ACCOUNTANCY (055)

CLASS XII (2024-25)

MARKING SCHEME

PART A

(Accounting for Partnership Firms and Companies)

Q.NO OPTION ANSWER MARK

1 C Rs.24,000 by Shiv and Rs.16,000 by Sneh 1

2 C A is true but R is false 1

3 D 5% 1
OR OR
C Called up amount on shares

4 A Provision for doubtful debts A/C Dr10,000 1

To Aarthi Capital Account 6,000
To Arcana Capital Account 4,000

5 B 10% 1

6 B Rs.6,400 and Nil 1

OR OR
B Rs.9,600,Rs.5,400, Rs.4,200

7. D 1st May,2024 1

8 A Rs.1,01,600 1

9 C Jasmine will be credited by Rs.20,000 1

10 C Rs.11,400 1

11 B Crediting her current Account with Rs.1,200 1

12 A Sweat Equity Shares 1

13 C Rs.40 1

14 B Crediting Harsh’s Capital Account and 1

Debiting Zeal’s Capital Account by Rs.20,000

15 C Rs.50,000 1

16 B 11:5:4 1
17.

DATE PARTICULARS LF DEBIT CREDIT

Rs Rs

General Reserve A/C 50,000

Dr

Profit & Loss A/C 1,00,000

Dr

To Swathi’s Capital A/C 90,000

To Shakthi’s Capital A/C 60,000

(Credit balances transferred to partners capital

Account in their profit sharing ratio)

Swathi’s Capital A/C Dr. 30,000

Shakthi’s Capital A/C Dr. 20,000

To Advertisement Suspense A/C 50,000

(Balance in Advertisement suspense account

transferred to partners)
18. I st option

Interest @6%p.a on balance amount of Rs.45,000--- 45,000 x 6/12x6/100=Rs.1,350

II ND OPTION

Share in subsequent profits=50,000x45000/1,85,000= Rs.12,162 *

*Capitals of Sonu and Bharath +Balance of Chanders=Rs.75,000 +Rs.65,000+Rs.45,000=Rs.1,85,000

Option II should be exercised as amount payable is greater than option I

OR

Capital Employed=Partner’s capitals+General Reserve –Fictitious Assets –Goodwill

=Rs.2,00,000+Rs.90,000 – Rs10,000-Rs.30,000

=Rs.2,50,000

Normal profit=2,50,000x10/100=Rs.25,000

Average profit=Rs.30,000

Super profit =Rs.30,000-Rs.25,000=Rs.5,000

Goodwill=Rs5,000x3years=Rs.15,000

Sadhik’s share=Rs15,000x1/3=Rs.5,000
19.

Date Particulars LF Dr.(Rs) Cr.(

Rs)

Sundry Assets A/C Dr 25,00,000

Goodwill A/C Dr 4,00,000

To Creditors A/C 5,00,000

To Suresh Ltd A/C 24,00,000

(Assets and Liabilities purchased)

Suresh Ltd A/C Dr 24,00,000

To 9% Debentures A/C 20,00,000

To Securities Premium A/C 4,00,000

(Issue of 20,000 9% Debentures at premium)

OR

Share Capital A/C Dr 10,000

To Forfeited shares A/C 4,000

To calls in arrears A/C 6,000

(Shares forfeited for non payment of call money)

Bank A/C Dr 3,000

Forfeited shares A/C Dr 2,000

To Share Capital A/C 5,000

(forfeited shares reissued)

Forfeited shares A/C Dr NIL

To Capital Reserve NIL

(Profit transferred to capital reserve)

20.

DATE PARTICULARS LF DEBIT Rs CREDIT Rs

i Workmen compensation reserveA/C Dr 90,000

To Param’s capital A/C 40,000

To Kavin’s capital A/C 30,000

 To Pawan’s capital A/C 20,000

(Workmen compensation reserve transferred)

ii Workmen compensation reserve A/C Dr 90,000

To Workmen compensation claim A/C 45,000

To Param’s capital A/C 20,000

To Kavin’s capital A/C 15,000

To Pawan’s capital A/C 10,000

(Surplus of WCR transferred)

iii Workmen compensation reserve A/C Dr 90,000

Revaluation A/C Dr 9,000

To Workmen compensation claim A/C 99,000

(shortfall debited to revaluation A/C)

21.

