SET - A Roll No.

SAMPLE PAPER - 2023-24

Class -XII
Subject: Accountancy (055)
Time Allowed: 3 Hours Max. Marks -: 80
GENERAL INSTRUCTIONS:
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B.
3. Part - A is compulsory for all the candidates.
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised Accounting.
Students must attempt only one of the given options as per the subject opted.
5. Question Nos.1 to 16 and 27 to 30 carries 1 mark each.
6. Questions Nos. 17 to 20, 31and 32 carries 3 marks each.
7. Questions Nos. from 21 ,22 and 33 carries 4 marks each
8. Questions Nos. from 23 to 26 and 34 carries 6 marks each
9. There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2
questions of three marks, 1 question of four marks and 2 questions of six marks.
PART A
(Accounting for Partnership Firms and Companies)
Que. 1 Shanu and Ranu share profits in the ratio of 3:2. Their capitals are ₹ 40,000 and ₹ 30,000 respectively.
Chabu is admitted for 1/5th share in profits. What is the amount of capital which Chabu should bring? (1)
(a) ₹ 17,500 (b) ₹ 16,000 (c) ₹ 1,00,000 (d) ₹ 64,000

Que. 2 Assertion (A) : P,Q and R are partners in a firm. R has invested Rs.2,00,000 more in comparison of
other partner. R claims 6% interest on his excess capital.
(1)
Reason (R) : Interest on Loan is treated as Charged not Appropriation.
Choose one of the correct alternatives given below:
(a) Both Assertion (A) and Reason (R) are True and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are True and Reason (R) is Not the correct explanation of Assertion
(A).
(c) Assertion (A) is True but Reason (R) is False.
(d) Assertion (A) is False but Reason (R) is true

Que. 3. 800 shares of Rs 10 each issued at 20% premium were forfeited for non-payment of allotment money
of Rs 5 (including premium) and first & final of Rs 3 per share. Share Forfeiture Account will be credited with
(a) Rs 1,600 (b) Rs 2,400 (c) Rs 3,200 (d) Rs 4,800 (1)
OR
Aryan Ltd forfeited 7000 equity shares of ₹ 100 each issued at a premium of 10%, for non-payment of first
and final call of ₹ 40 per share. The maximum amount of discount at which these shares can be reissued will
be:
(a) ₹ 2,80,000 (b) ₹ 3,50,000 (c) ₹ 4,90,000 (d) None of these
4 A, B and C who were sharing profits and losses in the ratio of 4:3:2. On 1st April 2023 C retired. An extract
of their Balance Sheet as at 31st March 2023 is: (1)
Particulars (₹) Particulars (₹)
Workmen Compensation Reserve 65,000
At the time of reconstitution, a certain amount of Claim on workmen compensation was determined to be Rs.
80,000. Revaluation A/c would be affected by Rs. ……..
a) ₹ 80,000 b) ₹ 65,000 c) ₹ 15,000 d) ₹ 1,45,000
OR
Capital employed of a partnership firm was Rs 10,00,000. Its average profit was Rs 1,20,000. The normal
rate of return in similar type of business was 10%. What is the amount of super profit
(a) Rs 12,000 (b) Rs 20,000 1 of 8 (c) Rs 1,00,000 (d) Rs 1,12,000
Que. 5 In the absence of Partnership Agreement, interest on Drawings of a partner is charged (1)
(a) @ 8% p. a. (b) @ 6 % p. a. (c) @ 6% (d) No interest is charged
Que. 6 ABC took over the assets of ₹ 7, 60,000 and liabilities of ₹ 80,000 of Y limited for purchase
consideration of Rs 5, 85,000 payable by the issue of 12% debentures of ₹ 100 each at a discount of 10%.
The number of debentures to be issued is:
(1)
(a) 6,600 (b) 6,500 (c) 4,500 (d) 5,400
OR
Agro Ltd. invited application for 20,000 shares of the value of Rs.10 each. The amount is payable as Rs.3 on
application and Rs.5 on allotment and balance on First and Final call. Applications were received for 30,000
shares. Find out the amount received on the application. (1)
a) Share Application A/c Dr. 40,000 b) Share Capital A/c ... Dr. 10,000
To Share Capital A/c 40,000 To Share Application A/c 10,000
c) Bank A/c ... Dr. 90,000 d) Share Capital A/c ... Dr. 20,000
To Share Application A/c ... 90,000 To Share Application A/c ... 20,000

Que. 7 If vendors are issued fully paid shares of Rs. 6,00,000 in consideration of net assets Rs.8,00,000. Then
the balance of Rs.2,00,000 will be: (1)
(A) Debited of Statement of Profit & Loss (B) Debited to Goodwill A/c
(C) Credited to Reserve Capital A/c (D) Credited to Securities Premium A/c
Que. 8 Vee and Anu are partners in a firm sharing profits and losses I & n the ratio 2:1. Their Capital Balances
were ₹ 10, 00,000 and ₹ 8, 00,000 respectively. The firm made a profit during the year amounted to ₹ 3,
45,000. Both partners are allowed a salary of ₹ 2,500 per month. Interest on capital is allowed @ 5% on
capital balance. Calculate the Capital balance of Anu.
(1)
(a) ₹ 9,35,000 (b) ₹ 9,10,000 (c) ₹ 9,85,000 (d) None of these
OR
Omi, Leela and Amber who were partners sharing profits in the ratio of 5:3:2 now decided to share future
profits in 2:1:1. At the time of reconstitution there was a balance of General Reserve. If Leela got Rs. 15,000
then the amount of General Reserve was:
(a) 60,000 (b) 50,000 (c) 40,000 (d) 30,000

