Class 12 Accountancy Half-Yearly Exam: Top 15 Important Questions and Theory

The Class 12 Accountancy half-yearly exam is an important test before the final board examination. It helps students check their preparation and find the topics that need more practice.

Students should not study only by reading answers. They should also solve numerical questions, learn the correct formats, and revise important rules. The following Class 12 Accountancy important questions can help students prepare in a better way.

Class 12 Accountancy Important Topics

Before solving questions, students should understand the chapters that usually need more time. These topics include partnership accounts, admission and retirement of partners, dissolution, company accounts, accounting ratios, and cash flow statements.

The table below gives a quick view of the main areas. Students can use it to make a simple study plan.

Also Check : Class 12 Commerce Syllabus

Top 15 Class 12 Accountancy Half-Yearly Exam Important Questions

Theory can help students score marks in short-answer and long-answer sections. These Class 12 Accounts important theory questions for half-yearly preparation should be revised in simple points. The following questions cover the main areas of the syllabus. They are useful for students looking for Class 12 Accounts' most important questions before the examination.

Question 1

Under fluctuating capital method,

(A) Only one account, i.e., a capital account is maintained for each partner

(B) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, salary or commission to partners, etc. are recorded directly in the current accounts of the partners.

(C) All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, salary or commission to partners, etc. are recorded directly in the capital accounts of the partners.

(D) This makes the balance in the capital account fluctuate from time to time.

Choose the correct answer from the options given below:

A. (A), (C) and (D) only

B. (A), (B) and (D) only

C. (C) and (D) only

D. (B), (C) and (D) only

Question 2

Nikhil and Sharat were partners in a firm sharing profits and losses in the ratio of 4: 3. Nikhil withdrew Rs.6,000 on the first day of every quarter for the year ended 31st March, 2023. Interest on drawings is to be charged @ 5% p.a. Interest on Nikhil's drawings will be calculated for:

A. 6 months

B. 4.5 months

C. 7.5 months

D. 3 months

Question 3

Assertion (A): Each partner is a principal as well as an agent for all the other partners.

Reason (R): As per the definition of Partnership Act, partnership business may be carried on by all the partners or any of them acting for all.

A. Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).

B. Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

C. Assertion (A) is correct, but Reason (R) is incorrect.

D. Assertion (A) is incorrect, but Reason (R) is correct.

Question 4

A, B and C are partner in a firm sharing profits in the ratio of 5: 3: 2. As per partnership deed, C is to get a minimum amount of Rs. 10,000 as profit. Net Profit for the year is Rs. 40,000. Calculate deficiency (if any) to C.

A. Rs. 750

B. Rs. 2000

C. Rs. 1500

D. Rs. 8,000

Question 5

B and D were partners. According to the provisions of the partnership deed, interest on B's capital for the year ended 31.03.2026 was calculated at Rs. 4,000. The necessary journal entry for transferring interest on B's capital to Profit and Loss Appropriation Account will be:

A. Profit and Loss Appropriation A/c Dr. 4,000

$\quad$ To B's Capital A/c 4,000

B. Profit and Loss Appropriation A/c Dr. 4,000

$\quad$ To Interest on B's Capital A/c 4,000

C. Interest on B's Capital A/c Dr. 4,000

$\quad$ To Profit and Loss Appropriation A/c 4,000

D. Profit and Loss Appropriation A/c Dr. 4,000

$\quad$ To B's Current A/c 4,000

Question 6

Ram and Mohan were partners with fixed capitals of Rs. 3,00,000 and Rs. 2,00,000, respectively. As per their partnership deed, interest on capital was allowed @ 10% p.a. Net profit for the year ended 31st March, 2026 was Rs. 30,000. The amount of interest on capital to be credited to each partner's current account for the year ended 31st March 2026 was:

A. Ram Rs. 30,000 and Mohan Rs. 20,000

B. Ram Rs. 20,000 and Mohan Rs. 10,000

C. Ram Rs. 18,000 and Mohan Rs. 12,000

D. Ram Rs. 30,000 and Mohan Nil

Question 7

Ruchika and Harshita were partners in a firm. Ruchika had withdrawn Rs. 9,000 at the end of each quarter throughout the year. The interest to be charged on Ruchika's drawings at 6% p.a. will be:

