CBSE Class 12 2024 Accountancy Question Paper with Answer Key PDF for Set 3 (Q.P. Code: 67/4/3) 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 3 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 3- 67/4/3) 2024 Answer Key With Solution

Candidates can download the CBSE Class 12 Accountancy Question Paper with Solution and Answer Key PDFs for Set 3 Question Paper (Code: 67/4/3) using the link below.

CBSE Class 12 2024 Accountancy Question Paper with Solutions
 

PART A
(Accounting for Partnership Firms and Companies)

Question 1(a):

Arnav Ltd. purchased assets worth ₹24,00,000. It issued 9% debentures of ₹100 each at a discount of 4% for payment of the purchase consideration. The number of debentures issued to the vendor were:

1. 24,000
2. 25,000
3. 30,000
4. 28,000

---

Question 1(b):

On 1st May, 2023, Amrit Ltd. issued 10,000, 10% debentures of ₹100 each at a premium of 10% redeemable at a premium of 10%. Loss on issue of debentures will be:

1. ₹2,00,000
2. ₹1,30,000
3. ₹1,00,000
4. ₹80,000

---

Question 2:

Gupta and Sharma are partners in a firm sharing profit in the ratio of 4:1. They admitted Preeti as a new partner for 1/4th share in the profits, which she acquired wholly from Gupta. New profit sharing ratio of Gupta, Sharma, and Preeti will be:

1. 2:1:1
2. 11:4:5
3. 3:3:2
4. 7:5:4

---

Question 3:

On the disSolutions of a partnership firm there were debtors of ₹34,000. Debtors of ₹1,000 became bad and 60% was realized from the remaining debtors. Which account will be debited and by how much amount on the realization from debtors?

1. Realisation A/c by ₹33,000
2. Profit & Loss A/c by ₹1,000
3. Cash A/c by ₹19,800
4. Debtors A/c by ₹14,200

---

Question 4:

If vendors are issued fully paid shares of ₹1,25,000 in purchase consideration of net assets of ₹1,50,000, the balance of ₹25,000 will be credited to:

1. Statement of Profit and Loss
2. Goodwill Account
3. Capital Reserve Account
4. Profit and Loss Adjustment Account

---

Question 5(a):

Riya, Rita, and Renu were partners in a firm. On 31st March, 2023, Renu retired. The amount payable to Renu ₹2,17,000 was transferred to her loan account. Renu agreed to receive interest on this amount as per the provisions of the Partnership Act, 1932. The rate at which interest would be paid to Renu is:

1. 9% p.a.
2. 6% p.a.
3. 12% p.a.
4. 10% p.a.

---

Question 5(b):

Ravi, Vani, and Toni were equal partners in a firm. After the retirement of Vani, the capital balances of Ravi and Toni were ₹1,56,000 and ₹1,08,000 respectively. The new capital of the firm was determined at ₹2,80,000. It was decided that the capital will be in proportion to the profit-sharing ratio of the remaining partners. Toni will bring ...... for deficiency of his new capital.

1. ₹40,000
2. ₹12,000
3. ₹20,000
4. ₹32,000

---

Question 6:

As per the provisions of Companies Act, 2013 Securities Premium cannot be utilized for:

1. Buy back of shares
2. Issue of partly paid bonus shares
3. Writing off discount on issue of debentures
4. Writing off preliminary expenses

---

Question 7(a):

Vishant Ltd. invited applications for issuing 6,000 equity shares of ₹10 each at 10% premium. The issue was fully subscribed. The amount per share was payable as follows: On application- ₹3, on allotment- ₹3 (including premium), on first call- ₹3, and on final call- ₹2. Ashish, the holder of 200 shares paid the entire money along with allotment. The total amount received on allotment was:

1. ₹18,000
2. ₹19,000
3. ₹25,000
4. ₹21,000

---

Question 7(b):

M Ltd. forfeited 5,000 equity shares of ₹10 each issued at a premium of 10% for non-payment of final call of ₹2 per share. The minimum amount at which these shares can be reissued as fully paid up will be:

1. ₹5,000
2. ₹10,000
3. ₹12,000
4. ₹5,000

---

Question 8(a):

Which one of the following items is not dealt through Profit and Loss Appropriation Account?