Read the following hypothetical situation, answer question no. 9 and 10.
A and B started business on 1st April, 2020 with capital of ₹ 3,00,000 and ₹ 2,00,000 respectively. According
to the partnership deed, B is to get salary of ₹ 5,000 per month, A is to get 10% commission on profit after
allowing salary to B. Interest is to be allowed on capitals @ 6% p.a. A had given a loan of ₹ 1,00,000 to the
firm on 1st April, 2020. Interest on loan was agreed to be allowed @ 8% p.a. B was given loan of ₹ 2,00,000
on which interest was charged ₹ 11,000. Manager was to be allowed commission of ₹ 3,000. Profits of the
firm before these adjustments as ₹ 2,50,000. The profit will be distributed among the partners equally :-
Que. 9.What is the commission payable to A ? (1)
 (a) ₹ 25,000 (b) ₹ 20,000 (c) ₹ 19,000 (d) None of the above
Que. 10. How much amount of profit of A will be transferred to his capital ? (1)
(a) ₹ 70,000 (b) ₹ 70,500 (c) ₹ 71,500 (d) None of these
Que.11 X,Y and Z are partners sharing profits in 27:2:1.
of 8 Y retires on 1st April,2023 and amount transferred to
his loan A/c is Rs.108000 which is payable in three equal annual instalments together with interest @6% p.a.
The total amount paid for the last instalment along with interest will be – (1)
(a) ₹38160 (b) ₹38100 (c) ₹ 37800 (d) ₹36000
Que. 12. Kedar Ltd. took over assets worth ₹ 20, 00,000 from Krishan Ltd. by paying 30% through bank draft
and balance by issue of shares of ₹ 100 each at a premium of 10%. The entry to be passed by Kedar Ltd. for
settlement will be :- 1
A. Krishan Ltd.. Dr. 20,00,000 B. Krishan Ltd.. Dr. 20,00,000
To Share Capital A/c 12,72,700 To Share Capital A/c 12,72,700
To Securities Premium A/c 1,27,270 To Securities Premium A/c 1,27,270
To Bank A/c 6,00,000 To Bank A/c 6,00,030
To Statement of P&L 30 (Being settlement of amount due to vendors)
(Being settlement of amount due to vendors)
C. Krishan Ltd.. Dr. 20,00,000 D. Krishan Ltd. Dr. 20,00,000
To Share Capital A/c 12,72,700 To Share Capital A/c 12,73,000
To Securities Premium A/c 1,27,300 To Securities Premium A/c 1,27,300
To BankA/c 6,00,000 To Bank A/c 5,99,700
(Being settlement of amount due to vendors) (Being settlement of amount due to vendors)

Que. 13. Which one is not correct statement: (1)

(a) Reserve Capital is not shown in Balance Sheet
(b) Calls in Advance is not a part of Share Capital
(c) Issued Capital can not be more than Subscribed Capital
(d) Share Forfeiture Amount is added to Share Capital
Que. 14. X and T were partners sharing profits in the ratio of 4 : 3. Z was admitted for 1/5th share and he
brought in ₹ 1,40,000 as his share of goodwill in cash of which ₹1,20,000 was credited to X and remaining
amount to
Y. New profit sharing ratio will be : (1)
(a) 4 : 3 : 5 (b) 2 : 2 : 1 (c) 1 : 2 : 2 (d) 2 : 1 : 2
Que. 15 A and B are partners in a firm having capitals of Rs. 54,000 & Rs. 36,000 respectively. They admitted
C for 1/3rd share in his profits. C brought proportionate amount of capital. The capital brought in by C would
be:
(a) Rs. 90,000 (b) Rs. 45,000 (c) Rs. 54,000 (d) Rs. 36,000
OR
A, B and C are partners in the ratio of 5:3:2. Before B's salary of ₹ 34,000 firm's profit is ₹ 1, 84,000. How
much in total B will receive from the firm?
(a) ₹ 55,200 (b) ₹ 79,000 (c) ₹ 89,200 (d) ₹ 45,000
Que. 16 Following is the Balance sheet of K and S who share profits and losses equally as on 31st March
2010. The firm was dissolved. Debtors realized Rs 31,500 (with interest) and Rs 1200 was recovered for bad
debts written off last year. The balance sheet show debtors amounted Rs 25000. By what amount Bank A/c
(Debtors realised) should be shown on the credit side of the realization account?
[1]
a) 36200 b) 36000 c) 32500 d) 31500
Que. 17. Ankit, Manit and Kanika were partners in a firm sharing profits and losses in the ratio of 3:2:1. They
decided to share profits and losses in the ratio of 2 : 3 : 1 with effect from 1st April, 2022. On this date,
goodwill of the firm was valued at Rs. 1,80,000 and General Reserve appeared in the books at Rs. 72,000.
Pass necessary journal entries for the above transactions. Show your workings clearly. 3