DATE PARTICULARS LF Dr(Rs.) Cr.(Rs)

Share capital A/C Dr 80,000

To Forfeited shares A/C 56,000

To share first and final call A/C 24,000

(8,000 shares forfeited for non-payment of call money)

Bank A/C Dr 20,000

Forfeited shares A/C Dr 20,000

To Share capital A/C 40,000

(4,000 shares reissued for Rs.20,000@Rs.5 per share)

Forfeited Shares A/C Dr 8,000

To capital reserve A/C 8,000

( Forfeited amount transferred to capital reserve)

FORFEITED SHARES ACCOUNT

DATE PARTICULARS JF AMOUNT DATE PARTICULARS JF AMOUNT

To Share Capital 20,000 By Share Capital 56,000

To Capital Reserve 8,000

 To balance c/d 28,000

56,000 56,000
22.

DATE PARTICULARS LF DEBIT, Rs CREDIT, Rs

1.10.23 B’s Capital A/C Dr 18,00,000

To B’s Executor A/C 18,00,000

(Balance in B’s Capital transferred to Executor A/C

1.10.23 B’s Executor A/C Dr 6,00,000

To Bank A/C 6,00,000

(Part payment made to Executor)

31.12.23 Interest A/C Dr 18,000

To B’s Executor A/C 18,000

(Interest due)

31.12.23 B’s Executor A/C Dr 3,18,000

To Bank A/C 3,18,000

( Payment made to Executor)

31.3.24 Interest A/C Dr 13,500

To B’s Executor A/C 13,500

(Interest due

B’s Executor A/C Dr 3,13,500

31.3.24

To Bank A/C 3,13,500

( Payment made to Executor)

23. JOURNAL

Date Particulars L.F Amt Amt

(Dr.) (Cr.)

1. Bank A/c (1,00,000 10) Dr. 10,00,000

 To Equity Share Application and Allotment A/c 10,00,000
(Being application money received on 1,00,000 shares)

2 Equity Share Application and Allotment A/c Dr. 10,00,000

To Equity Share Capital A/c (80,000 5) 4,00,000
To Securities Premium Reserve A/c (80,000 5) 4,00,000
To Equity Share First and Final Call A/c 1,00,000
To Bank A/c (10,000 10) 1,00,000
(Being application money transferred to share capital
account and excess money is adjusted
in final call account)

3. Equity Share First and Final Call A/c Dr. 8,00,000

To Equity Share Capital A/c (80,000 5) 4,00,000
To Securities Premium Reserve A/c (80,000 5) 4,00,000
(Being amount due on first and final call)

4. Bank A/c Dr. 6,86,000

To Equity Share First and Final Call A/c 6,86,000
(Being amount received on first and final call)

5. Equity Share Capital A/c (1,600 10) Dr. .... 16,000

Securities Premium Reserve A/c (1,600 X5) Dr. 8,000
To Equity Share Forfeiture A/c 10,000
To Equity Share First and Final Call A/c 14,000
(Being Kumar's share forfeited)

6. Bank A/c (1,600 9) Dr. 14,400

Equity Share Forfeiture A/c Dr. 1,600
To Equity Share Capital A/c (1,600 10) 16,000
(Being forfeited shares reissued for Rs. 9 as fully paid up)

7. Equity Share Forfeiture A/c Dr. 8,400

To Capital Reserve A/c 8,400
(Being excess amount on forfeiture transferred to capital
reserve)

Working Notes:-
1. Calculation of Amount not Received on First and Final Call:-
Shares allotted to Kumar Shares=80000/90000 X 1800=1600 shares.
Amount received on 1,800 shares @ Rs. 10 each 18,000

Amount transferred to share capital account (1,600 5) 8,000

Amount transferred to securities premium account (1,600 5) 8,000

Excess money received on application 2,000

Amount due on first and final call for 1,600 shares of Kumar @ Rs. 10 each 16,000
 Amount not received on securities premium 8,000

