Where can I get the Class 12 Accountancy Answer Key 2023?

On this page, you will get the Class 12 Accountancy Answer Key 2023, check your responses with the answer key, and calculate your marks.

What is the subject code of Accountancy in Class 12?

The subject code of Class 12 Accountancy is 055.

What is the duration to solve the CBSE 12 Accountancy paper?

Students will get 3 hrs to finish the CBSE 12 Accountancy paper.

What is the full marks of Class 12 Accountancy Question paper?

The full mark of the Class 12 Accountancy Question paper is 80 marks

When will CBSE class 12 Accountancy Exam takes place?

The CBSE Class 12 Accountancy Examination is going to take place on 31st March 2023.

Class 12 Accounts Answer Key 2023 & Paper Solution Set 1 2 3 4

Table of Contents

Class 12 Accounts Answer Key 2023

Class 12 Accountancy Answer key 2023: The Central Board of Secondary Education has successfully conducted the CBSE Accountancy test today, March 31, 2023. Students taking the exam can utilize the Class 12 Accounts Answer key 2023 on this page to cross-check their answers.

After the exam, students can acquire the Class 12 Accounts Answer key 2023 from this page. Class 12 Accounting Answer key 2023 is 100% correct and error-free. Students can cross-check their answers and compute their marks with the help of the Class 12 Accounts Answer key 2023. Examine the entire CBSE Class 12 Accounts Answer key 2023 and bookmark this page to obtain answer keys for the upcoming exam.

Bihar Board 10th Result 2023, Check BSEB Matric Result

Class 12 Accounts Answer key

We have included some general information about CBSE Class 12 Accounts Answer Key 2023 in this section. Students can consult the table below for information on CBSE Class 12 Accountancy Answer Key 2023:

CBSE Class 12 Accountancy Answer Key 2023
Exam Conducting Body	Central Board of Secondary Education
Exam & Subject Name	CBSE Class 12 Accountancy
Category	Answer Key
Exam Date	31st March 2023
Unofficial Answer Key	31st March 2023
Official Answer Key	To be notified
Official Website	https://www.cbse.nic.in/

Class 12 Accounts Answer Key 2023 & Paper Solution

Accountancy Class 12 Answer Key 2023 & Exam Analysis

The CBSE Class 12 Accountancy test will be held from 10:30 a.m. to 1:30 p.m. The CBSE Class 12 Accounts Answer key 2023 will be available on this page after 01:30 p.m.The Exam is over now. students can check the CBSE Class 12 Accounts Exam Analysis 2023.

We spoke with students who took the class 12 Accounting Question Paper. Their initial reaction was that the paper was Easy to Moderate. Some of the questions in section B were difficult and lengthy. Yet, the study was overall balanced. According to the subject specialists, the paper was well-balanced, and there were certain questions that needed the direct application of ideas. These were easy and simple questions.

CUET 2023 (प्रतिज्ञा Batch) For Commerce & General Test | Bilingual | Online Live Classes

Accounts Class 12 Answer Key & Exam Pattern

Candidates should review the CBSE Class 12 Exam Pattern and Marking System before evaluating the CBSE Class 12 Accounts Answer Key 2023 provided on this page. You can use this information to anticipate your CBSE Class 12 Accountancy Exam results.

The full mark for the CBSE Class 12 Accountancy question paper is 80. Students must complete the question paper in three hours. There are 34 questions on this Class 12 Accountancy question paper. Examine the grade distribution for the Class 12 Accountancy question paper.

Each of questions 1–16 and 27–30 is worth one point.
Each of questions 17 through 20, 31 and 32 is worth three points.
Questions 21, 22, and 33 each carry four points.
Questions 23–26 and 34 are worth 6 points of each.

The CBSE Class 12 Accounts Answer Key 2023 is provided in the section below. The CBSE Class 12 Accounts Answer key will be released one hour after the exam.

Class 12 Accountancy Answer Key 2023 & Question Paper Set 2

Paper Code:67/5/2

CBSE Class 12 Accountancy Answer Key 2023 Set 1 2 3 4

After the exam, students should verify the correct CBSE Class 12 Accounts Answer Key 2023 for each question on the test’s question paper. The Adda247 Experts Class 12 Accounting Test questions and answers will be updated on a regular basis. You can utilize the CBSE Class 12 Accounts Answer Key 2023 after the exam to confirm that all of the right answers were provided here.

CUET Commerce Special 2023 (प्रतिज्ञा Batch) For Commerce Domain Subjects

Class 12 Accountancy Answer Key 2023 Set 2

Paper Code:67/5/2

PART-A

(Accounting for Partnership Firms and Companies)

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

(A) 2,50,000

(B) 8,00,000

(D) 1,50,000

Answer:(D) 1,50,000

(b) 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

(D) 2:2:3

Answer:

2. Nita, Suman and Harish were partners in a firm sharing profits in the ratio of 32: 1. Suman retired from the firm. On the date of Suman’s retirement, 30,000 was due to her. The remaining partners decided to pay her in three yearly installments starting from the end of the first year. 30,000 will be transferred to which of the following account:

(A) Suman’s Loan Account (B) Suman’s Executor’s Accounts

Answer:(A) Suman’s Loan Account

3.Premier Auto Ltd. purchased assets of the value of 3,60,000 from Anand Ltd. and made the payment of purchase consideration by issuing 11% Debentures of 100 each at a discount of 10%. The number of debentures issued by Premier Auto Ltd. were:

