CBSE Class 12 Accountancy 2025 Answer Key OUT and Download PDF

CBSE Class 12 Accountancy 2025 Exam: CBSE Class 12 Accountancy 2025 Answer Key is an essential resource for students who appeared for the Accountancy exam held on 26 March 2025. This answer key helps students assess their performance by comparing their responses with the correct solutions provided. By referring to the answer key for Accountancy Class 12 2025, students can estimate their expected scores and identify any mistakes they may have made during the exam.

CBSE Class 12 Accountancy 2025 Answer Key includes detailed solutions for all sets of the question paper, such as Class 12 Accountancy Question Paper with Solutions 2025 Set 1 and Class 12 Accountancy Question Paper with Solutions 2025 Set 2. These solutions are designed to provide clear explanations for each question, ensuring students understand the correct approach to solving various types of problems.

In addition to the latest answer key, students can also refer to the Previous Year Question Paper Class 12 Accountancy with Solutions to strengthen their understanding of important concepts and improve their exam preparation. Practicing with past papers allows students to familiarize themselves with the exam pattern, marking scheme, and types of questions asked in previous years.

Whether you are cross-checking your answers or preparing for future exams, the Accountancy Answer Key 2025 Class 12 is a valuable tool for enhancing your performance and boosting your confidence.

CBSE Class 12 Accountancy Exam 2025 Overview

CBSE Class 12 Accountancy 2025 Answer Key - Question Paper Sets Table

Below is the structured table showing different sets of the CBSE Class 12 Accountancy 2025 Answer Key question papers:

CBSE Class 12 Accountancy Paper Design 2025 (Latest Updates)

CBSE Class 12 Accountancy Exam 2025 is follow a structured and skill-based question paper design to evaluate students on their conceptual clarity, analytical thinking, and application of knowledge. The paper will include a mix of question types aligned with the latest CBSE guidelines, focusing on core competencies such as remembering, understanding, application, and higher-order thinking skills (HOTS).

CBSE Class 12 Accountancy 2025 Exam Questions with Answers

1. Arun, Bashir, and Joseph were partners in a firm sharing profits and losses in the ratio of 5:3:2. They admitted Daksh as a new partner who acquired his share entirely from Arun. If Arun sacrificed 1/5 of his share to Daksh, Daksh’s share in the profits of the firm will be:

(A) 1/10

(B) 1/5

(C) 3/10

(D) 2/5

Correct Answer: (A) 1/10

2. Eliza, Fenn, and Garry were partners in a firm sharing profits and losses in the ratio of 4:3:1. Fenn was guaranteed ₹25,000 as his share in the profits. Any deficiency arising on that account was to be met by Eliza. The firm earned a profit of ₹80,000 for the year ended 31st March 2024. The amount of profit credited to Fenn’s capital account will be:

(A) ₹30,000

(B) ₹40,000

(C) ₹25,000

(D) ₹10,000

Correct Answer: (C) ₹25,000

3. Wayne, Shaan, and Bryan were partners in a firm. Shaan had advanced a loan of ₹1,00,000 to the firm. On 31st March 2024, the firm was dissolved. After transferring various assets (other than cash & bank) and outside liabilities to the Realisation Account, Shaan took over furniture of book value ₹90,000 in part settlement of his loan amount. For the payment of the balance amount of Shaan’s loan, the Bank Account will be credited with:

(A) ₹1,00,000

(B) ₹90,000

(C) ₹1,90,000

(D) ₹10,000

Correct Answer: (D) ₹10,000

4. Pulkit and Ravinder were partners in a firm sharing profits and losses in the ratio of 3:2. Sikander was admitted as a new partner for 1/5 share in the profits. Pulkit, Ravinder, and Sikander decided to share future profits in the ratio 2:2:1. Sikander brought ₹5,00,000 as his capital and ₹10,00,000 as his share of premium for goodwill. The amount of premium for goodwill that will be credited to the old partners’ capital accounts will be:

(A) Pulkit’s Capital Account ₹10,00,000

(B) Pulkit’s Capital ₹6,00,000 and Ravinder’s Capital ₹4,00,000

(C) Pulkit’s Capital ₹5,00,000 and Ravinder’s Capital ₹5,00,000

(D) Pulkit’s Capital ₹2,00,000

Correct Answer: (B) Pulkit’s Capital Account ₹6,00,000 and Ravinder’s Capital Account ₹4,00,000

