CBSE Class 12 Accountancy Question Paper 2020 Set 67-1 Solutions

-Strictly Confidential: (For Internal and Restricted Use Only)
Senior School Certificate Examination March -2020
Marking Scheme – Accountancy
SUBJECT CODE: 055 PAPER CODE: 67/1/1, 67/1/2, 67/1/3

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. Evaluation is a 10-12 days mission for all of us. Hence,
it is necessary that you put in your best efforts in this process.

2. 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 innovative, they may be assessed and
marks be awarded to them.

3. 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. The remaining answer scripts meant for evaluation shall be given only after
ensuring that there is no significant variation in the marking of individual evaluators.

4. Evaluators will mark (√) wherever the answer is correct . for wrong answers (×) be marked
.Evaluators will not put right mark (√) while evaluating which gives an impression that answer
is correct but no mark is awarded. This is most common mistake which evaluators are
committing.

5. 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 totalled up and written in the left hand margin
and encircled. This may be followed strictly.

6. If a question does not have any parts, marks must be awarded in the left hand margin and
encircled. This may be followed strictly.

7. If a student has attempted an extra question, answer of the question deserving more marks
should be retained and other answer scored out.

8. No marks to be deducted for the cumulative effect of an error. It should be penalized only once.

9. Deductions up to 25% of the marks must be made if the student has not drawn formats of the
Journal and Ledger and has not given the narrations.

1

10. No marks are to be deducted or awarded for writing / not writing ‘TO and BY’ while preparing
Journal and Ledger accounts.

11. In theory questions, credit is to be given for the content and not for the format.

12. A full scale of marks 0-80 has to be used. Please do not hesitate to award full marks if the
answer deserves it.

13. Every examiner has to necessarily do evaluation work for full working hours i.e. 8 hours
everyday and evaluate 20 answer books per day.

14. Avoid the following common types of errors committed by the Examiners in the past.
- Leaving answer or part thereof unassessed in an answer script
- Giving more marks for an answer than assigned to it or deviation from the marking scheme.
- Wrong transference 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
- Wrong transference to marks from the answer book to award list
- Answers marked as correct but marks not awarded

15. Half or a part of answer marked correct and the rest as wrong but no marks awarded.

16. While evaluating the answer scripts if the answer is found to be totally incorrect, it should be
marked as (x) and awarded zero(0) Marks.

17. Any unassessed portion, non-carrying over of marks to the title page or totalling 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.

18. The Examiners should acquaint themselves with the guidelines given in the Guidelines for
Spot Evaluation before starting the actual evaluation.

19. 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.

20. The board permits candidates to obtain photocopy of the Answer Book on request in an RTI
application and also separately as a part of the re- evaluation process on payment of the
processing charges.

2

..

67 67 67
Marking Scheme 2019-20
/1 /1 /1
Accountancy (055)
/1 /2 /3 Marks
Delhi- 67/1/1
Expected Answers/ Value Points
1 - - Q. In case the partners’ capitals are fixed …..............

1 mark
Ans. Partners’ Capital Accounts

2 - - Q. Meera, Myra and Neera…...........

1 mark
Ans. (A) / ₹18,000, ₹18,000 and ₹9,000

3 12 8 Q. Mona and Tina were….............

1 mark
Ans. (B) / Debited to Revaluation Account

4 11 4 Q. Diya, Riya and Tiya were partners.......................

1 mark
Ans. 9/20

5 - - Q. X and Y were partners in a firm......................

1 mark
Ans. 3:1

6 10 13 Q. Name an item that is never shown................................

Ans. Any one of the following-
1 mark
§ Loss on sale of fixed assets
§ Depreciation
§ Outstanding expenses at the end
§ Prepaid expenses in the beginning of the year
(Or any other correct item)

3

7 - - Q. A, B and C were partners...............................

1 mark
Ans. (A) / ₹72,000

8 9 6 Q. Rahul, Sahil and Jatin.....................................
½ mark
+
Ans. Sahil’s new Capital = ₹3,60,000
½ mark
Jatin’s new Capital = ₹2,40,000 =
1 mark
9 13 3 Q. Sun and Star were..................................

1 mark
Ans. (B) / ₹2,80,000

10 8 9 Q. Rohan, Mohan and Sohan were..................

Ans. (D) / Credited to Bank Account 1 mark

11 6 12 Q. Excess of issue........................................

Ans. Premium 1 mark

12 4 10 Q. Which of the.......................................

1 mark
Ans. (C) / It can be used for writing off capital losses

13 3 11 Q. Name an item which...........................

Ans. Any one of the following-
1 mark
§ Provision for doubtful debts
§ Investment fluctuation fund
§ Accumulated depreciation
(Or any other correct item)

14 14 14 Q. How would the following........................ a sports club?

4

Ans.
Income & Expenditure A/c of a Sports Club
Dr for the year ended….. Cr
Expenditure Amount Income Amount
(₹) (₹) ½ mark
To Match expenses 64,000

Sports Club
Balance sheet (An extract)
½x5
as at….
=
Liabilities Amount Assets Amount 2½
(₹) (₹) marks
Prize fund 44,000 Prize fund investment 44,000 =

+ Interest on Prize ½ + 2½
=
Fund Investment 6,000
3 marks
Less Prizes awarded (46,000) 4,000

OR OR

Q. From the following information of a charitable dispensary...........................

Ans.
Dr Stock of Medicines A/c Cr 1 mark
for the
Particulars Amount Particulars Amount
amount to
(₹) (₹) be
transferred
To Balance b/d 60,000 By Income and 3,72,500 to Income
&
Expenditure A/c- Expenditure
To Cash A/c 46,500 medicines consumed A/c
+
½ mark
each for
To Creditors A/c 2,76,000 By Balance c/d 10,000 the
3,82,500 3,82,500 remaining
items.
=
3 marks

5

Alternatively:

Calculation of Amount of Medicines Consumed = Opening Stock of Medicines +
Purchases (Cash +Credit) - Closing Stock of Medicines

= ₹60,000+ (₹2,76,000+₹46,500) -₹10,000…1/2 mark each=1/2 x 4= 2 marks

= ₹3,72,500……………..1 mark

15 17 15 Q. Ram, Mohan and Sohan were……………………….

Ans.
Journal

Date Particulars Dr. Amount Cr. Amount
(₹) (₹)
Ram’s Capital A/c Dr. 180
Sohan’s Capital A/c Dr. 630
1 mark
To Mohan’s Capital A/c 810
(Adjustment entry for interest on drawings
wrongly charged)

+
Working Notes:
Adjustment Table
Particulars Ram Mohan Sohan
(₹) (₹) (₹)
3 marks
Interest on drawings, wrongly 1080 1440 -
debited
=
Loss to be debited (1260) (630) (630)
Net Effect 180 (Dr.) 810 (Cr.) 630 (Dr.) 4 marks

(Note: If an examinee has used any other method to calculate the Net effect correctly
full credit be given)

6

OR OR

Q. Yadu, Vidu and Radhu were partners in a firm sharing……………..

Ans.
Dr Profit & Loss appropriation A/c for the year ended 31st March, 2019 Cr
Particulars Amount Particulars Amount
(₹) (₹)
To Interest on Capital 1½ By Profit & Loss A/c –Net Profit 2,53,000
Yadu’s current A/c 54,000 b/d ½
Vidu’s current A/c 30,000 By Interest on Drawings 1½
Radhu’s current A/c 24,000 1,08,000 Yadu’s current A/c 3,200
Vidu’s current A/c 2,800 4 marks
To Profit transferred to ½ Radhu’s current A/c 2,000 8,000

Yadu’s current A/c 61,200
Vidu’s current A/c 45,900
Radhu’s current A/c 45,900 153,000

2,61,000 2,61,000

16 - - Q. Furkan, Tanmay and Barkat......................................... above transactions.

