KENDRIYA VIDYALAYA SANGATHAN, JAIPUR REGION

Ist PRE-BOARD –SET-II (2023-24)

SUBJECT:- ACCOUNTANCY (055)
MARKING SCHEME

TIME:- 3 Hrs MM:- 80

1. (b) ₹120000 1
2. d)Assertion (A) is False but Reason (R) is true 1
3. (ii) Drawings = 1080 x 12/4.5 x 100/12 = 24,000 1
OR
(iii) Salary to K = 12000 x 5/2 x 3/5 = 18,000
4. (ii) Liabilities of all partners are unlimited. 1
OR
(ii) Rs.2000
5. c)15000 1
6. b)50,000 1
OR
(c)95000
7. (b) ₹90000 (Loss) 1
8. ( a )₹38160 OR False 1
9. (C) Debit Investment A/c and Credit Revaluation A/c 1
10. b)3000 1
11. (iii)Issued Capital can not be more than Subscribed Capital 1

12. b)1200 Shares 1

13. (a) ₹700 1
14. (b) Both (A) and (R ) are correct, but (R ) is not correct explanation of (A). 1
15. (a) Cr. P’s Current a/c ₹400 1
16. (d) Stamp Act 1
17. Anju’s Capital A/c Dr. 9000 3
Sanju’s Capital A/c Dr. 21000
To Manju’s Capital A/c 30000
Gaining ratio 3:7
18. 3

19. No. of Debentures issued- 6000 3

Or
1.5 marks for each correct option
20. Super profit = ₹ 30,000 Goodwill = 30,000 x 2 =60,000 3
21. 4

22. a.Dr. Realisation a/c by ₹5,000 and Credit Bank A/c by ₹5,000 4
b. Dr. Realisation A/c by ₹1,000 and credit X’s Capital A/c by ₹1,000.
 c. Dr. Realisation A/c by ₹1,000 and credit X’s Capital A/c by ₹1,000.
Dr. X’s Capital A/c by ₹800 and credit bank A/c by ₹.800
d. Dr. Realisation A/c by ₹1,500 and credit bank A/c by ₹1,500.
e. Dr. X’s Loan A/c by ₹50,000; Credit Realisation A/c by ₹28,000 and Credit bank A/c by
₹22,000.
f. Dr. Y’s Loan A/c by ₹.65,000; Credit Realisation A/c by ₹40,000 and Credit bank A/c by
₹25,000.
23. 6
Dat Particulars L. Debit Credit Amount
e F Amount (₹)
(₹)
Bank A/c Dr. 4,80,000
To Equity Share Application A/c 4,80,000
(Application money received on 2,40,000 shares)
Equity Share Application A/c Dr. 4,80,000
To Equity Share Capital A/c 3,00,000
To Bank A/c 1,80,000
(Application money transferred to Equity share
capital A/c and money refunded on rejected
applications)
Equity Share Allotment A/c Dr. 9,00,000
To Equity Share Capital A/c 4,50,000
To Securities Premium A/c/ 4,50,000
Securities Premium Reserve A/c
(Amount due on allotment @₹6 per share
including premium @₹3 per share
Bank A/c Dr. 9,00,000
To Equity Share Allotment A/c 9,00,000
(Allotment money received)
Equity Share First Call A/c Dr. 4,50,000
To Equity Share Capital A/c 4,50,000
(Amount due on first and final call @ ₹3 per
share
Bank A/c Dr. 4,38,000
To Equity Share first call A/c 4,38,000
(First and final call money received except that of
4,000 shares)
Or
Bank A/c Dr. 4,38,000
Calls in Arrears A/c Dr. 12,000
To Equity Share first call A/c 4,50,000
(First call money received except that of 4,000
shares
Equity Share Second Call A/c Dr. 3,00,000
To Equity Share Capital A/c 3,00,000
(Amount due on second call @₹2 per share)
Bank A/c Dr. 2,92,000
To Equity Share Second Call A/c 2,92,000
(Second call money received except that of 4,000
 shares)
Or 2,92,000
Bank A/c Dr. 8,000
Calls in Arrears A/c Dr. 3,00,000
To Equity Share second call A/c
(Second call money received except that of 4,000
shares)