5. Kajal and Laura were partners in a firm sharing profits and losses in the ratio of 5:3. They admitted Maddy for 1/4 share in future profits. Maddy brought ₹8,00,000 as capital and ₹4,00,000 as goodwill. Future profit-sharing: 2:1:1. After all adjustments, Kajal’s capital = ₹10,00,000, Laura’s = ₹8,00,000. Maddy’s capital is the base. The cash brought in by Kajal was:

(A) ₹1,00,000

(B) ₹8,00,000

(C) ₹16,00,000

(D) ₹12,00,000

Correct Answer: (A) ₹1,00,000

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Here are the CBSE Class 12 Accountancy Questions 6 to 15 (Part A) with options and correct answers (if available):

6.

Assertion (A): The maximum number of partners in a partnership firm is 50.

Reason (R): By virtue of the Companies Act 2013, the Central Government is empowered to prescribe the maximum number of partners in a firm. The Central Government has prescribed the maximum number of partners in a firm to be 50.

Choose the correct option:

(A) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A).

(B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).

(C) Assertion (A) is true, but Reason (R) is false.

(D) Both Assertion (A) and Reason (R) are false.

Correct Answer: Not Found

7.

Nandita and Prabha were partners in a firm. Nandita withdrew ₹3,00,000 during the year for personal use. The partnership deed provides for charging interest on drawings @ 10% p.a. Interest on Nandita’s drawings for the year ended 31st March 2024 will be:

(A) ₹9,000

(B) ₹30,000

(C) ₹18,000

(D) ₹15,000

Correct Answer: Not Found

8.

Radhika, Mehar, and Shubha were partners in a firm sharing profits and losses in the ratio 9:8:7. If Radhika’s share of profit at the end of the year amounted to ₹5,40,000, Shubha’s share of profit will be:

(A) ₹5,40,000

(B) ₹4,80,000

(C) ₹60,000

(D) ₹4,20,000

Correct Answer: Not Found

9.

Suhas and Vilas were partners in a firm with capitals of ₹4,00,000 and ₹3,00,000 respectively. They admitted Prabhas as a new partner for 1/5 share in future profits. Prabhas brought ₹2,00,000 as his capital. Prabhas’ share of goodwill will be:

(A) ₹1,00,000

(B) ₹10,00,000

(C) ₹9,00,000

(D) ₹20,000

Correct Answer: Not Found

10.

Offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) is known as:

(A) Sweat equity

(B) Incorporation cost

(C) Private placement of shares

(D) Employee stock option plan

Correct Answer: Not Found

11.

Ajay Ltd. forfeited 100 shares of ₹10 each for non-payment of the first call of ₹2 per share and second & final call of ₹3 per share. The minimum price per share at which these shares can be reissued will be:

(A) ₹6

(B) ₹4

(C) ₹10

(D) ₹16

Correct Answer: Not Found

12 (a).

The amount of share capital which a company is authorised to issue by its Memorandum of Association is known as:

(A) Nominal capital

(B) Issued capital

(C) Reserve capital

(D) Subscribed capital

Correct Answer: (A) Nominal capital

12 (b).

According to SEBI guidelines, the minimum subscription of capital cannot be less than 90% of:

(A) Authorised capital

(B) Issued capital

(C) Reserve capital

(D) Subscribed capital

Correct Answer: (D) Subscribed capital

13 (a).

Debentures on which a company does not give any undertaking for the repayment of money borrowed are called:

(A) Bearer Debentures

(B) Secured Debentures

(C) Perpetual Debentures

(D) Registered Debentures

Correct Answer: (C) Perpetual Debentures

13 (b).

If the amount of debentures issued is more than the amount of the net assets taken over by a company, the difference will be treated as:

(A) Capital Reserve

(B) Goodwill

(C) Purchase Consideration

(D) General Reserve

Correct Answer: (B) Goodwill

14 (a).

The following journal entry appears in the books of Latvion Ltd.

The discount on the issue of debentures is:

(A) 15%

(B) 5%

(C) 10%

(D) 95%

Correct Answer: (C) 10%

14 (b).