Ans. Journal
Date Particulars Dr Cr
Amount Amount
(₹) (₹)
Furkan’s capital A/c Dr. 24,000
Barkat’s capital A/c Dr. 8,000 1x4

To Tanmay’s capital A/c 32,000 =
4 marks
(Tanmay’s share of goodwill adjusted)

Profit & Loss suspense A/c Dr. 8,667
To Tanmay’s capital A/c 8,667
(Share of Profit for the year credited to deceased
Partner’s Capital A/c)

7

Tanmay’s capital A/c Dr. 8,40,667
To Tanmay’s Executor’s/ Tanmay’s Executor’s 8,40,667
Loan A/c
(Deceased Partner’s Capital Balance transferred to
Executor’s A/c)
Tanmay’s Executor’s A/c Dr. 95,000
To Bank A/c 95,000
(Payment made to Executor)

Note:- If an examinee has raised the Goodwill, full credit to be given.

17 15 17 Q. Raunit Styles Ltd. was..................... Schedule III of the Companies Act, 2013.

Ans.
Balance Sheet as per Schedule III of Companies Act, 2013
Particulars Note No. Current Previous
year year
(₹) (₹)
I. Equity & Liabilities
Shareholders’ Funds 1 mark

(a) Share Capital 1 40,68,000

Notes to Accounts
Note Particulars Amount (₹)
No.
I. SHARE CAPITAL
Authorized Capital
½ mark
85,000 equity shares of ₹100 each 85,00,000

Issued Capital
45,000 equity share of ₹100 each 45,00,000
½ mark
Subscribed Capital
Subscribed and Fully paid
38,700 equity share of ₹100 each 38,70,000
40,68,000 2 marks
Add Forfeited shares A/c (3,300x ₹60) 1,98,000
40,68,000 =
4 marks

8

18 - - Q. Pass the necessary journal entries for...........................

Ans Journal

Date Particulars Dr Cr
Amount Amount
(₹) (₹)
(i)
Realisation A/c Dr. 3,000
1x4
To Cash A/c 3,000
=
(Amount paid for settlement of liability)
4 marks

(ii)
Tony’s Capital A/c Dr. 1,200
Rony’s Capital A/c Dr. 800
To Realisation A/c 2,000
(Investments taken over by Partners)

(iii)
No Entry

(iv)
Rony’s Capital A/c Dr. 4,000
To Cash A/c 4,000
(Realization expense to be borne by Rony, paid by firm)

19 - - Q. From the following Receipts........................ending 31st March, 2019:

Ans.

9

Dee Club
Dr. Income & Expenditure A/c for the year ended 31st March 2019 Cr.
2 marks
Expenditure Amount Income Amount
for
(₹) (₹)
Salaries
To Salaries 42,500 By Subscription 60,000
+
+ O/s for (2018-19) 4,250
1 mark
- O/s for (2017-18) (3,150)
43,600 By Interest on for
Investment 650 Subscription
To Printing & Stationery and
21,500 + Accrued
interest 160 810 Interest
To Depreciation on furniture +
750
Remaining
By Excess of
To Loss on sale of old furniture Items for ½
300 Expenditure over
mark each
Income- Deficit 5,340
=
300
6 marks

66,150 66,150
20 20 19 Q. (i) Vayee Ltd. purchased......................... books of Vayee Ltd.
Ans.
(i)
Vayee Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Land & Building A/c Dr. 84,00,000
Plant & Machinery A/c Dr. 36,00,000
To E.X. Ltd. 1,10,00,000
To Capital Reserve A/c 10,00,000
1½x2
(Assets taken over from E.X. Ltd)
=
3 marks
10

E.X. Ltd Dr. 1,10,00,000
To Bills Payable A/c 20,00,000
To 8% Debentures A/c 75,00,000
To Securities Premium Reserve A/c 15,00,000
(Purchase consideration discharged by issuing
8%Debentures at a premium)

Alternatively
E.X. Ltd Dr. 20,00,000
To Bills Payable A/c 20,00,000
(Purchase consideration discharged by accepting
Bills Payable)

E.X. Ltd Dr. 90,00,000
To 8% Debentures A/c 75,00,000
To Securities Premium Reserve A/c 15,00,000
(Purchase consideration discharged by issuing
8%Debentures at a premium)

(ii) Zed Ltd. issued............................................ books of Zed Ltd.

Ans. (ii) Zed Ltd
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Bank A/c Dr. 1,00,00,000
To Debenture Application A/c 1,00,00,000
(Application amount received on 2,00,000, 8% ½ mark

Debentures)

11

Debenture Application A/c Dr. 1,00,00,000
To 8% Debentures A/c 1,00,00,000 ½ mark

(Amount received on application transferred to
Debentures A/c)

Debenture Allotment A/c Dr. 88,00,000
Loss on issue of debentures A/c Dr. 32,00,000
To 8% Debentures A/c 1,00,00,000
To Premium on redemption of debentures A/c 20,00,000
(Allotment of 8% debentures at a discount,
redeemable at a premium)

Alternatively
1 mark
Debenture Allotment A/c Dr. 88,00,000
Discount on issue of debentures A/c Dr. 12,00,000
Loss on issue of debentures A/c Dr. 20,00,000
To 8% Debentures A/c 1,00,00,000
To Premium on redemption of debentures A/c 20,00,000
(Allotment of 8% debentures at a discount,
redeemable at a premium)

Bank A/c Dr. 88,00,000
1 mark
To Debenture Allotment A/c 88,00,000
=
(Amount due on allotment received)
3 marks
=
3+3
=
6 marks

OR OR

Q. Mahesh Ltd. had .............................................. interest on debentures.

12

Ans. Mahesh Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
2018 Surplus i.e. Balance in Statement Profit & Loss A/c Dr. 60,000
Mar 31 To Debenture Redemption Reserve A/c 60,000
2 mark
(Debenture Redemption Reserve created out of profits)

April 1- Debenture Redemption Investment A/c Dr. 1,20,000
30 To Bank 1,20,000
1 mark
(Debenture Redemption Investments purchased)

2019 Bank A/c Dr. 1,20,000
March To Debenture Redemption Investment A/c 1,20,000
1 mark
31 (Debenture Redemption Investments realised)

March 10% Debenture A/c Dr. 8,00,000
31 To Debenture holders’ A/c 8,00,000
1 mark
(Amount payable to Debenture holders on redemption)

March Debenture holders’ A/c Dr. 8,00,000
31 To Bank A/c 8,00,000 1 mark
(Payment made to Debenture holders)

=
March Debenture Redemption Reserve A/c Dr. 2,00,000 6 marks
31 To General Reserve A/c 2,00,000
(Proportionate amount of Debenture Redemption
Reserve transferred to General Reserve)

Note: No marks have been allotted for transfer of Debenture Redemption Reserve to
General Reserve

21 22 21 Q. Badal and Bijli were partners................................. Badal, Bijli and Raina.

