STRICTLY CONFIDENTIAL: (FOR INTERNAL AND RESTRICTED USE ONLY)

SENIOR SCHOOL CERTIFICATE EXAMINATION 2023

MARKING SCHEME – ACCOUNTANCY (SUBJECT CODE—055)
(PAPER CODE—67/3/3)

General Instructions:

1 You are aware that evaluation is the most important process in the actual and correct assessment of the
candidates. A small mistake in evaluation may lead to serious problems which may affect the future of
the candidates, education system and teaching profession. To avoid mistakes, it is requested that before
starting evaluation, you must read and understand the spot evaluation guidelines carefully
2 “Evaluation policy is a confidential policy as it is related to the confidentiality of the examinations
conducted, Evaluation done and several other aspects. Its’ leakage to public in any manner could
lead to derailment of the examination system and affect the life and future of millions of
candidates. Sharing this policy/document to anyone, publishing in any magazine and printing in
News Paper/Website etc may invite action under various rules of the Board and IPC.”
3 Evaluation is to be done as per instructions provided in the Marking Scheme. It should not be done
according to one’s own interpretation or any other consideration. Marking Scheme should be strictly
adhered to and religiously followed. However, while evaluating, answers which are based on latest
information or knowledge and/or are innovative, they may be assessed for their correctness
otherwise and due marks be awarded to them.
4 The Marking scheme carries only suggested value points for the answers.These are in the nature of
Guidelines only and do not constitute the complete answer. The students can have their own expression
and if the expression is correct, the due marks should be awarded accordingly.
5 The Head-Examiner must go through the first five answer books evaluated by each evaluator on the first
day, to ensure that evaluation has been carried out as per the instructions given in the Marking Scheme.
If there is any variation, the same should be zero after deliberation and discussion. The remaining
answer books meant for evaluation shall be given only after ensuring that there is no significant
variation in the marking of individual evaluators
6 Evaluators will mark( √ ) wherever answer is correct. For wrong answer CROSS ‘X” be marked.
Evaluators will not put right (✓)while evaluating which gives an impression that answer is correct and
no marks are awarded. This is most common mistake which evaluators are committing.
7 If a question has parts, please award marks on the right-hand side for each part. Marks awarded for
different parts of the question should then be totaled up and written in the left-hand margin and
encircled. This may be followed strictly
8 If a question does not have any parts, marks must be awarded in the left-hand margin and encircled. This
may also be followed strictly
9 If a student has attempted an extra question, answer of the question deserving more marks should be
retained and the other answer scored out with a note “Extra Question”.
10 No marks to be deducted for the cumulative effect of an error. It should be penalized only once.
11 A full scale of marks 80 has to be used. Please do not hesitate to award full marks if the answer deserves
it.

1
12 Every examiner has to necessarily do evaluation work for full working hours i.e., 8 hours every day and
evaluate 20 answer books per day in main subjects and 25 answer books per day in other subjects
(Details are given in Spot Guidelines)
13 Ensure that you do not make the following common types of errors committed by the Examiner in the
past:-
● Leaving answer or part thereof unassessed in an answer book.
● Leaving answer or part thereof unassessed in an answer book.
● Wrong totaling of marks awarded on an answer.
● Wrong transfer of marks from the inside pages of the answer book to the title page.
● Wrong question wise totaling on the title page.
● Wrong totaling of marks of the two columns on the title page.
● Wrong grand total.
● Marks in words and figures not tallying/not same.
● Wrong transfer of marks from the answer book to online award list.
● Answers marked as correct, but marks not awarded. (Ensure that the right tick mark is correctly and
clearly indicated. It should merely be a line. Same is with the X for incorrect answer.)
● Half or a part of answer marked correct and the rest as wrong, but no marks awarded.
14 While evaluating the answer books if the answer is found to be totally incorrect, it should be marked as
cross (X) and awarded zero (0) marks
15 Any un assessed portion, non-carrying over of marks to the title page, or totaling error detected by the
candidate shall damage the prestige of all the personnel engaged in the evaluation work as also of the
Board. Hence, in order to uphold the prestige of all concerned, it is again reiterated that the instructions
be followed meticulously and judiciously.
16 The Examiners should acquaint themselves with the guidelines given in the “Guidelines for spot
Evaluation” before starting the actual evaluation.
17 Every Examiner shall also ensure that all the answers are evaluated, marks carried over to the title page,
correctly totaled and written in figures and words.
18 The candidates are entitled to obtain photocopy of the Answer Book on request on payment of the
prescribed processing fee. All Examiners/Additional Head Examiners/Head Examiners are once again
reminded that they must ensure that evaluation is carried out strictly as per value points for each answer
as given in the Marking Scheme.

