CBSE Class 12 Accountancy 2025 Sample Paper Set 07 Solved

1 X and Y are partners. Y draws a fixed amount at the beginning of every month. Interest on drawings is charged @8% p.a. At the end of the year interest on Y’s drawings amounts to ₹ 2,600. Monthly drawings of Y were:
a) ₹ 8,000
b) ₹ 60,000
c) ₹ 7,000
d) ₹ 5,000
                                                                                      OR
Vaibhavi, a partner withdrew ₹ 5,000 in the beginning of each quarter and interest on drawings was calculated as ₹ 1,500 at the end of accounting year 31 March 2022. What is the rate of interest on drawings charged?
a) 6% p.a.
b) 8% p.a.
c) 10% p.a.
d) 12% p.a.

Answer : d or d

2 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

3 A firm earns ₹1,00,000. The normal rate of return is 10%. The assets of the company amounted to ₹11,00,000 and liabilities to ₹1,00,000. Value of goodwill by the capitalisation of average actual profit will be
a) ₹ 2,00,000
b) ₹ 10,000
c) ₹ 5,000
d) ₹ 1,00,000

Answer : d

4 X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 2 : 1.
They decided to share future profits equally. The Profit and Loss Account showed a Credit balance of ₹60,000 and a General Reserve of ₹30,000. If these are not to be shown in balance sheet, in the journal entry:
a) Cr. X by ₹15,000: Dr. Z by ₹15,000
b) Dr. X by ₹15,000; Cr. Z by ₹15,000
c) Cr. X by ₹45,000; Cr. Y by ₹30,000; Cr. Z by ₹15,000
d) Cr. X by ₹30,000; Cr. Y by ₹30,000; Cr. Z by ₹30,000

Answer : c

5 A and B are sharing profits and losses in the ratio 5 : 3. They admitted C as a partner and gave him 1/5th share of the profits. He acquired his share equally from A and B. New profit-sharing ratio will be:
a) 5 : 6 : 3
b) 2 : 4 : 6
c) 21 : 11 : 8
d) 18 : 24 : 38

Answer : c

6 A and B are partners sharing profits and losses in the ratio of 5 : 3 . On admission, C brings Rs.70,000 as cash and Rs.43,000 against Goodwill. New profit ratio between A, B and C is 7: 5: 4. The sacrificing ratio of A and B is:
a) 3 : 1
b) 1 : 3
c) 4 : 5
d) 5 : 9

Answer : a

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