PSEB 12th Sample Paper 2025 Accountancy

Punjab Board

Sample Academic Year
2025

Paper

CLASS-XII
ACCOUNTANCY
SamplePuper 2024-25
(COMMERCE AND HUMANITIES GROUP)
Time: 3 Hrs. Max. Marks: 80
Sections - A

Q. 1 Allparts arecompulsory. Each question carrics one mark: (12x1-12 marks)
Answer the following uestions:
i. When is the goodwill valued?
ii. Explain the 'Realisation Expenses'.
iii. In which ratio, the premium brought in by new partner as his share of goodwill,is shared by old
partners?
iv. What do you mean by retirement of a partner?

Multiple choice questions
v.Pick the odd one out:
(A)Salary to a Partner (B) Rent to a Partner
(C) Commission toa partner (D) Interest on Partner's capital

vi. Average Profit - Normal Profit =.....?...
(A)Premium (B)Super profit
(C) Gross profit (D)None of these

vii. L and M are sharing profits and losses in the ratio of5:3. They agree to admit X, their manager,
into partnership who is toget 1/4 share inthe profits. Xacquires this share entirely from L.
The new profit sharing ratio among L, M and X will be:
(A) 5:3:1 (B) 19: 13:8
(C)3:3:2 (D) 1:1:1

vii.An unrecorded asset was valued at I,20,000. Onfirm's dissolution, it was sold at 75% of its value.
Realisation account will be credited with:
(A)90,000 (B) 30,000
(C) No Entry (D) 1,20,000

ix. Depreciation of assets is recorded on which side of the revaluation account?
(A)Debit side (B)Credit side
(C) Both (a) and (b) (D) None of these

Fill in the Blanks

x. Partners are collectively called (company/firm)
xi.Revaluation Account is account. (real/nominal)
xii. The executor is entitled to all the rights of a (Retiring Partner/Deceased Partner)

Attempt all questions from Q no. 2 to 10 which carry 2 marks cach.

2. What are Fluctuating Capital Accounts?
3. Explain any two factors affecting the goodwill.
4. Write any two ways by which a partner can be retire from the firm.

5. What do you mean by Change in Profit Sharing Ratio?

6. Calculate the Interest on Drawings of 'P @10% per annum for the year ended 31st March, 2024 in
each of following alternative cases:
Case 1: If he withdraws 2,500 per month during the year.
Case 2: If his drawing during the year was 45,000.

7. A, Band Care partners sharing profits and losses in the ratio of 2:3:4. They
decided to share future
profits and losses in the ratio of 4:3:2. They also decided to record the effect of the
following without
affecting their book values :
General Reserve 80,000
Advertisement Suspense A/c 30,000
Youare required to give the necessary journal entry.

8. A and B are partners in a firm sharing profits and losses in the ratio of 3: 2. C is
admitted for 1/5n
share in profits of the firm. Calculate the new profit sharing ratio of the partners if, C gets it
A and B.
equally from

9. A, B and C are partners sharing profits in the ratio of 1:1:1l. Goodwill is appearing in their
books at
a value of 6.00,000. A retires and on the day of A's retirement Goodwill is valued at
4.50.000. B and
Cdecided to share future profits equally. Pass the necessary Journal entries.

10. Pass journal entries for the following transactions:
(i) Anunrecorded assetrealised 12,000.
(ii) Realisation expenses amounted to 27,000 were paid by partner Neha.'
11. Do any four questions out of five questions. Each question carrics4 marks.
() Write any four characteristics of Partnership.

(ii) The average Net Profits expected in the future by Ashoka Firm are 72,000 per year. The average
capital employed in the business by the firm is 4,00,000. The rate of return expected from capital
invested in thisclass of business is l0%. The remuneration of the partners is estimated to be 12,000 per
annum. Find out the value of goodwill:
On the basis of two years' purchase of Super Profits.
b On the basis of capitalisation of Super Profits.

