CBSE Class 12 Accountancy Important Questions 2027 — Partnership and Company Accounts

In short: Part A of CBSE Class 12 Accountancy carries 60 out of 80 marks in theory. Partnership Accounts (Chapters 1–5) account for 35–40 marks and Company Accounts (Chapters 6–8) account for 20–25 marks. This guide lists chapter-wise important questions with expected marks, question types that repeat every year, and the journal entry patterns you must master. If you solve these questions thoroughly, you cover roughly 75% of the paper.

Why Part A Decides Your Accountancy Score

Part A (Partnership + Company Accounts) is 60 marks out of 80 in theory. Part B (Financial Statement Analysis) is only 20 marks. This means three-quarters of your paper depends on how well you handle partnership and company problems.

The good news: Accountancy questions follow predictable patterns. CBSE rarely invents entirely new problem types. The numbers change, but the structure stays the same. By practising the important questions listed below, you build the muscle memory needed to solve any variation the board throws at you.

Before diving into the questions, check the complete marks weightage breakdown to understand how marks are distributed across all chapters.

Chapter-Wise Important Questions — Partnership Accounts

Chapter 1: Accounting for Partnership — Basic Concepts (5–8 Marks)

Must-practise questions:

1. A, B, and C are partners sharing profits in 3:2:1. Their capitals are ₹3,00,000, ₹2,00,000, and ₹1,00,000 respectively. Partnership deed allows interest on capital at 10% p.a., salary of ₹5,000 per month to A, and commission of 5% of net profit after charging such commission to C. Profit for the year is ₹2,40,000. Prepare Profit and Loss Appropriation Account. (6 marks)

2. X and Y are partners sharing profits equally. It was discovered that in the previous two years, interest on capital at 10% was not credited. Capitals: X — ₹80,000, Y — ₹60,000. Pass the necessary adjustment entry. (3–4 marks)

3. P and Q are partners. P's drawings during the year were ₹48,000 (₹4,000 at the beginning of each month). Calculate interest on drawings at 8% p.a. (2 marks)

Chapter 2: Change in Profit Sharing Ratio Among Existing Partners (3–5 Marks)

Must-practise questions:

4. A, B, and C share profits in 5:3:2. They decide to share future profits equally. Goodwill of the firm is valued at ₹1,20,000. Pass the journal entry for treatment of goodwill. (3 marks)

5. X, Y, Z share profits in 3:2:1. They change the ratio to 2:2:2. Reserves on the date of change were ₹60,000 and workmen compensation fund was ₹30,000 (claim against it ₹10,000). Pass adjustment entries. (4 marks)

Chapter 3: Admission of a Partner (8–10 Marks) — HIGHEST WEIGHTAGE

This is the most important chapter. A full 8-mark admission problem appears in nearly every CBSE paper.

Must-practise questions:

6. A and B are partners sharing profits in 3:2 with capitals of ₹5,00,000 and ₹3,00,000. They admit C for 1/5 share. C brings ₹2,00,000 as capital and ₹60,000 as goodwill premium. On admission: (a) Stock appreciated by ₹20,000, (b) Building depreciated by ₹30,000, (c) Provision for doubtful debts increased by ₹5,000, (d) Unrecorded liability of ₹10,000. Prepare Revaluation Account, Partners' Capital Accounts, and new Balance Sheet. (8 marks)

7. P, Q, and R share profits in 5:3:2. S is admitted for 1/6 share which he acquires 1/6 from P and 1/12 from Q. Calculate new profit sharing ratio and sacrificing ratio. (3 marks)

8. After C's admission, the total capital of the new firm is to be ₹6,00,000. C brings ₹1,50,000 for 1/4 share. Calculate the required capitals of existing partners and the adjustments needed. (4 marks)

Chapter 4: Retirement/Death of a Partner (8–10 Marks) — EQUALLY CRITICAL

Must-practise questions:

9. X, Y, and Z are partners sharing profits in 5:3:2. Y retires. Goodwill of the firm is valued at ₹80,000. X and Z decide to share future profits equally. On retirement: machinery appreciated by ₹15,000, stock depreciated by ₹8,000, provision for doubtful debts (currently ₹5,000) increased to ₹8,000. General reserve on Balance Sheet: ₹50,000. JLP surrender value: ₹30,000. Prepare necessary accounts and settle Y's account. (8 marks)

10. A, B, and C share profits in 2:2:1. B dies on 30th September. Profit for the year ended 31st March (previous year) was ₹1,50,000. B's share of profit till death is to be calculated on the basis of last year's profit. Calculate B's share. (3 marks)

11. Partners had a Joint Life Policy of ₹3,00,000. JLP fund on Balance Sheet: ₹2,40,000. Surrender value: ₹2,70,000. Show the journal entries for treatment of JLP on retirement. (3 marks)

Chapter 5: Dissolution of a Partnership Firm (6–8 Marks)

Must-practise questions:

12. A and B are partners sharing profits equally. Their Balance Sheet shows: Sundry Assets ₹2,80,000, Cash ₹20,000, Creditors ₹1,00,000, Loan from A ₹50,000, Capitals — A ₹80,000, B ₹70,000. On dissolution: assets realised ₹2,50,000, creditors paid ₹95,000, realisation expenses ₹5,000 (paid by A, to be borne by firm). Prepare Realisation Account, Partners' Capital Accounts, and Cash Account. (6 marks)

13. In the above problem, if B is insolvent and unable to bring any amount, show how deficiency is borne using Garner vs Murray rule (fixed capital method). (6 marks)

Chapter-Wise Important Questions — Company Accounts

Chapter 6: Accounting for Share Capital (10–12 Marks)