Zeba Ltd issued 15,000, 9% debentures of ₹100 each at 10% discount. It has ₹1,00,000 in Securities Premium Account. The ₹1,50,000 discount will be written off:

(A) ₹1,00,000 out of Securities Premium Account and ₹50,000 out of Statement of Profit and Loss

(B) ₹50,000 out of Securities Premium Account and ₹1,00,000 out of Statement of Profit and Loss

(C) ₹1,50,000 out of Securities Premium Account

(D) ₹1,50,000 out of Statement of Profit and Loss

Correct Answer: (A)

15 (a). Anisha, Deepa, and Charu were partners sharing profits and losses in the ratio of 6:3:2. On 31st March 2024, they changed their ratio to 2:3:5. Each partner’s gain or sacrifice due to the change in ratio will be:

(A) Anisha’s sacrifice 3/10 : Charu’s gain 3/10

(B) Anisha’s gain 3/10 : Charu’s sacrifice 3/10

(C) Anisha’s sacrifice 3/10 : Deepa’s gain 3/10

(D) Deepa’s gain 3/10 : Charu’s sacrifice 3/10

Correct Answer: (A)

15 (b). Preet and Saral were partners sharing profits and losses in the ratio 3:2. On 31st March 2024, they changed the ratio to 1:1. Goodwill was valued at ₹1,00,000. The journal entry will be:

Correct Answer: (A)

Here are the remaining questions 16 to 30 from the CBSE Class 12 Accountancy 2025 Answer Key:

16 (a).

Ishan, Jatin, and Kapil were partners sharing profits and losses in the ratio 5:4:1. Jatin retired and his share was taken by Ishan and Kapil in 3:1. The new profit-sharing ratio will be:

(A) 6:4

(B) 5:4

(C) 7:3

(D) 7:1

Correct Answer: (C) 7:3

16 (b).

Sakshi, Kiara, and Gunjan were partners in a firm sharing profits in the ratio 3:2:1. Kiara retired on 1-4-2023. Her due was ₹5,00,000, to be paid in 2 yearly installments of ₹2,50,000 with 10% interest. First installment paid on 31-03-2024 will be:

(A) ₹6,50,000

(B) ₹5,00,000

(C) ₹2,50,000

(D) ₹2,75,000

Correct Answer: (D) ₹2,75,000

27. Quick Ratio is 1:1. Which transaction increases Quick Ratio?

(A) Cash received from debtors

(B) Sold goods on credit

(C) Purchased goods on credit

(D) Purchased goods on cash

Correct Answer: (B) Sold goods on credit

28. Statement I: Snow Ltd earned ₹2,00,000 profit after depreciation of ₹50,000. Operating profit before WC changes is ₹2,50,000.

Statement II: Depreciation is added back as it does not involve cash.

Choose the correct option:

(A) Only I is true

(B) Only II is true

(C) Both are false

(D) Both are true

Correct Answer: (D) Both are true

29 (a). ______ is not a tool of Financial Statement Analysis:

(A) Income Statement

(B) Ratio Analysis

(C) Comparative Statements

(D) Cash Flow Statement

Correct Answer: (A) Income Statement

29 (b). In Common Size Income Statement, each item is shown as % of:

(A) Total Income

(B) Total Expenses

(C) Profit After Tax

(D) Revenue from Operations

Correct Answer: (D) Revenue from Operations

30 (a). Short-term investments qualify as cash equivalents if they are realizable within:

(A) 6 months

(B) 9 months

(C) 12 months

(D) 3 months

Correct Answer: (D) 3 months

30 (b). Which is not included in cash and cash equivalents?

(A) Trade Receivables

(B) Demand deposits

(C) Short-term securities

(D) Cheques in hand

Correct Answer: (A) Trade Receivables

Let me know if you'd like a downloadable version of all 30 questions with answers.

CBSE Class 12 Accountancy 2025 Question Paper Design

Key Highlights

• The paper focuses on a balanced assessment of memory, application, and analytical ability.
• Ideal preparation involves mastering conceptual understanding, practicing numerical problems, and working on case-based and competency-based questions.
• Students are advised to refer to the CBSE Sample Papers 2025, NCERT solutions, and previous year papers for effective exam preparation.

How to Identify Your Question Paper Set

• Students can find their Set Number mentioned on the top right corner of the exam question paper.
• Use the corresponding answer key link to cross-check your solutions accurately.

