MBOSE Class 12 Question Paper 2026 for Accountancy

FOR MBOSE CLASS 12 EXAM PREPARATION

MBOSE Class 12 2026
Question Paper ·
Accountancy
EXAM YEAR TYPE SUBJECT

MBOSE Class 12 2026 Question Paper Accountancy

Notes · Sample Papers · Previous Year Papers · Mock Tests

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Total No. of Printed Pages—20
HS/XII/Com/Ac/26
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c. o ACCOUNTANCY m .co
m s e
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g l a ( Commerce ) ag
a Full Marks : 80

Time : 3 hours

The figures in the margin indicate full marks for the questions

General Instructions :
(i) This question paper contains 39 questions. All questions
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are compulsory.

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(ii) This question paper is divided into two parts, Part—A and
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Part—B.
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(iii) Question Nos. 1 to 21 and 32 to 35 carry 1 mark each.
(iv) Question Nos. 22 to 25, 36 and 37 carry 3 marks each.
(v) Question Nos. 26, 27 and 38 carry 4 marks each.
(vi) Question Nos. 28 to 31 and 39 carry 6 marks each.

PART—A
( Accounting for Partnership Firms and Companies )
( Marks : 60 )
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Choose and write the correct answer (any ten) : 1×10=10
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s em1. A partnership firm has 45 partners. Only _____ more
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g la partners can be admitted in the partnership a firm
a according to the Companies Act, 2013.

(a) 1 (b) 6

(c) 5 (d) 3

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( 2 )

2. Rita and Usha were partners in a firm sharing profits and
losses in the ratio of 3 : 5. During the year, Usha
withdrew T 15,000 at the end of each month. Interest on
drawings is to be charged @ 8% p.a. The average period
for the calculation of interest on drawings will be
(a) 4 1 months (b) 6 months
2

(c) 6 1 months (d) 5 1 months
2 2

Or
Abha, Manju and Rhea were partners in a firm sharing
profits and losses in the ratio of 3 : 3 : 4. During the year
ended 31st March, 2024, Rhea withdrew T 30,000 at the
beginning of each half-year. Interest on Rhea’s drawings
@ 10% p.a. for the year ended 31st March, 2024 will be

(a) T 6,000 (b) T 4,500
(c) T 3,000 (d) T 1,500

3. _____ is the basis of relationship between the partners to
run the partnership business.
(a) Offer (b) Agreement
(c) Understanding (d) Acceptance

4. On dissolution of the firm, General Reserve is transferred
to
(a) Realization A/c
(b) Partners’ Capital A/cs in their profit-sharing ratio
(c) Partners’ Capital A/cs in capital ratio
(d) Cash A/c

HS/XII/Com/Ac/26/73 [ Contd.

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( 3 )

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5. P and Q are partners in a firm sharing profits and losses
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in the ratio of 3 : 2. They admit R, a new partner for th
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share in profit. What is the sacrificing ratio of P and Q?
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(a) 3a:g1 (b) 2 : 1

(c) 3 : 2 (d) 1 : 1

6. 2000 shares of T 10 each issued at a premium of T 2 per
share, were forfeited for the non-payment of final call of
T 2 per share. Share Capital A/c will be debited with

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(at the time of forfeiture)

(a) T 20,000 (b) T 4,000 .co
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(c) T 24,000
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7. Securities Premium Reserve can be used for

(a) paying interest on debentures

(b) issuing fully paid bonus shares to the members

(c) paying tax liability

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(d) paying dividend on shares

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em (a) Number of Years’ Purchase × Average Profit gla
8. Under super profit method, Goodwill is calculated by

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ag (b) Number of Years’ Purchase × Super Profit

(c) Super Profit ¸ Normal Rate of Return

(d) Super Profit – Normal Profit

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( 4 )

9. Interest on Debentures is a charge against
(a) Share Capital (b) General Reserve
(c) Dividend (d) Profit

10. The part of authorized capital which is offered to the
public is called
(a) subscribed capital
(b) nominal capital
(c) authorized capital
(d) issued capital

