CBSE Class 12 Accountancy Answer Key 2024 for Set 1,2,3

The Central Board of Secondary Education has conducted the CBSE Accountancy test today, March 22, 2024. After taking the exam students are looking for Class 12 Accounts Answer Key 2024, So that they can cross-check their answers whether they are correct or wrong. To make this easier, here we provide the CBSE Class 12 Accountancy Answer key 2024 for all sets on this page, prepared by the Adda247 Experts. If you appeared in the exam then bookmark this page, so that you can easily obtain the Class 12 Accounts Answer Key 2024 at the earliest.

Class 12 Accountancy Answer Key 2024

The CBSE Class 12 Accountancy test took place from 10:30 a.m. to 1:30 p.m. After the exam, students can access the Class 12 Accounts Answer key 2024 on this page. Although the Class 12 Accounts Answer Key 2024 is unofficial, it is completely accurate and error-free because it was provided by our Adda247 Expert Team. The Class 12 Accounts Answer Key 2024 allows students to verify their answers and calculate their grades. Once the exam is completed. Students can examine the CBSE Class 12 Accounts Exam Analysis given on this page.

CBSE Accounts Answer Key 2024

The CBSE Class 12 Accountancy Paper is based on the sample paper and syllabus published by the Board. The Class 12 Accounts paper is worth 80 marks and consists of 34 questions. The Accounts syllabus content provides candidates with a solid understanding of basic accounting principles, techniques, and developments in the compilation and presentation of financial statements. Look at the CBSE Class 12 Accounts Answer key 2024 Highlights.

CBSE Class 12 Accounts Answer Key 2024 for All sets

If you took the CBSE Class 12 Accounts Exam paper, you should look for the CBSE Class 12 Accountancy Answer Key 2024 to double-check your answers to each question. The CBSE class 12 Accounts Exam questions and answers are constantly updated by Adda247 Experts. Once the exam is over, use the CBSE Class 12 Accounts Answer Key 2024 to ensure that all correct answers are submitted. Stay stunned with us.

Part A

(Accounting for Partnership Firms and Companies)

1. Assertion (A): In partnership firm, the private assets of the partners can also be used to pay off the firm’s debts.
Reason (R): The liability of the partners for acts of the firm is limited.
Choose the correct option from the following:
(A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A).
(C) Assertion (A) is false, but Reason (R) is true.
(D) Assertion (A) is true, but Reason (R) is false.

Answer: (D) Assertion (A) is true, but Reason (R) is false.

2. Kewal Ltd. purchased sundry assets from Ganpati Ltd. for₹ 28,60,000. The amount was paid by issuing fully paid shares of 100 each issued at a premium of 10%. The number of shares issued to Ganpati Ltd. were:
(A) 28,000
(C) 28,600
(B) 31,778
(D) 26,000

Answer: (D) 26,000

3. (a) Aditi, Sukriti and Niti were partners sharing profits in the ratio of 2: 2: 1. Sukriti died on 30th June, 2023. Net profit for the year ended March, 2023 was 4,50,000. If the deceased partner’s share of profit is to be calculated on the basis of previous year’s profit, the amount of profit credited to Sukriti’s Capital Account will be
Jagranjos
(A) ₹90,000
(C) ₹1,80,000
(B) ₹45,000
(D) ₹1,12,500

Answer: (B) ₹45,000

OR

(b) Pawan, a partner was appointed to look after the process of dissolution of firm for which he was allowed a remuneration of 75,000. Pawan agreed to bear the dissolution expenses. Actual dissolution expenses 60,000 were paid by Pawan. Pawan’s capital account will be credited by:
(A) ₹75,000
(C) ₹15,000
(B) ₹60,000
(D) ₹10,000

Answer:(A) ₹75,000

4. Sarita Ltd. forfeited 100 shares of 10 each, 8 called up issued at a premium of 2 per share to Ramesh for non-payment of allotment money of 5 per share (including premium). The first and final call of₹ 2 per share was not made. Out of these 70 shares were reissued to Ashok as 8 called up for 10 per share. The gain on reissue will be :
(A) ₹500
(B) ₹400
(C) ₹350
(D) ₹300

Answer: (C) ₹350

5. (a) Ridhima and Kavita were partners sharing profits and losses in the ratio of 3: 2. Their fixed capitals were 1,50,000 and 2,00,000 respectively. The partnership deed provides for interest on capital @ 8% p.a. The net profit of the firm for the year ended 31st March, 2023 amounted to 21,000. The amount of interest on capital credited to the capital accounts of Ridhima and Kavita will be :
(A) 12,000 and 16,000 respectively.
(B) ₹10,500 and 10,500 respectively.
(C) ₹9,000 and 12,000 respectively.
(D) ₹16,000 and₹ 5,000 respectively.

Answer:(C) ₹9,000 and 12,000 respectively.