The CBSE Class 12 Accountancy 2025 Answer Key covers each question paper set in detail, ensuring students can compare their answers effectively. Download the relevant Class 12 Accountancy Answer Key PDF for accurate solutions and better understanding.

Important MCQs for Class 12 Accountancy Board Exam 2024

1. A&B are partners sharing profits and losses in the ratio of 3:2. C is admitted for ¼ and for which ₹30,000 and ₹10,000 are credited as a premium for goodwill to A and B respectively. The new profit sharing ratio of A:B:C will be:

a) 3:2:1

b) 12:8:5

c) 9:6:5

d) 33:27:20

Answer d) 33:27:20

2. If 10,000 shares of ₹10 each were forfeited for non-payment of final call money of ₹3 per share and only 7,000 of these shares were re-issued @₹ 11 per share as fully paid up, then what is the minimum amount that company must collect at the time of re-issue of the remaining 3,000 shares?

a) ₹ 21,000

b) ₹ 9,000

c) ₹ 16,000

d) ₹ 30,000

Answer b) ₹ 9,000

3. On 1st April 2022, Galaxy Ltd. had a balance of ₹8,00,000 in Securities Premium account. During the year company issued 20,000 Equity shares of ₹10 each as bonus shares and used the balance amount to 1 write off Loss on issue of Debenture on account of issue of 2,00,000, 9% Debentures of ₹100 each at a discount of 10% redeemable @ 5% Premium. The amount to be charged to Statement of P&L for the year for Loss on issue of Debentures would be:

a) ₹30,00,000.

b) ₹22,00,000.

c) ₹24,00,000.

d) ₹20,00,000.

Answer. c) ₹ 24,00,000

4. A, B and C are in partnership business. A used ₹2,00,000 belonging to the firm without the information to other partners and made a profit of ₹35,000 by using this amount. Which decision should be taken by the firm to rectify this situation?

a) A need to return only ₹2,00,000 to the firm.

b) A is required to return ₹35,000 to the firm.

c) A is required to pay back ₹35,000 only equally to B and C.

d) A need to return ₹2,35,000 to the firm.

Answer. d) A need to return ₹2,35,000 to the firm.

5. Interest on Partner’s loan is credited to:

a) Partner’s Fixed capital account.

b) Partner’s Current account.

c) Partner’s Loan Account.

d) Partner’s Drawings Account.

Answer. c) Partner’s Loan Account

6. Alexa Ltd. purchased building from Siri Ltd for ₹8,00,000. The consideration was paid by issue of 6%debentures of ₹100 each at a discount of 20%. The 6% Debentures account is credited with:

a) ₹10,40,000

b) ₹10,00,000

c) ₹9,60,000

d) ₹6,40,000

Answer. b) ₹ 10,00,000

7. Which of the following statements is incorrect about debentures?

a) Interest on debentures is an appropriation of profits.

b) Debenture holders are the creditors of a company.

c) Debentures can be issued to vendors at discount.

d) Interest is not paid on Debentures issued as Collateral Security.

Answer. a) Interest on debentures is an appropriation of profits

For more Class 12 Accountancy Important Questions, click on the link below

Important 3 Mark Questions for Class 12 Accountancy Board Exam 2024

1. Cheese and Slice are equal partners. Their capitals as on April 01, 2022 were Rs. 50,000 and Rs. 1,00,000 respectively. After the accounts for the financialyear ending March 31, 2023 have been prepared, it is observed that interest on capital @ 6% per annum and salary to Cheese @ ₹5,000 per annum, as provided in the partnership deed has notbeen credited to the partners’ capital accounts before distribution of profits.

You are required to give necessary rectifying entries using P&L adjustment account. 

2. Pioneer Fitness Ltd. took over the running business of Healthy World Ltd. having assets of ₹10,00,000 and liabilities of ₹ 1,70,000 by:

a) Issuing 8,000 8% Debentures of ₹ 100 each at 5% premium redeemable after 6 years @ ₹ 110; and

b) Cheque for ₹ 50,000. Pass the Journal entries in the books of Pioneer Fitness Ltd.

3. P, Q and R were partners with fixed capital of ₹ 40,000, ₹32,000and ₹24,000.After distributing the profit of ₹48,000 for the year ended 31st March 2022 in their agreed ratio of 3 : 1 : 1it was observed that:

(a) Interest on capital was provided at 10% p.a. instead of 8% p.a. 