2
…
MARKING SCHEME
Senior School Certificate Examination, 2023
ACCOUNTANCY [ Paper Code — 67/3/3]

Marking Scheme 2022-23

Accountancy (055)
Marks
Expected Answers/ Value Points
PART A
(Accounting for Partnership Firms and Companies)

1 (i) Q. Mehak and Ravish were partners in …..

1 mark
Ans. (c) Mrs. Ravish’s loan

OR OR

(ii) Q. Surbhi and Leena were partners….

1 mark
Ans. (a) 1/10

2 (i) Q. Sunbeam Ltd. issued 20,000, 11%...

1 mark
Ans. ( c) ₹1,00,000

OR
OR

(ii) Q. Nargis Ltd. purchased assets of ₹8,00,000…….

1 mark
Ans. (b) 5,000

3 (i) Q. ___________ is the basis of……

1 mark
Ans. (b) Agreement

OR
OR
(ii) Q. At the time of change in profit ……
1 mark
Ans. (c) Old profit-sharing ratio

4 (i) Q. Keshav and Karan were partners…..

Ans. (b) ₹ 3,00,000 1 mark

3
 OR OR

(ii) Q. A and B were partners in a firm…

1 mark
Ans. (c) Nil

5 Q. Assertion(A): Interest on partners loan is debited……

Ans. (c ) Both Assertion (A) and Reason (R) are correct. 1 mark

6 (i) Q. A share of ₹10 issued at a premium……

1 mark
Ans. (d) ₹6
OR
OR

(ii) Q. A share of ₹ 100 on which ₹70 has been….

1 mark
Ans. (b) ₹30

7 Q. Vikram and Sumit were partners in a firm….

1 mark
Ans. (a) ₹45,000

8 Q. Sunbeam Limited issued 4,000, ………

1 mark
Ans. ( c) ₹4,00,000

9 Q. Divya’s amount of guarantee is short…..

1 mark
Ans. (c) ₹15,000

10 Q. The final amount of profit distributed…

1 mark
Ans. (d) Anu ₹45,000; Charu ₹30,000; Divya ₹75,000

11 Q. Gopal, Krishna and Govind are partners…..

1 mark
Ans. (d) 2:1

12 Q. Average capital employed in a firm……

1 mark
(b) ₹1,00,000

13 Q. Jeevan Ltd. forfeited 50 shares of ₹100 each….

1 mark
Ans (d) 1,500
4
14 Q. A portion of the called- up capital…..
1 mark
(d) Paid-up capital

15 Q. If a fixed amount is withdrawn by a partner….

1 mark
Ans (a) 4 ½ months

16 Q. Mehak and Chehak were partners….

1 mark
Ans (a) ₹2,50,000

17 (a) Q. Raman, Manan and Naman were partners…..a

Ans.

