were partners sharing profits in the ratio of 3 : 2 : 1. Nidhi retired. On the date of her retirement, Workmen Compensation Fund stood in the Balance Sheet at ₹1,50,000. Workmen Compensation Claim was ₹1,20,000. How much amount of Workmen Compensation Fund will be credited to Nidhi’s Capital Account?

1. ₹30,000
2. ₹10,000
3. ₹5,000
4. ₹15,000

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Question 8:

(b) Rohit, Udit and Mohit were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Mohit retired. The balance in his capital account after making the necessary adjustments on account of reserves and revaluation of assets and liabilities was ₹1,80,000. Rohit and Udit agreed to pay him ₹2,00,000 in full settlement of his claim. Mohit’s share of goodwill in the firm was:

1. ₹1,80,000
2. ₹2,00,000
3. ₹40,000
4. ₹20,000

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Question 9:

On disSolutions of a partnership firm, if realisation expenses are paid by the firm on behalf of a partner, then such expenses are debited to which of the following account:

1. Realisation Account
2. Partner’s Capital Account
3. Partner’s Loan Account
4. Bank Account

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Question 10:

Opening capital of Keshav was:

1. ₹35,000
2. ₹39,000
3. ₹43,000
4. ₹52,000

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Question 11:

Amount of interest to be charged on Hitesh’s drawings will be:

1. ₹225
2. ₹4,500
3. ₹300
4. ₹7,200

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Question 12:

Kewal Ltd. purchased sundry assets from Ganpati Ltd. for ₹28,60,000. The amount was paid by issuing fully paid shares of ₹100 each issued at a premium of 10%. The number of shares issued to Ganpati Ltd. were:

1. 28,000
2. 31,778
3. 28,600
4. 26,000

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Question 13:

Sarita Ltd. forfeited 100 shares of ₹10 each, ₹8 called up issued at a premium of ₹2 per share to Ramesh for non-payment of allotment money of ₹5 per share (including premium). The first and final call of ₹2 per share was not made. Out of these 70 shares were reissued to Ashok as ₹8 called up for ₹10 per share. The gain on reissue will be:

1. ₹500
2. ₹400
3. ₹350
4. ₹300

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Question 14:

Isha and Manish were partners in a firm sharing profits and losses in the ratio of 3 : 2. With effect from 1st April, 2023, they agreed to share profits equally. On this date the goodwill of the firm was valued at ₹3,00,000. The necessary journal entry for the treatment of goodwill without opening Goodwill Account will be:

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Question 15:

Mahi, Ruhi, and Ginni are partners in a firm sharing profits and losses in the ratio of 6 : 4 : 1. Mahi guaranteed a profit of ₹50,000 to Ginni. Net profit for the year ending 31st March, 2023, was ₹1,10,000. Mahi’s share in the profit of the firm after giving the guaranteed amount to Ginni will be:

1. ₹20,000
2. ₹60,000
3. ₹40,000
4. ₹10,000

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Question 16:

(a) Aditi, Sukriti and Niti were partners sharing profits in the ratio of 2 : 2 : 1. Sukriti died on 30th June, 2023. Net profit for the year ended 31st March, 2023 was ₹4,50,000. If the deceased partner’s share of profit is to be calculated on the basis of previous year’s profit, the amount of profit credited to Sukriti’s Capital Account will be:

1. ₹90,000
2. ₹45,000
3. ₹1,80,000
4. ₹1,12,500

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Question 16:

(b) Pawan, a partner, was appointed to look after the process of disSolutions of the firm, for which he was allowed a remuneration of ₹75,000. Pawan agreed to bear the disSolutions expenses. Actual disSolutions expenses ₹60,000 were paid by Pawan. Pawan’s capital account will be credited by:

1. ₹75,000
2. ₹60,000
3. ₹15,000
4. ₹10,000

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Question 17:

Anand, Ridhi and Shyam were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their fixed capitals were ₹1,00,000, ₹60,000 and ₹40,000 respectively. For the year ended 31st March, 2023, interest on capital was credited to their capital accounts @ 9% p.a. instead of 7% p.a. Pass the necessary adjusting Journal entry.

