PSEB 12th Sample Paper 2026 Accountancy

Punjab Board

Sample Academic Year
2026

Paper

Sample Question Paper
CLASS-XII
ACCOUNTANCY
(Session 2025-26)
Time Allowed : 3 Hours Maximum Marks: 80
Sections - A
Q. 1 All parts are compulsory. Each question carries 1 mark: (1x16=16 marks)

Answer the following Questions:

i. What is reserve capital?
ii. What are fixed capital accounts of partners?
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 realisation expenses?

Write True or False

v. A partnership can be formed only for a legal business.
vi. Articles of Association mentions authorised capital.
vii. Unrecorded liabilities are recorded in the credit side of revaluation account.
viii. Goodwill is transferred to the realisation account at the time of dissolution of the firm.

Multiple choice questions

ix. Debenture holders receive _____ from the company:
(a) Dividend (b) Profit
(c) Commission (d) Interest

x. Average Profit – Normal Profit = …..?.....
(a) Premium (b) Super profit
(c) Gross profit (d) None of these

xi. J and K are sharing profits and losses in the ratio of 5 : 3. They agree to admit N, their manager,
into partnership who is to get 1/4th share in the profits. N acquires this share entirely from J.
The new profit sharing ratio will be:
(a) 5 : 3 : 1 (b) 19 : 13 : 8
(c) 3 : 3 : 2 (d) 1 : 1 : 1

xii. An unrecorded asset was valued at ₹ 12,00,000. On firm’s dissolution, it was sold at 75% of its value.
realisation account will be credited with:
(a) ₹ 9,00,000 (b) ₹ 3,00,000
(c) No Entry (d) ₹ 12,00,000

Fill in the Blanks

xiii. Usually debentures have _______ charge on the assets of the company. (Fixed/Floating)

xiv. In the absence of an agreement, interest on a partner’s loan shall be paid @ ____. (6% p.a. /12% p.a.)
xv. Decrease in liability is a _______ (Loss / Gain)
xvi. The executor is entitled to all the rights of a _______ (Retiring Partner / Deceased Partner)

Q. 2 All parts are compulsory. Each question carries 2 marks: (2x7 = 14 marks)

i. What are Sweat Equity Shares?

ii. What is sacrificing ratio? Also give the formula of sacrificing ratio.

iii. Give any two differences between dissolution of partnership and dissolution of partnership firm.

iv. Aman, Raman and Sohan were partners in a firm sharing profits in the ratio of 4 : 3 : 2 Goodwill
appeared at ₹ 1,08,000 in the books of the firm. Aman decided to retire from the firm. On the date of his
retirement goodwill of the firm was valued at ₹ 2,07,000. The new profit sharing of Raman and Sohan
was 1 : 2. Record necessary journal entries on Aman’s retirement.

v. Calculate interest on Aman’s drawings:
(i) If he has withdrawn ₹ 90,000 on 1st April, 2024.
(ii) If he has withdrawn ₹ 50,000 during the year.
Rate of interest on drawings is 8% per annum.
Books were closed on 31st March, 2025.

vi. ‘Star Ltd.’ forfeited 2000 shares of ₹ 10 each, issued at par for non-payment of a first call of ₹ 2 per
share. The final call of ₹ 2 has not yet been called. Out of these, 800 shares were re-issued as ₹ 8 paid
up for ₹ 6 per share. Pass the necessary journal entries.

vii. ‘Ritu Ltd.’ purchased machinery for ₹ 2,20,000. 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.

Q. 3 All parts are compulsory. Each question carries 4 marks: (4x3 = 12 marks)

i. Write any four features of Partnership.

or

Rajiv, Mandeep and Gurmeet were partners in a firm sharing profits in the ratio of 3 : 2 : 1.
Their Balance Sheet as at 31-3-2025 was as follows:

Particulars ₹ Particulars ₹
Creditors 50,000 Land 50,000
Bills Payables 20,000 Building 50,000
General Reserve 30,000 Plant 1,00,000
Capitals : Stock 40,000
Rajiv 1,00,000 Debtors 30,000
Mandeep 50,000 Bank 5,000
Gurmeet 25,000 1,75,000
2,75,000 2,75,000
Rajiv, Mandeep and Gurmeet decided to share the future profits equally, w.e.f. April 1, 2025. For
this it was agreed that:
(i) Goodwill of the firm be valued at ₹ 1,50,000.
(ii) Land be revalued at ₹ 80,000 and building be depreciated by 6%.

