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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 ā‚¹20 each issued at 10% premium to Neeru (ā‚¹18 called up) on which he did not pay ā‚¹6 of allotment (including premium) and first call of ā‚¹4. Out of these, 1,200 shares were re-issued to Goldy as fully paid up for ā‚¹16 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:Ā 

The capital employed in the firm throughout the above period was ā‚¹8,00,000. 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 ā‚¹2,00,000 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 ā‚¹1,80,000
Workmen Compensation Reserve ā‚¹2,25,000
Profit & Loss Account (Dr.) ā‚¹4,50,000
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 Mā€™s death the goodwill of the firm was valued at ā‚¹1,80,000. On Mā€™s death his share in the profit of the firm till the time of his death was to be calculated on the basis of previous yearā€™s profit which was ā‚¹3,00,000. Calculate Mā€™s share in the profit of the firm. Pass necessary journal entries for the treatment of Goodwill and Mā€™s 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 ā‚¹2,50,000 and ā‚¹3,50,000 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 ā‚¹2,50,000 and ā‚¹3,50,000 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. ā€˜Nā€™ 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

About Profit And Loss Account - PSEB-XII

Profit And Loss Account is a vital chapter for PSEB-XII aspirants. Mastering the concepts covered in this chapter is essential for securing a top rank.

By rigorously practicing the previous year questions associated with this chapter, you can identify high-yield topics, understand the examiner's perspective, and boost your confidence during the actual exam.

Frequently Asked Questions

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