KENDRIYA VIDYALAYA SANGATHAN, JAIPUR REGION

2ND Pre-Board Examination-2023-24

Subject- Accountancy (055)
Time Allowed: 3 Hours Class: XII Commerce Max. Marks: 80
(SET- 2)
Q.N. Suggestive Answers Marks
1 c) 5 : 4 : 1 1
2 b) 9/20 1
3 a) 2,21,000 1
OR c) ₹ 10,00,000
4 1
c) CA’s Capital A/c Dr. 1,800
) To Interest on drawings A/c 1,800

5 d) General Reserve A/c Dr. 2,00,000 1

Profit and Loss A/c Dr. 4,00,000
To L’s Capital A/c 3,00,000
To M’s Capital A/c 1,80,000
To N’s Capital A/c 1,20,000
OR
b) Crediting it to Revaluation Account
6 B) ₹ 3,200 1
OR
c) Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct explanation
of Assertion (A).
7 c) ₹ 40,000 per quarter 1
8 a) ₹ 72,000 1
9 c) ₹ 45,600 1
10 b) ₹ 85,500 1
11 a) 1,20,000 1
12 c) A is true but R is false. 1
13 d) ₹ 9.60,000 1
14 c) Debited. ₹ 6,500 1
OR
d) Asha needs to return ₹ 4,70,000 to the firm.
15 a) 1 : 2 OR a) Suman’s Loan A/c 1
16 c) ₹ 48,000 1
17 Calculation of Interest on Capital: 3
Rakshit (₹)
Interest on Capital from 1 April 2022 to 30 Nov. 2022
6/100 x 8/12x 1,20,000 = 4,800
Interest on Capital from 1 Dec. 2022 to 31 March 2023
6/100 x 4/12x 2,00,000 = 4,000
Interest on Capital ₹ 8,800
Malik (₹)
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 Interest on Capital from 1 April 2022 to 30 Nov. 2022
6/100 x 8/12x 80,000 = 3,200
Interest on Capital from 1 Dec. 2022 to 31 March 2023
6/100 x 4/12x 1,00,000 = 2,000
Interest on Capital ₹ 5,200
18 Param’s capital A/c Dr. 1,000 3
To Akram’s capital A/c 1,000
(Omission of interest on capital and commission, now rectified)
1 mark for entry + 2 marks for adjustment table

OR
A’s capital A/c Dr. 140
To B’s capital A/c 140
(Omission of interest on capital, now rectified)
19 Journal 3
S.N. Particulars Debit. ₹ Credit ₹
1 Bank Account Dr. 5,00,000
To Bank Loan Account 5,00,000
(Being loan obtained from State Bank of India
@ 10 % p.a. interest, against collateral security
of 7,500 10 % debentures of ₹100 each)
ii)
S.N. Particulars Debit. ₹ Credit ₹
1 Bank Account Dr. 5,00,000
To Bank Loan Account 5,00,000
(Being loan obtained from State Bank of India
@ 10 % p.a. interest, against collateral security
of 7,500 10 % debentures of ₹100 each)
2 Debenture Suspense Account Dr. 7,50,000
To 10%Debentures Account 7,50,000
(Being 10 % Debentures issued as collateral
security in favour of State Bank of India)
OR
Journal
S.N. Particulars Debit. ₹ Credit ₹
1 Assets A/c Dr. 8,40,000
To Liabilities A/c 80,000
To Capital reserve A/c (B/F) 40,000
To Success Ltd. A/c 7,20,000
(Assets purchased and liabilities taken over )
2 Success Ltd. A/c Dr. 7,20,000
Discount on issue of debentures A/c Dr. 80,000
To 10% Debentures A/c 8,00,000
(10% Debentures issued at a discount in
settlement of purchase consideration)

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20 3
JOURNAL
Date Particulars Dr. ₹ Cr. ₹
2023 Seema’s Capital A/c Dr. 7,000
1 April To Raka’s Capital A/c 7,000
(Adjustment entry made for goodwill)

1 April Workmen’s Compensation Fund Dr. 90,000

To Workmen’s Compensation Claim A/c 40,000
To Raka’s Capital A/c 25,000
To Seema’s Capital A/c 15,000
To Mahesh’s Capital A/c 10,000
(Workmen’s Compensation Fund distributed to
Partners’ Capital Accounts after meeting the claim)
1 April Revaluation A/c Dr. 40,000
To Raka’s Capital A/c 20,000
To Seema’s Capital A/c 12,000
To Mahesh’s Capital A/c 8,000
( Revaluation profit transferred to Partners’ Capital
Accounts)
21 4
Balance Sheet of Suvidha Ltd. As at ....................
(As per revised schedule III)

