ANSWER KEY - SAMPLE QUESTION PAPER 2022-23

SUBJECT ACCOUNTANCY 055

CLASS XII

[Link] Question Marks

Part A
(Accounting for Partnership Firms and Companies)

1. a) 41: 7: 12 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. Dr. 9,000 1
To Arshiya’s Capital A/c. 6,000
To Divya’s Capital A/c 3,000
Or
d) Share of Loss Sohan –₹ 1,180 Mohan – ₹ 1,770
5. d) ₹ 3,00,000 1
6. c) 6% 1
OR
b) 5%
7. c) ₹ 30,000 1
8. d) ₹70,500 1
Or
d) A ₹ 50,000; B ₹ 50,000 and C ₹ 50,000
9. c) ₹ 36,000 1
10. a) ₹ 1,80,000 1
11. c) (iii) ; (ii) ; (i); (iv) 1
12. b) ₹ 21,000 1

13. b) Providing for Premium payable on Redemption of Debentures. 1

14. c) ₹ 50,000 1

15. d) 5,000 1
Or
d) 12% p.a
16. d) ₹ 30,000 (loss) 1
17 Journal Entry 3
Date Particulars L.F. Dr. Cr. (1 + 2)
Amount Amount

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 1.02.22 Profit and Loss Suspense A/c Dr. 30,000
To Sara’s Capital A/c 30,000
(Being Sara’s share of profit allowed till
the date of her death)
Workings: Profit % to sales turnover for the year ended 31st
March,2021=1,20,000/10,00,000 X100= 12%
Estimated sales for the year ended 31st March,2022=₹ 10,00,000+20% of ₹ 10,00,000 = ₹
12,00,000
Estimated sales till 01st February,2022 = ₹ 12,00,000 x 10/12 = ₹ 10,00,000
Profit percentage 12-2=10%
Profit amount till 01st February, 2022 = 10% of ₹ 10,00,000 = ₹ 1,00,000
Sara’s share of profit till 1st February,2022= 1,00,000 X 3 = ₹ 30,000
10
st
18 Dr. Profit and Loss Appropriation A/c for the year ending on 31 March, 2022 Cr. 3
Particulars Amount (₹) Particulars Amount (₹) (1/2 x6)
To Interest on Capital: By Profit and Loss A/c 1,38,000
Amay’s Current A/c 9,000
Anmol’s Current A/c 4,500
Rohan’s Current A/c 4,500
To Partners’ Current A/c:
Amay 53,000
Anmol 40,000
Rohan 27,000** 1,20,000
1,38,000 1,38,000
** Guarantee met for 9 months.
Or Or
Journal Entry
Date Particulars L.F Debit (₹) Credit (₹) 3
(i) Ajay’s Capital A/c Dr. 52,000 (1+2)
To Manish’s Capital A/c 4,000
To Sachin’s Capital A/c 48,000
(Adjustment entry passed)

Working Notes
Particulars Ajay Manish Sachin Firm
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Profits taken 1,00,000 60,000 40,000 2,00,000
back
Interest on 48,000 64,000 88,000 2,00,000
Capital to be
credited
1,00,000 48,000 60,000 64,000 40,000 88,000 2,00,000 2,00,000
52,000 (Dr.) 4,000 (Cr.) 48,000 (Cr.)
19. Books of Anthony Ltd. 3
Journal Entries
Date Particulars L.F Debit (₹) Credit (₹)

