Goa Board Class 12 Sample Paper Accountancy

2025

GOA BOARD
MODEL
PAPERS
Syllabus
Scheme of Question Paper

Prepare yourself for upcoming Goa
Board Exams

Instructions regarding certain units in XII Accountancy
Chapter: Admission of a partner
1. In the Premium method of goodwill, there will be specific instruction in the
question paper whether premium brought in by a new partner is credited to
goodwill account or new partner’s capital account.
2. In the Revaluation method of goodwill, ie, when a new partner is unable to
bring cash for goodwill, new partner’s current account must be debited.
Chapter: Dissolution of a partnership Firm
3. Fictitious assets appearing in the balance sheet like preliminary expenses,
advertisement suspense account, unrealizable prepaid expenses etc. must be
written off in the partners’ capital accounts. Such accounts are not transferred to
the realisation account.
4. Assets realised or not must be clearly given in the question. If not mentioned in
the adjustments regarding the realisation of assets the below mentioned rule
to be followed as per the BOS instructions issued in the year 2014: Current
assets – Assume that realised nothing
Fixed tangible assets – Assume that realised at the book value Fixed
Intangible assets – Assume that realised nothing
Chapter: Accounting Ratios
5. Proprietary Ratio will be calculated taking the net assets or capital employed

Proprietary Ratio = Shareholders’ Funds/Capital employed (or net assets)

Note: This ratio can also be computed in relation to total assets instead of net

assets (capital employed).

Chapter: Financial Statements of a Company

6. Preliminary expenses are to be written-off completely in the year in which such
expenses are incurred. They should be written-off first from securities premium
and the balance if any, from statement of profit & loss. The unwritten off
preliminary expenses must be shown under other current assets.
7. Borrowing costs such as discount on issue of debentures should be written-off in
the same year in which debentures are issued. The unwritten off discount on
issue of debentures/ shares must be shown under other current assets.
8. Investments must be specified as current investment or non-current investments.
9. Trade Payable includes sundry creditors, bills payable and creditors outstanding
for goods supplied only. [Creditors for expenses are not trade payable.]

Chapter: Cash Flow Statements

10. Unless otherwise instructed in the question, interest, if any on debentures and
loans will be calculated on the closing balance.

GOA BOARD: CLASS 12 ACCOUNTANCY
SYLLABUS FOR THE ACADEMIC YEAR 2024-2025.

Contents
Part A PARTNERSHIP ACCOUNTS ........................................................................................................ 2
Part B ACCOUNTING FOR COMPANIES ................................................................................................ 3
1. Weightage to learning outcomes: ................................................................................................ 5
2. Weightage to content/ subject units: ........................................................................................... 5
3. Weightage to forms of questions ................................................................................................. 6
4. The expected time for different types of questions .................................................................... 6
5. Scheme of Option: ........................................................................................................................ 6
6. Weightage to difficulty level of questions:................................................................................... 6
7. Number of main questions: There will be 29 main questions. ................................................... 7
DESIGN OF THE BOARD EXAMINATION QUESTION PAPER — 2024-25 ............................................. 8
Internal Assessment [20 Marks]....................................................................................................... 9
FORMAT OF THE STATEMENT OF PROFIT & LOSS .......................................................................... 11
FORMAT OF THE BALANCE SHEET OF A COMPANY .......................................................................... 12
FORMAT OF CASH FLOW STATEMENT .............................................................................................. 13
Instructions regarding certain units in XII Accountancy ................................................................ 14

GOA BOARD: CLASS 12 ACCOUNTANCY
SYLLABUS FOR THE ACADEMIC YEAR 2024-2025.
Part A PARTNERSHIP ACCOUNTS
Unit 1: Accounting for Partnership: Basic Concepts
• Partnership: Definition, features, Partnership Deed.
• Provisions of the Indian Partnership Act 1932 in the absence of Partnership Deed.
• Fixed v/s fluctuating capital accounts. Preparation of Profit and Loss Appropriation
account- division of profit among partners, guarantee of profits (only theory)
• Goodwill: nature, factors affecting and methods of valuation – average profit, super
profit and theory concept of capitalization method.
Note: Interest on partner’s loan and Rent to a partner is to be treated as a charge
against profits. Goodwill to be adjusted through partners’ capital/ current account or
by raising and writing off goodwill (AS 26)

Unit 2: Reconstitution of Partnership
• Admission of a partner – Effect of admission of a partner on change in the profit-
sharing ratio, Sacrifice ratio & New profit sharing ratio. Treatment of goodwill (as
per AS 26), treatment for revaluation of assets and reassessment of liabilities,
treatment of reserves and accumulated profits, Capital adjustments.

• Retirement and death of a partner: Effect of retirement / death of a partner on
change in profit sharing ratio, Gaining ratio & New Profit sharing ratio. Treatment of
goodwill (as per AS 26), treatment for revaluation of assets and reassessment of
liabilities, adjustment of accumulated profits and reserves, Capital adjustments.
• Calculation of outgoing partner’s share of profit till the date of retirement/death.
• Preparation of outgoing Partner’s Loan Account /Executor’s Loan Account.

Unit 3: Dissolution of Partnership Firm
• Dissolution of a partnership firm: Meaning of dissolution of partnership and
partnership firm, types of dissolution of a firm. Settlement of accounts – preparation
of realization account, and other related accounts: capital accounts of partners and
cash/bank a/c (excluding piecemeal distribution, sale to a company and insolvency
of partners).

Part B ACCOUNTING FOR COMPANIES
Unit 1. Accounting for shares
Accounting for Share Capital

• Share and share capital: nature and types.
• Accounting for share capital: issue and allotment of equity and preferences shares.
Public subscription of shares – over subscription and under subscription of shares;
issue at par and at premium, calls in advance and arrears, issue of shares for
consideration other than cash.
• Calculation of interest and related journal entries are not for evaluation.
• Accounting treatment of forfeiture and reissue of shares.
• Disclosure of share capital in the Balance Sheet of a company (not for evaluation).
Unit 2. Issue of Debentures
• Meaning of Debentures; nature and types, Distinction between Shares & Debentures
• Issue of debentures at par, at a premium and at a discount. Issue of debentures for
consideration other than cash; debentures as collateral security concept,

Note: Related sections of the Companies Act, 2013 will apply.

