Kendriya Vidyalaya Sangathan, Jaipur Region

First Pre-Board Exam 2023-24

Class: XII Subject: Accountancy
Time: 3 Hours Max. Marks:80
Marking Scheme
Suggestive Answer
Q. PART: A (Accounting for Partnership Firms and Companies) Marks
1 (a) 2 months (1)
2 (d) None of the above (1)
3 (a) Both A and R are correct, and R is the correct explanation of A. (1)
OR
(c) Drawings made by partner.
4 (b) 9:6:4:3 (1)
OR
(a) Gain 1/30
5 (b) Rs 20,000 (1)
6 (b) 2 : 2 : 1 (1)
OR
(a) 3 : 1
7 (b) 2:1 (1)
8 (b) ₹ 3,00,000 (1)
9 (a) ₹ 750 (1)
10 (b) ₹ 1,50,000 (1)
11 (c) Assertion is true, reason is false. (1)
OR
(a) Paid up capital
12 (a) Rs. 700 (1)
13 (d) 300 shares (1)
14 (c) ₹ 10 (1)
15 (a) Liability and Other long term liabilities (1)
OR
(a) Nominal Value
16 (b) Capital Loss. (1)
17 Balance of Anish’s Capital-97450(Cr); Antesh’s Capital-73760(Cr) and Deepak Capial- (3)
96380(Cr)
OR
Rishi’s Capital A/c Dr 16000
To Reena’s Capital A/c 6000
To Raja’s Commission a/c 10000
(Being interest on Capital omitted, now
rectified)

( 2 marks for Correct Analytical Table and 1 mark for journal enty)
18 Correct Profit (50000+124000+135000-79000) 1Mark (3)
Average Profit- Rs.60000 (1 Mark)
Goodwill Rs.120000 (1 Mark)
19 (3)
(1½ marks for the Correct entry of purchase +1½ marks for the Correct entry for Issue)
Amount of goodwill: Rs.6,00,000
OR
 Balance Sheet
PARTICULARS Note Figure of Figure of
No. Previous Current year
Year
I. Equity and Liabilities
Shareholder’s Funds
Share Capital 1 37,50,000
Reserves and Surplus 750,000

TOTAL 4500,000

Notes:
PARTICULARS Figure of Current year

Note: 1
Share Capital
Authorized Capital:
2,00,000 equity shares @ Rs.50 each 1,00,00,000
Issued Capital:
75,000 equity shares @ Rs.50 each 37,50,000
Subscribed Capital:
75,000 equity shares @ Rs.50 each 37,50,000
Reserve and Surplus:
Securities Premium Reserve 750,000

20 Bank A/c Dr 341,250,00,00,000 (3)

To Debenture Application and Allot A/c 341,250,00,00,000
(Being debenture money received)
Debenture Application and Allot A/c Dr 341,250,00,00,000
Loss on Issue of Debentures A/c Dr 250,00,00,00,000
To 6% Debentures A/c 25,00,00,00,00,000
To Security Premium Reserve A/c 125,00,00,00,000
To Premium on Red of Debentures A/c 250,00,00,00,000
(Being debentures issued at premium and
redeemable at premium)
21 Rajan a/c 9000 (½) (4)
Suman a/c 6000
To goodwill 15000
Suman Capital 6000 (1)
To Rajan Capital (Goodwill) 6000
Suman Capital 1000 (½)
To Rajan Capital (Gen. Resl) 1000
Rajan Current 51000 (1)
To Rajan Capital 51000
Suman Capital 36000 (1)
To Suman Current 36000
22 1 Mark for Balance b/d, Salary, IOC Treatment +1 Mark for Goodwill Treatment+ 1 Mark for P&L (4)
Suspense, Drawing , IOD Treatment +1 Mark for Goodwill Treatment +1 Mark for Amount of
Executor i.e. Rs.82,980.
OR
 1 ½Mark for Executor Account (Rs.3,24,000 b/d) and
2½ Mark for Executor Loan A/c (Rs.165000 and 157500)
23 (6)

Revaluation A/c
Particulars Amount Particulars Amount
To machinery 14100 By Stock 4000
To O/s Rent 1900 By Creditors 12000

16000 16000

Partner’s Capital Account

Particul Aman Anu Dev Parti Aman Anu Dev
ars
To Good 4000 6000 10000 By b/d 36,000 44,000 52,000
By Prem 1200 1800 3000
To 36,00 44,0 52,00
Balance 0 00 0 By Gen.R 2800 4200 7000
c/d

40000 5000 62,00 40000 50000 62,000

0 0

Balance Sheet
Liabilities Amount Assets Amount

Creditors 52000 Cash 112000

O/s Rent 1900 Debtors 42000
Bills Payable 22000 Bills Rec. 14000
Capital Stock 48000
Aman 36,000 Machinery 79900
Anu. 44,000
Dev 52000
Bav 88,000 220000

295900 295900

OR

Revaluation A/c
Particulars Amount Particulars Amount
To Machinery 60000 By Land &B 60000
To Debtors 7000 By Capital A/c
A 3500
B 1750 7000
C 1750
67000 67000

Partner’s Capital Account

Particul A B C Particular A B C
ars s
 To C 20000 - 50000 By Balb/d 20000 300000 2000
(Good) 0 00
To Rev. 3500 1750 1750 By Gen.R 17500 8750 8750
To Cloan - 3807 - By A Cap - 20000 -
50 By C Cap - 50000 -
By Cash 19850 - 13925 By WCR 7500 3750 3750
(b/f) 0 0
To B c/d 40000 30000
0 0