13

Ans.
Dr. Revaluation A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Building 15,000 By Loss on Realisation tfd to:
To Stock 3,000 Badal’s Current A/c 12,000 2 marks
To Provision for Bad Debts 2,000 Bijli’s Current A/c 8,000 20,000
20,000 20,000

Dr. Partners Capital Accounts Cr.
Particulars Badal Bijli Raina Particulars Badal Bijli Raina
(₹) (₹) (₹) (₹) (₹) (₹)
To Badal’s By balance 1,50,000 90,000 -
Current A/c 30,000 - - b/d
By Cash A/c 40,000
To Bijli’s 2 ½ marks
Current A/c - 10,000 -

To Balance
c/d 1,20,000 80,000 40,000
1,50,000 90,000 40,000 1,50,000 90,000 40,000

Dr. Partners Current Accounts Cr.
Particulars Badal Bijli Particulars Badal Bijli
(₹) (₹) (₹) (₹)
To Balance b/d - 2,000 By Balance b/d 12,000 -
To Revaluation By Premium for
A/c 12,000 8,000 Goodwill A/c 7,200 4,800
3½
To Balance c/d 51,600 14,400 By Investment
marks
Fluctuation Reserve 14,400 9,600
By Badal’s Capital
=
A/c 30,000
8 marks
By Bijli’s Capital
A/c - 10,000
63,600 24,400 63,600 24,400

14

OR
OR

Q. Prem, Kumar and Aarti were............................. the reconstituted firm.

Ans.
Dr. Revaluation A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Creditors 7000 By Stock 1,000
To Gain on Revaluation By Building 7,000
transferred to: By Investment 1,000
Prem’s Capital A/c 1,000 2 marks
Kumar’s Capital A/c 600
Aarti’s Capital A/c 400
2,000

9,000 9,000

Dr. Partners Capital Accounts Cr.
Particulars Prem Kumar Aarti Particulars Prem Kumar Aarti
(₹) (₹) (₹) (₹) (₹) (₹)
To Kumar’s 8,000 4,000 By Balance b/d 30,000 20,000 20,000
Capital A/c
By General Reserve 4,000 2,400 1,600
To Cash A/c - 30,000 - 3 marks
By Investment
To Bills Fluctuation Reserve 1,000 600 400
Payable A/c - 5,600 -
By Revaluation A/c 1,000 600 400
To Balance c/d 48,000 28,400
By Prem’s Capital - 8,000 -
A/c
By Aarti’s Capital - 4,000 -
A/c
By Cash 20,000 - 10,000
56,000 35,600 32,400 56,000 35,600 32,400

15

Balance Sheet of Prem and Aarti as at 31st March 2019

Liabilities Amount Assets Amount
(₹) (₹)
Creditors 17,000 Cash 36,000
3 marks
Bill Payable 5,600 Stock 6,000
=
Capitals: Debtor 10,000 8 marks
Prem’s 48,000 76,400 Plant & Machinery 15,000
Aarti’s 28,400 Building 32,000

99,000 99,000

22 21 22 Q. (i) R.P. Ltd. forfeited..............................the books of R.P. Ltd.
Ans. R.P. Ltd.
Journal
(i)
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Share Capital A/c Dr. 12,000
Securities Premium Reserve A/c Dr. 3,000
To Forfeited Shares/Share Forfeiture A/c 7,500
To Calls in Arrear A/c 7,500
(1500 shares forfeited for non payment of allotment & call
money)
Alternatively
2 marks
Share Capital A/c Dr. 12,000
Securities Premium Reserve A/c Dr. 3,000
To Forfeited Shares/Share Forfeiture A/c 7,500
To Share Allotment A/c 3,000
To Share First Call A/c 4,500
(1500 shares forfeited for non payment of allotment & call

16

money)

Bank A/c Dr. 8,500
Share Forfeiture A/c Dr. 1,500
1 mark
To Share Capital A/c 10,000
(1000 shares re-issued as fully paid)
Share Forfeiture A/c Dr. 3,500
To Capital Reserve 3,500
(Gain on re-issue of forfeited shares transferred to capital 1 mark
reserve)

(ii) Max Ltd. forfeited.................................... Share Forfeiture Account.
Ans. (ii)

In the books of MAX Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Share Capital A/c Dr. 50,000
To Share Forfeiture A/c 27,500
To Calls in Arrear A/c 22,500
(500 shares forfeited for non-payment of first & final call)

Alternatively
Share Capital A/c Dr. 50,000 1 mark

To Share Forfeiture A/c 27,500
To Share First Call A/c 10,000
To Share Final Call A/c 12,500
(500 shares forfeited for non-payment of first & final call)

Bank A/c Dr. 12,500
Share Forfeiture A/c Dr. 12,500
To Share Capital A/c 25,000 1 mark
(250 share re-issued at ₹50 per share fully paid)

17

Share Forfeiture A/c Dr. 1,250
To Capital Reserve 1,250
1 mark
(Gain on re-issue of forfeited shares transferred to capital
reserve)

Dr Share Forfeiture A/c Cr
Particulars (₹) Particulars (₹)
To Share Capital A/c 12,500 By Share Capital A/c 27,500
To Capital Reserve A/c 1,250 1 mark

To Balance c/d 13,750
=
27,500 27,500
8 marks

OR OR

Q. Karur Ltd. invited................................................ wherever necessary.

Ans. Karur Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Bank A/c Dr. 12,00,000
To Equity Share Application A/c 12,00,000
½ mark
(Application received on 3,00,000 shares)

Equity Share Application A/c Dr. 12,00,000
To Equity Share Capital A/c 4,80,000
To Securities Premium Reserve A/c 4,80,000 1 mark
To Equity Share Allotment A/c 2,40,000
(Application transferred to share capital, securities
premium reserve, share allotment)

Equity Share Allotment A/c Dr. 9,60,000
To Equity Share Capital A/c 9,60,000
½ mark
(Allotment due on 2,40,000 shares)

18

Bank A/c Dr. 7,02,000
Calls in arrears A/c Dr. 18,000
1 mark
To Equity Share Allotment A/c 7,20,000
(Allotment received)

Equity Share First & Final call A/c Dr. 14,40,000
To Equity Share Capital A/c 9,60,000
To Securities Premium Reserve A/c 4,80,000 ½ mark
(First call due on 2,40,000 shares)

Bank A/c Dr. 14,04,000
Calls in arrears A/c Dr. 36,000
To Equity Share First & Final call A/c 14,40,000
1 mark
(First & Final call received)

Share Capital A/c Dr. 60,000
Securities Premium Reserve A/c Dr. 12,000
To Calls in arrears A/c 54,000
To Share Forfeiture A/c 18,000 1 ½ mark

(6,000 shares forfeited for non payment of allotment
and first and final call)
Bank A/c Dr. 26,400
To Equity Share Capital A/c 24,000
1 mark
To Securities Premium Reserve A/c 2,400
(2400 shares reissued for ₹11 per share fully paid)
Share Forfeiture A/c Dr. 7,200
To Capital Reserve A/c 7,200 1 mark

(Gain on reissue of forfeited shares transferred to
=
capital reserve)
8 marks

PART B
OPTION I

19

(Analysis of Financial Statements)
23 - - Q. State any one...................................................... Analysis.

Ans. Limitations of Financial Statements are: (Any one)

(i) It is a Historical Analysis as it analyses what has happened till date. It doesn’t reflect
the future.

(ii) It ignores price level changes as a change in price level makes analysis of financial
statements of different accounting years invalid.
1 mark
(iii) It ignores qualitative aspect as the quality of management, quality of staff etc. are
ignored while carrying out the analysis of financial statements.

(iv) It suffers from the limitations of financial statements as the analysis is based on the
information given in the financial statements.