Amount not received on first and final call 6,000

2. Calculation of Amount Credited in Share Forfeiture Account:-

Amount received on application and allotment 18,000

(-) Amount received for securities premium 8,000

Amount to be credited in share forfeiture account 10,000

OR

DATE PARTICULARS LF DEBIT,Rs CREDIT,Rs

a-i Bank A/C Dr 95,000

To Debenture Application & Allotment A/C 95,000

(Debenture Application & Allotment money received)

ii Debenture Application & Allotment A/C Dr 95,000

Loss on issue of Debentures A/C Dr 15,000

To 9% Debentures A/C 1,00,000

To Premium on redemption of Debentures A/C 10,000

(Issue of 9%debentures at 5% discount redeemable at

10%premium)

b-i Bank A/C Dr 52,500

To Debenture Application & Allotment A/C 52,500

(Debenture Application & Allotment money received

ii Debenture Application & Allotment A/C Dr 52,500

Loss on issue of Debentures A/C Dr 5,000

To 7% Debentures A/C 50,000

To Securities Premium A/C 2,500

To Premium on redemption of Debentures A/C 5,000

(Issued 7% Debentures at 5% premium redeemable at a
premium of Rs.10)
C. AN EXTRACT OF BALANCE SHEET OF HARINI LTD AS AT---------

PARTICULARS NOTE NO AMOUNT

I EQUITY AND IABILITIES

Non current Liabilities

Long term Borrowings 1 10,00,000

Notes to Account

1. Long Term Borrowings

Loan from Canara Bank 10,00,000

(secured by issue of 9 %,12,000 Debentures of Rs.100 each

as collateral security)
24.

Dr. Revaluation A/c Cr.

Particulars Amount Particulars Amount

To Stock 530 By loss on revaluation 1440
To Furniture 200 A’s Capital 480
To provision for doubtful depts. 450 B’s Capital 480

To Rent outstanding 260 C’s Capital 480

1440 1440

CAPITAL ACCOUNTS
Dr. Cr.

Particulars A (₹) B (₹) C (₹) Particulars A (₹) B (₹) (C) ₹

To Revaluation 480 480 480 By Balance b/d 8,000 6,000 4,000

To B's Capital A/c 1,225 ____ 175 By General 1,000 1,000 1,000
Reserve

To Balance c/d 7,295 7,920 4,345 By A's Capital A/c ___ 1,225 ____

By C's Capital A/c ___ 175 ____

9,000 8,400 5,000 9,000 8,400 5,000

 To Bank A/c ____ 7,920 _____ By Balance b/d 7,295 7,920 4,345

To Balance c/d 8,790 5,274 By Bank 1,495 —-------- 929

_____

8,790 7,920 5,274 8,790 7,920 5,274

Total Capital of the new firm after B's retirement should be:
Rs.

Amount required to pay off B 7,920

Add: Existing Capital of A 7,295

Add: Existing Capital of C 4,345

Add: Cash required as working capital 1,000

20,560

Less: Cash at Bank (existing in Balance Sheet) 6,496

Total Capital of the new firm 14,064

OR
PROFIT AND LOSS APPROPRIATION ACCOUNT OF PARTNERS FOR THE YEAR ENDED 31ST
MARCH 2023

PARTICULARS AMOUNT AMOUNT PARTICULARS

AMOUNT AMOUNT

To General Reserve 17,000 By Profit and loss A/C 1,70,000

To Interest on capital By interest on

drawings

Garry 18,000 Garry 750

Harry 6750 Harry 450

Robert 31,500 56,250 Robert 1,250 2,450

To Partner’s salary 72,000

(Harry)

To profit transferred to

Garry’s capital Account 9,520

Harry’s Capital Account 5,440

Robert’s Capital Account 12,240 27,200

1,72,450 1,72,450

PARTNER’S CAPITAL ACCOUNT

PARTICULARS GARRY HARRY ROBERT PARTICULARS GARRY HARRY ROBERT

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT

To Drawings 25,000 20,000 25,000 By balance b/d 2,00,000 75,000 3,50,000

To Interest on 750 450 1,250 By Interest on 18,000 6,750 31,500

Drawings capital

To balance c/d 2,01,770 1,38,690 3,67,490 By salary 72,000

By P & L 9520 5,440 12,240

appropriation
A/c

2,27,520 1,59,140 3,93,740 2,27,520 1,59,140 3,93,740

25. Dr. REALISATION ACCOUNT

PARTICULARS AMOUNT AMOUNT PARTICULARS AMOUNT AMOUNT

₹ ₹ ₹ ₹

To Sundry Assets - By Provision for 1,000

Transfer: Doubtful Debts

Stock 30,000 By Sundry Creditors 1,05,000

Debtors 55,500 By Loan by Mrs. A 25,000

Investments 60,000 By Bank Loan 50,000

Plant and 80,000 By A’s Capital A/c – 27,000

Machinery Investments
(₹30,000-₹3,000)