1. Interest on Capital
2. Interest on Drawings
3. Rent paid to partners
4. Partner’s Salary

---

Question 8(b):

At the time of admission of a partner, the Balance Sheet of the firm showed a workmen compensation reserve of ₹80,000. The claim for workmen compensation was estimated at ₹1,00,000. The shortfall of ₹20,000 will be:

1. Debited to Revaluation Account
2. Credited to Revaluation Account
3. Debited to Partners’ Capital Accounts
4. Credited to Partners’ Capital Accounts

---

Question 9:

Vishnu and Mishu are partners in a firm. Mishu draws a fixed amount at the end of every quarter. Interest on drawings is charged @ 15% p.a. At the end of the year, interest on Mishu’s drawings amounted to ₹9,000. Interest on drawings was charged on drawings of Mishu for:

1. 6 months
2. 7½ months
3. 4½ months
4. 4 months

---

Read the following hypothetical situation and answer questions 10 and 11: Aditi and Saurabh were partners in a firm sharing profits and losses in the ratio of 2:1. On 1st April, 2022 their capitals were |5,00,000 and |4,00,000 respectively. Before any appropriation, the firm earned a Net profit of |81,000 for the year ended 31^st March, 2023. According to the partnership deed, interest on capital was to be provided @ 10% p.a. 10.

Question 10:

Interest on Aditi’s capital will be:

1. ₹50,000
2. ₹45,000
3. ₹40,500
4. ₹54,000

---

Question 11:

Interest on capital will be provided to Aditi and Saurabh in which of the following ratio?

1. 5:4
2. 2:1
3. 1:1
4. 8:1

---

Question 12(a):

Vanya and Aanya were partners in a firm sharing profits and losses in the ratio of 3:2. Their capitals were ₹5,00,000 and ₹1,00,000 respectively. Vanya was entitled to interest on capital @ 8% p.a., and Aanya was entitled to salary @ ₹5,000 per month. The net profit before any appropriation was ₹1,75,000. Vanya’s share in divisible profit will be:

1. ₹45,000
2. ₹30,000
3. ₹37,500
4. ₹40,000

---

Question 12(b):

Omkar and Shiva were partners in a firm. Omkar was entitled to a salary of ₹20,000 p.a. while Shiva was entitled to a salary of ₹50,000 p.a. Net profit for the year ended 31st March, 2023, after charging the salaries of Omkar and Shiva, was ₹5,60,000. The total amount credited to Omkar’s capital account will be:

1. ₹2,45,000
2. ₹2,65,000
3. ₹3,15,000
4. ₹3,00,000

---

Question 13:

Kanha, Resham, and Nisha were partners in a firm. Nisha had given a loan of ₹1,00,000 to the firm @ 10% p.a. The accountant of the firm is emphasizing that interest on loan will be paid @ 6% p.a. At what rate the interest on loan will be paid to Nisha?

1. 6% p.a.
2. 10% p.a.
3. 8% p.a.
4. No interest on loan will be paid.

---

Question 14:

Assertion (A): Interest on bearer debentures is paid to a person who produces the interest coupon attached to such debentures.
Reason (R): Bearer debentures are transferred by way of delivery and the company does not keep any record of these debenture holders.

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

---

Question 15:

Aditya, Vishesh, and Nimesh were partners in a firm sharing profits and losses equally. Aditya died on 1st July, 2023. The remaining partners decided to continue the business of the firm and decided to share future profits in the ratio of 4:3. The gaining ratio of Vishesh and Nimesh will be:

1. 4:3
2. 3:2
3. 5:2
4. 1:1

---

Question 16:

Assertion (A): Under the fixed capital method, partners’ capital accounts always show a credit balance.
Reason (R): Under the fixed capital method, all items like share of profit or loss, interest on capital, drawings, interest on drawings are recorded in a separate account called partners’ current account.