Unit 3. Financial Statements of a Company
Financial statement of a Company: Meaning; Nature; Objectives; Importance/Significance
and Limitations
a) Preparation of Statement of Profit and Loss in prescribed form with major
headings and sub headings.
b) Preparation of Balance Sheet in prescribed form with major headings and sub

headings. [Refer to the attached formats]
Unit 4: Analysis of Financial Statements
• Financial Analysis: Meaning, Significance and Purpose, Limitations.
• Tools for Financial Analysis: Comparative statements, Common size statements.
Unit 5: Accounting Ratios
Meaning and Objectives, Types of ratios:
Liquidity Ratios: Current ratio, Liquidity ratio.
Solvency Ratio: Debt to equity, Total assets to debt, Proprietary ratio.
Activity Ratio: Inventory Turnover, Trade Receivable Turnover, Trade Payables
Turnover, and Working Capital Turnover Ratios.

Profitability Ratio: Gross profit, Operating ratio, Operating profit ratio, Net profit ratio, and
Return on Investment.

Unit 6: Cash Flow Statement
Meaning and Objectives, Preparation, Adjustments related to depreciation, dividend, and tax, sale and
purchase of non-current assets (as per revised standard issued by ICAI).

*********************************************************************************

DESIGN OF QUESTION PAPER FOR GOA BOARD EXAMINATION (2024-25)
CLASS: -XII Com (General Stream - 4605) TIME: - 3 Hours
SUBJECT: - Accountancy MAX. MARKS: 80
The weightage or the distribution of marks over different dimension of the question paper
shall be as follows.

1. Weightage to learning outcomes:
Sr. Learning outcomes Marks Percentage of marks
No.
1. Knowledge 16 20%
2. Understanding 32 40%
3. Application 28 35%
4. Skill 04 05%
Total 80 100%

2. Weightage to content/ subject units:
Sr. Units Marks
No.
1. Accounting for Partnership: Basic Concepts 06
2. Reconstitution of Partnership firm -Admission 14
of a
partner/Retirement/Death of a partner
3. Dissolution of Partnership firm 12
4. Accounting for Shares 06
5 Accounting for Debentures 06
6 Financial Statements of a Company- Statement 14
of
Profit & Loss and Balance sheet
7 Analysis of Financial Statements – Ratio 10
Analysis,
Common Size Statement/ Comparative
Statement
8 Cash Flow Statement 12
Total 80

3. Weightage to forms of questions

Sr. Form of Questions Marks for Number Total Marks
No. each of
question question
s
1. Very Short Answer Type 01 20 20
(VSA)
2. Short Answer Type (SA) 04 05 20
3. Long Answer Type (LA) 10 04 40
Total 29 80

4. The expected time for different types of questions
Sr. No Form of Questions Approx. time Number of Approx. time
. for each questions (n) for each form
question in of question in
mins.(t) mins.
(n×t)
1. Very Short Answer Type 2 20 40
(VSA)
2. Short Answer Type (SA) 08 05 40
3. Long Answer Type (LA) 25 04 100
Total 29 180

As the total time is calculated on the basis of number of questions required to be answered
and the length of their anticipated answers, it would therefore, be advisable for the
candidates to budget their time properly by cutting out the superfluous words and be
within the expected time limits.

5. Scheme of Option:
There will be no overall choice. However, there will be an internal choice for
question number 26

6. Weightage to difficulty level of questions:
Sr. Estimated difficulty level of Marks Percentage
No. question
1. Easy 16 20
2. Average 32 40

3. Difficult 32 40
Total 80 100

A question may vary in difficulty level from individual to individual. As such, the
assessment in respect of each question will be made by the paper setter, on the basis of
general anticipation from the group as a whole, taking the examination. This provision is
only to make the paper balanced in weightage, rather than to determine the pattern of
marking at any stage.

7. Number of main questions: There will be 29 main questions.
Q. Nos. 1 to 20 are of 1 mark each
Q. Nos. 21 to 25 are of 4 marks each
Q. Nos. 26 to 29 are of 10 marks each

DESIGN OF THE BOARD EXAMINATION QUESTION PAPER —
2024-25
Std: -XII Commerce (General Stream) H-4605 Sub: Accountancy
Time:- 3 Hours Max. Marks:-80

1 MCQ on Accounting for Partnership: Basic Concepts 1
2 MCQ on Accounting for Partnership: Basic Concepts 1
3 MCQ on Admission of a partner 1
4 MCQ on Admission of a partner 1
5 MCQ on Retirement of a partner 1
6 MCQ on Death of a partner 1
7 MCQ on Dissolution of a partnership firm 1
8 MCQ on Dissolution of a partnership firm 1
9 MCQ on Accounting for share capital 1
10 MCQ on Accounting for debentures 1
11 VSA on Accounting for share capital (except MCQ type) 1
12 VSA on Accounting for debentures (except MCQ type) 1
13 VSA on Statement of P&L (except MCQ type) 1
14 VSA on Statement of P&L (except MCQ type) 1
15 VSA on Balance Sheet (except MCQ type) 1
16 VSA on Balance Sheet (except MCQ type) 1
17 VSA on Financial Analysis (except MCQ type) 1
18 VSA on Financial Analysis (except MCQ type) 1
19 VSA on Cash Flow Statement (except MCQ type) 1
20 VSA on Cash Flow Statement (except MCQ type) 1
21 Preparation of Profit & Loss Appropriation account 4
22 Journal entries on Accounting for share capital 4
23 Journal entries on issue of debentures 4
24 Preparation of a Common Size Statement/ Comparative Statement 4
25 Calculation of a liquidity or solvency ratio & a turnover or profitability ratio 4
26 Preparation of Revaluation account, Partners Capital accounts and 10
Balance Sheet on the Admission of a partner or Preparation of Revaluation
account, Partners Capital accounts and Balance Sheet/ Outgoing partner’s/
Executor’s Loan on the Retirement or Death of a partner. The option must
be one of the following combinations: [a] Admission OR Retirement, [b]
Admission OR
Death and [c] Retirement OR Death of a partner
27 Preparation of Realisation account, Partners Capital accounts, Partner’s 10
Loan (optional) and Cash/ Bank account on the Dissolution of a solvent
partnership firm.
28 Preparation of a Statement of P&L/ Balance Sheet of a company 10
29 Preparation of a Cash Flow Statement of a company 10
Total 80