(v) It is not free from bias of accountants such as method of inventory valuation,
method of depreciation etc.

(vi) It may lead to window dressing i.e. showing a better financial position than what
actually is by manipulating the books of accounts.

(vii) It may be misleading without the knowledge of the changes in accounting procedure
by a firm.

24 - - Q. State the impact of................................... your answer.

Ans. No change ½ mark
+
½ mark
Reason: It results in increase in asset (debtors) and decrease in other asset (bank)with the
=
same amount.
1 mark

25 29 - Q. State whether......................................... Financial leverage.’

Ans. False 1 mark

26 - 27 Q. The total debtors of X Ltd............................ Turnover Ratio’?

1 mark
Ans. ₹9,00,000

27 28 29 Q. Give an example................................ Cash Flow Statement.

20

Ans. Any one of the following:
(i) Payment of dividend
1 mark
(ii) Interest on Long term Borrowings
(iii) Issue of Shares for cash
(iv) Issue of Debenture for cash

(Or any other correct answer)

st
28 27 26
Q. On 1.10.2018, Micro Ltd..................... 31 March 2019.

Ans. Cash flow from Financing Activities
½ mark
(₹) +
Proceeds from issue of debentures 20,00,000 ½ mark
Less: Interest paid (80,000) =
Cash Flow from Financing Activity 19,20,000 1 mark

29 26 28 Q. An investment normally ................................

1 mark

Ans. (B) / Three months or less

30 - - Q. Calculate the............................... following information:

Ans. Total Assets to Debt ratio = Total Assets / Debt………………1/2

Total Assets = Shareholders’ Funds +Total Debt

= ₹7,50,000 + ₹19,50,000
= ₹27,00,000………………………………………………………..1

Debt = Total Debt – Current Liabilities

3 marks

21

= ₹19,50,000 - ₹4,50,000
= ₹15,00,000………………………………………………………..1

Total Assets to Debt ratio = ₹27,00,000/ ₹15,00,000

= 1.8: 1 ………………………………………..1/2

OR
OR

Q. Under which major head.................... Companies Act, 2013?
Ans.

Item Major Head Sub Head
Computer software Non-Current Assets Fixed Assets-Intangible
Assets
Calls in advance Current liabilities Other Current Liabilities
½x6
=
Outstanding salary Current Liabilities Other Current Liabilities

=
Securities premium Shareholders funds Reserves and Surplus 3 marks
reserve

Patents Non-Current Assets Fixed Assets -Intangible
Assets
Interest accrued on Current assets Other current Assets
investment

31 31 31 Q. From the following information.................. Profit and Loss:

Ans.

22

Comparative Statement of Profit & Loss
for the years ending 31 March 2018 & 2019
Particulars 31 March 31 March Absolute Percentage
2018(₹) 2019(₹) Change (₹) Change
½ mark
Revenue from Operations 4,00,000 3,00,000 (1,00,000) (25)

Add Other income 80,000 40,000 (40,000) (50) ½ mark

Total Revenue 4,80,000 3,40,000 (140,000) (29.17) ½ mark

Less Expenses 2,00,000 150,000 (50,000) (25) ½ mark
Profit before Tax 2,80,000 1,90,000 (90,000) (32.14) ½ mark
Less Tax 1,12,000 76,000 (36,000) (32.14)
½ mark
Profit after Tax 1,68,000 1,14,000 (54,000) (32.14) 1 mark
=
4 marks

OR OR

Q. Prepare a common size .................................... following information:
Ans.
Common Size Balance Sheet of L .X .Ltd
Particulars 31 Mar 31 Mar Percentage of Balance
2018 2019 Sheet Total
(₹) (₹) 2018 2019

I. Equity and Liabilities
½ mark
1. Shareholders Funds 10,00,000 20,00,000 50 40
2. Non Current liabilities 5,00,000 20,00,000 25 40 ½ mark

3. Current Liabilities 5,00,000 10,00,000 25 20 ½ mark

Total 20,00,000 50,00,000 100 100 1 mark

II. Assets
½ mark
1. Non Current assets 12,50,000 30,00,000 62.5 60
2. Current assets 7,50,000 20,00,000 37.5 40 ½ mark

Total 20,00,000 50,00,000 100 100 ½ mark
=
4 marks

23

32 32 32 Q. From the following ....................... from investing activities :

Ans. Nova Ltd.
(i) Cash Flow from Investing Activities

Particulars Amount (₹)
Purchase of Machinery (2,50,000) ½x4

Purchase of Goodwill (50,000) =

Sale of Machinery 12,000 2 marks

Sale of land 30,000

Cash used in Investing activities (258,000)

Working notes:

Dr Machinery A/c Cr
Particulars (₹) Particulars (₹)
To Balance b/d 3,00,000 By Bank A/c 12,000
By Accum. Dep. A/c 35,000
To Bank A/c (Bal 2,50,000 By Statement of P & L-
fig) Loss on Sale 3,000 ½ mark

By Balance c/d 5,00,000

5,50,000 5,50,000

Dr. Accumulated Depreciation A/c Cr.
Particulars (₹) Particulars (₹)
To Machinery A/c 35,000 By balance b/d 80,000
By Depreciation / Statement
½ mark
To Balance c/d 1,00,000 of Profit & Loss (Bal Fig) 55,000
=
1,35,000 1,35,000
3 marks

24

Q. (ii) The profit of Jova Ltd. .................... was 2,50,000.
Jova Ltd.
(ii) Cash Flow from Operating Activities
Particulars Amount (₹)
1 mark
Net profit before tax 272,500 for Net profit
before Tax
Adjustment for non cash and non operating items +
Add: Depreciation 20,000 1 mark for
adjustments
Add: Goodwill written off 9,000 of non cash
and non
Add: loss on sale of furniture 2,000 operating
Operating profit before working capital changes 3,03,500 items
+
Add: Decrease in inventory 4,000 1 mark for
working
Less: Decrease in advance income (8,000) (4000) capital
changes
Net cash generated from operating activities 2,99,500 =
3 marks

Working Note:
Calculation of Net Profit before Tax: =
Net Profit 2,50,000 3+3
Add Transfer to general reserve 22,500 =

2,72,500 6 marks

PART B
OPTION 2
Computerised Accounting
23 28 26 Q. When the accumulated data…………..

1 mark
Ans. (D) / Batch processing

24 26 28 Q. Height of a person…………………

1 mark
Ans. Height of a person is a single value attribute whereas academic
qualification can be multi value attribute.

25 - - Q. Name the accounting subsystem…………

1 mark
Ans. (C) / Inventory Subsystem

25

26 27 24 Q. Match the movement of mouse……….

1 mark
Ans. (B) / Up arrow key (é)

27 - 25 Q. A ________ query is used to………..

1 mark
Ans. A summary query is used to extract aggregate of data items for a group of
records rather than a detailed set of records.

28 25 - A ##### error appears when……………

1 mark
Ans. (D) /All of above

29 24 27 Q. The existence of data in the primary………….

1 mark
Ans. (C) / Required and must be unique

30 30 30 Q. Write and explain the formula…………..

Ans. DA = BPE x (Applicable rate of DA for the month)
Where BPE = BP x NOE DP/NODM
Where BP = Basic pay
NOED = Number of effective Days present 3 marks

NODM = Number of Days in a month
Gross Salary = BPE + DA + HRA +TRA
Where HRA = House rent allowance
OR
TRA = Transport allowance

OR

1½
Q. Explain ‘Contra voucher’……….
marks x 2
=
Ans. (i ) Contra Voucher : Used for fund transfer between cash and Bank A/c only. 3 marks

26

If cash is withdrawn form Bank for office or deposited in the bank from office this
voucher will be used.