OR
Q. (b) Pass necessary journal entries………..
Ans. (i) Books of Ashima Ltd.
JournaL
Dat Particulars L. Debit Credit
e F Amount Amount
(₹) (₹)
Share Capital A/c Dr. 1,60,000
To Share Allotment A/c
To Share First Call A/c 60,000
To Forfeited Shares A/c 60,000
(Forfeiture of 20,000 shares for non payment of 40,000
allotment and first call money)
Or 1,60,000
Share Capital A/c Dr. 1,20,000
To Calls in Arrears A/c 40,000
To Forfeited Shares A/c
(Forfeiture of 20,000 shares for non payment of
allotment and first call money)
Bank A/c Dr. 28,000
Forfeited Shares A/c Dr. 4,000
To Share Capital A/c 32,000
(4,000 shares reissued for ₹7 per share, ₹8 paid
up)
Forfeited Shares A/c Dr. 4,000
To Capital Reserve A/c 4,000
(Balance in Forfeited Shares A/c transferred to
Capital Reserve)
II IN THE BOOKS OF GAURAV LTD.
Share Capital A/c Dr. 40,000
Securities Premium A/c/ Dr. 4,000
To Calls in Arrears A/c 32,000
To Forfeited Shares A/c 12,000
(Forfeiture of 4,000 shares on which only
application money was received
Bank A/c Dr. 11,000
To Share Capital A/c 10,000
To Securities Premium A/c 1,000
(500 shares reissued for ₹11 per share, fully paid
up
Forfeited Shares A/c Dr. 3,000
 To Capital Reserve A/c 3,000
(Balance in Forfeited Shares A/c transferred to
Capital Reserve)
24. 6

25. Q. (a) Atul and Bhanu were partners in a firm……… 6

Dr. Revaluation A/c Cr.
Particulars Amount (₹) Particulars Amount
(₹)
To Provision for doubtful 19,000 By Stock A/c 3,000
debts A/c By Loss transferred to
 Partners’ Capital A/c
Atul ₹ 12,000
Bhanu ₹ 4,000
16,000
19,000 19,000

Particulars Atul Bhanu Chahat Particulars Atul Bhanu Chahat

₹ ₹ ₹ ₹ ₹ ₹
To By balance 4,00,00 6,00,0
Revaluation 12,00 4,000 b/d 0 00
A/c 0
To balance 4,00,000 By Bank 4,00,00
c/d A/c 0
By General
Reserve A/c 1,20,00 40,00
0 0
By
premium 2,40,00 80,00
for goodwill 0 0
A/c
7,60,0 7,20,0 4,00,000 7,60,00 7,20,0 4,00,00
00 00 0 00 0
Dr. Partner’s capital A/c Cr.
OR
Q. (b) Billu, Pihu and Tinku were partners in a firm……….
Dr. Revaluation A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Furniture A/c 20000 By Loss transferred to
To Workmen’s Partners’ Capital A/c
Compensation Claim A/c 20000 Billu ₹ 20,000
Pihu ₹ 12000 40000
Tinku ₹ 8,000
40000 40000
Dr. Partners’ Capital Accounts Cr.
 Particulars Billu Pihu Tinku Particular Billu Pihu Tinku
₹ ₹ ₹ s ₹ ₹ ₹
To By
Revaluatio 20000 12000 8000 balance 800000 400000 200000
n A/c b/d
To B’s By
Capital A/c 216000 144000 General 200000 120000 80000
Reserve
A/c
To Bank 40000 By P’s 216000
A/c Capital
A/c
To B’s 1300000 By T’s 144000
Loan A/c Capital
A/c
To balance 292000 128000
c/d
1360000 520000 280000 1360000 520000 280000
26. Shyam’s Capital A/c 6
Particulars Amount Particulars Amount
To Drawings 12,000 By Balance b/d 50,000
To Interest on Drawings 600 By Interest on Capital 3,750
To Shyam’s By General Reserve 9,000
Executor’s Ac 85,150 By WCR 3,000
By Akshay Capital 24,000
By P& L Suspense 8,000