Internal Assessment [20 Marks]
1. A project report after completing any one of the following: 10 Marks
a. Internship for a minimum 10 hours (offline or online)
OR
b. An online or offline course
OR
c. A group project based on any one of the topics given below:
Artificial Intelligence in Auditing
Environmental Accounting
Cryptocurrency Accounting
Fraud Detection Using Data Analytics Mobile
Accounting Apps
Social Responsibility Reporting
E-commerce Accounting Challenges
Accounting for Intellectual Property Robotics
Process Automation (RPA) in
accounting
Cloud-Based Accounting Solutions Cybersecurity
in Accounting Systems Accounting Standards
[Teachers may choose any other similar topics also.]
2. Presentation on the above activity: 5 Marks

3. Viva-Voce: 5 Marks

Internal assessment Mark - Sheet

S. No. Topics Marks
Internship/ Course/ Project Report
1 Cover page with the title of the Internship/ 2
course/ group project.

Names of the students, class, division and year
2 Index 1
3 A Certificate of Internship/ Course completed/ A
group project completed (from the guide
teacher)
4 Internship daily schedule/ Course contents 4

Or

The Objective of the group project, Tools used
during the analysis and Tabulation of Data
5 Infographic 2
6 Conclusion 1
7 Source of the material/ References
8 List of the group members (name, roll no., their
contribution and signature)
10
Presentation on the above activity
Knowledge 2
Presentation 2
Overall Effectiveness 1 05
Viva-Voce
Five questions of 1 mark each 5 05
Total 20

FORMAT OF THE STATEMENT OF PROFIT & LOSS
Name of the Company
STATEMENT OF PROFIT AND LOSS for the year Ended [Rupees in
]
Particulars Note Figures as at the
No end of current
reporting period
1 2 3

I Revenue from operations XX
II Other incomes X
III Total revenue (I+II) XXX
IV Expenses
(a) Cost of materials consumed X
(b) Purchases of stock-in-trade X
(c) Changes in inventories of
Finished goods
Work-in-progress
and Stock- in-trade
(d) Employee Benefit Expense X
(e) Financial Cost X
(f) Depreciation and Amortization expense X
(g) Other expenses X
X
Total expenses [a +b +c +d +e +f +g]
XX
V Profit/Loss Before Tax (III-IV) XXX
VI Less Provision for Tax (X)
VII Profit/Loss After Tax (V-VI) XXX

FORMAT OF THE BALANCE SHEET OF A COMPANY
Balance Sheet of ................Co. Ltd
as on …….
Particulars Note No. Rs.
I. EQUITY & LIABILITIES
1.Shareholders' Funds
a. Share Capital
Equity Share Capital X
Preference Share Capital X
b. Reserves & Surplus X
c. Money Received against share warrants (Not for evaluation)
2.Share Application Money Pending Allotment (Not for evaluation)
3.Non- Current Liabilities
a. Long Term Borrowings X
b. Deferred Tax Liabilities (Not for evaluation)
c. Other Long-Term Liabilities (Not for evaluation)
d. Long Term Provisions X
4.Current Liabilities
a. Short Term Borrowings X
b. Trade payables X
c. Other Current Liabilities X
d. Short Term Provisions X
TOTAL XXX
II. ASSETS
1. Non - Current Assets
a. Fixed Assets
i) Tangible Assets X
ii) Intangible Assets X
b. Non - Current Investments X
c. Deferred Tax Assets (Not for evaluation)
d. Long Term Loans & Advances X
e. Other Non - Current Assets X
2. Current Assets
a. Current Investments X
b. Inventories X
c. Trade Receivable X
d. Cash & Cash Equivalents X
e. Short - Term Loans & Advances X
f. Other Current Assets X
TOTAL XXX

FORMAT OF CASH FLOW STATEMENT
Cash Flow Statement AS ON 31ST March ……..
Particulars Rs Rs
A) cash Flow from Operating Activities
Net Profit for the Current Year X
Add Addition to Reserves X
Add Proposed Dividend X
Add Provision for Tax X
Less Refund of Tax (X)
Net Profit before tax and extra - ordinary items XX
Adjustment for non -cash and non - operating items
Depreciation on Fixed tangible assets X
Amortisation of intangible assets X
Other non - current assets written off X
Interest on Long Term Borrowings X
Loss on sale of assets X
Less Profit on sale of assets (X)
Less Interest/ Rent/ Dividend Received (X)
Net Profit Before Working Capital Changes XX
Add Increase in Current Liabilities X
Add Decrease in Current Assets X
Less Decrease in Current Liabilities (X)
Less Increase in Current Assets (X)
Cash Generated from operations XX
Less Income Tax paid (X)
Net Cash Flow from Operating Activities XX
B. Cash Flow from Investing Activities
Add Sale of Fixed Tangible Assets X
Add Sale of Tangible Assets X
Add Interest/ Rent/ Dividend Received X
Less Purchase of Fixed Tangible Assets (X)
Less Purchase of Intangible Assets (X)
Less Purchase of Other Non - Current Assets (X)
Net Cash Flow from Investing Activities XX
C. Cash Flow from Financing Activities
Add Increase in Equity Share Capital X
Add Increase in Preference Share Capital X
Add Increase in Debentures/ Loans X
Less Redemption of Pref. Shares (X)
Less Redemption of Debentures/ Repayment of Loans (X)
Less Dividend Paid on Shares (X)
Less Interest paid on Deb. /Loans (X)

Net Cash Flow from Financing Activities XX
Net Increase/ Decrease in Cash & Cash Equivalents XX
D. Add Cash & Cash Equivalents in the beginning X
E. Cash & Cash Equivalents at the end XX
Note: Unless otherwise instructed in the question, interest, if any on debentures and loans will be
calculated on the closing balance.

