Class 12 Accounts Board Paper 2023 -Expected
Expected Class 12 Accounts Board Paper 2023:The CBSE Class 12 Accounts Exam will be held on March 31, 2023. As a result, we must instantly improve our performance in the Class 12 Accounts Exam. Students should spend as much time as possible practicing with the Mock Class 12 Accounts Board Paper 2023 in order to be prepared for questions in the exam room.
CBSE Class 12 Accounts Sample paper 2023 with Solution
For the convenience of class 12 candidates, our Adda247 Expert staff provides the Expected Class 12 Accounts Board Paper 2023. This paper follows the Cbse Class 12 Exam pattern. Students who wish to sit the Class 12 Accounts Board Test in 2023 should peruse the Expected Class 12 Accounts Board Paper 2023, and then check their solutions against the provided solution key.
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Class 12 Accounts Board Paper 2023: Exam Pattern
Similar to the actual CBSE Class 12 Accounts sample paper, the Adda247 Class 12 Accounts Board Paper 2023 has a maximum score of 80. The question paper must finish in three hours by the students. This Class 12 Accounts Board Paper 2023 contains 34 questions. Check the Mark Distribution for Class 12 Accounts Board Paper 2023
- 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.
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Class 12 Accountancy Exam 2023: Top 100 MCQs
Expected Class 12 Accountancy Board Paper 2023
Class 12 Expected Accounts Question Paper 2023
Expected Class 12 Accounts Board Paper 2023 with Solutions
Q1. There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below
Assertion (A) It is necessary to ascertain new profit sharing ratio for old partners when a new partner is admitted.
Reason (R) New partner acquires his share from old partners which reduces old partner’s share in profits.
(a) Assertion (A) and Reason (R) are both true, and Reason (R) provides the correct explanation for Assertion (A) .
(a) Both Assertion (A) and Reason (R) are right, but Reason (R) does not explain Assertion (A) correctly (A).
(c) Assertion (A)is false, but Reason (R) is true.
(d) Assertion (A)is true, but Reason (R) is false.
Answer: (a)
Q2. Contingency reserve, profit and loss account (credit) balance and deferred revenue expenditure account are credited to capital accounts of old partner in old ratio at the time of admission of new partners.
(a) True
(b) False
(c) Partially true
(d) Can’t say
Answer: (c)Partially true
Q3. Suri Ltd issued 70,000 equity shares to public. The company received applications for 60,000 Shares. Which of the following statement is correct?
(a) The company will make full allotment to all the applicants.
(b) Allotment will not be made, and application money will be refunded.
(c) Allot the shares on pro rata basis.
(d) Any of the above
Answer: (b)
Q4. X Ltd. issued 2,50,000 Equity Shares of ₹10 each at a premium of ₹1 each payable as ₹3 on application, ₹4 on allotment and balance on the first and final call. Applications were received for 5,00,000 shares. The company allotted 2,50,000 shares. After adjusting excess application money towards allotment, balance amount was refunded. Last call 500 share was not received, and share were forfeited after due date, this is a case of
(a) Oversubscription
(b) pro rata allotment
(c) forfeiture of share
(d) All of the above
Answer:(d)
Q5. In the event of the dissolution of a partnership firm, state the order of payment of the following:
(i) What is owed to each partner proportionally from the firm for advances as opposed to capital.
(ii) What is owed to each partner in proportion to his capital?
(iii) For the debts of the firm to the third party
(a) (iii), (i), (ii)
(b) (iii), (ii), (i)
(c) (ii), (iii), (i)
(d) None of these
Answer:(a)
Q6. Ravi and Bhuvi are partners in the ratio of 5 : 3. Their capitals are ₹2,00,000 and ₹1,00,000 respectively. As per the Partnership Deed, they are allowed interest on capitals @ 8% p.a. Interest charged on drawings of Ravi and Bhuvi were ₹ 2,500 and ₹ 1,500 respectively. Firm incurred a loss of ₹ 20,000 for the year ended 31st March, 2022. The loss transferred to Ravi and Bhuvi’s Capital Accounts would be
(a) ₹25,000; ₹15,000
(b) ₹15,000; ₹25,000
(c) ₹10,000; ₹6,000
(d) ₹6,000; ₹10,000
Answer: (c)₹10,000; ₹6,000
Net Loss = ₹20,000 – ₹2,500 – ₹1,500 = ₹16,000
Loss of ₹16,000 will be transferred in the ratio of 5 : 3 in the capital accounts of Ravi and Bhuvi.
