CBSE Class 12 Accountancy Answer Key 2023: The exam season is almost over now. Only a few papers are left, and today, the highly important Accountancy exam was conducted by the Central Board of Secondary Examination (CBSE) from 10:30 AM to 1:30 PM. Lakhs of students appeared for the accountancy exam, which is a core subject of the commerce stream. Accountancy is an analytical and application-based subject that is low on theory. There are concepts and definitions that students must be familiar with, but most of the topics require critical thinking.
As such, accountancy is a complex subject that confounds many CBSE class 12 students, and they breathe a sigh of relief after the exam. One universal habit is discussing the question paper among peers once the exam concludes. This is not a recommended practice as it can reveal glaring errors in the answers and affect the mindset of candidates. However, reviewing the paper is an irresistible habit. Doing so can also disclose mistakes in the question paper itself so students can dispute it later. Check the reliable and expert-reviewed CBSE class 12 Accountancy answer key for SET 1, 2, 3 and 4 here.
CBSE Class 12 Accountancy Paper Answer Key 2023
CBSE hasn’t made available the 2023 class 12 Accountancy question paper or answer key at this moment. However, you can find the question paper and accurate CBSE Class 12 Accountancy answer key 2023 here, prepared by in-house experts of Jagran Josh.
CBSE Class 12 Accountancy Marking Scheme 2023
CBSE Class 12 Accountancy Marking scheme hasn’t been released yet, but stay posted here for regular updates. Until then you can refer to the expert-prepared answer key for the CBSE 12th Accountancy exam in the subsequent sections.
31 March 2023
Marking Scheme Status
CBSE Class 12 Accountancy 2023 Answer Key (Set-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
(C) ₹ 4,50,000
(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:
Answer: (D) 2:2:3
2. Nita, Suman and Harish were partners in a firm sharing profits in the ratio of 3:2:1. 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 instalments 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
(C) Suman's Bank Account
(D) Suman's Current Account
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:
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 33,000 which were paid by Aditya. Aditya's Capital Account will be credited by:
Answer: (A) 42,000
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:
Investments (Market Value 80,000)
Which of the following is the correct accounting treatment of investment fluctuation reserve' at the time of Subhash's admission?
6.(a) Amit, Sumit and Kiara are partners sharing profits and losses in the net profit after charging such commission. The net profit before charging commission is 9,20,000. The amount of commission payable to Sumit
Answer: (A) 1,20,000
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 ₹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:
(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
(C) Crediting it to Revaluation Account
(D) Crediting it to Partners' Capital Account
Answer: (C) Crediting it to Revaluation 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
(C) Redeemable debentures
(D) Convertible debentures
Answer: (C) Redeemable debentures
(b) Which of the following statement is incorrect with respect to debentures? 1
(A) Debentures can be issued for cash.
(B) Debenture cannot be issued at discount.
(C) Debentures can be issued as collateral security.
(D) Debentures can be issued at premium.
Answer: (B) Debenture cannot be issued at discount.
"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 5 3 2. Their fixed capitals are ₹1,80,000; ₹1,60,000 and ₹2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹7,500 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:
Answer: (C) ₹20,000
10. The average number of months for which interest on drawings will be calculated, will be:
(A) 3½ months
(B) 4½ months
(C) 7½ months
(D) 6 months
Answer: (B) 4½ 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?
Answer: (A) ₹4
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?
Answer: (B) ₹1,600
13. Khushi, Namita and Manvi were partners in a firm sharing profits and losses in the ratio of 5:2: 3. On 30th June, 2022, Khushi died. The partnership deed provided that on the death of a partner, her share of profit till the date of death was to be calculated on the basis of average profit of last three years less ₹10,000.
Profits for the last three years were:
31st March, 2020
31st March, 2021
31st March, 2022
Khushi's share of profit till the date of her death was:
Answer: (D) ₹8,750
14. On dissolution of the partnership firm of A, B and C, the accumulated profits of 40,000 will be transferred to which of the following account?
(A) Revaluation Account
(B) Realisation Account
(C) Partners' Capital Accounts
(D) Bank Account
Answer: (C) Partners' Capital Accounts
15. Assertion (A): Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them acting for all.
Reason (R): If a partner carries on any business of the same nature and competing with that of the firm, he/she shall account for and pay to the firm all profit made by him/her in that business.
Choose the correct option from the following:
(A) Both (A) and (R) are correct.
(B) Both (A) and (R) are incorrect.
(C) Both (A) and (R) are correct and (R) is the correct explanation of (A).
(D) Both (A) and (R) are correct and (R) is not the correct explanation of (A).
Answer: (A) Both (A) and (R) are correct.
16. (a) Aysha Ltd. forfeited 1,10,000 shares of ₹10 each issued at 20% premium for the non-payment of first call of? ₹2 per share and final call of ₹3 per share. Share Forfeited Account will be credited with:
Answer: (A) ₹5,50,000
(b) 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 capital which is called only in the event of winding up of the company is called Capital Reserve.
Answer: (C) The company cannot raise more capital than the amount of capital as specified in the Memorandum of Association.
***Stay tuned as we update the remaining answers.
CBSE Class 12 Result Date 2023
CBSE Class 12 board exam results will be announced in May or June 2023 (tentative).
Below are the links to check the results.
Check CBSE 12th Accountancy study references for your convenience below
CBSE Class 12 Important Multiple Choice Questions for Accountancy Exam 2023
Below are some more important resources for CBSE Class 12 board exams 2023.