Instructions regarding certain units in XII Accountancy
Chapter: Admission of a partner
1. In the Premium method of goodwill, there will be specific instruction in the question
paper whether premium brought in by a new partner is credited to goodwill account
or new partner’s capital account.
2. In the Revaluation method of goodwill, ie, when a new partner is unable to bring
cash for goodwill, new partner’s current account must be debited.
Chapter: Dissolution of a partnership Firm
3. Fictitious assets appearing in the balance sheet like preliminary expenses,
advertisement suspense account, unrealizable prepaid expenses etc. must be written off
in the partners’ capital accounts. Such accounts are not transferred to the realisation
account.
4. Assets realised or not must be clearly given in the question. If not mentioned in the
adjustments regarding the realisation of assets the below mentioned rule to be
followed as per the BOS instructions issued in the year 2014: Current assets – Assume
that realised nothing
Fixed tangible assets – Assume that realised at the book valueFixed Intangible assets –
Assume that realised nothing
Chapter: Accounting Ratios
5. Proprietary Ratio will be calculated taking the net assets or capital employed

Proprietary Ratio = Shareholders’ Funds/Capital employed (or net assets)

Note: This ratio can also be computed in relation to total assets instead of net assets

(capital employed).

Chapter: Financial Statements of a Company

6. Preliminary expenses are to be written-off completely in the year in which such expenses
are incurred. They should be written-off first from securities premium and the balance if
any, from statement of profit & loss. The unwritten off preliminary expenses must be
shown under other current assets.

7. Borrowing costs such as discount on issue of debentures should be written-off in the
same year in which debentures are issued. The unwritten off discount on issue of
debentures/ shares must be shown under other current assets.
8. Investments must be specified as current investment or non-current investments.
9. Trade Payable includes sundry creditors, bills payable and creditors outstanding for
goods supplied only. [Creditors for expenses are not trade payable.]

Chapter: Cash Flow Statements

10. Unless otherwise instructed in the question, interest, if any on debentures and loans will
be calculated on the closing balance.

ANSWER KEY TO THE MODEL QUESTION PAPER
GOA BOARD EXAMINATION, 2024-25
CLASS: 12 COMMERCE SUB: ACCOUNTANCY SUB. CODE: H -4605
Max. Marks: 80
________________________________________________________________________________________________________
Answer Key

1 2 [1]

2 Current account [1]

3 Old Ratio - New Ratio [1]

4 2:2:1 [1]

5 Revaluation [1]
6 14 : 11 [1]

7 Realisation Account [1]
8 75,000 [1]

9 2,40,000 [1]

10 Equity Debentures [1]

11 If any shareholder fails to pay the amount due on allotment or on any call within [1]
the specified period, the Directors may cancel his shares. This is called Forfeiture
of Shares.
12 Debentures issued as collateral security means when debentures are issued to [1]
the lender in addition to the primary security
13 The main objective of preparing the Statement of Profit and Loss is to know the [1]
net profits earned or net losses suffered during the year by an enterprise.
14 Employee benefit expenses: [1]
Wages ₹ 25,000
Salaries ₹ 48,000
Canteen Expenses ₹ 17,000
Total ₹ 90,000
[4 items of ¼ mark each=1]
15 Any four of the following: [1]
Raw Materials
Work-in-Progress
Finished Goods
Stock-in-Trade, and

Loose Tools [4 items of ¼ mark each=1]
16 Finance Costs: [1]
Interest paid on Term Loan 15,000
Interest paid on Bank Overdraft 2,500
Commission paid for Deposit mobilization 500
Total 18,000
[4 items of ¼ mark each=1]
17 Ans: X 100 = 25% [1]

18 Financial statement analysis is useful to finance manager for taking financial [1]
decisions for the business. It provides adequate information for the financial
planning.
19 Any two transactions which result into ‘inflow of cash’are: [1]
 Cash proceeds from sale of goods or services
 Cash proceeds from incomes
 Cash proceeds from sale of non – current assets
 Cash proceeds from issue of shares/ debentures/ loans
[any two similar points. 2 X ½ =1]
20 Income Tax paid: [1]
Provision for Tax as on 1st April, 2022: 7,500
Add: Income Tax provided during the period 2022 -23: 20,500
Less: Provision for Tax as on 31 March, 2023 ₹ 16,000:
st (16,000)
Income Tax paid 12,000
[4 items of ¼ mark each=1]
21 Dr Profit and Loss Appropriation Account for the year ended 31st Mar, ’23 Cr [4]
Particulars ₹ ₹ Particulars ₹ ₹
To, Interest on By, Net profit b/d 1,20,000
capital [1,29,600-9,600]
Shawn 25,000 By, Int. on 1,200
Drawing [Shawn]
[6,000 X 4 X 8%X 7.5/12]
Rohit 20,000 45,000
To, Commission 6,000
[1,20,000 X 5%]

To, Partners’
Current accounts:
Shawn 46,800
Rohit 23,400 70,200
1,21,200 1,21,200
[8 items X ½ mark each =4]

22 Books of Rupak Ltd. [4]
Journal
No. Particulars L/F Dr Cr
1 Bank Dr 2,00,000
To, Equity Share Application 2,00,000
(Being share application money
received on 10,000 shares @ Rs.
20 each)
2 Equity Share Application Dr 2,00,000
To, Equity Share Capital 2,00,000
(Being share application money
transferred to capital on 10,000
shares @ Rs. 20 each)
3 Equity Share Allotment Dr 3,00,000
To, Equity Share Capital 3,00,000
(Being share allotment money
due on 10,000 shares @ Rs. 30
each)
4 Bank Dr 3,00,000
To, Equity Share Allotment 3,00,000
(Being share allotment money
received on 10,000 shares @ Rs.
30 each)
Total 10,00,000 10,00,000
[4 entries X 1 mark each = 4 marks]
23 Books of Raj Ltd. [4]
Journal
No. Particulars L/F Dr Cr
1 Machinery Dr 7,25,000
To, Real Industries Ltd. 7,25,000
(Being purchased a
machinery.)
2 Real Industries Ltd. Dr 1,00,000
To, Bank 1,00,000
(Being issued a cheque)
3 Real Industries Ltd. Dr 6,25,000
To, 9% Debentures 5,00,000
To, Security Premium 1,25,000
(Being issued 1,000, 9%
debentures @ Rs. 500 each

at a premium of 25%)
Total 15,50,000 15,50,000
24 Common size statement of profit and Loss as on ………… [4]
[i] Revenue from Operations 21,20,000 100.00
[ii] Other Incomes 0.00
[iii] Total Income 21,20,000 100.00
[iv] Expenses:
[a]Cost of Materials Consumed 8,74,000 41.23
[b] Purchases 0.00
[c] Changes in inventories -8,000 (0.38)
[d] Employees Benefits Expenses 25,000 1.18
[e] Finance Costs 0.00
[f] Depreciation & Amortization
0.00
Expenses
[g] Other Expenses 0.00
Total Expenses 8,91,000 42.03
[v] Profit Before Tax 12,29,000 57.97
[vi] Less Provision for Tax -50,000 (2.36)
[vii] Profit After Tax 11,79,000 55.61
[8 items X ½ mark each =4 marks]