OR

(b) Ruchika and Harshita were partners in a firm. Ruchika had withdrawn 9,000 at the end of each quarter, throughout the year. The interest to be charged on Ruchika’s drawings at 6% p.a. will be :
(A) ₹540
(C) ₹ 1,080
(B) ₹2,160
(D) ₹810

Answer:(D) ₹810

6. On dissolution of a partnership firm, if realisation expenses are paid by the firm on behalf of a partner, then such expenses are debited to which of the following account:
(A) Realisation Account
(B) Partner’s Capital Account
(c)Partner’s Loan Account
(D)Bank Account

Answer:(B) Partner’s Capital Account

7. Isha and Manish were partners ratio of 3: 2. firm sharing profits and With effect from st April, 2023, they agreed equally. On this date the goodwill of the firm was losses.com the to share profits valued at 3,00,000. The necessary journal entry for the treatment of goodwill without opening Goodwill Account will be :

Answer: (a)

8. (a) Aarav Ltd. issued 9% debentures of 10,000 100 each at a premium of 5%, redeemable at a premium of 10%. Loss on account will be debited by: issue of debentures
(A) ₹10,00,000
(C) ₹1,50,000
(B) ₹1,00,000
(D) 1,05,000

Answer:(B) ₹1,00,000

OR
(b) Dove Ltd. issued 8,000, 11% debentures of ₹ 100 each at a premium of 5%. The total amount of interest on Debentures for one year will be:
(A) ₹80,000
(C) ₹88,000
(B) ₹92,400
(D) ₹880

Answer:(C) ₹88,000

9. (a) Kriti, Hina and Nidhi were partners sharing profits in the ratio of 3: 2: 1. Nidhi retired. On the date of her retirement, Workmen Compensation Fund stood in the Balance Sheet at ₹1,50,000. Workmen Compensation Claim was 1,20,000. How much amount of Workmen Compensation Fund will be credited to Nidhi’s Capital Account?
(A) ₹30,000
(B) ₹10,000
(C) ₹5,000
(D) ₹15,000

Answer:(C) ₹5,000

OR
(b) Rohit, Udit and Mohit were partners in a firm sharing profits in the of 3: :2: the Mohit retired. The balance in his capital account after making the necessary adjustments on account of reserves ves and revaluation of assets and liabilities was₹ 1,80,000. Rohit and Udit agreed to pay him₹ 2,00,000 in full settlement of his claim. Mohit’s share of goodwill in was
(A) ₹1,80,000
(B) ₹2,00,000
(C) ₹40,000
(D) ₹20,000

Answer:(D) ₹20,000

10. Assertion (A): Securities Premium cannot be utilized for writing off loss on sale of a fixed asset.
Reason (R): Securities Premium can be applied only for the purposes mentioned in the Companies Act, 2013.
Choose the correct option from the following:
(A) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct reason of Assertion (A).
(B) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct reason of Assertion (A).
(C) Both Assertion (A) and Reason (R) are false.
(D) Assertion (A) is false, but Reason (R) is true.

Answer:(A) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct reason of Assertion (A).

11. Mahi, Ruhi and Ginni are partners in a firm sharing profits and losses in the ratio of 6:4:1. Mahi guaranteed a profit of 50,000 to Ginni. Net profit for the year ending 31st March, 2023 was ₹ 1,10,000. Mahi’s share in the profit of the firm after giving a guaranteed amount to Ginni will be :
(A) ₹20,000
(C) ₹40,000
(B) ₹60,000
(D) ₹10,000

Answer:(A) ₹20,000

Class 12 Accounts Answer Key & Marking Scheme

Candidates should review the 12th Accounts Marking System before analyzing the CBSE Class 12 Accounts Answer Key 2024 available on this website. You can use this information to predict your CBSE Class 12 Accountancy Exam results. The total score for the CBSE Class 12 Accounting question exam is 80. Students must finish the question paper in three hours. This Class 12 Accounts question paper contains 34 questions. Examine the Marks Distribution for the Class 12 Accounts Question Paper.

CBSE Class 12 Accounts Exam Analysis 2024

The Class 12 Accounts Exam concluded at 1:30 p.m. The question paper would come into the moderate to difficult level. The paper contained a range of questions, including MCQs, assertion-reasoning, short answer type, and long answer type. Following the conclusion of the paper, we will publish a comprehensive analysis of CBSE Class 12 Political Science based on the perspectives of instructors and students. CBSE Class 12 Political Science Exam Analysis 2024 evaluates the question paper based on mistakes, out-of-syllabus questions, and difficulty level.

• The MCQ and assertion reasoning problems were somewhat tough.
• Both short-form and long-form questions were average. There was a combination of easy and thoughtful questions.
• Students stated that Part II was easier than Part I.
• The choice between Analysis of Financial Statements and Computerised Accounting makes the second component easier and more easy to solve.

We approached the experts once the exam was completed to check Find out what experts thought about the CBSE Class 12 Accountancy Paper 2024. Experts thought the question paper was tough enough for kids. There were easy and definition-based questions in between, making the paper easier at points. The MCQs included a combination of easy and tough questions.

CBSE Class 12 Accountancy Answer key 2024 with Analysis

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