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Question 18:

(a) Mahesh, Ramesh and Naresh were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From 1st April, 2023, they decided to share profits equally. On that date, there was a balance of ₹3,60,000 in General Reserve and a debit balance of ₹1,80,000 in the Profit and Loss Account. Pass single adjustment Journal entry for the above on account of change in the profit-sharing ratio.

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Question 18:

(b) Ravi, Guru, Mani and Sonu were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2023, Sonu retired. On Sonu’s retirement, the Goodwill of the firm was valued at ₹1,40,000. The new profit sharing ratio among Ravi, Guru and Mani was 5 : 5 : 1. Showing your workings clearly, pass necessary Journal entry for the treatment of Goodwill in the books of the firm on Sonu’s retirement without opening goodwill account.

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Question 19:

(a) Chavi Ltd. purchased machinery from Neo Ltd. It was agreed that the purchase consideration will be paid by issuing 10,000 equity shares of ₹10 each at a premium of 10% and a bank draft of ₹50,000. Pass the necessary Journal entries in the books of Chavi Ltd. for the above transactions.

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Question 19:

(b) On 1st October, 2022 Ninza Ltd. issued 4,000, 8% Debentures of ₹100 each at a discount of 10%. The company had a balance of ₹50,000 in Securities Premium Account on the same date. Pass necessary Journal entries for issue of debentures and to write off discount on issue of debentures.

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Question 20:

Sunny and Rohan were partners in a firm sharing profits and losses in the ratio of 2 : 1. Their books showed that the capital employed on 31st March, 2023 was ₹7,00,000. The average profits earned by the firm were ₹90,000. Calculate the value of goodwill on the basis of 5 years purchase of super profits assuming that the normal rate of return is 10%.

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Question 21:

Madhav, Raghav and Purav were partners in a firm sharing profits and losses in the ratio of 3 : 1 : 1. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Madhav, Raghav and Purav as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Creditors 1,00,000 Bank 20,000 General Reserve 50,000 Stock 1,10,000 Capitals: Investment 70,000 Madhav 60,000 Furniture 35,000 Raghav 1,00,000 Building 1,15,000 Purav 40,000 Total Liabilities 3,50,000 Total Assets 3,50,000 Purav died on 30th September, 2023. According to Partnership deed, his legal representatives are entitled to the following: (i) Balance in his Capital Account. (ii) Share of profit up to the date of death to be calculated on the basis of last year’s profit. (iii) Share of goodwill calculated on the basis of three years purchase of average profits of last four years. (iv) Interest on capital @12% p.a. Purav’s share of profit was ₹3,000, and the average profit of the last four years was ₹50,000. Purav’s drawings up to the date of death were ₹10,000. Prepare Purav’s Capital Account to be rendered to his legal representatives.

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Question 22:

On 1st April 2023, Khyati Ltd. was formed with an authorised capital of ₹20,00,000 divided into 2,00,000 equity shares of ₹10 each. The company invited applications for issuing 1,80,000 equity shares. The company received applications for 1,70,000 equity shares. During the first year, ₹8 per share were called and final call of ₹2 per share has not been made yet. Siya holding 2,000 shares and Piya holding 4,000 shares did not pay the first call of ₹2 per share. All the shares of Siya and Piya were forfeited after the first call.

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Question 23:

(a) Murari Ltd. invited applications for issuing 80,000 equity shares of ₹10 each at a premium of ₹4 per share. The amount per share was payable as follows: ₹5 on application and ₹9 (including premium) on allotment. Applications were received for 1,40,000 shares and allotment was made on pro-rata basis to all the applicants. Money overpaid on application was utilised towards sums due on allotment. The allotment money was duly received except from Sameer who had applied for 1,400 shares. His shares were forfeited. Pass the necessary journal entries in the books of Murari Ltd. to record the above transactions. Open calls-in-arrears account wherever required.

