List of top Questions asked in PSEB XII- 2025

What adjustments are required to be made at the time of retirement of a partner?

What is the formula for calculating Sacrifice Ratio?

What is Realisation Account?

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 ₹2,50,000 and ₹3,50,000 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.

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 ₹2,50,000 and ₹3,50,000 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.

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 M’s death the goodwill of the firm was valued at ₹1,80,000. On M’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 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.

Rent paid to a partner is __________ against profit. (charge/appropriation)

Revaluation Account is __________ account. (real/nominal)

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 drawings at the rate of 6% p.a.

Define Goodwill.

Under which method of valuation of Goodwill, normal rate of return is not required?

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 the 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 of 10 : 7 : 5. Z retired. X and Y decided to share profits in equal ratio. The gaining ratio will be: