Goa Board Accountancy 2026 – Question Paper with Solutions
Std 12 question paper with solutions for Section A and Section B.
Section A · Q1–20 · 1 mark each
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Q1Which accounts are prepared by each partner in partnership under the fixed capital method of maintaining capital account?
- Partners Capital Account
- Partners Current Account
- Partners Capital Account and Partners Current Account
- Partners Capital Account or Partners Current Account
Capital A/c stays fixed. Interest, salary, drawings and profit share go to the Current A/c.
Q2What is the maximum number of partners in a partnership firm as per Companies Act, 2013?
- Two
- Seven
- Ten
- Fifty
Companies Act, 2013 allows a maximum of 50 partners.
Q3State the accounting treatment for unrecorded liability on admission of a partner.
- Debited to Revaluation Account
- Credited to Revaluation Account
- Debited to Bank Account
- Debited to Cash Account
Unrecorded liability is a loss to the firm: Revaluation A/c Dr. to Liability A/c.
Q4What is the formula used to calculate Gain Ratio on death of a partner?
- Old Ratio – New Ratio
- Old Ratio + New Ratio
- New Ratio – Old Ratio
- New Ratio + Old Ratio
Gain = New share – Old share (Sacrifice = Old share – New share).
Q5On dissolution of the firm, the liability paid by the partner is to be credited to ……………
- Bank Account
- Realisation Account
- Partner’s Capital Account
- Realisation Expenses Account
Entry: Realisation A/c Dr. To Partner’s Capital A/c.
Q6The part of Authorised Capital offered by the company to the public for subscription is ……………
- Subscribed Capital
- Issued Capital
- Called up Capital
- Paid up Capital
Authorised Capital offered to the public = Issued Capital.
Q7Sweekar Ltd. purchased assets worth ₹16,20,000 from Rajashree Ltd. by issuing 8% Debentures of ₹150 each at a premium of 20%. What is the total number of debentures issued?
- 16,200 Debentures
- 13,500 Debentures
- 10,800 Debentures
- 9,000 Debentures
Premium = 20% of 150 = ₹30; Issue price = 150 + 30 = ₹180; Debentures = 16,20,000 ÷ 180 = 9,000.
Q8Under which sub-head will “Patents and Trademark” appear in the Balance Sheet of a company as per Schedule III?
- Intangible Assets
- Tangible Assets
- Other Current Assets
- Other Non-current Assets
Patents and Trademarks have no physical form; shown under Non-current Assets as Intangible Assets.
Q9Cost of goods sold decreased from ₹2,50,000 in the year 2024 to ₹2,00,000 in the year 2025. What is the percentage change in cost of goods sold?
- 25% increase
- 25% decrease
- 20% increase
- 20% decrease
Change = 2,00,000 – 2,50,000 = (–) ₹50,000; % change = 50,000 ÷ 2,50,000 × 100 = 20%. Negative change = decrease.
Q10Investment that has a maturity period of three months or less from the date of acquisition is termed as ……………
- Cash Credit
- Cash Equivalent
- Long Term Investment
- Non-Current Investment
Short-term, highly liquid investment maturing in 3 months or less.
Q11What is the total amount of interest on drawings of a partner if a partner withdraws ₹15,000 at the beginning of every month throughout the financial year at interest of 12% p.a.?
Total drawings = 15,000 × 12 = ₹1,80,000; average period = 6½ months (beginning); 1,80,000 × 12% × 6.5/12 = ₹11,700.
Q12A firm’s average profit is ₹5,00,000. The normal rate of return on capital employed of ₹40,00,000 is 10%. What is the value of goodwill using three years’ purchase of super profit?
Normal profit = 40,00,000 × 10% = ₹4,00,000; Super profit = 5,00,000 – 4,00,000 = ₹1,00,000; Goodwill = 1,00,000 × 3 = ₹3,00,000.
Q13Which account is debited when there is an increase in PDD on admission of a partner?
Increase in PDD is a loss: Revaluation A/c Dr. to PDD A/c.