(ii) Receipt Voucher : All the inflow of money is recorded through
receipt voucher. Such receipts may be towards any
income such an receipts form debtors, Loan/ Advance
taken or refund of loan/advance etc.
31 - - Q. State any four limitations………….

Ans. Limitations of Computerised Accounting system.
1x4
1) Faster obsolescence of technology necessitate investment in shorter period of
=
time. 4 marks
2) Data may be lost or corrupted due to power interruption.
3) Data are prone to hacking.
4) Un-programmed and un-specified reports cannot be generated.
OR

OR
Q. What is meant by data validation……….
Ans. Data validation is a feature to define restrictions on type of data entered into a
cell. It makes the data accurate and consistent. 4 marks

Eg. In a formula box, enter a formula that calculate a logical
value. If the formula calculates TRUE entry it will be
valid otherwise False entry will be in valid etc. if a sum
value comes to be greater than the set limit it will be
invalid.

32 32 32 Q. Name the error which appears………..

Ans. The error is a # REF! Error.
This error occurs when a cell reference is not valid to correct this error following
6 marks
steps should be followed.
(i) Click the cell which displays error and see if it display a show calculation steps.
(ii) Review the possible causes.
• Deleted cell referred in the formula.

27

• Change formula to restore cells or undo.
• Use OLE (object linking + embedding for a program that is not
running.
• Start the program
• Linking to correct DDE
Running macro that enter a function that return # REF !

…………………………………………………………………………………………………………………………….

28

..
67 67 67 Marking Scheme 2019-20
/1 /1 /1
Accountancy (055) Marks
/ /2 /3
Delhi- 67/1/2
1
Expected Answers/ Value Points

- 1 - Q. Why does the Fixed Capital................................... losses year after year ?

Ans. Because the losses are adjusted through Partners’ Current A/c 1

- 2 - Q. Milan, Khilan and Silam...................................... loss on revaluation will be :

Ans. (B) / ₹6,000 1

13 3 11 Q. Name an item which...........................

Ans. Any one of the following-
§ Provision for doubtful debts 1 mark
§ Investment fluctuation fund
§ Accumulated depreciation
(Or any other correct item)

12 4 10 Q. Which of the.......................................

Ans. (C) / It can be used for writing off capital losses 1 mark

- 5 - Q. P and Q were partners......................................... ratio of P and Q.
1 mark
Ans. 3:1

11 6 12 Q. Excess of issue........................................

Ans. Premium 1 mark

29

- 7 - Q. A, B and C were partners................................. account of goodwill was:

Ans. (A) / ₹60,000 1 mark

10 8 9 Q. Rohan, Mohan and Sohan were..................

Ans. (D) / Credited to Bank Account 1 mark

8 9 6 Q. Rahul, Sahil and Jatin.....................................
½ mark
Ans. Sahil’s new Capital = ₹3,60,000 +
Jatin’s new Capital = ₹2,40,000 ½ mark
=
1 mark
6 10 13 Q. Name an item that is never shown................................

Ans. Any one of the following-

1 mark
§ Loss on sale of fixed assets
§ Depreciation
§ Outstanding expenses at the end
§ Prepaid expenses in the beginning of the year
(Or any other correct item)

4 11 4 Q. Diya, Riya and Tiya were partners.......................

Ans. 9/20 1 mark

3 12 8 Q. Mona and Tina were….............

Ans. (B) / Debited to Revaluation Account 1 mark

9 13 3 Q. Sun and Star were..................................

Ans. (B) / ₹2,80,000 1 mark

30

14 14 14 Q. How would the following........................ a sports club?

Ans.
Income & Expenditure A/c of a Sports Club
Dr for the year ended….. Cr
Expenditure Amount Income Amount
(₹) (₹)
To Match expenses 64,000
½ mark

Sports Club
Balance sheet (An extract)
as at….
Liabilities Amount Assets Amount
½x5
(₹) (₹) =
Prize fund 44,000 Prize fund investment 44,000 2½
marks
+ Interest on Prize =
Fund Investment 6,000 ½ + 2½
=
Less Prizes awarded (46,000) 4,000 3 marks

OR
OR
Q. From the following information of a charitable dispensary...........................

Ans.
Dr Stock of Medicines A/c Cr
1 mark for
Particulars Amount Particulars Amount the amount
to be
(₹) (₹)
transferred
To Balance b/d 60,000 By Income and 3,72,500 to Income &
Expenditure
Expenditure A/c- A/c
To Cash A/c 46,500 medicines consumed +
½ mark
each for the
To Creditors A/c 2,76,000 By Balance c/d 10,000 remaining
items.
3,82,500 3,82,500 =3 marks

31

Alternatively:

Calculation of Amount of Medicines Consumed = Opening Stock of Medicines +
Purchases (Cash +Credit) - Closing Stock of Medicines

= ₹60,000+ (₹2,76,000+₹46,500) -₹10,000…1/2 mark each=1/2 x 4= 2 marks

= ₹3,72,500……………..1 mark

17 15 17 Q. Raunit Styles Ltd. was..................... Schedule III of the Companies Act, 2013.

Ans.
Balance Sheet as per Schedule III of Companies Act, 2013
Particulars Note No. Current Previous
year year
(₹) (₹)
I. Equity & Liabilities
1 mark
Shareholders’ Funds
(b) Share Capital 1 40,68,000

Notes to Accounts
Note Particulars Amount (₹)
No.
I. SHARE CAPITAL
Authorized Capital
½ mark
85,000 equity shares of ₹100 each 85,00,000
Issued Capital
45,00,000 ½ mark
45,000 equity share of ₹100 each
Subscribed Capital
Subscribed and Fully paid
38,700 equity share of ₹100 each 38,70,000
40,68,000 2 marks
Add Forfeited shares A/c (3,300x ₹60) 1,98,000
40,68,000 =

32

4 marks

- 16 - Q. Manu, Sonu and Tony were..................................... to his executors.
Ans.
Dr. Manu’s Capital A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Drawings 21,000 By Balance b/d 4,00,000 4 marks
To Manu’s By Sony’s Capital A/c 28,800
Executor’s A/c 4,48,000 By Tony’s Capital A/c 19,200
By Profit & Loss Suspense A/c 13,000
By Interest on Capital A/c 8,000
4,69,000 4,69,000
. Note: If an examinee has raised goodwill, full credit be given

15 17 15 Q. Ram, Mohan and Sohan were……………………….

Ans.
Journal

Date Particulars Dr. Amount Cr. Amount
(₹) (₹)
Ram’s Capital A/c Dr. 180
Sohan’s Capital A/c Dr. 630
1 mark
To Mohan’s Capital A/c 810
(Adjustment entry for interest on drawings
wrongly charged)

+
Working Notes:
Adjustment Table
Particulars Ram Mohan Sohan
(₹) (₹) (₹)
3 marks
Interest on drawings, wrongly 1080 1440 -
debited
=
Loss to be debited (1260) (630) (630)
Net Effect 180 (Dr.) 810 (Cr.) 630 (Dr.) 4 marks

33

(Note: If an examinee has used any other method to calculate the Net effect correctly
full credit be given)

OR
OR

Q. Yadu, Vidu and Radhu were partners in a firm sharing……………..

Ans.
Dr Profit & Loss appropriation A/c for the year ended 31st March, 2019 Cr
Particulars Amount Particulars Amount
(₹) (₹)
To Interest on Capital 1½ By Profit & Loss A/c –Net Profit 2,53,000
Yadu’s current A/c 54,000 b/d ½
Vidu’s current A/c 30,000 By Interest on Drawings 1½
Radhu’s current A/c 24,000 1,08,000 Yadu’s current A/c 3,200
Vidu’s current A/c 2,800
4 marks
To Profit transferred to ½ Radhu’s current A/c 2,000 8,000

Yadu’s current A/c 61,200
Vidu’s current A/c 45,900
Radhu’s current A/c 45,900 153,000

2,61,000 2,61,000

- 18 - Q. Rakesh, Ram and Rohan were.................................... Realisation Account.