25 Debt Equity Ratio = Long-term Debt / Equity [4]
Debt Equity Ratio = ₹300,000 / ₹600,000 = 0.5 : 1

Note: Equity = Share Capital ₹500,000 + Reserves ₹58,000 + Net Profit after
Tax₹42,000 = ₹600,000

Return On Capital Employed = X 100

= X 100 =8.67%

Note: Given that tax rate is 30% which means Profit after Tax is 70%

Therefore, Profit Before Tax = X 100 =₹ 60,000

Tax = PBIT – PAT = ₹ 60,000 - ₹ 42,000 = ₹ 18,000

Interest on Debenture: ₹ 300,000 X 6% = ₹ 18,000
Profit Before Interest and Tax = Profit after Tax + Tax + Interest

= ₹ 42,000 + ₹ 18,000 +₹ 18,000 = ₹ 78,000

Capital Employed = Share Capital: ₹ 500,000 + Reserves: ₹ 58,000 +Net profit
after tax ₹ 42,000 + 6% Debenture: ₹ 300,000 = ₹ 9,00,000

[8 items X ½ mark each =4 marks]

26. [10]

Dr Revaluation account
Cr
Particulars Amount Particulars Amount
Rs Rs
To equipment A/c 27,900 By Factory Building 2,12,500
To PBDD 4,600
To Partner’s
Capital A/C
Mohan 90,000
Jude 60,000
Vijay 30,000 1,80,000

Total 2,12,500 2,12,500

(6 Items ½ mark each = 3 marks excluding both side total)

Dr Partner’s Capital account Cr
Particulars Mohan Jude Vijay Particulars Mohan Jude Vijay

To Profit and 54,000 36,000 18,000 By Bal b/d 8,00,000 5,00,000 1,50,000
loss A/C

To 1,97,100 By Mohan’s 32,000
Revaluation capital A/C
A/C
To Vijay’s 32,000 By 90,000 60,000 30,000
Capital A/C Revaluation
A/C

To Vijay’s 2,02,000 By Profit & 8000
Loan A/C loss
Suspense
A/C
To Bal c/d 6,06,900 5,24,000

Total 8,90,000 5,60,000 2,20,000 8,90,000 5,60,000 2,20,000

(16 Items of ¼ each = 4 marks excluding both sides total)

Balance Sheet of the new firm
Liabilities Amount Assets Amount
Rs Rs
Partner’s Capital A/C Factory Building 8,50,000 10,62,500
Add Appreciation 2,12,500
Mohan 6,06,900 Debtors 86,000 77,400
Less PBDD 8,600
Jude 5,24,000 11,30,900 Profit and Loss Suspense 8,000
A/C
Vijay’s Loan A/C 2,02,000 Bank Balance 3,21,000
Creditors 1.36,000

Total 14,68,900 14,68,900
(12 Items of ¼ each = 3 including both side Total)

Working note;

Average Profit = Total Profit

No of Years

= 2,48.000+1,48,000 – 1,08,000

3

= 2,88,000

3

=96,000

Goodwill = Average profit x No of years

= 96,000 x 2 = 1, 92,000

Vijay’s Share of goodwill = 1,92,000 x 1/6 = 32,000

Calculation of gain ratio

Gain Ratio = New Ratio - Old Ratio

Mohan = 2/3 – 3/6
= 2x2 -3x1
6

=4–3
6

= 1/6

Jude = 1/3 – 2/6

= 1x2 – 2x1
6

= 2-2
6

= 0 /6

Gain Ratio = 1: 0

Vijay’s share of Profit = Average Profit x his share x proportionate period
= 96,000 x 1/6 x 6/12 = 8,000

OR
Dr Revaluation account Cr
Particulars Amount Particulars Amount
Rs Rs
To stock 6,000 2,40,000
By Land & Building
To Claim for damages 10,000
To Partner’s Capital
A/C
Ruth 1,12,000
Alice 67,200
Kavita 44,800 2,24,000

Total 2,40,000 2,40,000

(Consider 3 items of ½ mark each = 1 ½ and 3 items of ¼ each = ¾ excluding both sides
total. Total = 2 ¼ )

Dr Partner’s Capital account Cr
Particula Ruth Alice Kavita Particulars Ruth Alice Kavita
rs

To Ruth’s 54,000 36,000 By bal b/d 11,40,000 7,60,000 3,80,000
Cap A/C

To bank 4,42,000 By profit & 2,40,000 1,44,000 96,000
A/C loss A/c

To 12,00,000 By Profit & 60,000
executor’s loss
loan A/c suspense
A/C
To bal c/d 9,17,200 4,84,800 By Alice Cap 54,000
A/C

By Kavita’s 36,000
Cap A/C
By 1,12.000 67,200 44,800
Revaluation
A/C
Total 16,42,000 9,71,200 5,20,800 16,42,000 9,71,200 5,20,800

(Consider 18 items of ¼ each =4 ½ marks excluding both side total)

Dr Executors Loan Account Cr
Date Particulars Amount Date Particulars Amount
30/6/22 To bank A/C 6,72,000 1/7/21 By Ruth’s 12,00,000
(6,00,000 + Capital A/c
72,000)
30/6/22 To bal c/d 6,00,000 30/6/22 By Interest 72,000
A/C
12,72,000 12,72,000
30/6/23 To bank 6,36,000 1/7/22 By balance 6,00,000
A/C(6,00,000 b/d
=36,000)

30/6/23 By Interest 36,000
A/C
Total 6,36,000 Total 6,36.000

(4 items for ½ mark each =2 and 5 items for ¼ mark = 1 ¼= total 3 ¼ )