Q7.Q7.A firm’s capital investment is $5,000,000. The average rate of return is 10%. The firm’s average profit is $64,000. (after an abnormal loss of 4,000). At four times the super profits, the value of goodwill will be:
(a) ₹72,000
(b) ₹40,000
(c) ₹2,40,000
(d) ₹1,80,000
Answer:(a)₹72,000
Average profits after adding abnormal gain = 64,000 + 4,000 = 68,000
Normal profits = 10% of 5,00,000 = 50,000
Super profits = 68,000 – 50,000 = 18,000
Goodwill = 18,000 × 4 = 72,000
Q8.Any change in relationship of existing partners which results in an end of the existing agreement and enforces making of a new agreement is called :
(a) Revaluation of Partnership
(b) Reconstitution of Partnership
(c) Realization of Partnership
(d) None of the above
Answer:(b) Reconstitution of Partnership
Q9. Ram ,Shyam and Manoj were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Manoj died on 31st October,2019. According to partnership agreement, his share of profits from the closure of last accounting year till the death of her death was to be calculated on the basis of aggregate profits of two completed years before death. Profits of the firm for the years ending 31st March,2018 and 31st March,2019 were ₹57,000 and ₹63,000 respectively. Every year, on March 31st, the company closes its books. Manoj’s share of profit till the date of his death is :
(a) ₹24,000
(b) ₹7,000
(c) ₹14,000
(d) ₹12,000
Answer:(c) ₹14,000
Manoj’s share of profit = 1,20,000× 7/12 × 2/10 = 14,000
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Q10. E, F ,G and H are sharing profits and losses in the ration of 1 : 4 : 3 : 2 . H died and goodwill is valued at ₹4,00,000. New ratio among E, F and G is 4 : 3 : 3. In Journal entry F will be :
(a) Debited by ₹ 40,000
(b) Debited by ₹ 1,20,000
(c) Credited by ₹ 40,000
(d) None of the above
Q11. On death of a partner, while revaluation of assets and liabilities, firm will be in profit:
(i) There is unrecorded assets
(ii) There is unexpired insurance
(iii) Employee provident is to pe paid more
(iv) Creditors are to paid less
(a) (i) , (ii), (iii), (iv)
(b) (ii), (iii), (iv)
(c) (i), (ii), (iv)
(d) (ii), (i), (iii)
Answer: (c) (i), (ii), (iv)
Q12. Gold Spot Ltd. Purchased an automated machine for ₹6,86,000. As per the agreement, the payment is to be made by issuing 8% Debentures of ₹100 each and a bank draft of ₹35,000. If the debentures are issued at a discount of 7% the entry passed for allotment of 8% Debentures will be:
(a) Dr. Machinery A/c by ₹6,86,000 and Premium on Redemption A/c by ₹49,000; Cr. 8% Debentures A/c by ₹7,00,000 and Bank A/c by ₹35,000.
(b) Dr. Vendor’s A/c by ₹7,35,000; Cr. 8% Debentures A/c by ₹7,00,000 and Bank A/c by ₹35,000.
(c) Dr. Vendor’s A/c by ₹6,86,000 and Discount on issue of Debentures A/c by ₹49,000;
Cr. 8% Debentures A/c by ₹7,00,000 and Bank A/c by ₹35,000.
(d) Dr. Vendor’s A/c by ₹6,86,000 and Loss on issue of Debentures A/c by ₹49, 000; Cr. 8% Debentures A/c by ₹6,51,000 and Bank A/c by ₹35,000.
Answer :(c)
Q13. In the event of dissolution, the firm’s total debtors were 40,000; creditors worth Rs10000 were awarded a piece of furniture for Rs8000 in full and final payment. The remaining creditors agreed to a 10% reduction. What is the amount of cash that will be credited to the realisation account for payment to creditors:
(a) ₹28,000
(b) ₹27,000
(c) ₹20,000
(d) ₹25,000
Answer: (b)
amount with which cash will be credited in the realisation account for payment to creditors = 40,000 – 10,000 – 10% of 30,000 = 27,000.
Q14. At the time of dissolution total assets are worth ₹3,00,000 and external liabilities are worth ₹1,20,000. If assets realised 120% and realisation expenses paid were ₹4,000, then profit/loss on realisation will be:
(a) Profit ₹56,000
(b) Loss ₹60,000
(c) Loss ₹56,000
(d) Profit ₹60,000
Answer:. (a)
Profit on realization = 120% of 3,00,000 – 4,000 = 56,000
Q15. Zee Ltd issued 15,000 equity shares of 20 cents each at a premium of 5 cents payable on application, 10 cents on allotment (including premium), and the remainder on first and final call. The corporation received applications for 22,500 shares, which were allotted pro rata. Bittoo, who received 1,200 shares, failed to pay the amount payable on allotment. Following the call, all of his shares were forfeited. Dheeraj was reissued the forfeited shares at par. If no more bank transactions occurred, the company’s bank balance after the foregoing transactions is:
(a) ₹6,85,000
(b) ₹3,60,500
(c) ₹3,78,000
(d) ₹6,34,000
Q16.A, B, and C were business partners who split profits and losses in the ratio of 2: 2: 1. The capital balances for A are 50,000, 70,000 for B, and 35,000 for C. B opted to leave the firm, and the balance in reserve at the time was $25,000.00. What is the amount owed to B if the firm’s goodwill is valued at 30,000 and the profit on revaluation is $7,500?
(a) ₹70,820
(b) ₹76,000
(c) ₹75,000
(d) ₹95,000
Q17. ABC Ltd issued 20,000, 9% debentures of ₹100 each at a discount of 4% payable ₹30 on application and the balance on allotment. The debentures are redeemable after 5 years. Give necessary journal entries for the issue of debentures.
Q18. AK and BK are partners who split profits and losses in a 5:1 ratio. They decided to accept CK as a companion. Earnings will be distributed equitably in the future. CK received 60,000 as a premium for his profit portion. Make the necessary journal entries in the firm’s books.
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Class 12 Board Accounts Exam Paper- With Solutions
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