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100+ Free PSEB SS Accountancy Practice Questions

Punjab School Education Board (PSEB) Senior Secondary Accountancy (Class 12 — Accountancy elective, subject code 142) practice questions are available now; exam metadata is being verified.

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2026 Statistics

Key Facts: PSEB SS Accountancy Exam

80+15+05

Theory + Practical + Project/INA marks for PSEB Accountancy code 142

PSEB Scheme of Studies Senior Secondary

33%

Minimum separately in Theory, Practical, INA and in aggregate

PSEB Scheme of Studies Senior Secondary

Code 142

Accountancy subject code on PSEB Senior Secondary scheme

PSEB Scheme of Studies

Board-level practical

Accountancy practical is conducted by external examiners at Board level

PSEB Scheme of Studies notes

English MCQ adaptation

This free local bank is not the official Senior Secondary paper format

OpenExamPrep practice policy

PSEB Senior Secondary Accountancy (code 142) is a Class 12 public-exam elective: Theory 80 + Practical 15 + Project/INA 05 = 100, with 33% required separately in each component and in aggregate. Syllabus covers partnership, company accounts, ratios, and cash flow — not a pure MCQ board paper. This free 2026 bank is an English MCQ study adaptation for NCERT/PSEB-aligned Class 12 Accountancy concepts and calculations.

Sample PSEB SS Accountancy Practice Questions

Try these sample questions to test your PSEB SS Accountancy exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1In the absence of a partnership deed, interest on partners' capital is:
A.Allowed at 6% p.a.
B.Allowed at 12% p.a.
C.Not allowed
D.Allowed only if profits are sufficient
Explanation: Under the Indian Partnership Act 1932, if there is no deed (or no provision), partners are not entitled to interest on capital.
2A and B share profits equally. A drew ₹48,000 on 1 July and B drew ₹36,000 on 1 October. Interest on drawings is charged at 10% p.a. for the year ended 31 March. Total interest on drawings is:
A.₹5,400
B.₹8,400
C.₹4,200
D.₹3,600
Explanation: A: 48,000 × 10% × 9/12 = ₹3,600. B: 36,000 × 10% × 6/12 = ₹1,800. Total = ₹5,400.
3Average profits of the last 5 years are ₹90,000. Goodwill is valued at 2 years' purchase of average profits. Goodwill is:
A.₹1,80,000
B.₹90,000
C.₹4,50,000
D.₹2,70,000
Explanation: Goodwill = average profit × years' purchase = 90,000 × 2 = ₹1,80,000.
4Normal rate of return is 12%. Capital employed is ₹8,00,000. Average profit is ₹1,20,000. Super profit is:
A.₹24,000
B.₹1,20,000
C.₹96,000
D.₹14,400
Explanation: Normal profit = 12% of 8,00,000 = ₹96,000. Super profit = 1,20,000 − 96,000 = ₹24,000.
5Super profit is ₹30,000. Normal rate of return is 15%. Goodwill by capitalisation of super profit is:
A.₹2,00,000
B.₹30,000
C.₹2,30,000
D.₹4,500
Explanation: Goodwill = Super profit × 100 / Normal rate = 30,000 × 100/15 = ₹2,00,000.
6Under the fixed capital method, interest on capital is credited to:
A.Capital Account only
B.Current Account
C.Drawings Account
D.Profit and Loss Account (debit side only)
Explanation: With fixed capitals, adjustments such as interest on capital, share of profit, and drawings usually pass through partners' Current Accounts so that Capital Accounts remain fixed.
7Profits of a firm for 3 years are ₹40,000, ₹50,000 and ₹60,000. Goodwill is valued at 2½ years' purchase of average profits. Goodwill is:
A.₹1,25,000
B.₹1,50,000
C.₹1,00,000
D.₹75,000
Explanation: Average profit = (40,000 + 50,000 + 60,000)/3 = ₹50,000. Goodwill = 50,000 × 2.5 = ₹1,25,000.
8In the absence of a partnership deed, profits and losses are shared:
A.In capital ratio
B.Equally
C.In the ratio of drawings
D.As decided by the managing partner only
Explanation: Section 13 of the Indian Partnership Act 1932 provides that, subject to contract, partners share profits and losses equally.
9Salary to a partner, if provided by the deed, is treated as:
A.A charge against profit (debited to P&L Account)
B.An appropriation of profit (debited to P&L Appropriation Account)
C.A capital receipt
D.A liability until paid, never an appropriation
Explanation: Partner's salary is an appropriation of profit and is debited to the Profit and Loss Appropriation Account (not a charge against profit like interest on loan to an outsider).
10Capital employed ₹5,00,000; normal rate 10%; average profit ₹70,000. Goodwill by capitalisation of average profit method is:
A.₹2,00,000
B.₹7,00,000
C.₹5,00,000
D.₹70,000
Explanation: Capitalised value of business = Average profit × 100 / Normal rate = 70,000 × 100/10 = ₹7,00,000. Goodwill = 7,00,000 − 5,00,000 = ₹2,00,000.

About the PSEB SS Accountancy Practice Questions

Verified exam format metadata for Punjab School Education Board (PSEB) Senior Secondary Accountancy (Class 12 — Accountancy elective, subject code 142) is pending. The practice questions above remain available while official exam length, timing, passing score, fee, and administrator details are reviewed.