FIRST PRE BOARD – 2024-25

SUBJECT: ACCOUNTANCY(055)
Marking Scheme SET A

1. (b) Rs. 1,000

OR
(c) 10% p.a.

2. (c) Rs. 48,000

3. (c) ₹ 1000

4. [b] OR ( c )

5. (b) Rs 20,000

6. (c) Nil
7. C. 31st May 2024

8. A - Realisation Account will be credited by ₹ 60,000

OR
C- ₹ 60,000 will be credited to Realisation Account and will be even paid off. Balance ₹
40,000 will be distributed amongst partners

9. (b). Dr. A Rs. 1,200; Cr. B Rs. 800 and Cr. C Rs. 400
10.
C Mohan’s Loan A/c Dr. 50,000
Realisation A/c Dr. 10,000
To Bank A/c 60,000

11. (a) 1,50,000

12. (d) 10%p.a.

13. (iv) Capital Reserve Account
OR (a) 10%
14. C A ‘s Capital A/c Dr. ₹ 8,000 B’s Capital A/c Dr. ₹ 6,000 C’s Capital A/c Dr. ₹
4,000
OR (c) Rs. 28,800
15. A - ₹ 4,50,000 OR B - ₹ 67,500

16.(d) 1/10 (sacrifice)

17. ( c) Assetion (A) is wrong , but is correct .

18. Total Profits credited to Riya in last four years = 1,20,000 + 80,000 + 40,000 + 80,000 = 3,20,000 x
3/8 = 1,20,000
Goodwill share of Riya = 1,20,000 x ½ = 60,000
Date Particulars Debit Credit
i. Priya’s Capital A/c Dr. 48,000
Siya’s Capital A/c Dr. 12,000
To Riya’s Capital A/c 60,000
ii. Debtors A/c Dr. 8,000
To Revaluation A/c 8,000
iii. Revaluation A/c Dr. 8,000
To Priya’s Capital A/c. 4,000
To Siya’s Capital A/c. 3,000
To Riya’s Capital A/c 1,000

19.
Date Particulars L Debit Credit
F Amount ₹ Amount ₹
Assets A/c Dr 7,00,000
To Liabilities a/c 2,00,000
To Sajan Ltd (P.C) 4,59,500
To Capital Reserve a/c (Bal. fig) 40,500
(Being the business purchased)
Sajan Ltd Dr 4,59,500
To Bills Payable a/c 8,500
To Equity Share capital a/c (41,000 x 10) 4,10,000
To Security Premium Reserve a/c (41,000 x 1) 41,000
(Being the purchase consideration discharged)

TOTAL
Working Note:
Amount payable as PC= 4,59,500
Less Bills Payable: (8,500)
Balance 4,51,000
Number of shares: 4,51,000/ 11= 41,000 shares (3)
OR
Journal entries
Date Particulars Debit Credit
Share Capital A/c Dr 42,000
Securities premium A/c Dr 6,000
To Shares Forfeited A/c 30,000
To Calls in arrears A/c 18,000
Bank A/c Dr 20,000
Shares Forfeited A/c Dr 20,000
To Share Capital A/c 40,000
20.
Date Particulars Debit Credit
i. Reval 23,000
To Creditors
60,000
ii. Unrecorded Asset 8,000
To Reval 8,000
iii. A’s Cap 5,000
B’s Cap 5,000
C’ s Cap 5,000
To Reval 15,000
iv. C’ s Cap 4,95,000
To Unrecorded Asset 8,000
To Bank 4,87,000
21. SAME AS QUES 22 IN SET B

22. SAME AS QUES 21 IN SET B

23.

Date Particulars Debit Credit

i. Bank A/c Dr. 16,00,000
To Share Application A/c 16,00,000
ii. Share Application A/c Dr. 16,00,000
To Share Capital A/c 13,50,000
To Share Allotment A/c 2,50,000
iii. Share Allotment A/c Dr. 5,40,000
To Share Capital A/c 5,40,000
iv. Bank A/c Dr. 3,08,000
To Share Allotment A/c 2,90,000
To Calls in Advance A/c 18,000
v. Share First and Final Call A/c Dr. 8,10,000
To Share Capital A/c 8,10,000
vi. Bank A/c Dr. 7,86,000
Calls in Arrears A/c Dr. 6,000
Calls in Advance A/c Dr. 18,000
To Share First and Final Call A/c 8,10,000
vii. Share Capital A/c Dr. 20,000
To Share Forfeited A/c 14,000
To Calls in Arrears A/c 6,000
viii. Bank A/c Dr. 21,000
To Share Capital A/c 20,000
To Securities Premium A/c 1,000
ix. Share Forfeited A/c Dr. 14,000
To Capital Reserve A/c 14,000
OR
Journal Entries in books of Panther Ltd.
Date Particulars Debit Credit
01/04/22 Bank A/c Dr. 16,20,000
To Debenture Application and Allotment A/c 16,20,000
01/04/22 Debenture Application and Allotment A/c Dr. 16,20,000
Loss on Issue of Debentures A/c Dr. 1,50,000
To 9% Debentures A/c 15,00,000
To Securities Premium A/c 1,20,000
To Premium on Redemption of Debentures A/c 1,50,000

Loss on Issue of Debentures A/c

Date Particulars Amount Date Particulars Amount
01/04/ Premium on Redemption 31/03/ Sec. Prem. Res. 1,20,000
2022 of Debentures A/c 1,50,000 2023 Statement of Pnl 30,000
1,50,000 1,50,000

Debit Balance of Statement of Pnl after writing off Loss on Issue of Debentures = 2,80,000
iii) Securities premium can be used for following
i) Writing of preliminary expenses
Buying back of shares

24.

