PREBOARD EXAMINATION PB23ACC01

XII ACCOUNTANCY - SCORING KEY

1 9:7:4 1
2 a) A is incorrect but R is correct 1
3 c)5000 OR ₹12,00,000 1

4 Rs10,000 1
OR
X need to return ₹3,40,000 to the firm.
5 (A) Interest on partner’s loan 1
6 b) ₹10,00,000 OR c. 20,000 1

7 (d) Assertion (A) is correct, but Reason (R) is incorrect 1

8 c). ₹4,80,000 OR b) Debited RS.5000 1

9 d) ₹41,880 1

10 c) ₹1,42,800 1

11 c) Only iii). 1

12 b) Rs 19,000 1

13 b) Rs 58,40,000 1

14 a)Old profit sharing ratio 1

15 a) 13/54 OR a)Rs 550 1

16 b) Realisation A/c Dr 21,000 1

To Bank A/c 21,000

17 Gaining ratio A = 9/40 B = -2/40 C = -2/40 3
D`s share of goodwill = 45,000
A=81000 B= 18,000 C= 18000

18 A’s Capital A/C………..Dr 5824 3

C’s Capital A/C ……….Dr 48
To B’s account
5872
OR
P&L Adjustment A/C ……...Dr 18,000
To A’s capital A/C 6000
To B’s capital A/C 12,000

P&L Adjustment A/C ………Dr 10,000

To A’s capital A/C 10,000

A’s capital A/C…………….Dr 14,000

B’s capital A/C……………Dr 14,000
To P &L Adjustment A/C 28,000
19 Assets A/C ……...Dr 60,00,000 3
To Liabilities A/C 10,00,000
To Sohan’s Ltd A/C 45,00,000
To Capital Reserve A/C 5,00,000

Sohan’s Ltd A/C ………Dr 45,00,000

To 10% debentures A/C 36,00,000
To securities premium reserve A/C 9,00,000
OR
Share forfeiture A/C
Particulars Amount Particulars Amount
To share capital 2500 By share capital 25,000
To capital reserve 10,000
To balance c/d 12,500
25,000 25,000

20 Normal profit = 10,00,000 * 15/100 3

Average profit after partners salary =3,60,000-1,20,000
=2,40,000
Super profit = 2,40,000-1,50,000 = 90,000
Goodwill = 90,000 * 2 = 1,80,000
21 Balance sheet of Janta Ltd 4

Particulars Note No. Amount

1.EQUITY AND LIABILITIES
1.Shareholder`s Funds
a) Share Capital 1 5,79,600

Notes to Accounts

Note Particulars Amount

number
1 Share capital
Authorised Capital
2,00,000 equity shares of Rs.10 each 20,00,000

Issued capital
1,00,000 equity shares of Rs.10 each 10,00,000

Subscribed capital
Subscribed and fully paid up
96,400 shares of Rs.10 each ,Rs.6 called up 5,78,400
Add Share forfeiture account 1200 5,79,600
22 4
1 Dhwani`s Loan A/c 50,000
To Bank A/c 42,000
To Realisation A/c 8,000

2 Paavni`s Loan A/c 40,000

To Realisation A/c 40,000

3 Realisation A/c 60,000

To loan to Charu`s A/c 60,000

4 Iknoor`s Loan A/c 80,000

To realisation A/c 60,000
To Bank A/c 20,000

23 6
Date Particulars Dr Cr
Bank A/c 7,00,000
To Equity Share application A/c 7,00,000

Equity Share Application A/c 7,00,000

To Equity Share capital A/c 4,00,000
To Equity Share Allotment A/c 3,00,000

Equity Share Allotment A/c 7,20,000

To Equity Share capital A/c 4,00,000
To Securities Premium Reserve A/c 3,20,000

Bank A/c
Call-in-arrears A/c 4,15,800
To Equity Share Allotment A/c 4,200
4,20,000
Equity Share Capital A/c 8,000
Securities Premium Reserve 3,200
To Share Forfeiture A/c 7,000
To Call-in-arrears A/c 4,200

Bank A/c(800*9) 7,200

Share Forfeiture A/c 800
To equity Share Capital A/c 8,000

Share Forfeiture A/c 6,200

To capital Reserve A/c 6,200

OR
Date Particulars Dr Cr
Bank A/c (1,50,000 X 50) Dr 75,00,000
To Share Application A/c 75,00,000
Share Application A/c Dr 75,00,000
To Share Capital A/c (1,00,000 X 50) 50,00,000
To Share Allotment A/c 12,50,000
To Bank A/c 12,50,000

Share Allotment A/c Dr 35,00,000

To Share Capital A/c 25,00,000
To Securities Premium A/c 10,00,000

Bank A/c Dr 22,36,500

To Share Allotment A/c 22,36,500

Share First & Final Call A/c Dr 25,00,000

To Share Capital A/c 25,00,000

Bank A/c (99,400 x 25) Dr 24,85,000

To Share First & Final Call A/c 24,85,000

Share Capital A/c(600 x 100) Dr 60,000

Securities Premium A/c Dr 6,000
To Share Forfeiture A/c 37,500
To Share Allotment A/c 13,500
To Share First & Final Call A/c 15,000

