PREBOARD MARKING SCHEME

Accountancy (055)2023–24

Class XII

1 (A) 7:2:3 OR (D) 5:7:3 1

2 (B) ₹ 90000 1

3 (A) ₹ 500000 OR ₹ 80000 1

4 (D) 6% p.a OR (b) 6.5 months 1

5 (A) ₹1,25,000 1

6 (C) ₹ 1,78,000 1

7 (D) ₹ 18,000 OR (c) Assertion (A) is true, but Reason (R) is false 1

8 (a) ₹ 60,000 1

9 (b) ₹ 1,560 1

10 (B) ₹ 48 1

11 (A) ₹ 400 1

12 (D) OR (D) Both (A) and (R) are wrong. 1

13 (C) Only (R) is Correct. OR (D) ₹ 2,20,000 1

14 (a) ₹ 1,000 1

15 (C) ₹ 10,000 1

16 (B) ₹ 19,000 1

17 (1) Investment fluctuation reserve a/c Dr. 20000 3

Revaluation a/c Dr. 60000

To Investment a/c 80000

A ,s Capital a/c Dr. 30000

B ,s Capital a/c Dr. 20000

1
 C,s Capital a/c Dr. 10000

To,Revaluation 60000

18 R,s Capital a/c Dr 1500

To P s Capital 1500

(Interest on drawings omitted now rectified)

OR

Ajay,s Capital a/c Dr 52000

To Manish, s Capital 4000

To Sachin, s Capital 48000

Adjustment for omission of interest on capital

19 3

DATE Particulars. L.F ₹ ₹

Sundry Assets A/c Dr. 1000000

To Cayns Ltd. 180000

To Sundry Liabilities A/c 760000

To Capital Reserve A/c (Balancing figure) 60000

(Business purchased from Cayns Ltd.)

Cayns Ltd. Dr. 760000

Discount on issue of Debentures A/c 40000

To 9% Debentures A/c 800000

(8,000, 9% Debentures of 100 each issued at

a discount of 5%)
40000
Statement of Profit and Loss Dr.
40000
To Discount on Issue of Debentures A/c

(Discount on issue of debentures written off)

(1) Number of Debentures Issued

=7,60,000/95 = 8.000

2
 OR

Share Capital a/c Dr. (1000x10) 10000

To Calls -in -arrears a/c (1000x4) 4000

To Forfeited a/c (1000x6) 6000

------------------------------------------------------------------------------------------------------------
----------------------------------------------

Bank a/c Dr. (700x8) 5600

Forfeited a/c Dr. . (700x2) 1400

To Share Capital a/c 7000

------------------------------------------------------------------------------------------------------------
----------------------------------------------

FORFEITED SHARES ACCOUNT

Particulars. ₹ Particulars. ₹

To Share Capital A/c (700 x 2) 1400 By Share Capital A/c(1,000 x 6000

6)
To Capital Reserve Ae (Note 2800
2)
1800
To Balance c/d

6000 6000

20 Goodwill =SPx 3years purchase 3

36000 =SPx3

SP =36000/3=12000

Capital Employed =Assets- creditors

200000-10000=190000

NP= Capital employed x Normal rate of return/100

=190000x15/100=28500

3
 SP = AP-NP

AP =SP+NP

=12000+28500

=40500

21 Balance Sheet (Extract) as at………….. 4

Particulars. Note No Amount C Amount

Y P.Y

I. EQUITY AND 1
LIABILITIES:
Shareholder’s Funds
(a) Share Capital
240000

Notes to Accounts: Amount

(1) Share Capital: 10,00,000

Authorised Capital:
1,00,000 Equity Shares of Rs 10 each
Issued Capital:
28,000 Equity Shares of Rs 10 each (Out of above 8,000
shares were issued to vendors) Subscribed Capital:
Subscribed and Fully Paid Capital:
8,000 Equity Shares of Rs 10 each fully Called-up 80,000
Subscribed but not Fully Paid Capital: 2,80,000
20,000 Equity Shares of Rs 10 each, Rs. 8 Called-up

2,40,000

22 JOURNAL 1x4

Date Particulars. LF ₹ ₹

Bank a/c Dr. 54000

To Realisation A/c 54000

4
 No ENTRY

Bank a/c Dr.

To Realisation A/c 294000

Realisation A/c Dr. 294000

To Anita capital A/c 45000

To Ravi capital A/c 27000

18000

23 JOURNAL 6

Date Particulars L.F ₹ ₹

Bank A/c Dr. 456000

To Share Application A/c 456000

(Application money received on 1,52,000 shares

(@3 per share)
456000
Share Application A/c Dr.
300000
To Share Capital A/c
150000
To Share Allotment A/c
6000
To Bank A/c

(Application money adjusted)

250000
Share Allotment A/c Dr.
250000
To Share Capital A/c

(Allotment money due on 1,00,000 shares

99800
@2.50)
200
Bank A/c Dr.
100000
Calls in Arrears A/c Dr.