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Que.18. Sunita, Vinay and Vijay were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1.
Sunita retired on 1st April, 2022. After making all adjustments relating to revaluation, goodwill and
accumulated profits, etc., the capital a/c of Vinay and Vijay showed credit balances of Rs. 2,40,000 and Rs.
1,60,000 respectively. It was decided to adjust the capitals of Vinay and Vijay in their new profit sharing ratio.
Pass necessary journal entries for bringing in or withdrawal of the necessary amounts. Show your working
clearly. 3
Que. 19. (a) Jenex Ltd. issued 2,00,000 shares of Rs. 10 each at a premium of 10% to the public for
subscription. The whole amount was payable on application. Applications were received for 3,00,000 shares
and the board decided to allot shares to all shareholders on pro-rata basis.
Pass necessary journal entries for the above transactions in the books of Jenex Ltd. 3
OR
(b) Shrawan Ltd. took over the assets of Rs. 21,00,000 and liabilities of Rs. 2,00,000 from SKY Ltd for an
agreed purchase consideration of Rs. 20,00,000. The amount was payable as;
(i) 10% amount was paid by cheque.
(ii) Remaining amount by issuing 9% debentures of Rs. 100 each at 20% premium.
Pass necessary journal entries for the above transactions in the books of Shrawan Ltd.

Que. 20. Alia, Bhram and Chand are partners sharing profits and losses in the ratio of 5:4:1. It was decided
that with effect from 1st April, 2022 the profits sharing ratio will be 9:6:5. It was agreed that the firm’s
goodwill is to be valued at two year’s purchase of normal average profit of the last three years. The profits of
firm’s business for the last three years were:
(3)
2007 - ₹ 1, 80,000 (excluding ₹ 20,000 as insurance premium on firm’s property-now to be insured).
2008 - ₹ 1, 60,000 (including an abnormal gain of ₹ 20,000).
2009 - ₹ 2, 00,000 (after charging an abnormal loss of ₹ 40,000).
Pass the necessary journal entry for the treatment of goodwill and also Calculate the value of the firm’s
goodwill.

Que. 21 Airan Ltd. was registered with an authorized capital of Rs. 20,00,000 divided into Equity Shares of Rs
10. Out of these 10,000 shares were issued to vendors as fully paid as purchase consideration for a business
acquired. The company offered 30,000 shares for public subscription and called up Rs.8 per share and
received the entire amount except one share holder holding 2,000 Equity shares who didn’t pay Rs. 3 on First
call. Another shareholder holding 1,000 share paid the entire amount on his holding along with the allotment.
You are required to prepare the Balance Sheet of the company as per Schedule III of Companies Act, 2013,
showing Share Capital balance and also prepare Notes to Accounts. 4
Que. 22 On April 1, 2023 the balance of the capital account of Ritu and Rishika were stood with Rs. 2,00,000
and Rs. 3,00,000 each. The partner of a firm distributed the profits of March 31, 2023 of Rs. 1,00,000 in their
capital ratio without applying following adjustments:
a) Ritu and Rishika were entitled to Interest on capital @ 10% p.a.
b) Ranjit was a Manager, His commission at 10%.
c) Profits were to be shared by partner in the ratio of 3:2.
Pass necessary journal entry for the above adjustments in the books of the firm. 4

Que. 23. Pratyksh Ltd invited applications for issuing 1,00,000 equity shares of ₹ 100 each at a premium of ₹
10. The amount was payable as follows: 6
On Application – ₹ 30 ; On allotment – ₹ 50 (including a premium of ₹ 10) ; On first call –balance
Applications of 2,50,000 shares were received. Allotment was made on pro rata basis to applicants of 1,50,000
shares and remaining were sent letters of regret. Excess money on application was to be utilised towards
allotment and subsequent calls if any.
Damu, who was allotted 1,600 shares, paid nothing after application. These shares were forfeited after the first
call. 1,200 of these shares were re-issued to Sundar for ₹ 90 per share as fully paid.
Pass necessary journal entries in books of Pratyaksh Ltd.
OR

of 8 of ₹10 each at a premium of ₹ 3. The amount was

Prema Ltd invited applications for issuing 60,000 4shares
payable as follows:
On Application – ₹ 4 ; On allotment – ₹ 6 ; On first call – balance
Applications of 90,000 shares were received. Allotment made as under:
Applicants of 45,000 shares Alloted 40,000 shares.
Applicants of 25,000 shares Alloted 20,000 shares
Remaining application were rejected.
Ruchi, an applicant of 2,250 shares (out of group applying for 45,000 shares) and Yukti, the holder of 3,000
shares (out of group applying for 25,000 shares) failed to pay allotment money and their shares were
immediately forfeited and later on re-issued 4,000 shares @ ₹ 6 per share as ₹ 7 paid up. Re issued shares
included all shares of Ruhi. Pass necessary journal entries in books of Prema Ltd.

