SET - A

Kendriya Vidyalaya Sangathan, Patna Region

Class: 12
Subject Accountancy(055)
(Marking Scheme)
PRE_BOARD 1(2024-25)

Maximum Marks:80
Q.NO. ANSWER KEY MARKS

1. a) Rs 2,000 1 marks

2. (a)Deficiency of C borne by A and B Rs. 500 each. 1 marks

3. (C) Super profits divided by the rate of return 1 marks

4. d. Reserve capital 1marks

OR
A. Capital Reserve A/c.
5. B. Gain 1/8 OR (D) Shalu capital A/c debit Rs.18,000 and Sanjeev capital 1marks
A/c credit Rs.18,000

6. d)Not to be shown in new balance sheet 1 marks

7. B. ₹73,750 OR (B) 42:26:7 1 marks

8. 1 marks
D. Rs.4

9 A) (A) is correct, but (R) is wrong 1 marks

10. d) New share= Gaining ratio-old ratio 1 marks

11. d. ₹8 Per share 1 marks

12. (A) Statement of P/L a/c and Discount on issue of debentures 1 marks
OR
(B) 5,000

13. (c) P&L Suspense account 1 marks

OR
 (b) Remaining partners (who have sacrificed) as well as deceased partner

14. (D) Rs. 1,18,000 1 marks

15. 1 marks
(b) Rs.. 7,200

16 D. Right to receive salary at the end of every year 1

.

17 Share forfeiture account 3

. Particulars Rs Particulars Rs.
To Share Capital A/c 120 By Share Capital A/c 400
To Capital Reserve 120
To Capital Reserve 80
To Balance c/d (Bal. 80
fig.)
Total 400 400

OR
1.( c) 2.( a) 3.( b )

18 Journal Entry in the books of the Firm 3 mar 3

. Date Particulars Dr.(Rs.) Cr. (Rs.)
Ram’s Capital A/c Dr. 180
Sohan’s Capital A/c Dr. 72,000 x 3/8 630
To Mohan’s Capital A/c 810
(Adjustment entry of interest on drawings
made)
Particulars Ram Mohan Sohan Firm (Rs.) 9
(Rs.) (Rs.) (Rs.)
Interest on Drawings (+) (+) (-)2,520
wrongly Charged (Deed is 1,080 1,440
Silent)
Loss to be distributed (2 :1 (-) (-) 630 (-) 630 (+) 2,520
:1) 1,260
Adjustment (-) 180 (+) 810 (-) 630 Nil
OR
Profit and Loss Appropriation A/c for the year ended 31st march 2019
Particulars Amount Particulars Amount

Interest on Capital Profit 1,60,000

Mamta : 15,000
Sadhna : 10,000
 Gurmeet: 7,500 32,500
Profit transfer to:
Mamta : 48,250
Sadhna : 38,250
Gurmeet: 40,000 1,27,500

1,60,000 1,60,000

19 1. (B) Cr. A's Capital A/c with Rs. 54,000 and B's Capital A/c with Rs.36,000 3(1 marks for
. 2.(C ) Cr. A's Capital A/c with Rs. 18,000 and B's Capital A/c with Rs.12,000 each)
3. (D) Dr. Revaluation A/c with Rs. 60,000
20 Calculation of average profit 3
. Year Maintainable profit (₹)
2018 4,00,000-50,000 (abnormal gain) = 3,50,000
2019 5,00,000 + 1,00,000 (abnormal loss) = 6,00,000
2020 4,50,000- 50,000 (insurance) = 4,00,000
Total 13,50,000
Average profits= 13,50,000/3 = 4,50,000
Goodwill = average profit x number of years purchase
= 4,50,000x2
= ₹ 9,00,000
21

Balance Sheet(Extract only) 4 (1marks for

B/S extract
and 3 marks
Particulars NoteNo. Amount
for Notes)
I. Equity and Liabilities
Shareholders Fund
(a) Share Capital 1 9,99,600