Books of Raman, Manan and Naman

JOURNAL
Date Particulars LF Dr. Cr.
Amount Amount
(₹) (₹)
Raman’s Capital A/c Dr. 180
Naman’s Capital A/c Dr. 630 (1)
To Manan’s Capital A/c 810
(Adjustment entry for Interest on Drawings
wrongly charged)

+
Working Notes:

Particulars Raman Manan Naman

₹ ₹ ₹
Interest on Drawings , now credited 1,080 1,440 - (2)

Loss to be debited (₹2,520 in 2:1:1) (1,260) (630) (630)

Adjustment 180 Dr 810 Cr 630 Dr =3

marks

(NOTE: Full credit be given if working notes are prepared in any other form)

OR
OR

5
 (b) Q. Arun and Barun were partners sharing……

Ans. Profit & Loss Appropriation A/c

for the year ended on March 31, 2022
Dr Cr
Particulars Amount Particulars Amount
₹ ₹
To Interest on Capital A/c By P & L A/c 23,800 ½
Arun -3,000 (₹26,800-₹3,000)
Barun-1,800 4,800 1

To Salary A/c
Barun =3
4,000 ½
marks
To Profit transferred to
Partners’ Capital A/c:
Arun -9,000
Barun-6,000 15,000 1

23,800 23,800

18 (a) Q. M Ltd. issued 10,000, 8% Debentures…….

Ans.
Books of M Ltd.

JOURNAL

Date Particulars LF Dr. Cr.

Amount Amount
(₹) (₹)
(i)
Bank A/c Dr. 6,00,000
To Debenture Application A/c 6,00,000 (½)
(Application money received on 10,000
8% Debentures)
_________________________________ +
(ii)
Debenture Application A/c Dr. 6,00,000
To 8% Debentures A/c 6,00,000
(Debenture Application money (1)
transferred to 8% Debenture A/c)

6
 _________________________________ +

(iii) 3,40,000
(1)
Debenture Allotment A/c Dr.
Discount / Loss on Issue of 60,000
Debentures A/c Dr. 4,00,000 +
To 8% Debenture A/c
(Allotment money due on 10,000 debentures)
_________________________________
( ½)
(iv)
Bank A/c Dr. 3,40,000 =
To Debenture Allotment A/c 3,40,000 3
(Allotment money received) marks
______________________________

OR
OR

(b) Q. A company forfeited 4,000 shares……

Ans.
Books of ….
JOURNAL
Date Particulars LF Dr. Cr.
Amount Amount
(₹) (₹)
(i)
Share Capital A/c Dr. 40,000
(1)
To Share Forfeiture A/c 12,000
To Calls- in – Arrears A/c 28,000
(4,000 shares forfeited for non-payment of ₹7 +
per share)
_________________________________
(ii)
Bank A/c Dr. (1)
18,000
Share Forfeiture A/c Dr. 2,000
To Share Capital A/c 20,000 +
(2,000 forfeited shares reissued)
________________________________
(iii)
Share Forfeiture A/c Dr. 4,000 (1)
To Capital Reserve A/c 4,000
(Gain on reissue of shares transferred to
Capital Reserve) =3
marks
_________________________________
7
19 Q. Kanak, Kamal and Kanha are partners….

Ans. (i) Calculation of Kanak’s share of profit:

Profit for 6 months= 6,00,000 x 2,00,000/20,00,000 x 1/6

(2)
= ₹10,000

Books of Kanak, Kamal and Kanha

+
JOURNAL
Date Particulars LF Dr. Amount Cr. Amount
(₹) (₹)
2021 Profit & Loss Suspense A/c Dr. 10,000 (1)
Sep 30 To Kanak’s Current A/c 10,000
(Kanak’s share of profit till date of death) =
3 marks

20 Q. A and B are partners….

Ans Solution:
Calculation of new capitals:
Total capital of the new firm= ₹2,00,000

A’s new capital = 9/20 of ₹2,00,000

= ₹90,000

B’s new capital= 6/20 of ₹2,00,000

(1/2)
= ₹60,000

Books of A and B
JOURNAL
Date Particulars LF Dr. Cr.
Amount Amount
₹ ₹
(i)
Bank / Cash A/c Dr. 50,000
To C’s Capital A/c 50,000 ( 1/2)

(Cash brought in by C as his share of

capital)

8
 +

(ii)
Bank / Cash A/c Dr. 30,000
To A’s Capital A/c 30,000 (1)
(Cash brought in by A for capital
adjustment)
+
(iii)
Bank A/c / Cash A/c Dr. 30,000
To B’s Capital A/c 30,000
(1)
(Cash brought in by B for capital
adjustment)

=3
marks
21 Q. Ravi, Kavi and Chand were partners sharing…..