Q14Nita, Rita and Sita are partners sharing profits and losses in the ratio of 4 : 3 : 2. State the new ratio between Nita and Sita on retirement of Rita.
Rita’s share goes to Nita and Sita in their old ratio; Nita : Sita = 4 : 2 = 2 : 1.
Q15Which account is to be debited to write off Preliminary Expenses appearing in the Balance Sheet at the time of dissolution of a partnership firm?
Preliminary expenses are a fictitious asset; written off to Partners’ Capital A/cs in the profit sharing ratio.
Q16When the purchase price of a business is less than the net assets acquired, then which account is credited for the difference?
Net assets > Purchase price = capital gain, credited to Capital Reserve.
Q17What is the return earned by the debenture holders on their debentures called?
Debenture holders are lenders, so their return is interest.
Q18State one limitation of financial statement of a company.
They ignore price-level changes, so they do not show the current position. (Another: they ignore qualitative factors.)
Q19Mention the formula to calculate Inventory Turnover Ratio.
Average Inventory = (Opening Inventory + Closing Inventory) ÷ 2.
Q20How is the decrease in Debentures of a manufacturing company treated in financing activity of its Cash Flow Statement as per AS-3?
Redemption / repayment of debentures reduces cash, so it is shown as an outflow.
Section B · Q21–27 · 4 marks each
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Q21Profit and Loss Appropriation Account (Anita and Shanti)
Anita and Shanti are partners in a firm sharing profits and losses in the ratio of 2 : 1. On 1st April 2024 their capitals were ₹15,00,000 and ₹10,00,000 respectively. Their drawings during the year were ₹35,000 and ₹30,000 respectively.
The net profit for the year ending 31st March, 2025 before adjusting the below given adjustment was ₹8,60,000.
Their partnership deed provided for the following: (1) Interest on partners capital @ 8% p.a. (2) Interest on partners drawings @ 6% p.a. (3) Salary paid to Shanti is ₹15,000 p.m.
Prepare Profit and Loss Appropriation Account for the year ending 31st March, 2025. (4 marks)
Solution
Working notes
- Interest on capital @ 8%: Anita 15,00,000 × 8/100 = ₹1,20,000; Shanti 10,00,000 × 8/100 = ₹80,000. Total ₹2,00,000.
- Interest on drawings @ 6% for 6 months: Anita 35,000 × 6/100 × 6/12 = ₹1,050; Shanti 30,000 × 6/100 × 6/12 = ₹900. Total ₹1,950.
- Salary to Shanti = 15,000 × 12 = ₹1,80,000.
- Divisible profit = 8,60,000 + 1,950 − 2,00,000 − 1,80,000 = ₹4,81,950 → Anita (2/3) ₹3,21,300; Shanti (1/3) ₹1,60,650.
Assumption: Dates of drawings are not given, so interest on drawings is calculated for 6 months (average period).
Profit and Loss Appropriation A/c for the year ended 31st March 2025
| Dr. | Cr. | ||
|---|---|---|---|
| Particulars | ₹ | Particulars | ₹ |
| To Interest on Capital – Anita | 1,20,000 | By Net Profit b/d | 8,60,000 |
| To Interest on Capital – Shanti | 80,000 | By Interest on Drawings – Anita | 1,050 |
| To Salary – Shanti | 1,80,000 | By Interest on Drawings – Shanti | 900 |
| To Anita’s Capital A/c (2/3) | 3,21,300 | ||
| To Shanti’s Capital A/c (1/3) | 1,60,650 | ||
| Total | 8,61,950 | Total | 8,61,950 |
Q22Partners’ Capital Accounts on admission of Vikas
Shubh and Yash are partners in a firm sharing profits and losses in the ratio of 5 : 3. Their Balance Sheet as on 31.12.2025 shows Capital Account balances at ₹7,00,000 and ₹5,00,000 for Shubh and Yash respectively.
