CBSE Class 12th Accountancy Important Questions with Answers 2026

For the commerce stream, Accountancy is the most important subject that students need to prepare efficiently. Class 12 Accountancy exam crucial topics include Partnership Firm Accounts (profit-sharing, admission, retirement, dissolution), Company Accounts (shares, debentures), and Financial Statement Analysis (ratios, cash flow statements). These Class 12 Accountancy Important Questions shared here assist students in reading, comprehending, and absorbing information in an easy-to-understand format.

CBSE Class 12th Accountancy Important Questions 2026

Practicing Class 12 Accountancy Important Questions will help you achieve higher marks in your CBSE Board Exams. Expert educators and subject matter experts have created Class 12 Accounts Important questions based on the most recent versions of NCERT books to assist students in earning high marks in board exams. Our Class 12 Accountancy Important Questions saves students a lot of time by highlighting the most significant portions of each chapter and providing customised answers to the 12th accounts syllabus‘s key questions.

Class 12 Accountancy Exam Pattern and Marking Scheme

The CBSE Class 12 Accountancy Exam Pattern and Marking Scheme might help students prepare effectively and prevent exam anxiety. The CBSE Class 12 Accountancy test pattern, which includes a marking scheme, will tell students about the number of questions asked in each section as well as the distribution of marks. Check the chart to get an idea of the CBSE Class 12 Accounts exam format.

CBSE Class 12th Accountancy Important MCQs

Q. Vijay and Ajay are partners in a firm. The partnership agreement provides for interest on drawings @12% per annum. Which of the following account will be debited to transfer interest on drawings to Profit and Loss Appropriation A/c?
(a) Interest on Drawings Account
(b) Bank Account
(c) Partners’ Current Account
(d) Partners’ Capital Account
Correct Answer: (a)

Read the following hypothetical situation and answer next 2 questions on thebasis of the same. Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5:3:2. Their fixed capitals are Rs. 1,80,000; Rs. 1,60,000 and Rs. 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew Rs. 7,500
at the end of every quarter.

Q. The Partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita’s capital will be:
(a) Rs. 18,000
(b) Rs. 16,000
(c) Rs. 20,000
(d) Rs. 10,000 Correct Answer: (c)

Q. The average number of months for which interest on drawings will be calculated, will be:
(a) 3 ½ months
(b) 4 ½ months
(c) 7 ½ months
(d) 6 months
Correct Answer: (b)

Q. Aysha Ltd forfeited 1,10,000 shares of Rs. 10 each issued at 20% premium for the non-payment of first call of Rs. 2 per share and final call of Rs. 3 per share. Share Forfeited Account will be credited with:
(a) Rs. 5,50,000
(b) Rs. 7,70,000
(c) Rs. 2,20,000
(d) Rs. 5,00,000
Correct Answer: (a)

Q. Which of the following statements is true?
(a) The shares of a public limited company are not freely transferable.
(b) Paid up capital is that part of the subscribed capital which has been called up.
(c) The company cannot raise more capital than the amount of capital as specified in the Memorandum of Association.
(d) The part of the uncalled only in the event of winding up of the company is called Capital Reserve.
Correct Answer: (c)

Q. X, Y and Z are partners sharing profits and losses in the ratio of 2:3:1. They decided to share future profits in the ratio of 3:2:1 with effect from 1st April, 2022. At the time of change of profit sharing ratio, unrecorded furniture will be recorded in the books of Accounts by:
(a) Debiting it to Partners’ Capital Account
(b) Debiting it to Revaluation Account
(c) Crediting it to Revaluation Account
(d) Crediting it to Partners’ Capital Account
Correct Answer: (c)

Q. Aditya, Abhinav and Ankit were partners in a firm sharing profits in the ratio of 4:3:3. On 31st March, 2022, the firm was dissolved. Aditya was appointed to complete the dissolution process for which he was allowed a
remuneration of Rs. 42,000. Aditya also agreed to bear dissolution expenses. Actual expenses on dissolution amounted to Rs. 33,000 which were paid by Aditya, Aditya‘s Capital Account will be credited by:
(a) Rs. 42,000
(b) Rs. 33,000
(c) Rs. 9,000
(d) Rs. 18,000
Correct Answer: (a)

Q. On dissolution of the partnership firm of A, B and C the accumulated profits of Rs. 40,000 will be transferred to which of the following account?
(a) Revaluation Account
(b) Realisation Account
(c) Partners’ Capital Accounts
(d) Bank Account
Correct Answer: (c)

Q. Manas and Mili are partners in a firm sharing profits in the ratio of 3:2. Anita is admitted as a new partners for 1/4th share in future profits. Capitals of Manas and Mili were Rs. 3,00,000 and Rs. 1,50,000 respectively. Anita brought Rs. 2,00,000 as her capital. The value of goodwill of the firm on Anita’s admission.
(a) Rs. 2,50,000
(b) Rs. 8,00,000
(c) Rs. 4,50,000
(d) Rs. 1,50,000
Correct Answer: (d)

