MARKING SCHEME: 3

CSSC COMMON EXAMINATION (2022 – 2023)

CLASS – 12
ACCOUNTANCY (055)
MAX MARKS :80

1. A) 7:2:3 (1 mark)

2. A) Debit Side of Realisation Account (1 mark)

OR
A) (A) is correct but ( R) is wrong.

3. Rs.1,00,000 (1 mark)

4. B) Loss on issue will be debited by Rs54000 (1 mark)

5. D) Nil (1 mark)

6. C) Rs6,000 (1 mark)
OR
D) Rs6,750

7. Realisation A/c Dr Rs20,000 (1 mark)

To Monika’s Capital A/c Rs15,000
To Bank A/c Rs5000
(Remuneration allowed and Expenses paid)

8. B) Rs90,000 (1 mark)

9. C) Debit investment A/c and credit revaluation A/c (1 mark)

10. Total Remuneration to C Rs.1,30,000 (1 mark)

Less Salary Rs. 80,000
Commission 50,000
Net Profit for the year before commission=50,000*110/10=Rs.5,50,000
Profit before charging salary and commission=5,50,000+80,000=Rs6,30,000

11. A) Capital Accounts of old partners (1 mark)

12. C) 13/60 (1 mark)

OR
A) Rs5,00,000

13. B) Location of customers (1 mark)

14. B) Rs.40 per share (1 mark)

 15. A) Rs3,00,000 (1 mark)

16. C) 6% (1 mark)
OR
D) 4%
17. Average Profits=Rs202500 (3 marks)

18. Z’s Capital A/c Dr Rs.2,40,000

To X Capital A/c Rs60,000
To Y’s Capital A/c Rs1,80,000
(Z gains 4/10th share of profit whereas X looses 1/10th share of profit and Y
looses 3/10 share of profit) (3 marks)
OR
Profit and loss appropriation A/c (2 mark)
To interest on Capital Rs by Profit for the year Rs.1,60,000
A 160000*5/8 1,00,000
B 160000*3/8 60,000
Total: Rs1,60,000 Total Rs.1,60,000
Interest on A’s Capital: Rs 1,20,000
Interest on B’s Capital: Rs 72,000
Total interest Rs 1,92,000 (`1 mark)
available profit is only Rs160000 which is less than the interest therefore profit is distributed in
the interest ratio i.e.5:3

19) Bank A/c Dr. 9,40,000 (3 marks)

To Debentures Application and Allotment A/c 9,40,000

Debenture Application and Allotment A/c Dr 9,40,000

Loss on issue of Debentures A/c Dr 1,60,000
To 8% Debentures A/c 10,00,000
To premium on redemption of Debentures A/c 1,00,000

Securities premium A/c Dr 1,20,000

Statement of profit and loss Dr 40,000
To loss on Debentures A/c 1,60,000
(OR)
Assets A/c Dr 15,60,000
To creditors A/c 1,60,000
To p ltd. 14,00,000

p.ltd A/c Dr 14,00,000

To 8% Debentures A/c 10,00,000
To securities premium A/c 4,00,000

20. Answer: B’s loan A/c 484000 (3 marks)

21. i) Bank A/c Dr 9000

To realisation A/c 9000 (4 marks)

ii) Chandra’s Capital A/c Dr 84,000

 To realisation A/c 84,000

iii) realisation A/c Dr 42,000

To Nisha’s Capital A/c 42,000

iv) realisation A/c Dr 13,500

To bank A/c 13,500

22. i) Bank A/c Dr 20,00,000 (4 marks)

8% Debentures Application A/c 20,00,000 (1/2 mark)

ii) 8% Debentures Application A/c Dr 20,00,000

To 8% Debentures A/c 20,00,000 (1/2 mark)

iii) 8% Debentures Allotment A/c Dr 18,80,000 (1 1/2 mark)

loss on issue of Debentures A/c Dr 3,20,000
to 8% Debentures A/c 20,00,000
to premium on redemption A/c 2,00,000

iv) Bank A/c Dr 18,80,000 (1/2 mark)

to Debenture Allotment A/c 18,80,000

v) Security premium A/c Dr 2,30,000 (1 mark)

Statement of profit and loss Dr 90,000
To loss on issue of Debentures A/c 3,20,000

23. (6 marks)
Particulars Amount Amount
Bank A/c Dr. 2,70,000

To Share Application A/c 2,70,000

(Application money received)
Share Application A/c Dr 2,70,000

To Share Capital A/c 2,70,000 (1/2 mark)