24. On 31st March 2023 the Balance sheet of X and Y who were sharing profits and losses in the ratio of 3:2
was as follows. 6
Liabilities Amount(₹ Assets Amount(₹)
)
Creditors 58,000 Cash at bank 18,000
Bills payable 12,000 Debtors 40,000
General reserves 32,000 Less : Provision 2,000 38,000
Capitals Stock 30,000
X 1,00,000 Land & Building 50,000
Y 70,000 1,70,000 Plant & Machinery 60,000
Goodwill 20,000
Profit & Loss a/c 56,000
2,72,000 2,72,000
They decided to admit Z for 1/5th share on 1st April, 2022 in the firm on the following terms:
(a) Goodwill of the firm is valued at Rs 1,00,000.
(b) Plant & Machinery is overvalued by 20%, appreciate Land & Building by 40%.
(c) The provision for doubtful debts was to be increased by Rs. 1,800.
(d) A liability of Rs. 5,000 included in the creditors is not likely to arise.
(e) New profit-sharing ratio between X. Y and Z shall be 5:3:2 respectively.
(f) Z was to contribute capital equal to 1/5th of the total capital of X and Y after all adjustments.
You are required to prepare Revaluation A/c and Partners’ Capital A/c.
OR
Mukesh, Manik and Anil were partners in a firm sharing profits in 2:2:1 ratio, On 31.3.2023 Anil retires from
the firm. On the date of Anil’s retirement the Balance Sheet of the firm was as follows:
Liabilities Amount (₹) Assets Amount (₹)
Creditors 60,000 Bank 25,000
Bill Payable 30,000 Debtor 50,000
Outstanding Rent 6,000 Less: Provision 2,000 48,000
Workmen’s Compensation Reserve 14,000 Stock 35,000
Mukesh’s Capital 90,000 Furniture 40,000
Manik’s Capital 60,000 Premises 1,50,000
Anil’s Capital 50,000 Investment A/c 12,000
 3,10,000 3,10,000
On Anil’s retirement it was agreed that: (a) Premises will be appreciated by 5%.
(b) Furniture will be appreciated by Rs. 2,000.
(c) Stock will be depreciated by 10%.
(d) Provision for bad debts was to be made at 6% on debtors.
(e) Provision legal damages to be made for Rs. 14,400.
(f) Goodwill of the firm is valued at Rs. 48,000.
(g) Rs. 50,000 from Anil’s Capital A/c will be transferred to his Loan A/c and balance will be paid by cheque.
Prepare Revaluation A/c and Partners Capital A/c’s on Anil’s Retirement.
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25 A and B are partners sharing profits and losses in the ratio 3:2. The Balance Sheet of the firm on 31st
March 2023 was as follows:
(6)
Liabilities Amount(₹ Assets Amount(₹)
)
Creditors 50,000 Cash in Hand 6,000
A’s Loan 10,000 Debtors 50,000
Investment Fluctuation Reserve 6,000 Stock 60,000
Employees Provident Fund 30,000 Plant & machinery 40,000
Reserve Fund 24,000 Building 1,10,000
A’s Capital 1,20,000 Furniture 24,000
B’s Capital 70,000 Investment A/c 20,000
3,10,000 3,10,000
The partners decided to dissolve their firm. Assets are realised as follows:
a) 50% of the Debtors realised ₹ 30,000; stock realised at 150%.
b) A took away the machinery at an agreed value of ₹ 30,000.
c) B takes over the building at a valuation of ₹ 1,00,000 and agrees to pay off creditors at a discount of ₹
5,000.
d) An unrecorded liability of ₹ 15,000 was discharged by unrecorded asset of ₹ 18,000 in full settlement.
e) The expenses of realisation came to ₹ 3,000 and were paid by B, however as per agreement they were to be
borne by A.
f) A’s Loan was paid Rs. 9,000 in full settlement. Prepare Realisation A/c.

Que. 26 (A) Journalise the following transaction in the book of MaxWell Ltd at the time of issue. 6
i) Issued Rs.1,00,000 ,!2% Debentures of Rs.100 each at a premium of 5% redeemable at a premium of 10%.
ii) 12% Debentures were issued at a discount of 10% to a vendor of machinery for payment of Rs.9,00,000

(B) On 1st April 2022, Wiwo Ltd. issued 10,000,9% Debentures of Rs.100 each at a premium of 10%
redeemable at par after 5 years at 5% Premium. The issue price is payable along with application. The
debentures were subscribed. It has a balance of Rs. 50,000 in Security premium reserve a/c.
Give journal entries for the issue of debenture & writing off discount or loss on issue of debentures.

PART B
Option - I
(Analysis of Financial Statements)
Que. 27. Net profit after tax Rs 6,00,000; 10% debentures Rs 1,00,00,000; Tax Rate 40% Interest Coverage
Ratio will be (1)
a) 1.2 times b) 3 times c) 2 times d) 5 times
OR
Financial statements are prepared on certain basic assumptions (pre-requisites) known as___________.
 a) Provision of Companies Act,2013 b) Accounting Standards
c) Postulates d) Basis of Accounting
28 The two basic measures of liquidity are: (1)
(a) Inventory turnover and current ratio (b) current and liquid ratio
(c) gross profit and operating ratio (d) current and debt equity ratio
OR
A Company’s liquid assets are Rs.5,00,000 and its current liabilities are Rs.3,00,000. Thereafter, it paid
Rs.1,00,000 to its trade payables. Quick ratio before the payment will be:
(A) 1.33:1 (B) 2.5:1 (C) 1.67:1 (D) 2:1

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Que. 29. Given below are two statements, one labelled as Assertion (A) & the other labelled as Reason (R)
Assertion (A): Profitability ratios are calculated to analysis the earning capacity of the business. (1)
Reason (R): Profitability ratios are calculated to determine the ability of the business to service its debt in the
long run.
In the context of the above two statements, which of the following is correct:
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
(b) Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A).
(c) Assertion (A) is true but Reason (R) is false.
(d) Assertion (A) is false but Reason (R) is true.