Working Note

Ruth’s share of Profit = 4,80,000 x 5/10 x 3/10 = 60,000

Ruth’s share of goodwill

1,80,000 x 5/10 = 90,000

Gain Ratio 3:2

Alice 90,000 x 3/5 = 54,000

Kavita 90,000 x 2/5 = 36,000

27. [10]

Dr Realisation account Cr
To Sundry Assets A/C By Sundry
Liabilities A/C
Freehold Property 16,40,000 Creditors 4,05,000
Machinery 6,50,000 By PBDD 1,500
Investment 2,40,000 By bank A/C
Furniture 75,000 Freehold
Property 17,40,000
Goodwill 25,000 Machinery 5,85,000
Debtors 81,500 Investment 2,52,000
Stock 27,76,500 Debtors 77,500 26,54,500
65,000
To Bank A/C(creditors) 3,60,000 By Ashok’s Capital 20,000
A/C
To Savio’s Capital 5,000 By Ashok’s Capital 28,125
A/C
To Partner’s Capital A/C By Savio’s Capital 60,000
A/C
Ashok 16,575
Savio 11,050 27,625

Total 31,69,125 31,69,125

(20 items of ¼ each = 5 marks excluding both side total)

Dr Partner’s Capital account Cr

Particulars Ashok Savio Particulars Ashok Savio
To Realisation 20,000 By bal b/d 12,20.000 10,20,000
A/C
To Realisation 28,125 By General 96,000 64,000
A/C Reserve
To Realisation 60,000 By 5,000
A/c Realisation
A/C
To bank A/C 12,84,450 10,40050 By 16,575 11,050
Realisation
A/C

Total 13,32,575 11,00,050 13,32,575 11,00,050

(Consider 12 items of ¼ each =3 marks excluding both side total)

Dr Bank account Cr
Particulars Amount Particulars Amount
Rs Rs
To bal b/d 1,00,000 By Realisation A/C 3,60.000

To Realisation A/C 26,54,500 By Savio’s loan A/C 70,000
By Ashok’s Cap A/C 12,84,450
By Savio’s Cap A/C 10,400,50 23,24.500

Total 27,54,500 27,54,500

(Consider 8 items of ¼ each = 2 marks including both side total)

28. [10]

Balance Sheet of XYZ Co LTD as on 31st March 2023
Particulars Note No Amount
Rs
I Equity and Liabilities
1. Shareholder’s Fund
(a) Share Capital 41,30,000
(b) Reserves and Surplus 01 6,80,000
2. Share application money pending allotment
3. Non- Current Liability
(a) Long Term Borrowing 18,00,000
(b) Long Term Provision 16,00,000
4. Current Liability
(a) Short Term Borrowing 3,56,000
(b) Trade Payables 4,20,000
(c) Other Current Liabilities 12,000
Total 89,98,000
II Assets
1. Non- Current Assets
(a) Fixed Assets
(i) Tangible Asset 02 50,00,000
(ii)Intangible Asset 6,00,000
(b) Non -Current Investment 23,00,000
( c ) Other Non-Current Assets 1,68,000
2 current Assets
(a) Inventories 2,40,000
(b) Trade Receivables 4,80,000
( c ) Cash and Cash equivalents 2,10,000
Total 89.98,000
(Consider 16 items of ½ mark each =8 marks)

Notes to the Financial Statement

1. Reserves and Surplus
General Reserve 8, 20,000
Less Debit balance of Profit & Loss A/C (1,40,000)
Total 6,80,000
(Consider 2 items of ½ mark each = 01 excluding total)

2. Tangible Fixed Asset
Leasehold Property 32,00,000
Plant and Machinery 18,00,000
Total 50,00,000
(Consider 2 Items of ½ Mark each = 1 excluding Total)

29. . [10]

Cash Flow Statement of Vipro Co LTD for the year ended 31st March 2022
Particulars Rs Rs
(A) Cash flows from Operating Activities
Net Profit of the Current Year (2,48,500 – 58,500
1,90,000)
Add provision for Dividend 60,000
Add provision for Tax 55,500
Net profit before Tax and extra ordinary Items 1,74,000
Adjustments for Non-Cash and Non- operating
items
Add Depreciation on Machinery 50,350
Operating profit before Working Capital 2,24.350
Changes
Add Decrease in Current Assets/Increase in
Current Liabilities
Inventories 2,000
Less Increase in Current Assets/ Decrease in Nil
Current Liabilities
Cash generated from operating activities 2,26,350
Less Income Tax Paid (71,000)
Net Cash from operating Activities 1,55,350
(B) Cash Flows from Investing Activities
Less Purchase of Tangible Fixed Asset (1,61,700)
Net Cash Flow from Investing Activities (1,61,700)
(C) Cash Flow from Financing Activities
Add: Proceed from issue of Equity Shares 1,05,500
Less: Final Dividend paid (60,000)
Net Cash from financing activities 45,500
Net Increase or Decrease in Cash and Cash 39,150
equivalents (A+B+C)
(D) Add : Cash and Cash equivalents in the 1,26,000
beginning of the period
(E) Cash and Cash equivalents at the end of the 1,65,150
period

(Consider 18 items of ½ mark each = 09 Marks)

Dr Plant & Machinery account Cr
Particulars Amount Particulars Amount
To balance b/d 5,03,500 By Depreciation 50,350
To cash/bank 1,61,700 By balance c/d 6,14.850
A/C(Purchase of New
Machinery)
Total 6,65,200 6,65,200

(consider 4 items of ¼ mark each = 1 excluding both side total)

GOA BOARD EXAMINATION, 2024 -25

CLASS: 12 COMMERCE SUB: ACCOUNTANCY
SUB. CODE: H -4605
Total No. of Questions: 29 (Printed Pages: 9)
Time: 9.30 am. To 12.30 pm. Max. Marks: 80
_________________________________________________________________________________________________________
INSTRUCTIONS:
1. All questions are compulsory. However, there is an internal choice for Question
No. 26.
2. Question No. 1 to 20 are of 1 mark each.
3. Question No. 21 to 25 are of 4 marks each.
4. Question No. 26 to 29 are of 10 marks each.
5. Working notes should form part of the answer.
6. All figures must be rounded off to the nearest rupee unless otherwise specified.
7. A simple calculator is allowed. However, mobile or such digital gadgets are not
permitted.

