Class 12 PT I Question Paper 2025-26 Accountancy

CBSE CLASS 12
PT I Question Paper
Session 2025-26

ACCOUNTANCY

Exam CBSE Class 12
Subject Accountancy
Session 2025-26
Document Type PT I Question Paper

Notes · Sample Papers · Previous Year Papers · Mock Tests

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Question Paper

SESSION: 2025-2026
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CLASS: XII MAXIMUM MARKS: 40�
SUBJECTS: ACCOUNTANCY (055) TIME: 1 Hour 30 Minutes
GENERAL INSTRUCTIONS:
1.� This question paper contains 4 pages & 15 questions in two parts- Part-A & Part-B.
2.� Question Nos. 1 to 3 and 8 to 11 carries 1 mark each.

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3.� Question Nos. 4, 12 and 13 carries 3 marks each.

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4.� Question Nos. 5, 6 and 14 carries 4 marks each.

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5.� Question Nos. 7 and 15 carries 6 marks each.

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6.� All questions are compulsory.

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PART-A (Accounting for Companies)
1. Assertion (A): Proportionate allotment or pro-rata allotment is one of the solutions which can 1
be made in case of oversubscriptions of shares.
Reason (R): In the case of over-subscription, it is not possible for the company to allot shares to
every applicant in the number that they have applied for.
Choose the correct alternative:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of
Assertion (A).
(b) Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of

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Assertion (A).

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(c) Assertion (A) is true but Reason (R) is false

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(d) Assertion (A) is false but Reason (R) is true

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2. Which of the following cannot be used for writing off Discount or Loss on issue of debentures? 1

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(a) Securities Premium Reserves

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(b) Debenture Redemption Reserve
(c) Capital Reserve
(d) Statement of profit and loss
OR
XYZ Ltd. issues 1,000, 10% Debentures of ₹100 each at par, redeemable at a premium of 10%
after 5 years. What is the amount of loss on redemption of debentures?
(a) ₹ 5,000 (b) ₹10,000 (c) ₹15,000 (d) ₹ 1,000
3. Statement I: Interest on debentures is an appropriation of profit. 1

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Statement II: Loss or Discount on Issue of Debentures, both are capital loss for the company.

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Choose the correct alternative from the following.

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(a) Both statement I and statement II are correct.

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(b) Statement I is correct and statement II is incorrect.

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(c) Statement I is incorrect and statement II is correct.

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(d) Both statement I and statement II are incorrect.
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ag JCV Ltd. forfeited 200 shares of ₹10 each issued at a premium of ₹2 per share for the non-
payment of allotment of ₹3 per share (including premium). The first and final call of ₹4 per
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share has not been made yet. 50% of forfeited shares were reissued at ₹8 per share as fully paid-
up. Pass necessary journal entries for the forfeiture and reissue of shares.
5. On 1st April, 2024, Vishwas Ltd. was formed with an authorised capital of ₹10,00,000 divided 4
into 1,00,000 equity shares of ₹10 each. The company issued prospectus inviting applications
for 90,000 equity shares. The company received applications for 85,000 equity shares. During
the first year, ₹8 per share were called. Ram holding 1,000 shares and Shyam holding 2,000
shares did not pay the first call of ₹2 per share. Shyam's shares were forfeited after the first call

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and later on 1,500 of the forfeited shares were re-issued at ₹6 per share, as ₹8 called up.

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Show the following:

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(a) Share Capital in the Balance Sheet of the company as per Schedule III Part I of the
Companies Act, 2013.
(b) Also prepare 'Notes to Accounts' for the same.
6. Blue Prints Ltd., purchased building worth ₹ 1,50,000, machinery worth ₹ 38,000 and furniture 4
worth ₹ 10,000 from XYZ Co., and took over liabilities of ₹ 20,000 for a purchase consideration
of ₹ 1,98,000. The payment was made by issue of 12% debentures of ₹ 100 each. Pass the
necessary journal entries for the purchase of machinery and issue of debentures when:
(i) Debentures are issued at par;
(ii) Debentures are issued at 10% discount; and
(iii) Debentures are issued at 10% premium
OR
Give Journal entries for the following:
i) Issue of ₹ 1,00,000, 9% debentures of ₹ 100 each at discount of 5% repayable at par.
ii) Issue of ₹ 1,00,000, 9% debentures of ₹ 100 each at par, repayable at a premium of 5%.
iii) Issue of ₹ 1,00,000, 9% debentures of ₹ 100 each at discount of 5%, redeemable at premium
of 5%.
iv) Issue of ₹ 1,00,000, 9% debentures of ₹ 100 each at premium of 5% and redeemable at
premium of 5%.
7. Ajanta Limited having a nominal capital of ₹ 3,00,000, divided into shares of ₹ 10 each offered 6
for public subscription of 20,000 shares payable at ₹ 2 on application; ₹ 3 on allotment and the
balance in two equal calls of ₹ 2.50 each. Applications were received by the company for
24,000 shares. Applications for 20,000 shares were accepted in full and the shares allotted.
Applications for the remaining shares were rejected and the application money was refunded.
All moneys due were received with the exception of the final call on 600 shares which were
forfeited after legal formalities were fulfilled. 400 shares of the forfeited shares were reissued at
₹ 9 per share.
Based on the above information, answer the following questions:
Q I. What will be the amount of the authorised capital after the reissue of 400 shares?
(a) ₹ 1,98,000 (b) ₹ 3,04,000 (c) ₹ 30,00,000 (d) ₹ 3,00,000