A. Rs. 540

B. Rs. 2,160

C. Rs. 1,080

D. Rs. 810

Question 8

Pooja and Kumari were partners in a firm sharing profits and losses in the ratio of 2:1. On 1st April, 2023, Noori was admitted as a new partner for 1/4th share in the profits of the firm. Noori was guaranteed a minimum profit of Rs. 1,20,000. Any deficiency on this account was to be borne by Pooja and Kumari in their profit-sharing ratio. During the year ended 31st March, 2024, the firm earned a net profit of Rs. 3,60,000. The amount of deficiency borne by Pooja will be:

A. Rs. 20,000

B. Rs. 1,20,000

C. Rs. 10,000

D. Rs. 1,60,000

Question 9

Dilshad, Ajit and Deepna were partners in a firm sharing profits and losses in the ratio of 2:2:1. Their fixed capitals were: Rs. 5,00,000, Rs. 4,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ended 31st March 2025, it was discovered that interest on partners' capitals was provided @ 6% p.a. instead of 7% p.a. The adjustment entry to rectify the above error will be:

A. Deepna's Current A/c Dr 1,000

$\quad$ To Dilshad's Current A/c 1,000

B. Dilshad's Current A/c Dr 1,000

$\quad$ To Deepna's Current A/c 1,000

C. Deepna's Capital A/c Dr 1,000

$\quad$ To Dilshad's Capital A/c 1,000

D. Dilshad's Capital A/c Dr 1,000

$\quad$ To Deepna's Capital A/c 1,000

Question 10

A partnership can have maximum 50 partners. This Limit has been set by the:

A. Indian Partnership Act, 1932

B. State Government

C. Indian Contract Act, 1872

D. Central Government

Question 11

Which of the following is a feature of goodwill?

A. Its value is subjective.

B. It cannot be seen or touched.

C. It helps the business to earn more than the normal profit.

D. All of the above

Question 12

Assertion (A): Goodwill is a fictitious asset.

Reason (R): It cannot be seen or touched and does not have a physical existence much like preliminary expenses.

A. Both A and R are correct and R is the correct explanation of A.

B. Both A and R are incorrect.

C. Only A is correct.

D. Only R is correct.

Question 13 

If the capital employed by a partnership firm is Rs. 7,50,000. Its average profit is Rs. 1,50,000. The normal rate of return in a similar type of business is 10%. What will be the Super Profit?

A. Rs. 75,000

B. Rs. 25,000

C. Rs. 15,000

D. Rs. 84,000

Question 14

The books of Mehul and Barkha showed that their capital employed on 31st March, 2025, was Rs. 6,00,000. If the normal profits are Rs. 60,000 and super profits are Rs. 20,000, then the normal rate of return is:

A. 6%

B. 15%

C. 30%

D. 10%

Question 15

The goodwill valued as per the Capitalisation of Average Profit method is Rs. 50,000. The normal rate of return is 10%, and the capital employed is Rs. 1,50,000. The average profit is:

A. Rs. 20,000

B. Rs. 50,000

C. Rs. 2,00,000

D. Rs. 5,00,000

Class 12 Accountancy Half-Yearly Exam Important Questions PDF

This PDF contains essential Class 12 Accountancy practice questions prepared for half-yearly exam preparation. It features key topics such as Fundamentals of Partnership, Goodwill valuation, Admission, Retirement, and Death of a Partner. The document provides comprehensive multiple-choice questions, detailed numerical problems, and step-by-step working notes to strengthen conceptual clarity. 

Class 12 Accounts Half-Yearly Exam Preparation Plan

A good plan can make accountancy easier. Students should divide their preparation into learning, practice, and revision.

Start with the chapters that carry more marks or seem difficult. Do not leave theory for the last day. Make a separate notebook for formulas, important entries, and common adjustments.

Last-Minute Revision Tips for Class 12 Accountancy

Use these last-minute revision tips to quickly strengthen key concepts, improve accuracy, and boost confidence for your Class 12 Accountancy exam. 

• Revise important formulas, ratios, journal entries, and accounting formats.

• Practise at least 2–3 numerical questions from each major chapter.

• Revise goodwill, revaluation, admission, retirement, and dissolution adjustments carefully.

• Practise questions involving calculations and working notes to improve accuracy.

• Attempt one sample or half-yearly paper within the exam time limit.

• Keep the last revision focused on formulas, formats, and questions where mistakes occurred during practice.

These Class 12 Accountancy half-yearly important questions can guide your preparation, but students should also study the complete syllabus and class notes. Regular practice, correct formats, and clear working notes are the best ways to improve marks in the Class 12 Accounts half-yearly exam.