Que. 30 Disha Ltd. provides you the following information: (1)

Particulars 31.3.2023(₹) 31.3.2022(₹)
10% Bank Loan Nil 1,00,000
Additional Information:
1. Equity Share Capital raised during the year ₹3,00,000;
2. 10% Bank Loan was repaid on 01.04.2022.
3. Dividend received during the year was ₹20,000.
4. Dividend Proposed for the year 2021-22 was ₹50,000 but only ₹20,000 was approved by the Shareholders.
Find out the cash flow from Financing Activities.
a) ₹ 1,50,000 b) ₹ 2,00,000 c) ₹ 1,70,000 d) ₹ 1,80,000

Que. 31 Classify the following items under Major heads and Sub heads (If any) in the balance sheet of a
Company as per schedule III of the Companies Act 2013. (3)
(i) Loose tools (ii) Long term Provisions
(iii) Loan repayable on demand (iv) Income received in advance
(v) Calls in Advances (vi) Shares in Listed Companies

Que. 32. From the information extracted from the statement of Profit & Loss of Zee Ltd for the year ended
31st March 2022 and 31st March 2023,prepare a common size statement of profit & loss: 3
Particulars Note No. 2022-23(₹) 2021-22(₹)
Revenue from operations 8,00,000 10,00,000
Gross Profit 60% 70%
Other Expenses 2,40,000 2,60,000
Tax Rate 50% 50%
 OR

From the following information , prepare comparative statement of Profit & Loss:
Particulars Note No. 2022-23(₹) 2021-22(₹)
Revenue from operations 10,00,000 8,00,000
Other Income 4,00,000 2,00,000
Cost of materials consumed 4,00,000 3,00,000
Change in inventories of finished goods 2,00,000 1,20,000
Other Expenses (% Revenue from Operations) 10% 10%
Tax Rate 50% 50%

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Que. 33. (a) From the following calculate Trade Receivables Turnover Ratio': 4
Total revenue from operation for the year ₹ 8,40,000; Cash revenue from operations 40% of credit revenue
from operations, Closing trade receivable ₹ 2,00,000, Excess of closing trade receivables over opening trade
receivables- ₹ 80,000
(b) From the following information calculate 'Interest Coverage Ratio':
Profit after Interest and Tax ₹ 4,97,000; Rate of Income Tax 30% and 12% Debentures ₹ 6,00,000
Que. 34. From the following Balance Sheets of Sunlight Ltd. prepare a Cash-Flow statement for the year
ended 31st March 2023.
Particulars Note No. 31.03.2023 31.03.2022
Rs. Rs.
1. EQUITY & LIABILITIES:
(1) Shareholder’s Funds:
(a) Share Capital 4,50,000 3,80,000
(b) Reserves and Surplus 1 2,06,000 1,74,000
(2) Non- Current Liabilities:
Long-term Borrowings 2 75,000 50,000
(2) Current Liabilities:
(a) Short-term borrowings 3 50,000 20,000
(b) Trade Payables 4 43,000 42,000
Total 8,24,000 6,66,000
II.ASSETS:
(1) Non-Current Assets:
(a) Property, Plant, Equipment
and intangible Assets
(i) Property, Plant & Equipment 2,10,000 1,75,000
(b) Non-Current Investment 5 40,000 25,000
(2) Current Assets:
(a) Inventory 3,00,000 2,80,000
(b) Trade Receivables 2,44,000 1,52,000
(c) Cash and cash equivalents 30,000 34,000
Total 8,24,000 6,66,000

Notes: (1) Reserve & Surplus: 31.03.2023 31.03.2022

General Reserves 1, 40,000 1, 00,000
Profit & Loss Balance 66,000 74,000
2, 06,000 1, 74,000
(2) Long-term Borrowings:
10% Public Deposits 75,000 50,000
 (3) Short-term Borrowings:
Cash Credit 50,000 20,000
(4) Trade Payables:
Sundry Creditors 43,000 42,000
43,000 42,000
(5) Rate of Interest on Non –Current Investments: 12% p.a.
Additional Information:
(i) A new machinery was purchased for Rs.50,000 during the year.
(ii) Non-Current Investment costing Rs. 25,000 were sold at a loss of Rs. 3,000 at the end of the year.
****************
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CLASS - XII
ACCOUNTANCY (055) MARKING SCHEME

PART – A
Accounting For Partnership Firms And Companies
Q1. (a) Rs. 17,500 1
Q2. (d) Assertion is false but reason is correct 1

Q3. 1
(c) Rs. 3,200 or (d) None of these

Q4. 1
(c) Rs. 15,000 or (b) Rs. 20,000
Q5. 1
(d) No interest is charged
Q6. 1
(b) Rs. 6,500 or (c) Bank A/c Dr. to Share Application
Q7. (d) Credit Securities Premium 1
Q8. 1
(a) Rs. 9,35,000 or (b) Rs. 50,000
Q9. (c) Rs. 19,000 1
Q10. (b) Rs. 70,500 1
Q11. (a) Rs. 38,160 1
Q12. (b) 1
Q13. (c) Issued capital can not be more than subscribed capital 1

Q14. (b) 2:2:1 1

Q15. (b) Rs. 45,000 or (b) Rs. 79,000 1

Q16. (d) 31,500 1

Q17 Sacrifice = Old – New
Ankit = 3/6 - 2/6 = 1/6 (Sacrifice)
Manit = 2/6 - 3/6 = - 1/6 (Gain)
 Kanika = 1/6 - 1/6 = Nil
1. Manit’s capital A/c Dr. 30,000
To Ankit’s Capital A/c 30,000 3
(Being share of goodwill is adjusted)