Revaluation a/c

To Provision 2,000 By Building 20,000

To Machinery 10,000

To Profit transferred 8,000

A 4000
B 2000
C 2000
20,000 20,000

Partners’ capital account

Particular A B C Particular A B C

By Balance 80,000 40,000 40,000

To B’s Cap 12,000 --- 6,000 By Gen Res. 10,000 5,000 5,000

To B’s Loan a/c - 65000 - By A’s cap ….. 12,000 …

To Balance c/d 82,000 41,000 By C’s Cap ….. 6,000 …

By Revaluation 4,000 2,000 2,000

94,000 65,000 47,000 94,000 65,000 47,000

OR

SAME AS OR PART OF QUES 24 IN SET B

25

[Link]. Particulars L.F Debit Credit

(a) Aman’s Capital A/c Dr. 22,500
Bank A/c Dr. 32,500
To Realisation A/c 55,000
(Assets realized)
(b) Harsh’s Capital A/c Dr 5,000
To Bank A/c 5,000
(Expenses paid on behalf of partner)

(c) Realisation A/c Dr 2000

To Bank A/c
(Creditors paid) 2000

(d) Realisation A/c Dr 1250

To Bank A/c 1250
(Creditors paid)

26. SAME AS QUES 26 IN SET B

27.(c) Statement of profit and loss

28.(c) Activity arising from interest will be shown in operating activity

29. (b) OR ( d)

30. C. Only Statement-I is true.

31.
 Item Major headings Sub-head
(i) Loose tools Current Assets Inventories
(ii) Long term Provisions Non – Current Long term Provisions
Liabilities
(iii) Provision for Warranties Non – Current Long term Provisions
Liabilities
(iv) Income received in Current Other Current
advance Liabilities Liabilities
(v) Capital Advances Current Assets Long Term Loan and
Advances
(vi) Advances recoverable Current Assets Short Term Loan and
in cash within the operation Advances
cycle

32.

Comparative Statement of Profit & Loss

For the years ended 31st March, 2022 and 2023
Particulars Note 2022 2023 Absolute %
No. Change Change
I Revenue from Operation 40,00,000 60,00,000 20,00,000 50
II Less Expenses:
Cost of Material Consumed 20,00,000 30,00,000 10,00,000 50
Other Expenses 4,00,000 10,00,000 6,00,000 150
Total Expenses 24,00,000 40,00,000 16,00,000 66.7
III Profit Before Tax 16,00,000 20,00,000 4,00,000 25
Or
Common Size Statement of Profit & Loss
For the years ended 31st March, 2022 and 2023
Particulars Amount (in ₹) % change of RFO
Revenue from Operations 15,00,000 100
Other Income 3,00,000 20
Total Revenue 18,00,000 120
Less:- Expenses
Purchases of Stock in Trade 2,50,000 16.67
 Change in Inventory (80,000 – 1,55,000) (75,000) (5)
Employee Beneit Expenses 6,00,000 40
Finance Cost 60,000 4
Depreciation and Amortisation 90,000 6
Total Expenses 9,25,000 61.67
Profit before Tax 5,75,000 38.33
Less Tax rate 1,15,000 7.67
Profit after Tax 4,60,000 30.66

33. A.
Inventory Turnover Ratio = Cost Of RFO/Average Inventory
Cost of RFO = 8,00,000-2,00,000
= 6,00,000
Let Opening Inventory = x
Closing Inventory = x + 20,000
5 = 6,00,000/Average Inventory
Average Inventory = 1,20,000
(X + X + 20000)/2 = 1,20,000
X = 1,10,000
Opening Inventory = 1,10,000
Closing Inventory = 1,10,000 + 20,000
= 1,30,000

B. Current ratio of Company before goods Purchased on Credit =1:1

OR
SOLUTION
(A) Net Profit after Tax = Rs 1200,000
Net Profit Before Tax = 12,00,000*100 / 60
= 20,00,000
Net Profit before Interest & Tax = 20,00,000 +10,00,000
30,00,000
Interest Coverage Ratio = Net profit before Interest &Tax / Total Interest
= 30,00,000\10,00,000 = 3 Times

(B) Capital employed Turnover ratio

= Revenue from operation / Capital employed
Capital employed = Shareholders Funds + Debentures
= 10,00,000 + 5,00,000
=15,00,000
Capital employed Turnover ratio =37,50,000 / 15,00,000 = 2.5 Times

34.
a) Net Profit before Tax and Extraordinary items = Surplus + Interim Dividend + Proposed Dividend
+ Transfer to Reserve + Provision for Tax + Loss of inventory - Insurance Claim received =
5,36,000 + 1,70,000 + 90,000 + 80,000 + 1,20,000 + 20,000 – 15,000 = 10,31,000
b) Operating profit before Working Capital changes = Net Profit before Tax and Extraordinary
items + Preliminary expenses written off = 10,31,000 + 30,000 = 10,61,000
c) Cash flow from operating activities = Operating profit before Working Capital changes +
Decrease in Trade Receivables – Increase in Outstanding Rent – Increase in Prepaid Insurance –
Decrease in Trade Payables = CFO before Tax paid – Tax Paid + Insurance Claim = 10,61,000 +
12,000 – 18,000 – 4,000 – 12,000 = 10,39,000 – 1,20,000 + 15,000 = 9,34,000
d) Cash flow from financing activities = Issue of Share + Securities Premium – Redemption of
Preference Shares + Issue of Debentures (Net amount) – Interim Dividend – Final Dividend =
5,00,000 + 1,00,000 – 5,00,000 + 2,25,000 – 1,70,000 – 90,000 = 65,000
e) Cash flow from Investing activities = Goodwill purchased = (4,000)
f) Closing Cash and Cash equivalents = Cash in hand + Cash at bank + Deposits in bank for 3
months = 45,000 + 16,000 + 5,000 = 66,000