Goa Board Accountancy 2025 – Question Paper with Solutions
Std 12 question paper with solutions for Q1–20 and Q21–25.
Q1–20 · 1 mark each
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Q1Which of the following will be received by the partner, in the absence of partnership deed?
- Partner’s Salary
- Partner’s Commission
- Interest on Partner’s loan
- Interest on partner’s capital
As per the Indian Partnership Act, 1932, in the absence of a partnership deed, a partner is entitled to interest @ 6% p.a. on any loan given to the firm. Salary, commission, and interest on capital are NOT allowed unless the deed provides for them.
Q2Firm’s capital in a business is ₹4,00,000. The normal rate of return on firm’s capital is 10%. During the year firm earned a profit of ₹60,000. What is the value of goodwill of the firm based on 2 year’s purchase of Super Profit?
- ₹20,000
- ₹40,000
- ₹60,000
- ₹80,000
Normal Profit = 4,00,000 × 10% = ₹40,000
Super Profit = Actual Profit − Normal Profit = 60,000 − 40,000 = ₹20,000
Goodwill = Super Profit × No. of years’ purchase = 20,000 × 2 = ₹40,000
Q3What is the accounting treatment given for Unrecorded liability brought into the books at the time of admission of a partner?
- Debited to Revaluation account
- Credited to Revaluation account
- Debited to Partner’s Capital account
- Credited to Partner’s Capital account
Q4Vinay and Pranay are partners in a firm sharing profits in the ratio of 2 : 1. They admitted Amay as a new partner for 1/5th share in the profits, which he acquires entirely from Vinay. What is the new ratio of Vinay, Pranay and Amay?
- 2 : 1 : 1
- 1 : 1 : 2
- 3 : 5 : 7
- 7 : 5 : 3
Vinay’s old share = 2/3 = 10/15; Amay’s share (from Vinay) = 1/5 = 3/15
Vinay’s new share = 10/15 − 3/15 = 7/15
Pranay’s share remains = 1/3 = 5/15; Amay’s share = 1/5 = 3/15
Q5Accumulated losses appearing in the Balance Sheet at the time of Retirement of a partner will be ………………
- Transferred to Revaluation Account
- Transferred to Partners Capital Account
- Transferred to Balance Sheet
- Transferred to Bank Account
Transferred to Partners’ Capital Account in the old profit-sharing ratio.
Q6On 1st January, 2023 partner Anuj died and the closing balance on his account ₹3,80,000 was credited to his executor’s loan account. If the loan is to be paid in two equal half yearly installments with interest @ 8% p.a., what is the amount of first installment along with the interest payable to his executor?
- ₹2,20,400
- ₹2,05,200
- ₹1,90,000
- ₹1,02,600
Principal instalment = 3,80,000 ÷ 2 = ₹1,90,000
Interest for first half-year = 3,80,000 × 8% × 6/12 = ₹15,200
First instalment = 1,90,000 + 15,200 = ₹2,05,200
Q7Creditors amounting to ₹80,000 accepted the stock of ₹50,000 in part settlement of their dues at the time of dissolution of partnership firm. What is the amount debited to Realisation account?
- ₹1,30,000
- ₹80,000
- ₹50,000
- ₹30,000
The stock is already transferred to Realisation A/c at book value when assets are realised. The balance amount payable in cash to creditors = 80,000 − 50,000 = ₹30,000, which is debited to Realisation A/c (being paid through Bank).
Q8Pavan, Charan and Karan are partners in a partnership firm. What is the accounting treatment given for Charan’s loan account appearing in the Balance sheet at the time of Dissolution of partnership firm?
- Debited to Partner’s loan account
- Debited to Realisation account
- Credited to Partner’s loan account
- Credited to Realisation account
A partner’s loan is not transferred to Realisation A/c; it is settled separately through Bank, and the Partner’s Loan Account is debited on payment.
Q9Arihant Ltd. invited applications for 20,000 Preference Shares @ ₹250 each. Applications were received for 25,000 Preference Shares. This situation is known as ………………
- Oversubscription
- Undersubscription
- Full subscription
- Partial subscription
Q10Magnum Ltd. issued 30,000, 9% Debentures of ₹150 each, at a discount of 20%. What is the total amount of Discount allowed on debentures by Magnum Ltd?
- ₹3,00,000
- ₹5,00,000
- ₹7,00,000
- ₹9,00,000
Discount per debenture = 150 × 20% = ₹30
Total Discount = 30,000 × 30 = ₹9,00,000
Q11Manav Ltd. purchased Sundry Assets from Varun Ltd. for ₹28,60,000. The amount was paid by issuing fully paid Equity shares of ₹100 each at a premium of 10%. How many Equity shares are issued to Varun Ltd.?
Issue price per share = 100 + 10% of 100 = ₹110
Number of shares = 28,60,000 ÷ 110 = 26,000 shares
Q12Who are debenture holders to the company?