(iii) 'Mandeep'and Rajiv' were partners in a firm sharing profits and losses in ratio of 2 : 1. On 31st
March, 2024, their Balance Sheet was as follows:

Liabilities A ssets
Creditors 30,000 Cash 39,700
Bills Payable 15,000 Debtors 35,500
General Reserve 15,000 Less: Provision 200 35,300

Mandeep's Capital 90,000| Stock 50,000
Rajiv'sCapital 70,000| Plant 25,000
Building 70,000
2,20,000 2,20,000
They agved to admit Harry' as a partncr trom Ist April, 2024 with 1/4 th share in the profits of the
tim on the tollowing tems:
1. Harry'w ill bring in ?s0,000 as capital and his share of goodwillincash.
2.Goodw ill of the tim has bcen valued at 66,000,
3. The provision on debtors is to be raised to 900.
4. Building is to be appreciated by 7,000.
5. Plant is to be depreciated by &3,000.
Prepare Revaluation Aceount and Partners' Capital Accounts.
(iv) Raman' and 'Raghav' were partners sharing profits and losses equally. On 31st March, 2024, the
Balance Shectof the firmm was as follows:
Liabilities Assets
1,30,000 Cash 60,000
SundryCreditors
Raghav's Loan 30,000 Debtors 84,000
General Reserve 30,000 Less : Provision for
InvestmentFluetuation Fund 4,000 Doubtful Debts 12,000 72,000
30,000|Stock 24,000
Raman'sCapital 36,000
Raghav's Capital 60,000 Investments
Plant and Machinery 88,000
Raman's Loan 4,000
2,84,000 2,84,000

Their firm was dissolved on above date and the assets and liabilities were settled as follows:

1. The creditors were paid off by giving them the plant and machinery at 90% of book value and
the balance creditors were paid in cash.
2. Debtors were realised at 90% of the amount due from them.
3. Stock was taken over by 'Raghav' at &17,000.
4. Investments realised 80% of their book value.
5. Realisation expenses 1600 were paid by 'Raman."
6. Raghav's loan was paid with interest of ? I000.
Prepare Realisation Account.

apartner.
(v) Explain various adjustments carried out at the time of death of
Attempt any one Section from Section B and Section C.
Sections -B

(8x1=8 marks)
Q. 12 AMparts are compulsory. Each questioncarry one mark:
Answer the following Questions:
i. What is Reserve Capital?
ii. What are Contingent Liabilities?

Multiple choice questions
iii. Shareholders receive
from the company:
(A) Dividend (B) Profit
(C) Commission (D) Interest
iv. If debentures of the face value of
60.000 are issued at a discount of 10% for net
50,000 the balance of 4,000 will be debited to: assets worth
(A) Capital Reserve account (B) Goodwill account
(C) Profit and LOSS
account (D) None of these
v. Mention the net amount
of'Source' or Use' of cash when a fixed asset having book
is sold at a loss of 15,000. value of 25,000
(A) Source 25,000
(B) Use 25,000
(C) Source 10,000
(D) Use 15,000
Fillin the Blanks
vi. Discount on issue of
debentures is a asset. (Fictitious /Fixed)
vii. As per Companies Act, the
Balance Sheet of acompany is required to be
(vertical /horizontal) presented in form.

vii. Cash flow statement is required for
the financial planning of term. (Long/Short)
Attempt all questions from no. 13 to 19 which carry 2 marks
each.
13. Give any two differences between Calls in
Arrears & Calls in Advance.
14. What are the Convertible and
Non-Convertible Debentures?
15. Write any two objectives of Financial Statement Analysis.
16. Manu Ltd.' forfeited 1000 shares of 10each,
issued at par for
share. The final call of 2 has not yet been called. Out of these, 400 non-payment of afirst call of 2 per
for 6 per share. Pass the necessary journal entries. shares were re-issued as 8 paid up

17. Y Ltd.' purchased machinery for 8,80,000. Half of the
payment was made in cash and the
remaining half by the issue of 12% debentures at a premium of 10%. Pass necessary journal entries.
18. Calculate the Current Ratio from the following information:

Total Assets 10,00,000
Fixed Assets 5,40,000
Non-Current Investments 1,10,000
Shareholder's Funds 7,20,000
Non-Current Liabilities 80,000

19. The following is the abstract of balance sheet of 'Mann Ltd.' for the year ended 2023& 2024.
Liabilities 31.03.2023 31.03.2024 Assets 31.03.2023 31.03.2024
(2) (?)
Machinery 20,000 25,000

Additional Information
(i)) Depreciation during the year 4,000.
(i1) Machinery costing 3,000 on which depreciation has accumulated 800, was sold
for 2,000.
Calculate the value of Machinery purchased during the year.

20. Doany three questions out of four questions. Each question carries 4 marks.
(i) Write any four limitations of cash flow statement.