40000 3825 30000 40000 382500 300

0 00 0 0 000

Balance Sheet
Liabilities Amount Assets Amount

Creditors 50000 Cash 437750

Binnu Loan 380750 Debtors 93000
Capital Stock 100000
Annu 400,000 Machinery 240000
Chinnu 300,000 Land Building 260000

700000
1130750 1130750

24 Profit of Realisation Account Rs.55,800 (3 marks) (6)

Total of Capital Account: Ram Rs.287,000; Shyam Rs.220,000 & Mohan Rs.70360 (2 Marks)
Total of Bank Account Rs.39360 (1 Mark)
25 1 Mark for each correct Journal Entry (Amount of Capital Reserve Rs.3810) (6)
OR
(a) 1 Mark of each Correct Journal Entry (Amount of Capital Reserve Rs.4000)
(b) 1 Mark of each Correct Journal Entry (Amount of Capital Reserve Rs.900)
26 Journal entries in the books of Yamuna Ltd. (6)
Date Particulars Dr. (₹) Cr. (₹)
2022 Bank A/c………………………………………...Dr. 570000
July 1 To Deb. Appl. and Allot. A/c 570000
(Being Application money received)
“ Debenture Application and Allotment Dr. 570000
Loss on Issue of Debentures A/c Dr. 1,20,000
To 9% Debentures A/c 6,00,000
To Premium on Redemption of Debentures A/c 90,000
(Being Debentures issued)
2023 Debenture Interest A/c Dr. 85,500
Mar To Debenture holders A/c 85,500
31 (Being Interest due on debentures)
“ Debenture holders A/c Dr. 85,500
To Bank A/c 85,500
(Being interest paid to debenture holders)
“ Statement of Profit and Loss Dr. 85,500
 To Debenture Interest A/c 85,500
(Interest on Debentures charged from Statement
of P&L)
“ Statement of Profit and Loss Dr. 120,000
To Loss on issue of deb. A/c
(Loss on Issue of Debentures written off) 1,20,000

(B) Balance Sheet

PARTICULARS Note Figure of Figure of
No. Previous Current year
Year
I. Equity and Liabilities
Non Current Liabilities
Long Term Borrowings 1 500000

TOTAL 500,000

Notes:
PARTICULARS Current
year
Note: 1
Long Term Borrowings:
Bank Loan by SBI 5,00,000
(Collateral Security by 2000 9%Debentures)
9% Debentures 200000
Less: Debenture Suspense 200000 000

Part: B (Analysis of Financial Statements)

27 b) Both Assertion(A) and Reason (R) are correct and Reason(R) is the correct explanation of (1)
the Assertion(A).
OR
(c) Cash payment of a Current Liability.
28 (d) Procuring of raw material and realization into cash and cash equivalent (1)
29 (c) financing Activities (1)
30 d) Assertion (A) is not correct but the Reason(R) is correct. (1)
OR
(d) Cash generated from financing Activities Rs.31,500
31 ½ Mark for each correct heading and subheading. (3)
32 Comparative Statement of Profit and Loss (3)
Particulars 31.03.2022 31.03.2023 Absolute %
(₹) (₹) Change Change
I. Revenue from operations 450,000 5,00,000 50,000 11
II. Other Income 60,000 50,000 (10,000) (16.6)
III. Total Revenue 510,000 550,000 40,000 7.8
IV. Expenses
Purchase of Stock 3,00,000 220,000 (80,000) (26.6)
Change in Inventory 120,000 (80,000) (200,000) (166)
Other Expenses 56,000 30,000 (26,000) (46.42)
Total Expenses 476,000 170,000 (306,000) (64.2)
V. Profit Before Tax 34,000 3,80,000 346,000 1017
 VI. Tax () 13600 190000 176400 1297
VII. Profit after tax 20400 190000 169600 831
33 Current Assets rs.500,000 Liquid Assets Rs.300,000 (1 Mark) (4)
Value of Stock Rs.200,000 (1 mark)
Cost of goods sold Rs.12,00,000 (1 Mark)
Revenue from operation Rs.16,00,000 (1 Mark)
34 Cash Flow Statement of Varun Ltd. (6)
Particulars Amount (₹) Amount (₹)
A. Cash flow from operating activities
Net profit before tax & extraordinary items 75000
Add: Non-Cash and No-Operating Charges:
(a) Amortization of Intangible 5,000
(b) Profit on sale of Machinery (18000)
(c) Depreciation on Total 165,000
(d) Interest Total 91350 243350
Operating Profit before changes in Working Capital 3,18350
Add: Increase in other current liabilities 30,000
Decrease in Inventories 500,000
Less: Increase in Trade Receivables (460,000) 70,000
388350
Cash generated from operations (40,000)
Less: Income Tax paid
Cash Flow from Operating Activities 348350
B. Cash flow from Investing activities:
a. Purchase of Machinery (560,000)
b. Sale of Machinery 138,000
c. Purchase of Equipment (25,000)
Cash Flow from Investing Activities (4,47,000)
C. Cash flow from Financing activities:
a. Issue of Share Capital 3,00,000
b. Debenture issued 540,000
c. Interest paid (91350)
d. SPR 45,000
e. Bank Overdraft (10,000)
Cash Flow from Financing Activities 783650
Net Increase/decrease in cash and cash equivalents 685000
Add: Cash and cash equivalents in the beginning 3,20,000
Cash and cash equivalents at the end 1005,000