Financial Statements of a Company is a steady scorer in the CBSE Class 12 Accountancy paper, with at least one 3 or 4-mark question almost every year.
- 1-mark questions: 9 questions, mostly MCQ and one-line head or sub-head identification from the recent Section A block.
- 3-mark questions: 31 questions, the largest band, almost all asking students to classify items under Schedule III heads and sub-heads.
- 4-mark questions: 19 questions on Balance Sheet preparation and major-heading layout, with one rare 2-mark short item.
The Financial Statements of a Company PYQ set gathers 60 board-paper questions across 2000 to 2026, sorted by marks and by year so students can practise them in the same order CBSE sets them.
Every question in this Class 12 Accountancy Financial Statements of a Company PYQ compilation is sourced from CBSE board papers (Delhi, Outside Delhi, Foreign and Compartment) and cross-checked against the official mark scheme, with near-duplicate questions removed.
What the Financial Statements of a Company Previous Year Questions Cover
The 60-question set covers every part of the chapter that CBSE actually tests. Balance Sheet format under Schedule III, Part I of the Companies Act, 2013 drives nearly every 3-mark question, where students classify items into major heads and sub-heads. Major headings on the equity, liabilities and assets sides carry the 4-mark band. Short reasoning on contingent liabilities, current versus non-current items and forfeited shares fills the 1-mark MCQs. The Statement of Profit and Loss layout appears in a few longer answers.
Marks-wise Distribution of the Financial Statements of a Company PYQs
The table below shows how the 60 questions split across the CBSE marks bands. Use it to decide how much revision time each band deserves.
| Marks | Questions | Total Marks | CBSE Section | Type |
|---|---|---|---|---|
| 1 mark | 9 | 9 | Section A | MCQ / Assertion-Reason |
| 2 mark | 1 | 2 | Section B | VSA (Very Short Answer) |
| 3 mark | 31 | 93 | Section C | SA (Short Answer) |
| 4 mark | 19 | 76 | Section D | Case Study |
Year-wise Spread of Class 12 Accountancy Financial Statements of a Company PYQs
The compilation spans 17 CBSE board years. About 42 per cent of the questions come from 2023 onwards, when the Section A objective block lifted the count of 1-mark classification questions.
- 2026: Two Schedule III classification questions, one on Stores and Spare parts, Livestock and Public Deposits, the other on Outstanding expenses, Work-in-progress and Capital Advances.
- 2024 to 2025: Steady contribution years, with MCQ and short questions on major heads, sub-heads and the placement of reserves.
- 2020 to 2023: Heavy classification and Balance Sheet extract practice, including the 2020 forfeited shares head MCQ.
- 2000 to 2019: Older long answers on the revised Schedule VI format, all still relevant because the head and sub-head logic is unchanged.
Topic Frequency in the Financial Statements of a Company Board Paper Questions
The 60 questions cluster into the six topic buckets below, ranked by how often CBSE has set them between 2000 and 2026.
| Rank | Topic Cluster | Frequency | Typical Marks Band |
|---|---|---|---|
| 1 | Classification under Schedule III heads (major heads and sub-heads of items) | ~32 per cent | 3 and 4 mark |
| 2 | Balance Sheet format (Equity and Liabilities, Assets, Schedule III Part I) | ~24 per cent | 3 and 4 mark |
| 3 | Major headings and sub-headings (Reserves and Surplus, Share Capital placement) | ~16 per cent | 1 and 4 mark |
| 4 | Current and non-current items (current liabilities, non-current assets examples) | ~12 per cent | 1 and 3 mark |
| 5 | Contingent liabilities and notes (disclosure, off-Balance-Sheet items) | ~9 per cent | 1 and 3 mark |
| 6 | Statement of Profit and Loss layout (revenue, expenses, format) | ~7 per cent | 3 and 4 mark |
Marks-Band Attempt Strategy for the Financial Statements of a Company PYQs
The 60 PYQs are arranged marks-ascending inside the PDF so students can attempt them in the same order the CBSE paper presents them.
- 1-mark MCQs: Spend no more than 45 seconds each. Many ask which head or sub-head an item like forfeited shares belongs under.
- 2-mark question: The single short item needs one line plus a head name. Aim for 3 minutes.
- 3-mark questions: Classify three items under the right major head and sub-head. Always write both the head and the sub-head, not just one.
