VISWAJYOTHI PUBLIC SCHOOL, ANGAMALY

PRE-BOARD EXAMINATION (2024-25)

Time: 3hrs XII / ACCOUNTANCY (055) MM: 80
General Instructions:
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B
3. Question 1 to 16 and 27 to 30 carries 1 mark each.
4. Question 17 to 20, 31 and 32 carries 3 marks each.
5. Question 21, 22 and 33 carries 4 marks each.
6. Question from 23 to 26 and 34 carries 6 marks each.
7. There is no overall choice. However, an internal choice has been provided in 7 questions of one
mark, 2 questions of three marks, 1 question of four marks and 2 questions of six marks.
[Part-A- Accounting for Partnership Firms and Companies]
S. No. Question Marks
Part A:- Accounting for Partnership Firms and Companies
1. Maanika, Bhavi and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed 1
a minimum profit of Rs.2, 00,000. The firm incurred a loss of Rs.22, 00, 000 for the year ended
31st March, 2024. What amount will be debited to Bhavi’s Capital Account in total at the end of
the year?
A. 11,00,000
B. 9,60,000
C. 14,40,000
D. 2,00,000
2. Assertion (A): Interest on partner’s loan is debited to Profit and Loss Account. 1
Reason (R): Interest on partner’s loan is a charge against profits
On the basis of the above Assertion (A) and Reason (R), choose the correct option from the
following:
A. Assertion (A) is correct and Reason (R) is wrong.
B. Assertion (A) is wrong and Reason (R) is correct.
C. Both Assertion (A) and Reason (R) are correct and Reason (R) is correct explanation of
Assertion (A).
D. Both Assertion (A) and Reason (R) are wrong.
3. Which of the following statements does not relate to ‘Reserve Capital’: 1
A. It is part of uncalled capital of a company.
B. It cannot be used during the lifetime of a company.
C. It can be used for writing off capital losses.
D. It is part of subscribed capital.
OR
Diksha Ltd. issued 4,000 9% Debentures of Rs.100 each at a discount of 10%, redeemable at a
premium. If the amount of ‘Loss on Issue of Debentures Account’ was Rs. 60,000, then the
amount of premium on redemption was:
A. Rs. 60,000
B. Rs. 1,00,000
C. Rs. 80,000
D. Rs. 20,000
4. At the time of Admission of new partner Kanha, Old partners Arjun and Balram had debtors of 1
Rs.5, 20,000 and a provision for doubtful debts (PDD) of Rs. 11,000 in their books. As per the
terms of admission, assets were revalued, and it was found that debtors worth Rs.8, 000 had
turned bad and hence should be written off.
Which entry reflects the correct accounting treatment of the above situation in Revaluation
account?
A. Provision for Doubtful Debts A/c Dr 3,000
To Revaluation A/c 3,000
B. Revaluation A/c Dr 11,000
To Provision for Doubtful Debts A/c 11,000
C. Bad Debts A/c Dr 3,000
To Revaluation A/c 3,000
D. Revaluation A/c Dr 8,000
To Bad Debts A/c 8,000
OR
Chandani and Garima were partners sharing profits and losses in the ratio of 2:3. Their Balance
Sheet shows Plant and Machinery at Rs.2, 40,000. The admitted Bharati as a new partner 1/4
share. In additional information, it is given that Plant and Machinery is overvalued by 20%. The
share of loss /gain of revaluation of Garima is _______and current value of building shown in
new balance sheet is_______
A. Gain Rs. 20,000, Value Rs. 2,00,000
B. Loss Rs. 24,000, Value Rs. 2,00,000
C. Gain Rs. 40,000,Value Rs. 2,40,000
D. Loss Rs. 40,000, Value Rs. 2,00,000

5. The profit earned by the firm after retaining Rs. 18,000 to its Contingency Reserve was Rs 1
1,50,000. The firm had total assets worth Rs.16,00,000 and outside liabilities of Rs.7,00,000. The
value of goodwill as per capitalization of average profit method was valued as Rs.5,00,000.
Determine the Normal Rate of Return.
A. 12%
B. 10%
C. 8%
D. 5%

6. Kaku had applied for 420 shares, and was allotted in the ratio of 7:5. He had application money 1
of Rs.2 per share and could not pay allotment money of Rs.5 per share. The company did not yet
make the first and final call of Rs.3 per share. His shares were forfeited. The following entry will
be passed.

