MARKING SCHEME SET 1

2024-25

ACCOUNTANCY CLASS XII(TOTAL

MARKS: 80)

[Link] SOLUTIONS/ ANSWERS MAR

. KS
1 C. Assertion (A) is correct but the Reason (R) is not correct 1

2 C.180000 1

3 ₹ 900 OR D. RS.6750 1

4 B -120000 OR 1
Answer B) Debit Investment A/c and Credit Revaluation A/c.

5 Answer: D 1

6 b) Rs. 5, 85,000./. 1
OR
A. Both Assertion (A) and Reason (R) are true, and Reason (R) is thecorrect explanation of
Assertion (A
7 b) Rs. 11 1
8 No entry or Answer: (b) Cash Account 1

9 D- Both B and C 1

10 D-- General Reserve ₹ 50,000 and Profit and Loss (Dr.) ₹ 80,000 1

11 (c) Rupees 3,00,000 1

12 A. SHARE CAPITAL ACCOUNT 1

13 C.48 1

14 (a) 2 : 5 1

15 D) A ₹26,400; B ₹9,600 1

OR

Answer. c) is executor’s account

16 (D) Revalued figures 1

17 1) (a)Bank A/cDr.40,000 3
To Realisation A/c40,000
(Pament received from the first creditor)
 (b)No Entry

C) Realisation A/cDr.30,000
To Bank A/c30,000
(Payment made to the third creditor in full settlement)

18 3

Working Notes:
(i) Calculation of Good will = 97,000+1.05000+30,000+84,0002 = 3,16,0002
= ₹ 1,58,000
Sonu’s Share of Goodwill = 1,58,000 x 4/8 = ₹ 79,000
Gaining ratio of Monu = New share – Old Share
= 3/4 – 3/8 = 3/8
Gaining ratio of Tanu = 1/4 – 3/8 = 1/8
Goodwill borne by Monu = 79,000 x 3/4 = ₹ 59,250
Goodwill borne by Tanu = 79,000 x 1/4 = ₹ 19,750
(ii) Sonu’s Share of Profit
Ratio of last year profit = 84,00021,00,000 = 0.04
Profit for the current year = 2,00,000 x 0.04 = ₹ 8,000
Sonu’s share of Profit = 8,000 x 4/8= ₹ 4,000
OR

19 SUNDRY ASSETS A/CDR. 350000 3

TO ROYALE LTD. A/C 350000
ROYALE LTD. A/CDR. 75000
TO BANK A/C 75000

ROYALE LTD. A/C (350000-75000)DR. 275000

TO EQUITY SHARE CAPITAL a/C 250000
TO SECURITY PREMIUM A/C 25000
NO. OF SHARES ISSUED = 275000/11 = 25000
SHARES)
 OR Share forfieture account

Particulars Amount Particulars Amount

To share capital 120 By share Capital Account 400
A/c
To Capital reserve 120
A/c
To Capital reserve 80
A/c
To balance c/d 80
400 400

20 Pari’s Capital A/c Dr 21,000 ,Shivani 30,000 3

Gaining Ration : Preeti : Pari 3:7

21

22 Date Particulars L [Link] [Link] 4

F
30/06 B’s capital A/c Dr. 720
/2022 C’s Capital A/c Dr. 180
To A’s Capital A/c 900
(A;s share of profit debited to
remaining partners in their
gaining ratio 4:1)

Gaining ratio :
B : 3/5-1/3=4/15
C :2/5-1/3=1/15

4:1
23 Amount received on first call Rs. 9,30,000 6
Capital Reserve 19,000.
Hint:
Entry on Forfeiture:

Equity Share Capital A/c Dr. 20,000

Securities Premium A/c Dr. 10,000
To Equity Share First & Final Call A/c 20000
To Share Forfeiture A/c 10000
OR

A.
MACHINERY A/C DR. 178000
TO NEEL LTD. 178000
(BEING MACHINERY PURCHASED FROM NEEL LTD.

NEEL LTD. DR. 178000

DISC. ON ISSUE OF DEB. A/C (200X10) DR. 2000
TO EQUITY SHARE CAP. A/C(10000X10) 100000
TO 9% DEB. A/C (200X100) 20000
TO B/P A/C 50000
TO SECURITY PREMIUM A/C(10000x1) 10000
(Payment made to Neel Ltd.)B.
IN THE BOOKS OF VAJI LTD.
LAND AND BUILDING A/C DR. 8400000
PLANT AND MACHINERY A/C DR. 3600000
TO RAO LTD. 11000000
TO CAPITAL RESERVE A/C 10,00,000

(Assets taken over from Mastani Ltd.)