Ans

34

Realisation A/c
Dr. Cr
Particulars Amount Particulars Amount
½ mark
(₹) (₹)
each for
To Land & Building 3,50,000 By Sundry Creditors 70,000
transfer of
To Stock 3,00,000 By Provision for doubtful debts 10,000
Assets and
To Debtors 2,00,000 By Mrs Rohan’s Loan A/c 20,000
liabilities,
To Rakesh’s Capital A/c 20,000 By Cash A/c
To Cash A/c (Creditors) 40,000 -Land & Building & for
-Stock 6,00,000 creditors
-Debtors 1,80,000 7,80,000 paid,
By Rohan’s Loan A/c 1,500 Rakesh’s
By Loss on Realisation A/c Capital,
Rakesh’s Capital A/c 14,250 Rohan’s
Ram’s Capital A/c 8,550
Loan and
Rohan’s Capital A/c 5,700 28,500
Loss on
Realisation
9,10,000 9,10,000

1 mark for
the Assets
realised

=
4 marks
st
- 19 -
Q. From the following Receipts............................... 31 March, 2019:

35

Ans. Vista Club 1 mark each
for
Dr. Income & Expenditure A/c for the year ended 31st March 2019 Cr.
Subscription,
Expenditure `Amount Income `Amount
Interest,
(₹) (₹)
Salaries,
To Loss on Sale of Old Furniture 1,200 By Subscriptions
Depreciation.
73,000
+
To Salaries 31,000 + O/s for 2019 2,000 75,000
½ mark each
+ O/s for 2018-19 4,000 35,000
for rest of the
By Entrance Fee 22,000
items
To Electricity Expenses 14,500
=
By Interest on Investment 200
6 marks
To Depreciation on Machine 7,800 +Accrued Interest 400 600
(6,000+ 1,800)

To Excess of Income over
Expenditure-Surplus 39,100

97,600 97.600
20 20 19 Q. (i) Vayee Ltd. purchased......................... books of Vayee Ltd.
Ans.
(i)
Vayee Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Land & Building A/c Dr. 84,00,000
Plant & Machinery A/c Dr. 36,00,000
To E.X. Ltd. 1,10,00,000
To Capital Reserve A/c 10,00,000
(Assets taken over from E.X. Ltd)

E.X. Ltd Dr. 1,10,00,000 1½x2
To Bills Payable A/c 20,00,000 =
To 8% Debentures A/c 75,00,000 3 marks
To Securities Premium Reserve A/c 15,00,000
(Purchase consideration discharged by issuing

36

8%Debentures at a premium)

Alternatively
E.X. Ltd Dr. 20,00,000
To Bills Payable A/c 20,00,000
(Purchase consideration discharged by accepting
Bills Payable)

E.X. Ltd Dr. 90,00,000
To 8% Debentures A/c 75,00,000
To Securities Premium Reserve A/c 15,00,000
(Purchase consideration discharged by issuing
8%Debentures at a premium)

(ii) Zed Ltd. issued............................................ books of Zed Ltd.

Ans. (ii)

Zed Ltd
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Bank A/c Dr. 1,00,00,000
To Debenture Application A/c 1,00,00,000
(Application amount received on 2,00,000, 8% ½ mark

Debentures)

Debenture Application A/c Dr. 1,00,00,000
To 8% Debentures A/c 1,00,00,000
(Amount received on application transferred to ½ mark
Debentures A/c)

37

Debenture Allotment A/c Dr. 88,00,000
Loss on issue of debentures A/c Dr. 32,00,000
To 8% Debentures A/c 1,00,00,000
To Premium on redemption of debentures A/c 20,00,000
(Allotment of 8% debentures at a discount,
redeemable at a premium)
1 mark

Alternatively
Debenture Allotment A/c Dr. 88,00,000
Discount on issue of debentures A/c Dr. 12,00,000
Loss on issue of debentures A/c Dr. 20,00,000
To 8% Debentures A/c 1,00,00,000
To Premium on redemption of debentures A/c 20,00,000
(Allotment of 8% debentures at a discount,
redeemable at a premium)

Bank A/c Dr. 88,00,000
To Debenture Allotment A/c 88,00,000
1 mark
(Amount due on allotment received)
=
3 marks
=
3+3
=
6 marks

OR OR

Q. Mahesh Ltd. had .............................................. interest on debentures.

Ans.

38

Mahesh Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
2018 Surplus i.e. Balance in Statement Profit & Loss A/c Dr. 60,000
Mar 31 To Debenture Redemption Reserve A/c 60,000 2 mark
(Debenture Redemption Reserve created out of profits)

April 1- Debenture Redemption Investment A/c Dr. 1,20,000
30 To Bank 1,20,000
(Debenture Redemption Investments purchased) 1 mark

2019 Bank A/c Dr. 1,20,000
March To Debenture Redemption Investment A/c 1,20,000
1 mark
31 (Debenture Redemption Investments realised)

March 10% Debenture A/c Dr. 8,00,000
31 To Debenture holders’ A/c 8,00,000 1 mark
(Amount payable to Debenture holders on redemption)

March Debenture holders’ A/c Dr. 8,00,000
31 To Bank A/c 8,00,000
(Payment made to Debenture holders)
1 mark

March Debenture Redemption Reserve A/c Dr. 2,00,000 =
31 To General Reserve A/c 2,00,000 6 marks
(Proportionate amount of Debenture Redemption
Reserve transferred to General Reserve)

Note:
 Note: No marks have been allotted for transfer of Debenture Redemption
Reserve to General Reserve

22 21 22 Q. (i) R.P. Ltd. forfeited..............................the books of R.P. Ltd.

Ans.

39

R.P. Ltd.
Journal
(ii)
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Share Capital A/c Dr. 12,000
Securities Premium Reserve A/c Dr. 3,000
To Forfeited Shares/Share Forfeiture A/c 7,500
To Calls in Arrear A/c 7,500
(1500 shares forfeited for non payment of allotment & call
money)
Alternatively 2 marks

Share Capital A/c Dr. 12,000
Securities Premium Reserve A/c Dr. 3,000
To Forfeited Shares/Share Forfeiture A/c 7,500
To Share Allotment A/c 3,000
To Share First Call A/c 4,500
(1500 shares forfeited for non payment of allotment & call
money)
Bank A/c Dr. 8,500
Share Forfeiture A/c Dr. 1,500
1 mark
To Share Capital A/c 10,000
(1000 shares re-issued as fully paid)
Share Forfeiture A/c Dr. 3,500
To Capital Reserve 3,500
(Gain on re-issue of forfeited shares transferred to capital 1 mark

reserve)

(ii) Max Ltd. forfeited.................................... Share Forfeiture Account.