(Application money
transferred)
Share Allotment A/c Dr 4,50,000
To Share Capital A/c 1,80,000
To Securities Premium A/c 2,70,000 (1 mark)
(Allotment money due on
90000 shares)

Bank A/c Dr 4,45,000

To share Allotment A/c 4,45,000 (1/2 mark)
(Allotment money received on
89000 shares)

Share Capital A/c(1000*5) Dr 5000

Securities premium
A/c(1000*3) 3000
To share allotment
A/c(1000*5) 5000
To share Forfeiture
A/c(1000*3) 3000 (1 mark)
(1000 shares forfeited)
Share First Call A/c(89000*2) 1,78,000
To share Capital A/c
(share first call money due) 1,78,000
Bank A/c Dr 1,75,400
To share first call A/c 1,75,400 (1/2 mark)

Share Capital A/c(800*7) Dr 5,600

To Share First Call A/c(800*2) 1600
To Share Forfeiture 4000 (1 mark)
A/c(800*5)
(800 shares forfeited)
Share Second and Final Call 2,64,000
A/c(88200*3) Dr
To share capital A/c 2,64,000
(share second call money due)
Bank A/c Dr 2,63,100
To share second and final call 2,63,100 (1/2 mark)
A/c
(share second call money
received on 87700 shares)
Share Capital A/c(500*10) Dr 5000
To share first call A/c(500*2) 1000
To share second and final call 1500
A/c(500*3) 2500 (1 mark)
To share forfeiture A/c(500*5)
Bank A/c(2300*12) Dr 27,600
To share capital A/c(2300*10) 23,000
To securites premium 4,600
A/c(2300*2)
Share Forfeiture 9,500
A/c(3000+4000+2500) Dr 9,500
To capital reserve A/c
OR
Cashbook
Particulars Rs Particulars Rs
To share Application 4,80,000 By share Application 90,000
A/c A/c
(Rs.3 * 160000 shares) (Rs3*30,000)
To share Allotment A/c 3,06,000 By balance c/d 12,04,000
To share first call A/c 2,92,800
(Rs3*97600 shares)
To share second and 1,95,200
final call
A/c(rRs2*97600)
To share capital A/c(re- 20,400
issue)(2400*8.50)
Total 12,94,400 12,94,400
 Journal
Particulars Rs Rs
Share Application A/c Dr 3,90,000
To share capital 3,00,000
To share allotment 90,000
Share allotment A/c Dr 4,00,000
To share capital A/c 2,00,000
To security premium A/c 2,00,000
Share first call A/c Dr 3,00,000
To share capital A/c 3,00,000
(first call money due on 1lakh
shares)
Share capital A/c Dr 12,800
Security premium A/c Dr 3,200
To share allotment A/c 4000
To share first call A/c 4,800
To forfeited shares A/c 7,200
(1600 shares were forfeited for
non- payment of allotment and
first call amount)
Share second call A/c Dr 19,6,800
To share capital A/c 19,6,800
(second and final call money due
on 98400 shares)
Share capital A/c Dr 8000
To share first call A/c 2,400
To share second call A/c 1,600
To forfeited shares A/c 4000
(800 shares were forfeited due to
non-payment of calls)
Forfeited shares A/c Dr 3,600
To share capital A/c 3,600
(2400 forfeited shares reissued as
fully paid for Rs8.50 per share)
Forfeited shares A/c Dr 7,600
To capital reserve A/c 7,600
(transfer of profit on reissue)
Working notes:
Calculation of money received on allotment
a)No. of shares allotted to Arun=40,000/60,000*2400=1600 shares
excess application money paid=2400 shares -1,600 shares=8—shares* 3=Rs.2,400
Allotment money due on shares=1600*4=Rs.6,400
Less excess application money = 2,400
Allotment money due but not received = 4000
b)Calculation of allotment money received
Total allotment money due =Rs4,00,000
Less excess application money adjusted towards allotment =Rs90,000
=Rs3,10,000
Less allotment money not received =Rs4000
Total =Rs3,06,000
24) Answer (6 marks)
Revaluation A/c loss = Rs40,000 (2 marks)
Capital Account Balance of L= Rs68,143
Capital Account Balance of N= Rs21,257 (4 marks)
M’s loan A/c balance =Rs60,000