11. Sujal Ltd. invited applications for 40000 Equity Shares of
T 100 each, payable as follows :
On Application—T 40 per share
On Allotment—T 40 per share
On First and Final Call—T 20 per share
All the money due was received, except Priya holding
1000 Equity Shares failed to pay the final call money.
Calls-in-Arrears A/c will be debited by
(a) T 40,000 (b) T 80,000
(c) T 20,000 (d) T 1,00,000

12. Debentures which do not carry any specific rate of
interest are known as
(a) registered debentures
(b) zero-coupon rate debentures
(c) bearer debentures
(d) secured debentures

HS/XII/Com/Ac/26/73 [ Contd.

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13. Which of the following is not correct for goodwill?
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(a) It is an intangible asset
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(b) It is a fictitious asset

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(c) It may
(d) It is amortized
Answer any six of the following questions in 1 sentence each
(Q. Nos. 14 to 21) : 1×6=6
14. Why is Profit and Loss Appropriation A/c prepared?
15. What is Revaluation A/c?
16. State one point of difference between Sacrificing Ratio and
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Gaining Ratio.
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17. What is Employee Stock Option Plan?
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18. What is issue of debentures as lcollateral security?
a subscription’.
19. Give the meaning of ‘minimum
20. X, Y and Z are partners sharing profits and losses in the
ratio of 2 : 2 : 1. Y died on 30th June, 2024. The profit for
the year ending 31st March, 2024 was T 3,60,000.
Calculate Y ’s share of profit till the date of death, if the
profit is calculated on the basis of previous year’s profit.

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21. A firm earned profits/losses over the past four years as
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follows :

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2021–22 9,000

ag 2022–23
2023–24
5,000
4,000 (Loss)
2024–25 6,000
Calculate the value of Goodwill on the basis of two years’
purchase of average profit of past four years.

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( 6 )

22. X Ltd. forfeited 300 shares of T 10 each, T 7 called-up, on
which Elsa had paid application and allotment money of
T 5 per share. Of these, 250 shares were reissued to Risa
at T 6 per share, T 7 per share paid-up.
Pass necessary Journal Entries to record the above
transactions. 3
23. ABC Ltd. acquired Sundry Assets worth T 4,50,000 and
Sundry Liabilities of T 50,000 from Clara Ltd. at an
agreed purchase consideration of T 3,85,000 to be
satisfied by the issue of 10% Debentures of T 100 each at
par.
Pass necessary Journal Entries to record the above
transactions. 3
24. A business has earned an average profit of T 30,000
and the normal rate of return in similar types of business
is 10%.
Calculate the value of Goodwill by capitalization of super
profit method assuming that the business owns assets
worth T 4,50,000 and liabilities are T 2,00,000. 3
25. A and B are partners in a firm sharing profits and losses
in the ratio of 3 : 2. Their capitals in the beginning of the
year were T 4,00,000 and T 3,00,000 respectively. During
the year, A had withdrawn T 20,000 and B had withdrawn
T 30,000. The profit during the year was T 1,53,750.
Prepare Profit & Loss Appropriation A/c taking into
consideration of the following : 3
(i) Interest on capital @ 10% p.a. and interest on
drawings @ 5% p.a.
(ii) A is entitled to receive a salary of T 2,000 p.m.
(iii) B is entitled to receive a commission @ 2% on the
turnover. The turnover for the year was T 18,00,000

HS/XII/Com/Ac/26/73 [ Contd.