Ans.

Dr Realisation A/c Cr
Particulars Amount Particulars Amount
₹ ₹
To Land & Building A/c 3,50,000 By Provision for Doubtful
To Stock A/c (½) 3,00,000 Debts A/c 10,000
To Debtors A/c 2,00,000 By Creditors A/c (½) 70,000
By Mrs. Chand’s Loan 20,000
To Ravi’s Capital A/c (½) 20,000
To Cash A/c (½) 40,000 By Cash A/c (1)
Land & Building
and stock 6,00,000
Debtors 1,80,000 7,80,000

By Loss transferred to
Partners’ Capital A/c: (1) =4
Ravi 15,000 marks
Kavi 9,000
Chand 6,000
30,000
9,10,000 9,10,000
.
22 Q. On 1st April, 2021, Vishwas Ltd. was formed with……

9
 Ans.
VISHWAS LTD.
BALANCE SHEET
As at…
Particulars Note Amount
No. ₹
I Equity and Liabilities
1. Shareholders Funds
(1)
(a) Share Capital 1 8,44,000

Notes to Accounts:
Particulars Amount +
₹
1. Share capital

Authorised Capital
1,00,000 equity shares of ₹10 each 10,00,000 (1)

+
Issued Capital
( 1)
90,000 equity shares of ₹10 each 9,00,000

+
Subscribed Capital
Subscribed & fully paid up (½ )
82,000 shares of ₹10 each 8,20,000
+
Add:Share Forfeiture 24,000 (1/2)
8,44,000
=
4
marks

23 Q. Trisha, Anisha and Rishika were partners……

Ans.

Dr. Trisha’s Capital A/c Cr.

Particulars Amount Particulars Amount
₹ ₹
To Drawings A/c 20,000 By Bal b/d 3,00,000
To Trisha’s Executor’s A/c 4,60,000 By General Reserve A/c 20,000
By Salary to Trisha 20,000
10
 By Anisha’s Capital A/c 80,000
½ x8
By Rishika’s Capital A/c 40,000
By P&L Suspense A/c 20,000
(4)

4,80,000 4,80,000

Working Notes: +
(i) Share of Profit= 1,50,000 x 4/12 x 2/5 = `20,000 (½)

+
(ii) Goodwill of the Firm= 4,50,000/3 x 2 = `3,00,000
(1)
Trisha’s share of Goodwill = 3,00,000 x 2/5 = `1,20,000 +

(iii) Salary to Trisha = 15,000 + 15,000/3 = `20,000 (½)

=6
marks
24 (a) Q. Lotus Ltd. invited applications for issuing…….

Ans. Books of Lotus Ltd.

JOURNAL
Date Particulars LF Dr. Cr.
Amount Amount
(₹) (₹)
(i)
Bank A/c Dr 7,00,000 (½)
To Equity Share Application A /c 7,00,000
(Application money received on 1,40,000
shares) +
_________________________________
(ii)
Equity Share Application A/c Dr 7,00,000
To Equity Share Capital A/c 4,00,000 (1)
To Equity Share Allotment A/c 3,00,000
(Application money transferred to Share
Capital and excess amount adjusted to Share
Allotment A/c)
+
_________________________________
(iii)
Equity Share Allotment A/c Dr. 7,20,000 (1)
To Equity Share Capital A/c 4,00,000
To Securities Premium / Securities 3,20,000
Premium Reserve A/c
+
(Share allotment money due at premium)

11
_________________________________
(iv)
(1)
Bank A/c Dr. 4,15,800
Calls- in- Arrears A/c Dr. 4,200
To Equity Share Allotment A/c 4,20,000
(Allotment money received except on 800
shares) +

Alternatively
Bank A/c Dr. 4,15,800
To Equity Share Allotment A/c 4,15,800
(Allotment money received except on 800
shares)
_________________________________