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

---

Question 17:

Nita, Mita, and Karan were partners in a firm sharing profits and losses in the ratio of 4:3:3. With effect from 1st April, 2023, they agreed to share profits and losses in the ratio of 1:2:2. On that date, there was a General Reserve of ₹70,000 in the books of the firm. It was agreed that: (i) Goodwill of the firm be valued at ₹1,00,000. (ii) Loss on revaluation of assets and re-assessment of liabilities amounted to ₹40,000. Pass necessary journal entries for the above transactions in the books of the firm.

---

Question 18(a):

Aayush and Krish are partners sharing profits and losses equally. They decided to admit Vansh for an equal share in the profits. For this purpose, the goodwill of the firm was to be valued at four years’ purchase of super profits. The balance sheet of the firm on 31.3.2023 before admission of Vansh was as follows:

Calculate Vansh’s share of Goodwill.

---

Question 18(b):

Varun, Tarun, Arun, and Barun were partners in a firm sharing profits in the ratio of 5:3:2:2. Arun retired on 31st March, 2023. Varun, Tarun, and Barun decided to share future profits equally. On Arun’s retirement, goodwill of the firm was valued at ₹9,00,000. Showing your workings clearly, pass the necessary Journal Entry for treatment of Goodwill on Arun’s retirement without opening a goodwill account.

---

Question 19(a):

Mahesh Ltd. purchased Plant and Machinery from Ish Ltd. for ₹4,50,000. ₹50,000 was paid by cheque to Ish Ltd. and the balance by issuing 6% debentures of ₹100 each at a discount of 20%. Pass the necessary Journal Entries for the above transactions in the books of Mahesh Ltd.

---

Question 19(b):

Manika Ltd. forfeited 500 shares of ₹100 each for non-payment of first call of ₹20 per share and second and final call of ₹25 per share. 250 of these shares were reissued at ₹50 per share fully paid up. Pass the Journal Entries for forfeiture and reissue of shares.

---

Question 20:

Rajesh and Anu were partners in a firm sharing profits and losses in the ratio of 1:2. Their fixed capitals were ₹6,00,000 and ₹3,00,000 respectively. After the accounts for the year were prepared, it was noticed that interest on capital @ 12% p.a., as provided in the partnership deed, was not credited to the capital accounts of partners before distribution of profits. Pass the necessary adjusting journal entry. Show your workings clearly.

---

Question 21:

Ram, Ravi, and Rohan were partners sharing profits in the ratio of 2:3:1. On 31st March, 2023, their Balance Sheet was as follows:

Rohan died on 30th September, 2023. On the death of a partner, the partnership deed provided for the following:
(i)Goodwill was to be valued at two years purchase of average profit of last three years. The profits for the last three years were: 2020-21 = ₹4,50,000, 2021-22 = ₹90,000, 2022-23 = ₹1,35,000
(ii)Deceased partner’s share of profit till the date of death will be calculated on the basis of average profit of the last three years. Prepare Rohan’s Capital Account to record the above transactions.

---

Question 22:

Ronit Ltd. was registered with an authorised capital of ₹75,00,000 divided into 75,000 equity shares of ₹100 each. The company invited applications for issuing 45,000 shares. The amount was payable as follows: ₹30 per share on application, ₹30 per share on allotment, ₹25 per share on first call, and balance on final call. Applications were received for 42,000 shares and allotment was made to all the applicants. Charvi, to whom 3,300 shares were allotted, failed to pay both the calls. Her shares were forfeited. Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare notes to accounts.

---

Question 23(a):

Anikesh and Bhavesh are partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet as on 31st March, 2023 was as follows:

On 1st April, 2023, Chahat was admitted for 1/4th share in the profits on the following terms: (i) Chahat will bring ₹90,000 as her capital and ₹30,000 as her share of Goodwill premium. (ii) Outstanding wages will be paid. (iii) Stock will be reduced by 10%. (iv) creditor of ₹6,300, not recorded in the books, was to be taken into account. Pass necessary Journal Entries for the above transactions in the books of the firm.