On 1st January 2026 they admitted Vikas into partnership on the following terms: Vikas is admitted for 1/5th share which he acquired entirely from Shubh. Vikas should bring ₹8,00,000 as his capital and ₹48,000 as his share of Goodwill in cash which was credited to his capital account.
Prepare Partners Capital Account on admission of Vikas. (4 marks)
Solution
Working notes
- Shubh’s new share = 5/8 − 1/5 = 25/40 − 8/40 = 17/40. Yash = 3/8 = 15/40. Vikas = 1/5 = 8/40.
- New ratio = 17 : 15 : 8. Sacrificing partner: Shubh only (sacrifice 1/5).
- Goodwill ₹48,000 goes entirely to Shubh’s Capital A/c.
Assumption: The ₹48,000 goodwill brought in by Vikas is credited to Shubh (the only sacrificing partner).
Journal entry
| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Bank A/c Dr. | 8,48,000 | |
| To Vikas’s Capital A/c | 8,00,000 | |
| To Shubh’s Capital A/c (goodwill) | 48,000 | |
| (Being capital and goodwill brought in by Vikas) | ||
Partners’ Capital A/c
| Dr. | Cr. | ||||||
|---|---|---|---|---|---|---|---|
| Particulars | Shubh | Yash | Vikas | Particulars | Shubh | Yash | Vikas |
| To Balance c/d | 7,48,000 | 5,00,000 | 8,00,000 | By Balance b/d | 7,00,000 | 5,00,000 | – |
| By Bank A/c (capital) | – | – | 8,00,000 | ||||
| By Bank A/c (goodwill) | 48,000 | – | – | ||||
| Total | 7,48,000 | 5,00,000 | 8,00,000 | Total | 7,48,000 | 5,00,000 | 8,00,000 |
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Q23Journal entries – Shivank Co. Ltd. (issue of shares)
Shivank Co. Ltd issued 50,000 equity shares of ₹100 each at a premium of ₹20 per share, payable as under: On Application ₹45 per share; Balance on Allotment including premium.
Applications were received for 52,000 equity shares. Excess applications were rejected and their application money was refunded. Allotment was made to all the remaining applicants.
Pass Journal Entries in the books of Shivank Co. Ltd. (4 marks)
Solution
Working notes
- Issue price = 100 + 20 = ₹120. Due on allotment = 120 − 45 = ₹75 (₹55 capital + ₹20 premium).
- Application money received = 52,000 × 45 = ₹23,40,000. Retained (50,000 shares) = ₹22,50,000. Refund (2,000 shares) = ₹90,000.
- Allotment due = 50,000 × 75 = ₹37,50,000 (Capital ₹27,50,000 + Securities Premium ₹10,00,000).
Journal
| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Bank A/c Dr. | 23,40,000 | |
| To Equity Share Application A/c | 23,40,000 | |
| (Being application money received on 52,000 shares) | ||
| Equity Share Application A/c Dr. | 23,40,000 | |
| To Equity Share Capital A/c | 22,50,000 | |
| To Bank A/c | 90,000 | |
| (Being application money adjusted and excess refunded) | ||
| Equity Share Allotment A/c Dr. | 37,50,000 | |
| To Equity Share Capital A/c | 27,50,000 | |
| To Securities Premium A/c | 10,00,000 | |
| (Being allotment money due on 50,000 shares) | ||
| Bank A/c Dr. | 37,50,000 | |
| To Equity Share Allotment A/c | 37,50,000 | |
| (Being allotment money received) | ||
Q24Journal entries – Sidhant Co. Ltd. (issue of debentures)
Sidhant Co. Ltd. issued 30,000 9% Debentures of ₹50 per debenture for public subscription. The Debenture money was payable as under: On Application ₹20 per debenture, and On Allotment ₹30 per debenture.
All the debentures were subscribed by the public and money was duly received.
Pass necessary journal entries in the books of Sidhant Co. Ltd. (4 marks)
Solution
Working notes
- Application: 30,000 × 20 = ₹6,00,000. Allotment: 30,000 × 30 = ₹9,00,000. Total = ₹15,00,000.
