CBSE Class 12 Accountancy Practice Paper & Marking Scheme 2023: Download pdf

CBSE Accountancy Class XII Practice Questions (2022-23): CBSE Accountancy exam for class 12 is around the corner. Download the practice papers, marking scheme, and other important resources for your upcoming Class 12 CBSE Accountancy exam 2023, here.

Class 12 CBSE Accountancy Exam 2023: The upcoming CBSE accountancy 2023 exam for Class 12 is scheduled for 31st March 2023. It is an important exam for commerce students. Accountancy is a subject that deals with the financial records and economic activities of a person, organization, or business. This subject involves complex data and statistics that place it into one of the trickiest exams. To help the commerce students of Class 12 with their accountancy exam 2023 here we have brought a practice paper. The practice questions are directly from the syllabus and distribution is according to the CBSE norms. At the tail of this article, you will find the complete practice paper questions with solutions cum marking scheme for CBSE Class 12 Accountancy. Read this article for better preparation. 

CBSE Class XII Accountancy2023 Exam, General Guidelines:

1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B.
3. Part – A is compulsory for all candidates.
4. Part – B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised Accounting. Students must attempt only one of the given options.

5. Question 1 to 16 and 27 to 30 carry 1 mark each.
6. Questions 17 to 20, 31and 32 carry 3 marks each.
7. Questions from 21, 22, and 33 carry 4 marks each
8. Questions from 23 to 26 and 34 carry 6 marks each
9. There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2 questions of three marks, 1 question of four marks, and 2 questions of six marks. 
10. Time Duration: 3 Hours
11. Max Marks: 80

PART A (Accounting for Partnership Firms and Companies)

Q1. Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below:

The new profit-sharing ratio of Navya, Radhey and Shreya will be:

1. a) 41: 7: 12
2. b) 13:12: 10
3. c) 3:1: 1
4. d) 5:3: 2 

Q2. 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. 

1. a) (A) is correct but (R) is wrong 
2. b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A) 
3. c) Both (A) and (R) are incorrect. 
4. d) Both (A) and (R) are correct, and (R) is the correct explanation of (A)

Q3. A share of ₹ 10 each, issued at ₹ 4 premium out of which ₹ 7 (including ₹ 1 premium) was called up and paid up. The uncalled Capital will be ___________.

1. a) ₹ 7 per share 
2. b) ₹ 4 per share
3. c) ₹ 8 per share 
4. d) ₹ 3 per share

OR 

While issuing ___________ type of Debentures, company doesn’t give any undertaking for the repayment of money borrowed by issuing such debentures. 

1. a) Zero Coupon Rate Debentures 
2. b) Non-Convertible Debentures 
3. c) Secured Debentures 
4. d) Non-Redeemable Debentures

Q4. Samiksha, Arshiya and Divya were partners in a firm sharing profits and losses in the ratio of 5: 3: 2. With effect from 1st April 2022, they agreed to share future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a debit balance of ₹ 50,000 in the Profit and Loss Account and a balance of ₹ 40,000 in the Investment Fluctuation Fund. The market value of an investment is ₹30,000 against the book value of ₹50,000. Partners have decided, not to show revised valued in the balance sheet and to pass an adjusting entry for it. Which of the following is the correct treatment of the above?

Or

Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 with the capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. On 1st January 2022, Sohan and Mohan granted loans of ₹ 20,000 and ₹ 10,000 respectively to the firm. Determine the amount of loss to be borne by each partner for the year ended 31st March 2022 if the loss before interest for the year amounted to ₹ 2,500.

1. a) Share of Loss Sohan –₹ 1,250 Mohan – ₹ 1,250
2. b) Share of Loss Sohan –₹ 1,000 Mohan – ₹ 1,500
3. c) Share of Loss Sohan –₹ 820 Mohan – ₹ 1,230
4. d) Share of Loss Sohan –₹ 1,180 Mohan – ₹ 1,770

Q5. Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The firm maintains fluctuating capital accounts and the balance of the same as on 31st March 2022 is ₹ 4,00,000 and ₹ 4,65,000 for Vihaan and Mann respectively. Drawings during the year were ₹ 65,000 each. As per the partnership Deed, Interest on capital @ 10% p.a. on Opening Capital has been allowed to them. Calculate the opening capital of Vihaan given that the divisible profits during the year 2021-22 was ₹ 2,25,000.