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Question 23:

(b) Kavya Ltd. invited applications for issuing 30,000 shares of ₹10 each at a premium of ₹2 per share. The amount was payable as follows: On application and allotment ₹7 per share, On first and final call ₹5 per share (including ₹2 premium). Applications were received for 33,000 shares. Applications for 3,000 shares were rejected, and money returned to the applicants. Applications for 30,000 shares were accepted in full. The application and allotment money was duly received. The first and final call was made and money received except from a shareholder holding 500 shares. His shares were forfeited. All these shares were re-issued to Kartik as fully paid for ₹8 per share. Pass necessary journal entries for the above transactions in the books of Kavya Ltd. Open calls-in-arrears account wherever required.

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Question 24:

(a) Arnav, Bhavi and Chavi were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2023, their Balance Sheet was as follows: Balance Sheet of Arnav, Bhavi and Chavi as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Capitals: Plant & Machinery 3,00,000 Arnav 1,80,000 Furniture 20,000 Bhavi 1,60,000 Debtors 3,50,000 Chavi 1,00,000 Less: Provision for Doubtful Debts 20,000 Creditors 2,50,000 Cash in Hand 10,000 Profit & Loss Account 30,000 Total 6,90,000 Total 6,90,000 Adjustments: (i) Plant and Machinery to be valued at ₹4,30,000. (ii) Provision for Bad Debts to be increased by 50%. (iii) Chavi’s share of Goodwill valued at ₹80,000, treated without opening goodwill account. (iv) Total amount payable to Chavi brought in by Arnav and Bhavi in their new profit-sharing ratio. Prepare Revaluation Account and Partner’s Capital Accounts.

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Question 24:

(b) Divya and Ekta were partners in a firm sharing profits in the ratio of 3 : 1. On 31st March, 2023, they admitted Sona as a new partner for 1/4th share in the profits of the firm. Their Balance Sheet on that date was as follows: Balance Sheet of Divya and Ekta as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Capitals: Land and Building 5,00,000 Divya 10,00,000 Machinery 6,00,000 Ekta 7,00,000 Stock 1,50,000 General Reserve 3,20,000 Debtors 4,00,000 Creditors 5,40,000 Less: Provision for Doubtful Debts 30,000 Investments 5,00,000 Cash 4,40,000 Total 25,60,000 Total 25,60,000 Adjustments: (i) Goodwill of the firm valued at ₹2,40,000. (ii) Land and Building valued at ₹7,12,000. (iii) Provision for doubtful debts excess by ₹8,000. (iv) Liability of ₹20,000 included in Creditors not likely to arise. (v) Capitals of Divya and Ekta adjusted on the basis of Sona’s capital by opening current accounts. Prepare Revaluation Account and Partner’s Capital Accounts.

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Question 25:

Pass the necessary journal entries for the following transactions on disSolutions of the firm of Avyan and Shruti after various assets (other than cash) and third-party liabilities have been transferred to Realisation Account: (i) Sundry creditors amounting to ₹40,000 were settled at a discount of 10%. (ii) An unrecorded computer of ₹50,000 was taken over by Shruti. (iii) Creditors of ₹5,000 agreed to take over debtors of ₹8,000 in full settlement of their claim. (iv) The firm had a debit balance of ₹42,000 in the Profit and Loss Account on the date of disSolutions. (v) There was an old furniture with the firm which had been written off completely from the books. This was sold for ₹9,000. (vi) Realisation expenses amounting to ₹11,000 were paid by Shruti.