Ans. (ii)

40

In the books of MAX Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Share Capital A/c Dr. 50,000
To Share Forfeiture A/c 27,500
To Calls in Arrear A/c 22,500
(500 shares forfeited for non-payment of first & final call)

Alternatively
Share Capital A/c Dr. 50,000
To Share Forfeiture A/c 27,500 1 mark

To Share First Call A/c 10,000
To Share Final Call A/c 12,500
(500 shares forfeited for non-payment of first & final call)

Bank A/c Dr. 12,500
Share Forfeiture A/c Dr. 12,500
To Share Capital A/c 25,000
1 mark
(250 share re-issued at ₹50 per share fully paid)

Share Forfeiture A/c Dr. 1,250
To Capital Reserve 1,250
1 mark
(Gain on re-issue of forfeited shares transferred to capital
reserve)

Dr Share Forfeiture A/c Cr
Particulars (₹) Particulars (₹)
To Share Capital A/c 12,500 By Share Capital A/c 27,500
1 mark
To Capital Reserve A/c 1,250
To Balance c/d 13,750
=
27,500 27,500
8 marks

41

OR OR

Q. Karur Ltd. invited................................................ wherever necessary.

Ans. Karur Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Bank A/c Dr. 12,00,000
To Equity Share Application A/c 12,00,000
½ mark
(Application received on 3,00,000 shares)

Equity Share Application A/c Dr. 12,00,000
To Equity Share Capital A/c 4,80,000
To Securities Premium Reserve A/c 4,80,000
To Equity Share Allotment A/c 2,40,000 1 mark
(Application transferred to share capital, securities
premium reserve, share allotment)

Equity Share Allotment A/c Dr. 9,60,000
To Equity Share Capital A/c 9,60,000 ½ mark
(Allotment due on 2,40,000 shares)

Bank A/c Dr. 7,02,000
Calls in arrears A/c Dr. 18,000
1 mark
To Equity Share Allotment A/c 7,20,000
(Allotment received)

Equity Share First & Final call A/c Dr. 14,40,000
To Equity Share Capital A/c 9,60,000
To Securities Premium Reserve A/c 4,80,000 ½ mark

(First call due on 2,40,000 shares)

42

Bank A/c Dr. 14,04,000
Calls in arrears A/c Dr. 36,000
To Equity Share First & Final call A/c 14,40,000 1 mark
(First & Final call received)

Share Capital A/c Dr. 60,000
Securities Premium Reserve A/c Dr. 12,000
To Calls in arrears A/c 54,000
1 ½ mark
To Share Forfeiture A/c 18,000
(6,000 shares forfeited for non payment of allotment
and first and final call)
Bank A/c Dr. 26,400
To Equity Share Capital A/c 24,000
To Securities Premium Reserve A/c 2,400 1 mark
(2400 shares reissued for ₹11 per share fully paid)
Share Forfeiture A/c Dr. 7,200
To Capital Reserve A/c 7,200
(Gain on reissue of forfeited shares transferred to 1 mark
capital reserve)

=
8 marks

21 22 21 Q. Badal and Bijli were partners................................. Badal, Bijli and Raina.

Ans.

43

Dr. Revaluation A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Building 15,000 By Loss on Realisation tfd to: 2 marks
To Stock 3,000 Badal’s Current A/c 12,000
To Provision for Bad Debts 2,000 Bijli’s Current A/c 8,000 20,000
20,000 20,000

Dr. Partners Capital Accounts Cr.
Particulars Badal Bijli Raina Particulars Badal Bijli Raina
(₹) (₹) (₹) (₹) (₹) (₹)
To Badal’s By balance 1,50,000 90,000 -
Current A/c 30,000 - - b/d
By Cash A/c 40,000
2 ½ marks

To Bijli’s
Current A/c - 10,000 -

To Balance
c/d 1,20,000 80,000 40,000
1,50,000 90,000 40,000 1,50,000 90,000 40,000

Dr. Partners Current Accounts Cr.
Particulars Badal Bijli Particulars Badal Bijli
(₹) (₹) (₹) (₹)
To Balance b/d - 2,000 By Balance b/d 12,000 -
To Revaluation By Premium for
A/c 12,000 8,000 Goodwill A/c 7,200 4,800
3½
To Balance c/d 51,600 14,400 By Investment
marks
Fluctuation Reserve 14,400 9,600
By Badal’s Capital
A/c 30,000 - =
By Bijli’s Capital 8 marks
A/c - 10,000

63,600 24,400 63,600 24,400

44

OR OR

Q. Prem, Kumar and Aarti were............................. the reconstituted firm.

Ans.

Dr. Revaluation A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Creditors 7000 By Stock 1,000
To Gain on Revaluation By Building 7,000
transferred to: By Investment 1,000
2 marks
Prem’s Capital A/c 1,000
Kumar’s Capital A/c 600
Aarti’s Capital A/c 400
2,000

9,000 9,000

Dr. Partners Capital Accounts Cr.
Particulars Prem Kumar Aarti Particulars Prem Kumar Aarti
(₹) (₹) (₹) (₹) (₹) (₹)
To Kumar’s 8,000 - 4,000 By Balance b/d 30,000 20,000 20,000
Capital A/c
By General Reserve 4,000 2,400 1,600
To Cash A/c - 30,000 -
By Investment
To Bills Fluctuation Reserve 1,000 600 400
Payable A/c - 5,600 -
By Revaluation A/c 1,000 600 400 3 marks
To Balance c/d 48,000 28,400
By Prem’s Capital - 8,000 -
A/c
By Aarti’s Capital - 4,000 -
A/c
By Cash 20,000 - 10,000

56,000 35,600 32,400 56,000 35,600 32,400

45

Balance Sheet of Prem and Aarti as at 31st March 2019

Liabilities Amount Assets Amount
(₹) (₹)
Creditors 17,000 Cash 36,000
Bill Payable 5,600 Stock 6,000
Capitals: Debtor 10,000 3 marks
Prem’s 48,000 Plant & Machinery 15,000 =
Aarti’s 28,400 76,400 Building 32,000 8 marks
99,000 99,000

PART B
OPTION I
Analysis of Financial Statements
- 23 - Q. Which of the following is not ............... Financial Statements :

Ans. (D)/ To judge the variations in the accounting practices of the business followed by 1 mark
different enterprises.

- 24 - Q. What will be the ....................... Debt-Equity Ratio of 2: 1?

Ans. Decrease 1 mark

- 25 - Q. Total amount of Trade Receivables.................. Receivables Turnover Ratio ?

Ans. ₹3,00,000 1 mark

29 26 28 Q. An investment normally ................................

1 mark

46

Ans. (B) / Three months or less

st
28 27 26
Q. On 1.10.2018, Micro Ltd..................... 31 March 2019.

Ans. Cash flow from Financing Activities
(₹) ½ mark
Proceeds from issue of debentures 20,00,000 +
Less: Interest paid (80,000) ½ mark
Cash Flow from Financing Activity 19,20,000 =
1 mark
27 28 29 Q. Give an example................................ Cash Flow Statement.

Ans. Any one of the following:
(i) Payment of dividend
(ii) Interest on Long term Borrowings
(iii) Issue of Shares for cash
1 mark
(iv) Issue of Debenture for cash

(Or any other correct answer)

25 29 - Q. State whether......................................... Financial leverage.’

Ans. False 1 mark

- 30 - Q. Opening inventory is........................... Gross Profit Ratio.

