CBSE Class 12 Accountancy Question Paper 2021 Set 01 Solved

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Read CBSE Class 12 Accountancy Question Paper 2021 Set 01 Solved below. Find downloadable Class 12 Accountancy previous year question papers complete with answers, aligned with the 2026-27 assessment patterns of CBSE, NCERT, and KVS. Reviewing these sets helps every Class 12 learner check their readiness for upcoming exams.

Previous Year Papers: Class 12 Accountancy (CBSE)

Practicing these Class 12 Accountancy question papers is the best way to understand the actual exam pattern and marking scheme. By solving these papers under timed conditions, Class 12 students can improve their speed and accuracy. Download the full CBSE Class 12 Accountancy Question Paper 2021 Set 01 Solved to begin your self-assessment today.

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PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES
 
1 P, Q and R are the partners sharing profits and losses in the ratio of 5:3:2. R retired and his capital balance after adjustments regarding Reserves, Accumulated profits/ losses and gain/loss on revaluation was ` 5,00,000. „R‟ was paid ` 6,00,000 in full settlement. Afterwards
„S‟ was admitted for 1/4th share. Calculate the amount of goodwill premium brought by „S‟.
 
Sol: Goodwill share of C= ` 6,00,000 - ` 500,000 = ` 100,000
       Firm’s Goodwill= ` 100,000x10/2= `5,00,000
       D’s share in Goodwill= ` 5,00,000x1/4 = ` 1,00,000
 
 
2 A,B and C are partners sharing profit and loss in the ratio of 2:5:5 form lstJan,2018,they decided to share profit and loss in the ratio of 3:5:7. On that date General Reserve shown in the books at `96, 000. Pass journal entry.
 
Date                                        Particulars                      L.F.      Dr. (`)      Cr. (`)
 
2018                             General Reserve A/cDr.                        96,000
Jan
1                                   To A’s Capital                                                        16,000
                                     To B’s Capital                                                        40,000
                                     To C’s Capital
                                  (Adjustment of Goodwill due change in old
                                    profit sharing ratio 2:5:5)                                       40,000
 
3 A, B and C were partners sharing profits in the ratio of 5:3:2. B retires on January 1, 2018 with A and C agreeing to share the profits in future in the ratio of 6:4. Find the gaining ratio.
 
Sol. Gaining Ratio = New Ratio – Old Ratio
A's Gaining Ratio = 6/10-5/10 = 1/10
C's Gaining Ratio = 4/10-2/10=2/10
Gaining Ratio = 1:2
 
4 How is dissolution of partnership different from dissolution of partnership firm?
 
Sol: In case of dissolution of partnership, the firm continue to do business but with a changed agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm are realised and its liabilities are discharged.
 
5 How much Debenture Redemption Reserve is required in case of fully convertible debentures as per the provision of section 71 (4) of the companies act, 2013 read with Rule 18(7) of the companies (share capital of debentures) Rules 2014.
 
Sol: NO DRR required.
 
6 ABC Ltd., in order to retain high caliber employees or to give them a belongingness, company has offered a choice to the whole time directors, officers and employees, the right to purchase or subscribe at a future date, the securities or equity shares offered by the company at a pre-determined rate. State what type of plan ABC Ltd, has implemented here.
 
Sol: Employee Stock Option Scheme
 
7 State any three purposes for which securities premium can be utilized.
 
Sol:The amount received as securities premium can be used for following purposes (any three):
(a) In purchasing its own shares.
(b) Issuing fully paid bonus shares to the members.
(c) Writing off preliminary expenses of the company.
(d) Writing off the expenses of, or the commission paid, or discount allowed on any issue of se- curities or debentures of the company.
(e) Providing for the premium payable on the redemption of any redeemable preferences shares or any debentures of the company.


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Class 12 Accountancy Past Exam Papers & Resources

To understand the types of questions asked in past examinations, it is very important for Class 12 students to solve the CBSE Class 12 Accountancy Question Paper 2021 Set 01 Solved provided above. You can easily download these past papers for Class 12 Accountancy in PDF format for the last 10 years. By practicing these actual exam questions you will gain an understanding of the difficulty level and the variety of topics covered over the years. By solving these Previous Year Papers (PYPs) you will understand both descriptive and MCQ questions in your final tests.

Exam Structure & Time Management for Accountancy

Making use of the CBSE Class 12 Accountancy Question Paper 2021 Set 01 Solved regularly optimizes your final Class 12 Accountancy score. These files outline the critical marking scheme and evaluation layout established by the CBSE. Attempting them under strict exam environments trains your pacing, guaranteeing you can finish the Accountancy exam duration efficiently.

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Are the solutions for CBSE Class 12 Accountancy Question Paper 2021 Set 01 Solved based on the official CBSE marking scheme?

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How does solving CBSE Class 12 Accountancy Question Paper 2021 Set 01 Solved help in preparing for the 2026 exams?

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