MBOSE Class 12 Question Paper 2025 for Accountancy

Meghalaya Board of School Education

QUESTION
PAPERS

Total No. of Printed Pages—20
HS/XII/Com/Ac/25

2025

ACCOUNTANCY
( Commerce )

Full Marks : 80

Time : 3 hours

The figures in the margin indicate full marks for the questions

General Instructions :
(i) This question paper contains two Parts—A and B.
(ii) Part—A and Part—B are compulsory for all candidates.
(iii) All parts of the questions should be attempted at one
place.

PART—A
( Accounting for Partnership Firms and Companies )
( Marks : 60 )

1. Choose and write the correct answer (any seven) : 1×7=7

(a) In the absence of partnership deed, the profits of a
firm are divided among the partners
(i) in the ratio of capital
(ii) equally
(iii) in the ratio of time devoted for the firm’s
business
(iv) according to the managerial abilities of the
partners

/233 [ P.T.O.

( 2 )

(b) In which of the following cases, Revaluation A/c is
debited?

(i) Increase in value of asset

(ii) Decrease in value of asset

(iii) Decrease in value of liability

(iv) No change in value of asset

(c) A and B are partners sharing profits and losses in the
proportion of 7 : 5. They agree to admit C, their
manager, into partnership who is to get 1th share in
6
the profits. He acquires, this share as 1 th from A
24
1
and th from B. The new ratio is
8

(i) 13 : 2 : 1 (ii) 13 : 2 : 4

(iii) 13 : 7 : 1 (iv) 13 : 7 : 4

(d) At the time of forfeiture of shares, Share Capital A/c
is debited with

(i) uncalled amount on shares

(ii) paid-up amount on shares

(iii) called-up amount on shares

(iv) unpaid amount on shares

(e) On dissolution of the firm, Partners’ Capital A/cs are
closed through

(i) Realization A/c (ii) Drawings A/c

(iii) Bank A/c (iv) Loan A/c

HS/XII/Com/Ac/25/233 [ Contd.

( 3 )

(f) Discount on issue of shares is shown at the

(i) assets side

(ii) liabilities side

(iii) debit side of Profit & Loss A/c

(iv) credit side of Profit & Loss A/c

(g) Debenture holders are

(i) the owners of the company

(ii) the vendors of the company

(iii) the creditors of the company

(iv) the debtors of the company

(h) On the death of a partner, the deceased partner’s
Capital A/c will be credited with

(i) his/her share of goodwill

(ii) goodwill of the firm

(iii) share of goodwill of remaining partners

(iv) None of the above

(i) Premium of Redemption of Debentures A/c is

(i) an asset (ii) a liability

(iii) an expense (iv) a revenue

HS/XII/Com/Ac/25/233 [ P.T.O.

( 4 )

(j) The firm earned profit during the first 3 years as
T 60,000; T 54,000 and T 27,000, and suffered
losses of T 6,000 and T 15,000. Goodwill at one and
half years’ purchase of the average profit of last 5
years will be

(i) T 48,600 (ii) T 70,500

(iii) T 30,000 (iv) T 36,000

2. Answer any seven of the following questions : 1×7=7

(a) What is Reconstitution of Partnership?

(b) Give one point of difference between Calls in arrears
and Calls paid in advance.

(c) What is Redemption of Debentures?

(d) Why is it considered desirable to make a partnership
agreement in writing?

(e) Give one point of difference between Over-
subscription and Under-subscription of shares.

(f) In case of dissolution of the firm, how will you treat
realization expenses if paid by a partner?

(g) What is meant by Issued Capital?

(h) State any one feature of Partnership.

(i) Mention any one purpose for which Securities
Premium can be used.

(j) What is Realization A/c?

HS/XII/Com/Ac/25/233 [ Contd.

( 5 )

3. (a) On 1st January, 2021, X and Y entered into
partnership contributing T 60,000 and T 40,000
respectively. They agreed to share profits and losses
in the ratio of 3 : 2. Y is allowed a salary of T 15,000
per year. Interest on capital is to be allowed at 10%
per annum. During the year, X withdrew T 9,000 and
Y T 8,000 as drawings. The interest on drawings paid
by X and Y was T 150 and T 130 respectively. Profits
as on 31st December, 2021 before the above
mentioned adjustments were T 65,000.