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 (i) Assets A/c Dr. 23,50,000
Goodwill A/c Dr. 50,000
To Liabilities A/c 6,00,000
To Mithoo Ltd. A/c 18,00,000
(Business purchased of Mithoo Ltd.
comprising of Assets and Liabilities)
(ii) Mithoo Ltd. A/c Dr. 18,00,000
Loss on Issue of Debentures A/c Dr. 3,00,000
To 9% Debentures A/c 20,00,000
To Premium on Redemption of 1,00,000
Debentures A/c
(Debentures issued to Mithoo Ltd. at
Discount, redeemable at Premium)
OR
Books of Random Ltd.
Journal Entries
Date Particulars L.F Debit (₹) Credit (₹)
(i) Assets A/c Dr. 45,00,000
To Liabilities A/c 6,40,000
To Mature Ltd. A/c 36,00,000
To Capital Reserve A/c 2,60,00
(Business purchased of Mithoo Ltd.
comprising of Assets and Liabilities)
(ii) Mature Ltd. A/c Dr. 36,00,000
To Bank A/c 1,50,000
To 12% Preference Share Capital A/c 30,00,000
To Securities Premium A/c 4,50,000
(Debentures issued to Mithoo Ltd. at
Discount, redeemable at Premium)
No. of Shares = 34,50,000/115 = 30,000 shares @ 100 + 15 each
20. Journal Entry 3
Sol Date Particulars L.F. Dr. Cr. (1+2)
Amount Amount
1.4.20 Nobita’s Capital A/c Dr. 26,667
To Doremon’s Capital A/c 26,667
(Being goodwill adjusted at the time of
change in profit sharing ratio)
Workings:
(i) Calculation of gaining ratio and sacrificing ratio:
Doremon’s gain or sacrifice = 3/6-2/6= 1/6 (sacrifice)
Shinchan’s gain or sacrifice = 2/6-2/6 =0
Nobita’s gain or sacrifice = 1/6 – 2/6 = -1/6 (gain)
(ii) Calculation of goodwill:

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 CALCULATIONOF NORMAL PROFIT

Year Ended Profit/ Loss Adjustments Normal Profit

st
31 March,2019 50,000 ---- 50,000
st
31 March,2020 1,20,000 ----- 1,20,000
st
31 March,2021 1,80,000 ----- 1,80,000
st
31 March,2022 (70,000) 50,000-10,000 (30,000)
Total 3,20,000
Goodwill =Average Profits X No. of years Purchase
Average Profits = Total Normal Profits/Number of years
= 3,20,000/4 = 80,000
Goodwill= 80,000 X 2= ₹1,60,000
A’s share of goodwill= 1,60,000 X 1/6= ₹26,667
21. Books of Altaur Ltd. 4
Balance Sheet (Extract) as at ….. (1+3)
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. Journal Entries in the Books of Charu, Dhwani, Iknoor and Paavni 4
Date Particulars L.F. Dr. Cr.
Amount Amount
(i) Dhwani’s Loan A/c Dr. 50,000
To Bank A/c 42,000
To Realisation A/c 8,000
(Dhwani’s Loan of ₹ 50,000 settled at ₹
42,000)
(ii) Paavni’s Loan A/c Dr. 40,000
To Realisation A/c 40,000

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 (Paavni’s Loan of ₹ 40,000 settled by
giving an unrecorded asset)
(iii) Realisation A/c Dr. 60,000
To Loan to Charu A/c 60,000
(Loan to Charu was settled by payment to
Charu’s brother Loan)
(iv) Iknoor’s Loan A/c Dr. 80,000
To Realisation A/c 60,000
To Bank A/c 20,000
(Iknoor’s Loan of ₹ 80,000 and
Machinery was given as part payment and
rest through bank)
23. Books of OTUA Ltd. 6
Journal Entries
Date Particulars L.F Debit (₹) Credit (₹)
(i) Bank A/c Dr. 34,00,000
To Equity Share Application A/c 34,00,000
(Application money received on 85,000
shares)
(ii) Equity Share Application A/c Dr. 34,00,000
To Equity Share Capital A/c 24,00,000
To Equity Share Allotment A/c 6,00,000
To Bank A/c 4,00,000
(Application money transferred to share
capital, share allotment and refunded)
(iii) Equity Share Allotment A/c Dr. 51,00,000
To Equity Share Capital A/c 36,00,000
To Securities Premium A/c 15,00,000
(Allotment due on 60,000 shares with
Premium)
(iv) Bank A/c Dr. 42,00,000
Calls in Arrears A/c Dr. 3,00,000
To Equity Share Allotment A/c 45,00,000
(Allotment received on 56,000 shares)
(v) Equity Share Capital A/c Dr. 4,00,000
Securities Premium A/c Dr. 1,00,000
To Share Forfeited A/c 2,00,000
To Calls in Arrears A/c 3,00,000
(4,000 shares forfeited for non-payment of
allotment money)
Bank A/c Dr. 2,40,000
Share Forfeited A/c Dr. 60,000
To Equity Share Capital A/c 3,00,000
(3,000 shares re-issued @ ₹ 80 per share)
Share Forfeited A/c Dr. 90,000
To Capital Reserve A/c 90,000