Must-practise questions:

14. A company issues 50,000 equity shares of ₹10 each at a premium of ₹2 per share payable as: ₹3 on application, ₹4 (including premium) on allotment, ₹3 on first call, ₹2 on final call. Applications received for 70,000 shares. Excess application money adjusted towards allotment. A shareholder holding 1,000 shares did not pay allotment and both calls. Shares were forfeited and reissued at ₹9 per share fully paid. Pass journal entries. (8 marks)

15. X Ltd. received applications for 3,00,000 shares of ₹10 each. Shares offered: 2,00,000. Categorise: (a) 50,000 applicants — allotted in full; (b) 1,50,000 applicants — allotted 1,00,000 shares pro-rata; (c) 1,00,000 applicants — rejected. Show how you will handle excess application money. (6 marks)

Chapter 7: Issue and Redemption of Debentures (8–10 Marks)

Must-practise questions:

16. A company issued 5,000, 12% debentures of ₹100 each at a discount of 5%, redeemable at a premium of 10% at the end of 5th year. Pass journal entries for: (a) issue, (b) writing off loss on issue (proportionate basis for first year), (c) redemption. (6 marks)

17. A company has ₹5,00,000 outstanding debentures. It decides to redeem them by converting into equity shares of ₹10 each at a premium of ₹2. Pass the journal entries. (4 marks)

18. M Ltd. issued 1,000, 10% debentures of ₹100 each at par. It also issued 500 debentures as collateral security against a bank loan of ₹40,000. Pass journal entries. (3 marks)

Journal Entry Patterns That Repeat Every Year

These specific journal entry types have appeared in CBSE papers for the last 5+ consecutive years:

For a complete reference of every journal entry format you need, see our CBSE Class 12 Accountancy Journal Entry Formats — Complete List.

The 60-Mark Strategy: How to Attempt Part A

Time allocation for Part A within the 3-hour paper:

Attempt order strategy:

1. Start with the chapter you are most confident in.
2. Always show working notes — CBSE awards step marks even if the final answer is wrong.
3. If a Balance Sheet does not tally, write "Balance Sheet does not tally due to..." and still score 5–6 out of 8.
4. For time management across the full paper, allot 100 minutes to Part A and 50 minutes to Part B.

Practice Priority: 20-Day Plan

If you are studying for CBSE Accountancy overall, combine this with Part B preparation for a complete strategy.

Common Traps and How to Avoid Them

Trap 1: Forgetting to distribute accumulated reserves on admission/retirement. Every time a new partner joins or an existing partner leaves, reserves, surplus, and undistributed profits must be distributed in the old ratio first. Missing this loses 2–3 marks.

Trap 2: Confusing sacrificing ratio with gaining ratio. Sacrificing ratio = Old share – New share (used in Admission). Gaining ratio = New share – Old share (used in Retirement). Write the formula at the top of your answer.

Trap 3: Not creating Debenture Redemption Reserve before redeeming. As per rules, a company must transfer at least 10% of the value of debentures to DRR before redemption begins. Forgetting this entry costs 1–2 marks.

Trap 4: Wrong treatment of goodwill when the retiring partner's share is not specified. When goodwill of the retiring partner is to be adjusted, credit it to the retiring partner's capital account and debit the remaining partners' capital accounts in their gaining ratio (not the old ratio).

For answer sheet presentation tips that earn extra marks through neatness and formatting, check our dedicated guide.

Frequently Asked Questions

How many marks does Partnership carry vs Company Accounts in CBSE 2027?

Partnership Accounts (Chapters 1–5) carry 35–40 marks, and Company Accounts (Chapters 6–8) carry 20–25 marks. Together they form Part A worth 60 marks out of 80. Partnership clearly dominates, so allocate more study time to it.

Which is the single most important chapter for marks?

Admission of a Partner and Retirement/Death of a Partner are tied as the two most critical chapters, each carrying 8–10 marks. A complete admission or retirement problem appears in every CBSE paper. Master both with at least 20 practice problems each.

Do I need to memorize journal entries or can I derive them?

Understanding the logic helps, but for speed in exams, you should have the standard entries memorized. Partnership goodwill entries, share forfeiture entries, and debenture issue entries follow fixed patterns. Memorize the Dr/Cr structure and apply different numbers.

How are marks awarded for incomplete problems?

CBSE follows a step-marking scheme. If your final Balance Sheet does not tally but your Revaluation Account and Capital Accounts are correct, you still score marks for those parts. Always show working notes separately as examiners award marks for correct intermediate steps.

Should I attempt Part A or Part B first in the exam?

Most toppers recommend attempting Part A first since it carries 60 marks and the problems require fresh concentration. Start with your strongest chapter. Complete Part A in about 100 minutes, then move to Part B. Use the 3-hour strategy guide for detailed time splits.

Is NCERT enough or do I need TS Grewal / DK Goel?

NCERT provides the theory and basic problems, but for exam-level practice, you need either TS Grewal or DK Goel. Pick one (not both). TS Grewal is more popular and aligns closely with CBSE patterns. Supplement with CBSE sample papers and previous year papers for the last 5 years.

Related Guides

• CBSE Class 12 Accountancy Chapter-Wise Marks Weightage 2027
• CBSE Class 12 Accountancy Journal Entry Formats — Complete List
• CBSE Class 12 Accountancy Ratio Analysis and Cash Flow — Step by Step
• CBSE Class 12 Economics Chapter-Wise Weightage 2027
• Board Exam Answer Sheet — Write for Maximum Marks 2027
• Trending Courses After Class 12 India 2027

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Every journal entry you practise today is a mark you earn tomorrow. The patterns are predictable — your preparation should be too.

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