KENDRIYA VIDYALAYA SANGATHAN MUMBAI REGION

Second Pre-Board Examination (2024-25)

Class XII Accountancy (055)
MARKING SCHEME – SET B
Q PART -A Marks
No (ACCOUNTING FOR PARTNERSHIP FIRMS AND
COMPANIES)
1 b) Rs. 3,00,000 OR d) Nil 1
2 b) Agreement OR c) Old Profit Sharing Ratio 1
3 c) Mrs.Ravish’s Loan OR a) 1/10 1
4 c) Rs.1,00,000 OR b) 5,000 1
5 a) It is a portion of the uncalled capital to be called only in the event of winding up 1
of the company.
6 d) 2:1 1
7 (c) Both Assertion (A) and Reason (R) are correct 1
8 d) Rs.6 OR a) Rs.30 1
9 c) Rs.1,500 1
10 d) Arush Rs.4,500; Charu Rs.3,000; Datta Rs.7,500 1
11 a) Rs.45,000 1

12 a) Debited to Goodwill Account 1

13 b) Gain 1/10 1
14 c) Rs.20,000 1
15 d) Rs.40,000 1
16 c) Rs.4,00,000 1
17 Aman's Current A/c 1000 3
To Shanti 's Current A/c 1000
(Omission of Interest on Capital, now rectified)
WORKING NOTES
Particular Aman Shanti Kranti

Dr Cr Dr Cr Dr Cr

Interest on Capital to be credited

2021-22
2022-25 12000 10000 8000
12000 10000 8000

Profics of 30,000 reversed in ratio 15000 9000 6000

of 5.3.2 for 2021-22
Profits of 30.000 reversed in ratio
of 1:1:1 for 2022-23 10000 10000 10000
Net effect 1000 1000 Nil Nil

Or
Neena's Capital A/c Dr. 250
Ojas's Capital A/c Dr. 500
 To Meera's Capital A/c 750
(Omission of Interest on Drawings,now rectified)
Particular Meera Neena Ojas

Dr Cr Dr Cr Dr Cr

Interest on Drawings to 3000 2500 2000

be debited
Profits of 7,500 credited 3750 2250 1500
in ratio of 5:3:2

Net Effect 750 250 500

18 Dr Profit and Loss appropriation a/c for the year ended 31/03/2023 Cr 3
To Interest on Capital by Net profit b/d 21,800
Misha Capital 5000 (22,600 -800)
Prisha Capital 3000 8000 by Interest on drawing
To Profit transferred to Misha Capital 660
Misha Capital 9000 Prisha Capital 540 1,200
Prisha Capital 6000 15000
Total 23000 Total 23,000
19 Average profit = 3,00,000/4 = 75,000 3
Capitalized Value of Average Profits = Average Profits x 100/ Normal Rate of rate
=75,000 x 100/15 = 5,00,000
Goodwill Capitalized Value of Average Profit's - Net Tangible Assets Goodwill
=5,00,000-4,00,000 =₹ 1,00,000
20 Building A/c Dr. 3,00,000 3
Plant and Machinery A/c Dr.2,50,000
Furniture A/c Dr. 50,000
To Sundry Liabilities A/c 80,000
To Shruti Ltd. 4,40,000
To Capital Reserve A/c 80,000
(Assets and liabilities taken over)

Shruti Ltd. Dr 4,40,000

To 9% Debentures A/c 4,00,000
To Securities Premium A/c 40,000
(4,000 9% debentures issued at premium for consideration other than cash)
OR
Sundry Assets A/c Dr 14,00,000
Goodwill A/C Dr. 5,00,000
To Sundry Liabilities A/c 2,00,000
To Shagun Ltd. 17,00,000
(Assets and liabilities taken over)
Shagun Ltd. 17,00,000
To Bank A/c 2,00,000
To 8% Debentures A/c10,00,000
To Securities Premium A/c 5,00,000
(10,000 8% debentures issued at premium for consideration other than cash)
21
(i) X’s capital A/c Dr 5000 4
To Y’s Capital A/c 5000