To Share Allotment A/c

(Allotment money received on 99,800 shares)

1100
Share Capital A/c (200 x 5.50)

5
 To Calls in Arrears A/c 200

To Share Forfeiture A/c 900

(Forfeiture of 200 shares for non-payment of

allotment money)

Share 1st Call A/c Dr.

249500
To Share Capital A/c
249500
(First call money due on 99,800 shares (@ 2.50)

Bank A/c Dr.

249500
To Share 1st Call A/c
249500
(First call money received on 99,800 shares
@2.50)
1800
Bank A/c Dr.
1600
To Share Capital A/c
200
To Securities Premium A/c

(Re-issue of 200 shares (@9 per share; 8 paid up)

900
Share Forfeiture A/c
900
To Capital Reserve A/c

(Transfer of profit on reissue

(1) Excess amount received from the holder of 200 shares on application :

The shareholder who has been allotted 200 shares must have applied for more shares

If shares allotted were 1,00,000, shares applied for were = 1,50,000

If shares allotted were 200, shares applied for were =150000/100000x200=300

Excess application money received from him:

300 shares -200 shares = 100 shares x 3 =300

(ii) ) Amount due on allotment on these shares = 200 shares x 2.50 =500

Less : Excess received on these shares on application =300

6
 -----------

Amount not received on allotment 200

(iii) Total amnount due on allotnent = 1,00,000 shares x 2.50 = 250000

Less : Excess received on application 150000

--------------

100000

Amount not received on allotment 200

-----------

Net amount received on allotment 99800

========

OR

JOURNAL

Date Particulars L.F ₹ ₹

Bank A/c Dr. 750000

To Share Application A/c 750000

(Application money received)

Share Application A/c Dr. 750000

To Share Capital A/c 500000

To Share Allotment A/c 125000

To Bank A/c 125000

(Application money adjusted)

Share Allotment A/c Dr. 350000

To Share Capital A/c 250000

To Securities Premium A/c 100000

(Allotment money due )

7
 Bank A/c Dr.

To Share Allotment A/c 216000

(Allotment money received on shares) 216000

Share 1st &final Call A/c Dr.

To Share Capital A/c 250000

(First call money due ) 250000

Bank A/c Dr.

To Share 1st &final Call A/c 240000

(First call money received ) 240000

Share Capital A/c Dr.

To Securities Premium A/c Dr. 40000

To Share Allotment A/c 4000

To Share 1st &final Call A/c 9000

To Share Forfeiture A/c 10000

(Forfeiture of 400 shares) 25000

Bank A/c Dr.

42000
To Share Capital A/c
40000
To Securities Premium A/c
2000
(Re-issue of 200 shares (@9 per share; 8 paid up)

Share Forfeiture A/c

25000
To Capital Reserve A/c
25000
(Transfer of profit on reissue

24 2 marks for Loss on Revaluation A/c ₹ 30000 6

2 marks for Partners’ Capital Accounts X ₹ 144000,Y ₹ 288000 AND Z, ₹ 86400

2 marks for Balance Sheet ₹ 566900

8
 OR

2 marks for Profit on Revaluation A/c 7400

2 marks for Partners’ Capital Accounts A , 90,280 B, 58,280

2 marks for Balance Sheet 2,95,360

25 4 capital
a/c+2
Particulars ₹ Particulars ₹ calculation
To Drawings 60000 By Balance b/d 300000

To Advertisement 10000 By Profit and Loss A/c 75000

Expenditure A/e 417500 By P& L Suspense A/C 12500

To O,Executors A/e By M,s Capital A/c 80000

(Balancing Figure) By N,s Capital A/c 20000

487500 487500

26 Journal Entries in the Books of X Ltd. 4+2

Date Particulars L.F Debit (₹ Credit (₹)

July 1 Bank A/c Dr. 21,60,000

2022
To Debenture Application and 21,60,000
Allotment A/c

(Being Application money received)

21,60,000
July 1 Debenture Application and
2022 3,00,000
Allotment Dr.
20,00,000
Loss on Issue of Debentures A/c Dr.
1,60,000
To 9% Debentures A/c 3,00,000

To Securities Premium A/c

To Premium on Redemption of
Debentures A/c (Being Debentures 1,35,000
Mar. 31 1,35,000
issued)
2022
Debenture Interest A/c Dr.