(v)
Equity Share Capital A/c Dr.
Securities Premium / Securities
8,000
Premium Reserve A/c Dr.
To Calls-in –Arrears A/c
3,200
To Share Forfeiture A/c
4,200 (1)
(800 shares forfeited for non- payment of
allotment money) 7,000

Alternatively
Equity Share Capital A/c Dr.
Securities Premium / Securities
Premium Reserve A/c Dr. 8,000
To Equity Share Allotment A/c
To Share Forfeiture A/c 3,200
4,200 +
(800 shares forfeited for non- payment of
allotment money) 7,000
_________________________________
(vi)
Bank A/c Dr.
Share Forfeiture A/c Dr. 7,200 (1)
To Equity Share Capital A/c 800
(Reissue of forfeited shares) 8,000
+
________________________________
(vii)
Share Forfeiture A/c Dr. (½)
To Capital Reserve A/c 6,200
(Gain on reissue of shares transferred to 6,200 =6
12
 Capital Reserve) marks
_________________________________

OR
OR

(b) Q. Tulip Ltd. invited applications for ……

Ans.
Books of Tulip Ltd.
JOURNAL
Date Particulars LF Dr. Cr.
Amount Amount
(₹) (₹)
(i)
Bank A/c Dr. 12,00,000
(½ )
To Equity Share Application A/c 12,00,000
(Application money received on 3,00,000
shares) +
________________________________
(ii)
Equity Share Application A/c Dr. 12,00,000
To Equity Share Capital A/c 4,80,000
To Securities Premium A/c /
(1 ½ )
Securities Premium Reserve A/c 4,80,000
To Equity Share Allotment A/c 2,40,000
(Application money transferred to Share
Capital and Securities Premium; excess
+
amount adjusted to Share Allotment A/c)
________________________________
(iii)
Equity Share Allotment A/c Dr. 9,60,000
(½)
To Equity Share Capital A/c 9,60,000
(Allotment money due on 2,40,000 shares)
________________________________
+
(iv)
Bank A/c Dr
Calls- in Arrears A/c Dr 7,02,000
(1 ½ )
To Equity Share Allotment A/c 18,000
(Allotment money received) 7,20,000
________________________________
(v)
Equity Share First & Final Call A/c Dr +
To Equity Share Capital A/c 14,40,000
To Securities Premium A/c / 9,60,000
(1)
13
 Securities Premium Reserve A/c
(Share First & Final Call money due) 4,80,000
+
________________________________

(vi)
Bank A/c Dr. 14,04,000 (1)
Calls- in- Arrears A/c Dr. 36,000
To Equity Share First & Final Call A/c 14,40,000
(Share first and final call money received
except on 6,000 shares
=6
marks

25 (a) On 31st March, 2022 the Balance Sheet of…….

Ans.
Dr. REVALUATION A/c Cr.
Particulars Amount Particulars Amount
₹ ₹
To Outstanding Salaries A/c 2,000 By Bad Debts Recovered
( ½) A/c ( ½ ) 12,000 (2)
To Profit on Revaluation
transferred to Partners’
Capital A/c (1) 10,000
A – 6,000
B – 4,000
12,000 12,000 +

Dr. PARTNERS’ CAPITAL A/c Cr.

Particulars A B C Particulars A B C
₹ ₹ ₹ ₹ ₹ ₹
To Bal c/d 2,12,200 1,74,800 1,00,000 By Bal b/d 1,60,000 1,40,000 -
½ ½
By General
Reserve A/c 15,000 10,000 -
½
By Investment
Fluctuation (4)
Reserve A/c 1,200 800 -
½
By Premium for
Goodwill A/c
1 30,000 20,000 -

By Revaluation 6,000 4,000 -

A/c ½

By Bank A/c - - 1,00,000

=6
½ marks

14
 2,12,200 1,74,800 1,00,000 2,12,200 1,74,800 1,00,000

OR
OR

(b ) Q. Anita, Geeta and Sita were partners in a firm…..

Ans.

Dr. REVALUATION A/c Cr.

