KENDRIYA VIDYALAYA SANGATHAN-RAIPUR REGION

FIRST PRE-BOARD EXAM (2024-25)

CLASS-XII SBUJECT- ACCOUNTANCY (055)
MM: 80 MARKING SCHEME TIME: 3Hours

PART-A
Q. QUESTIONS MARK
NO.
1 (c) 12 % 1
2 (a) Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of 1
Assertion (A)
3 (d) A need to return ₹1,35,000 to the firm. 1
4 (d)₹98,000 1
OR
(c) Gain ₹ 8,000, Value₹ 1,00,000

5 (b) ₹ 40,000 per quarter 1

6 (b) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct 1
explanation of A
7 (d) A₹50,000; B₹50,000 and C₹50,000 1
8 (a) ₹22,00,000 1

9 (a) ₹ 6,000 1
OR
(b) ₹ 5,85,000.
(d) Profit ₹1,12,000 1
10
11 (a) ₹30,000 1
OR
(d) Q’s Capital A/c Dr. 15,000 R’s Capital A/c Dr. 10,000 To P’s Capital A/c 25,000
12 (d) Premium for goodwill A/c Dr. 5,00,000 1
To Ravi”s Capital A/c 2,50,000
To Rajinder”s Capital a/c 2,50,000
(Being…………………………)
13 (d) C’s Capital A/c Dr. To A’s Capital A/c ₹7,000 1
14 (c) First ‘Securities Premium’ and then ‘Profit and Loss Account’(if remains) 1
OR
(c) (i) and (iii)
15 (a) Realisation Account will be credited by ₹ 60,000 1
OR
(b) Fully paid
16 (b) ₹ 48,000 1
17 Amount of C’s Goodwill Rs. 72,000 3
Journal Entry:
A’s Capital A/c Dr. 45,000
B’s Capital A/c Dr. 27,000
To C’s Capital A/c 72,000
18 (i) Realisation a/c Dr. 40,000 3
To Cash a/c 40,000
(ii) Cash a/c Dr. 30,000
To realization a/c 30,000
(iii) No Entry
19 3
Gaining share = New Share - Old Share……½
Himani’s gaining share 1/2 - 3/8 = 1/8 ………..……… ½
Rachna’s gaining share 1/2 - 2/8 = 2/8 …………….….. ½
Gaining ratio is 1:2

Himani’s Capital A/c Dr. 1,00,000

Rachna’s Capital A/c Dr. 2,00,000
To Seema’s Capital A/c 3,00,000
(Seema’s share of goodwill adjusted to capital accounts of Himani and Rachna in their
gaining ratio)
OR
Bank A/c Dr. 8,50,000
To Raghav's Capital A/c 6,00,000
To Premium for Goodwill A/c 2,50,000
(Being capital and premium brought in by Raghav)

Premium for Goodwill A/c Dr. 2,50,000

To Asha's Capital A/c 1,50,000
To Aditi's Capital A/c 1,00,000
(Being premium for goodwill credited to the capital accounts of Asha and Aditi in the
sacrificing ratio)
GOODWILL OF THE FIRM IS ₹ 10,00,000
Goodwill of the firm = ₹2,93,750 +₹4,18,750+₹6,13,750+₹6,73,750 /4× 2 = ₹10,00,000
20 3
Date Particulars L.F Debit Credit
(i) Bank A/c Dr. 105
To Debenture Application and Allotment A/c 105
(Application money received)
Debenture Application and Allotment A/c Dr. 105
Loss on Issue of Debentures A/c Dr. 5
To Debentures A/c 100
To Securities Premium Reserve A/c 5
To Premium on Red. of Debentures A/c 5
(Transfer of application money to Debentures
account, issued at a premium of 5% and
redeemable at a premium of 5%)

(ii) Bank A/c Dr. 90

To Deb. Application and Allotment A/c 90
(Application money received)
Debenture Application and Allotment A/c Dr. 90
Loss on Issue of Debentures A/c Dr. 20
To Debentures A/c 100
To Premium on Redemption of 10
Debentures A/C
(Transfer of application money to Debentures
account, issued at a discount of 10% and
redeemable at a premium of 10%)

