CBSE Class 12 Accounts Answer Key 2025 (Available): Unofficial Key PDF

1. (a) On 1st October, 2024, Nirmal Ltd. issued 6,000, 11% Debentures of Rs 100 each at a premium of 10%, redeemable at a premium of 10%.

Loss on Issue of Debentures' will be :

1. (b) Raja Ltd. issued 8,000, 10% Debentures of 7 100 each at 7 98 per debenture. 10% Debentures Account will be credited by :

2. (a) Sandhya and Suman were partners in a firm sharing profits and losses in the ratio of 3: 5. They decided to dissolve the firm on 31st March, 2024. On the date of dissolution, the Balance Sheet of the firm showed a balance of 7 80.000 in sundry debtors and a balance of 7 5,000 in provision for bad debts account. How much amount will be transferred to Realisation Account to close Sundry Debtors Account ?

2. (b) Dev, Bhudev and Shamdev were partners in a firm sharing profits equally. On 31st March, 2024, their firm was dissolved. On this date the bank account showed a credit balance of 7 10,000 and there was a debit balance of 7 15,000 in the cash account. All payments were settled by cheque. Ravi, a creditor of 7 2,000 was not having any bank account, therefore he was paid in cash. Afterwards the cash account was closed by depositing the balance of cash into the bank.The journal entry for closing cash account will be :

3. (a) Which of the following will not result in compulsory dissolution of a partnership firm ?

3. (b) Which of the following will result in dissolution of a partnership firm ?

4. Saloni and Mohini were partners in a firm sharing profits and losses in the ratio of 3: 2. On 318t March, 2024, Saloni's capital was Rs 1,50,000. During the year, she withdrew Rs 10,000 and introduced additional capital of32,000. For the year ended 31st March, 2024, the firm earned a profit of Rs 50,000. Saloni's capital as on 18th April, 2023, was :

5. On 1st April, 2023, Mudra Ltd. issued 9,000, 12% Debentures of Rs 100 each at 10% premium, redeemable at a premium of 10% after 4 years. The interest due on debentures for the year ended 31st March, 2024 was :

6. Hari, Chander, Prakash and Govind were partners in a firm sharing profits and losses in the ratio of 5: 3: 1: 1. On 18 April, 2024, Hari retired and his share was acquired equally by Chander, Prakash and Govind. The new profit sharing ratio of Chander, Prakash and Govind will be :

7. Vimal, Bose and Ghosh were partners in a firm sharing profits and losses equally. On 1st April, 2024, Bose retired from the firm and the new profit sharing ratio between Vimal and Ghosh was decided as 4: 3. On Bose's retirement, the goodwill of the firm was valued at Rs 2,10,000. It was decided to treat goodwill without opening goodwill account. By what amount will the partners' capital accounts be debited or credited for the treatment of goodwill on Bose's retirement?

8. Jim and Joy were partners in a firm sharing profits and losses equally. On 1st April, 2024, they admitted John as a new partner for 1/5th share in the profits of the firm. On the date of John's admission, the Balance Sheet of Jim and Joy showed a debit balance of Rs 45,000 in Profit and Loss Account. From the following, what will be the accounting treatment for this balance on John's admission ?

9. Radha and Rohit were partners in a firm. Radha withdrew a fixed amount at the beginning of every quarter for the year ended 31st March, 2024. Interest on drawings is charged at 12% p.a. Interest on Radha's drawings was charged for months.

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

11. Assertion (A) : Private assets of a partner can also be used for paying off the firm's debts.
Reason (R): Liability of a partner for acts of the firm is limited.

12. Pooja and Kumari were partners in a firm sharing profits and losses in the ratio of 2: 1. On 1stt April, 2023, Noori was admitted for a new partner 1/4th share in the profits of the firm. Noori was guaranteed a minimum profit of Rs 1,20,000. Any deficiency on this account was to be borne by Pooja and Kumari in their profit sharing ratio. During the year ended 31st March, 2024, the firm earned a net profit of Rs 3,60,000. The amount of deficiency borne by Pooja will be :

13. LN Ltd. forfeited 200 shares of Rs 10 each. The amount forfeited was Rs 1,400. What will be the maximum amount of discount per share at which these shares can be reissued ?

14. Nandan and Abhinandan were partners in a firm. They admitted Govindan as a new partner for 1/3rd share in the profits. On Govindan's admission, the Balance Sheet of the firm showed sundry debtors at Rs 3,00,000 and a provision for bad debts at Rs 24,000. It was decided to maintain the provision for bad debts at 10% of the debtors. Which of the following journal entries will show the correct accounting treatment for the above transactions ?

(b) Revaluation Account ...Dr. Rs 6000

To Provision for Bad Debts Rs 6000

15. (a) Jayant, jayant and Anant were partners in a firm sharing profits and losses in the ratio of 3: 2: 1. With effect from 1st April, 2024, they decided to share the profits in the ratio of 5: 3: 2. For this purpose, the goodwill of the firm was valued at Rs 6,00,000. The partners decided to treat goodwill without opening goodwill account. By what amount will the partners' accounts be debited or credited ?

(d) Debit Anant by E 20,000 and Credit Vijayant by 7 20,000.

15 (b). Akshay, Reet and Manya were partners in a firm sharing profits and losses in the ratio of 4: 3: 2. With effect from 1st April, 2024, they decided that in future, they will share the profits and losses in the ratio of 2: 4: 3. Identify the gain or sacrifice by the partners due to change in the profit sharing ratio from the following :

(c) Akshays sacrince a, neers games, manyas gain 1/9

16 (a) X Ltd. forfeited 100 shares of Rs 100 each for non-payment of the allotment money of Rs 15 per share (including premium Rs 5). The first and final call of Rs 50 per share was not yet made. The amount that was debited to share capital account was :

(d) Rs 5,000

16 (b). Raman Ltd. forfeited 500 shares of Rs 10 each for non-payment of final call of Rs 2 per share. Out of the forfeited shares, 300 shares were re-issued at Rs 12 per share fully paid-up. The amount that was transferred to Capital Reserve Account was :

(a) Rs 2,400