No.

of pages - 22 (M)
MARKING SCHEME
PRE-BOARD EXAMINATION (2023-24)
CLASS : XII
SUBJECT : ACCOUNTANCY (055)
Time Allowed : 3 hours Maximum Marks : 80

SECTION-A

1. (a) 17:11:12 1

2. (b) (A) and (R) are correct but (R) is the correct explanation of (A). 1

3. (d) No limit 1

OR

(c) A company can issue debentures with voting rights.

4. (c) Cr. side of profit and loss account 1

OR

(a) Revaluation A/c Dr. ` 20,000

5. (a) Profit and Loss Dr. ` 5,000 1

6. (a) ` 6,000 1

OR

(a) ` 12,000

7. (b) (A) and (R) are correct but (R) is the correct explanation of (A). 1

1 XII-ACCOUNTANCY-M
8. (d) By P and R in 2:1 1

OR

(a) ` 20,000

9. (a) ` 1,00,000 1

10. (b) ` 1,20,000 1

11. (b) Only (ii) 1

12. (b) Muskan Ltd. Dr. 3,75,000 1

To Share Capital A/c 3,75,000

(shares issued to vendor)

13. (c) `8 1

14. (c) ` 2,50,000 1

15. (b) ` 20,000 1

OR

(a) ` 1,200

16. (d) ` 2,50,000 1

2
17. Zia’s share of goodwill = 1,20,000 ×
63

= ` 40,000

2 XII-ACCOUNTANCY-M
 Journal

Date Particulars Lf. Dr. (`) Cr.(`)

(i) Nabi’s Capital A/c Dr. 30,000

Suzi’s Capital A/c Dr. 10,000

To Zia’s Capital A/c 40,000

(Goodwill adjusted)

(ii) Workmen’s Compensation Reserve A/c Dr. 60,000

To Nobi’s Capital A/c 30,000

To Zia’s Capital A/c 20,000

To Suzi’s Capital A/c 10,000

(Workmen’s Compensation Reserve distributed)

(1½+1½)

3 XII-ACCOUNTANCY-M
18. Adjustment Table

Particulars Spita Kaza Firm

Dr. Cr. Dr. Cr. Dr. Cr.

Interest on capitals 12,000 24,000 36,000

Loss 21,600 14,400 36,000

Net Effect 9,600 -- -- 9,600 -- --

Journal

Particulars Lf. Dr. (`) Cr.(`)

Spita’s Current Account Dr. 9,600

To Kaza’s Current A/c 9,600

(adjusting entry made)

(2+1)

OR

4 XII-ACCOUNTANCY-M
 Adjustment Table

Particulars Losar Kunzum Firm

Dr. Cr. Dr. Cr. Dr. Cr.

Wrong Profit 45,000 -- 45,000 -- -- 90,000

Salary to Losar -- 15,000 -- -- 15,000 --

Correct profit -- 50,000 -- 25,000 75,000 --

Net effect -- 20,000 20,000 -- -- --

Journal

Date Particulars Lf. Dr. (`) Cr.(`)

Kunzum’s Capital A/c Dr. 20,000

To Lasar’s Capital A/c 20,000

(adjusting entry made)

(2+1)

5 XII-ACCOUNTANCY-M
19. Journal

Date Particulars Lf. Dr. (`) Cr.(`)

(i) Assets A/c Dr. 6,00,000

To Liabilities A/c 60,000

To Kasol Ltd. 5,40,000

(assets acquired)

(ii) Kasol Ltd. Dr. 5,40,000

Discount on issue of debenture A/c Dr. 60,000

To 9% debenture A/c 6,00,000

(debenture issued to Kasol Ltd.)