RAO LTD DR. 11000000
TO BILLS PAYABLES A/C 2000000
TO 8% DEBENTURES A/C (75000X100) 7500000
TO SECURITY PREMIUM A/C (75000X 20)1500000
(being purchase consideration discharged by issuing 8% debentures at
premium)
Number of debentures= (11000000-2000000)/120 =75000 debentures
24 Profit on revaluation Rs.2,100: Cash paid to Barsha Rs. 2,700; Capital Accounts 6
Ankit Rs. 16975 and Chanchal Rs.8,625. Gaining Ratio 11:9.
OR

Profit and Loss Appropriation Account

For the year ended 31st March 2018
Particulars Amount (Rs.) Particulars Amount (Rs.)
 To Partners 121500 By Profit for 120,000
Current A/c the year
Varun 78,508
Vivek 42,992: By Interest on
Drawings
Varun 450
Vivek 1,050
121500 121500

As divisible profits are insufficient, so available profits are distributed in ratio of

appropriations i.e 42:23
Dr Partner’s capital A/c
cr.
Particulars Varun Vivek Particulars Varun Vivek
To Balance 300000 200000 By Balance 300000 200000
c/d b/d
300000 200000 300000 200000

Dr Partner’s current A/c

cr.
Particulars Varun Vivek Particulars Varun Vivek
To Balance 28000 By Balance 100000
b/d b/d
To Drawings 12000 30000 By Profit and 78508 42992
Loss
Appropriatio
n A/c
To Interest on 450 1050
Drawings
To balance 166058 By balance 16058
c/d c/d
178508 59050 178508 59050
25 Profit of realisation ` 1,06,200, partner final payment ` 1,18,520 A, ` 5880 B Total & 6
Bank A/c 2,67,400
26 Q1. A). Rs.10,00,000 6
Q2. C). Rs.12
Q3. A). Rs.40,000
Q4. B). 5,50,000 shares
Q5. B). Rs.3,28,000, Rs.56,000
Q6. C). Rs.54,70,000
27 b) Judges operational 1
efficiency
or
False
28 1
b) Rs. 60.000

29 c) Statement -1 is true, statement-II is false 1

Or c. Only (i) and (iii)

30 b. Only III 1

31 (i) Share Holders Funds Reserves and Surplus 3

(ii) Non Current Liabilities Long Term Borrowing
(iii) Share Holders Funds Reserves and Surplus
(iv) Current Liabilities Trade Payables
(v) Current Liabilities Other Current Liabilities
(vi) Current Liabilities Short Term Borrowing

32 (I)[Link] = 33 1/3% 3
II)WCTR= 7.5 Times
(III)DER= 0.31:
(vii)
33 Profit After Tax: 2022 Rs. 4,20,000; 2023 Rs. 3,50,000. 4
Percentage (%) Change in:
Revenue Other Total Expenses Profit Profit from
Income Income before After Tax
Operations Tax

25.00 (100.00) - 25.00 (16.67) (16.67)

Or
COMMON SIZE STATEMENTS
PARTICULARS 2021-22 2022-23 % OF % OF
(RS.) (RS.) RFO RFO
2021-22 2022-23
[Link] FROM 2000000 2500000 100 100
OPERATIONS
II. OTHER INCOME ---------- ---------- ---------- ---------
-
III. TOTAL 2000000 2500000 100 100
IV. EXPENSES:
COST 700000 1000000 35 40
OTHER EXPENSES 300000 200000 15 8
TOTAL 1000000 1200000 50 48
V. PROFIT BEFORE TAX 1000000 1300000 50 52
VI. LESS: TAX 30% 300000 390000 15 15.6
VII. PROFIT AFTER TAX 700000 910000 35 36.4

34
1)Calculation of net profit before tax:
Net loss for current year (50000-40000) (10000)
Transfer to reserve 15000
50000
2) Plant Account

Particulars Amount Particulars Amount

To balance b/d 30000 By bankA/c 20000
To profit on sale of 2000 By provision for 12000
plant depreciation a/c
32000 32000

3) Provision for dep Account

Particulars Amount Particulars Amount

To plant (transfer ) 12000 By balance b/d 41000
 To balance c/d 50000 By depreciation 21000
a/c(balancing figure)
62000 62000

Calculation of cash flow from operating activities

Rs. RS.
Net profit before tax (note-1) 5000
Adjustments for non cash and non operating items:
Add:
Goodwill written off 2500
Depreciation on plant 21000 23500
Less: 28500
Profit on sale of plant 2000
Operating profit before working capital change 26500
Add:
Decrease in current assets 3000
Prepaid expenses
Increase in current liabilities 4000
Outstanding expenses 12000 19000
Trade payable 45500
Less:
Increase in current assets
Trade receivable 5000
Net cash flow from operating activities
40500