Prepare Profit & Loss Appropriation A/c. 3

Or

(b) Ram, Rahim and John are partners in a firm. Their
profit sharing ratio is 2 : 2 : 1 respectively. Ram and
Rahim have given guarantee to John that he is
entitled to a minimum profit of T 50,000 per annum.
During 2022–23, profit of the firm after adjusting all
charges was T 2,00,000.

Prepare Profit & Loss Appropriation A/c of the firm
for the year 2022–23.

4. (a) A company forfeited 490 shares of T 10 each, on
which B, the shareholder failed to pay allotment of
T 5 per share including a premium of T 2 per share
and final call of T 3 per share. These shares were
re-issued at T 8 per share.

Pass Journal Entries regarding forfeiture and reissue
of shares. 3

HS/XII/Com/Ac/25/233 [ P.T.O.

( 6 )

Or

(b) ABC Ltd. is registered with an authorized capital of
T 30,00,000 divided into 300000 Equity Shares of
T 10 each. The company issued 200000 Equity
Shares and the amount is payable as follows :
On Application—T 4
On Allotment—T 3
On Final call—Balance
The issue was fully subscribed and all the money
received except the final call on 2000 shares.
Present the ‘share capital’ in the Balance Sheet of the
company as per Schedule III, Part I of the Companies
Act, 2013. Also prepare ‘Notes to Accounts’ for the
same.

5. (a) R Ltd. took over assets of T 3,00,000 and liabilities of
T 10,000 of A Ltd. at an agreed purchase
consideration of T 2,75,000 to be satisfied by the
issue of 15% debentures of T 100 each at a premium
of 10%.
Journalize the above transactions. 3

Or

(b) Romi Ltd. acquired assets of T 20,00,000 and took
over creditors of T 2,00,000 from Kapil Enterprise.
Romi Ltd. issued 8% debentures of T 100 each at par
as purchase consideration.
Record the necessary Journal Entries in the books of
Romi Ltd.

HS/XII/Com/Ac/25/233 [ Contd.

( 7 )

6. Total assets of a firm are T 4,20,000
The liabilities of the firm are T 2,20,000
Normal rate of return in this class of business
is 12 1 %
2
The firm earned a profit of T 32,000
Calculate goodwill, if it is to be valued at two years’
purchase of super profit. 3

7. Arti and Bharti are partners in a firm sharing profits in
3 : 2 ratio. They admitted Sarthi for 1th share in the
4
profits of the firm. Sarthi brings T 50,000 for his capital
and T 10,000 for his 1th share of goodwill. Goodwill
4
already appears in the books of Arti and Bharti at
T 5,000. The new profit-sharing ratio between Arti, Bharti
and Sarthi will be 2 : 1 : 1.

Give necessary Journal Entries to record the
transactions. 4

8. Pass necessary Journal Entries for the issue of
Debentures in the following cases : 4

(i) Y Ltd. issued T 5,00,000; 9% debentures of T 100
each at par redeemable at a premium of 10% after
three years

(ii) Z Ltd. issued 4500, 9% debentures of T 100 each at
a discount of 10% redeemable at a premium of 5%
after three years

HS/XII/Com/Ac/25/233 [ P.T.O.

( 8 )

9. Following is the Balance Sheet of the Black, Brown and
White as on 31st December, 2020 :

Liabilities T Assets T

Sundry Creditors 2,000 Plant and Machinery 10,000
Reserves Fund 3,200 Stock 4,000
Capital A/cs : Sundry Debtors 6,000
Black 10,000 Cash at Bank 4,000
Brown 5,000 Cash in Hand 200
White 5,000 Goodwill 1,000
25,200 25,200

White died on 31st March, 2021. Under the terms of
Partnership Deed, the executors of the deceased partners
were entitled to :

(i) Amount standing to the credit of the partner’s
Capital A/c

(ii) Interest on capital @ 5% per annum

(iii) Share of goodwill on the basis of twice the average of
the past three years’ profit

(iv) Share of profit from the closing of the last financial
year to the date of death on the basis of last year’s
profits

Profit of 2018, 2019 and 2020 were T 6,000; T 8,000 and
T 7,000 respectively. Profits were shared in the ratio of
capitals.