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 (Gain on re-issue of forfeited shares
transferred to capital reserve)
OR
Books of Vikram Ltd.
Journal Entries
(i)
Date Particulars L.F Debit Credit
(₹) (₹)
(i) Share Capital A/c Dr. 50,000
To Share Forfeited A/c 18,000
To Calls in Arrears A/c 32,000
(5,000 shares forfeited for non-payment of
allotment and call money)
(ii) Bank A/c Dr. 36,000
To Share Capital A/c 30,000
To Securities Premium A/c 6,000
(3,000 shares re-issued @ ₹ 12 per share)
(iii) Share Forfeited A/c Dr. 10,800
To Capital Reserve A/c 10,800
(Gain on re-issue of forfeited shares transferred
to capital reserve)
(ii)
Books of Ratan Ltd.
Journal Entries
Date Particular L.F Debit Credit
(₹) (₹)
Share Capital A/c Dr. 21,000
To Share Forfeited A/c 15,000
To Calls in Arrears A/c 6,000
(3,000 shares forfeited for non-payment of first
call money)
Bank A/c Dr. 20,000
To Share Capital A/c 20,000
(2,000 shares re-issued @ ₹ 10 per share)
Share Forfeited A/c Dr. 10,000
To Capital Reserve A/c 10,000
(Gain on re-issue of forfeited shares transferred
to capital reserve)

24. Dr. Revaluation Account Cr. 6

Particulars Amount Particulars Amount
(₹) (₹)
To Partner’s Capital A/c: Plant and Machinery 14,000
X 19,200 Buildings A/c 11,000

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 Y 12,800 32,000 Provisions for Doubtful
Debt A/c 7,000
32,000 32,000
Dr. Partner’s Capital Accounts Cr.
Particulars X Y Z Particulars X Y Z
Y’s Current A/c ---- 24,000 ---- Balance b/d 1,19,000 1,12,000 —
Balance c/d 1,68,000 1,12,000 56,000 Bank A/c — — 56,000
Z’s Current A/c 8,400 5,600 —
General Reserve A/c 8,400 5,600 —
Revaluation A/c 19,200 12,800 —
X’s Current A/c 13,000
1,68,000 1,36,000 56,000 1,68,000 1,36,000 56,000

OR
Dr. Revaluation A/c Cr.
Particulars Amount (₹) Particulars Amount (₹)

To Provision for Doubtful Debts 400 By Building A/c 7,000

To Partner’s Capital A/c:
P 3,300
Q 2,200
R 1,100 6,600
7,000 7,000
Dr. Partner’s Capital Accounts Cr.
Particulars P Q R Particulars P Q R
Goodwill A/c 13,500 — 4,500 Balance b/d 15,000 10,000 10,000
Profit & Loss 600 400 200 Revaluation A/c 3,300 2,200 1,100
Cash — 2,800 — Goodwill A/c 9,000 6,000 3,000
Q’s Loan — 15,000 — R’s Current A/c ---- ---- 1,900
P’s Current A/c 1,900 — ----
Balance c/d 11,300 ---- 11,300
27,300 18,200 16,000 27,300 18,200 16,000

25. Journal Entries 6

Date Particulars L.F. Dr. Cr.
Amount Amount
2019 Profit and Loss Suspense A/c Dr. 1,20,000
June 30 To A’s Capital A/c 1,20,000
(Being share of profit provided till
the date of his death)
Dr. A’s Executors A/c Cr.
Date Particulars J.F. Amount Date Particulars J.F. Amount
2019 2019
June 30 Furniture A/c 2,40,000 June 30 A’s Capital A/c 8,40,000
2020 2020
Mar.31 Balance c/d 6,27,000 Mar.31 Interest A/c 27,000
8,67,000 8,67,000