Particulars Note Amount Current Amount Previous

No. Year Year
EQUITY & LIABILITIES
Shareholder’s funds :
a) Share Capital 7,90,000

Notes to Accounts
Particulars Amount
(1) Share Capital
Authorised Capital :
1,00,000 equity shares of ₹ 10 each 10,00,000
Issued Capital
80,000 equity shares of ₹ 10 each 8,00,000
Subscribed and fully paid
78,000 shares of ₹ 10 each 7,80,000
Add Forfeited shares (2,000 x5) 10,000 7,90,000

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22 P&L APPROPRIATION A/C 4
(OF A, B AND C FOR THE YEAR ENDING 31-3-2023)
Particulars Amount Particulars Amount
To Interest on Capital By Net Profits 3,88,000
A's current A/c 40,500 (4,00,000-12,000)
B's current A/c 45,000
C's current A/c 54,000 1,39,500
To Salary to A's current A/c 2,00,000
To Profits
A's current A/c 14,550
B's current A/c 14,550
C's current A/c 19,400 48,500
3,88,000 3,88,000
Partners’ Current Account
Particulars A B C Particula A B C
rs
To bal B/d 20,000 10,000 15,000 By IOC 40,500 45,000 54,000
To Drawings 40,000 75,000 55,000 By salary 2,00,000 -- --
To Balance c/d 1,95,050 ------ 3,400 By profits 14,550 14,550 19,400
By Bal c/d 25,450
2,55,050 85,000 73,400 2,55,050 85,000 73,400
23 Sujata Ltd.
JOURNAL 6
S.N. Particulars LF Dr. Cr.
Amount Amount
1 Bank A/c Dr. 1,44,800
To Equity Share Application A/c 1,44,800
(Being application money received on 70,000 shares
@ ₹2 per share, one applicant paying the full amount
on 600 shares)
2 Equity Share Application A/c Dr. 1,44,800
To Equity Share Capital A/c 1,00,000
To Equity Share Allotment A/c 20,800
To Bank A/c 21,000
To Calls in advance A/c 3,000
(Being application money transferred to share capital,
share allotment, calls in advance and the balance
refunded)
3 Equity Share Allotment A/c Dr. 1,00,000
To Equity Share Capital A/c 1,00,000
(Being share allotment money due on 50,000 share
@ ₹2 per share)
4 Bank A/c Dr. 71,200
Calls in Arrears A/c Dr. 8,000
To Equity Share Allotment A/c 79,200

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 (Being allotment money received except on 5,000
shares)
5 Equity Share Capital A/c Dr. 20,000
To Share Forfeiture A/c 12,000
To Calls in arrears A/c 8,000
(Being 5,000 shares forfeited for no payment of
allotment money )
6 Bank A/c Dr. 20,000
To Equity Share Capital A/c 20,000
(Being 5,000 shares forfeited reissued for 20,000, ₹4
per share paid up)
7 Share Forfeiture A/c Dr. 12,000
To Capital Reserve A/c 12,000
(Being gain on reissue of forfeited shares transferred
to capital reserve)
8 Equity Share First call A/c Dr. 1,50,000
To Equity Share Capital A/c 1,50,000
(Being first call money due on 50,000 shares @ ₹3
per share)
9 Bank A/c Dr. 1,48,500
Calls in advance A/c Dr. 1,500
To Equity Share First Call A/c 1,50,000
(Being first call money received, advance received
earlier adjusted)
10 Equity Share Second & Final call A/c Dr. 1,50,000
To Equity Share Capital A/c 1,50,000
(Being second call due on 50,000 shares @ ₹3 per
share)
11 Bank A/c Dr. 1,48,500
Calls in advance A/c Dr. 1,500
To Equity share second and final call A/c 1,50,000
(Being second and final call received and advance
received earli r adjusted)
OR
Universal Ltd.
S.N. Particulars LF Dr. ₹ Cr.₹
1 Bank A/c Dr. 28,00,000
To Share Application and Allotment A/c 28,00,000
(Application and allotment money received on
4,00,000 shares)
2 Share Application and Allotment A/c Dr. 28,00,000
To Share Capital A/c 21,00,000
To Calls in Advance A/c 4,20,000
To Bank A/c 2,80,000
(Application and allotment money transferred to