They are not owners and do not carry voting rights, but are entitled to a fixed rate of interest irrespective of profit.
Q13Name the sub-heading under which “Interest on Bank loan” appears in the Profit and Loss statement of the Company as per revised schedule III of the Companies Act, 2013.
Q14From the following information, what is the total amount to be shown under the sub-heading “Other Incomes” in the Profit & Loss statement of a Company? Credit Sales ₹1,50,000; Cash Sales ₹2,50,000; Gain on sale of fixed asset ₹1,10,000.
Credit Sales and Cash Sales form part of ‘Revenue from Operations’, not Other Income. Only the Gain on Sale of Fixed Asset qualifies as Other Income.
Q15Name the sub-heading under which “Mortgaged Loan” appears in the Balance Sheet of the Company as per revised schedule III of the Companies Act 2013.
Q16From the following information, what is the total amount to be shown under the sub-heading of “Intangible Fixed Assets” in the Balance Sheet of a Company? Computer Software ₹80,000; Loose tools ₹90,000; Closing stock ₹1,20,000.
Loose Tools and Closing Stock are Current Assets, not Intangible Fixed Assets. Only Computer Software qualifies.
Q17State one significance of Financial Statement Analysis to the Investors.
Q18The absolute amount of Reserves & Surplus in the Common Size Balance Sheet of a company during the year is ₹15,00,000 and the total Liabilities were ₹40,00,000. What is the percentage of Reserves and Surplus over total liabilities of the company?
Percentage = (15,00,000 ÷ 40,00,000) × 100 = 37.5%
Q19Name the activity under which “Dividend paid on Preference Share” will appear in the Cash Flow Statement of a trading company.
Q20Which of the following “Non cash & non operating item” will be added to the Net Profit before Tax of the current year, under Operating Activity of Cash Flow Statement?
- Purchase of Machinery
- Goodwill written off
- Sale of Furniture
Q21–25 · 4 marks each
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Q21Profit and Loss Appropriation Account (Paresh and Suresh)
Paresh and Suresh are partners in a firm sharing profits and losses in the ratio of 7 : 3. The capital balances as on 01/04/2023 of Paresh and Suresh were ₹12,00,000 and ₹8,00,000 respectively. During the year their drawings were ₹1,00,000 and ₹80,000 respectively.
The partnership deed provides for the following: Interest on Capital @ 12% per annum; Salary to Suresh at ₹7,000 per month; Interest on Drawings @ 8% per annum.
The Net profit of the firm as on 31st March, 2024 before making the above adjustments was ₹4,50,000.
Prepare: Profit & Loss Appropriation account of the Partnership firm for the year ended 31st March, 2024. (4 marks)
Solution
Working notes
- Interest on Capital — Paresh: 12,00,000 × 12% = ₹1,44,000; Suresh: 8,00,000 × 12% = ₹96,000
- Salary to Suresh = 7,000 × 12 = ₹84,000
- Interest on Drawings (assuming drawings withdrawn evenly through the year, average period = 6 months) — Paresh: 1,00,000 × 8% × 6/12 = ₹4,000; Suresh: 80,000 × 8% × 6/12 = ₹3,200
- Profit available for distribution = 4,50,000 + 4,000 + 3,200 − 1,44,000 − 96,000 − 84,000 = ₹1,33,200
- Paresh’s share (7/10) = ₹93,240; Suresh’s share (3/10) = ₹39,960
Profit & Loss Appropriation Account for the year ended 31st March, 2024
| Dr. | Cr. | ||
|---|---|---|---|
| Particulars | ₹ | Particulars | ₹ |
| To Interest on Capital – Paresh | 1,44,000 | By Net Profit b/d | 4,50,000 |
| To Interest on Capital – Suresh | 96,000 | By Interest on Drawings – Paresh | 4,000 |
| To Salary to Suresh | 84,000 | By Interest on Drawings – Suresh | 3,200 |
| To Paresh’s Capital A/c | 93,240 | ||
| To Suresh’s Capital A/c | 39,960 | ||
| Total | 4,57,200 | Total | 4,57,200 |
Q22Forfeiture and reissue of shares – Neo Classic Ltd.
Neo Classic Ltd. forfeited 400 Equity shares of ₹100 each for non-payment of the second and final call of ₹20 per share. All 400 Equity shares were re-issued at ₹60 per share to Mr. Kunal.