1. a) ₹ 3,30,000
2. b) ₹ 4,40,000
3. c) ₹ 4,00,000
4. d) ₹ 3,00,000

Q6. Savitri Ltd. issued 50,000, 8% Debentures of ₹ 100 each at certain rate of premium and to be redeemed at 10% premium. At the time of writing off Loss on Issue of Debentures, Statement of Profit and Loss was debited with ₹ 2,00,000. At what rate of premium, these debentures were issued?

1. a) 10% 
2. b) 16%
3. c) 6% 
4. d) 4%

Or 

Durga Ltd. issued 80,000, 10% Debentures of ₹ 100 each at certain rate of discount and were to be redeemed at 20% premium. Existing balance of the Securities Premium before issuing of these debentures was ₹ 25,00,000 and after writing off the Loss on the Issue of Debentures, the balance in Securities Premium was ₹ 5,00,000. At what rate of discount, these debentures were issued? 

1. a) 10% 
2. b) 5% 
3. c) 25% 
4. d) 15%

Q7. Attire Ltd, issued a prospectus inviting applications for 12,000 shares of ₹10 each payable ₹3 on the application, ₹ 5 on the allotment, and the balance on a call. The Public had applied for a certain number of shares and application money was received. Which of the following application money, if received restricts the company to proceed with the allotment of shares, as per SEBI guidelines? a) ₹ 36,000 

1. b) ₹ 45,000 
2. c) ₹ 30,000 
3. d) ₹ 32,400

Q8. Amay, Bina, and Chander are partners in a firm with capital balances of ₹ 50,000, ₹ 70,000, and ₹ 80,000 respectively on 31st March 2022. Amay decides 1 to retire from the firm on 31st March 2022. With the help of the information provided, calculate the amount to be paid to Amay on his retirement. There existed a general reserve of ₹ 7,500 in the balance sheet on that date. The goodwill of the firm was valued at ₹ 30,000. Gain on revaluation was ₹24,000. 

1. a) ₹ 88,500 
2. b) ₹ 90,500 
3. c) ₹ 65,375 
4. d) ₹ 70,500

Or 

A, B and C are partners. A‘s capital is ₹ 3,00,000 and B‘s capital is ₹1,00,000. C has not invested any amount as capital but he alone manages the whole business. C wants 30,000 p.a. as salary, though the deed is silent. Firm earned a profit of ₹1,50,000. How much will each partner receive as an appropriation of profits? 

1. a) A ₹ 60,000; B ₹ 60,000; C ₹ 30,000 
2. b) A ₹ 90,000; B ₹ 30,000; C ₹ 30,000 
3. c) A ₹ 40,000; B ₹ 40,000 and C ₹ 70,000 
4. d) A ₹ 50,000; B ₹ 50,000 and C ₹ 50,000

Read the following hypothetical situation, Answer Questions No. 9 and 10 

Puneet and Raju are partners in a clay toys making firm. Their capitals were ₹ 5,00,000 and ₹ 10,00,000 respectively. The firm allowed Puneet to get a commission of 10% on the net profit before charging any commission and Raju to get a commission of 10% on the net profit after charging all commissions. Following is the Profit and Loss Appropriation Account for the year ended 31st March 2022. 

Dr. Profit and Loss Appropriation Account for the year ended 31st March 2022 Cr.

Q9. Raju’s commission will be:-

1. a) ₹ 40,000 
2. b) ₹ 44,000
3. c) ₹ 36,000 
4. d) ₹ 36,440

Q10. Puneet’s share of profit will be :- 

1. a) ₹ 1,80,000 
2. b) ₹ 1,44,000 
3. c) ₹ 2,16,000 
4. d) ₹ 1,60,000

To check all practice questions, download the full paper from the link mentioned below:

Check answers to all questions given in the above CBSE Class 12 Accountancy Practice Paper from the marking scheme cum paper solution from the link below:

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