Bank A/c(600 x 110) Dr 66,000

To Share Capital A/c 60,000
To Securities Premium A/c 6,000

Share Forfeiture A/c Dr 37,500

To Capital Reserve A/c 37,500
24 Revaluation Profit - Rs 10,000 6
A’s capital - Rs 6,000
B’s capital - Rs 4,000

Balance in Capital Account

A’s capital - Rs 2,12,000
B’s capital - Rs 1,74,800
C’s capital - Rs 1,00,000

Balance Sheet Total = 5,19,000

OR
Profit on revaluation
Amit -300
Balan -200
Chander -100

Balance in capital account Amit - 48,000 Balan - 32,000

Chander’s loan A/C 10,300

25 Harish ’s Executors Account 6

Date Particulars Amount Date Particulars Amount

31.3.15 To Bank A/C 22,500 31.3.15 By Harish’s 90,000
To balance c/d 67,500 capital A/C
90,000 90,000
31.3.16 To bank 34,650 1.4.15 By balance b/d 67,500
To balance c/d 45,000 31.3.16 By interest 12,150

79,650 79,650
31.3.17 To bank 30,600 1.4.16 By balance b/d 45,000
To balance c/d 22,500 31.3.17 By interest 8100
53100 53100
31.3.18 To bank 26,650 1.4.17 By balance b/d 22,500
31.3.18 By interest 4050
26650 26650

26 Land A/c 20,00,000 6

To JSS Ltd. 20,00,000

JSS Ltd 15,00,000

To Bank A/c 10,00,000
To Bills Payable A/c 5,00,000

JSS Ltd 5,00,000

Loss on issue of 10% Debentures A/c 50,000
To 10% Debentures A/c 5,00,000
To Premium on Redemption of Debentures A/c 50,000
 Assets A/c 4,20,000
To Liabilities A/c 40,000
To Capital Reserve A/c 20,000
To XYZ Ltd 3,60,000

XYZ Ltd A/c 3,60,000

Discount on issue of debentures A/c 40,000
To 10% Debentures A/c 4,00,000
27 a) Long-term borrowings 1
OR
b) Other current liabilities

28 c) Not change the ratio 1

29 d) Statement 2 is correct and Statement 1 is incorrect 1

OR
c) Financing
30 b) ₹ 1,02,000 1

31 3
Items Main head Sub head
i. Stores and Spares Current Assets Inventories
ii. Loan repayable on Current liabilities Short term borrowing
demand
iii. Provident fund Non Current liabilities Long term provisions
iv. Pre-paid Insurance Current Assets Other current assets
v. Capital Reserve Shareholders fund Reserves and surplus
vi. Shares in State Non current Assets Non current investment
Bank of India

32 1. CL = CA-WC 3
4,00,000-2,00,000= Rs 20,00,000
Current ratio = CA/CL
= 4,00,000/2,00,000
= 2:1
2. Equity = Total Assets – Liabilities
=20,00,000-14,00,000
= Rs 6,00,000

Debt equity ratio = Debt/ Equity

= 12,00,000/6,00,000
= 2:1
33 Revenue from operation 16.67 4
Other income 50
Total revenue 19.69
Cost of materials consumed 15
Other expenses 20
 Total expenses 15.24
Profit before tax 27.50
Tax (27.50)
Profit after tax 27.50

OR
1.Equity and Liabilities 2016 2017
1)Shareholder`s fund 50 50
2)Non- current Liabilities 25 31.25
3)Current Liabilities 25 18.75
Total 100 100
2. Assets
1)Non- current assets 62.5 62.5
2)Current assets 37.5 37.5
Total 100 100

34 Cash flow Statement for the year ended 31st March, 2015 6
Particulars Amount
A. Cash flow from operating activities
Net Profit before tax and extraordinary items (2,50,000+50,000) 3,00,000
(+) Depreciation 99,000
(+)Intangible assets written off 10,000
(+)Interest on debentures (5,00,000*12%) 60,000 1,69,000

Operating profit before working capital changes 4,69,000

(-) Increase in CA and Decrease in CL

Inventories (62,000)
Cash Generated from Operations 4,07,000
(-) Tax Paid (70,000)

Net cash flow from operating activities 3,37,000

B. Cash flow from investing activities

Purchase of fixed Assets (3,82,000)
Purchase of non current investments (25,000)
Net cash used in investing activities (4,07,00
0)
C. Cash flow from financing activities
Proceeds from issue of share capital 1,00,000
Redemption of Debentures (50,000)
Interest paid on Debentures (60,000)
Increase in bank overdraft 1,00,000
Net cash flow from financing activities
90,000
D. Net increase in cash and cash equivalents(A+B+C)
(+) Opening Cash and cash equivalents 20,000
E Closing cash and cash equivalents 1,20,000
1,40,000
 Provision for Tax Account

Particulars Amount Particulars Amount

To Bank A/c 70,000 By balance b/d 90,000
To Balance c/d 70,000 By Statement of Profit and 50,000
loss A/c
1,40,000 1,40,000