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 share capital, call and the balance refunded)
3 Share First and final call A/c Dr. 18,00,000
To Share Capital A/c 9,00,000
To Securities Premium Reserve A/c 9,00,000
(First and final call due including premium)
4 Bank A/c Dr. 13,38,000
Calls in arrears A/c Dr. 42,000
Calls in Advance A/c Dr. 4,20,000 18,00,000
To Share First call A/c
(First and final call received)
5 Equity Share Capital A/c Dr. 40,000
Securities Premium Reserve A/c Dr. 12,000
To Share Forfeiture A/c 28,000
To Calls in arrears A/c 24,000
(4,000 shares forfeited)
6 Equity Share Capital A/c Dr. 44,000
Securities Premium Reserve A/c Dr. 13,200
To Share Forfeiture A/c 39,200
To Calls in arrears A/c 18,000
(4,400 shares forfeited)
7 Bank A/c Dr. 58,800
Share Forfeiture A/c Dr. 25,200
To Equity Share Capital A/c 84,000
(Shares reissued for ₹7 per share fully paid)
8 Share Forfeiture A/c Dr. 42,000
To Capital Reserve A/c 42,000
(Gain on reissue of shares transferred to capital
reserve)
24 Revaluation A/c 6
Particulars Amount Particulars Amount

To Building 15,000 By Loss on Realisation

To Stock 3,000 P’s Current A/c 12,000
To Provision for Bad Debts 2,000 Q’s Current A/c 8,000

20,000 20,000

Partners’ Capital Account

Particulars P Q R Particulars P Q R
To P’s 30,000 - - By balance b/d 1,50,000 90,000 -
Current A/c By Cash A/c 40,000
To Q’s - 10,000 -
Current A/c
To Balance 1,20,000 80,000 40,000
c/d
1,50,000 90,000 40,000 1,50,000 90,000 40,000
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 Partners’ Current Account
Particulars P Q Particulars P Q
To Balance b/d - 2,000 By Balance b/d 12,000 -
To Revaluation 12,000 8,000 By Premium for Goodwill A/c 7,200 4,800
A/c By Investment Fluctuation
To Balance c/d 51,600 14,400 Reserve 14,400 9,600
By P’s Capital A/c 30,000 -
By Q’s Capital A/c - 10,000
63,600 24,400 63,600 24,400
OR
Revaluation A/c
Particulars Amount Particulars Amount

To Provision for doubtful debts 3,100 By Land and Building 12,000

To Furniture 8,000
To Profit transferred to:
A’s Capital A/c 300
B’s Capital A/c 300
C’s Capital A/c 300 900
12,000 12,000

Partners’ Capital Accounts

Particulars A B C Particulars A B C
To B’s Capital 10,000 -- By Balance b/d 60,000 40,000 32,000
A/c -- By Gen. Reserve 10,000 10,000 10,000
To Bank A/c 20,000 -- By A Capital A/c -
To B’s loan 41,800 (goodwill) 10,000
To balance c/d 61,800 -- 43,800 By Workmen’s
Comp. Reserve 1,500 1,500 1,500
By Revaluation 300 300 300
A/c
71,800 61,800 43,800 71,800 61,800 43,800

Bank A/c
Particulars Amount Particulars Amount
To Balance b/d 20,000 By B’s Capital A/c 20,000
To Furniture 20,000 By Balance c/d 20,000
40,000 40,000
25 Journal 6
S.N. Particulars Dr. ₹ Cr. ₹
i Ankit’s Capital A/c Dr. 32,000
Bank/ Cash A/c Dr. 52,000
To Realisation A/c 84,000
(Being stock taken over by Ankit, remaining sold at a profit)

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 ii Realisation A/c Dr. 69,000
To Bank/ Cash A/c 69,000
(Being payment made to creditors)
iii Realisation A/c Dr. 22,000
To Bank/ Cash A/c 22,000
(Being Bobby’s sister’s loan paid along with interest)
iv Kartik’s loan A/c Dr. 12,000
Realisation A/c Dr. 500
To Bank/ Cash A/c 12,500
(Being Kartik’s loan settled)
v Kartik’s Capital A/c DR. 52,000
Bank A/c Dr. 12,000
To Realisation A/c 64,000
vi Realisation A/c Dr. 23,000
To Ankit’s capital A/c 23,000
(Being remuneration allowed to the partners to carry out
dissolution)
Ankit’s Capital A/c Dr. 10,000
To Cash A/c 10,000
( Realisation expenses paid by the firm & borne by Ankit)
26 Natasha Ltd. 6
Journal
S.N. Particulars Dr. ₹ Cr. ₹
1 Bank A/c Dr. 75,00,000
To Debenture Application and Allotment A/c 75,00,000
(Application money received on 25,000 debentures)
2 Debenture Application and Allotment A/c Dr. 75,00,000
To 11% Debentures A/c 30,00,000
To Securities Premium Reserve A/c 15,00,000
To Bank A/c 30,00,000
(Debentures issued at a premium, excess refunded)

