ASSEB Class 12 Accountancy Question Paper 2026 [HS 2nd Year Accountancy Question Paper 2026]

ASSEB Class 12 Accountancy Question Paper 2026

Full Marks: 80, Pass Marks: 24,Time: 3 hours

The figures in the margin indicate full marks for the questions.

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Section A

1. (a) Fill in the blanks with appropriate word/words (any four):

(i) Current ratio is a kind of _________ ratio.

(ii) The goodwill that is attached to the owner of the business is called _________.

(iii) The premium for goodwill brought in by the new partner is shared by existing partners in _________ ratio.

(iv) _________ is also known as position statement.

(v) Debenture holders are the _________ of the company.

1. (b) State whether the following statements are 'True' or 'False':

(i) Closing stock is valued at cost price or market price whichever is lower.

(ii) Equity shareholders get return on their capital in the form of interest.

1. (c) Choose the correct alternative:

(i) The maximum amount of share capital that can be offered by a company to public is called:

(1) authorized capital (2) issued capital (3) subscribed capital (4) paid-up capital

(ii) Working Capital is equal to:

(1) Current Assets (2) Current Liabilities (3) Current Assets – Current Liabilities (4) None of the above

Section B

2. What is a partnership deed? [2]

3. Write two differences between equity shares and preference shares. [2]

4. State two situations when a partnership firm is dissolved. [2]

OR

What is the difference between dissolution of partnership and dissolution of partnership firm? [2]

5. What is meant by calls-in-arrears? [2]

OR

State two features of the computerized accounting system. [2]

6. What do you mean by buy-back of shares? [2]

OR

What is an Accounting Information System? [2]

7. Write the meaning of 'cash flow from financing activities'. [2]

OR

What is an electronic spreadsheet? [2]

Section C

8. Akash and Bikash are partners in a firm sharing profits and losses equally. They admit Prakash as a new partner for 1/4th share in the future profits and losses. Calculate the new profit-sharing ratio. [3]

OR

Why is goodwill valued at the time of admission of a partner? [3]

9. Write any three objectives of financial statement analysis. [3]

OR

The current ratio of a firm is 4:3 and working capital is ₹60,000. Calculate current assets and current liabilities. [3]

OR

Write three differences between data validation and data verification. [3]

10. Ganga Ltd. purchased assets from Yamuna Ltd. for ₹6,60,000. The purchase consideration was discharged by issue of equity shares of ₹10 each at a premium of 10%. Journalize the above transactions in the books of Ganga Ltd. [3]

OR

Write the meaning of issue of debentures as collateral security. [3]

OR

Write three limitations of a computerized accounting system. [3]

11. Distinguish between Profit & Loss Account and Profit & Loss Appropriation Account. [3]

OR

Distinguish between sacrificing ratio and gaining ratio. [3]

Section D

12. From the following particulars of Jorhat Ltd., prepare a Comparative Income Statement for the years ended 2023 and 2024: [6 Marks]

Particulars	2023 (₹)	2024 (₹)
Sales	40,000	50,000
Cost of Goods Sold	30,000	35,000
Wages Paid	16,000	14,000
Operating Expenses	2,500	3,000
Other Incomes	2,000	3,000
Income Tax	4,750	7,500

OR

Explain the importance of financial statements. [6]

OR

Explain the structure of the Computerized Accounting System. [6]

13. Pass Journal Entries in the books of Anand Ltd. for issue of 8% debentures under the following situations: [6]

(i) 1000 Debentures of ₹100 each issued at 10% premium, repayable after 5 years at 10% premium.

(ii) 2000 Debentures of ₹100 each issued at a discount of 10%, repayable after 5 years at par.

(iii) 1500 Debentures of ₹100 each issued at par, repayable after 5 years at 10% premium.

(iv) 2500 Debentures of ₹100 each issued at a discount of 10%, repayable after 5 years at 10% premium.

OR

Explain the various methods of redemption of debentures. [6]

OR

Explain the applications of electronic spreadsheets in various accounting activities. [6]

14. Anurag, Birag and Chirag were partners sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as at 31st March, 2024 was as follows:

Liabilities	₹	Assets	₹
Sundry Creditors	30,000	Cash at Bank	10,000
General Reserve	12,000	Sundry Debtors	40,000
Capital A/c – Anurag	50,000	Less: Provision for Doubtful Debts	(2,000)
Capital A/c – Birag	40,000	Net Debtors	38,000
Capital A/c – Chirag	30,000	Stock	30,000
		Furniture	20,000
		Machinery	64,000
Total	1,62,000	Total	1,62,000

Birag retired from the firm on 1st April, 2024 on the following terms:

(i) The Goodwill of the firm was valued at ₹24,000.
(ii) Machinery was depreciated by 10% and Furniture by 20%.
(iii) The Provision for Doubtful Debts was increased by ₹1,000.
(iv) Birag's Capital Account was transferred to his Loan Account.
(v) After Birag's retirement, Anurag and Chirag agreed to share future profits and losses in the ratio of 3:2.

Required:  Pass the necessary Journal Entries to record the above transactions in the books of the firm.

