Kendriya Vidyalaya Sangathan, Chennai Region

MODEL PAPER
ACCOUNTANCY
Marking Scheme
Std: XII Maximum Marks:80
Time allowed:3hrs

1 B 1mark

2 7 ½ months 1 mark
3. d. No entry will be passed 1 mark
4. d. Interest on Partner’s loan
1 mark
5. b.B 1 mark
6. d. All the above 1 mark
7. d.
1 mark
8. c. To record the Profit and Loss a/c (Dr.)

1mark
9. b. Capital accounts of partners 1 mark
10. Rs.5500 1 mark
11. Rs.49,000 1 mark
12. Reconstitution 1 mark
13. C.Liabilities side of the Balance sheet 1 mark
14.
Net amount of Subscription shown in the Income and
Expenditure a/c Rs.2,01,800.
OR
Net amount of Tournament Fund shown on the liabilities side of
the Balance sheet Rs.1,92,000.

3marks
15. Profit remaining after allowing interest on capital and salary will 4 marks
be Rs.5,04,000-Rs.2,04,000- Rs.1,32,000=Rs.1,68,000
Adjustment entry:-
Mohan’s Current a/c Dr 38,000
To Ravi’s Current a/c 38,000

OR

A’s capital a/c Dr 48,000

B’s Capital a/c Dr 32,000
R’s capital a/c Dr 20,000
Tp Profit & Loss a/c 1,00,000
(Loss Rs.1,00,000 divided )
 A’s Capital a/c Dr 1,76,000
B’s Capital a/c Dr 44,000
To R’s capital a/c 2,20,000
(Deficiency met )
½*8=4 mark
Share Capital a/c Dr 5000
To Share allotment a/c 1500
To Share First &Final call a/c
To Share Forfeiture a/c
(Forfeiture of 500 shares of Rs.10 each)

Bank a/c Dr
Share Forfeiture a/c Dr 900
To Share Capital a/c 3,000
(Re-issue of 300 forfeited shares @Rs. 7 each)

Share Forfeiture a/c Dr 300

To Capital Reserve a/c 300

(Profit on re-issue of 300 forfeited shares transferred to Capital
Reserve a/c)

17. a. Realisation a/c Dr 19,000 1*4=4 mark

To Sudha’s Capital a/c 19,000

b. Bank a/c Dr 7,500

To realization a/c 7,500

c. Shiva’s Capital a/c Dr 13,300

To Realisation a/c 13,300

d. Realisation a/c Dr 3000

To Sudhas capital a/c 3000

18. Interest on drawings for A=1,12,000 * 15/100 *1/12=1,400 4 mark

(11/2)
Interest on drawings for B= 1,26,000 *15/100 * 1/12= 1,575
(11/2

31/3/16 A’s Capital a/c Dr 1,400

B’s Capital a/c Dr 1,575
To Interest on drawings a/c 2,975 (1/2)

Interest on Drawings a/c dr 2,975

To P&L appropriation a/c 2,975 (1/2)
19. Surplus Rs.14,800 6 mark
20. Machinery a/c Dr 4,80,000 2marks
(i) To Vendor a/c 4,80,000 each=6marks

Vendor a/c Dr 4,80,000

To 9% Debentures a/c 4,00,000
To Securities Premium Reserve a/c 80,000
(ii) Bank a/c Dr 10,50,000
To Debenture application and allotment a/c 10,50,000

Debenture application and allotment a/c Dr 10,50,000

Loss on issue of Debenture a/c Dr 1,00,000
To 7% debentures a/c 10,00,000
To Securities premium reserve a/c 50,000
To Premium on redemption of debentures a/c 1,00,000

(iii) Bank a/c Dr 95,000

To Debenture application and allotment a/c 95,000

Debenture application and allotment a/c Dr 95,000

Loss on issue of Debenture a/c Dr 15,000
To 7% debentures a/c 1,00,000
To Premium on redemption of debentures a/c 10,000

21 Revaluation Profit Rs.27,000 2+4+2=8

Capital account Balances:
Murari Rs.1,78,500(Cr)
Vohra Rs.2,18500(Cr)
Yadav Rs.2,00,000(cr)
OR

(1 *8=8mark)
2018 Reserve fund a/c Dr 6,000
April1 To A’s capital a/c 3000
To B’s capital a/c 1800
To C’s Capital a/c 1200

Workmen compensation 2000

reserve a/c dr
To A’s capital a/c 1000
To B’s capital a/c 600
To c’s capital a/c 400
Revaluation a/c dr 6,400
 To Provision for 400
doubtful debts a/c
To Patents a/c 4000
To Sundry creditors a/c
2000
Stock a/c Dr 4004
Building a/c Dr 12,000
To Revaluation a/c 16,000
Revaluation a/c Dr 9,600
To A’s capital a/c 4,800
To B’s capital a/c 2,880
To C’s capital a/c 1,920
A’s capital a/c Dr 3,000
B’s capital a/c Dr 1,800
C’s capital a/c Dr 1,200
To Goodwill 6,000
a/c
A’s capital a/c Dr 2,500
B’s capital a/c Dr 1,500
To C’s capital a/c 4,000
C’s Capital a/c Dr 31,320
To C’s loan a/c 31,320

22 Capital Reserve Rs.16,500 (each correct journal entry carries 1 8 marks

mark each)

OR
Capital reserve Rs.2,800
Balance sheet total Rs.5,01,600

23. c.Rs.1,80,000 1 mark

24. False 1 mark
25. Rs.70,000 1 mark
26 Not included in the inventories 1 mark
27. d.Rs.6,00,000 1 mark
28. Bank deposit,cash credit etc(any one) 1 mark
29. d.Total assets. 1 mark
30. Current liablities Rs.80,000 3 mark
Quick Assets Rs.1,20,000
Quick ratio= 1,20,000/80,000 = 1.5:1(1+1+1=3) OR
item Heading Sub-heading (1/2*6=3)
1 Patents Non-current Fixed 3 marks
assets assets(Intangible)
2 Investment in Non-current Non-current
debentures Assets investment
3 Loan payable on Current Short-term
demand liabilities Borrowings
 4 Goods acquired for Current assets Inventories
trading
5 Acceptances (B/P) Current Trade payable
liabilities
6 Stores and spares Current assets Inventory
31. Profit after tax: 2016 Rs.4,10,000; 2017 Rs.5,20,000; Percentage 4 marks
changes in:
Revenue Other Total Expenses Profit Profit
from Income Revenue before after
operation tax tax
20 100 21.57 19.54 24.24 26.83
OR
Particulars 31/3/2016 31/3/2017
Shareholders’funds 50.00 50.00
Non-current 25.00 31.25
liabilities
Current liabilities 25.00 18.75
Non-Current 62.50 62.50
liabilities
Current Assets 37.50 37.50
32. Cash from Operating activities Rs.23,250 6 marks
Cash used in Investing activities Rs.33,250
Cash from financing activities Rs.22,500 (2+2+2=6)