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26. Aria, Bella and Calmilia were partners in a firm sharing
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profits and losses in the ratio of 7 : 2 : 1. The Balance
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Sheet of the firm as on 31st March, 2024 was as follows :
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Liabilitiesa
Capitals : g
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Aria
a 70,000
Goodwill
Land & Buildings
40,000
1,00,000
Bella 20,000 Stock 7,000
Calmilia 10,000 1,00,000 Debtors 12,000
General Reserve 20,000 Cash 5,000
Loan from Bella 30,000
Creditors 14,000

mdeed provides
1,64,000 1,64,000

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. of a partner in
Bella died on 12th June, 2024. Partnership

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for the settlement of claims on the death
addition to his capital as under : s
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(i) Share of profit of the gdeceased
a partner to be
computed up to the date of death on the basis of
average net profit of the past three completed
financial years. Average net profit of past three
completed financial years was T 80,000
(ii) Her share on revaluation of assets and reassessment
of liabilities. The revaluation profit on the date of
death was T 29,700
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(iii) Net amount payable to Bella’s executors was
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c. oPrepare Bella’s Capital A/c. m
transferred to her Loan A/c

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Or

ag Ankit, Rajesh and Vikram are partners in the firm sharing
profits and losses in the ratio of 2 : 1 : 1 respectively. The
firm closes its accounts on 31st March every year. Rajesh
died on 30th September, 2024. There was a balance of
T 1,25,000 in Rajesh’s Capital A/c as on 1st April, 2024.

HS/XII/Com/Ac/26/73 [ P.T.O.

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( 8 )

In the event of death of any of the partner, the partnership
deed provide the following :
(i) Interest on capital at the rate of 6% p.a.
(ii) The executor of deceased partner shall be paid
T 24,000 for his share of goodwill
(iii) His share of Reserve Fund which is T 12,000 shall be
paid to his executor
(iv) His share of profit till the date of death will be
calculated on the basis of sales. It is also specified
that the sales during the year 2023–24 were
T 4,00,000. The sales from 1st April, 2024 to
30th September, 2024 were T 1,20,000, the profit of
the firm for the year ending 31st March, 2024 was
T 2,00,000
Prepare Rajesh’s Capital A/c.

27. Sofia and Lucy are partners in a firm sharing profits and
losses in the ratio of 5 : 3. They admit Zara into
partnership for 1th share of profit for which she brings
4
T 50,000 as capital and T 16,000 as goodwill. Half of the
goodwill is withdrawn by Sofia and Lucy. At the time of
admission, the revaluation loss was T 4,000. There was a
goodwill already existing in the books at T 6,000.
Pass Journal Entries to record the above transactions. 4
Or
A and B are partners sharing profits and losses in the
ratio of 3 : 2. They admitted C into partnership and
decided to share profits and losses in the ratio of 2 : 1 : 1.
At the time of admission, the General Reserve appeared in
the books at T 12,000 and the Revaluation Profit was

HS/XII/Com/Ac/26/73 [ Contd.

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T 2,500. C brought T 30,000 as capital but was unable to
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bring his share of goodwill. The goodwill of the firm at the
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time of admission was valued at T 40,000.
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Show Journal
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Entries to record the above transactions.
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28. Vikas and Hiten were partners in a firm sharing profits in
the ratio of 3 : 2. Their Balance Sheet as on 31st March,
2025 was as follows :

Balance Sheet of
Vikas and Hiten as on 31st March, 2025
Liabilities T Assets T
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c. o 36,000
Creditors 40,000 Bank 36,000
Bank Overdraft 20,000 Debtors
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General Reserve 10,000 Less : Provision 2,000 34,000
Capital A/cs : Stock
g la 60,000
Vikas
Hiten
50,000
40,000 90,000
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Machinery 30,000

1,60,000 1,60,000
On 1st April, 2025, they admitted Shashi on the following
terms :
(i) He will bring T 30,000 for his capital and T 10,000 as
premium for goodwill. The new profit sharing ratio is
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5 : 3 : 2.
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(ii) Provision for bad and doubtful debts is to be

m (iii) Stock was overvalued by 20%
maintained at 10% on debtors
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a (v) Capital A/cs of Vikas and Hiten are to be adjusted in
the new profit sharing ratio on the basis of Shashi’s
capital. Adjustment of capital is to be made in cash
Prepare Revaluation A/c and Partners’ Capital A/cs. 3+3=6

HS/XII/Com/Ac/26/73 [ P.T.O.