Share Capital Dr. X

To Share forfeiture A/c Y
To calls- in –arrear A/c Z
A. X- 3,000 Y- 600 Z- 2,400
B. X- 2,100 Y- 840 Z- 1,260
C. X- 2,100 Y- 1,500 Z- 600
D. X- 4,200 Y- 3,000 Z- 1,200
OR
 X Ltd forfeited 500 shares of Rs.10 each fully called up for non-payment of final call of Rs.3 per
share. 300 of these shares were reissued at Rs.9 per share, fully paid up. What is the amount to be
transferred to Capital Reserve Account?
A. 3,500
B. 2,100
C. 3,200
D. 1,800

7. Savitri Ltd. issued 50,000, 8% Debentures of Rs.100 each at certain rate of premium and to be 1
redeemed at 10% premium. At the time of writing off Loss on Issue of Debentures, Statement of
Profit and Loss was debited with Rs.2,00,000. At what rate of premium, these debentures were
issued?
A. 10%
B. 16%
C. 6%
D. 4%
8. Abhay a partner is to carry out dissolution and he gets Rs. 70,000 as remuneration. Realisation 1
expenses were Rs. 45,000. Realisation account will be debited with
A. 70,000
B. 1,15,000
C. 45,000
D. 25,000
OR
A and B were the partners sharing profits in the ratio of 3:2. At the time of dissolution of the
partnership firm, Workmen’s compensation reserve in the Balance Sheet was Rs.75,000 with a
liability of rupees 60,000. The amount transferred to partners’ capital account will be:
A. Rs.45,000 ; Rs.30,000
B. Rs.30,000 ; Rs.30,000
C. Rs. 9,000 ; Rs. 6,000
D. Rs. Nil ; Rs. Nil

9. Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3:2. Their 1
capitals were Rs.1, 20,000 and Rs.2, 40,000 and they were entitled to interest on capital @10%
p.a. For the year ended March 31, 2024 profit of Rs.72, 000 were distributed without providing
for interest on capital @ 10% p.a. as per the partnership deed. While passing an adjustment entry,
which of the following is correct?
A. Vidit will be debited by 9,600
B. Seema will be debited by 9,600
C. Vidit will be credited by 12,000
D. Seema will be credited by 12,000

10. Creditors in Balance Sheet before dissolution were Rs.2,50,000. Half of the creditors accepted 1
furniture of Rs.1,50,000 at 10% less than the book value in full settlement of their claims.
Remaining creditors were paid availing discount of 5%. Amount that will be debited in the
Realisation Account for payment to creditors will be:
A. Rs.1,25,000
B. Rs.1,35,000
C. Rs.1,28,750
D. Rs.1,18,750
11. Sachin, Yuvraj and Rahul were partners sharing profits and losses in the ratio of 7:2:1. Their 1
fixed capital as on 31st March 2024 is Rs.3, 00,000, Rs.2, 00,000 and Rs.1, 00,000. Which of the
following items would affect their capital account?
A. Drawing
B. Salary
C. Interest on Capital
D. None of these
12. Which of the following is not a purpose for which the Securities Premium amount can be used? 1
A. Issuing fully paid bonus shares to shareholders.
B. Issuing partly paid-up bonus shares to shareholders
C. Writing off preliminary expenses of the company.
D. In purchasing its own shares (buy back).
13. On forfeiture of 100 shares of Rs. 50 each, Rs.2, 500 were credited to share forfeiture account. 1
These shares were reissued at Rs.25 per share fully paid up. The amount credited to ‘Capital
Reserve Account’ will be:
A. 2,500
B. 5,000
C. 3,000
D. No amount
14. X, Y and Z shared profits and losses in the ratio of 3:2:1. With effect from 1st April 2024, they 1
decided to share profits equally. For which of the following balances Z will be credited at the
time of reconstitution of firm, if the firm decided to continue with available accumulated profits
and losses balance:
A. General Reserve Rs. 36,000 and Profit and Loss (Cr) Rs. 54,000
B. General Reserve Rs. 12,000 and Profit and Loss (Dr) Rs. 26,000
C. General Reserve Rs. 54,000 and Profit and Loss (Dr) Rs. 36,000
D. General Reserve Rs. 12,000 and Profit and Loss (Cr) Rs. 26,000
15. Rancho, Farhan and Raju were partners sharing profits and losses in the ratio of their capital. 1
Their Capital balance as on March 31, 2024 was Rs.3, 30,000; Rs. 2, 20,000 and Rs. 1, 10,000
respectively. On the same date, they admitted Priya as a new partner for 25% share. Priya was to
bring Rs.60, 000 for her share of goodwill and 1/4th of the combined capital of all the partners of
new firm. What will be the total amount brought in by Priya on her admission as a new partner?
A. 1,65,000
B. 1,80,000
C. 2,40.000
D. 4,40,000
OR