Building 61,000 2,86,500 By Loan by B A/c 6,000

(Stock)

To A’s Capital A/c 25,000 By Bank A/c- Assets

(Loan by Mrs. A) Realised:

To Bank A/c 94,500 Stock 25,000

(Sundry Creditors)

To Bank A/c 50,000 Investments 27,000

(Bank Loan) (₹30,000-₹3,000)

To Bank A/c 1,700 Debtors 55,500

(Expenses)

To Gain (Profit) on Plant and Machinery 38,900

Realisation
transferred to:

A’s Capital A/c 51,660 Building 1,20,000 2,66,400

B’s Capital A/c 34,440 86,100 By B’s Capital A/c – 40,000

Goodwill

By A’s Capital A/c - 23,400

Car

5,43,800 5,43,800
Cr.
26.

(1) A. Rs. 10,00,000

(2) C. Rs.12
(3) D. Rs.70,000
(4) A. 2,00,000 shares
(5) D. Rs.3,25,000, Rs. 85,000
(6) A. Rs.19,55,000

PART----B

27. D, All of these OR

D, Issue of Equity shares for cash.

28. C, 5 TIMES

29. A, All the above

OR

B, Cash Receipts from issue of shares.

30. A, Both the statements are correct.

31.

S.NO ITEM MAIN HEAD SUB HEAD

1 Computer Software Non-Current Assets Property,Plant and Equipments and

Intangible Assets

2 Advance paid to contractor for Non-Current Assets Long-Term Loans and Advances
building under construction
3 Interest accrued on Investment Current Assets Other Current Assets

4 Loans repayable on demand to Current Liabilities Short term borrowings

Bank
5 Provident fund Current Liabilities Other Current Liabilities

6 Employees earned leaves Current Liabilities Short term Provisions

encashable
 32. COMPARATIVE STATEMENT OF PROFIT & LOSS for the years ended 31st March,2023
and 2024

Particulars Note 31 March

st
31 March
st
Absolute Percentage
no 2023 2024 Change Change
₹ ₹ ₹ %

I. Revenue from Operations 18,00,000 24,00,000 6,00,000 33.33

II. Other Income (WN 1) 4,50,000 3,60,000 (90,000) (20.00)

III. Total Revenue (I+II) 22,50,000 27,60,000 5,10,000 22.67

IV. Expenses (WN 2) 9,00,000 14,40,000 5,40,000 60.00

V. Profit before Tax (III-IV) 13,50,000 13,20,000 (30000) (2.22)

VI. Tax @ 40% 5,40,000 5,28,000 (12,000) (2.22)

VII. Profit after Tax (V-VI) 8,10,000 7,92,000 (18,000) (2.22)

33. Operating Ratio = Cost of Revenue from Operations + Operating Expenses X100

Revenue from operations

Cost of Revenue from Operations = 4,50,000 X100/125 = Rs.3,60,000

Operating Ratio = 360000+22500/450000X100=85%

(OR)

Net Profit Before Interest and Tax = Profit After Tax+Tax+Interest

Tax=50%

2,88,000=1,20,000+1,20,000+Interest

Interest=Rs.48,000

Interest on Debentures=Nominal ValueXRate of Interest/100

48,000=4,00,000XRate(X)/100

48000=4,00,000 X /100

48,00,000 = 4,00,000 X
X= 48,00,000/4,00,000=12%

34. Calculation of Cash flow from Operating and Investing Activities

Particulars Rs. Rs.

Net Profit before Tax and Extraordinary Items(WN1) 5,30,000

Adjustment for Non-Cash and Non-Operating Items:

Depreciation 1,40,000

Loss on sale of machinery (WN2) 30,000

(20,000) 1,50,000
Gain on sale of investment (WN3)
6,80,000
Operating profit before working capital changes

Adjustment for Changes in Current Assets and Current Liabilities:

Increase in Current Assets (60000)

Increase in Trade Payables
1,10,0000 50,0000
7,30,000
Cash generated from Operating Activities before Tax

Less: Tax Paid 30,000

Cash flow from Operating Activities after Tax 7,30,000

B. Cash Flow from Investing Activities:

Proceeds from sale of Machinery 50,000

Purchase of Fixed Assets (4,40,000)

Purchase of Investments (1,80,000)

Proceeds from sale of investments (WN#) 1,00,000

Cash Used in investing Activities (4,70.000)