Pass necessary journal entries in the books of Neo Classic Ltd. (4 marks)
Solution
Journal entries
| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Equity Share Capital A/c Dr. | 40,000 | |
| To Equity Share Second & Final Call A/c | 8,000 | |
| To Share Forfeiture A/c | 32,000 | |
| (Being 400 shares forfeited for non-payment of second & final call) | ||
| Bank A/c Dr. | 24,000 | |
| Share Forfeiture A/c Dr. | 16,000 | |
| To Equity Share Capital A/c | 40,000 | |
| (Being 400 forfeited shares reissued @ ₹60 per share, fully paid, to Mr. Kunal) | ||
| Share Forfeiture A/c Dr. | 16,000 | |
| To Capital Reserve A/c | 16,000 | |
| (Being balance profit on forfeiture/reissue transferred to Capital Reserve) | ||
Q23Journal entries – Surat Handicraft Ltd. (issue of debentures)
Surat Handicraft Ltd. issued 25,000, 12% Debentures of ₹80 each. Payable ₹30 on application and Balance on allotment. The public applied for 25,000, 12% Debentures, which were fully allotted. All the money was duly received.
Pass necessary journal entries in the books of Surat Handicraft Ltd. (4 marks)
Solution
Journal entries
| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Bank A/c Dr. | 7,50,000 | |
| To Debenture Application A/c | 7,50,000 | |
| (Being application money received on 25,000 debentures @ ₹30 each) | ||
| Debenture Application A/c Dr. | 7,50,000 | |
| To 12% Debentures A/c | 7,50,000 | |
| (Being application money transferred to Debentures A/c on allotment) | ||
| Debenture Allotment A/c Dr. | 12,50,000 | |
| To 12% Debentures A/c | 12,50,000 | |
| (Being allotment money due on 25,000 debentures @ ₹50 each) | ||
| Bank A/c Dr. | 12,50,000 | |
| To Debenture Allotment A/c | 12,50,000 | |
| (Being allotment money received) | ||
Q24Comparative Statement of Profit & Loss – Cipla Co. Ltd.
From the following Statement of Profit and Loss of Cipla Co. Ltd. as on 31/03/2023 and 31/03/2024, prepare Comparative Statement of Profit and Loss of the company: (4 marks)
| Particulars | 31/03/2023 / 31/03/2024 |
|---|---|
| Revenue from operations | 8,20,000 / 9,80,000 |
| Other Income | 1,40,000 / 1,00,000 |
| Total Revenue | 9,60,000 / 10,80,000 |
| Expenses: (a) Purchases | 4,16,000 / 5,00,000 |
| (b) Employees benefit expenses | 3,20,000 / 2,80,000 |
| Total Expenses | 7,36,000 / 7,80,000 |
| Profit before tax | 2,24,000 / 3,00,000 |
| Provision for Tax | — / — |
| Profit after tax | 2,24,000 / 3,00,000 |
Note: Fractions if any must be rounded off to the second digit after decimal point.
Solution
| Particulars | 2023 (₹) | 2024 (₹) | Absolute change (₹) | % change |
|---|---|---|---|---|
| Revenue from Operations | 8,20,000 | 9,80,000 | 1,60,000 | 19.51% |
| Other Income | 1,40,000 | 1,00,000 | (40,000) | (28.57%) |
| Total Revenue | 9,60,000 | 10,80,000 | 1,20,000 | 12.50% |
| Purchases | 4,16,000 | 5,00,000 | 84,000 | 20.19% |
| Employee Benefit Expenses | 3,20,000 | 2,80,000 | (40,000) | (12.50%) |
| Total Expenses | 7,36,000 | 7,80,000 | 44,000 | 5.98% |
| Profit before Tax | 2,24,000 | 3,00,000 | 76,000 | 33.93% |
| Provision for Tax | — | — | — | — |
| Profit after Tax | 2,24,000 | 3,00,000 | 76,000 | 33.93% |
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Q25Current Ratio and Gross Profit Ratio
Calculate Current Ratio and Gross Profit Ratio from the following information: (4 marks)
| Particulars | ₹ |
|---|---|
| Debtors | 75,000 |
| Total sales | 3,45,000 |
| Cash at bank | 1,45,000 |
| Machinery | 60,000 |
| Share capital | 3,00,000 |
| Current liabilities | 80,000 |
| Bills Receivable | 1,00,000 |
| Direct Expenses | 1,10,000 |
| Purchases | 1,70,000 |
| Salaries | 85,000 |
| Return Outward | 4,000 |
Solution
Current Ratio
- Current Assets = Debtors + Cash at Bank + Bills Receivable = 75,000 + 1,45,000 + 1,00,000 = ₹3,20,000
- Current Liabilities = ₹80,000
- Current Ratio = Current Assets ÷ Current Liabilities = 3,20,000 ÷ 80,000 = 4 : 1
Gross Profit Ratio
- Net Sales = ₹3,45,000
- Cost of Goods Sold = Purchases − Return Outward + Direct Expenses = 1,70,000 − 4,000 + 1,10,000 = ₹2,76,000
- Gross Profit = Net Sales − COGS = 3,45,000 − 2,76,000 = ₹69,000
- Gross Profit Ratio = (Gross Profit ÷ Net Sales) × 100 = (69,000 ÷ 3,45,000) × 100 = 20%
Q26–29 · 10 marks each
These long-answer questions (Q26–29) are done during class hours.
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