A, B and C were partners sharing profits and losses in the ratio of 5:4:1. A died on 30th June 2024
and the total amount transferred to A’s Executor Account was 8, 40,000. A’s Executors were
being paid Rs.2,40,000 immediately and balance was paid in three equal installments together
with interest rate specified in Section 37 of Indian Partnership Act 1932.. Total amount of
interest to be credited to A’s Executors Account for the year ended March 31, 2025 will be?
A. 24,000
B. 84,000
C. 60,000
D. 27,000
16 A and B are partners in the ratio of 3:2. C is admitted as a partner and he takes 1/4th of his share 1
from A. B gives 3/16 from his share to C. What is the share of C?
A. 1/4
B. 1/16
C. 1/6
D. 1/12
17. X a partner agreed to bear all realisation expenses. For this service X is paid Rs.2 000. Actual 3
expenses amounted to Rs.3,200 which was withdrawn by him from the firm.
Pass the necessary journal entries or entry.
18. L, B and P were partners sharing profits and losses in the ratio of 4: 3: 2. P died on 1st July, 2023 3
on which the capitals of L, B and P after all necessary adjustments stood at Rs 70,000, Rs.
65,000 and Rs. 45,000 respectively. L and B continued to carry on the business for 6 months
without settling the account of P. During the period of 6 months from 1-7-2023 to 31-12-2023, a
profit of rupees 50,000 is earned by the firm using the firm’s property
State which of the two options available u/s 37 of Indian Partnership Act, 1932 should be
exercised by Executors of C and why?
OR
On 1st April, 2024, a firm had assets of Rs.3, 00,000 including cash of Rs.5,000. Partners’ Capital
Accounts were Rs.2, 00,000 and the Reserve being the rest. If normal rate of return is 10% and
the goodwill of the firm is valued at Rs.2, 00,000 at four years’ purchase of super profit, find the
average business profit of the firm.
19 Kuber Ltd. purchase assets worth Rs.10,00,000 and took over Liabilities of Rs.1,00,000 of Amrit 3
Ltd. Kuber Limited issued 6,000 12% Debenture of Rs.100 each at a discount of 10% to be
redeemed at 5% premium along with cheque of Rs.2,60,000. Pass necessary journal entries in the
books of Kuber Ltd.
OR
A company forfeited 1000 shares of Rs. 100 each issued at a premium of Rs.10 on which 80
(including premium was called and Rs.60 (including premium) was paid, has been forfeited.
Out of these 800 shares were reissued as fully paid-up for Rs.70. Give necessary journal
entries.
20. A B and C were partners sharing profits and losses in the ratio 4:3:2. B retired and on that date 3
there was a balance of Investment of ₹ 2,00,000 and Investment Fluctuation Reserve of ₹ 18,000
was appearing in the balance sheet.
Pass necessary journal entries for Investment Fluctuation reserve if Market Value of
Investments was ₹ 1,73,000.
21. The Authorised capital of Navratna Ltd is Rs 50,00,000 divided into 25,000 shares of Rs200 4
each .Out of these ,the company issued 12,000 shares of Rs 200 each at a premium of
10%.The amount per share was payable as follows:-
Rs 60 on application, Rs 60 on allotment (including premium),Rs 30 on first call and
balance on final call. Public applied for 11,000 shares .All the money was duly received.
Prepare an extract of the Balance sheet of Navratna Ltd as per Schedule III Part I of the
Companies Act,2013 disclosing the Share capital. Also prepare ‘Notes to Accounts’ for the
same.
22. A, B and C were partners in a firm sharing profits and losses in the ratio of 3:2:1. C died on 4
30th June 2024 and total amount transferred to C’s Executor Account was Rs.70,600. C’s
Executor were being paid Rs.10,600 immediately and balance to be paid in two half-yearly
instalments, together with interest @ 6% p.a.
Pass necessary journal entries for first instalment starting from 31st December 2024.
23 Concept Stationary Ltd. invited applications for issuing 3,00,000 shares of ₹ 10 each at a 6
premium of ₹ 3 per share. The amounts were payable as follows :
On application and allotment – ₹ 7 per share.
On first & final call – balance (including premium of ₹ 3)
Applications were received for 4,00,000 shares & allotment was made as follows :
(i) To applicants for 80,000 shares – 80,000 shares.
(ii) To applicants for 40,000 shares – nil
(iii) Balance of the applicants was allotted shares on pro-rata basis.
Excess money received with applications was adjusted towards sums due on first and final
call.
Amit, who belonged to category (i) and was allotted 4,000 shares and Veni, who belonged
to category (iii) and was allotted 4,400 shares failed to pay the first and final call money.
Their shares were forfeited. The forfeited shares were re-issued at ₹ 7 per share fully paid-
up.
Pass necessary journal entries for the above transactions in the books of the company.
Or
i. Chiranjeevi Limited issued 2,000, 10% debentures of Rs.100 each. Pass the necessary
Journal entries for the issue of debentures in the following cases:
(a) When debentures were issued at 10% premium, redeemable at 5% premium.
(b) When debentures were issued at par, redeemable at a premium of 10%
ii. Hyatt Ltd. Took loan of Rs. 8,00,00 from State Bank of India and issued 10,000, 9%
Debentures of Rs. 100 each as collateral security.
How will issue of debentures be shown in the Balance Sheet:

24. Sushma, Gautam and Kanika were partners in a firm sharing profits in the ratio of 5:3:2. On 6
31st March, 2024 their Balance Sheet was as follows:
Balance Sheet of Sushma, Gautam and Kanika as at 31 st March,2024
Liabilities Rs Assets Rs.
Creditors 60,000 Cash at Bank 1,40,000
Employees Provident Fund 40,000 Sundry Debtors 1,60,000
Profit & Loss Account 1,00,000 Stock 2,40,000
Capital A/c: Investments 2,00,000
Sushma- 3,00,000 Fixed Assets 3,60,000
Gautam- 2,50,000
Kanika- 3,50,000 9,00,000
11,00,000 11,00,000

On the above date, Sushma retired and it was agreed that :

(i) Fixed Assets will be reduced to 2,90,000.
(ii) A provision of 5% on debtors for bad and doubtful debts will be created.
(iii) Stock was to be valued at Rs. 2,18,000. Sushma took over the stock at this value.
(iv) Goodwill of the firm on Sushma’s retirement was valued at Rs.8,00,000. Sushma’s
share of goodwill was treated by debiting Gautam and Kanika’s Capital Accounts.
(v) Sushma was paid cash brought by Gautam and Kanika in such a way that their capitals
became in profit sharing ratio and a balance of Rs.58,000 was left in the bank.
(vi) Gautam and Kanika will share the future profits in the ratio of 2 : 3.
Prepare Revaluation Account, Partners’ Capital Accounts.
OR
 Divya , Yasmin and Farhan are partners in a firm ,sharing profits and losses in 5:3:2
respectively. The balance sheet of the firm as on 31st March,2024 was as follows:-
Balance sheet
As at 31st March,2024
Liabilities Amount Assets Amount
Sundry creditors 70,000 Factory building 7,35,000
Bank loan 1,19,000 Plant & Machinery 1,80,000
Reserve fund 90,000 Furniture 2,60,000
Outstanding expenses 10,000 Stock 1,45,000
Capital accounts Debtors 1,50,000 1,20,000
Divya 5,10,000 Less: Provision 30,000
Yasmin 3,00,000
Farhan 5,00,000 13,10,000
Cash at bank 1,59,000
15,99,000 15,99,000
On 1.04.2024,Aditya is admitted as partner for one-fifth share in profits with a capital of
Rs 4,50,000 and necessary amount for his share of goodwill on the following terms:
i) A creditor of Rs 7,000 not recorded in the books to be taken into account.
ii) Goodwill of the firm is valued at Rs 10,00,000.
iii) Plant and Machinery is revalued at Rs 2,00,000 and expenses outstanding were brought
down to Rs 9,000.
Prepare Revaluation Account and Partners’ Capital Accounts