Particulars Amount Particulars Amount
₹ ₹
To Bad Debts A/c ½ 10,000 By Land & Building A/c 1,23,000
To Provision for Doubtful ½
Debts A/c ½ 13,000
(2)
To Profit transferred to
Partners Capital A/c’s:
½
Anita- 40,000
Geeta- 40,000 1,00,000
Sita- 20,000
1,23,000 1,23,000
+

Dr. PARTNERS’ CAPITAL A/c Cr.

Particulars Anita Geeta Sita Particulars Anita Geeta Sita
₹ ₹ ₹ ₹ ₹ ₹
To Anita’s - 80,000 40,000 By Bal b/d 2,00,000 2,00,000 1,00,000
Capital A/c
By General 12,000 12,000 6,000 ½ x8
To Bank A/c 80,000 - - Reserve A/c
No
To Anita’s By Geeta’s
marks
Loan A/c 2,92,000 - - Capital A/c 80,000 - -
for Bal
By Sita’s 40,000 - - b/d
To Bal c/d - 1,72,000 86,000 Capital A/c
(4)
By Revaluation
=6
A/c 40,000 40,000 20,000
marks
3,72,000 2,52,000 1,26,000 3,72,000 2,52,000 1,26,000

.
26 (a) Q. On 1st April, 2022, Smith Ltd. acquired…..

15
Ans.
Smith Ltd.
JOURNAL
Date Particulars LF Dr. Amount Cr. Amount
(₹) (₹)
2022 (i)
Apr 1 Sundry Assets A/c Dr. 80,00,000
Goodwill A/c Dr. 2,00,000
To Sundry Liabilities A/c 10,00,000
(2)
To Bharat Ltd 72,00,000
(Assets acquired and liabilities taken over from
Bharat Ltd)
+
_________________________________
(ii)
Bharat Ltd Dr 10,00,000
To Bank A/c 10,00,000 (½)
(Purchase consideration partially settled by issuing a
bank draft) +

(iii) Bharat Ltd Dr 8,00,000

To Bills Payable A/c 8,00,000
(Purchase consideration partially settled by (½)
accepting a bill of exchange)

(iv) Bharat Ltd Dr +

54,00,000
Discount / Loss on Issue of
6,00,000
Debentures A/c Dr
To 10% Debentures A/c
60,00,000 (1)
(Remaining Purchase consideration settled by
issuing a bank draft, accepting a bill of exchange and
issuing 11% debentures at discount)
_________________________________
Alternatively (for ((ii)+(iii)+(iv))
Bharat Ltd Dr 72,00,000
Discount / Loss on Issue of
Debentures A/c Dr 6,00,000
To Bank A/c 10,00,000
To Bills Payable A/c 8,00,000
To 10% Debentures A/c 60,00,000
(Purchase consideration settled by issuing a bank
draft, accepting a bill of exchange and issuing 11%
debentures at discount)

16
 _________________________________

(b) On 1st April, 2021, Bingo Ltd. issued…….

+
Ans.
Books of Bingo Ltd.
JOURNAL
Date Particulars LF Amount Amount
₹ ₹
2021 (i)
Apr 1 Bank A/c Dr. 22,00,000
To Debenture Application & 22,00,000
Allotment A/c (1)
(Application money received )
__________________________________
(ii) +
Debenture Application &
Allotment A/c Dr. 22,00,000
Loss on Issue of Debentures A/c Dr. 1,00,000
To 9% Debentures A/c 20,00,000 (1)
To Securities Premium A/c /
Securities Premium Reserve A/c 2,00,000
To Premium on Redemption of 1,00,000
Debentures A/c
(Debentures issued at premium, redeemable at
a premium)
_________________________________
=6
marks

PART B
OPTION 1
Analysis of Financial Statements
27 Q. Which of the following transactions is not…..
1 mark
Ans. (a) Purchase of marketable securities ₹25,000

28 Q. Which of the following transactions…..

1 mark
Ans. (a) Furniture costing ₹80,000 sold for ₹75,000

29 (i) Q. The Debt- Equity Ratio of a company ……..