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Question 26:

Pass Journal entries relating to issue of debentures in the books of Novex Ltd. in each of the following cases: (i) Issued 30,000, 10% Debentures of ₹100 each at a premium of 10%, redeemable at par. (ii) Issued 4,000, 10% Debentures of ₹100 each at a premium of 15%, redeemable at a premium of 10%. (iii) Issued 5,000, 10% Debentures of ₹100 each at a discount of 5%, redeemable at a premium of 10%.

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PART B OPTION I
(Analysis of Financial Statements)

Question 27:

Which of the following is not a tool of Analysis of Financial Statements?

1. Ratio Analysis
2. Comparative Statement
3. Statement of Profit & Loss
4. Cash Flow Statement

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Question 28:

(a) Total Assets — ₹3,00,000
Non-current Assets — ₹2,60,000
Non-current Liabilities — ₹80,000
Shareholders’ Funds — ₹2,00,000
Current ratio calculated on the basis of the above information will be:

1. 0.5 : 1
2. 2 : 1
3. 1.5 : 1
4. 1 : 1

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Question 28:

(b) When Current Ratio is 4 : 1, Current Assets are ₹60,000 and Quick Ratio is 2.5 : 1, the amount of ‘Inventory’ will be:

1. ₹22,500
2. ₹37,500
3. ₹15,000
4. ₹25,000

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Question 29:

(a) Shyam Sunder Ltd. is a financing company. Under which of the following activity will the amount of ‘Interest paid on loan’ be shown:

1. Investing activity
2. Financing activity
3. Both Financing & Operating activity
4. Operating activity

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Question 29:

(b) Tax paid during the year ended 31st March, 2023 was ₹15,000. While calculating Net Profit before Tax and Extra ordinary items, the amount of provision for tax to be added is: (b) Particulars 1-4-2022 31-3-2023 Provision for Tax ₹10,000 ₹25,000

1. ₹30,000
2. ₹25,000
3. ₹10,000
4. ₹15,000

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Question 30:

Which of the following transaction will result in flow of cash?

1. Cash withdrawn from bank ₹71,000
2. Issue of 9% debentures of ₹1,00,000 to the vendors of Machinery
3. Received from debtors ₹74,000
4. Redeemed 10% debentures by converting into equity shares

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Question 31:

Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013:
(i) Stores and Spares
(ii) Calls-in-Advance
(iii) Income received in advance

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Question 32:

From the following information of Ajanta Ltd., calculate ‘Inventory Turnover Ratio’: Opening Inventory = ₹19,000, Closing Inventory = ₹21,000 Purchases = ₹80,000, Revenue from Operations = ₹80,000, Wages = ₹9,000 Carriage Inwards = ₹4,000, Carriage Outwards = ₹2,000, Return Outwards = ₹1,000, Rent Paid = ₹5,000

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Question 33:

(a) From the following Statement of Profit and Loss of Shikha Ltd., prepare Comparative Statement of Profit and Loss for the year ended 31st March, 2023: Particulars 2022-23 (₹) 2021-22 (₹) Revenue from Operations 32,00,000 20,00,000 Employee Benefit Expenses 9,60,000 6,00,000 Other Expenses 6,40,000 4,00,000

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Question 33:

(b) From the following information, prepare a Common Size Statement of Profit and Loss of A Ltd. and B Ltd. for the year ended 31st March, 2023: Particulars A Ltd. (₹) B Ltd. (₹) Revenue from Operations 20,00,000 10,00,000 Other Income 3,00,000 80,000 Expenses 10,40,000 4,80,000 Tax Rate 40% 40%

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Question 34:

From the following Balance Sheet of Yogita Ltd., calculate ‘Cash flows from Investing Activities’ and ‘Cash flows from Financing Activities’. Show your working properly. Yogita Ltd. Balance Sheet as at 31st March, 2023

Additional Information:

(i) ₹50,000 was charged as depreciation on Plant and Machinery. A machinery costing ₹60,000 (Book Value ₹45,000) was sold for ₹42,000.

(ii) Bank loan was repaid on 1st April, 2022.

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