List of top Questions asked in PSEB XII- 2025

L, M, and N were partners in a firm sharing profits in 3:2:1 ratio. The firm closes its books on 31st March every year. M died on 12.06.2024. On M’s death the Goodwill of the firm was valued at ₹1,80,000. On M’s death his share in the profits till the time of his death was to be calculated on the basis of previous year’s profit which was ₹3,00,000. Calculate M’s share in the profit of the firm. Pass necessary journal entries for the treatment of Goodwill and M’s share of profit at the time of his death.
Write any two differences between fixed capital accounts and fluctuating capital accounts.
Write any two factors affecting Goodwill.
Why are 'Reserves and Surplus' distributed at the time of reconstitution of the firm?
The ratio in which the remaining partners acquire the retiring partner's share is called _________. (Gaining Ratio/Sacrifice Ratio)
On dissolution of firm all assets and liabilities are transferred to the realization account at their _________ values. (book/market)
Mohan withdrew ₹4,000 at the beginning of each quarter. Calculate interest on drawing at the rate of 6% p.a.
Define Goodwill.
What is the formula for calculating Sacrifice Ratio?
What is Realisation Account?
How a partner can retire from the firm?
An increase in the value of assets is recorded on which side of the Revaluation Account?
J, K, L, M are in partnership sharing profits and losses in ratio of 9 : 6 : 5 : 5. 'N' 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:
X, Y and Z are three partners sharing profits in the ratio 10 : 7 : 7. Z retired. X and Y decided to share profits in equal ratio. Gaining ratio will be:
Rent paid to a partner is _________ against profit. (charge/appropriation)
Revaluation Account is _________ account. (real/nominal)
Under which method of valuation of Goodwill, normal rate of return is not required?