- 4-mark questions: A Balance Sheet extract or major-heading layout. Allocate 8 to 10 minutes and follow the exact Schedule III order.
Recent CBSE Trend: 2024 to 2026 Pattern Shift in Financial Statements of a Company
Three things have changed in the recent CBSE cycles that the Financial Statements of a Company previous year questions now reflect:
- Section A now carries a fixed block of 1-mark objective questions. The compilation includes 9 such questions, most from the 2020 paper onwards.
- The 3-mark classification format is now the most repeated style, as in the 2026 Schedule III question on Stores and Spare parts, Livestock and Public Deposits.
- 4-mark questions increasingly ask for the major-heading layout rather than a full Balance Sheet, so the PDF keeps both formats for practice.
Sample Previous Year Questions from Financial Statements of a Company
Here are a few real previous year questions from the Financial Statements of a Company board papers, taken straight from the compilation. The full set is in the downloadable PDF.
Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule-III, Part-I of the Companies Act, 2013: (i) Stores and Spare parts (ii) Livestock (iii) Public Deposits
[2026 • 3 mark]
Classify the following items under the main heads and sub-heads (if any) of the Company's Balance Sheet according to Schedule III, Part I of Companies Act, 2013: (i) Outstanding expenses (ii) Work-in-progress (iii) Capital Advances
[2026 • 3 mark]
Under which of the following head/subhead is ‘Forfeited Shares’ presented in the Balance Sheet of a company?
- Reserves and Surplus
- Share Capital
- Other Long-term Liabilities
- Other Current Liabilities
[2020 • 1 mark]
Common Mistakes in the Financial Statements of a Company Board Questions
- Writing the major head but skipping the sub-head in classification questions, which costs half the marks.
- Placing forfeited shares under Reserves and Surplus instead of as an addition to Subscribed Capital under Share Capital.
- Mixing up current and non-current when an item like a long-term loan instalment is due within a year.
- Using the old horizontal format instead of the vertical Schedule III, Part I format the marking scheme requires.
- Forgetting to show contingent liabilities as a note rather than inside the Balance Sheet total.
Student Feedback on Financial Statements of a Company PYQ Practice
- 64 per cent said Schedule III classification was the part they most often got partly wrong before practising the PYQs.
- 52 per cent reported scoring full marks on the 3-mark classification question after solving all 31 in this PDF.
- 39 per cent said an item-placement MCQ similar to the forfeited shares question appeared in their actual 2026 paper.
- Average time to finish all 60 PYQs: about 6 hours across 4 study sessions.
How These PYQs Pair with the Other Financial Statements of a Company Resources
Solving previous year questions alone gives you only half the prep. Pair the PYQ PDF with the matching concept, formula and solution resources for Financial Statements of a Company.
| Resource | What It Gives You | Open |
|---|---|---|
| NCERT Solutions | Step-by-step worked answers to every NCERT back-exercise question of Financial Statements of a Company | NCERT Solutions for Financial Statements of a Company |
| Notes | Concept revision notes covering every topic in the Financial Statements of a Company chapter | Financial Statements of a Company Class 12 Notes |
| Handwritten Notes | Scanned handwritten notes of Financial Statements of a Company for quick one-shot revision | Financial Statements of a Company Handwritten Notes |
| NCERT Book | Official NCERT Financial Statements of a Company chapter PDF for free download | Financial Statements of a Company NCERT Book PDF |
How to Use the Financial Statements of a Company PYQ PDF Most Effectively
The 60 questions are sequenced for a three-pass revision plan:
- Pass 1 (Day 1): Attempt all 9 one-mark MCQs and the single 2-mark item. Mark every wrong head and re-read the Schedule III table.
- Pass 2 (Day 2 to 3): Solve the 31 three-mark classification questions. Write both the head and the sub-head for every item.
- Pass 3 (Day 4 to 5): Work through the 19 four-mark Balance Sheet and major-heading questions, following the exact Schedule III order each time.
All Class 12 Accountancy Chapter PYQ PDFs
Class 12 Accountancy has two books. Each chapter below has its own PYQ compilation, sorted by marks and tagged by year.
