ANSWER KEY

CLASS- XII
SUB- ACOUNTANCY (055)

MARKING SCHEME
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. Part - A is compulsory for all candidates.
4. Part - B. (i) Analysis of Financial Statements
5. Question 1 to 16 and 27 to 30 carries 1 mark each.
6. Questions 17 to 20, 31and 32 carries 3 marks each.
7. Questions from 21 ,22 and 33 carries 4 marks each
8. Questions from 23 to 26 and 34 carries 6 marks each

Q.NO SOLUTION MAR

1 (C) Cr. X by ₹45,000; Cr. Y by ₹30,000; Cr. Z by ₹15,000 1

2 c) Both (A) and (R) are incorrect 1

3 b) ₹ 4 per share 1
OR
d) Non – Redeemable Debentures
4 a) Samiksha’s Capital A/c. 9,000 1
Dr. 6,000
To Arshiya’s Capital 3,000
A/c.To Divya’s
Capital A/c
Or
(A) Distributed to the partners in old profit sharing ratio

5 1
To Distribute profit to the partners

6 c) 6% 1
OR
b) 5%
7 c) ₹ 30,000 1
8 d) ₹70,500 1
Or
(D) ₹2,00,000 to each of the partners.
9 (B) @ 6% Per Annum 1
10 (D) All of the above. 1
11 IV. all of the above 1
12 (A) ₹26,267 for Partner B and C and ₹27,466 for Partner A. 1

13 (B) Schedule III Part I 1

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14 (C) 6 : 8 : 4 : 2 : 5 1

15 d) 5,000 1
Or
d) 12% p.a
16 (C) ₹11,400 1
17 P/L suspance dr 583 3
M’s cap 583.

L’s cap dr 4200

N’s cap dr 1400
M’s cap 5600

18 P/L Appropriation A/C 3

Particulars Rs. Particulars Rs.

To Intt. on Capital: By P/L a/c (NP) 2,90,000
A : 30,000 By IOD :
B : 50,000 80,000 A : 3,000

To A’s Salary 30,000 B : 3,000 6,000

To B’s Commission 10,000

To G. Reserve 17,600
To Profit:
A : 95,040
B ; 63,360 1,58,400
2,96,000 2,96,000

Or
Correct difference
19 (a) Goodwill = Capitalised value of Avg. profit – Net Assets 3
= (1,20,000 × 100/8) – 12,00,000
= 3,00,000
(b) Goodwill = Super Profit × No. of P.Y
= (1,20,000 – 96,000) × 2
= 24,000 × 2
= 48,000

20 3
Books of
Random Ltd.
Journal Entries
Particulars L.F Debit (₹) Credit (₹)
Assets A/c Dr. 45,00,000
To Liabilities 6,40,000
A/c To Mature 36,00,000
Ltd. A/c 2,60,00
To Capital Reserve A/c
(Business purchased of Mithoo
Ltd.comprising of Assets and

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 Liabilities)

Mature Ltd. A/c Dr. 36,00,000

To Bank A/c 1,50,000
To 12% Preference Share 30,00,000
Capital A/cTo Securities 4,50,000
Premium A/c
(Debentures issued to Mithoo Ltd.
at
Discount, redeemable at Premium)
No. of Shares = 34,50,000/115 = 30,000 shares @ 100 +
15 each
Or
0.5 marks for each type of deb.
21 Books of A Ltd. 4
Balance Sheet (Extract) as at …..
Particulars Note No. Current Year (₹) Previous Year
(₹)EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 63,25,000 Nil

Notes to Accounts
1. Share Capital Amount (₹)
Authorised Share Capital
25,00,000 Equity Shares @ ₹ 10 each 2,50,00,000
1,50,000 9% Preference Shares @ ₹ 100 each 1,50,00,000
4,00,00,000
Issued Share Capital
8,00,000 Equity Shares @ ₹ 10 each 80,00,000
Subscribed Share Capital
(i) Subscribed and Fully Paid up --------
(ii) Subscribed but not Fully Paid up
8,00,000 Equity Shares @ ₹ 8 each 64,00,000
(-) Calls in Arrears** (75,000) 63,25,000
22 Realisation A/C 4
Particulars Rs. Particulars Rs.
To Goodwill 40,000 By Prov. For DD 10,000
To Plant & Machinery 1,00,000 By WCR 25,000
To Furniture & Fixture 50,000 By EPF 25,000
To Investment 1,50,000 By S. Creditors 75,000
To Stock 2,00,000 By Bank (Assets realised)
To S. Debtors 1,30,000 Debtors 1,10,000
To Bank (Pay of Liab.) Plant & Mach. 70,000
Creditors 30,000 Stock 1,60,000
W.C. Claim 25,000 Investment 1,20,000 4,60,000
EPF 25,000 80,000 By Samar’s capital (Investt) 50,000
To Raj’s Capital (Exp) 7,500 By raj’s Loan (Discount) 1,500
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 By Loss:
Raj : 74,000
Samar : 37,000 1,11,000
7,57,500 7,57,500

23 Journal Entries 6
S. L. Dr. (Rs.) Cr. (Rs.)
Particulars
No. F.
1. Bank Dr. 25,50,000
To Share Application 25,50,000

2. Share Application Dr. 25,50,000

To Share Capital 18,00,000
To Bank 1,50,000
To Share Allotment 6,00,000

3. Share Allotment Dr. 24,00,000

To Share Capital 24,00,000

4. Bank Dr. 17,10,000

Calls in Arrears Dr. 90,000
To Share Allotment 18,00,000

5. Share Ist call Dr. 12,00,000

To Share Capital 12,00,000

6. Bank Dr. 11,40,000

Calls in Arrears Dr. 60,000
To Share Ist call 12,00,000

7. Share IInd & Final call Dr. 6,00,000

To Share Capital 6,00,000

8. Bank Dr. 5,70,000

Calls in Arrears Dr. 30,000
To Share IInd & Final Call 6,00,000

9. Share Capital Dr. 3,00,000

To Calls in Arrears 1,80,000
To Share Forfeited 1,20,000

10. Bank Dr. 96,000

Share Forfeited Dr. 24,000
To Share Capital 1,20,000

11. Share Forfeited Dr. 24,000

To Capital Reserve 24,000

Alternative (II)
Journal Entries
S. Particulars L. Dr. (Rs.) Cr. (Rs.)