Q II. What will be the number of subscribed shares after the forfeiture of these shares?
(a) 30,000 shares (b) 20,000 shares (c) 19,400 shares (d) 29,400 shares

Q III. What will be the amount to be received in the Bank A/c on allotment?
(a) ₹ 60,000 (b) ₹ 52,000 (c) ₹ 58,200 (d) ₹ 72,000

Q IV. What will be the amount of share forfeiture after the forfeiture of 600 shares?
(a) ₹ 1,500 (b) ₹ 4,500 (c) ₹ 3,000 (d) ₹ 3,000

Q V. What will be the amount to be transferred to the Capital Reserve Account after the reissue
of 400 shares?
(a) ₹ 4,100 (b) ₹ 1,500 (c) ₹ 2,600 (d) ₹ 1,100

Q VI. What will be the balance of the Share Forfeiture Account after the reissue of 400 shares?
(a) ₹ 1,500 (b) ₹ 2,600 (c) ₹ 3,000 (d) ₹ NIL
PART –B (Analysis of Financial Statements)
8. Which of the following is a limitation of financial analysis? 1
(a) It helps in decision making.
(b) It provides a complete picture of Company's financial position.
(c) It is based on Historical data.
(d) It is used for forecasting future profit.
OR
What is Horizontal Analysis?

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(a) Analysis of Financial Statement over a number of years.

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(b) Analysis of Financial statement of different Companies.
(c) Analysis of Financial statement at a particular point of time.
(d) None of the above.
9. If the operating ratio of A Ltd. is 60%, its operating profit ratio will be: 1
(a) 100%
(b) 60%
(c) 40%
(d) 160%
10. Which of the following statements about Cash Flow Statement is correct? 1

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(a) It is prepared under accrual basis of accounting.

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(b) It shows only cash inflows.
(c) It is a statement showing changes in assets and liabilities.
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(d)
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It shows inflows and outflows of cash and cash equivalents.
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Which of the following statements is correct regarding ‘Increase in trade payables would be’:
(a) Cash outflow from operating activities.
(b) Cash inflow from operating activities.
(c) Cash outflow from investing activities.
(d) Cash inflow from financing activities.
11. Consider the following statements: 1
Statement I: Cash flow statement is prepared to know the liquidity position of the firm.
Statement II: Decrease in current assets results in increase in cash from operating activities.
Options:

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(a) Statement I is correct, Statement II is incorrect
(b) Statement I is incorrect, Statement II is correct

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(c) Both statements are correct

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(d) Both statements are incorrect

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12. Under which major heads and sub-heads will the following items be presented in the Balance 3
Sheet of the Company as per Schedule III, Part I of the Companies Act, 2013:
A) Bills receivable B) Securities premium C) Calls-in-advance

13. Following is the Comparative Statement of Profit and Loss for the years ended 31st March, 3
2025 and 2024. Redraw it and underline the missing values.

COMPARATIVE STATEMENT OF PROFIT AND LOSS
for the years ended 31st March, 2024 and 2025

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Particulars Note 2023-24 2024-25 Absolute Percentage

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No. (₹) (₹) change change

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(₹) (%)

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I. Revenue from operations 16,00,000 … … 25
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10,00,000 a 2,00,000
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Other Expenses
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2,00,000 1,00,000 …
25
(50)
III. Total Expenses 10,00,000 11,00,000 1,00,000 10
IV. Profit before tax … 9,00,000 3,00,000 50
Less: Tax @40% 2,40,000 … 1,20,000 50
V. Profit after tax 3,60,000 5,40,000 1,80,000 50

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14. The Quick ratio of a company is 0.8:1. State with reason whether the following transaction will 4
increase, decrease or not change the quick ratio:
A) Purchase of loose tools ₹ 2,000.
B) Insurance premium paid in advance ₹ 500.
C) Sale of goods on credit ₹ 3,000.
D) Honoured a bills payable ₹ 5,000 on maturity.
OR
A) From the following information, calculate Interest Coverage Ratio:
Net profit after interest and tax Rs.1,20,000; Rate of income tax 40%; 15% Debentures
1,00,000; 12% Mortgage loan Rs.1,00,000.
B) A company had Current Assets Rs.3,00,000 and Current Liabilities Rs.1,40,000.
Afterwards, it purchased goods worth Rs.20,000 on credit. Calculate the Current Ratio after the
purchase of goods.
15. From the following Balance Sheet of X Ltd., prepare a Cash Flow Statement for the year ended 6
March 31, 2025:
Particulars Note 31-03-25 31-03-24
No. Amount(₹) Amount (₹)
Equity & Liabilities
Shareholders’ Fund
Share Capital 5,00,000 3,00,000
Reserves and Surplus 1,50,000 80,000
Long Term Borrowings
Debentures 2,00,000 ---------
Current Liabilities
Trade Payables 1,30,000 90,000
Total 9,80,000 4,70,000
Assets
Non-Current Assets
Fixed Assets 6,00,000 3,50,000
Current Assets
Trade Receivables 1,20,000 80,000
Inventory 1,40,000 40,000
Cash and Cash Equivalents 1,20,000 ---------
Total 9,80,000 4,70,000
Additional Information :
(i) Interest paid on debentures ₹ 10,000.
(ii) Dividend paid ₹ 20,000.

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