(ii) 'HarryLtd.' invited applications for3,000 equity shares of 100 each payable as follows:
On Application 30
On Allotment 40
On First Call 720
On Final Call 10
Applications were received for 3,300 shares. Allotments were made on following basis:
()To applicants for 2,100 shares - in full.
(ii) To applicants for 1,200shares 900 shares
Excess money paid on application was utilized towards allotment money.
Mandy who was allotted 90 shares out of the group applying for 1,200 shares failed to pay allotment
after the final call.
money and money due on both the calls. His shares were forfeited
Pass journalentries in the books of the 'Harry Ltd.'

Ltd.' as at 31 March, 2023 and 31 March. 2024.
(iii) From the following Balance Sheets of 'Madhu
Sheet.
prepare a common-size Balance
Particulars 31.03.2024 31.03.2023
() ()

I. Equity and Liabilities 5.20,000 4,50,000
1. Shareholders Funds 1,20,000
2. Non-Current Liabilities 2,00,000
80.000 30,000
3. Current Liabilities
8,00,000 6,00,000
Total
II. Assets 5,60,000 4,20,000
1. Non-Current Assets
2,40,000 1,80,000
2. Current Assets 6,00,000
8,00,000
Total

between 'Shares' and 'Debentures.
(iv) Give any four differences

Sections -C
Q. 12 Allparts are
compulsory. Each question carry one mark: (8x1=8 marks)
Answer the following Questions:
()What is data validation in CAS?
(ii)Whatis the main objective of PMT
(iii) 101-200.201-300isthe function?
(A) Block code code.
(C) Mnemonic code (B) Sequential code
(iv) (D)None ofthese
isanadvant
(v)Thehomescreenoftal yiasknow
geofacomput
nas erisedaccount(gatewayoftally
(vi)The formula in MS-Excel starts
with:
ingsy stem.(HmenuighspeedBar) Low speed)
(A)/
(C) #ok (B)*

(vii) Explain any one feature of (D)=
CAS.
(viii)Spreadsheetisusedto:
(A)Recorddata
(C) Comparedata (B) Calculatedata
(D)Allofthese
Attempt allquestions from no. 13 to 19
which carry 2 marks each.
13. Write any two limitations of
CAS.
14.WritetheformulatocalculateLifelnsurancePremiumofemployeeusing"IF"function. Condition:
Premium 500/-belowbasicpayof
20,000andforothers? 600/-(BasicPayisgivenincell A2)
15. WritetheVouchertypesusedinTallyforthefollowingtransactions:

(a) CashPurchasesworth 20,000
(b) CreditpurchasesfromAryaY 6000
(c) ReturnedgoodstoRaja 1,000
(d) Cashreceivedfrom Sonu 5,000

16.Why charts and graphs are important for presentation of data?
17. WritethestepstocreatethefollowingledgersinTally:
Jagdeep's Capital A/C
SBIBank A/C
Electricity expensesA/c
Repair AC.

18. Saroop Associates purchased a new machinery on 31-03-2023 for 20,000.
The expected
salvagevalue,is? 2.000attheendoftheusefullifeof10years. WritetheformulaforCalculating depreciation
using DDBfunction.

19.Explain the syntax ofROUND ) function.

20. Do any three questions out of four questions. Fach questioncarries 4 marks.

()WhatdoyoumeanbyComputerisedaccountingsystem?Giveitsany four advantages.
(ii) The various transactions relating to Sharma Enterprise for the month of April 2023 is given
below. Write only steps to ascertain the cash balance for the month using an accounting software.

2023
AprillStartedbusinesswithcash Rs.70000
AprillPurchasedfurniture Rs. 10000
AprillCashpurchases Rs. 10000
AprillCreditsalestoMohan Rs.20000
April2Salarypaidtostaff Rs. 12000
April2Cashreceivedfrom Mohan Rs. 12500

sheet.
iii) Mr.AnilKumarenteredthefollowingpaydetailsinthefollowing spread
B C D E F G
A

2 Name BP DA(15% HRS(5% Gross Pay PF(10% Net Pay
ofBP) |ofBP) ofBP)
15000 ? ?
Mohit
4 Harman 24000

5 Seema 22000

Meera 20000

Writetheformulasforfillingtheblankcolumns(?)inthegivenspreadsheet.

(iv) Write any four advantages of Ms. Excel.

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