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 2020 2020
June 30 Bank A/c 2,36,000 Apr. 1 Balance b/d 6,27,000
2021 June 30 Interest A/c 9,000
Mar. 31 Balance c/d 4,18,000 2021
Mar. 31 Interest A/c 18,000
6,54,000 6,54,000
2021 2021
June 30 Bank A/c 2,24,000 Apr. 1 Balance b/d 4,18,000
2022 June 30 Interest A/c 6,000
Mar. 31 Balance c/d 2,09,000 2022
Mar. 31 Interest A/c 9,000
4,33,000 4,33,000
2022 2021
June 30 Bank A/c 2,12,000 Apr. 1 Balance b/d 2,09,000
June 30 Interest A/c 3,000
2,12,000 2,12,000
26. Books of Health2Wealth Ltd. 6
a) Journal Entries (2+2+2)
Date Particulars L.F Debit (₹) Credit (₹)
(i) Bank A/c Dr. 55,00,000
To Debenture Application and Allotment A/c 55,00,00
(Application money received)
(ii) Debenture Application and Allotment A/c Dr. 55,00,000
Loss on Issue of Debentures A/c Dr. 10,00,000
To 8% Debentures A/c 50,00,000
To Securities Premium A/c 5,00,000
To Premium on Redemption of Debentures A/c 10,00,000
(Debenture issued at premium, to be redeemed at
premium)

b)
Dr. Loss on Issue of Debentures A/c Cr.
Date Particulars Amount Date Particulars Amount
(₹) (₹)
2021 2022
1 To Premium on 31 By Securities
Oct. Redemption of 10,00,000 Mar. Premium A/c 7,80,000
Debentures By Statement of
Profit and Loss A/c 2,20,000

10,00,000 10,00,000

c) Journal Entries
Date Particulars L.F Debit (₹) Credit
(₹)
31 Debenture Interest A/c Dr. 2,00,000
Mar. To Debentureholders A/c 2,00,000
2022 (Interest due on debentures)
31 Debentureholders A/c Dr. 2,00,000

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 Mar. To Bank A/c 2,00,000
2022 (Interest paid to debentureholders)
31 Statement of Profit and Loss Dr. 2,00,000
Mar. To Debenture Interest A/c 2,00,000
2022 (Interest on Debentures charged to
Statement of Profit and Loss)

Part B :- Analysis of Financial Statements

Option -I

27. c) Postulates 1
Or
c) Only (ii) and (iii) are correct
28. b) 3 times 1
29. d) Subtracted under Operating Activities as Extraordinary Item and Inflow under Investing 1
Activities also
Or
c) Added ₹ 1,30,000 under Operating Activities as Loss on Issue of Debentures written off
and Inflow of ₹ 18,00,000 under Financing Activities.
30. b) ₹ 1,02,000 1
31. Item Heading Sub – Heading 3
(i) Current maturities of long Current Short term borrowings
term debts Liabilities
(ii) Furniture and Fixtures Non – Current Property, Plant and
Assets Equipments and Intangible
Assets

Property, Plant and

Equipments
(iii) Provision for Warranties Non – Current Long Term Provisions
Liabilities
(iv) Income received in advance Current Other Current Liabilities
Liabilities
(v) Capital Advances Non – Current Long Term Loans and
Assets Advances

(vi) Advances recoverable in Current Assets Short Term Loans and

cash within the operation Advances
cycle
32. Variations of Accounting Practice as Limitation is highlighted in the given statement. 3

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 Two Other Limitations (Any two of the following, with suitable explanation)
(a) Limitations of Accounting Data
(b) Ignores Price-level Changes
(c) Ignore Qualitative or Non-monetary Aspects
(d) Forecasting
33. Return on Investment = EBIT / Capital Employed x 100 4
= 15,00,000/1,20,00,000 x 100 = 12.5%

Capital Employed = 12% Preference Share Capital + Equity Share Capital + Reserves and
Surplus + 15% Debentures + 10% Bank Loan = 30,00,000 + 40,00,000 + 10,00,000 +
20,00,000 + 20,00,000 = ₹ 1,20,00,000
EBIT = Profits after Tax + Tax + Interest = 6,00,000 + 4,00,000 + 5,00,000 = ₹ 15,00,000