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( 10 )

Or
A, B and C are partners sharing profits and losses in the
ratio of 5 : 3 : 2. The Balance Sheet as on 31st March,
2025 was as follows :

Balance Sheet of
A, B and C as on 31st March, 2025

Liabilities T Assets T
Sundry Creditors 6,900 Cash at Bank 5,500
Capital A/cs : Debtors 5,000
A 20,000 Less : Provision
B 15,000 for Doubtful
C 10,000 45,000 Debts 100 4,900
Stock 8,000
Plant & Machinery 13,500
Land & Buildings 20,000
51,900 51,900

B retired on the above date on the following terms :

(i) The new profit sharing ratio was 3 : 2

(ii) Stock is to be written off by 10%

(iii) Provision for doubtful debts be brought up to 10% on
debtors

(iv) Land and Buildings was undervalued by 20%

(v) Provision of T 800 be made in respect of outstanding
legal charges

(vi) Goodwill of the entire firm was valued at T 20,000
Prepare Revaluation A/c, Partners’ Capital A/cs and
Balance Sheet. 2+2+2=6

HS/XII/Com/Ac/26/73 [ Contd.

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29. A and B shared profits in the ratio of 3 : 2. Their Balance
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Sheet as on 31st March, 2025 was as follows :
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g la A and BBalance Sheet of ag
a as on 31st March, 2025

Liabilities T Assets T
Creditors 20,000 Cash at Bank 7,000
Capital A/cs : Debtors 40,000
A 1,00,000 Less : Provision
B 90,000 1,90,000 for Doubtful

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A’s Loan 50,000 Debts 1,800 38,200
Stock
. c 54,800
Machinery
e m 40,000

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Land & Buildings 1,20,000
2,60,000
ag 2,60,000

The partners decided to dissolve the firm on the above
date. Assets were realized as follows :

Stock—T 45,000; Debtors—T 35,000; Land & Buildings —
T 30,000 more than the book value
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c. oCreditors were paid T 19,000 in full settlement of their
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claim. Machinery was taken over by A in full settlement of se
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ag Realization expenses amounted to T 1,200

Prepare Realization A/c, Partners’ Capital A/cs and
Bank A/c. 2+2+2=6

HS/XII/Com/Ac/26/73 [ P.T.O.

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( 12 )

Or
Alka, Bimla and Chitra are in partnership sharing profits
and losses in the ratio of 4 : 3 : 2. Their Balance Sheet as
on 31st March, 2025 stood as follows :
Balance Sheet of
Alka, Bimla and Chitra as on 31st March, 2025
Liabilities T Assets T
Capital A/cs : Land 5,500
Alka 4,000 Stock 1,400
Bimla 2,000 Debtors 1,000
Chitra 500 6,500 Patents 600
Alka’s Loan 1,000 Cash 1,500
Creditors 1,600
Bills Payable 900
10,000 10,000
They agree to dissolve partnership as on 31st March,
2025. Alka agrees to take over the Stock at T 1,500 and
Debtors at T 700. Land is sold for T 2,700. T 1,500 is paid
to Creditors in full settlement. The cost of winding-up is
T 700.
Prepare Realization A/c, Partners’ Capital A/cs and
Cash A/c. 6
30. Nora Co. Ltd. issued 50000 Equity Shares of T 10 each
payable as follows :
On Application—T 3
On Allotment—T 4
On First and Final Call—T 3
Applications were received for 75000 Equity Shares of
which 15000 applications were rejected and the
remaining were allotted on pro rata basis. Mr. Arun, who
applied for 600 Equity Shares failed to pay allotment and
call money. His shares were forfeited and later all these
shares were reissued at T 11 per share.
Pass necessary Journal Entries in the books of
Nora Co. Ltd. 6

HS/XII/Com/Ac/26/73 [ Contd.