Prepare White’s Capital A/c. 4

HS/XII/Com/Ac/25/233 [ Contd.

( 9 )

10. (a) A, B and C were partners sharing profits and losses in
the ratio of 2 : 2 : 1. Their Balance Sheet as on
31st March, 2018 was as follows :

Balance Sheet

Liabilities T Assets T
Capitals : Cash at Bank 3,00,000
A 7,50,000 Sundry Debtors 1,95,000
B 3,00,000 (–) Provision 5,000 1,90,000
C 2,50,000 13,00,000 Stock 3,00,000
Creditors 2,00,000 Fixed Assets 7,10,000

15,00,000 15,00,000

On the above date, they dissolved the firm and
following amounts were realized :

Fixed Assets—T 6,75,000

Stock—T 3,39,000

Debtors—T 1,35,000

Creditors were paid T 1,85,000 in full settlement
of their claim

Expenses on Realization amounted to T 19,000

An unrecorded asset of T 10,000 was sold for
T 8,000

Prepare necessary Ledger A/cs. 6

HS/XII/Com/Ac/25/233 [ P.T.O.

( 10 )

Or

(b) Supriya and Monika are partners, who share profits
and losses in the ratio of 3 : 2. Following is the
Balance Sheet as on 31st March, 2017 :

Balance Sheet of Supriya and Monika
as on 31st March, 2017

Liabilities T Assets T
Supriya’s Capital 32,500 Cash and Bank 40,500
Monika’s Capital 11,500 Stock 7,500
Sundry Creditors 48,000 Sundry Debtors 21,500
Reserve Fund 13,500 (–) Provision 500 21,000
Fixed Assets 36,500

1,05,500 1,05,500

The firm was dissolved on 31st March, 2017 and the
following was agreed between the partners :

(i) Debtors realized at a discount of 5%

(ii) Stock realized at T 7,000

(iii) Fixed assets realized at T 42,000

(iv) Realization expenses of T 1,500

(v) Creditors are paid in full

(vi) There was a contingent liability of T 2,000 which
was paid
Prepare Realization A/c, Partners’ Capital A/cs and
Bank A/c.

HS/XII/Com/Ac/25/233 [ Contd.

( 11 )

11. (a) A firm has two partners X and Y sharing profits in the
ratio of 3 : 2. They admit Z into the firm on
1st January, 2023, when the Balance Sheet of the
firm was as follows :

Balance Sheet

Liabilities T Assets T
X ’s Capital 3,00,000 Fixed Assets 3,60,000
Y ’s Capital 1,00,000 Investments 90,000
General Reserve 75,000 Debtors 40,000
Creditors 70,000 Stock 60,000
Bills Payable 25,000 Cash 20,000
5,70,000 5,70,000

Terms of admission are as follows :

(i) Z is to bring T 2,00,000 as his capital for a third
share in future profits and T 35,000 as his share
of goodwill

(ii) Value of fixed assets and stock are to be reduced
by 20% and T 10,000 respectively

(iii) Capital of the partners shall be proportionate to
their profit-sharing ratio, taking Z ’s capital as
base. Excess capital is to be withdrawn in cash
by the partner concerned and the deficiency is to
be made up by bringing in cash

Prepare Revaluation A/c, Partners’ Capital A/cs and
Balance Sheet of the new firm. 8

HS/XII/Com/Ac/25/233 [ P.T.O.