Journal
| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Bank A/c Dr. | 6,00,000 | |
| To 9% Debenture Application A/c | 6,00,000 | |
| (Being application money received on 30,000 debentures) | ||
| 9% Debenture Application A/c Dr. | 6,00,000 | |
| To 9% Debentures A/c | 6,00,000 | |
| (Being application money transferred to debentures account) | ||
| 9% Debenture Allotment A/c Dr. | 9,00,000 | |
| To 9% Debentures A/c | 9,00,000 | |
| (Being allotment money due on 30,000 debentures) | ||
| Bank A/c Dr. | 9,00,000 | |
| To 9% Debenture Allotment A/c | 9,00,000 | |
| (Being allotment money received) | ||
Q25Specimen of Balance Sheet – Non-current Assets (revised Schedule III)
Draft the Specimen of Statement of Company’s Balance Sheet as per revised Schedule III of Company’s Act 2013, showing Non-current Assets and its sub-heads. (4 marks)
Solution
Name of the Company ……………
Balance Sheet as at ……………
| Particulars | Note No. | Figures as at end of current reporting period | Figures as at end of previous reporting period |
|---|---|---|---|
| II. ASSETS | |||
| 1. Non-current assets | |||
| (a) Property, Plant and Equipment and Intangible assets | |||
| (i) Property, Plant and Equipment | |||
| (ii) Intangible assets | |||
| (iii) Capital work-in-progress | |||
| (iv) Intangible assets under development | |||
| (b) Non-current investments | |||
| (c) Deferred tax assets (net) | |||
| (d) Long-term loans and advances | |||
| (e) Other non-current assets |
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Q26Common-size Balance Sheet – Samson Co. Ltd.
From the following extract of Balance Sheet of Samson Co. Ltd. as on 31st March 2025, prepare a common size Balance Sheet of the company. (4 marks)
Note: Fractions if any must be rounded off to the second digit after decimal point.
Solution
Percentage = (Item ÷ Total of Balance Sheet) × 100. Total = ₹52,62,000.
| Particulars | 31.03.2025 (₹) | % of Balance Sheet total |
|---|---|---|
| I. Equities and Liabilities | ||
| 1. Shareholders’ Funds | ||
| (a) Share Capital | 17,00,000 | 32.31% |
| (b) Reserves and Surplus | 9,00,000 | 17.10% |
| 2. Non-current Liabilities | ||
| (a) Long-term borrowings | 12,50,000 | 23.76% |
| (b) Long-term provisions | 8,00,000 | 15.20% |
| 3. Current Liabilities | ||
| (a) Short-term borrowings | 5,00,000 | 9.50% |
| (b) Trade payables | 50,000 | 0.95% |
| (c) Short-term provisions | 62,000 | 1.18% |
| Total | 52,62,000 | 100.00% |
Q27Quick Ratio
Calculate Quick Ratio from the following information and state what it reflects about the Company’s financial health: (4 marks)
| Particulars | Amount |
|---|---|
| Bills Receivables | 80,000 |
| Debtors | 2,26,000 |
| Stock | 72,000 |
| Bank Balance | 84,000 |
| Short Term investment | 2,00,000 |
| Current Liabilities | 5,90,000 |
Note: Fractions if any must be rounded off to the second digit after decimal point.
Solution
- Quick assets = Bills receivable 80,000 + Debtors 2,26,000 + Bank balance 84,000 + Short-term investment 2,00,000 = ₹5,90,000.
- Stock (₹72,000) is excluded because it cannot be converted into cash quickly.
- Quick Ratio = Quick Assets ÷ Current Liabilities = 5,90,000 ÷ 5,90,000 = 1 : 1 (1.00).
The ideal quick ratio is 1 : 1. The company can pay its short-term liabilities from its quick assets alone, without selling stock. Its short-term liquidity position is good and satisfactory.
Section C · Q28–31 · 8 marks each
These long-answer questions (Q28–31) are done during class hours.
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