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( 13 )

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Shan Co. Ltd. issued 20000 Equity Shares of T 10 each
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s em
payable as follows :
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g a Application—T 3
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a On Allotment—T 5
On First and Final Call—T 2
Applications were received for 30000 Equity Shares and
allotment was made on pro rata basis. Daphi who was
allotted 400 Equity Shares failed to pay allotment and call
money. Her shares were forfeited and subsequently
300 Equity Shares were reissued at T 8 per share fully
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paid-up.
Pass necessary Journal Entries m
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s e in the books of

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Shan Co. Ltd.

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31. Pass Journal Entries relating to issue of debentures in the
books of Kyrmen Ltd. in each of the following cases : 6
(i) Issued 10000, 9% Debentures of T 100 each at par,
redeemable at a premium of 10%
(ii) Issued T 5,00,000, 12% Debentures of T 100 each at
a premium of 10%, redeemable at a premium of 5%
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(iii) Issued 20000, 10% Debentures of T 100 each at a
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l a Sunrise Co. Ltd. issued T 5,00,000, 9% Debentures a
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at a
discount of 6% redeemable at the end of the 4th year.
Show the Journal Entires for the issue of Debentures and
prepare Discount on Issue of Debentures A/c for
four years.

HS/XII/Com/Ac/26/73 [ P.T.O.

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( 14 )

PART—B

( Analysis of Financial Statements )

( Marks : 20 )

Choose and write the correct answer : 1×4=4

32. In cash flow statement, payment of dividend is classified
under

(a) operating activities

(b) investing activities

(c) financing activities

(d) None of the above

33. The ideal current ratio is

(a) 1 : 1 (b) 2 : 1

(c) 1 : 2 (d) 1·5 : 1
Or
When a firm’s total asset turnover ratio increases, it
indicates

(a) assets are being used more efficiently to generate
sales

(b) assets are being underutilized

(c) sales have decreased

(d) fixed assets have increased

HS/XII/Com/Ac/26/73 [ Contd.

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34. Common-size statement is an example of
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(a) Horizontal analysis
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(b) Vertical analysis

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(c) Ratio
(d) Cash flow analysis
Or
Which of the following statements shows the financial
position of a company?
(a) Income statement
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(b) Cash flow statement
(c) Balance Sheet
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(d) All of the above
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35. Which of the following is not an inflow of cash?
(a) Purchase of tangible assets
(b) Issue of equity shares
(c) Sale of tangible assets

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(d) Issue of debentures

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c. oFor a Banking Company, the cash flow from deposits by sem
Or
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s em customers are classified under g l a
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ag (a) operating activities
(b) investing activities
(c) financing activities
(d) None of the above

HS/XII/Com/Ac/26/73 [ P.T.O.

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( 16 )

36. Prepare a Common-size Income Statement for the year
ended 31st March, 2025 : 3
Particulars T
Revenue from Operations 40,00,000
Cost of Revenue from Operations 30,00,000
Other Expenses 5,00,000
Profit before Tax 5,00,000
Tax 2,00,000
Or
Complete the following Comparative Balance Sheet :

Particulars 31.03.2024 31.03.2025 Absolute Percentage
Change Change
T T T
Shareholders’
Funds 6,00,000 ? 2,00,000 ?
Non-current
Liabilities 3,00,000 ? 1,50,000 ?
Current Liabilities ? 3,00,000 2,00,000 ?
Total ? ? ? ?
Non-current Assets 7,00,000 ? ? 50%
Current Assets ? ? ? ?
Total ? ? ? ?

37. Under which major heads and subheads will the following
items be placed in the Balance Sheet of the company as
per Schedule–III, Part–I of the Companies Act, 2013? 3
(a) Trademark
(b) Capital reserve
(c) Commission received in advanced
Or
State any three limitations of financial statements.

HS/XII/Com/Ac/26/73 [ Contd.

