PSEB-XII SERIES Accountancy
Profit And Loss Account
10 previous year questions.
Volume: 10 Ques
Yield: Medium
High-Yield Trend
10
2025 Chapter Questions 10 MCQs
01
PYQ 2025
medium
accountancy ID: pseb-xii
From the following information, prepare a Comparative Income Statement of Arun Ltd. for the year ended 31st March, 2024. 
02
PYQ 2025
medium
accountancy ID: pseb-xii
Ritu Ltd. forfeited 2,000 shares of ā¹20 each issued at 10% premium to Neeru (ā¹18 called up) on which he did not pay ā¹6 of allotment (including premium) and first call of ā¹4. Out of these, 1,200 shares were re-issued to Goldy as fully paid up for ā¹16 per share. Give journal entries for forfeiture and re-issue of shares.
03
PYQ 2025
medium
accountancy ID: pseb-xii
A partnership firm earned net profits during the last three years as follows: 
The capital employed in the firm throughout the above period was ā¹8,00,000. Considering the risk involved, 15% is regarded as a fair return on capital. The remuneration of all the partners during this period is estimated at ā¹2,00,000 per annum. Calculate the value of Goodwill on the basis of Super Profit Method (3 yearsā purchase).
04
PYQ 2025
medium
accountancy ID: pseb-xii
Sita, Gita and Rita are partners sharing profits in the ratio of 4 : 3 : 2. From April 1, 2024, they decided to share the profit equally. On that date their books showed the following items:
General Reserve ā¹1,80,000
Workmen Compensation Reserve ā¹2,25,000
Profit & Loss Account (Dr.) ā¹4,50,000
Record the necessary Journal Entries.
General Reserve ā¹1,80,000
Workmen Compensation Reserve ā¹2,25,000
Profit & Loss Account (Dr.) ā¹4,50,000
Record the necessary Journal Entries.
05
PYQ 2025
medium
accountancy ID: pseb-xii
L, M and N were partners in a firm sharing profits in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. M died on 12.06.2024. On Mās death the goodwill of the firm was valued at ā¹1,80,000. On Mās death his share in the profit of the firm till the time of his death was to be calculated on the basis of previous yearās profit which was ā¹3,00,000. Calculate Mās share in the profit of the firm. Pass necessary journal entries for the treatment of Goodwill and Mās share of profit at the time of his death.
06
PYQ 2025
medium
accountancy ID: pseb-xii
X and Y were partners in a firm. They admitted Z as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of X and Y were ā¹2,50,000 and ā¹3,50,000 respectively. Z brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by Z.
07
PYQ 2025
medium
accountancy ID: pseb-xii
X and Y were partners in a firm. They admitted Z as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of X and Y were ā¹2,50,000 and ā¹3,50,000 respectively. Z brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by Z.
08
PYQ 2025
medium
accountancy ID: pseb-xii
Rent paid to a partner is __________ against profit. (charge/appropriation)
09
PYQ 2025
medium
accountancy ID: pseb-xii
X, Y and Z are three partners sharing profits in the ratio of 10 : 7 : 5. Z retired. X and Y decided to share profits in equal ratio. The gaining ratio will be:
1
1 : 4
2
10 : 7
3
7 : 10
4
4 : 1
10
PYQ 2025
medium
accountancy ID: pseb-xii
J, K, L, M are in partnership sharing profits and losses in the ratio of 9 : 6 : 5 : 5. āNā joins the partnership for 20% share. J, K, L and M would in future share profits among themselves as 3 : 4 : 2 : 1. The new profit sharing ratio will be:
1
3 : 4 : 2 : 1 : 5
2
9 : 6 : 5 : 5 : 5
3
8 : 6 : 4 : 2 : 5
4
6 : 8 : 4 : 2 : 5