CBSE Class 12 Accountancy 2025 Sample Paper Set 01 Solved

PART A

(Accounting for Partnership Firms and Companies)

1 X and Y are partners in the ratio of 3:2. Their capitals are Rs. 2,00,000 and Rs.1,00,000 respectively. Interest on capital is allowed @8% p a. The firm earned a profit of Rs.15,000 for the year ended 31st March 2023. Interest on capital will be:
a. X Rs.16,000; Y Rs.8000
b. X Rs.9,000; Y Rs.6,000
c. X Rs.10,000; Y Rs.5000
d. No interest will be allowed

Answer : c

2 At the time of change in profit sharing ratio among the existing partners ‘Reserves are transferred to the partner’s capital account in their:
a. Sacrificing ratio
b. Gaining ratio
c. Old profit-sharing ratio
d. New profit-sharing ratio

Answer : c

3 A company issued 4000 equity shares of Rs.10 each payable as under:
On application Rs.3; on allotment Rs.2; on first call Rs.4 and on final call Rs.1 per share.
Applications were received for 10,000 shares. The allotment was made pro-rate. How much amount will be the amount received in cash on allotment?
a. ₹.8000
b. Nil
c. ₹.12,000
d. None of the above
                                                                                  OR
Jeevan Ltd. Forfeited 50 shares of Rs.100 each on which allotment money of Rs.30 per share (including premium of Rs.10 per share) and first call of Rs.30 per share was not received. The second and final call of Rs.20 per share was not yet made. The amount credited to “share forfeiture Account on forfeiture of these shares will be:
a.₹.2,500
b. ₹.2,000
c. ₹.5,000
d. ₹. 1,500

Answer : b or d

4 Assertion (A): A company which received only Rs.5,40,000 as application money on the issue of 2,00,000 equity shares of Rs.10 each, payable Rs.3 on application can proceed with the allotment of shares to all the applicants.
Reason (R): As per the SEBI guidelines minimum subscription has been fixed at 90% of the issued amount.
In the context of the above two statements, which of the following is correct?
a. Both (A) and (R) are true and (R) is the correct explanation of (A)
b. Both (A) and (R) are true and (R) is not the correct explanation of (A)
c. (A) is true, but (R) is false
d. (A) is false, but (R) is true

Answer : a

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