OR
 Share Capital A/c Dr 28,000
To Shares Forfeited A/c 20,000
To Calls in arrears A/c 8,000
(Being Shares forfeited)
Bank A/c Dr 5,000
Shares Forfeited A/c Dr 12,500
To Share Capital A/c 17,500
(Being 2500 shares reissued at discount)
21 4
Particulars L.F. Dr. Cr.
Amount Amount
Equity Share Capital A/c (470 × 10) ...Dr. 4,700
Securities Premium Reserve A/c (470 × 5) ...Dr 2,350
To Forfeited Shares A/c (470 × 2) 940
To Equity Shares Allotment A/c (470 × 8) 3,760
To Equity Shares First and Final Call A/c 2,350
(470 × 5)
Or To Calls in Arrears (Instead of allotment &
First and Final Call)
Bank A/c (470×14) ...Dr. 6,580
To Equity Share Capital A/c (470 × 10) 4,700
To Securities Premium Reserve A/c (470 × 4) 1,880
(Being 470 forfeited shares reissued @ ` 14 per
share)
Forfeited Shares A/c ...Dr. 940
To Capital Reserve A/c 940
(Being the gain on reissue transferred to Capital
Reserve)

22 B” Capital account 4
Particular Amt. Particular Amt.
ToB”s Executor’s a/c 3,42,500 By Balance b/d 2,00,000
By General Reserve 1,00,000
By Int. on Capital a/c 6,000
By A’s Capital a/c 16,000
By B’s Capital a/c 8,000
By Profit and Loss a/c 12,500
Total 3,42,500 Total 3,42,500
23 6
Particulars L.F. Dr. Cr.
Amount Amount
a. Bank A/c Dr. 2,20,000
To Debenture Application and Allotment A/c 2,20,000
(Being money received on issue of debentures)
Debenture Application and Allotment A/c Dr. 2,20,000
Loss on Issue of Debentures A/c Dr. 10,000
To 10% Debentures A/c 2,20,000
To Securities Premium A/c 20,000
To Premium on Redemption of Debentures A/c 10,000
( Being debentures issued at premium, redeemable
at par)
b. Bank A/c Dr. 1,90,000
ToDebenture Application and Allotment A/c 1,90,000
(Being money received on issue of debentures)]
Debenture Application and Allotment A/c Dr. 1,90,000
Loss on Issue of Debentures A/c Dr. 30,000
To 10% Debentures A/c 2,00,000
To Premium on Redemption of Debentures A/c 20,000
( Being debentures issued at discount , redeemable
c. at premium)
Bank A/c Dr. 2,00,000
ToDebenture Application and Allotment A/c 2,00,000
(Being money received on issue of debentures)

Debenture Application and Allotment A/c Dr. 2,00,000

Loss on Issue of Debentures A/c Dr. 20,000
To 10% Debentures A/c 2,00,000
To Premium on Redemption of Debentures A/c 20,000
(Being debentures issued at par, redeemable at
premium

OR
Books of Sai Ltd.
JOURNAL
Date Particulars L.F. Debit Credit
Bank A/c Dr. 2,90,000
To Share Application A/c 2,90,000
(Applicationamountreceivedon58,000shares.)

Share Application A/c Dr. 2,90,000

To Share Capital A/c 2,90,000
(Application amount transferred to share capital.)

Share Allotment A/c Dr. 58,000

ToShare Capital A/c 58,000
(Allotmentamountdueon58,000 shares.)

Bank A/c Dr. 59,700

Calls in Arrears A/c Dr. 300
To Share Allotment A/c 58,000
To Calls in Advance A/c 2,000
(Allotment amount received, calls in arrears
debited and calls in advance received.)

Share Capital A/c Dr. 1,800

To Share Forfeiture A/c 1,500
To Calls in Arrears A/c 300
(300 shares forfeited due to non-payment of
Allotment money.)

Share First and Final Call A/c Dr. 2,30,800

To Share Capital A/c 2,30,800
(Finalcallamountdueon57,700shares.)
 Bank A/c Dr. 2,28,800
Calls in Advance A/c Dr. 2,000
To Share First and Final Call A/c 2,30,800
(Final call received and calls in advance
adjusted.)
Note–Full credit to be given if an examinee has made a separate entry for
receiving Calls in Advance.
24 JOURNAL 6

Particulars L.F. Dr. Cr.