OR

Explain how the amount due to a deceased partner is ascertained. [6]

15. Gayatri, Harshita and Isha were partners sharing profits and losses in the ratio of 5 : 4 : 3. Their Balance Sheet as on 31st March, 2024 was as follows:

Liabilities	₹	Assets	₹
Sundry Creditors	20,000	Cash at Bank	20,000
Bills Payable	10,000	Sundry Debtors	40,000
Capital Accounts:		Stock	30,000
Gayatri	70,000	Furniture	25,000
Harshita	50,000	Machinery	30,000
Isha	40,000	Building	45,000
Total	1,90,000	Total	1,90,000

The partners decided to dissolve the firm on 31st March, 2024. The following transactions took place on dissolution:

1. Sundry Debtors were realized at ₹38,000.

2. Stock was sold for ₹27,000.

3. Machinery realized ₹29,000.

4. Furniture was taken over by Harshita at an agreed value of ₹23,000.

5. Sundry Creditors were settled at a discount of ₹1,000.

6. Bills Payable were discharged at ₹500 less than the book value.

7. Dissolution expenses amounted to ₹1,000, which were paid by Gayatri on behalf of the firm.

Prepare the following accounts to close the books of the firm:

1. Realization Account

2. Partners' Capital Accounts

3. Bank Account

OR

What is Realization Account? How is it prepared? How does it differ from Revaluation Account? [6]

Section E

16. Bijay Ltd. issued 4000 equity shares of ₹100 each at par payable as follows:

On Application: ₹30, On Allotment: ₹30, On First Call: ₹20, On Final Call: ₹20.

All the shares were duly subscribed for, called-up and paid-up, except the following:

(i) Rima holding 100 shares failed to pay the first call and final call money.

(ii) Sima holding 50 shares failed to pay the final call money.

All these shares have been forfeited and reissued at a discount of 10% as fully paid.

Give Journal Entries in the books of Bijay Ltd. [8]

OR

Write the meaning of the following: (a) Capital reserve (b) Calls in advance (c) Forfeiture of shares (d) Pro rata allotment of shares. [8]

OR

Explain the procedure for creating and customizing various types of charts in MS-Excel. [8]

17. Bandita and Dixita were partners sharing profits and losses in the ratio of 4:3. Their Balance Sheet as on 31st March, 2024 was as follows:

Balance Sheet as at 31st March, 2024

Liabilities	₹	Assets	₹
Sundry Creditors	30,000	Cash at Bank	10,000
Bills Payable	15,000	Sundry Debtors	30,000
Capital A/c – Bandita	70,000	Stock	30,000
Capital A/c – Dixita	50,000	Furniture	25,000
		Machinery	70,000
Total	1,65,000	Total	1,65,000

Chitra was admitted into the partnership on 1st April, 2024 on the following terms:

(i) Chitra will bring ₹50,000 as Capital and ₹10,000 as Premium for Goodwill.
(ii) The new profit-sharing ratio among Bandita, Dixita and Chitra will be 5 : 3 : 2.
(iii) Stock is to be revalued at ₹27,000 and Machinery is to be depreciated by 10%.
(iv) A Provision for Doubtful Debts is to be created at 5% on Sundry Debtors.
(v) Sundry Creditors are overvalued by ₹2,000.

Prepare the following:

(a) Revaluation Account
(b) Partners' Capital Accounts
(c) Balance Sheet of the New Firm as at 1st April, 2024 after Chitra's admission.

OR

(a) Write any four duties of a partner. [4]

(b) Distinguish between Fixed Capital Account and Fluctuating Capital Account. [4]

18. Arup and Swarup were partners in a firm sharing profits and losses in the ratio of 3:2. The Trial Balance of the firm as on 31st March, 2024 was as follows:

Debit	₹	Credit	₹
Machinery	35,000	Capital A/c – Arup	50,000
Salaries	15,850	Capital A/c – Swarup	30,000
Freight on Sales	2,140	Trading A/c (Gross Profit)	80,200
Building	54,000	Sundry Creditors	31,560
Goodwill	15,000	Bank Loan	21,000
Furniture	10,000	Sundry Receipts	1,000
Sundry Debtors	48,200	Commission Received	1,000
Bad Debts	1,400	Outstanding Wages	200
Cash at Bank	1,200	Provision for Doubtful Debts	1,000
Investments	10,000
Cash in Hand	170
Closing Stock	10,000
Drawings – Arup	5,000
Drawings – Swarup	3,000
Advertisement	5,000
Total	2,15,960	Total	2,15,960

Prepare the following for the year ended 31st March, 2024:

1. Profit & Loss Account

2. Profit & Loss Appropriation Account

3. Balance Sheet as at 31st March, 2024

After taking into account the following adjustments:

(i) Outstanding Salaries: ₹1,000
(ii) Advertisement prepaid: ₹500
(iii) Depreciate Machinery at 10% per annum.
(iv) Commission received in advance: ₹200.
(v) Create a Provision for Doubtful Debts at 5% on Sundry Debtors.
(vi) Allow Interest on Partners' Capital at 5% per annum.

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