Garima Ltd.
Journal
Date Particulars Dr. ₹ Cr. ₹
2023 Debenture Interest A/c Dr. 3,60,000
Mar To Debenture holders A/c 3,60,000
31 (Interest on debentures payable to debenture holders)
Mar Debenture holders A/c Dr. 3,60,000
31 To Bank A/c 3,60,000
(Payment made to Debenture holders, tax deposited)
Mar Statement of Profit and Loss A/c Dr. 7,20,000
31 To Debenture Interest A/c 7,20,000
(Debenture Interest transferred to Statement of Profit and
Loss)
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 PART B
27 b) Operating activities 1
OR
b) Investing Activity
28 a) (8,31,000) 1
29 b) ₹ 9,00,000 1
30 c) Inter-firm comparative study possible. 1
OR
a) Loose Tools
31 Headings Sub-Headings 3
Cheques and Bank Drafts in Hand Current Asset Cash and Cash
Equivalents
Long term Investments with maturity period Current Asset Current Investments
less than six months
Publishing Titles Non Current Fixed Assets-
Assets Intangible
32 Gross Profit = 25% on cost, Gross Profit = 5,00,000 3
Revenue from Operations=125/25 X 5,00,000= ₹25,00,000
Working Capital= Equity Share Capital+ Reserves & Surplus + Long Term Loan – Non
Current Assets =₹ 5,00,000 Working Capital Turnover Ratio = Revenue from Operations
Working Capital = 25,00,000 / 5,00,000 =5 times
33 Comparative Statement of Profit and Loss 4
For the years ending 31st March 2022 and 2023
Particulars Note 2021-22 2022-23 Absolute %age
No. Inc/Dec Inc/Dec
Revenue from Operations 4,00,000 7,20,000 3,20,000 80
II Less- Expenses
a) Cost of
material consumed 2,00,000 2,40,000 40,000 20
b) Other Expenses 20,000 48,000 28,000 140
Total Expenses 2,20,000 2,88,000 68,000 30.9
Profit before Tax (I-II) 1,80,000 4,32,000 2,52,000 140
Less- Tax@ 50% 90,000 2,16,000 1,26,000 140
90,000 2,16,000 1,26,000 140
OR
Common Size Statement of Profit and Loss
For the years ending 31st March 2022 and 2023
Particulars Note 2021-22 2022-23 2021-22 2022-23
No.
Revenue from Operations 5,00,000 4,00,000 100 100
II Less- Expenses
Cost of Materials Consumed 3,50,000 2,40,000 70 60
Other Expenses 1,30,000 1,10,000 26 27.5

Total Expenses 4,80,000 3,50,000 96 87.5

Profit before Tax (I-II) 20,000 50,000 4 12.5

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 Less- Tax@ 50% 10,000 25,000 2 6.25
Profit after tax 10,000 25,000 2 6.25
34 Cash Flow Statement of Sidharth Ltd. 6
for the year ended 31st March 2023
Particulars Details ₹ Amount ₹
Cash flow from Operating Activities
Net Profit Before Tax (20,000)
Add- Non Cash and Non-Operating items
Depreciation 83,000
Interest on debentures 27,000
Goodwill amortised 40,000
Profit on sale of P & M (12,000) 1,38,000
Operating profit before W.C Changes 1,18,000
Decrease in trade payables (20,000)
Increase in Inventories (70,000) (90,000)
Cash flow from Operating activities 28,000 28,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Plant and Machinery (3,95,000)
Sale of Plant and Machinery 1,02,000
Cash used in Investing activities (2,93,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of Share Capital 4,00,000
Issue of 9% Debentures 1,00,000
Interest paid on 9% Debentures (27,000)
Cash Inflows from Financing activities 4,73,000
Net Increase in Cash and Cash equivalents 2,08,000
Add Opening Cash and Cash equivalents
(20,000+1,40,000) 1.60.000
Closing balance of Cash and Cash equivalents 3,68,000
(1,30,000+2,38,000)

Plant and Machinery A/c

Particulars Amount Particulars Amount
To Balance b/d 6,04,000 By Accumulated Dep. 23,000
To Statement of profit and A/c
Loss (gain on sale) 12,000 By Cash A/c 1,02,000
To Cash A/c (bal. fig.) 3,95,000 By Balance c/d 8,86,000
10,11,000 10,11,000
Accumulated Depreciation A/c
Particulars Amount Particulars Amount
To Plant and Machinery A/c 23,000 By Balance b/d 80,000
To Balance c/d 1,40,000 By Depreciation/Statement of
Profit & Loss 83,000
1,63,000 1,63,000

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