97,750 97,750
Shyam’s Executor’s Account

To Bank A/c 85,150 By Shyam Cap A/c 85,150

85,150
85,150
(5+1=6 marks)
PART-B
27. (d) Acquiring of raw material for processing and its realisation into Cash & Cash equivalents. 1
OR
(d) An income statement indicates the financial position of an enterprise for an accounting
period.
28. (a) ₹ 6,00,000 1
29. (i) ₹ 88,000 1
Or
Net cash from financing activities Rs.50,000
30. (a) Both A and R are true and R is the correct explanation of A 1
31. Items. Major Heads - 3
Subhead
 i. Cheques in hand. Current Assets-Cash & Cash
Equivalents
ii Loose tools. Current Assets -
Inventories
iii Securities Premium Reserve. Shareholderfund- Reserves
& Surplus
iv Long term Investments with maturity. Non current assets-Current
Investment
period less than six months
v Building Non Current Assets-Property
plant&equipment-
Tangible Assets
vi. Livestock. Non Current Assets-Property Plant &
Equipment
Tangible Assets
32. i) Credit Revenue = X 3
Cash Revenue = 40X/100
40X/100 + X= ₹ 8,40,000
X = ₹ 6,00,000
Credit Revenue from Operations = ₹ 6,00,000
Receivables Turnover Ratio=Net Credit Revenue from Operations/ Average Trade
Receivables
₹ 6,00,000/(₹ 1,20,000 + ₹ 2,00,000) / 2 = 3.75
(ii) Interest Coverage Ratio = Net Profit before Interest and Tax /Interest Obligation
Interest Coverage Ratio = ₹ 7,82,000
Net Profit before Interest and Tax = ₹ 7,82,000
Interest Obligation = ₹ 72,000
₹ 7,82,000/72,000 = 10.86 times
33. Comparative Statement of Profit & Loss 4
Particular 2021-2022 (₹) 2022-2023 (₹) Absolute Proportionate
Change Change (in %)
(in ₹)
A. Revenue from operations 1600000 2000000 400000 25
B. Add: Other Income 300000 440000 140000 46.67
C. Total Revenue (A+B) 1900000 2440000 540000 28.42
D. Less: Cost of materials 600000 800000 200000 33.33
consumed
Change in inventories of finished 200000 400000 200000 100
goods and work in progress
Other Expenses 160000 300000 140000 87.5
Total Expenses 960000 1500000 540000 56.25
E. Profits before Tax (C-D) 940000 940000 ----- -----
F. Tax Rate 282000 282000 ----- -----
G. Profits after Tax (E-F) 658000 658000 ----- -----
34. Dr. Machinery A/c Cr. 6
Particulars Amount Particulars Amount
(₹) (₹)
To Balance b/d 13,00,000 By Accumulated 1,80,000
To Bank A/c (purchase 4,20,000 Depreciation A/c
 By Bank A/c (sale) 1,00,000
By Statement of P/L (loss) 40,000
By Balance c/d 14,00,000
17,20,000 17,20,000

Dr. Accumulated Depreciation on Machinery A/c Cr.

Particulars Amount Particulars Amount
(₹) (₹)
To Machinery a/c 1,80,000 By Balance b/d 3,00,000
To Balance b/d 2,00,000 By Depreciation A/c 80,000
3,80,000 3,80,000

Cash Flow from Investing Activities

Particulars Amount (₹)
Purchase of Machinery (4,20,000)
Sale of Machinery 1,00,000
Net cash used in investing activities (3,80,000)

Cash Flow from Financing Activities

Particulars Amount (₹)
Issue of Equity share capital 4,00,000
Issue of 10% Debentures 2,00,000
Interest Paid on 10% Debentures (60,000)
Bank Overdraft taken 30,000
Net cash generated from financing activities 5,70,000