( 12 )

Or

(b) The Balance Sheet of J, K and L, who were sharing
profits in the ratio of 5 : 3 : 2 is given below as on
31st March, 2023 :

Balance Sheet
Liabilities T Assets T
Capitals : Land 1,85,000
J 5,78,800 Building 2,87,000
K 3,47,800 Plant and Machinery 3,86,000
L 2,37,900 11,64,500 Stock 1,85,000
Sundry Creditors 78,600 Debtors 92,100
Cash 1,08,000
12,43,100 12,43,100

L retires on the above date and the following
adjustments in the value of assets and liabilities were
agreed upon :

(i) Land was under valued by T 1,20,000; Plant and
Machinery overvalued by T 35,000

(ii) Provision for Doubtful Debt was required for
T 6,000

(iii) Goodwill was valued at T 3,00,000 and was to be
adjusted against the capital of remaining
partners

(iv) L was paid T 75,000 immediately and the
balance amount was to be transferred to his
Loan Account
Prepare Revaluation A/c, Capital A/c and Balance
Sheet.

HS/XII/Com/Ac/25/233 [ Contd.

( 13 )

12. (a) Himalaya Company Limited issued for public
subscription of 120000 Equity Shares of T 10 each at
a premium of T 2 per share payable as under :
On Application—T 3 per share
On Allotment—T 5 per share
(including premium)
On First Call—T 2 per share
On Second and Final Call—T 2 per share
Applications were received for 160000 shares.
Allotment was made on pro-rata basis. Excess money
on application was adjusted against the amount due
on allotment.
Rohan to whom 4800 shares were allotted failed to
pay the allotment and both the calls. These shares
were subsequently forfeited after the second call was
made. Later 3000 shares were re-issued to Tina as
fully paid at T 7 per share.
Pass necessary Journal Entries to record the above
transactions. 8

Or

(b) The Gupta Industries has authorized capital of
T 7,50,000 divided into 75000 shares of T 10 each.
The company issued a prospectus inviting
applications for 45000 shares of T 10 each at a
premium of T 2 per share payable as follows :
On Application—T 2
On Allotment—T 5 (including premium)
On First call—T 3
On Second and final call—T 2

HS/XII/Com/Ac/25/233 [ P.T.O.

( 14 )

The company received applications for 67500 shares
and pro-rata allotment was made in respect of
applications of 60000 shares and the remaining
applications were rejected. Money overpaid on
applications was utilized on account of sum due on
allotment. All the calls were made.

B to whom 450 shares were allotted failed to pay
the allotment and both the calls. The company
decided to forfeit the shares allotted to B. These
shares were subsequently reissued to C as fully paid
for T 9 per share.

Pass the necessary Journal Entries in the books of
the company.

HS/XII/Com/Ac/25/233 [ Contd.

( 15 )

PART—B

( Analysis of Financial Statements )

( Marks : 20 )

13. Choose and write the correct answer : 1×3=3

(a) Which ratios measure the firm’s ability to meet its
short-term obligations in time?

(i) Profitability ratios

(ii) Liquidity ratios

(iii) Activity ratios

(iv) None of the above

(b) Higher the ratio, lower the profitability, is applicable
to

(i) gross profit ratio

(ii) operating ratio

(iii) net profit ratio

(iv) earning per share

(c) Inflow of cash will take place due to

(i) issue of shares

(ii) decrease in equity share capital

(iii) Increase in the value of fixed assets

(iv) decrease in value of intangible assets

HS/XII/Com/Ac/25/233 [ P.T.O.

( 16 )

14. State any one objective of Ratio Analysis. 1

15. Give the formula of Working Capital Turnover Ratio. 1

16. Give the meaning of Cash Flow Statement. 1

17. (a) What is financial analysis? State any two tools or
techniques of financial analysis. 2+2=4

Or

(b) Prepare a Common-size Income Statement of X Ltd.
for the year ended 31.03.2023 and 31.03.2024 : 4
Particulars 2024 2023
Revenue from Operations (T) 15,00,000 10,00,000
Other Income (T) 2,00,000 1,00,000
Expenses (T) 10,00,000 8,00,000
Rate of Income Tax (%) 50 50

18. (a) From the following information, calculate—
(i) Current Ratio;
(ii) Liquid Ratio;
(iii) Operating Ratio;
(iv) Gross Profit Ratio : 4
T
Current Assets 35,000
Current Liabilities 17,500
Inventory 15,000
Operating Expenses 20,000
Revenue from Operations 60,000
Cost of Revenue from Operations 30,000

HS/XII/Com/Ac/25/233 [ Contd.