Notes to
Account:
Note No. Particulars Amount in
Rs.(Current Year)
1 Share Capital:
Authorised Capital
2,00,000 Equity Shares of Rs.100 each 2,00,00,00
Issued Capital
1,00,000 Equity Shares of Rs.100 each 1,00,00,00
Subscribed Capital
Subscribed and fully paid
99,800 Equity Shares of Rs.100 each 99,80,00
Subscribed but not fully paid up
200 Equity Shares of Rs.100
 each 20,000 16,000
Less: Calls in Arrears @Rs.20
each 4,000

22 Workings: 4
.
1) Calculation of Sonika’s Share of Goodwill

Average profit of last 4 years = 2,00,000; Firm’s goodwill = 2,00,000 ×3 = 6,00,000

Sonika’s share = 6,00,000 x 2/5 = 2,40,000
Gaining ratio of Monika and Manisha = 2:1
Monika will contribute = 2,40,000 x 2/3 = 1,60,000
Manisha will contribute = 2,40,000 x 1/3 = 80,000

2) Calculation of Sonika’s Share of Profit

= 2,00,000 x 2/5 x 3/12 = 20,000
Sonika’s Capital
A/c
Dr Cr
Date Particulars amount Date particulars amount
2018 2018
June30 4,74,500 April 1
To Sonika’s By balance b/d 1,50,000
June
Executor By Reserve Fund A/c 60,000
30
A/c By Interest on Capital 4,500
June a/c 20,000
30 By P & L Suspense 1,60,000
June A/c 80,000
4,74,500 30 By Monika’s Capital 4,74,500
June 30 a/c
By Manisha’s Capital
a/c
23 Bank A/c Dr. 1,20,000
. To Share Application A/c
(Share application money received) 1,20,000 6

Share Application A/c Dr. 1,20,000

To Share Capital A/c
To Share allotment A/c 90,000
To Bank A/c 15,000
(Share application money transferred to share capital account and 15,000
share allotment account. Money refunded on rejected shares)
Share Allotment A/c Dr. 90,000
To Share Capital A/c
(Share Allotment money due) 90,000
 Bank A/c Dr. 71,400
To Share Allotment A/c
(Share Allotment money received except calls in arrears) 71,400

Share 1 Call A/c Dr.

st
60,000
To Share Capital A/c
(Share 1 Call money due)
st 60,000

Bank A/c Dr. 56,400

To Share 1 Call A/cst

(Share 1 Call money received except calls in arrears)

st 56,400

Share Capital A/c Dr. 14,400

To Share Allotment A/c
To Share 1 Call A/c
st 3,600
To Share forfeiture A/c 3,600
(1,800 Shares forfeited after 1 call for non-payment of allotment
st 7,200
money and 1 call)st

Share 2 & Final Call A/c Dr.

nd
56,400
To Share Capital A/c
(Share 2 & Final Call money due)
nd 56,400

Bank A/c Dr. 56,400

To 2 & Final Call A/c
nd

(Share 2 & Final Call money received)

nd 56,400

Bank A/c Dr. 16,200

Share Forfeiture A/c Dr. 1,800
To Share Capital A/c 18,000
(Forfeited shares reissued)
Share Forfeiture A/c Dr. 5,400
To Capital Reserve A/c
(Balance of share forfeiture account transferred to capital reserve 5,400
account)
24 Revaluation A/c
Particulars Amount Particulars Amount
6(3+3)
Fixed Assets 2,500 Creditors 2,000
Provision for Doubtful 5,000 Loss transferred to
Debts X’s Capital 2,750
Y’s Capital 1,650
Z’s Capital 1,100