(A) 3,600 (C) 40,000

(B) 36,000 (D) 4,000

Answer:(D) 4,000

4. 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 42,000. Aditya also agreed to bear dissolution expenses. Actual expenses on dissolution amounted to 7 33,000 which were paid by Aditya. Aditya’s Capital Account will be credited by:

(A) 42,000

(B) 33,000

(D) 18,000

Answer:

5. Indu, Vijay and Pawan were partners in a firm sharing profits in the ratio of 4:33. They admitted Subhash into partnership with effect from 1st April, 2022. New profit sharing ratio among Indu, Vijay, Pawan and Subhash will be 3: 3:22. An extract of their Balance Sheet as at 31st March, 2022 is given below:

6. (a) Amit, Sumit and Kiara are partners sharing profits and losses in the ratio 2:2:1. Sumit is entitled to a commission of 15% on the net profit after charging such commission. The net profit before charging commission is 9,20,000. The amount of commission payable to Sumit will be:

(A) 1,20,000 (C) 48,000

(B) 1,38,000 (D) 55,200

(b) P, Q and R are partners in a firm sharing profits and losses in the ratio of 2:21. For the year ended 31st March, 2022, interest on capital was credited to them @ 10% p.a. instead of 5% p.a. Their fixed capitals were 2,00,000; 1,00,000; 50,000 respectively. The necessary adjustment entry to rectify the error will be:

Class 12 Accounts Answer Key 2023 & Paper Solution Set 1 2 3 4_70.1

7. (a) L, M and N are partners sharing profits in the ratio of 5: 3: 2. They decided to share profits equally with effect from 1st April, 2022. On that date, there was a balance of 7 2,00,000 in General Reserve and a credit balance of 4,00,000 in the Profit and Loss Account. The Journal Entry for the above on account of change in profit sharing ratio will be:

Class 12 Accounts Answer Key 2023 & Paper Solution Set 1 2 3 4_80.1

(b) 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

(D) Crediting it to Partners’ Capital Account

8. (a) The debentures which are payable on the expiry of a specified period either in lump-sum or in instalments during the life time of the company are known as:

(A) Secured debentures

(B) Specific coupon rate debentures

(D) Convertible debentures

(b) Which of the following statement is incorrect with respect to debentures?

(A) Debentures can be issued for cash.

(B) Debenture cannot be issued at discount.

(D) Debentures can be issued at premium.

“Read the following hypothetical situation and answer Question Nos. 9 and 10 on the basis of the same.

Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 532. Their fixed capitals are 1,80,000; 1,60,000 and 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew7,500 at the end of every quarter.

9. 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) 18,000 (C) 20,000

(B) 16,000 (D) 10,000

10. The average number of months for which interest on drawings will be calculated, will be:

(A) 3 months (B) 4% months

11. An equity share of 10 fully called up on which 6 has been paid was forfeited for the non-payment of the balance amount. At which of the following minimum price can it be reissued?

(A) 4 (B) 10

12. 200 equity shares of 10 each issued at par were forfeited for non-payment of first call of 3 per share. Final call of 2 per share was not yet called. By which amount the share capital will be debited on forfeiture?

(A) 2,000 (B) 1,600

CBSE Class 12 Accountancy Answer Key 2023 Set 3

Here we have provided the correct Option Numbers of Class 12 Accountancy Answer Key 2023 Set 3. Candidates who got the Class 12 Accountancy Set 3 Question Paper can cross-check their Answers with the Class 12 Accounts Answer Key 2023 Set 3

Class 12 Accountancy Answer Key 2023 Set 3 [ Paper Code: 67/4/3]
Part A – Accounting for Partnership Firms and Companies
1. (c) Rs 2,00,000 and Rs 3,50,000	9. (a) Interest on Drawings Account
2. (i) (a) (ii) (b)	10. (i) Nil
3. (c) Reserve capital	11. (i) (c) Debited by Rs 20,00,000 (ii) (c) Rs 20,000
4. (b) Rs 80,000	12. (c) Rs 14,500
5. (b) Rs 30,000	13. (i) (a) 3,600 (ii) (a) Profit and Loss Suspense account
6. (b)	14. (c)
7. (c)	15. (b) Rs 37,950
8. (i) (d) 5:2 (ii) (b) 5:3	16. (d) 3:2:4
Part B – Analysis of Financial Statements
27. (i) (c) Rs 30,000 received from debtors (ii) (c) One year or less	29. (b) Operating activity
28. (a) Return on investment	30. (i) Wrong options – Answer should be Rs 7,50,000 (ii) 40%

Class 12 Accounts Questions Paper for Answer key

Assessing the Class 12 Accountancy Answer Key and Class 12 Accountancy Question Papers will help candidates predict their expected scores in the Class 12 Accounts Exam. The same mark and number are assigned to each group of exam questions, but they are structured differently. We will be providing CBSE Class 12 Accounting Question Papers 2023 Pdf for all sets on this page.

CBSE Class 12 Accountancy Question Papers 2023 Pdf Download

CBSE Class 12 Accounts Question Paper 2023 Set 1

CBSE Class 12 Accountancy Question Papers 2023- Set 2

CBSE Class 12 Accounts Question Papers 2023 Set 3

CUET Humanities Special 2023 (प्रतिज्ञा Batch) For Arts Domain Subjects

Upcoming Answer Keys of CBSE Class 12th Exam

We’ve included a list of upcoming exam dates and subjects in the table below. Students preparing for the CBSE Class 12th exams should bookmark this page since they will find CBSE Class 12 answer keys for all upcoming exam questions.