(ii) X’s capital A/c Dr 5000

Y’s Capital A/c Dr 5000
A’s Capital A/c Dr 5000
B’s Capital A/c Dr 5000
20000
To realization A/c
(iii) Y’s loan A/c Dr 50000
To Bank A/c 48000
To Realization A/c 2000
(iv) X’s capital A/c Dr 10,000
Y’s Capital A/c Dr 10,000
A’s Capital A/c Dr 10,000
10,000
B’s Capital A/c Dr
To Profit and Loss A/c 40,000

22 Balance Sheet of Happy Ltd. (An Extract) as at

Particulars Note Amount
No. 4

1. EQUITY & LIABILITIES

Shareholders' Funds
Share Capital 1 1,80,000

Notes to Accounts
particulars amount
1.Share Capital
Authorized Capital
30,000 equity shares of 10 each 300000

Issued Capital
20,000 equity shares of 10 each 200000

Subscribed Capital
Subscribed and fully paid up 1,40,000
14,000 equity shares of 10 each

Subscribed but not fully paid up

5,000 equity shares of @10 each
50,000 40,000
Less: Calls in arrears 5,000 x 2 1,80,000
(10,000)
23 Nani’s Capital A/c
Particulars Amount Particulars Amount 6
To Nani’s 3,05,400 By Balance b/d 1,40,000
Executor’s Ac By Interest on Capital 1400
By General Reserve 20,000
By Mani’s Capital A/c 60,000
By Akki’s Capital A/c 60,000
By P& L Suspense 24,000
3,05,400 3,05,400
24 i. (d) ₹2,53,500
ii. (b) ₹7,000 6
iii. (d) ₹14,400
iv. (a) ₹12,700
v. (b) ₹4,200
vi. (a) ₹5,95,200
25 Books of Trust Ltd JOURNAL
DATE PARTICULARS L..F AMOUNT AMOUNT 6
Bank A/c Dr. 9,00,000
To Share Application A/c 9,00,000
(Application money received on
45,000 shares))

Share Application A/c. Dr. 9,00,000

To Share Capital A/c 4,80,000
To Share Allotment A/c 2,80,000
To Calls in Advance A/c 80,000
To Bank a/c 60,000
(Application money transferred to
Share capital A/c, excess money
received adjusted towards allotment
and call)

Share Allotment A/c Dr. 3,20,000

To Share Capital A/c 3,20,000

Amount due on allotment)

Bank A/c Dr. 40000

To Share Allotment A/c 40000
(Amount received on Allotment)

Share First and Final Call A/c Dr. 8,00,000

To Share Capital A/c 8,00,000

(Amount due on 20,000 shares on

First and Final Call)
 Bank A/c Dr.
Calls in Advance A/c Dr. 7,20,000
To Share First and Final Call A/c 80000
(Amount received on First and Final 8,00,000
Call)

OR
AMOUNT RECEIVED ON
APPLICATION – 3,00,000
ON ALLOTMENT-98000
ON RE-ISSUED ON SHARES-5600
TRANSFER TO CAPITAL
RESERVE- 5200

26 Profit on revaluation (2 marks )

Anshu-3000 6
Vihu-2000
Partners’ Capital A/C (4 marks)
General reserve- Anshu 30000 Vihu,20000
Investment fluctuation fund- Anshu 3000 Vihu,2000
Premium for Goodwill - Anshu 12000 Vihu,8000
OR
Date Particulars L Dr. Amount Cr. Amount
F
2024 General Reserve Ac Dr 1,50,000
April ToTrisha Capital ac 75,000
1 To Urvi Capital ac 60,000
To Varsha Capital ac 15,000
Revaluation ac Dr 1,00,000
To Fixed Assets ac 80,000
To Stock ac 20,000
Trisha Capital ac Dr 50,000
Urvi Capital ac Dr 40,000
Varsha Capital ac Dr 10,000
To Revaluation ac 1,00,000
Trisha Capital ac Dr 80,000
To Stock ac 80,000
Varsha Capital ac Dr 50,000
ToTrisha Capital ac 50,000