Partners’ Capital A/c

Particulars X Y Z Particulars X Y Z
X 8,000 32,000 Balance 40,000 62,000 33,000
Goodwill 5,000 3,000 2,000 b/d 8,000
Revaluation 2,750 1,650 1,100 Y 32,000
Balance c/d 1,14,750 74,850 14,900 Z 42,500 25,500 17,000
1,22,500 87,500 50,000 Profit & 1,22,500 87,500 50,000
 Cash 1,14,750 Loss 1,14,750 74,850 14,900
Balance c/d 79,000 1,18,500 4,150 1,03,600
1,14,750 79,000 1,18,500 Bal. b/d 1,14,750 79,000 1,18,500
Cash
(Bal.Fig.)
Working Note – Calculation of amount to be brought in by Y and Z to pay X
Total Capital = 114750 + 74850 + 14900 + 15000 (required cash) – 22000 (30000-
8000 paid to
creditors) = 197500
3
Z’s Capital = 197500 X = 1,18,500
5
2
Y’s Capital = 197500 X = 79,000
5
OR

Date Particulars LF Dr amount Cr amount

X’s Capital A/c Dr. 30,000
Y’s Capital A/c Dr. 20,000
To Investments a/c 50,000
(being half of the investments
were taken by X and Y in their
PSR)
Investments A/c Dr 12,500
To Revaluation a/c 12,500
(Being increased value of
investment is credited to
revaluation a/c)
Revaluation A/c Dr 12,500
To X’s Capital A/c 7,500
To Y’s Capital A/c 5,000
(Being profit on revaluation is
transferred to the partners
capital a/c)

Working notes
Investments:
Total investment =Rs.1,00,000
Half of investments = Rs.50,000(taken by X and Y in their PSR)
Revaluation of half of investments =Rs.62500
 Increase in the value of investments=Rs.12,500
b. 12:8:5

25
Ans Particulars LF Amount(Dr) Amount
(Cr)
(i) Ankit’ A/c Dr 32,000
Bank A/c Dr 52,000
To Realisation A/c 84,000
(Stock was realised and taken over by
Ankit)
(ii) Realisation A/c D 69,000
To Bank A/c 69,000
(Payment to creditors Rs 32,000 + Rs
37,000)
(iii) Realisation A/c Dr 22,000
To Bank A/c 22,000
(Bobby’s sister’s loan paid along with
interest)
(iv) Kartik’s loan D 12,000
A/c r 500
Realisation Dr 12,500
A/c
To Bank A/c
Kartik’s loan settled)

Ankit” Capital a/c Dr 4,000

Bobby ‘s Capital a/c Dr 3,000
Kartik’s Capital a/c Dr 3,000
To P&L Account 10,000
(P&L debit balance divided among
partners)
Realisation A/c Dr 5,000
To Bank A/c 5,000
(Workmen’s compensation settled)
26 Answers:
Journal entries 6
Date Particulars LF Amount Amoun
1. Bank A/c Dr. 14,25,000
To Debenture application and allotment, A/c 14,25,000
(Being the debenture application money
record)
Debenture application & Allotment A/c Dr. 14,25,000
Discount on issue of Debentures A/c Dr 75,000
To Debentures A/c
 (Being the issue of 15,000, 8% debentures of 15,00,000
2. Rs. 100 each at a discount of 5%)
Bank A/c Dr.
To Debenture application and allotment, A/c 84,00,000
(Being the debenture application money 84,00,000
received)
Debenture application and allotment A/c Dr.
To 10% Debenture A/c 84,00,000
To security premium A/c 80,00,000
(Being the issue of 80,000, 10% debenture of
3 4,00,000
Rs. 100 each at a premium of 5%)
Bank A/c Dr.
To Debenture application and allotment A/c
50,00,000
(Being the debenture application money
50,00,000
received)
Debenture application and allotment A/c Dr.
Loss on issue of debenture A/c Dr. 50,00,000
To 12% Debenture A/c 2,50,000
To premium on Redemption of Debenture A/c
(Being the issue of 50,000, 12% debenture of 5000000
Rs. 100 each at par redeemable at 105% 250,000
4.
Bank A/C Dr.
To Debenture application and allotment A/C 38,00,000
(Being the debentures application money
received) 38,00,000
Debenture application and allotment A/C Dr
Loss on issue of debenture A/C Dr. 38,00,000
To 12% debenture A/C 6,00,000 400000
To premium on redemption of debenture A/c 400000
(Being the issue of 40,000, 12% debenture of
Rs. 100 each at a discount of 5% and repayable
at a premium 10%)

OR

(a)
a. Bank a/c Dr 55,00,000
To debenture application and allotment a/c
55,00,000

b. Debenture application and allotment a/c Dr 55,00,000

Loss on issue of debenture a/c Dr 10,00,000
To 9% debenture a/c 50,00,000
To premium on redemption of debenture a/c 10,00,000
To security premium reserve a/c 5,00,000

Date Particulars Dr. Date Particulars Cr.