Page 4 of 4
 No. F.
1. Bank Dr. 3,60,000
To Share Application 3,60,000

2. Share Application Dr. 3,60,000

To Share Capital 3,60,000

3. Share Allotment Dr. 5,40,000

To Share Capital 3,60,000
To Securities Premium reserve 1,80,000

4. Bank Dr. 5,28,000

Calls in Arrears Dr. 12,000
To Share Allotment 5,40,000

5. Share Ist call Dr. 90,000

To Share Capital 90,000

6. Bank Dr. 83,000

Calls in Arrears Dr. 7,000
To Share Ist call 90,000

7. Share Capital Dr. 18,000

SPR Dr. 4,000
To Calls in Arrears 14,000
To Share Forfeited 8,000

8. Share IInd and Final Call Dr. 88,000

To Share Capital 88,000

9. Bank Dr. 83,000

Calls in Arrears Dr. 5,000
To Share IInd & Final Call 88,000
10. Share Capital Dr. 50,000
To Calls in Arrears 10,000
To Share Forfeited 40,000

11. Bank Dr. 36,000

Share Forfeited Dr. 4,000
To Share Capital 40,000

12. Share Forfeited Dr. 20,000

To Capital Reserve 20,000

24 Revaluation A/C 6
Particulars Rs. Particulars Rs.
To Prov. For DD 4,000 By land & 50,000
Buildings
To Creditors 6,000
To Profit:

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 X :
30,000
Y : 40,000
10,000
50,000 50,000
Partners’ Capital A/C

Balance Sheet
Liabilities Rs. Assets Rs.
Capitals: Land & Building 2,50,000
X : Furniture 80,000
2,40,000
Y : Stock 50,000
1,20,000
Z : 4,80,000 Debtors (80,000 – 4,000) 76,000
1,20,000
Prov. for WC Claim 32,000 Bank 1,12,000
Creditors 56,000 (20,000+1,20,000+40,000
-61,000-7,000)

5,68,000 5,68,000

Alternative (II)

Revaluation A/C
Particulars Rs. Particulars Rs.
To Investment 5,000 By Stock 15,000
To Bad Debts 5,000 By Loss:
To Prov. for DD 16,500 A :
6,900
B : 11,500
4,600
26,500 26,500
Partners’ Capital A/C

Balance Sheet
Liabilities Rs. Assets Rs.
S. creditors 67,000 Bank 2,62,875
Capitals: S. Debtors 1,80,000
A : 3,15,100 (-) B. Debts 15,000
B : 2,08,400 (-) Provision 16,500 1,48,500
C : 1,30,875 6,54,375 Stock 1,50,000
Plant & Machinery 1,00,000
Investment 60,000

7,21,375 7,21,375
Calculation of C’s capital:
1/5 of {(3,15,100+2,08,400)×5/4}
1/5 × 5/4 × 5,23,500
1,30,875

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25 Revaluation A/C 6
Particulars Rs. Particulars Rs.
To Bad Debts 10,000 By Other FA 40,000
To Furniture 10,000
To profit:
X 8,000
Y 8,000
Z 4,000 20,000
40,000 40,000

Particulars X Y Z Particulars X Y Z
To 12,000 12,000 6,000 By Balance 2,00,000 1,50,000 1,00,000
Goodwill b/d
To X’s ---- 80,000 40,000 By 8,000 8,000 4,000
Capital Revaluation
To X’s 3,24,000 ----- ----- By G. 8,000 8,000 4,000
Loan Reserve
To Current ---- ---- 12,000 By Y’s 80,000 --- ---
(b/f) Capital
To ---- 1,00,000 50,000 By Z’s 40,000 --- ---
Balance Capital
c/d
By Current ---- 26,000 ---
(b/f)
3,36,000 1,92,000 1,08,000 3,36,000 1,92,000 1,08,000

26 Discount 36,000 written off in the ratio of 3 : 3 : 2 : 1, i.e., for 2014-15 : 12,000, 2015-16 : 6
12,000, 2016-17 : 8,000 and 2017-18 : 4,000.
27 (c) 8 times 1
28 (d) All of these 1
29 (c) Current Liabilities– Short-term Provisions 1
30 3 times 1
31 (i) Revenue from Operations 3
(ii) Other Income
(iii) Other Expenses
(iv) Employees Benefit Expenses
(v) Other Expenses
(vi) Revenue from Operations
32 Management of a firm is interested in analysis of the financial statements to know the 3
solvency, profitability and the capital structure of the firm.
33 4
(i) Gross Profit Ratio = × 100
Revenue from Operations = 3,00,000 (Credit) + 2,25,000 (Cash) = 5,25,000
Gross Profit = 5,25,000 (Revenue from Operations) – 6,80,000 (Cash Revenue from
Operations) = ( 1,55,000)

Thus, Gross Profit Ratio = × 100 = (–29.52%)

(ii) Working Capital Turnover Ratio =

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 = 2.5 times

(iii) Proprietary Ratio =

= = 0.55 : 1

(iv) Debt Equity Ratio =

= = 0.43 : 1

34 6

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