2. General Reserve A/c Dr. 72,000

To Ankit’s Capital A/c 36,000
To Manit’s Capital A/c 24,000
To Kanika’s Capital A/c 12,000
(Being General reserve has been distributed)
Q18 Particulars Ritu Rishika Ranjit Firm
DR. CR. DR. CR. DR. CR. DR. CR.
IOC to be Credited 20,000 30,000 50,000
Commission to be Cr. 10,0000 10,000
Profit to be credited 24,000 16,000 40,000
To be Credited 44,000 46,000 10,000 1,00,000
Actually Credited to be 40,000 60,000 ------
Dr.
Total 4,000 14,000 10,000
Adjustment table

3
Rishika’s Capital A/c Dr. 14,000
To Ritu’s Capital A/c 4,000
To A’s Current A/c 14,000
( Adjustment entry passed for wrong appropriations)
Q19
Date Particulars L.F. Dr. Cr.
A Bank A/c Dr. 33,00,000
To Equity Share Application 33,00,000
(Being Share App. Money Received)
Equity Share Application A/c Dr. 33,00,000
To Equity Share Capital A/c 20,00,000
To Security Premium A/c 2,00,000
To Bank A/c 11,00,000
(Being app. Money transferred)

OR
Date Particulars L.F. Dr. Cr.
B Assets A/c Dr. 21,00,000
Goodwill A/c Dr. 1,00,000
To Liabilities A/c 2,00,000
To Sky Ltd. 20,00,000
(Being assets & liabilities acquired)
SKY Ltd. A/c Dr. 20,00,000
To % Debentures A/c 15,00,000
To Security Premium A/c 3,00,000
To Bank A/c 2,00,000
(Being Purchases consideration paid)
3
Q20 Years Profit Adjustment Adjusted Profit
2007 1,80,000 (- 20,000) 1,60,000
2008 1,60,000 (- 20,000) 1,40,000
2009 2,00,000 + 40,000 2,40,000
 5,40,000
Adjustment table:

Average profit = 5,40,000 / 3 = 1,80,000

Goodwill of the firm = 1,80,000 x 2 = 3,60,000
Gain Ratio = New – Old
A = 9/20 – 5/10 = 1/20 Sacrifice
B = 6/20 – 4/10 = 2/20 Sacrifice
C = 5/20 – 1/10 = 3/20 Gain
Date Particulars L.F. Dr. Cr.
B Chand’s Capital A/c Dr. 54,000
To Alia’s Capital A/c 18,000
To Bhrama’s Capital 36,000
(Being adjustment of Goodwill)
Q21 Balance Sheet of Suhas Ltd. (An extract)
As at 31st March….
Particulars Note No. Amount(₹)(current year)
I Equity & Liabilities
Shareholders’ Fund
Share Capital 1 3,34,000
Notes to Accounts:
Particulars Amount (₹)
1. Share Capital
Authorised Share Capital
2,00,000 equity shares of ₹ 10 each 20,00,000
Issued Share Capital
40,000 equity shares of ₹ 10 each 4,00,000
Subscribed & fully paid up Capital
Subscribed & fully paid 10,000 X 10 1,00,000
Subscribed but not fully paid up Capital
30,000 shares of ₹ 8 each = 2,40,000
Less : Calls in Arrears A/c = - 6,000 2,34,000 4
3,34,000
Particulars Ritu Rishika Ranjit Firm
DR. CR. DR. CR. DR. CR. DR. CR.
IOC to be Credited 20,000 30,000 50,000
Commission to be Cr. 10,0000 10,000
Profit to be credited 24,000 16,000 40,000
To be Credited 44,000 46,000 10,000 1,00,000
Q22 Actually Credited to be 40,000 60,000 ------
Dr.
Total 4,000 14,000 10,000
Adjustment table

Rishika’s Capital A/c Dr. 14,000 4

To Ritu’s Capital A/c 4,000
To A’s Current A/c 14,000
( Adjustment entry passed for wrong appropriations)
Q23 Journal Entries in the books of Company
Date Particulars L/F Debit (₹) Credit (₹)
1. Bank A/c Dr. 75,00,000
To Share Application A/c 75,00,000
(Application money received on 2,50,000 shares
@ ₹30 each)
2. Share Application A/c Dr. 75,00,000
To Share Capital A/c 30,00,000
To Share Allotment A/c 15,00,000
To Bank A/c 30,00,000
(Application money adjusted & surplus refunded)
3. Share Allotment A/c Dr. 50,00,000
To Share Capital 40,00,000
To Security Premium 10,00,000
( Being allotment money due)

4. Bank A/c Dr. 34,44,000

To Share Allotment 34,44,000
( Being allotment money received)
5. Share First & Final Call A/c Dr. 30,00,000
To Share Capital 30,00,000
(Being First & Final Call money due)
Bank A/c Dr. 29,52,000
6. To Share First & Final Call A/c 29,52,000
(Being First & Final Call money received)
7 Share Capital A/c Dr. 1,60,000
Securities Premium A/c Dr. 16,000
To Share Allotment A/c 56,000
To Share First & Final Call A/c 48,000
To Forfeited Share A/c 72,000
(Being First & Final Call money due)
8 Bank A/c Dr. 1,08,000
Forfeited Share A/c Dr. 12,000
To Share Capital A/c 1,20,000
(Being First & Final Call money due)
9 Forfeited Shares A/c Dr. 42,000
 To Capital Reserve A/c 42,000
(Being First & Final Call money due)