(iii) Creditors of ₹ 6,000 were not likely to be claimed and hence be written off.
Prepare Revaluation Account and Partners’ Capital Accounts.
ii. Pass the necessary Journal entries for the following transactions on the dissolution of the firm of Raja
and Rani who were sharing profits and losses in the ratio of 2 :1 the various assets [other than Cash]
and outside liabilities has been transferred to Realisation Account.
(a) Raja agreed to pay off his brother’s loan ₹ 10,000
(b) Debtors realized ₹ 12,000.
(c) Sundry creditors ₹ 20,000 were paid at 5% discount
(d) Loss on realization was ₹ 10,200.

or

The Balance Sheet of Kanav, Raghav and Krishna who were sharing profit in the ratio of 3 : 3 : 4 as
at 31st March, 2024 was as follows:
Liabilities Amount Assets Amount
₹ ₹
General Reserve 10,000 Cash 16,000
Bills Payable 5,000 Stock 44,000
Loan 12,000 Investments 47,000
Capitals :Kanav 60,000 Land & Building 60,000
Raghav 50,000 Kanav’s Loan 10,000
Krishna 40,000 1,50,000
1,77,000 1,77,000
Kanav died on June 30th 2024. The partnership deed provided for the following on
the death of a partner:
(a) Goodwill of the firm be valued at two years purchase of average profits for the
last three years.
(b) Kanav’s share of profit or loss till the date of her death was to be calculated on
the basis of sales. Sales for the year ended 31st March, 2024 amounted to ₹
4,00,000 and that from 1st April to 30th June 2024 to ₹ 1,50,000. The profit for
the year ended 31st March, 2024 was ₹ 1,00,000.
(c) Interest on capital was to be provided @ 6% p.a.
(d) The average profits of the last three years were ₹42,000.
Prepare Kanav’s Capital Account to be rendered to her executor.

iii. Give Journal entries for the following:
1. Issue of Rs. 1,00,000, 9% debentures of Rs. 100 each at par and redeemable at par.
2. Issue of Rs. 1,00,000, 9% debentures of Rs. 100 each at premium of 5% but redeemable at par.
3. Issue of Rs. 1,00,000, 9% debentures of Rs. 100 each at discount of 5% repayable at par.
4. Issue of Rs. 1,00,000, 9% debentures of Rs. 100 each at par but repayable at a premium of 5%.

or

Give any four differences between Calls in Arrears & Calls in Advance.

Q. 4 All parts are compulsory. Each question carries 6 marks: (6x2 = 12 marks)

i. Jashan and Suresh are partners sharing profits and losses in the ratio of 2:1 with Capitals of ₹ 3,00,000
and ₹ 2,00,000. Suresh have given a sum of ₹ 1,00,000 to firm as loan. You are required to answer the
following questions in each of the following alternative cases:

1. If the partnership deed provides for interest on Capital @ 9% p.a. and the profits for the year are ₹
36,000, then Jashan's share of interest on Capital will be:
(a) ₹27,000 (b) ₹24,000
(c) ₹21,600 (d) ₹14,400
2. If the partnership deed provides for interest on Capital @ 9% p.a. and the loss for the year is ₹
15,000, then Jashan's share of interest on Capital will be:
(a) ₹ 27,000 (b) ₹9,000
(c) ₹ 10,000 (d) Nil
3. If the partnership deed is silent as to interest on Capital and the profits for the year are ₹ 60,000,
then Suresh's share of interest on Capital will be:
(a) ₹ 18,000 (b) ₹ 27,000
(c) ₹ 12,000 (d) Nil
4. If the partnership deed provides for interest on Capital @ 9% p.a. even if it involves the firm in loss
and the profits for the year are 30,000, then Jashan's share of interest on Capital will be:
(a) ₹ 18,000 (b) ₹ 20,000
(c) ₹ 27,000 (d) ₹ 12,000
5. If the partnership deed provides for interest on loan @ 12% p.a. and the profits for the year are ₹
10,000, then interest on loan will be:
(a) ₹12,000 (b) ₹10,000
(c) 6,000 (d) None of these
6. If the partnership deed is silent as to interest on loan and the profits for the year are ₹ 10,000, then
interest on loan will be:
(a) ₹10,000 (b) ₹6,000
(c) 16,000 (d) None of these

ii. Harry Ltd. was formed with an authorised capital of ₹ 50,00,000 divided into 5,00,000 equity shares of
₹ 10 each. The company issued prospectus inviting applications for 4,00,000 equity shares. The
company received application for 3,70,000 equity shares. During the first year, ₹ 8 per share were
called.
Neha holding 7,000 shares and Manisha holding 5,000 shares did not pay the first call of 3 per share.
Manisha's shares were forfeited after the first call and later on 3,000 of the forfeited shares were re-
issued at ₹ 7 per share, ₹ 8 called up.
1. Calls in Arrears will be:
(a) ₹15,000 (b) ₹21,000
(c) ₹36,000 (d) NIL