1 How many people are required to form a partnership? 1
 2
 7
 20
 50

2 Where will drawings be accounted for when partners' accounts are fixed? 1
 Capital account
 Current account
 Both Current account and Capital account
 Neither in Current account nor in Capital account

3 Sacrifice Ratio is equal to____________________ 1
 Old Ratio + New Ratio
 Old Ratio - New Ratio
 Old Ratio x New Ratio
 Old Ratio ÷ New Ratio

4 Martin and Alex are partners sharing profits in the ratio of 4 : 3. Ryan is 1
admitted for th share and he brings in 1,40,000 as his share of goodwill in
cash of which 1,20,000 is credited to Martin and remaining amount to Alex.

The new profit-sharing ratio of Martin, Alex and Ryan will be____________________

 1:2:2
 2:1:2
 2:2:1
 4:3:5

5 What is the credit account for an increase in assets when a partner retires? 1

 Asset
 Capital
 Profit and loss
 Revaluation

6  Anu, Jane and Clare are partners sharing profits in the ratio of 5 : 2 : 1. 1
What will be the gaining ratio If the new ratio after Anu’s death is 3 : 2?
 3:2
 11 : 14
 2:3
 14 : 11

7 Unrecorded liabilities paid upon dissolution of a partnership firm are debited 1
to ____________________.

 unrecorded liabilities
 Realisation Account
 Realisation Account and Partners’ Capital Accounts
 Partners’ Capital Accounts

8 A firm is dissolved. Pankaj, a partner is carrying out dissolution at a 1
remuneration of 50,000 excluding Realisation Expenses which were
25,000 and were paid by Pankaj. Pankaj’s Capital Account will be credited
by_________

 25,000
 50,000
 75,000
 1,00,000

9 X Ltd Purchase the running business of Y Ltd. Consist total assets of 1
10,00,000 and liabilities of 2,00,000. X Ltd paid 2,00,000 immediately in
cash and balanced by issuing 7000 shares of 100 each at a premium of 20
per share. The Goodwill A/c will be debited by ________.

 2,40,000
 2,70,000
 2,90,000

 3,50,000

10 The following are the types of debentures except_______________ 1
 Perpetual Debentures
 Equity Debentures
 Convertible debentures
 Redeemable debentures

11 What is meant by ‘forfeiture of share’? 1
12 State the meaning of debentures issued as collateral security. 1
13 Write the main objective of preparing the Statement of Profit and Loss. 1
14 Find ‘employee benefit expenses’ from the following: 1
Wages ₹ 25,000
Salaries ₹ 48,000
Canteen Expenses ₹ 17,000
Office Rent ₹ 6,000

15 List four items that are included under Inventories. 1
16 Calculate the Finance Costs from the following: 1
Interest paid on Term Loan ₹ 15,000
Interest paid on Bank Overdraft ₹ 2,500
Bank Charges ₹ 750
Commission paid for Deposit mobilization ₹ 500
17 What is the percentage change in net income if a company's net income for the 1
current year is ₹ 50,000, and it was ₹ 40,000 in the previous year?
18 How is the financial statement analysis useful to finance manager? 1
19 Write any two transactions which result into ‘inflow of cash’. 1
20 Find income tax paid during the period 2022 -23 from the following: 1
Provision for Tax as on 1st April, 2022 ₹ 7,500
Provision for Tax as on 31st March, 2023 ₹ 16,000
Income Tax provided during the period 2022 -23 ₹ 20,500
21 Shawn and Rohit were in partnership sharing profits in the proportion of 2 : 1. 4
Their fixed capital balances were ₹ 2,50,000 and ₹ 2,00,000 respectively as on
1st April, 2022. Rohit withdrew ₹ 6,000 each in the beginning of every quarter.
Their partnership deed provided for the following:
[a] Interest on capital @ 10% p.a.
[b] Interest on drawings @ 8% p.a.
[c] Shawn was entitled to a commission of 5% of the net profit available for
appropriation.

[d] Rohit was entitled to a rent of ₹ 800 per month.
The net profit for the year ended 31st March, 2023 amounted to 1,29,600
before charging rent to the partner.
Prepare the Profit and Loss Appropriation Account for the year ended 31st
March, 2023.
22 Rupak Ltd. issued 10,000 equity shares of 100 each payable 20 per share 4
on application, 30 per share on allotment and balance in two calls of 25 per
share. All the shares were subscribed by the public.
The application and allotment money were duly received. First and Final calls
were not yet made. Pass journal entries in the books of Rupak Ltd.
23 Raj Ltd. purchased a machinery for ₹ 7,25,000 from Real Industries Ltd. on 4
credit.

Raj Ltd. issued a cheque ₹ 1,00,000 as part payment the vendor.

Later, the remaining amount was settled by issuing sufficient number of 9%
debentures of 500 each at a premium of 25% to the vendors.

Pass the necessary journal entries for the issue of Debentures in the books of
Raj Ltd.

24 Prepare Common size statement of profit and Loss from the following 4
information:

Statement of Profit and Loss as on …….
Particulars Note Rs.
No.
[i] Revenue from Operations 21,20,000
[ii] Other Incomes
[iii] Total Income 21,20,000
[iv] Expenses:
[a]Cost of Materials Consumed 8,74,000
[b] Purchases
[c] Changes in inventories (8,000)
[d] Employees Benefits Expenses 25,000
[e] Finance Costs
[f] Depreciation & Amortization Expenses
[g] Other Expenses
Total Expenses 8,91,000
[v] Profit Before Tax 12,29,000
[vi] Less Provision for Tax (50,000)
[vii] Profit After Tax 11,79,000
Note: Round off fractions to two digits after the decimal.

25 You are given the following balance sheet of XYZ Ltd. as of 31st March, 2023: 4

Share Capital: ₹ 500,000

Reserves: ₹ 58,000

Net profit after tax ₹ 42,000

6% Debenture: ₹ 300,000

Trade Payable: ₹ 50,000

Fixed Assets: ₹ 7,00,000

Trade Receivable: ₹ 2,50,000

The tax rate is 30%.