Working notes:
i) Investment fluctuation fund A/c Dr = Rs20,000
Revaluation A/c Dr = Rs30,000
To Investment A/c = Rs50,000

ii)Adjustments of M’s share of goodwill= Rs1,00,000*3/10=Rs30,600 which is adjusted between L and

N on their
gaining ratio 5:2
L’s share of goodwill= Rs30,600*5/7=Rs21,857
N’s share of goodwill=Rs30,600*2/7=Rs8,743

OR
Answer:
Revaluation A/c balance=Rs60,000
Share of Neha=Rs36,000; Tara=Rs24,000
Adjusted capital:
Neha=Rs2,66,000
Tara=Rs2,24,000
Cash brought by Prachi as Capital=Rs1,22,500

Working notes:
Total Capital of Nehra and Tara after all adjustments=Rs2,66,000+Rs2,24,000=Rs4,90,000
Total Capital of the firm=Rs4,90,000*100/80=Rs612,500
Therefore, Prachi’s capital=Rs612,500*20/100=Rs1,22,500

25) Amount due to Pulkit executors=Rs385,,000 (6 marks)

Average profit=1/3*(Rs90,000+Rs1,40,000-Rs80,000)=Rs50,000

26) Rs 50 Debentures issued= 50* 104/100=Rs52 (6 marks)

No. of Debentures to be issued=Rs78,00,000/52=Rs1,50,000 (1 mark)
Date Particulars Rs Rs
2020 April 1 Debenture application and 78,00,000
allotment A/c Dr
Loss on issue of Debenture A/c 3,75,000
Dr 75,00,000
To 8% Debentures A/c 3,00,000
To securities premium A/c 3,75,000 (1 mark)
To premium on redemption of
Debentures A/c(Debentures
allotted)

Date Particulars Rs Rs
31-03-2021 Securities premium A/c Dr 3,00,000
Statement of profit and loss A/c 75,000
Dr 3,75,000 (1 mark)
 To loss on issue of Debentures
A/c
(loss on issue of Debentures
written off)

Date Particulars Rs Date Particulars Rs

01-04- To premium on 3,75,000 31-03- By security premium 3,00,000
2020 redemption of 2021 A/c 75,000
Debentures A/c By statement of profit (1 mark)
and loss

Interest on Debentures=Rs7500000*8/10Rs600000 (1 mark)

Date Particulars Rs Rs
31-03-2021 Statement of profit and 6,00,000
loss
To interest on 6,00,000 (1 mark)
Debentures A/c(interest
on Debentures
transferred to statement
of profit and loss)

27) C) Rs1,80,000 (1 mark)

28) C) Share capital (1 mark)
OR
Inflow of cash Rs1,90,000
29) Cash flow from investing activites (1 mark)
30) B)26% (1 mark)
OR
B) Statement of profit and loss

31) i) Average inventory=Rs1,50,000 (3 marks)

ii)Cost of revenue from operation=Rs9,00,000 (1 mark)
iii)Revenue from operation=Rs12,00,000 (1 mark)
iv)Gross profit=Rs3,00,000
v)Gross profit ratio=25% (1 mark)

32) (4 marks)
Items Head Sub Head
i)Uncalled liability on partly paid Commitments in notes to account Nil
shares
ii)Capital work in progress Non-current asset Property, plant and equipment
and intangible assets.
Capital work in progress
iii)Provision for warranties Non-current liability Long term provisions
iv)Income received in advance Current liabilities Other current liabilities
v)Capital advance Non-current assets Long term loans and advances
vi)Advances recoverable in cash Current assets Short term loans and advances
within the operating cycle
33) Debt to capital employed ratio = Rs2,00,000/Rs8,00,000=0.25*1 (4 marks)
Long term Debt= Rs1,60,000+Rs40,000=Rs2,00,000
OR
Net assets turnover ratio=Rs1,600,000/Rs5,00,000=3.2times
Non-current assets=Rs1,80,000+Rs20,000+Rs40,000=Rs2,40,000
Net Assets=Rs2,40,000+RS2,60,000=Rs5,00,000
Revenue from operation=RS12,80,000*125/100=Rs16,00,000

34) Calculation of net profit before tax=Rs36,,000 (6 marks)

Operating profit before working capital changes=Rs49000
Cash flow from operating activities=Rs28,000 (2 mark)
Cash used in investing activities (Rs32,000) (2 mark)
Cash flow from financing activities=Rs5000 (2 mark)
Net increase in cash and cash equivalence=Rs1000
Cash and cash equivalence at the end of the year=Rs26,000

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