25 Following is the Balance Sheet of A and B as at 31st March 2024 who share profits and 6
losses in the ratio of 3:2.
Liabilities Rs Assets Rs.
Sundry Creditors 1,05,000 Cash at Bank 9,500
Loan by Mrs. A 25,000 Stock 30,000
Workmen Comp Reserve 8,000 Debtors 55,500
Bank Loan 50,000 Less: Provision for Doubtful Debt 1,000 54,500
Loan by B 10,000 Investments 60,000
General Reserve 27,000 Plant and Machinery 80,000
Capital A/c’s Building 61,000
A-30,000
B-40,000 70,000
2,95,000 2,95,000
On the above date, the firm was dissolved and following arrangements were made :
(i) A was to pay Loan by Mrs. A's and took half of the Investments @ 10% discount.
(ii) B took stock of Book value of Rs.5,000 for Rs.6,000 against Loan.
(iii) Remaining Investment was sold at 10% discount.
(iv) A and B agreed that B shall use the firm's name for which he will pay ₹ 40,000.
(v) Plant and Machinery realised Rs. 38,900 and Building realised Rs. 1,20,000.
(vi) There was a car in the firm, which was written off from the books. It was taken over
by A for ₹ 23,400.
(vii) Creditors were paid 90% in settlement of their dues.
(viii) Expenses of dissolution amounted to ₹1,700.
Prepare realization Account.
26. Vishu Ltd. invited applications for issuing 20,000 Equity Shares of Rs.100 each at a 6
premium of Rs.30 per share. The amount was payable as follows:
On Application- Rs.40 per share
On Allotment- Rs. 60 per share (Including premium)
On First and Final Call- Balance.
Applications were received for 30,000 shares and allotment was made on pro rata basis to
all the applicants. Sunil who applied for 600 shares could not pay the allotment money while
Risabh holding 200 shares paid the first and final call money with Allotment. Sunil’s share
were forfeited after allotment. Thereafter, first and final call was made and was duly
received. Half of the forfeited shares were reissued to Varsha as fully paid for Rs.90 per
share
i. Allotment money due but not received from Sunil is___________
A. Rs. 12,000
B. Rs. 14,000
C. Rs. 15,000
D. Rs. 16,000
ii. Allotment money received___________
A. Rs.7,60,000
B. Rs.7,70,000
C. Rs.7,80,000
D. Rs.7,84,000
iii. Gain of reissue to be transferred to capital Reserve will be:
A. Rs.10,000
B. Rs.11,000
C. Rs.12,000
D. Rs.14,000
iv. Balance of forfeited shares will be:
A. Rs. 10,000
B. Rs. 12,000
C. Rs. 14,000
D. Rs. 13,000
v. Application money received
A. Rs.10,00,000
B. Rs.11,00.000
C. Rs.12,00,000
D. Rs.14,00,000
vi. Share capital will be debited at the time of forfeiture of shares -:
A. Rs. 10,000
B. Rs. 28,000
C. Rs. 14,000
D. Rs. 13,000
Part B:- Analysis of Financial Statements
27. _________is also known as Vertical analysis. 1
A. Fluctuation Analysis
B. Static Analysis
C. Horizontal Analysis
D. None of these

OR
 The Current Ratio of a company is 2:1. Which of the following transactions would decrease the
ratio?
A. Purchase of goods worth Rs. 80,000 in cash.
B. Sale of furniture worth Rs.50,000
C. Purchase of goods worth Rs. 50,000 on credit
D. Paid Creditors Rs.40,000.
28 The_________ ratios of a business firm are measured by its ability to satisfy its short term 1
obligations as they become due.
A. Activity
B. Liquidity
C. Debt
D. Profitability
29 While calculating operating profit, which will be added to net profit. 1
A. Gain on Sale of Machinery
B. Increase in General Reserves
C. Interest received on Investments
D. Decrease in Trade Payables
OR
Assertion (A): Purchase of Marketable Securities will be classified as cash outflow under
investing activities.
Reason (R): Marketable Securities are considered as Cash and Cash Equivalents; Hence,
they do not affect Cash flows.
In the context of the above two statements, which of the following is correct?
A. Both (A) and (R) are correct and (R) is the correct explanation of (A).
B. Both (A) and (R) are correct bur (R) is not the correct reason of (A)
C. Only (R) is correct.
D. Both (A) and (R) are wrong.
30 A Company issued 20,000; 9% Debentures of Rs.100 each at 10% Discount. These 1
debentures were to be redeemed at 15% Premium at the end of 5 years. The balance in
Securities Premium Account as on the date of Issue was Rs.3,70,000.
How this transaction will be reflected in Cash Flow Statement?
A. Added Rs.1,30,000 under Operating Activities as Loss on Issue of Debentures written off and
Inflow of Rs. 20,00,000 under Financing Activities
B. Added Rs.5,00,000 under Operating Activities as Loss on Issue of Debentures written off and
Inflow of Rs.18,00,000 under Financing Activities.
C. Added Rs.1,30,000 under Operating Activities as Loss on Issue of Debentures written off and
Inflow of Rs.18,00,000 under Financing Activities.
D. Added Rs. 5,00,000 under Operating Activities as Loss on Issue of Debentures written off and
Inflow of Rs.20,00,000 under Financing Activities.