Calculate the Debt Equity Ratio and Return on Capital Employed Ratio for XYZ
Ltd. [Round off fractions to two digits after the decimal.]

26 Mohan, Jude and Vijay were partners sharing profits and losses in the ratio of 10
3: 2: 1. Their Balance Sheet as on 31st March 2022 was as under.

Balance Sheet as on 31st March 2022
Liabilities Amount Assets Amount
Rs Rs
Capital Accounts Factory Building 8,50,000
Mohan 8,00,000 Equipment 2,25,000

Jude 5,00,000 Debtors 86,000
Vijay 1,50,000 14,50,000 Less PBDD 4000 82,000
Creditors 1,36,000 Profit and loss account 1,08,000
Bank Balance 3,21,000

Total 15,86,000 15,86,000

On 1st October 2022, Vijay retired from the firm. Mohan and Jude agreed to
share profits and losses in the ratio 2: 1
(a) Factory building to be appreciated by 25%
(b) Equipment was taken over by Mohan at Rs. 1,97,100
(c) Provision for Bad and doubtful debts to be maintained at 10% on
debtors
(d) Goodwill of the firm at the time of retirement was valued at 2 years
purchase of average profit of the last 3 years. Profits of the previous
years were:-

31st March 2020 = 2,48,000

31st March 2021 = 1,48,000

(e) Vijay’s share of profit from the date of last Balance Sheet till the date of
retirement be based on the average profit of last 3 years
Prepare Revaluation account, Partner’s Capital accounts
and Balance Sheet of the new firm

OR
Ruth, Alice and Kavita were partners sharing profits or losses in the
ratio 5:3:2. Their Balance Sheet as on 31st March 2021 was as under

Balance Sheet as on 31st March 2021
Liabilities Amount Assets Amount
Rs Rs
Capital Accounts Land and Building 20,00,000
Ruth Machinery 5,00,000
11,40,000
Alice Investment 1,40,000
7,60,000
Kavita 22,80,000 Stock 1,20,000
3,80,000
Creditors 4,00,000 Debtors
2,80,000
Bank overdraft 3,60,000 Less PBDD 2,60,000
20,000
Profit and loss 4,80,000 Cash at bank 5,00,000
account

Total 35,20,000 35,20,000

Ruth died on 1st July 2021. The following was agreed upon:

(a) Ruth was given her share of profit up to the date of death based on
the profits of 2021
(b) Land and building was appreciated by 12% and stock was valued at
Rs, 1,14,000
(c) The liability of claim for damages to be brought into books Rs,
10,000
(d) Goodwill of the firm be valued at Rs 1,80,000
(e) Amount to be transferred to Ruth’s executor’s loan account is Rs.
12,00,000, which is to be paid in two equal annual instalments with
interest @ 6% p.a. and the balance amount to be paid immediately

by cheque.
(a) Prepare Revaluation account, Partner’s Capital accounts and Executor’s
Loan Account

27 Ashok and Savio are partners in a firm sharing profits and losses in the ratio of 10
3:2. Their Balance Sheet as on 31st March 2023 was as under:-

Balance Sheet as on 31st March 2023
Liabilities Amount Assets Amount RS
RS
Capital Accounts Freehold Property 16,40,000
Ashok 12,20,000 Machinery 6,50,000
Savio 10,20,000 Investment 2,40,000
General Reserve 1,60,000 Furniture 75,000
Savio’s Loan Account 70,000 Goodwill 25,000
Creditors 4,05,000 Debtors
81,500
Less PBDD 80,000
1500
Stock 65,000
Bank Balance 1,00,000
Total 28,75,000 28,75,000

On the above date the firm was dissolved and the following information is
available
(a) Assets realised as follows:-
Freehold property realised 17,40,000. Machinery realised 10% less
than the book value. Investment was sold for a profit of 5 % and bad
debts and discount allowed on Debtors amounted to Rs 4,000
(b) Ashok took over 50% of furniture at 75% of the book value and
remaining furniture realised nothing. Savio took over stock for RS.
60,000
(c) Creditors of Rs, 5000 untraceable and the remaining were paid at a
discount of 10%. Ashok took over an unrecorded Asset of Rs. 20,000.
(d) Savio took over the responsibility of dissolution and agreed to accept
the remuneration of Rs. 5000, while his actual expenses were Rs 6,500

Prepare Realisation Account, Partner’s Capital Account and Bank
Account

28 The following balances are extracted from books of XYZ Co Ltd as on 31st 10
March 2023

Trail Balance as on 31st March 2023

Debit Balance Amount Credit Balance Amount
Rs Rs
Lease hold property 32,00,000 Share Capital 41,30,000
Bank Balance 2,10,000 Staff Provident Fund 16,00,000
Plant & Machinery 18,00,000 General Reserve 8,20,000
Trade Marks 6,00,000 Deposits from Public 18,00,000
Non – Current 23,00,000 Account Payable 4,20,000
Investment in a
subsidiary co
Profit and loss account 1,40,000 Short Term Loan 3,56,000
from SBI
Stock of finished goods 2,40,000 Unclaimed dividend 12,000
Accounts receivable 4,80,000
Underwriting 1,68,000
commission

Total 91,38,000 91,38,000

Prepare the Balance Sheet of XYZ Co Ltd in a vertical format as on 31st March
2023 as per revised Schedule III of the companies Act 2013

29 The following is the Balance Sheet of Vipro Co LTD 10
Balance Sheet of Vipro Co LTD

Liabilities 31/03/21 31/03/22 Assets 31/03/21 31/03/22

Equity 5,10,000 6,15,500 Plant and 5,03,500 6,14,850
Share Machinery
Capital

Profit and 1,90,000 2,48,500 Debtors 1,75,000 1,75,000
loss
account

Creditors 3,60,500 3,60,500 Inventories 3,27,000 3,25,000

Provision 71,000 55,500 Cash & 1,26,000 1,65,150
for tax Cash
Equivalents

Total 11,31,500 12,80,000 11,31,500 12,80,000

Additional Information

(a) Dividend paid during the year 60,000
(b) Depreciation Rs, 50,350 was charged to Profit and Loss account
Prepare Cash Flow Statement as per Revised Standard -3 and Plant and
Machinery Account in the working note.

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