(2)

5, 40,000
Number of debentures =
90

= 6000 debentures (1)

OR

6 XII-ACCOUNTANCY-M
 Dr. Share Forfeiture A/c Cr.

Particulars ` Particulars `

To Share Capital A/c (60x1) 60 By Share Capital A/c (100x7) 700

To Capital Reserve A/c (60x6) 360

To Balance c/d 280

700 700

(3)

20. Profit

2017 40000

2018 30000 + 10000 = 40000

2019 70000 – 4000 = 66000

2020 60000 – 6000 = 54000

200000
Average Profit =
4

= 50000

Goodwill = 50000 x 3 = 150000 (1x3)

7 XII-ACCOUNTANCY-M
21. Balance Sheet of Bharat Ltd. as at ____________(Extract)

Particulars Note No. `

Equity & Liabilities

Shareholder’s fund

Share Capital 1 23,94,000

Notes to Accounts :

Particulars `

Authorised Capital

5,00,000 shares of ` 10 each 50,00,000

Issued capital

3,00,000 shares of ` 10 each 30,00,000

Subscribed but not fully paid up

on 3,00,000 shares @ ` 8 each 24,00,000

Less: Calls in arrears (2000x3) (6,000) 23,94,000

(1+3)

8 XII-ACCOUNTANCY-M
22. Journal

Date Particulars Lf. Dr. (`) Cr.(`)

(i) Loan by Geet Dr. 30,000

To Realisation A/c 30,000

(Loan settled)

(ii) Realisation A/c Dr. 10,000

To Sangeet’s Capital A/c 10,000

(for wife’s loan)

(iii) Realisation A/c Dr. 5,000

To Geet’s Capital A/c 5,000

(allowed commission)

(iv) Bank/Cash A/c Dr. 7,92,000

To Realisation A/c 7,92,000

(Land and Building sold)

(1x4)

9 XII-ACCOUNTANCY-M
23. Journal

Date Particulars Lf. Dr. (`) Cr.(`)

(i) Bank A/c Dr. 4,50,000

To Equity shares application A/c 4,50,000

(Share application money received)

(ii) Equity share application A/c Dr. 4,50,000

To Equity share capital A/c 3,00,000

To Bank A/c 50,000

To Equity share allotment A/c 1,00,000

(Pro-rata allotment made)

(iii) Equity share allotment A/c Dr. 3,00,000

To Equity share capital A/c 1,80,000

To Securities Premium A/c 1,20,000

(Share allotment is due)

(iv) Bank A/c Dr. 1,98,000

Calls in Arrears A/c Dr. 2,000

To Equity Share Allotment A/c 2,00,000

(Allotment money received)

10 XII-ACCOUNTANCY-M
(v) Equity Share First & Final Call A/c Dr. 1,20,000

To Equity Share Capital A/c 1,20,000

(Share final call is due)

(vi) Bank A/c Dr. 1,18,800

Calls in Arrear A/c Dr. 1,200

To Equity share First & final call A/c 1,20,000

(Share final call received)

(vii) Equity Share Capital A/c Dr. 6,000

Securities Premium Reserve A/c Dr. 1,200

To Calls in Arrears A/c 3,200

To Share Forfeiture A/c 4,000

(Shares forfeited)

(viii) Bank A/c Dr. 4,800

Share forfeiture A/c Dr. 1,200

To Equity share capital A/c 6,000

(Shares reissued)

(ix) Share Forfeiture A/c Dr. 2,800

To Capital Reserve A/c 2,800

(Capital Reserve created)

(½+1+½+½+½+½+1+½+1)

11 XII-ACCOUNTANCY-M
 OR

Date Particulars Lf. Dr. (`) Cr.(`)

(i) Bank A/c Dr. 5,40,000

To Shares application A/c 5,40,000

(Share application money received)

(ii) Share application A/c Dr. 5,40,000

To Share capital A/c 5,40,000

(Application money transferred to capital A/c)

(iii) Share allotment A/c Dr. 9,00,000

To Share capital A/c 9,00,000

(Allotment is due)

(iv) Bank A/c Dr. 8,90,000

Calls in Arrears A/c Dr. 10,000

To Share Allotment A/c 9,00,000

(Allotment money received)

(v) Share Capital A/c Dr. 16,000

To Calls in Arrears A/c 10,000

To Share forfeiture A/c 6,000

(Share forfeited)

12 XII-ACCOUNTANCY-M
(vi) Share first & Final Call A/c Dr. 3,56,000

To Share capital A/c 3,56,000

(Share call is due)