31 Find the heads and sub-heads under which the following items will appear in the balance 3
sheet of a company as per Schedule III, Part I of Companies Act, 2013?
a) Prepaid Expenses
b) Computer Software
c) Shares in Listed Companies
d) Forfeited Shares Account
e) Unclaimed Dividend
f) Securities Premium
32 Fill in the missing figures in the following Comparative Statement of Profit & Loss for the 3
year ended 31-03-2023 & 31-03-2024
Particular Note Absolute Amounts Absolute Percentage
No. (Rs.) Change Change
2022-23 2023-24 (Increase / (Increase/
Decrease) Decrease)
I. Revenue from Operation ? ? ? 20
II. Add: Other Income 15,000 20,000 5,000 33.33
III. Total Income ? ? ? 20.19
IV: Less: Expenses
Cost of Material Consumed ? ? ? 24.57
Other Expenses (10% of
Cost of Material Consumed) 70,000 87,200 17,200 24.57
V. Total Expenses ? ? ? 24.57
VI. Profit Before Tax 2,45,000 2,60,800 15,800 6.44
33 Gross Profit Ratio of a Company was 20%. Its credit Revenue from Operations were 4
Rs.18,00,000 and its cash Revenue from Operations were 10% of the total Revenue from
Operations. If the indirect expenses of the company were 50,000, calculate its net profit
Ratio.
OR
From the following details, calculate ‘Return on Capital Employed’:
Gross Profit Rs.1,00,000; Office and Administrative Expenses Rs.10,000; Selling and
Distribution Expenses Rs.25,000; Interest on Long-term Debts Rs.8,000; Tax 12,000; Non
Current Assets Rs.3,00,000; Current Assets Rs.1,50,000 and Current Liabilities Rs.
1,25,000.
34 a) From the following information, calculate Cash flow from Operating Activities. 6

Particulars 31 March 2023 31 March 2024

Surplus i.e. Balance in Statement of Profit and 75,000 60,000
Loss
Cash and Bank Balance 35,000 12,000
Inventory 3,00,000 2,30,000
Trade Receivables 2,00,000 2,40,000
Trade Payables 60,000 80,000
Prepaid Expenses 3,000 10,000
Goodwill 30,000 20,000
Provision for Tax 10,000 12,000
Additional Information: Proposed Dividend for the year ended March 31, 2023 and March
31,2024 was 23,000 and 20,000.

b) Calculate Cash Flow from Investing Activities from the following Particulars:
1st April 2023 31st March 2024
Plant and Machinery (Balance) 12,00,000 15,40,000
Additional Informations:
(i) Depreciation Charged during the year Rs.2,20,000.
(ii) Plant & Machinery costing Rs.2,40,000 on which 90,000 had accumulated as
depreciation was sold for Rs.1,70,000
 VISWAJYOTHI PUBLIC SCHOOL, ANGAMALY

Pre board Examination (2024-25)