( 17 )

Or

(b) Inventory turnover ratio is 3 times. Sales are
T 1,80,000. Opening Stock T 2,000 more than the
Closing Stock.
Calculate Opening and Closing Stock, when goods are
sold at 20% profit on cost.

19. (a) From the following Balance Sheets of J. R. Ltd. as on
31st March, 2017 and 31st March, 2018, prepare
Cash Flow Statement : 6

Balance Sheets

Particulars Note 31.03.2018 31.03.2017
No. T T
I. Equity and Liabilities
1. Shareholders’ Funds :
(a) Share Capital 6,00,000 4,00,000
(b) Reserves and Surplus 1 2,00,000 1,00,000
2. Long-term Liabilities :
Long-term Borrowings 2 1,00,000 2,00,000
3. Current Liabilities :
(a) Trade Payables 45,000 60,000
(b) Short-term Provisions 3 1,30,000 1,20,000
Total 10,75,000 8,80,000
II. Assets
1. Non-current Assets :
(a) Fixed Assets :
(i) Tangible Assets 4 6,00,000 6,00,000
(ii) Intangible Assets 5 45,000 50,000
(b) Non-Current Investments 75,000 —

HS/XII/Com/Ac/25/233 [ P.T.O.

( 18 )

Particulars Note 31.03.2018 31.03.2017
No. T T
2. Current Assets :
(a) Inventories 15,000 10,000
(b) Trade Receivables 2,55,000 2,00,000
(c) Cash and Cash
Equivalents 85,000 20,000
Total 10,75,000 8,80,000
Notes to Accounts :
Particulars 31.03.2018 31.03.2017
T T
1. Reserves and Surplus :
General Reserve 50,000 20,000
Surplus, i.e., Balance in
Statement of
Profit and Loss 1,50,000 80,000
2. Long-term Borrowings :
10% Debenture — 1,00,000
Bank Loan 1,00,000 1,00,000
3. Short-term Provisions :
Provision for Tax 1,30,000 1,20,000
4. Tangible Assets :
Building 6,00,000 6,00,000
5. Intangible Assets :
Patents 45,000 50,000
Additional Information :
During the year—
(i) Building costing T 75,000 was purchased
(ii) Loss on sale of Building was T 5,000
(iii) Depreciation charged on Building was T 12,000

HS/XII/Com/Ac/25/233 [ Contd.

( 19 )

Or

(b) From the following Balance Sheets of Vijaya Ltd. as at
31st March, 2016 and 31st March, 2017, prepare
Cash Flow Statement :
Balance Sheets
Particulars Note 31.03.2017 31.03.2016
No. T T
I. Equity and Liabilities
1. Shareholders’ Funds :
(a) Share Capital 65,000 45,000
(b) Reserves and Surplus 1 42,500 25,000
2. Current Liabilities :
Trade Payables 11,000 7,700
Total 1,18,500 77,700
II. Assets
1. Non-current Assets :
Fixed Assets 83,000 46,700
2. Current Assets :
(a) Inventories (Stock) 13,000 11,000
(b) Trade Receivables (Debtors) 19,500 18,000
(c) Cash and Cash Equivalents 3,000 2,000
Total 1,18,500 77,700
Notes to Accounts :
Particulars 31.03.2017 31.03.2016
T T
Reserves and Surplus :
General Reserve 27,500 15,000
Surplus, i.e., Balance in
Statement of
Profit and Loss 15,000 10,000
42,500 25,000

HS/XII/Com/Ac/25/233 [ P.T.O.

( 20 )

Additional Information :

(i) Depreciation on Fixed Assets for the year
2016–17 was T 14,700

(ii) An interim dividend of T 7,000 has been paid to
the shareholders during the year

HHH

HS/XII/Com/Ac/25/233 K25—3940

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