(b) Salary of ₹ 12,000 was credited to P instead of Q.

You are required to pass a single journal entry in the beginning of the next year to rectify the above omissions.

4. Anthony Ltd. issued 20,000, 9% Debentures of ₹ 100 each at 10% discount to Mithoo Ltd. from whom Assets of ₹ 23,50,000 and Liabilities of ₹ 6,00,000 were taken over. Pass entries in the books of Anthony Ltd. if these debentures were to be redeemed at 5% premium.

5. Ajay, Manish and Sachin were partners sharing profits in the ratio 5:3:2. Their Capitals were ₹ 6,00,000; ₹ 8,00,000 and ₹ 11,00,000 as on April 01, 2021. As per Partnership deed, Interest on Capitals were to be provided @ 10% p.a. For the year ended March 31, 2022, Profits of ₹ 2,00,000 were distributed without providing for Interest on Capital

Pass an adjustment entry and show the workings clearly. 

6. Nirmala, Divisha and Sara were partners in a firm sharing profits and losses in the 3:4:3. Books were closed on 31st March every year. Sara died on 1st February, 2022. As per the partnership deed Sara's executors are entitled to her share of profit till the date of death on the basis of Sales turnover. Sales for the year ended 31st March 2021 was ₹ 10,00,000 and profit for the same year was ₹ 1,20,000. Sales show a positive trend of 20% and percentage of profit earning is reduced by 2%.

Journalise the transaction along with the working notes.

7. Rihaan Ltd had an authorised capital of 4,00,000 equity shares of ₹10 each. The company offered for subscription 1,00,000 shares. The issue was fully subscribed . The amount payable on application was ₹2 per share, ₹4 per share were payable each on allotment and first and final call. A shareholder holding 100 shares failed to pay the allotment money. His shares were forfeited immediately after the allotment. Show how the 'Share Capital will be shown in the company's balance sheet (as per Schedule III, Part I of the Company’s Act, 2013) if the final call has not yet been made. Also prepare Notes to Accounts for same.

8. Alok and Manish were partners sharing profits and losses in the ratio of 5:3. For the year ended March 31, 2023 it was observed that profits of ₹80,000 were distributed equally without providing for Salary of ₹ 5,000 p.m. to Alok and Commission of ₹ 40,000 to Manish. You are required to pass necessary adjustment entry. Show working notes clearly.

Important 4 Mark Questions for Class 12 Accountancy Board Exam 2024

1. Atishyokti Ltd. company was registered with an authorized capital of ₹ 20,00,000 divided into 2,00,000 Equity Shares of ₹ 10 each, payable ₹ 3 on application, ₹ 6 on allotment (including ₹ 1 premium) and balance on call. The company offered 80,000 shares for public subscription. All the money has been duly called and received except allotment and call money on 5,000 shares held by Manish and call money on 4,000 shares held by Alok. Manish’s shares were forfeited and out of these 3,000 shares were re-issued ₹ 9 per share as fully paid up. Show share capital in the books of the company. Also prepare notes to accounts. 

2. Sun and Kiran are partners sharing profits and losses equally. They decided to dissolve their firm. Assets and Liabilities have been transferred to Realisation Account. Pass necessary Journal entries for the following:

a) All partners are agreed that the process of realisation at the time dissolution will be accomplished by Sun for which he will be paid ₹10,000 along with the amount of expense which amounted to 2% of total value realised from the Assets on dissolution. Some assets were sold for Cash at a cumulative Value of ₹12,00,000 and the remaining were taken over by creditors at a valuation of ₹3,00,000.

b) Deferred Advertisement Expenditure A/c appeared in the books at ₹28,000.

c) Out of the Stock of ₹1,20,000; Kiran (a partner) took over 1/3 of the stock at a discount of 25% and 50% of remaining stock was took over by a Creditor of ₹30,000 in full settlement of his claim. Balance amount of stock realized at ₹25,000.

d) An outstanding bill for repairs and renewal of₹3,000 was settled through an unrecorded asset which was valued at ₹10,000. Balance being settled in Cash.

 3. Altaur Ltd. was registered with an authorised Capital of ₹ 4,00,00,000 divided in 25,00,000 Equity Shares of ₹ 10 each and 1,50,000, 9% Preference Shares of ₹ 100 each. The company issued 8,00,000 Equity Shares for public subscription at 20% premium, payable ₹ 3 on application; ₹ 7 on allotment (including premium) and balance on call. Public had applied for 10,00,000 shares. Excess Applications were sent letters of regret.