1 mark
Ans (b) Issue of 9% Debentures ₹4,00,000

17
 OR
OR

(ii)Q. During the year ended 31st March, 2022…..

Ans (b) 3 times 1 mark

30 (i) Q. Which of the following is not……

1 mark
Ans. (c) Proprietary Ratio

OR
OR

(ii) Q. Which of the following is a tool…..

Ans. (a) Cash Flow Statement 1 mark

31 Q. Classify the following items under major heads….

Ans.
Item Major head Sub head
(i) Public Deposits Non- Current Long term borrowings =½x6
Liabilities
(ii) Income received in Current Liabilities Other Current Liabilities =3
advance marks

(iv) Loose Tools Current Assets Inventories

(v)
.
32 Q. ‘It is a process of identifying the financial strengths and weaknesses of the firm by
properly establishing relationships between the various items of the Balance Sheet and the
Statement of Profit and Loss.’
Identify the process and state two objectives of the process identified above.

Ans. Financial statement analysis (1)

+
Objectives of Financial statement analysis (any two):
(i) To assess the current profitability and operational efficiency of the firm. 1x2

(ii) To ascertain the relative importance of different components of financial position of the firm.
(iii) To identify the reasons for change in the profitability or financial position of the firm. =3
(iv) To judge the ability of the firm to repay its debt and assessing the short term and long term marks
liquidity position of the firm.

33 (a) Q. Calculate Gross Profit Ratio from ……

18
Ans. Gross Profit Ratio = Gross Profit x 100 (1/2)
Revenue from Operations

Credit Revenue from Operation =Trade Receivables Turnover Ratio x Average Trade Receivables
= 6 x 2,00,000 (1)
= ₹12,00,000

Then, Revenue from operations = Cash revenue from operations + Credit revenue from operations

x = x /4 + 12,00,000

x = 12,00,000 x 4/3

Revenue from Operations or x = ₹16,00,000 (1)

Cost of Revenue from Operations= Average Inventory x Inventory Turnover Ratio

= 8 x 1,60,000
= ₹12,80,000
(½)

Gross Profit= Revenue from operations - Cost of revenue from operations

Now, Gross profit = 16,00,000 - 12,80,000

(½)
= ₹3,20,000

Gross Profit Ratio= 3,20,000 x 100 = 20% (½)

16,00,000
=4
marks

OR
OR

(b) Q. From the following information, calculate……

Ans Working Capital Turnover Ratio = Revenue from Operations

Working Capital ( 1)

Revenue from Operations = Cost of Revenue from Operations + Gross Profit

x = 3,20,000 + x/5

4x = 3,20,000
5
Revenue from Operations or x = ₹ 4,00,000 (1)

19
 Working capital= Capital Employed- Non Current Assets

= 1,00,000 - 80,000
=20,000 (1)

Now, Working Capital Turnover ratio= 4,00,000

20,000
(1)
= 20 times

=4
marks

34 Q. Read the following hypothetical text…

Ans. Azad Ltd.

Cash Flows from Investing Activities
Particulars Details Amount
₹ ₹
Purchase of Machinery (6,80,000) ½
Sale of Machinery 50,000 ½
(2 ½ )
Purchase of Intangible Assets (1,00,000) ½
Sale of Non- Current Investments 1,00,000 ½
Net Cash used in Investing Activities (6,30,000) ½
+

Cash Flows from Financing Activities

Particulars Details Amount
₹ ₹
Proceeds from issue of share capital 2,00,000 ½
(2 ½ )
Proceeds from 12% Debentures 1,00,000 ½
Repayment of Bank Overdraft (5,000) ½
Payment of Interest on 12% Debentures (60,000) ½
Net Cash inflow from Financing Activities 2,35,000 ½

Working Notes:

20
 Dr Machinery A/c Cr
Particulars Amount Particulars Amount
₹ ₹
To Bal b/d 20,00,000 By Accumulated
To Gain on sale of Depreciation A/c 40,000 (1)
Machinery A/c 10,000 By Bank A/c 50,000
To Bank (b/f) 6,80,000 By Bal c/d 26,00,000
(purchase)
26,90,000 26,90,000