Time:3 hrs Class XII Subject: Accountancy MM:80
Marking Scheme
PART A
Accounting for Partnership Firms and Companies
S. No. Marking SCHEME Marks
Part A:- Accounting for Partnership Firms and Companies
1. B 1
2. C 1
3. C OR D 1
4. A OR C 1
5. A 1
6. B OR D 1
7. C 1
8. B OR C 1
9. A 1
10. D 1
11. D 1
12. B 1
13. D 1
14. B 1
15. C OR D 1
16 A 1
17. (i) Realisation A/c Dr 2,000 (ii) X Capital A/c Dr 3,200 3
To X Capital A/c 2,000 To Cash A/c 3,200
(Amount paid) ( Amount withdrawn by X
OR
Realisation A/c Dr 2,000
X’s Capital A/c Dr. 1,200
To Cash A/c 3,200
(Expenses entry passed)
18. Option 1st – To get profit share in Proportion of Capital= 50000 X 45,000/1,80,000= 12,500. 3
Option 2nd- To get 6% interest on Capital = 45,000 X 6/100 X 6/12 = 1,350
Option 1st is more beneficial for P as he is getting more amount
OR
Super Profit= 2,00,000/4= 50,000
Normal Profit= 3,00,000*10/100= 30,000
Average Profit= 30,000+50,000 = 80,000
19 i) Sundry Assets A/c Dr 10,00,000 3
To Sundry Liabilities A/c 1,00,000
To Amrit Ltd 8,00,000
To Capital Reserve A/c 1,00,000
(Business Purchased)
ii) Amrit Ltd A/c Dr 2,60,000
 To Bank A/c 2,60,000
(Payment made)
iii) Amrit Ltd Dr 5,40,000
Discount on issue of Debentures A/c 60,000
To 12 % Debentures A/c 6,00,000
20. i) Investment Fluctuation A/c Dr 18,000 3
To Investment A/ 18,000
(Amount adjusted)
ii) Revaluation A/c Dr 9,000
To Investment A/c 9,000
(Being investment value revalued)
iii) A’s Capital A/c 4,000
B’s Capital A/c 3,000
C’s Capital A/c 2,000
To Revaluation A/c Dr 9,000
(Loss transferred to Capital Account)
21. 1 mark for balance sheet 4
3 marks for notes to accounts
( ½ mark for Authorised capital, ½ mark for issued capital and 2 marks for Subscribed
capital
22. 30-6-24 C’s Capital A/c Dr 70,600 4
To C’s Executor A/c 70,600
(Amount transferred)
30-06-24 C’s Executor A/c Dr 10,600
To Bank A/c 10,600
(Amount paid)
31-12-24 Interest A/c Dr 1,800
To C’s Executor A/c 1,800
(Interest transferred)
31-12-24 C’s Executor A/c Dr 31,800
To Bank A/c 31,800
(Installment paid)
23 i) Bank A/c Dr 28,00,000 6
To Share Application & Allotment A/c 28,00,000 (ii,iv,v,vi)
(Money Received) 1 marks
ii) Share Application & Allotment A/c 28,00,000 each)
To Share Capital A/c 21,00,000
To Call in Advance A/c 4,20,000 (i,iii,vii,
To Bank A/c 2,80,000 viii)
(Amount transferred) 2 marks
iii) Share Ist Call A/c Dr 18,00,000 (1/2
To Share Capital A/c 9,00,000 marks
To Securities Premium A/c 9,00,000 each)
(Amount Due)
iv) Bank A/c Dr 13,38,000
Call- in – Advance A/c Dr 4,20,000
Call –in – Arrear A/c Dr 42,000
To Share Call First Call A/c 18,00,000
v) Share Capital A/c Dr 40,000
Securities Premium A/c Dr 12,000
 To Shares Forfeited A/c 28,000
To Calls in arrear A/c 24,000
( Amit shares forfeited)
vi) Share Capital A/c Dr 44,000
Securities Premium A/c Dr 13,200
To Shares Forfeited A/c 39,200
To Calls in arrear A/c 18,000
( Amit shares forfeited)
vii) Bank A/c Dr 58,800
Share Forfeited A/c Dr 25,200
To share Capital A/c 84,000
(Shares reissued)
viii) Shares Forfeited A/c Dr 42,000
To Capital Reserve A/c 42,000
OR
i) a) Bank A/c Dr 2,20,000
To Debenture Application and Allotment A/c Dr 2,20,000
(Debenture Money received)
Debenture Application & Allotment A/c Dr 2,20,000
Loss on Issue of Debenture A/c Dr 10,000 (4)
To Debenture A/c 2,00,000
To Securities Premium A/c 20,000
To Premium on Redemption on Debenture A/c 10,000
(Amount Transferred)
b) Bank A/c Dr 2,00,000
To Debenture Application and Allotment A/c Dr 2,00,000
(Debenture Money received)
Debenture Application & Allotment A/c Dr 2,00,000
Loss on Issue of Debenture A/c Dr 20,000
To Debenture A/c 2,00,000
To Premium on Redemption on Debenture A/c 20,000
(Amount Transferred)
ii) Balance Sheet of Hyatt Ltd
As at ______________
Particulars Note No Rs.
I Equity and Liabilities
Non Current Liabilities
a) Long Term Borrowings 1 8,00,000
Notes to Account
1. Long Term Borrowings Equity
Loan from State Bank of India 8,00,000 (2)
(Secured by issue of 10,000; 9% Debentures of 100 each as
Collateral Security)
24. Revaluation A/c 6
Particular Amount Particular Amount (2 For
To Fixed Assets 70,000 By Loss Transferred to Rev)
To Provision for Bad Debts 8,000 partners capital account (4 for
To Stock 22,000 Shikha- 50,000 PCA
Gautam-30,000 except
Kanika- 20,000 1,00,000 Bal B/d
1,00,000 1,00,000 & C/d)
Partner’s Capital Account
Particulars S G K Particular S G K
To Rev 20,000 By Bal B/d 3,00,000 2,50,00 3,50,00
To S’s Cap 50,000 30,000 3,20,00 By P&L A/c 50,000 0 0
To Stock -------- 0 By G’s Cap 80,000
To Bank 2,18,00 80,000 -------- By K’s Cap 3,20,000 30,000 20,000
To Bal c/d 0 --------- ------- By Bank 3,20,00
4,82,00 --------- 3,60,00 80,000 0
0 2,40,00 0 ------- --------
--------- 0 3,30,00
70,000 0
7,50,00 3,50,00 7,00,00 7,50,000 3,50,00 7,00,00
0 0 0 0 0
Gaining Ratio = 1:4
Calculation of Adjusted Capital:
Gautam;s – 2,50,000+ 30,000-30,000-80000= 1,70,000
Kanika’s - 3,50,000+20,000-20,000-3,20,000= 30,000
Shortage of Cash= 4,82,000+1,40,000- 58,000= 4,00,000
6,00,000 in 2: 3 ( Gautam- 2,40,000; Kanika = 3,60,000) (4 marks
OR table &
Profit on revaluation 7000,4200,2800 2 marks
Partners’ cap balances 662000, 391200, 560800, 4,50,000 entry)