Q. Mini and Mansi are partners sharing profits in the ratio of 4:3. They admitted Nisha as a new partner for 3/7th share in profits which she acquired 2/7th from Mini and 1/7th from Mansi. The new profit sharing
ratio of Mini, Mansi and Nisha will be:
(a) 4:3:3
(b) 5:3:2
(c) 2:3:5
(d) 2:2:3
Correct Answer: (d)

Q. Yuvraj and Yogesh were partners in a firm sharing profits in the ratio of 2:1. They admitted Yogita as a new partner for 1/5th share in future profits. Capital of Yuvraj and Yogesh were Rs. 4,50,000 and Rs. 1,50,000
respectively. Yogita brought Rs. 2,50,000 as her capital. The value of goodwill of the firm on Yogita’s admission was:
(a) Rs. 5,50,000
(b) Rs. 8,50,000
(c) Rs. 12,50,000
(d) Rs. 4,00,000
Correct Answer: (c)

Q. Which of the following statement is correct regarding subscribed capital?
(a) It is the amount of share capital which a company is authorized to issue by its Memorandum of Association.
(b) It is that part of authorized capital which is actually issued to the public for subscription.
(c) It is that part of the issued capital which has been actually subscribed by the public.
(d) It is that part of the called up capital has been actually received from shareholders
Correct Answer: (c)
Q. On dissolution of the firm of Ramesh, Suresh and Naresh, Naresh had agreed to bear all realization expenses for which he was paid Rs. 14,500. Actual expenses on realization amounted to Rs. 11,000 which
were paid by Naresh. The amount to be credited to Naresh’s capital account will be:
(a) Rs. 11,000
(b) Rs. 3,500
(c) RS. 14,500
(d) Rs. 25,500
Correct Answer: (c)

Q. On 1st October 2020, Amit a partner, advanced a loan of Rs. 1,20,000 to the firm. In the absence of partnership deed, the amount of interest on loan to be paid on 31st March, 2021 will be :
(a) Rs. 3,600
(b) Rs. 7,200
(c) Rs. 12,000
(d) Rs. 6,000
Correct Answer: (b)

Q. Vijay, Ajay and Sanjay are partners in a firm sharing profits and losses in the ratio of 7:5:8. Sanjay died on 28th August, 2021. His share in the profits of the firm till the date of his death was determined at Rs.
75,000. It will be debited to which of the following accounts?
(a) Profit and Loss Suspense Account
(b) Profit and Loss Account
(c) Profit and Loss Appropriation Account
(d) Profit and Loss Adjustment Account
Correct Answer: (a)

Q. Assertion (A): Increase in the value of liabilities on reconstitution of a firm is debited to Revaluation Account.
Reason (R): Increase in the value of liabilities is a loss.
Select the correct alternative from the following:
(a) Assertion (A) is correct, but Reason (R) is wrong.
(b) Assertion (A) is wrong, but Reason (R) is correct.
(c) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
(d) Both Assertion (A) and Reason (R) are wrong.
Correct Answer: (c)

Q. The goodwill of a firm was valued on the basis of 3 years purchase of average profits for the last four years. The profits of last four years ending 31st March were as follows:
Year Profit/Loss (Rs.)
2018-19 (14,500)
2019-20 15,400
2020-21 32,900
2021-22 16,800

The value of goodwill of the firm was:
(a) Rs. 8,885 (b) 37,950 (c) 58,950 (d) 2,690
Correct Answer: (b)

Q. Ria and Surbhi were partners in a firm sharing profits and losses in the ratio of 3:2. With effect from 1st April, 2022, they agreed to share profits equally. The goodwill of the firm was valued at Rs. 3,00,000. The adjustment will be done by which of the following transaction?
(a) Debiting Surbhi’s account by Rs. 30,000 and crediting Ria’s account by Rs. 30,000.
(b) Debiting Ria’s account by Rs. 30,000 and crediting Surbhi’s account by Rs. 30,000.
(c) Debiting Surbhi’s account by Rs. 3,000 and crediting Ria’s account by Rs. 3,000.
(d) Debiting Ria’s account by Rs. 3,000 and crediting Surbhi’s account by Rs. 3,000.
Correct Answer: (a)

Q. Naman, Suman and Mohit were partners in a firm sharing profits in the ratio 8:5:3. With effect from 1st April, 2022, the decided that in future, they will share the profits in the ratio 5:6:5. Identify the gain or sacrifice by the partners due to change in profit sharing ratio, from the following:
(a) Naman’s gain 3/16, Suman’s sacrifice 1/16. Mohit’s sacrifice 2/16
(b) Naman’s sacrifice 3/16, Suman’s gain 1/16, Mohit’s gain 2/16
(c) Naman’s sacrifice 3/16, Suman’s gain 2/16, Mohit’s gain 1/16
(d) Naman’s gain 3/16, Suman’s sacrifice 2/16, Mohit’s sacrifice 1/16

Correct Answer: (b)

CBSE Class 12 Accounts Sample Paper 2025-26

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