CBSE Class 12 2024 Accountancy Question Paper with Answer Key PDF for Set 3 (Q.P. Code: 67/5/3) 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- 67/5/3) 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: 67/5/3) using the link below.

CBSE Class 12 2024 Accountancy Question Paper with Solutions
 

PART A (Accounting for Partnership Firms and Companies)

Question 1(a):

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 1(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 Ruchika had withdrawn ₹9,000 at the end of each quarter throughout the year.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 2:

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

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Question 3:

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

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Question 4(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 5:

Keshav and Hitesh are partners sharing profits and losses in the ratio of 3:2. On 31st March, 2023 after division of profit of ₹15,000, their capitals were ₹55,000 and ₹45,000 respectively. During the year, Keshav’s drawings were ₹1,500 at the beginning of each quarter and Hitesh withdrew ₹9,000 on 1st November, 2022. After the final accounts have been prepared, it was discovered that interest on capital @ 5% p.a. and interest on drawings @ 8% p.a. have not been taken into consideration.
Opening capital of Keshav was:

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

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Question 6:

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 7:

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 8:

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 9:

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 10:

Assertion (A): In a 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 11(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 the 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 11(b):

Pawan, a partner, was appointed to look after the process of dissolution of the firm for which he was allowed a remuneration of ₹75,000. Pawan agreed to bear the dissolution expenses. Actual dissolution 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 12:

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 13(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 13(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 14:

A, B, and C were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. D was admitted in the firm for 1/6th 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 15(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 15(b):

Raghav Ltd. forfeited 100 shares of ₹10 each issued at a premium of 20% for non-payment of 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 16:

On dissolution 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 17:

Anvi, Vani, and Karan were partners in a firm sharing profits in the ratio of 2:2:1. Their fixed capitals were ₹4,00,000, ₹5,00,000, and ₹6,00,000 respectively. For the year ended 31st March 2023, interest on capital was credited to the partners’ capital accounts @ 6% p.a. instead of 10% 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 a single adjustment Journal entry for the above on account of the 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 a 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 the Securities Premium Account on the same date. Pass necessary Journal entries for the issue of debentures and to write off the discount on the issue of debentures.

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Question 20:

Maira and Shreya were partners in a firm. They earned an average profit of ₹2,00,000 during the last few years. The normal rate of profit in similar types of businesses is 10%. The value of assets and liabilities of the business were ₹18,00,000 and ₹3,00,000 respectively. Calculate the value of goodwill of the firm by the super profit method if it is valued at 3 years' purchase of super profit.

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Question 21:

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 the 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. Prepare the share capital in the Balance Sheet of Khyati Ltd. as per Schedule III, Part I of the Companies Act, 2013, and also prepare ‘Notes to Accounts’ for the same.

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Question 22:

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

Purav died on 30th September, 2023. According to the 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 the 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 23(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:

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 a 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 23(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

Sona will bring ₹4,00,000 as her capital and her share of goodwill in cash. It was agreed that:
(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 24(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 a pro-rata basis to all the applicants. Money overpaid on application was utilized 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 24(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 the 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 25:

Pass the necessary journal entries for the following transactions on the dissolution of the firm of Radha and Sudha after various assets (other than cash) and third-party liabilities have been transferred to Realisation Account:
(i) Nitish, an old customer, whose account for ₹11,000 was written off as bad debt in the previous year, paid 70% of the amount.
(ii) Sundry creditors amounting to ₹40,000 were settled at a discount of 20%.
(iii) Radha took over investments worth ₹23,000 at ₹20,000.
(iv) Profit and Loss Account showed a debit balance of ₹18,000.
(v) Sudha’s loan amounting to ₹15,000 was paid.
(vi) Machinery of the book value of ₹1,00,000 was given to a creditor of ₹85,000 in full settlement.

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Question 26:

Pass Journal entries relating to the issue of debentures in the books of Unicorn Ltd. in each of the following cases:
(i) Issued 20,000, 8% Debentures of ₹100 each at a premium of 10%, redeemable at a premium of 5%.
(ii) Issued 8,000, 8% Debentures of ₹100 each at a discount of 10%, redeemable at a premium of 10%.
(iii) Issued 3,000, 8% Debentures of ₹100 each at par, redeemable at a premium of 10%.

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PART B
OPTION I
(Analysis of Financial Statements)

Question 27(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 27(b):

Tax paid during the year ended 31st March 2023 was ₹15,000. While calculating Net Profit before Tax and Extraordinary items, the amount of provision for tax to be added is .......

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

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Question 28:

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 29(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 29(b):

When the Current Ratio is 4:1, Current Assets are ₹60,000, and the 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 30:

Which of the following transactions will result in a 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) Patents
(ii) Capital Reserve
(iii) Prepaid Rent

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Question 32:

From the following information, calculate the Working Capital Turnover Ratio:
Gross Profit Ratio - 25%
Gross Profit - ₹5,00,000
Shareholders’ Funds - ₹25,00,000
Non-current Liabilities - ₹8,00,000
Non-current Assets - ₹23,00,000

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Question 33(a):

From the following Statement of Profit and Loss of Shikha Ltd., prepare the Comparative Statement of Profit and Loss for the year ended 31st March 2023:

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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:

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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 work ing properly.


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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PART B OPTION II
(Computerised Accounting)

Question 27:

“A value or function or an arithmetic expression is recorded in ........”

1. Row
2. Column
3. Range
4. Cell

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Question 28(a):

Depreciation is generated from which of the following Accounting Information systems?

1. Tax accounting sub-system
2. Expense accounting sub-system
3. Final accounts sub-system
4. Fixed assets accounting sub-system

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Question 28(b):

Which type of software package is suitable for an organization where the volume of accounting transactions is very low and adaptability is very high?

1. Specific
2. Tailored
3. ERP Software
4. Generic

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Question 29:

Which chart has a depth axis?

1. 2D chart
2. 3D chart
3. Radar chart
4. Doughnut chart

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Question 30(a):

Which of the following is not a limitation of the computerized accounting system?

1. Data may be lost or corrupted due to power interruptions
2. Data are prone to hacking
3. Data is made available to everybody
4. Unprogrammed and unspecific reports cannot be generated

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Question 30(b):

To safeguard assets and optimize the use of resources, a business .......

1. Only tries to earn sufficient revenue
2. Only ensures accuracy in accounting records
3. Keeps internal controls
4. Only protects its assets

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Question 31:

How can #DIV/0! error be corrected?

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Question 32:

Explain various ‘Data tables’ used in Pivot Table.

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Question 33(a):

List the points of nomenclature used in Excel for charts/graphs.

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Question 33(b):

Explain the steps to define ‘Print area’ using a Dialog box.

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Question 34:

From the given ‘VLOOKUP’ syntax, find out the error and its reason using the worksheet:
(Insert Worksheet Data Here)
(i) =VLOOKUP(B5,C3:F10,2,0)
(ii) =SQRT(VLOOKUP(B3,B3:F10,2,0)-100)
(iii) =VLOOKUP(B2,B3:F10,5,0)
(iv) =VLOOKUP(B3,B3:B10,2,0)
(v) =VLOOKUP(B6,B3:F10,0,0)
(vi) =VLOOKUP(B6,B3:F10,2,0)/0

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