Trisha Capital ac Dr 1,95,000

To Cash Ac 50,000
TO Trisha’s Loan Ac 1,45,000
1x6=6 marks
PART –B (FINANCIAL STATEMENT ANALYSIS)
27 c) Proprietary Ratio OR a) Cash flow statement 1
28 b) Issue of 9% Debentures Rs.4,00,000 OR b) 3 times 1
29 a) Furniture costing Rs.80,000 sold for Rs.85,000 1
30 a) Purchase of marketable securities Rs.25,000 1
31 Cost of revenue from operation 1,60,000 Closing inventory 60,000 3
Opening inventory 20,000
Average inventory 40,000
Inventory Turnover Ratio 4 times
32 ITEMS MAJOR HEAD SUB HEAD
A Debtors Current Assets Trade Receivable 3
B Securities Premium Shareholder fund Reserve & Surplus
C Debentures having Non-Current Long Term Borrowings
maturity period of 3 Liabilities
years
D Calls in advance Current Liability Other Current Liability
E Short term deposits Current Liability Short term borrowings
payable on demand
F Computer Software Non Current Intangible assets
Assets
33 Comparative Statement of Profit and Loss of Account Ltd. for the year ended
31.3.2024 4
Particulars Note 2022-23 2023-24 Absolute Percentage
no change change(%)

I. Revenue from 50,00,000 75,00,000 25,00,000 50

operation

II. Add other income 2,00,000 1,50,000 (50,000) (25)

Total income 52,00,000 76,50,000 24,50,000 47.12
III . Less expenses 30,00,000 45,00,000 15,00,000 50

Profit before tax 22,00,000 31,50,000 9,50,000 43.18

Less: tax 4,00,000 5,00,000 1,00,000 25

Profit after tax 18,00,000 26,50,000 8,50,000 47.22

OR
Common Size Balance Sheet of Moonlight Ltd. as at 31.3.2023 and 31.3.2024
Particulars Not Absolute Absolute % of % of
e Amount Amount Balance Balance
No. 31.3.2023 31.3.2024 Sheet Sheet
Total Total
31.3.2023 31.3.2024
I. Equity and
Liabilities:
1. Shareholders' 500000 1200000 50 60
Funds
(a) Share Capital 300000 200000 30 10
2. Non-current
 liabilities
(a) Long term 200000 600000 20 30
borrowings

3. Current Liabilities
(a) Trade Payables
TOTAL 10,00,000 20,00,000 100 100
II. Assets:
1.Non-current Assets 7,00,000 14,00,000 70 70
(a) Fixed
Assets/Property,
Plant and Equipment
and Intangible Assets
2.Current Assets
(a) Trade 2,50,000 4,00,000 25 20
Receivables 50,000 2,00,000 5 10
(b) Inventories
TOTAL 10,00,000 20,00,000 100 100

34 Cash flow from Investing Activities

Particulars Amount Amount
6
Purchase of goodwill (2,00,000)
Proceeds from sale of patents 1,20,000
Proceeds from sale of machinery 50,000
Purchase of machinery (4,40,000)
Purchase of 10% investments (1,80,000)
Proceeds from sale of 10% investments 1,00,000
Interest received on 10% investments 6,000

Net cash used in Investing Activities (5,44,000)

Machinery A/C
Particulars Amount Particulars Amount

To Balance b/d 10,20,000 By Depreciation A/c 1,40,000

To Bank/Cash 4,40,000 By Bank/Cash A/c 50,000
A/c By Statement of Profit and 30,000
(Bal. Fig.) Loss By Balance c/d 12,40,000
14,50,000 14,50,000
10 % INVESTMENT A/C
Particulars Amount Particulars Amount

To Balance b/d By Bank/Cash A/c 1,00,000

By Statement of 60,000 By Balance c/d(Bal. Fig.) 1,60,000
Profit and Loss 20,000
To Bank/Cash A/c
(Bal. Fig.) 1,80,000
2,60,000 2,60,000
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