Amount Amount
Bank A/c Dr. 18,00,000
To Equity Share Application A/c 18,00,000
[Application money received on 3,00,000 shares ]
Equity Share Application A/c Dr. 18,00,000
To Equity Share Capital A/c 8,00,000
To Securities Premium Reserve A/c 4,00,000
To Equity Share Allotment A/c 6,00,000
[Application money adjusted]
Equity Share Allotment A/c Dr. 14,00,000
To Equity Share Capital A/c 10,00,000
To Securities Premium Reserve A/c 4,00,000
[Allotment money due on 2,00,000 shares]

Bank A/c Dr. 7,98,400

Calls-in-Arrears A/c Dr. 1,600
To Equity Share Allotment A/c 8,00,000
[Allotment money received except on 400 shares]
Equity Share First and Final Call A/c Dr. 2,00,000
To Equity Share Capital A/c 2,00,000
[First and Final Call money due on 2,00,000 shares]
Bank A/c Dr. 1,99,400
Calls-in-Arrears A/c Dr. 600
To Equity Share First and Final Call A/c 2,00,000
[First and Final Call money received except on 600
shares]
Equity Share Capital A/c Dr. 6,000
Securities Premium Reserve a/c Dr. 800
To Calls-in-arrears a/c 2,200
To Forfeited Shares A/c 4,600
[600 shares forfeited]
Bank A/c Dr. 3,200
Forfeited Shares A/c Dr. 800
To Equity Share Capital A/c 4,000
[400 forfeited shares re-issued for Rs. 8 per share
fully paid up]
Forfeited Share A/c Dr. 2,400
To Capital Reserve A/c 2,400
[Profit on re-issue transferred to Capital Reserve
A/c]
Working Notes:
[1]{A}Mehak who have been allotted 400 shares.
She must have applied for 3,00,000 x 400 = 600 shares
2,00,000
 Excess amount received from her on application
= 600 Shares – 400 Shares = 200 Shares X Rs. 6 = Rs. 1,200
{B} Amount due from Mehak on Allotment (400 X Rs. 7) = Rs. 2,800
Less: Excess received from her on Application =Rs. 1,200
Amount not paid on Allotment Rs. 1,600
{C} Total amount due on allotment : 2,00,000 Shares X 7 = Rs. 14,00,000
Less: Excess amount received on Application Rs. 6,00,000
Rs. 8,00,000
Less: Not received from Mehak Rs. 1,600
Net amount received on Allotment in Cash Rs. 7,98,400
[2] Khushboo who had applied for 300 shares must have been allotted 300x2,00,000 =
3,00,000
200 shares. Hence, First and Final call not received on 400 shares of Mehak + 200 shares
of Khushboo.

[3] Mehak has not paid allotment money on her 400 shares. Hence, Securities Premium
Reserve has been debited at the time of forfeiture, on the account of premium not
received on her 400 shares @ Rs. 2 each.

[4] Amount transferred to Capital Reserve:

400 shares have been re-issued which include 200 shares of Mehak and 200 shares of
Khushboo.
• Mehak has paid application money on 600 shares @ Rs. 6 each = Rs. 3,600
Less: Amount of premium adjusted on application
400 shares x Rs =Rs. 800
Rs. 2,800
This excess amount of Rs. 2,800 is the amount forfeited on her 400 shares.
Forfeited amount on 200 shares =2,800x200/400= Rs. 1,400
• Forfeited amount on Khushboo’s 200 shares:
Amount paid on Application : 200x 4(excluding premium) 800
Amount paid on Allotment : 200 x 5(excluding premium)1,000Rs.
1,800
3,200
Less: Loss on Reissue : 400 shares x 2 800
Amount transferred to Capital Reserve 2,400
25 Revaluation A/c (2 marks) 6
Particulars Amount Particulars Amount
To Building 1,500 By Machinery 800
To Prov. For doubtful debts 170 By Capital A/c
A 435
B 290
C 145 870
1,670 1,670

Partner’s Capital Account (4 Marks)

Particulars A B C Particulars A B C
To Revaluation 435 290 145 ByBalb/d 15,000 8,000 4,000
To C’s Cap. 600 400 -- ByGen.Res 1,200 800 400
To Cash A/c -- -- 3,000 By A’s Cap. -- -- 600
To C’s Loan -- -- 2,255 By B’s Cap. -- -- 400
To Balance c/d 15,165 8,110 --
16,200 8,800 5,400 16,200 8,800 5,400

OR
 Profit and Loss Appropriation Account
For the year ended 31st March, 2024
Particulars Amount Particulars Amount
To Interest on Capital By P/L A/c (Net Profit) 50,000
A 3,000
B 1,800 4,800
To B’s Salary 6,000
To Partners’ Commission
A 6,000
B 1,581 7,581

To Profit transferred to:

A’s Capital 23,714
B’s Capital 7,905 31,619
50,000 50,000

Partners’ Capital Accounts

Particulars A B Particulars A B
To Drawings A/c 8,000 6,000 By Balance b/d 50,000 30,000
To Balance c/d 74,714 41,286 By Interest on Capital 3,000 1,800
By Partners’ Comm. 6,000 1,581
By B’s Salary - 6,000
By P/L App. A/c 23,714 7,905

82,714 47,286 82,714 47,286

26 Loss transferred to Partners’Capital A/c 6
Abhay 4,166
Bikas 4,167
Chetan 4,167 Total loss on realisation account is 12,500

PART-B(Analysis of Financial Statements)

27 (c) Stores and spares 1
28 (c) Not free from bias. 1
OR
(a) a-iii, b-ii, c-i
29 (C) Only (i) and (ii) 1

30 (a) Operating Activity 1

OR
(d) Cash inflow of ₹50,00,000 from investing activities
31 XYZ Limited 3
Comparative Statement of Profit & Loss
Particulars 31.3.2014 31.3.2015 Absolute % age
Change Change
I. Revenue from operations 15,00,000 24,00,000 9,00,000 60%
II. Other Income ----- ----- ------
III. Total Revenue(I+II) 15,00,000 24,00,000 9,00,000 60%
IV. Less Expenses: -
Employees Benefit Expenses 9,00,000 11,00,000 2,00,000 22.22%
Other Expense 2,00,000 1,00,000 (1,00,000) (50%)

Total expenses 11,00,000 12,00,000 1,00,000 9.09%

 V. Profit Before tax(III-IV) 4,00,000 12,00,000 8,00,000 200%
VI. Less: Tax @50% (2,00,000) (6,00,000) (4,00,000) (200%)
VII. Profit after Tax (V-VI) 2,00,000 6,00,000 4,00,000 200%
32 3
S.N. Items Major head Sub head
1. Loose tools Current Assets Inventories
2. Retirement benefits payable Non-Current Liabilities Long Term
to employee Provision
3. Patents Non-Current Assets Fixed Assets
Intangible
4. Interest due on Call Current Liabilities Other Current
inAdvance Liabilities
5. Shares in a listed company Non-Current Assets Non-Current
Investments
6. Cheques in Hand Current Assets Cash & Cash
Equivalents
33 Total revenue from operations = 1,00,000+ 1,50,000 = 2,50,000 4
Gross loss 20% of total revenue from operation = 50,000
Cost of Revenue from operation = revenue from operation+ Gross Loss
2,50,000+50,000= ₹3,00,000
Average Inventory = ₹75,000
Inventory turnover Ratio = 4 Times
OR
Debt to Capital employed ratio = Debt / Capital Employed
Debt to Capital employed ratio = 7,50,000 / (7,50,000 + 15,00,000) = 7,50,000 /
22,50,000

Debt to Capital employed ratio = 1/3 = 0.33: 1

34 Cash flow statement 6
for the year ended 31st March, 2023
A. Cash flows from Operating Activities
Net Profit before Tax (note-1) 1,50000
Add: Non-operating/non-cash expenses
Goodwill written off 60,000
Depreciation on Plant and Machinery 80,000
Loss on sale of machinery 12,000
Interest on Debentures 50,000

Operating profit before the working Capital 3,52,000

changes
Add: Increase in Trade Payables
40,000
Less: Increase in Trade Receivables (2,00,000)
Less: Increase in Inventories (50,000) (2,10,000)
Cash generated from operations 1,42,000
Less: Tax Paid (20,000)
Net Cash flow from Operating Activities 1,22,000 1,22,000 4

B. Cash flows from Investing Activities:

Sale of Plant & Machinery 18,000
Purchase of Plant & Machinery (8,10,000)
(7,92,000) (7,92,000) 2
Working Notes:
Note-1: Net Profit before tax & Extraordinary items
Net Profit during the year - 100000
Add: Prov. for Tax made 50,000
150000

Plant and Machinery A/C

Particulars Amt particulars Amt
To Balance b/d 1000000 By Accumulated Dep. A/c 20000
To Bank A/c (B.F.) 810000 by Bank 18000
By loss on sale 12000
By Balance c/d 1760000
1810000 1810000

Accumulated Depreciation A/c

Particulars Amt Particulars Amt
To Plant and Machinery 20000 By Balance b/d 100000
To Balance c/d 160000 By Statement of P & L 80000
(Bal fig., depreciation for
current year)
180000 180000