(vii) Bank A/c Dr. 3,54,000

Calls in Arrears A/c Dr. 2,000

To Share first & final Call A/c 3,56,000

(Shares final call received)

(viii) Share Capital A/c Dr. 10,000

To Calls in arrears A/c 2,000

To Share forfeiture A/c 8,000

(Shares forfeited)

(ix) Bank A/c Dr. 27,000

Share Forfeiture A/c Dr. 3,000

To Share Capital A/c 30,000

(shares reissued)

(x) Share Forfeiture A/c Dr. 11,000

To Capital Reserve A/c 11,000

(capital reserve created)

(½+½+½+½+1+½+½+1+½+½)

13 XII-ACCOUNTANCY-M
24. Journal

Date Particulars Lf. Dr. (`) Cr.(`)

(i) Cash A/c Dr. 18,000

To Premium for Goodwill A/c 18,000

(Premium for goodwill recorded)

(ii) Premium for goodwill A/c Dr. 18,000

To Neha’s Capital A/c 12,000

To Pallavi’s Capital A/c 6,000

(Premium for goodwill distributed)

(iii) Neha’s Capital A/c Dr. 6,000

Pallavi’s Capital A/c Dr. 3,000

To Cash A/c 9,000

(Half premium for goodwill withdrawn)

(iv) Profit & Loss A/c Dr. 20,000

To Neha’s Capital A/c 13,333

To Pallavi’s Capital A/c 6,667

(P&L A/c distributed)

14 XII-ACCOUNTANCY-M
 (v) Revaluation A/c Dr. 3,000

To Furniture A/c 3,000

(Furniture reduced)

(vi) Investments A/c Dr. 6,000

To Revaluation A/c 6,000

(Investments Increased)

(vii) Cash A/c Dr. 54,000

To Harshita’s Capital A/c 54,000

(Capital brought in by Harshita)

(viii) Revaluation A/c Dr. 3,000

To Neha’s Capital A/c 2,000

To Pallavi’s Capital A/c 1,000

(Revaluation Gain)

(½+1+1+½+½+½+1+1)

4
Total capital = (1,30,000 + 3,000 + 20,000 + 18,000 – 9,000) × = 2,16,000
3

1
Harshita’s Capital = 2,16,000 × = 54,000
4

OR

15 XII-ACCOUNTANCY-M
Dr. Revaluation A/c Cr.

Particulars ` Particulars `

To O/S expenses 3,000 By Land 10,000

By Stock 2,000

To Gain on Revaluation :

C 4500

K 3000

D 1500 9,000

12,000 12,000

Dr. Partner’s Capital Accounts Cr.

Particulars Chikki Kitty Dippy Particulars Chikki Kitty Dippy

To Kitty’s Capital A/c 22,500 7,500 By Bal.b/d 60,000 40,000 40,000

To Kitty’s Loan A/c 83,000 By General Reserve 15,000 10,000 5,000

To Dippy’s Current A/c 9,000 By Chikki’s Capital 22,500

To Bal.c/d 90,000 30,000 By Dippy’s Capital 7,500

By Revaluation (Gain) 4,500 3,000 1,500

By Chikii’s Current A/c 33,000

1,12,500 83,000 46,500 1,12,500 83,000 46,500

(2+4)

16 XII-ACCOUNTANCY-M
25. Dr. N’s Capital A/c Cr.

Particulars ` Particulars `

By Balance b/d 60,000

By Interest on capital’s 3,000

By Profit & Loss Suspense A/c 5,000

By Capital 6,250

To N’s Executors A/c 78,000 By M’s Capital 3,750

78,000 78,000

(6)
26. Journal
Date Particulars Lf. Dr. (`) Cr.(`)

1.4.21 Bank A/c Dr. 6,60,000

To Debenture Application & Allotment A/c 6,60,000

(Money received on application)

1.4.21 Debenture Application & Allotment A/c Dr. 6,60,000

Loss on Issue of Debenture A/c Dr. 30,000

To 8% Debenture A/c 6,00,000

To Securities Premium Reserve A/c 60,000

To Premium on Redemption 30,000

(Debenture allotted)