2. Subscribed and Fully Paid Capital will be:
(a) 36,80,000 (b) 36,69,000
(c) 29,13,000 (d) NIL

3. Subscribed but not Fully Paid Capital will be:

(a) ₹ 29,44,000 (b) ₹ 29,33,000
(c) ₹ 29,23,000 (d) 36,69,000

4. In the Balance Sheet of a company, under the heading share capital, at the last is shown:
(a) Authorised Share Capital (b) Issued Share Capital
(c) Subscribed Share Capital (d) Reserve Share Capital

5. After re-issue of Manisha’s shares, which amount will be transferred to capital reserve account?
(a) ₹ 5,000 (b) ₹ 12,000
(c) ₹ 3,000 (d) None of these

6. While forfeiting the shares of Manisha, share forfeiture account will be credited with:
(a) ₹ 25,000 (b) ₹ 9,000
(c) ₹ 12,000 (d) None of these

Q. 5 ‘Ajay’ and ‘Vijay’ were partners in a firm sharing profits and losses in ratio of 4 : 3. On 31st March,
2025, their Balance Sheet was as follows: (6x1 = 6 marks)

Liabilities ₹ Assets ₹
Creditors 35,000 Cash 29,800
Bills Payable 15,000 Debtors 35,500
Less: Provision 300 35,200
Ajay’s Capital 80,000 Stock 40,000
Vijay’s Capital 60,000 Plant 25,000
Building 60,000
1,90,000 1,90,000
They agreed to admit ‘Vikram’ as a partner from 1st April, 2025 with 1/4 th share in the profits of the
firm on the following terms:
1. ‘Vikram’ will bring in ₹ 40,000 as capital and his share of goodwill in cash.
2. Goodwill of the firm has been valued at ₹ 56,000.
3. The provision on debtors is to be raised to ₹ 800.
4. Building is to be appreciated by ₹ 7,000.
5. Plant is to be depreciated by ₹ 3,000.
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the reconstituted
firm.
or

‘Sachin’ and ‘Rahul’ were partners sharing profits and losses equally. On 31st March, 2025, the Balance
Sheet of the firm was as follows:

Liabilities ₹ Assets ₹
Sundry Creditors 1,20,000 Bank 50,000
Rahul’s Loan 30,000 Debtors 84,000
General Reserve 30,000 Less : Provision for
Investment Fluctuation Fund 4,000 Doubtful Debts 12,000 72,000
Sachin’s Capital 20,000 Stock 24,000
Rahul’s Capital 60,000 Investments 36,000
Plant and Machinery 78,000
Sachin’s Loan 4,000
2,64,000 2,64,000

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 ‘Rahul’ at ₹ 17,000.
4. Investments realised 80% of their book value.
5. Realisation expenses ₹ 1600 were paid by ‘Sachin.’
6. ‘Rahul’s loan was paid with interest of ₹ 1000.
Prepare Realisation Account, Bank Account and Partners’ Capital Accounts.

Attempt any one Section from Section B and Section C.
Sections – B
Q. 6 All parts are compulsory. Each question carry one mark: (1x4=4marks)

Answer the following Questions:

i. What are Contingent Liabilities?
ii. What do you mean by Cash Equivalent?

Multiple choice questions

iii. Which analysis is considered more dynamic?
(a) Horizontal Analysis (b) Vertical Analysis
(c) Internal Analysis (d) External Analysis

iv. Liquid Assets do not include:
(a) Bank balance (b) Inventory
(c) Debtors (d) Bills Receivable

Q. 7 All parts are compulsory. Each question carries 2 marks: (2x3 = 6 marks)

i. Write any two limitations of financial statements.

ii. Calculate the Current Ratio from the following information:
Particulars ₹
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

iii. The following is the abstract of balance sheet of ‘Moody Ltd.’ for the year ended 2024 & 2025.

