Quarterly Exam 2025 : Class 12 Accountancy

Blue Print Based Practice Question Paper I

Quarterly Exam 2025 : Class 12 Accountancy Syllabus

Part - 1

Partnership Accounting - Basic Concepts 18

Reconstitution of Partnership Firm - Admission of Partner 18

Reconstitution of Partnership Retirement / Death of Partner 12

Dissolution of Partnership Firm 08

Part - 2

1. Accounting for Share Capital 24

Quarterly Exam 2025 : Class 12 Accountancy Question Paper Format

Class 12 Accountancy will consist of 32 marks objective type questions. Objective type questions will be asked in 5 main types of questions.

1. Choose the correct option – 06 marks

2. Write the answer in one word/sentence – 07 marks

3. Fill in the blanks – 06 marks

Match 4 correct pairs – 07 marks

5. Write true/false – 06 marks

Apart from this, 10 questions of 2 marks, 4 questions of 3 marks and 4 questions of 4 marks will also be asked.

Quarterly Exam 2025 : Class 12 Accountancy Blue Print Based

Practice Question Paper

Subject: Class 12 Accountancy

Time-3.00 Hours Total Marks-80

Instructions:- 1. It is compulsory to solve all the questions.

2. Question No. 06 to 23 have internal options.

3. Question No. 01 to 05 are objective type questions. Different marks are allotted for each question.

4. Marks for each question are indicated in front of them.

5. Answer each question from Question No. 06 to 15 in 30-40 words.

6. Answer each question from Question No. 16 to 19 in approximately 75-80 words.

7. Answer each question from Question No. 20 to 23 in approximately 120-130 words.

Question 1. Write the correct option- 1×6=6

i Indian Partnership Act was made in-

(A) In 1947 (B) In 1956 (C) In 1951 (D) In 1932

ii Goodwill is a-

(a) A movable asset (b) A fixed asset (c) A mortise asset (d) A man-made asset

III. What is the annual rate of interest to be paid to the successor of Amrit Partnership in case of non-payment of the amount given-

A. 10% B. 6% C. 5% D. 8%

iv. On dissolution of the firm, the debt of the partner is transferred to-

(A) In Recovery Account (B) In Partner's Capital Account (C) In Profit Loss Adjustment Account (D) In Cash Account

v. Who among the following generally has the right to vote-

(a) Debenture holder (b) Equity shareholder

vi. What can be the maximum number of members of a private company-

(A) 20 (B) 200 (C) 40 (D) 7

Q.2. Fill in the blanks - 1×6 = 6

i. Partnership is a ------------ between persons who have agreed to share the profits of a business

ii New ratio - Old ratio = ---------------------------I

iii Transfer of reserves is made to ---------------------- account.

iv On dissolution of the firm, outside liabilities are transferred to ------------------ account.

v A ---------------------------- is created by the Company Act.

vi Share allocation account is a ------------------------- account.

Question 3. Match the correct pair 1×7 = 7

'A' 'B'

Partners collectively Owners of the company

Nature of profit and loss appropriation account Capital proposed to be contributed to the public

Revaluation account Capital purchased by the public

Reconstitution of the firm Change in partnership agreement

Capital requested Capital issued on admission of new partner

Issued capital Nominal account

Equity shareholders Firm

Q.4. Write answer in one sentence. 1×7 =7

i. In the absence of partnership deed, the provisions of which act are applicable?

ii. Who can be a partnership firm?

iii. What is the basis of valuation of goodwill?

iv. Which goodwill is not recorded in the books of account?

v. What is indivisible fund?

vi. If applications are received for less than the issued shares, what is this situation called?

vii. Issuance of shares at a price higher than the face value called?

Q.5. Write True/False 1×6 =6

i. Investment of capital is a mandatory condition in partnership.

ii A good firm writes off goodwill.

iii If a partner retires in the middle of the year, the balance sheet is prepared on the same day.

iv Realisation account can be prepared multiple times in the life of the firm.

v There should be a minimum gap of 2 months between two calls.

vi Share stock has no face value.

Q.6. What is partnership? 2

Write the definition of partnership according to Partnership Act 1932.

Q.7 What is meant by partnership deed 2

Explain the meaning of dissolution profit

Q.8 What is meant by reorganization of partnership firm 2

What is secret goodwill

Q.9 What is meant by average profit 2

What do you mean

Q.10 What is meant by retirement of partner 2

What is meant by successor

Q.11 What is meant by realization account? 2

What is meant by dissolution of partnership firm?

Q.12. What is meant by share warrant? 2

What is meant by call in advance?

Q.13. What is accumulated capital?

What is councillor limit rule?

Q.14. What is meant by organisation? 2

What is meant by decentralisation?

Q.15. What is meant by call in arrears? 2

What is minimum subscription?

Q.16. Explain the legal position of a new partner. 3

The average profit of a firm is Rs. 66000 and the rate of capital investment is 12%. The miscellaneous assets and liabilities of the firm are Rs. 75000 and Rs. 30000 respectively. Calculate the goodwill.

Question 17. Explain any three rules applicable in the absence of partnership deed 3

Explain the methods of calculation of interest on withdrawal

Question 18. Write any three differences between dissolution of partnership and dissolution of partnership firm 3

Write in which directions the court can order dissolution of the firm

Question 19. A company issued 25000 notes of Rs. 10 each to the public. All the amounts were received in lump sum. Make register entry 3

Write any three differences between authorised capital and paid-up capital

Question 20.Write any four differences between sacrificing ratio and profit realization ratio 4

Explain the need for valuation of goodwill in a partnership firm

Q21 Explain any four differences between variable capital and fixed capital 4

Write any four objectives of preparing profit and loss appropriation account

Q22 Aman, Ashish and Namish were a partnership sharing profits in the ratio of 5 : 3 : 2 respectively. Goodwill is not shown in the books but it was agreed that it would be valued at Rs. 50,000. Aman retires from the firm and Ashish and Namish decide to share profits equally in future. Make adjusting entry for goodwill. Show your calculation clearly. 4

Under what condition can a partner retire from the firm? Describe any four circumstances.

Q23 Write any four differences between a shareholder and a debenture holder. 4

Ganesh Ltd. issued 50,000 equity shares of Rs. 25 each payable on application, Rs. 50 on allotment and Rs. 25 on first and final call. All amounts were duly received. Record these transactions in the company's journal.

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Note - This question paper is being presented in a translated form. There may be a lack of technical terms related to the subject.

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