25 Realisation A/c 6
Particular Amount Particular Amount (1/2
To Sundry Assets By Provision for B/D 1,000 marks
Stock 30,000 By Sundry Creditors 1,05,000 each for
Debtors 55,500 By Loan by Mrs A 25,000 asset and
Investments 60,000 By Bank Loan 50,000 Liabilities
Plant and Machinery 80,000 By A’s Cap 27,000 Transferr
To Buiding 61,000 2,86,500 By Loan by B 6,000 ed in total
To A’s Capital (Loan by Mrs A) 25,000 By Bank and for
To Bank (Creditors) 94,500 Stock 25,000 all other
To Bank ( Bank Loan) 50,000 Investments 27,000 entries
To Bank (Expenses 1,700 Debtors 55,500 1/2 marks
To Gain on Realisation Plant & Mach 38,900 each)
A’s Capital- 51,660 Building 1,20,000 2,66,400
B’s Capital- 34,440 86,100 By B’s Capital 40,000
(Goodwill)
By A’s Capital (Car) 23,400
5,43,800 5,43,800
26. i) D 16,000 6
 ii) D 7,84,000
iii) A 10,000
iv) B 12,000
v) C -12,00,000
vi) B -28,000
Part B:- Analysis of Financial Statements
27. B. Static Analysis 1
OR
C. Purchase of goods worth Rs. 50,000 on credit
28 B. Liquidity 1
29 B. Increase in General Reserves 1
OR
C. Only (R) is correct.
30 C. Added Rs.1,30,000 under Operating Activities as Loss on Issue of Debentures written off 1
and Inflow of Rs.18,00,000 under Financing Activities.
31 Particular Head Sub-head 3
a) Prepaid Expenses Current Assets Other Current Assets
b) Shares in Listed Companies Non Current Assets Non Current Investment
c) Unclaimed Dividend Current Liability Other Current Liability
d) Securities Premium Reserve and Surplus Shareholder’s Fund
e) Public Deposit Non Current Liabilities Long Term Borrowings
f) Software Non Current Assets PPE- Intangible
32 Particular Note Absolute Amounts Absolute Percentage 3
No. (Rs.) Change Change
2023-24 2024-25 (Increase / (Increase/
Decrease) Decrease)
I. Revenue from Operation 10,00,00 12,00,0 2,00,000 20%
0 00
II. Add: Other Income 15,000 20,000 5,000 33.33
III. Total Income 10,15,00 12,20,0 2,05,000 20.19
0 00
IV: Less: Expenses
Cost of Material Consumed 7,00,000 8,72,00 1,72,000 24.57
0
Other Expenses (10% of
Cost of Material Consumed) 70,000 87,200 17,200 24.57
V. Total Expenses 7,70,000 9,59,20 189,200 24.57
0
VI. Profit Before Tax 2,45,000 2,60,800 15,800 6.44
33 Total Revenue = 18,00,000*100/90= 20,00,000 4
Gross Profit = 20,00,000*20/100= 4,00,000’
Net Profit = GP- Indirect Expenses
= 4,00,000-50,000 = 3,50,000
Net Profit Ratio =3,50,000*100/20,00,000
=17.5%
OR

Net Profit before Interest and Tax = 1,00,000- 10,000-25,000= 65,000

Capital Employed= 3,00,000+ 25,000 (WC)= 3,25,000
 ROI = 65,000/3,25,000*100= 20%
34 a) Cash Flow From Operating Activities 3 (1/2
marks for
Particulars Detail Amount each bold
Net Profit before tax and Extraordinary Items 8,000* amount
Adjustment for non cash and non operating items: including
Add: Goodwill written off 10,000 NPBTEI)
Increase in Provision for Doubtful Debts 2,000 12000
Operating profit before working capital Changes 20,000
Add: Decrease in Inventory 70,000
Increase in Trade Payable 20,000 90,000
1,10,000
Less: Increase in Trade Receivable 40,000
Increase in Prepaid Expenses 7,000 (47,000)
Cash flow from Operating Activities 63,000
* Net Profit before tax and Extraordinary Item= (15,000) + 23,000= 8,000
b) Dr Cr (1 and
Particular Amount Particular Amount half
To bal b/d 12,00,000 By Depreciation A/c 2,20,000 mark for
To P& L A/c 20,000 By Bank A/c 1,70,000 account
To Bank A/c(Mach Purchase) 7,10,000 By Balance c/d 15,40,000 11 and
19,30,000 19,30,000 half
Cash Flow from Investing Activities mark for
Particular Amount cash
Purchase of Machinery (7,10,000) flow
Sale of Machinery 1,70,000 calculati
on)
Net Cash used in Investing Activity (5,40,000)