---

Question 23(b):

Prina, Qadir, and Kian were partners in a firm sharing profits in the ratio of 7:2:1. On 31st March, 2023, their Balance Sheet was as follows:

Adjustments on Qadir’s Retirement: (i)Goodwill of the firm valued at ₹12,00,000. (ii)Land appreciated by 30%, and building depreciated by ₹3,54,000. (iii)A provision of 6% maintained on debtors. (iv)Workmen’s compensation liability determined at ₹1,40,000. (v)Qadir’s amount transferred to loan account. (vi)Total capital fixed at ₹16,00,000, adjusted in the new profit ratio.

---

Question 24(a):

Lazal Ltd. invited applications for issuing 2,00,000 equity shares of ₹10 each, at 20% premium. Amount per share was payable as follows: ₹5 on application; ₹4 (including premium) on allotment; and balance on final call. Public applied for 3,20,000 shares, out of which applications for 20,000 shares were rejected and shares were allotted on pro-rata basis to the remaining applicants. Kavita, an applicant of 15,000 shares, failed to pay allotment and call money. Her shares were forfeited. Pass necessary Journal Entries for the above transactions in the books of the company.

---

Question 24(b):

Chand Ltd. invited applications for issuing 1,00,000 equity shares of ₹10 each at a premium of ₹2 per share. The amount per share was payable as follows: ₹4 (including premium) on application, ₹5 on allotment, and balance on first and final call. Applications were received for 1,80,000 shares of which applications for 30,000 shares were rejected, and remaining applicants were allotted shares on a pro-rata basis. Mansi, holding 5,000 shares, failed to pay first and final call money, and her shares were forfeited. Pass necessary Journal entries for the above transactions in the books of the company.

---

Question 25:

Pass the necessary journal entries for the following transactions on the disSolutions of the partnership firm of Mohit and Rohit after the various assets (other than cash and bank) and the third-party liabilities have been transferred to the realisation account: (i)A machine, not recorded in the books, was taken over by Mohit at ₹7,000, whereas its expected value was ₹10,000. (ii)Rohit’s loan of ₹15,000 was settled at ₹13,500. (iii)The firm had investments of ₹1,00,000. Mohit took over 50% of the investments at a discount of 10%, while the remaining investments were sold off for ₹60,000. (iv)Realisation expenses amounted to ₹23,000. (v)Sundry creditors amounting to ₹45,000 were settled at a discount of ₹2,000. (vi)Loss on realisation of ₹12,000 was divided between the partners in their profit-sharing ratio.

---

Question 26:

Pass necessary journal entries relating to the issue of debentures and to write off discount/loss on issue of debentures in the books of Srijan Ltd. in the following cases: (i) 900, 6% debentures of ₹1,000 each are issued at 5% discount and redeemable at par. Balance in Securities Premium account is ₹50,000. (ii) 700, 8% debentures of ₹1,000 each are issued at 10% discount and redeemable at a premium of 10%. Balance in Securities Premium account is ₹1,00,000.

---

PART B OPTION I
(Analysis of Financial Statements)

Question 27(a):

Statement I: Financing activities relate to long-term funds or capital of an enterprise.
Statement II: Separate disclosure of cash flows arising from financing activities is important because they represent the extent to which expenditures have been made for resources intended to generate future income and cash flows. Choose the correct option from the following:

1. Both Statement I and Statement II are correct.
2. Both Statement I and Statement II are incorrect.
3. Statement I is incorrect and Statement II is correct.
4. Statement I is correct and Statement II is incorrect.

---

Question 27(b):

What will be the effect of transaction ‘Payment of employee benefit expenses’ on the cash flow statement?

1. Outflow from operating activities
2. Outflow from investing activities
3. Outflow from financing activities
4. No effect on cash flow.