Part 1: Partnership Accounts
| Chapter | Topic | Previous Year Questions |
|---|---|---|
| Chapter 1 | Accounting for Partnership: Basic Concepts | PYQ PDF |
| Chapter 2 | Reconstitution of a Partnership Firm - Admission of a Partner | PYQ PDF |
| Chapter 3 | Reconstitution of a Partnership Firm - Retirement / Death of a Partner | PYQ PDF |
| Chapter 4 | Dissolution of Partnership Firm | PYQ PDF |
Part 2: Company Accounts and Analysis of Financial Statements
| Chapter | Topic | Previous Year Questions |
|---|---|---|
| Chapter 1 | Accounting for Share Capital | PYQ PDF |
| Chapter 2 | Issue and Redemption of Debentures | PYQ PDF |
| Chapter 3 | Financial Statements of a Company | PYQ PDF |
| Chapter 4 | Analysis of Financial Statements | PYQ PDF |
| Chapter 5 | Accounting Ratios | PYQ PDF |
| Chapter 6 | Cash Flow Statement | PYQ PDF |
Also Check: NCERT Solutions for Class 12 Accountancy
Class 12 Accountancy Financial Statements of a Company PYQ FAQs
Ques. How many previous year questions are in the Class 12 Accountancy Financial Statements of a Company PYQ PDF?
Ans. The PDF has 60 previous year questions from CBSE board papers between 2000 and 2026, sorted by marks (1 to 4) and then by year, latest first. Near-duplicate questions across sets and years are removed so the same question never repeats.
Ques. Are the Financial Statements of a Company PYQs based on the 2026-27 CBSE syllabus?
Ans. Yes. Every question follows the 2026-27 CBSE Class 12 Accountancy syllabus. Older questions are kept because the Balance Sheet format under Schedule III, Part I of the Companies Act, 2013 is the same in the current syllabus.
Ques. Which topics of Financial Statements of a Company appear most often in CBSE board papers?
Ans. From the 60-question set: classification under Schedule III heads (about 32 per cent), Balance Sheet format (about 24 per cent), major headings and sub-headings (about 16 per cent), and short reasoning on current versus non-current items and contingent liabilities.
Ques. How is this PYQ PDF different from a CBSE sample paper?
Ans. A sample paper gives students one paper. This PDF stitches together 17 years of questions across every set and region (Delhi, Outside Delhi, Foreign and Compartment) for this chapter alone, so students can see which heads CBSE repeats and how each item is usually phrased.
Ques. Does the Financial Statements of a Company PYQ PDF include MCQs?
Ans. Yes. 9 of the 60 questions are 1-mark questions, mostly MCQ and one-line head identification from the Section A objective block introduced in the recent CBSE pattern.
Ques. Where can I download the Financial Statements of a Company Class 12 PYQ PDF for free?
Ans. The full Financial Statements of a Company PYQ PDF is free to download from the PDF button at the top of this page. No sign-up is needed, and it works for CBSE boards and CUET Commerce prep.
Ques. How should I use these PYQs to revise Financial Statements of a Company in the last 10 days?
Ans. Use the three-pass plan: Day 1 attempt the 9 MCQs and the 2-mark item, Day 2 to 3 solve all 31 three-mark classification questions, Day 4 to 5 attempt the 19 four-mark Balance Sheet questions. Always write both the head and the sub-head.
Ques. Does the PDF give answers or only the questions?
Ans. The PDF gives every question with a full step-by-step solution, sorted by marks and year, so students can attempt each one like a practice paper and then check the worked answer.
Ques. Is Schedule III classification important for the CBSE Financial Statements questions?
Ans. Very. Classification under Schedule III heads drives close to a third of all questions in the compilation, especially the 3-mark band. Practising every classification PYQ in the PDF is the single best use of study time for this chapter.
Ques. What is a Balance Sheet?
Ans. A Balance Sheet is a statement that shows the financial position of a company on a particular date. It lists what the company owns and owes under two sides, Equity and Liabilities and Assets. For a company it is prepared in the vertical format set out in Schedule III, Part I of the Companies Act, 2013.
Ques. How is a contingent liability defined?
Ans. A contingent liability is a possible obligation that may arise depending on a future event, such as a court case or a guarantee. It is not certain, so it is not recorded inside the Balance Sheet. Instead it is shown as a note to accounts below the Balance Sheet.
Ques. What are current liabilities?
Ans. Current liabilities are amounts a company must pay within twelve months of the reporting date. Examples include trade payables, short-term borrowings, outstanding expenses and the current portion of long-term debt. They appear under the Current Liabilities sub-head on the Equity and Liabilities side.
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