All the dues on allotment received except on 15,000 shares held by Sanju. Another shareholder Rocky paid his call dues along with allotment on his holding of 25,000 shares. You are required to prepare the Balance Sheet of the company as per Schedule III of Companies Act, 2013, showing Share Capital balance and also prepare Notes to Accounts.

4. Charu, Dhwani, Iknoor and Paavni were partners in a firm. They had entered into partnership firm last year only, through a verbal agreement. They contributed Capitals in the firm and to meet other financial requirements, few partners also provided loan to the firm. Within a year, their conflicts arisen due to certain disagreements and they decided to dissolve the firm. The firm had appointed Ms. Kavya, who is a financial advisor and legal consultant, to carry on the dissolution process. In the first instance, Ms. Kavya had transferred various assets and external liabilities to Realisation A/c. Due to her busy schedule; Ms. Kavya has delegated this assignment to you, being an intern in her firm. On the date of dissolution, you have observed the following transactions:

(i) Dhwani’s Loan of ₹ 50,000 to the firm was settled by paying ₹ 42,000.

(ii) Paavni’s Loan of ₹ 40,000 was settled by giving an unrecorded asset of ₹ 45,000.

(iii) Loan to Charu of ₹ 60,000 was settled by payment to Charu’s brother loan of the same amount.

(iv) Iknoor’s Loan of ₹ 80,000 to the firm and she took over Machinery of ₹ 60,000 as part payment.

You are required to pass necessary entries for all the above mentioned transactions.

For more 4 Marks Important Questions for Class 12 Accountancy, check the link below

Important 6 Mark Questions for Class 12 Accountancy Board Exam 2024

1. The Directors of Rockstar Ltd. invited applications for 2,00,000 Shares of ₹ 10 each, issued at 20% premium. Share was payable as ₹ 5 on application, ₹ 4 (including premium) on allotment and balance on call. Public had applied for 3,20,000 shares out of which applications for 20,000 shares were rejected and remaining were alloted on pro-rata basis. Simba, an applicant of 15,000 shares failed to pay allotment and call money. His shares were forfeited and out of these 6,000 shares were reissued at a discount of ₹2 per share. Journalise.

2. Shaktimaan Ltd. invited applications for issuing 1,00,000 Shares of ₹ 10 each at a premium of ₹2 per share. The amount was payable as₹ 4 on application (including premium); ₹ 5 on Allotment and balance on call. Applications were received shares for 1,80,000 of which Applications for 30,000 shares were rejected and remaining applicants were allotted on pro-rata basis. Manthan, holding 5,000 shares failed to pay call money and his shares were forfeited. Out of these 2,000 shares were re-issued at premium of ₹ 3 per share. Prepare Cash Book and pass necessary entries.

3. On July 01, 2022, Panther Ltd. issued 20,000, 9% Debentures of ₹ 100 each at 8% premium and redeemable at a premium of 15% in four equal instalments starting from the end of the third year. The balance in Securities Premium on the date of issue of debentures was ₹ 80,000. Interest on debentures was to be paid on March 31 every year.

Pass Journal entries for the financial year 2022-23. Also prepare Loss on Issue of Debentures account.

4. OTUA Ltd. was registered with an authorised capital of 2,00,000 equity shares of ₹ 100 each. The company offered 60,000 shares for public subscription at 25% premium. The share was payable as ₹ 40 on application and balance on allotment, with premium. Public had applied for 85,000 shares. Pro-rata allotment was made in the ratio of 5:4 and remaining applications were sent letters of regret.

Mr. Anand holding 4,000 shares failed to pay allotment money and his shares were forfeited. Out of these 3,000 shares were re-issued at a discount of ₹ 20 per share. Pass necessary entries in the books of the OTUA Ltd.

5. Pass entries for forfeiture and re-issue in both the following cases.

(a) Vikram Ltd. forfeited 5,000 shares of Rahul, who had applied for 6,000 shares for non-payment of allotment money of ₹ 5 per share and first and final call of ₹ 2 per share. Only application money of ₹ 3 was paid by him. Out of these 3,000 shares were re-issued @ ₹ 12 per share as fully paid.