---

Question 28:

From the above information, ‘Cash flows from investing activities’ will be: Purchased (₹) Sold (₹) Investments: 2,00,000 Investments: 1,80,000 Goodwill: 3,00,000 Goodwill:

1. Inflow ₹3,20,000
2. Outflow ₹3,20,000
3. Outflow ₹20,000
4. Inflow ₹20,000

---

Question 29(a):

The tool of ‘Analysis of Financial Statements’ which helps to assess the profitability, solvency, and efficiency of an enterprise is known as:

1. Cash flow statement
2. Comparative statement
3. Common size statement
4. Ratio analysis

---

Question 29(b):

...... is also known as the Acid Test Ratio.

1. Current ratio
2. Quick ratio
3. Gross profit ratio
4. Return on investment ratio

---

Question 30:

Quick ratio of Megamart Ltd. is 1.5:1. Which of the following transactions will result in a decrease in this ratio?

1. Sale of goods costing ₹10,000 for ₹12,000.
2. Cash collected from trade receivables ₹41,000.
3. Purchase of goods for cash ₹38,000.
4. Creditors were paid ₹11,000.

---

Question 31:

Under which Major Heads and Sub-Heads (if any) will the following items be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013? (i) Capital Advances (ii) Income received in Advance (iii) Stores and Spare Parts

---

Question 32:

The average inventory of AB Ltd. is ₹1,00,000 and the inventory turnover ratio is 6 times. Calculate the amount of revenue from operations if goods are sold at a profit of 25% on revenue from operations.

---

Question 33(a):

Prepare a Common Size Balance Sheet of X Ltd. from the following information:

---

Question 33(b):

From the following information prepare a Comparative Statement of Profit and Loss of Y Ltd.: 

---

Question 34:

Following is the Balance Sheet of Bharat Gas Ltd. as at 31.3.2023: Balance Sheet of Bharat Gas Ltd. as at 31.3.2023

Adjustments: During the year, a machine costing ₹3,00,000 on which accumulated depreciation was ₹45,000 was sold for ₹1,35,000. Calculate ’Cash Flows from Operating Activities’

---

PART B OPTION II
(Computerised Accounting)

Question 27(a):

Excel considers which of the following group of mathematical operations of equal importance?

1. Multiplication and Addition
2. Division and Multiplication
3. Exponent and Multiplication
4. Subtraction and Division

---

Question 27(b):

How many rows are available in Excel 2007?

1. 5663
2. 65536
3. 72257
4. 4332

---

Question 28:

How are ‘absolute cell references’ and ‘mixed references’ identified in Excel?

1. Using $ sign
2. Using £ sign
3. Using # sign
4. Using ∼ sign

---

Question 29(a):

‘A piece of information shown in a graph which is assigned to the data series’ is known as:

1. Data point
2. Data table
3. Plot point
4. Legend

---

Question 29(b):

‘LABELS’ in Excel means:

1. A text or special character
2. Used for rows, columns or descriptive information
3. Can be treated mathematically
4. (A) and (B) both

---

Question 30:

Which of the following type of software suffers from the limitation of low secrecy level and software being prone to data frauds?

1. Tailored
2. Specific
3. Generic
4. (A) and (B) both

---

Question 31:

Explain ‘Sequential Codes’ and ‘Block Codes’ with examples.

---

Question 32:

How to use ‘Mark Common Formula Error’ in Excel? Explain.

---

Question 33(a):

State why do you need to change a chart? How can it be changed? Why is it said that changing a column chart to a pie chart is easy? Give reasons.

---

Question 33(b):

State the advantages of a computerized accounting system.

---

Question 34:

Using the worksheet below, find out the error and its reason for the given ‘VLOOKUP’ syntax:

(i) = VLOOKUP(B1, B2 : E8, 2, 0)
(ii) = SQRT(VLOOKUP(B5, B8 : E8, 2, 0)- 100000)
(iii) = VLOOKUP(A2, A2 : A8, 2, 0)
(iv) = VLOOKUP(B2, B3 : E4, 5, 0)
(v) = VLOOKUP(B2, A2 : E8, 0, 0)
(vi) = VLOOKUP(B2, B2 : E8, 2, 0)/0

---

---

---