Dr Accumulated Depreciation A/c Cr

Particulars Amount Particulars Amount
₹ ₹
To Accumulated Depreciation A/c By Bal b/d 1,00,000
To Bal c/d 40,000 By Depreciation A/c / Statement
2,00,000 of Profit & Loss 1,40,000

2,40,000 2,40,000 =6
. marks

PART B

OPTION II

Computerised Accounting

27 Q. How many logical values can be entered into……

1 mark
Ans (a) 255

28 (i) Q. From the following a legend can be……

1 mark
Ans. (b) Anywhere
OR
OR
1 mark
Q. Which of the following are the five pillars….

Ans. (b) Data, People, Procedure, Hardware, Software

29 (i) Q. Absence of data items is represented…..

1 mark
Ans. (d) Null Value
OR
OR

21
 (ii) Q. The process of comparing input…. 1 mark

Ans (d) Data validation

30 Q. from the following identify….

1 mark
Ans. (d) Payroll accounting sub-system

31 Q. Differentiate between ‘Generic software’ and ‘Specific software’ on any three bases.

Ans. Difference between ‘Generic software’ and ‘Specific software’ (any three):

Bases Generic software Specific software

(i)Nature of business Small, conventional Large and medium business 1x3
business
(ii) Cost of installation Low Relatively high
(iii) Expected level of secrecy Low Relatively high
(iv) No. of users and their Limited As per specification
interface 3
marks
(v) Linkage to other Restricted Yes
information system
(vi) Adaptability High Relatively high
(vii) Training requirements Low Medium
.
32 Q. Explain the following two features……
(i) Simple and integrated
(ii) Accuracy and speed

Ans (i) Simple and Integrated

(1 ½)
• Designed to automate and integrate all business operations.
• Accuracy in information along with latest information.
• It has multilingual and Data Organisation capabilities to simplify all the business +
processes of the organisation easily and cost effectively.

(ii) Accuracy and speed (1 ½)

• Provides user-definable templates (Data entry screen or forms)
=
• Which leads to accurate and fast data entry of the transactions. 3
• It helps in generalising desired documents and reports. marks

33 Q. Explain the accounting group of ‘ Current Liabilities’.

Ans. Account group ‘ Current Liabilities’ consists of:

1 x4
22
 (i) Data and taxes: Under this head all duties and taxes that you collect or pay through sales service and
purchase transactions.
=4
marks
(ii) Provisions: All provisions made for meeting the future liabilities such as provision for tax, proposed
dividends, etc.

(iii) Sundry creditors: Are all trade creditors/ suppliers and creditors for expense.

OR
(iv) Other current Liabilities: place all other current liabilities like employee contribution for Employees
State Insurance/ Provident Fund/ Tax deducted at source, etc.

OR
(1)
Q. Give the meaning of the terms (i) Labels, and (ii) Values as used in spreadsheets
+

Ans. Labels : (text) are descriptive data such as names, months, usually include alphabetic characters. (1½)
Excel aligns text to left side of the cell.
+
(1½)
Values: (Numbers) are generally raw numbers or dates.
• Whole value: If the data is a whole value, such as 34 or 5763, Excel aligns the data to the =4
right side of the cell. marks
• Values with a decimal: if the data is a decimal value, excel alogns the data to the right side
of cell including decimal point- example.

34 Q. Name the financial function which returns accrued……

Ans. The name of the financial function is ACCRINT.

Its syntax is
ACCRINT (issue, first_interest, settlement, rate, par, frequency, basis
calc_method).
Where
Issue: is the security’s issue date.
First_interest: is the security’s first interest date.
Settlement: is the security’s settlement date. The security settlement date is the date after the issue date
when the security is traded to the buyer.
Rate: is the security’s annual coupon rate.
Par: is the security’s par value. By default par is 1000.
Frequency: is the number of coupon payments per year for annual payments. 6
Basis: is the type of day count basis to use. marks

23