Net Assets Turnover ratio = Revenue from Operations/Capital Employed

= 3,60,00,000/1,20,00,000 = 3 times
Or
(i) Ratio will improve. Reason – Capital Employed will decrease and Debt will remain
same
(ii) Ratio will remain same. Reason – Both Debt and Capital Employed will remain
same.
(iii) Ratio will decline. Reason – Debt will decrease but Capital Employed will remain
same.
(iv) Ratio will decline. Reason – Capital Employed will increase but Debt will remain
same.
34. 1. Net Profit before tax and extraordinary items=Net Profit for the year+ Interim Dividend + Loss of 6
assets due to fire + Provision for Tax + Proposed Dividend - Insurance claim received for Loss due (1.5+
to Fire – Tax refund = 7,50,000 + 90,000 + 20,000 + 80,000 + 1,60,000 – 10,000 – 20,000 = ₹ 1.5+
10,70,000 1+
1+
2. Operating profit before working capital changes= Net Profit before tax and extraordinary items 1)
+ Adjustments for non-cash and non-operating expenses and goodwill amortised – Adjustments
for non-cash and non-operating incomes = 10,70,000 + 40,000 + 70,000** – 30,000 = 11,50,000
** Goodwill amortised = Opening goodwill + Goodwill purchased - Closing goodwill
3. Cash flow from Investing Activities = Interest on Non-Current Investments + Insurance claim for
loss of assets due to fire – Purchase of Investments – Purchase of Machinery – Goodwill
purchased = 30,000 + 10,000 – 1,00,000 - 1,60,000 – 20,000 = ₹ (2,40,000) Outflow
4. Cash flow from Financing Activities: Raise of Bank overdraft – Interim Dividend Paid – Final
Dividend paid = 50,000 – 90,000 – 1,60,000 = ₹ (2,00,000) Outflow
5. Closing Cash and Cash Equivalents : Cash in Hand + Investment in Marketable Securities =
2,00,000 + 1,50,000 =3,50,000

Part B :- Computerised Accounting

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 (Option – II)

27. a) PMT (rate, nper, pv, [fv], [type]) 1

Or
a) Design, Layout, Format
28. d) =AND (C4<10, D4,100) 1

29. a) SUM and AVERAGE 1

Or

c) [Home]

30. (b) Financial 1

31. Types of Accounting Vouchers 3
(i) Contra Vouchers
(ii) Payments Vouchers
(iii) Receipt Vouchers
32. The points to be considered before making investment in a database: (any three) 3
(i) What all data is to be stored in the database?
(ii) Who will capture or modify the data, and how frequently the data will be modified?
(iii) Who will be using the database, and what all tasks will they perform?
(iv) Will the database ( backend) be used by any other frontend application?
(v) Will access to database be given over LAN/ Internet, and for what purposes?
(vi) What level of hardware and operating system is available?
33. Features of computerized accounting system: 4
(i) Simple and integrated.
(ii) Transparency and control.
(iii) Accuracy and speed.
(iv) Scalability.
(v) Reliability
Or
Uses of conditional formatting:
(i) It helps in making needed information highlighted.
(ii) It changes the appearance of cells ranges.
(iii) Colour scale may be used to highlight cells .
(iv) useful in making decision making.
34. Two basic methods of charging depreciation are: 6
Straight line method : This method calculates fixed amount of depreciation every year which is
calculated keeping in view the useful life of assets and its salvage value at the end of its useful life.
Written down value method: This method uses current book value of the asset for computing the
amount of depreciation for the next period. It is also known as declining balance method..
Differences:
1. Equal amount of depreciation is charged in straight line method. Amount of depreciation

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 goes on decreasing every year in written down value method.
2. Depreciation is charged on original cost in straight line method. The amount is calculated
on the book value every year.
3. In straight line method the value of asset can come to zero but in written down value
method this can never be zero.
4. Generally rate of depreciation is low in case of straight line method but it is kept high in
case of written down value method.
5. It is suitable for assets in which repair charges are less and the possibility of obsolescence is
less. It is suitable for the assets which become obsolete due to changes in technology.

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 16.09.2022

To,
All the Heads of Schools, Teachers and Students

Subject: Practice Material recommendation based on the CBSE Sample Paper for
February 2022.

This is with reference to Board’s Circular No. Acad- CBSE/Academic/-

JS(PMS)/ 2022 dated 16.09.2022 regarding Sample Paper for Board Examina-
tion for Classes X for the Session 2022- 23.

It may be noted that the new pattern questions added by CBSE in their just
uploaded Sample Paper are incorporated strictly in large quantities within the
below recommended EDUCART book.

Class 10 - [Link]

Class 12 - [Link]

This Material is strictly based on the CBSE Sample Paper and available through
the above link publicly on Amazon.

Therefore, the schools are suggested to share the aforementioned

recommendation with all their teachers and students.