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( 17 )

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38. A business has a current ratio of 3 : 1 and a liquid ratio of
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1·2 : 1. If the working capital is T 1,80,000, calculate
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Total Current Liabilities, Total Current Assets, Total
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Liquid Assets and Value of Inventory. 4
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a Or

Calculate Debt to Equity Ratio and Proprietary Ratio from
the following information :

T
Total Debt 12,00,000

Short-term Debt 2,00,000
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Fixed Assets

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15,00,000

Current Assets
s e5,00,000
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39. Following are the Balance Sheets of Shai Co. Ltd. as on
31st March, 2023 and 2024 :

Balance Sheets

Particulars Note 2024 2023
No. T T

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I. Equity and Liabilities :

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c. o (a) Share Capital
1. Shareholders’ Funds :

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70,000
s em
60,000

s e (b) Reserves and Surplus 1 44,000
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l8,000
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2. Non-current Liabilities :
10% Debentures 50,000 50,000
3. Current Liabilities :
Trade Payables 2 25,000 9,000
Total 1,89,000 1,27,000

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( 18 )

Particulars Note 2024 2023
No. T T
II. Assets :
1. Non-current Assets :
(a) Plant & Machinery 98,000 84,000
(b) Non-current Investments 16,000 6,000
2. Current Assets :
(a) Current Investments 18,000 20,000
(b) Inventories 49,000 12,000
(c) Cash and Bank
Balances 8,000 5,000
Total 1,89,000 1,27,000

Notes to Accounts :

Particulars 31.03.2024 31.03.2023
T T
1. Reserves and Surplus :
General Reserve 30,000 20,000
Surplus, i.e., Balance in
Statement of
Profit and Loss 14,000 (12,000)
44,000 8,000
2. Trade Payables :
Sundry Creditors 23,500 6,500
Bills Payable 1,500 2,500
25,000 9,000
Additional Information :
(i) Depreciation provided on Machinery during the
year—T 8,000
(ii) Interest paid on Debentures—T 5,000
Prepare Cash Flow Statement. 6

HS/XII/Com/Ac/26/73 [ Contd.

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( 19 )

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From the following Balance Sheets of Eastern Co. Ltd.,
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s em
prepare Cash Flow Statement :
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g la Balance Sheets ag
a Particulars Note 31.03.2025 31.03.2024
No. T T
I. Equity and Liabilities :
1. Shareholders’ Funds :
(a) Share Capital 14,00,000 10,00,000
(b) Reserves and Surplus 1 5,00,000 4,00,000
2. Non-current Liabilities :
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c. 5,00,000
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Long-term Borrowings 2 1,40,000
3. Current Liabilities :
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ag
(a) Outstanding Expenses 20,000 30,000
(b) Trade Payables 1,00,000 60,000
(c) Short-term Provisions 3 60,000 30,000
Total 25,80,000 16,60,000

II. Assets :
1. Non-current Assets :
Fixed Assets :
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m (a) Tangible Assets
c. o (b) Intangible Assets
4 16,00,000 9,00,000
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5 1,40,000
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2,00,000

s e 2. Current Assets :
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g la (a) Inventories 2,50,000
a3,00,000
2,00,000

a (b) Trade Receivables
(c) Cash and Cash
5,00,000

Equivalents 90,000 60,000
Total 25,80,000 16,60,000

HS/XII/Com/Ac/26/73 [ P.T.O.

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s em l a
g la ag

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Notes to Accounts :
Particulars 31.03.2025 31.03.2024
T T
1. Reserves and Surplus :
General Reserve 3,40,000 3,00,000
Statement of
Profit and Loss 1,60,000 1,00,000
5,00,000 4,00,000
2. Long-term Borrowings :
Debentures 5,00,000 1,40,000
3. Short-term Provisions :
(a) Provision for Tax 20,000 10,000
(b) Proposed Dividend 40,000 20,000
60,000 30,000
4. Tangible Assets :
Plant & Machinery 17,60,000 10,00,000
Less : Accumulated
Depreciation 1,60,000 1,00,000
16,00,000 9,00,000
5. Intangible Assets :
Goodwill 1,40,000 2,00,000
Additional Information :
(i) Tax paid—T 18,000
(ii) A part of the machine costing T 50,000,
accumulated T 20,000 was sold for T 18,000

HHH

HS/XII/Com/Ac/26/73 26K—4220

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