OR
Date Particulars L/F Debit (₹) Credit (₹)
1. Bank A/c Dr. 3,60,000
To Share Application A/c 3,60,000
(Application money received on 2,50,000 shares
@ ₹30 each)
2. Share Application A/c Dr. 3,60,000
To Share Capital A/c 2,40,000
To Share Allotment A/c 40,000
To Bank A/c 80,000
(Application money adjusted & surplus refunded)
3. Share Allotment A/c Dr. 3,60,000
To Share Capital 1,80,000
To Security Premium 1,80,000
( Being allotment money due)
4. Bank A/c Dr. 2,94,000
To Share Allotment 2,94,000
( Being allotment money received)
5. Share Capital A/c Dr. 14,000
Security Premium A/c Dr. 6,000
To Share Allotment A/c 11,000
To Forfeited Share A/c 9,000
(Being Shares forfeited of Ruchi)
Share Capital A/c Dr. 21,000 6
6. Security Premium A/c Dr. 9,000
To Share Allotment A/c 15,000
To Forfeited Share A/c 15,000
(Being Shares forfeited due to non payment)
7 Bank A/c Dr. 24,000
Forfeited Share A/c Dr. 4,000
To Share Capital A/c 28,000
(Being First & Final Call money due)
8 Forfeited Shares A/c Dr. 15,000
To Capital Reserve A/c 15,000
(Being First & Final Call money due)
Calculation of Unpaid by Ruchi
Allotment Money Due (2,000 X 6) = 12,000
- Excess Adjusted (250 X 4) = 1,000
Unpaid by Ruchi = 11,000

Calculation of Unpaid by Yukti

Allotment Money Due (3,000 X 6) = 18,000
- Excess Adjusted (750 X 4) = 3,000
 Unpaid by Ruchi = 15,000

Calculation of Capital Reserve

9,000 + (15,000 X 2,000 / 3,000) = 19,000 – 4,000 = 15,000
Q24

Revaluation A/c
Particulars Amount (₹) Particulars Amount (₹)
To Plant & machinery 10,000 By Land 20,000
To Provision for D. D. 1,800 By Creditors 5,000
To Partner’s Capital A/c 13,200
X 7,920
Y 5,280
25,000 25,000

Partners’ Capital Account

Particulars X Y Z Particulars X Y Z
To Goodwill 12,000 8,000 ------ By Bal B/D 1,00,000 70,000 ----
To P. & L. A/c 33,600 22,800 ------ By Cash A/c ---- ---- 29,840
To Bal C/D 91,520 57,680 29,840 By General Res. 19,200 12,800 ----
By Vinay’s Cap 10,000 10,000 -----
By Nitya’s Cap 7,920 5,280 -----
1,37,120 98,080 29,840 1,37,120 98,080 29,840

Note : 1. Calculation of Z’s Capital

X’s Capital = 1,37,120 – 45,600 = 91,520
Y’s Capital = 98,080 – 30,400 = 57,680
Combined Capital = 1,49,200

Z’s Capital A/c = 1,49,200 X 1/5 = 29,820

Note 2. Goodwill brought in by Z will be distributed in their sacrificing ratio i.e. 1:1
OR
Revaluation A/c
Particulars Amount (₹) Particulars Amount (₹)
To Stock 3,500 By Premises 7,500
To Provision for D. D. 1,000 By Furniture 2,000
To Provision for Legal 14,400 By Loss transfer to Partners
Mukesh – 3,760
Manik – 3,760
Anil - 1,880 9,400
18,900 18,900

Partners’ Capital Account

Particulars Mukesh Manik Anil Particulars Mukesh Manik Anil
To Anil’s Cap 4,800 4,800 ----- By Bal B/D 90,000 60,000 50,000
To Rev. loss 3,780 3,780 1,880 By W. C. Res. 5,600 5,600 2,800
To Anil’s loan ----- ----- 50,000 By Mukesh’ Cap ---- ----- 4,800
To Cash A/c ----- 10,520 By Manik’s Cap ---- ------ 4,800
To Bal C/D 87,040 57,040 ------
95,600 65,600 62,400 95,600 65,600 62,400 6

Q25
REALISATION A/C
Particulars Amount (₹) Particulars Amount (₹)
To Sundry Assets: By S. Creditors 50,000
Debtors – 50,000 By Investment Fluctuation Res. 6,000
 Stock 60,000 By Employees Provident Fund 30,000
Plant 40,000
Buildings - 1,10,000 By Bank:
Furniture - 24,000 Debtors 30,000
Investment – 20,000 102,000 Stock 90,000
Investment 20,000
To B’s Cap (Creditor) 45,000 Furniture 24,000
To Bank: Remaining Dr. 25,000 1,89,000
E. P. F 30,000 30,000
By A’s Cap (Machinery) 30,000
By Profit Transfer to Cap: By B’s Capital (Building) 1,00,000
A’s Cap – 16,200 By A’s Loan (Gain) 1,000 6
B’s Cap - 10,800 27,000
4,06,000 4,06,000

Q26 (a) Journal Entries in the books of X Ltd.