Liabilities 31.03.2024 31.03.2025 Assets 31.03.2024 31.03.2025
(₹) (₹)

Furniture 20,000 25,000
Additional Information
(i) Depreciation during the year ₹ 4,000.
(ii) Furniture costing ₹ 3,000 on which depreciation has accumulated ₹ 800, was sold for ₹ 2,000.
Calculate the Cash Flow from Investing Activities.

Q. 8 From the following information calculate: (4x1 = 4 marks)

(i) Earning per share
(ii) Book value per share
(iii) Dividend payout ratio
(iv) Price earning ratio
Particulars ₹
70,000 equity shares of Rs. 10 each 7,00,000
Net Profit after tax but before dividend 1,75,000
Market price of a share 13
Dividend declared @ 15%

or

From the following Balance Sheets of ‘Priya Ltd.’ as at 31 st March, 2024 and 31st March, 2025, prepare
a common-size Balance Sheet.

Particulars 31.03.2025 31.03.2024
(₹) (₹)
I. Equity and Liabilities
1. Shareholders’ Funds 5,20,000 4,50,000
2. Non-Current Liabilities 2,00,000 1,20,000
3. Current Liabilities 80,000 30,000
Total 8,00,000 6,00,000
II. Assets
1. Non-Current Assets 5,60,000 4,20,000
2. Current Assets 2,40,000 1,80,000
Total 8,00,000 6,00,000

Q. 9 Write any six objectives of preparing financial statements. (6x1 = 6 marks)

or

Calculate Cash Flow from Operating Activities from the following :
31st March 31st March
2024 (₹) 2025 (₹)
Surplus i.e., Balance in Statement of Profit and Loss (40,000) (50,000)
Plant & Machinery 4,00,000 3,60,000
8% Debentures 5,00,000 6,00,000
Trade Receivables 4,00,000 3,50,000
Trade Payables 1,80,000 2,20,000
Provision for Doubtful Debts 20,000 18,000
10% Non-current Investments 2,00,000 2,50,000
Goodwill 30,000 45,000
Inventories 3,60,000 5,10,000

Short Term Loans 40,000 45,000
Additional Information:
(i) New Debentures have been issued on 1st Oct, 2024.
(ii) New Investments have been made at the end of the current year.

Sections – C

Q. 6 All parts are compulsory. Each question carry one mark: (1x4=4marks)

Answer the following Questions:

i. Write any one security feature of computerized accounting software.

ii. PMT Method is used to prepare___________ . (Payroll statement / Loan repayment system)

iii. One or more cells selected is called:
(a) Range (b) Text
(c) Label (d) Formula

iv. Which chart is also known as scatter chart?
(a) XY (b) YZ
(c) ZX (d) None of these

Q. 7 All parts are compulsory. Each question carries 2 marks: (2x3 = 6 marks)

i. Write the code name (Sequential, Mnemonic, Block) of the following:
(A) Code Name of Accounts
SLR Salary Account
BOD Bank Overdraft
(B) Code Account group
100-199 Rooms in First Floor
200-299 Rooms in Second Floor

ii. Give two differences between pre chart and column chart.

iii. Write the formula to calculate the depreciation by using SLN (Straight Line) Method is MS
Excel.
A B
1 Cost 5,000
2 Salvage 1,000
3 Useful Life in (Years) 5
4 Depreciation ?

Q. 8 The monthly sales of a company for the first six months are given below in Rupees.
(4x1 = 4 marks)
A B
1 January 25,000
2 February 15,000
3 March 28,000
4 April 32,000
5 May 20,000
6 June 36,000

Write the formulas to calculate:
a. Find the total sale for the six months.
b. Find the average sale of the six months.
c. Find the lowest sale of the six months.
d. Find the highest sale of the six months.

Or
On 01-04-2025, Rohan borrowed ₹10,00,000 from Punjab National Bank at 9.6% Interest. The
Period of loan is 36 months. Write the steps in Spreadsheet using PMT function to calculate the
monthly instalments assuming the instalments are made at the beginning of each month.

Q. 9 Explain any six subsystems of Accounting Information Systems. (6x1 = 6 marks)

or
Prepare the Pay Roll of the employees in the given table.
A B C D E F G H I
1 PAY ROLL
2 Name Basic DA HRA Gross PF GPF Total Net
Pay (50% of (10% of Salary (15% of Deductions Salary
BP) BP) BP)
3 Ramu 50,000 ? ? ? ? 2,000 ? ?
4 Sham 60,000 5,000
5 Mohan 60,000 5,000
6 Baldev 80,000 6,000
7 Rajiv 90,000 8,000

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