9
 To Debenture holders A/c

Mar. 31 (Being Interest due on debentures) 1,35,000 1,35,000

2022
Debenture holders A/c Dr.

To Bank A/c

(Being interest paid to debenture

Mar. 31 holders)
2022
Statement of Profit and Loss Dr.
135000 135000
To Debenture Interest A/c

(Interest on Debentures charged from

Mar. 31 Statement of P&l)
2022 2,40,000
Securities Premium A/c Dr.
60,000 300000
Statement of Profit and Loss Dr

To Loss on Issue of Debentures A/c

(Loss on Issue of Debentures written

off)

Loss on Issue of Debentures A/c

Date Particulars Amount Date Particulars Amount

July 1 To Premium on 3,00,000 31 Mar. By Securities Premium 2,40,000

2022 Redemption of 2023 A/c 60,000
Debentures A/ c
By Statement of Profit
and Loss

300000 300000

PART B (Analysis of Financial Statements)

27 b) Current Liabilities OR (c). Loose Tools and Stores and Spares 1

28 (B) 2:1 1

29 (C) Only (R) is correct. OR (B) Cash deposited into Bank ₹ 12,50,000 1

30 (b) ₹102000 1

10
31 1/2x6=3

itmes Major head Sub Heading

(i) Loose Tools Current assets Inventories

(ii) Unpaid Dividend Current liabilities Other Current Liabilities

(iii) Copyright and Patents NCA Intangible Assets Intangible Assets

(iv) Land and Building NCA tangible Assets

(v) Outstanding Salaries Current liabilities Other Current Liabilities

(vi) Capital Advances Non Current Long term Loans and Advance
Assets

32 (A) 1.5+1.5

Cost of Revenue from Operations = Revenue from Operations - Gross Profit

= 6,00,000 - 25% of 6,00,000

= 6,00,000 - 1,50,000 =4,50,000

Inventory Turnover Ratio = Cost of Revenue from Operations/ Average Inventory

3 (Given) = 4,50,000/ Average Inventory

Average Inventory = 4,50,000/3 = 150000

Opening Inventory + Closing Inventory = Average Inventory x 2

150000 x 3,00,000

Since Opening Inventory is 25% of Closing Inventory, ratio between Opening Inventory
and Closing Inventory will be 25 : 100 Or 1:4

Opening Inventory = 3,00,000x1/5 = 60000

Closing Inventory = 3,00,000x4/5 = 2,40,000

(B)

Return on Investment = Net Profit before Interest and Tax/

Capital employed x100

11
 Calculation of Net Profit before Interest and Tax

Net Profit after Tax =1,00,000

Net Profit before Tax =1,00,000 x100/80 =125000

Net profit before Interest and Tax = 1,25,000 + Interest 40000 =165000

Capital Employed= Non Current Assets + Current Assets-Current

Liabilities

6,00,000 + 4,00,000 - 2,00,000 =800000

Return on Investment = 165000 x 100/800000 = 20.625%

33 4

Particulars NoteNo % of X Ltd % of Y.Ltd

I. EQUITY AND LIABILITIES :

(1) Shareholder's Funds 50.00 53.33

(2) Non-Current Liabilities 33.33 40.00

(3) Current Liabilities 16.67 6.67

TOTAL

II. ASSETS:

(1) Non-Current Assets

Property, Plant and Equipment and Intangible

Assets

41.67 40.00
(i) Property, Plant and Equipment
25.00 13.33
(ii) Intangible Assets
33.33 46.67
(2) Current A

12
 OR

Particulars 31.3.2022(₹ 31.3.2023 (₹) Absolute Change %

) change (₹)

Revenue from Operations 2000000 2500000 500000 25

Other Incomes 500000 100000 (400000) (80)

Total income 2500000 2600000 100000 4

LESS: Exp.employee 1250000 1560000 310000 24.8

benefits exp.
250000 156000 (94000) (37.8)
Other exp.
1500000 1716000 216000 14.4
TOTAL EXP.

PBT
1000000 884000 (116000) 11.6

400000 442000 42000 10.5

600000 442000 (158000) (26.33)

LESS: TAX

PROFIT AFTER TAX

34 Cash Flow Statement : 2+2+2

Particulars ₹ ₹

A. Cash flows from Operating Activities :

Net profit before Tax (Note 1) 135000

Adjustments for non-cash and non-operating items :

Add: Depreciation on Plant 30000

Depreciation on Building 50000

Intangible Assets written off 10000

Operating profit before working capital changes 225000

Less: Increase in Current Assets :

13
 Trade Receivables 80000

Inventory 50000

Less: Decrease in Current Liabilities:

Trade Payables (18000) 148000

------------ 77000

Less: Income Tax paid for the year 2017 25000

Net cash from Operating Activities 52000 52000

B. Cash flow from Investing Activities :

Purchase of Building2) (30000)

Purchase of Plant) (60000)
Net cash used in investing activities
(90000)
C. Cash flows from Financing Activities : (90000)

Issue of Equity Share Capital

50000
Redemption of Preference Share Capital
(10000)
Net cash from financing activities
40000
40000

Net increase in cash and cash equivalents 2000

Add: Cash and cash equivalents in the beginning of the 15000

period
17000
Cash and cash equivalents at the end of the period

Notes : (1) Caleulation of Net Profit before Tax:

Reserve and Surplus Balance on 31st March, 2023 1,52,000

Less Reserve and Surplus Balance on 3 Ist March, 2022 50,000

------------

1,02,000

14
Add: Provision for Tax made during the Current year" 33,000

--------------

1,35,000

-------

15