2021 To premium on redemption 10,00,000 2022 By Securities
Oct. debenture a/c Mar Premium A/C
1 31 By Statement of P 7,80,000
&L A/c
 2,20,000
10,00,000 10,00,000

Date Particulars LF Dr Amt Cr Amt

2022 Debenture Interest A/c Dr. 2,25,000
Mar 31 To Debenture holders A/c
2,25,000
2022 Debenture holders A/c Dr. 2,25,000
Mar 31 To Bank
2,25,000
2022 Statement of P &L A/c Dr 2,25,000
Mar 31 To Debenture Interest A/c
2,25,000

27 (A)Both Assertion and reason are true and reason is correct explanation of assertion. 1

28 (d) (ii) and (iii) OR (a) Purchase of marketable securities for Rs.25,000 cash. 1

29 ( c) Statement -I is true, statement-II is false 1

30 (a) To measure the financial strength 1

OR
(b) Judges operational efficiency

31 Items Main Head Sub Head 3 (0.5 marks

(i) Cheques and Bank Drafts in Hand Current Liabilities Cash & Cash for each
Equivalents correct
(ii) Loose tools Current Assets Inventory answer)
(iii) Securities Premium Reserve Shareholders’ Funds Reserve & Surplus

(v) Work-in-Progress Current Assets Inventory

(vi) Mining Rights Non Current Assets Intangible Assets

(viii) Debtors Current Assets Trade Receivables

32 Comparative Absolute % Change 3 (0.5 marks

Statement of Change for each
P/L correct
Revenue from 15,00,000 33.33 answer)
Operations
Less: Expenses
 Employee Benefit 7,50,000 33.33
Expenses
Depreciation 1,50,000 25
Other Expenses 5,50,000 55
Total Expenses 14,50,000 37.66
Profit Before Tax 50000 7.69
Less: Tax @ 50% 25,000 7.69
Profit After Tax 25,000 7.69
33 (i) Improve 4
(ii) Improve
(iii) Improve
(iv) Reduce

OR

Debt equity ratio of Priya Ltd – 5:1

Debt equity ratio of Maya Ltd – 3:1

34 Particulars Amount(₹) Amount(₹) 2+1.5+1.5+1

I. Cash flow from operating activities: =6
Net profit before tax (4,00,000-2,00,000)
2,00,000
Adjustment for non cash and non operating items:
Depreciation
Profit on sale of machinery 30,000
(10,000)
20,000
Operating profit before working capital changes 2,20,000
Change in current assets and current liabilities:
Decrease in inventories
50,000
Increase in trade receivable
(2,00,000)
Increase in trade payables
1,00,000
(50,000)
Net cash inflow from operating activities 1,70,000

II. Cash flow from investing activities:

60,000
Sale of plant (2,80,000)
Purchase of plant (2,20,000)
Net cash used in investing activities

1,00,000
III. Cash flow from financing activities: 1,00,000
Issue of share capital

50,000
Net cash inflow from financing activities

30,000
IV.Net increase in cash and cash equivalents

80,000
V. Opening cash and cash equivalents

VI. Closing cash and cash equivalents

Plant and Machinery Account

Particulars Amount Particulars Amount

To Balance b/d 3,00,000 By Bank A/c(Sale) 60,000
To Statement of P/L(Profit) 10,000 By Depreciation A/c 30,000
To Bank A/c(Purchase) 2,80,000 By Balance c/d 5,00,000
5,90,000 5,90,000