Date Particulars L/F Debit (₹) Credit (₹)
(i) Bank A/c Dr. 105,000
To Debenture Application & Allotment A/c 105,000
( Being application money received for 300 debentures @ ₹550 each)
Debenture Application & Allotment A/c Dr. 105,000
Loss on issue of debenture A/c Dr. 10,000
To 9% Debentures A/c 1,00,000
To Premium on Redemption of debentures A/c 5,000
To Security Premium A/c 10,000
(Being 300 debentures issued at premium, redeemable at premium)
(ii) Vendors A/c Dr. 9,00,000
Discount on issue of Debentures A/c Dr. 1,00,000
To …. % Debentures A/c 10,00,000
( Being issue of debentures for the consideration of assets)
(b)
Date Particulars L/F Debit (₹) Credit (₹)
(i) Bank A/c Dr. 11,00,000
To Debenture Application & Allotment A/c 11,00,000
( Being application money received for 300 debentures @ ₹550 each)
Debenture Application & Allotment A/c Dr. 11,00,000
To 9% Debentures A/c 10,00,000
To Security Premium A/c 10,000 6
(Being 300 debentures issued at premium, redeemable at par)
(ii) Note : There is no Loss on issue of debenture so there will be no entry
passed to write off the loss.

PART –B
Analysis of Financial Statements
Q27 (c) or (c) 1
Q28 (b) OR (c) 1.67:1 1
Q29 (c) 1
Q30 (d) Rs. 1,80,000 1
Q31
Items Main Head Sub Head
(i) Loose tools Current Assets Inventories
(ii) Long term Provisions Non Current Liabilities Long Term Provisions
(iii) Loan repayable on demand Current Liabilities Short Term Borrowing 3
(iv) Income received in advance Current Assets Other Current Liabilities
(v) Calls in Advances Current Liabilities Other Current Liabilities
(vi) Shares in Listed Companies Non Current Assets Non Current Investment
Q32 Revenue from operation = 8,40,000
Credit RFO = 600,000

Average Trade Receivable = (1,20,000 + 2,00,000) / 2 = 3,20,000 / 2 = 1,60,000

Trade Receivable Turnover ratio = Credit RFO/ Average Trade Receivable
= 6,00,000 / 1,60,000 = 3.75 Times

OR
Interest Coverage ratio = Net profit before interest & tax / Interest Expenses
Net profit before interest & tax = (4,97,000 + 72,000 + 2,13,000) = 7,82,000

I.C.R = 7,82,000 / 72,000 = 10.86 times 3

Q33 Common Size Income Statement
For the year ended 31st March, 2022 & 2023
Particulars Note ABSOLUTE AMOUNT % OF RFO
no. 2021-22 (₹) 2022-23 (₹) 2021-22 2022-23
(%) (%)
I. Revenue from Operations 10,00,000 8,00,000 100 100
II. Other Incomes ------ -------- --- ----
III. Total Revenue from Operations 10,00,000 8,00,000 100 100
Cost of Goods Sold (3,00,000) 3,20,000 30 40
Other Expenses (2,60,000) 2,40,000 26 30
IV. Expenses 5,60,000 5,60,000 56 70
V. Profit before tax ( III – IV) 4,40,000 2,40,000 44 30
VI. Income Tax 2,20,000 1,20,000 22 15
VII. Profit after Tax 2,20,000 1,20,000 22 15

OR

Comparative Income Statement

For the year ended 31st March, 2022 & 2023

Particulars Note no. 2022 (₹) 2023 (₹) Absolute % Change

change
I. Revenue from Operations 8,00,000 10,00,000 2,00,000 25%
II. Other Incomes 2,00,000 4,00,000 2,00,000 50%
III. Total Revenue from Operations 10,00,000 14,00,000 4,00,000 40%
IV. Expenses:
Cost of material consumed 3,00,000 4,00,000 1,00,000 33.33
Change in Inventory 1,20,000 2,00,000 80,000 66.67% 4
Other Expenses 80,000 1,00,000 20,000 25%
5,00,000 7,00,000 2,00,000 40%
V. Profit before tax ( III – IV) 5,00,000 7,00,000 2,00,000 40%
VI. Income Tax 50% 2,50,000 3,50,000 1,00,000 40%
VII. Profit after Tax 2,50,000 3,50,000 1,00,000 40%
CASH FLOW STATEMENT for the year ended 31.03.23
Q34
Particulars Amount (₹) Amount (₹)
I. Cash flow from Operating Activities
Net profit before tax 32,000
Add: Non operating & non cash expenses
Depreciation during the year 15,000
Loss on sale of Fixed Assets 3,000
Interest on Public Deposits 5,000
Operating profit before changes in working capital
Add: Increase in Current liabilities & Decrease in Current Assets
Creditors increase 1,000
 Less: Decrease in Current liabilities & Increase in Current Assets
Trade Receivable Increase (92,000)
Inventory Increase (20,000)
Operating Profit before tax
Less: Tax paid
Cash flow from operating activities (59,000)
II. Cash Flow from Investing Activities
Sale of Investment 22,000
Interest on Investment 3,000
Purchases of Investment (40,000)
Purchase of Machinery (50,000)
Cash used in Investing Activities (65,000)
III. Cash Flow from Financing Activities
Add: Proceeds from issue of share capital
70,000
Cash Credit
30,000
Interest on public deposits
(5,000)
Public Deposits raised
25,000
Cash Flow from Financing Activities
1,20,000
I+II+III. Net decrease in Cash & Cash equivalents (4,000)
Add: Opening balance of Cash & Cash equivalents 34,000
Closing Balance of Cash & Cash equivalents 30,000

Working Notes:
Calculation of net profit before tax:
Net Loss during the year - (8,000)
Add: Transfer to General Reserve - 40,000 6
Net profit before tax = 32,000