17 XII-ACCOUNTANCY-M
 31.3.22 Debenture Interest A/c Dr. 48,000

To Debenture Holder's A/c 48,000

(Debenture Interest is due)

31.3.22 Debenture Holder's A/c Dr. 48,000

To Bank A/c 48,000

(Interest paid)

31.3.22 Statement of Profit & Loss A/c Dr. 48,000

To Debenture Interest A/c 48,000

(Profit & loss)

31.3.22 Securities Premium Reserve A/c Dr. 30,000

To Loss Issued of Debenture A/c 30,000

(Loss on issue of debenture w/o)

(1+1+1+1+1+1+1)
SECTION-B
27. (d) Bank charges 1

OR

(d) Cash book analysis

28. (d) Purchased goods on credit ` 50,000 1

29. (c) Only statement I is correct 1

OR

(d) Inflow in investing activity

18 XII-ACCOUNTANCY-M
30. (c) Outflow ` 40,000 1

31.

Items Head Subheads

(i) Stores and spare Current Asset Inventory

(ii) Public deposits Non-current liability Long term borrowings

(iii) Capital reserve Shareholder’s fund Reserve and Surplus

(iv) Patents Non-current assets Property, plant and

equipment, intangible assets

(v) Interest accrued and due Current liability Other Current liability

on borrowings

(vi) Calls in advance Current liability Other Current liability

(6x½)

Long term debts

32. (i) Debt equity ratio =
Shareholder 's fund

4,00,000

5,00,000

= 0.8:1

19 XII-ACCOUNTANCY-M
 Current Assets
(ii) Current ratio =
Current Liability

4,00,000

1,00,000

= 4: 1

Quick Assets
(iii) Quick ratio =
Current Liability

3,50,000

1,00,000

= 3.5: 1 (1x3)

33. Comparative Statement of P&L

Particulars 2021 2022 Absolute Percentage
change change

Revenue from operations 10,00,000 15,00,000 5,00,000 50%

Other Income 3,00,000 5,00,000 2,00,000 150%

Total 13,00,000 20,00,000 7,00,000 53.84

Expenses 7,00,000 8,00,000 1,00,000 14.28

Profit before tax 6,00,000 12,00,000 6,00,000 100%

Less: Tax @ 40% (2,40,000) (4,80,000) 2,40,000 100%

Profit After Tax 3,60,000 7,20,000 3,60,000 100%

(4)
OR

20 XII-ACCOUNTANCY-M
Common size statement of Profit & Loss
% of Revenue from
operations
Particulars 2018 2019 2018 2019

Revenue from operations 4,00,000 6,00,000 100% 100%

Cost material consumed 1,00,000 2,00,000 25% 33.33%

Employee benefit expenses 40,00 90,000 10% 15%

Total Expenses 1,40,00 2,90,000 35% 48.33%

Profit before tax 2,60,000 3,10,000 65% 51.67%

Less: Tax @ 30% (78,000) (93,000) (19.5%) (15.50%)

Profit After Tax 1,82,000 2,17,000 45.50% 36.17%

(4)

21 XII-ACCOUNTANCY-M
 Cash Flow Statement for the year ended 31.3.2023

Particulars Details `

(A) Cash flow from operating activities

Balance in statement of P&L (20,000)

Net Loss before tax and dividend (20,000)

Add: Depreciation Charged 75,000

Interest on debentures 20,000

Goodwill written off 45,000

Operating profit before working capital charges 1,20,000

Add: --

Less: Decrease in trade payables (20,000)

Increase in inventories (2,00,000)

Net cash used in operating activities (1,00,000)

(B) Cash flow from investing activities

Purchase of property plant and equipment (3,00,000)

Net Cash used in investing activities (3,00,000)

(C) Cash flow from financing activities)

Issue of shares 4,00,000

Issue of debentures 1,00,000

Debenture interest (20,000)

Net cash inflow from financing activities 4,80,000

Net increase in cash & cash equivalents 80,000

Add: Opening cash & cash equivalents 1,60,000 1,60,000

Closing cash & cash equivalents 2,40,000

(3+1+1+1)

22 XII-ACCOUNTANCY-M