(b) Ratan Ltd. forfeited 3,000 shares of ₹ 10 each (issued at ₹ 2 premium) for non-payment of first call of ₹ 2 per share. Final call of ₹ 3 per share was not yet made. Out of these 2,000 shares were re-issued at ₹ 10 per share as fully paid.

6. Health2Wealth Ltd. had share capital of ₹ 80,00,000 divided in shares of ₹ 100 each and 20,000, 8% Debentures of ₹ 100 each as part of capital employed. The company need additional funds of ₹ 55,00,000 for which they decided to issue debentures in such a way that they got required funds after issuing debentures of the same class as earlier, at 10% premium. These debentures were to be redeemed at 20% premium after 4 years. These debentures were issued on 01 October, 2021. You are required to

(a) Pass entries for issue of Debentures.

(b) Prepare Loss on Issue of Debentures Account assuming there was existing balance of Securities Premium Account of ₹ 2,80,000.

(c) Pass entries for Interest on debentures on March 31, 2022 assuming interest is payable on 30 September and 31 March every year.

For more 6 Marks Important Questions Class 12 Accountancy, check the link below

Important Assertion Reasoning Questions for Class 12 Accountancy Board Exam 2024

1. Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹50,000 to the firm for last six months of the financial year without any agreement. He claims an interest on loan of ₹3,000 despite the firm being in loss for the year.

Reasoning: In the absence of any agreement / provision in the partnership deed, provisions of Indian Partnership Act, 1932 would apply.

a) Both A and R are correct, and R is the correct explanation of A.

b) Both A and R are correct, but R is not the correct explanation of A.

c) A is correct but R is incorrect.

d) A is incorrect but R is correct

Answer. a) Both A and R are correct, and R is the correct explanation of A.

2. Assertion (A) :- A Company is Registered with an authorised Capital of 5,00,000 Equity Shares of ₹10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.

Reason ( R ) :- Reserve Capital can be called up only at the time of winding up of the company.

(a) Both Assertion (A) and Reason (R) are Correct and Reason (R) is the correct explanation of Assertion (A)

(b) Both Assertion (A) and Reason (R) are Correct, but Reason (R) is not the correct explanation of Assertion (A)

(c) Assertion (A) is incorrect, but Reason (R) is Correct.

(d) Assertion (A) is correct, but Reason (R) is incorrect

Answer. a) Both Assertion (A) and Reason (R) are Correct and Reason (R) is the correct explanation of Assertion (A)

3. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c.

Reason (R):- Commission provided to partner is charge against profits and is to be provided at fixed rate.

a) (A) is correct but (R) is wrong

b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)

c) Both (A) and (R) are incorrect.

d) Both (A) and (R) are correct, and (R) is the correct explanation of (A)

Answer. c) Both (A) and (R) are incorrect

4. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below.

Assertion: Michael, Mike and Stephen were partners sharing profits and losses in the ratio 3:2:1. Stephen being a partner wants that he should be exempted from sharing the losses in the firm.

Reasoning: According to Partnership Act 1932,”It may be agreed between the partners that one or more of them shall not be liable for losses.”

Alternatives:

(a) Both A and R are correct, and R is the correct explanation of A.

(b) Both A and R are correct, but R is not the correct explanation of A.

(c) A is correct but R is incorrect.

(d) A is incorrect but R is correct.

Answer. (a) Both A and R are correct, and R is the correct explanation of A.

5. Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below.

Assertion (A) :- Under Section 62(1)(b) of the Companies Act, 2013, a Company may offer shares to its employees under a scheme of ‘Employees Stock Option’ which means the option (right) given to the whole-time directors, officers or permanent employees of a company to purchase or subscribe the securities offered by the company at a future date, at a pre-determined price, which is lower than the market price.

Reason (R) :- The company need not to pass a special resolution to this effect.

Alternatives:

(a) Both Assertion (A) and Reason (R) are Correct and Reason (R) is the correct explanation of Assertion (A)

(b) Both Assertion (A) and Reason (R) are Correct, but Reason (R) is not the correct explanation of Assertion (A)

(c) Assertion (A) is incorrect, but Reason (R) is Correct.

(d) Assertion (A) is correct, but Reason (R) is incorrect

Answer. (d) Assertion (A) is correct, but Reason (R) is incorrect

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Also Check - CBSE Class 12 Syllabus

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