Ans.
Gross profit ratio = Gross profit/ Revenue from operations x 100…….1/2

Average Inventory= (Opening Inventory + Closing Inventory)/2
= (₹60,000 + ₹90,000) / 2
= ₹75,000…………………………………………….1/2

3 marks
Inventory turnover ratio = Cost of revenue from operations / Average Inventory

47

6 = Cost of revenue from operations/ ₹75,000

Cost of revenue from operations = ₹4,50,000…………………………..1

Revenue from operations = Cost of Revenue from Operations + Gross profit
!
= ₹4,50,000 + 33 % of ₹4,50,000
!

= ₹4,50,000 + ₹1,50,000
= ₹6,00,000………………………………….1/2

Gross profit ratio = Gross profit/ Revenue from operations x 100
= ₹1,50,000/ ₹6,00,00 x 100
= 25%………………………………………….1/2

OR
OR

Q. Under which major head....................... Companies Act, 2013?

Ans.
Item Major Head Sub Head
Capital Advances Non-Current Assets Long Term Loans &
Advances
Income Received in Current liabilities Other Current Liabilities
advance
Capital work in progress Non-Current Assets Fixed Assets
½ x6
Motor Vehicle Non-Current Assets Fixed Assets -Tangible
=
Assets
3 marks
Stores & Spare Parts Current Assets Inventories

9% Debentures Non-Current Liabilities Long Term Borrowings

48

31 31 31 Q. From the following information.................. Profit and Loss:
Ans.
Comparative Statement of Profit & Loss
for the years ending 31 March 2018 & 2019
Particulars 31 March 31 March Absolute Percentage
2018(₹) 2019(₹) Change (₹) Change
½ mark
Revenue from Operations 4,00,000 3,00,000 (1,00,000) (25)

Add Other income 80,000 40,000 (40,000) (50) ½ mark

Total Revenue 4,80,000 3,40,000 (140,000) (29.17) ½ mark

Less Expenses 2,00,000 150,000 (50,000) (25) ½ mark
Profit before Tax 2,80,000 1,90,000 (90,000) (32.14) ½ mark
Less Tax 1,12,000 76,000 (36,000) (32.14) ½ mark
Profit after Tax 1,68,000 1,14,000 (54,000) (32.14)
1 mark
=
4 marks

OR OR

Q. Prepare a common size .................................... following information:
Ans.
Common Size Balance Sheet of L .X .Ltd
Particulars 31 Mar 31 Mar Percentage of Balance
2018 2019 Sheet Total
(₹) (₹) 2018 2019

I. Equity and Liabilities
½ mark
1. Shareholders Funds 10,00,000 20,00,000 50 40
2. Non Current liabilities 5,00,000 20,00,000 25 40 ½ mark
3. Current Liabilities 5,00,000 10,00,000 25 20
½ mark

Total 20,00,000 50,00,000 100 100
1 mark
II. Assets
1. Non Current assets 12,50,000 30,00,000 62.5 60 ½ mark
2. Current assets 7,50,000 20,00,000 37.5 40 ½ mark
Total 20,00,000 50,00,000 100 100 ½ mark
=
4 marks
49

32 32 32 Q. From the following ....................... from investing activities :

Ans. Nova Ltd.
(i) Cash Flow from Investing Activities

Particulars Amount (₹)
Purchase of Machinery (2,50,000)
Purchase of Goodwill (50,000) ½x4
Sale of Machinery 12,000 =
Sale of land 30,000 2 marks

Cash used in Investing activities (258,000)

Working notes:

Dr Machinery A/c Cr
Particulars (₹) Particulars (₹)
To Balance b/d 3,00,000 By Bank A/c 12,000
By Accum. Dep. A/c 35,000
To Bank A/c (Bal 2,50,000 By Statement of P & L-
½ mark
fig) Loss on Sale 3,000
By Balance c/d 5,00,000

5,50,000 5,50,000

Dr. Accumulated Depreciation A/c Cr.
Particulars (₹) Particulars (₹)
To Machinery A/c 35,000 By balance b/d 80,000
By Depreciation / Statement ½ mark

To Balance c/d 1,00,000 of Profit & Loss (Bal Fig) 55,000 =

1,35,000 1,35,000 3 marks

50

1 mark
Q. (ii) The profit of Jova Ltd. .................... was 2,50,000. for Net
Jova Ltd. profit
(ii) Cash Flow from Operating Activities before Tax
Particulars Amount (₹) +
Net profit before tax 272,500 1 mark for

Adjustment for non cash and non operating items adjustments

Add: Depreciation 20,000 of non cash

Add: Goodwill written off 9,000 and non

Add: loss on sale of furniture 2,000 operating

Operating profit before working capital changes 3,03,500 items

Add: Decrease in inventory 4,000 +

Less: Decrease in advance income (8,000) (4000) 1 mark for
working
Net cash generated from operating activities 2,99,500
capital
changes
Working Note:
=
Calculation of Net Profit before Tax:
3 marks
Net Profit 2,50,000
=
Add Transfer to general reserve 22,500
3+3
2,72,500
=
6 marks

PART B
OPTION 2
COMPUTERISED ACCOUNTING
- 23 - Q. Name the accounting……………..

Ans. (b) / Cash and Bank Subsystem. 1 mark

29 24 27 Q. The existence of data in the primary………….

1 mark
Ans. (C) / Required and must be unique

51

28 25 - A ##### error appears when……………

1 mark
Ans. (D) /All of above

24 26 28 Q. Height of a person…………………

Ans. Height of a person is a single value attribute whereas academic 1 mark
qualification can be multi value attribute.

26 27 24 Q. Match the movement of mouse……….

Ans. (B) / Up arrow key (é) 1 mark

23 28 26 Q. When the accumulated data…………..

Ans. (D) / Batch processing 1 mark

- 29 - Q. Name the language…………….

Ans. (b) / Structured Query Language 1 mark

30 30 30 Q. Write and explain the formula…………..

Ans. DA = BPE x (Applicable rate of DA for the month)
Where BPE = BP x NOE DP/NODM
Where BP = Basic pay
NOED = Number of effective Days present
NODM = Number of Days in a month 3 marks
Gross Salary = BPE + DA + HRA +TRA
Where HRA = House rent allowance
TRA = Transport allowance

OR OR

52

Q. Explain ‘Contra voucher’……….

Ans. (i ) Contra Voucher : Used for fund transfer between cash and Bank A/c only.
If cash is withdrawn form Bank for office or deposited in the bank from office this 1½x2
voucher will be used. =
3 marks
(ii) Receipt Voucher : All the inflow of money is recorded through receipt
voucher. Such receipts may be towards any income such an receipts form debtors,
Loan/ Advance taken or refund of loan/advance etc.

- 31 - Q. Explain any four advantages……………

Ans. Advantages of DBMS : Any four with suitable explanations

1) Ready availability from one central source.
1x4
2) Minimum data redundancy. =
4 marks
3) Reduced Programming efforts.

4) Facility of preparation of special purpose report.

5) Greater consistency.

6) One transaction input updates multiple data base records leads to minimum
input efforts

OR OR

Q. Explain modules………………..

Ans.

53

Modules: These are foundations of any application and allow the designer to create
a set of programming instructions called functions or sub-routines that can be used 4 marks
throughout the application.

Pages: This object class is meant to create Date Access pages, which can be posted
on a website of an organization using intent or sent via e-mail to someone of the
organisation’s network.

Reports: This object class is used to create various reports, sources of information
content of which is based on tables, queries or both.

Queries: This is meant to create the SQL compatible query statement with or
without the help of Graphic User Interface.

32 32 32 Q. Name the error which appears………..

Ans. The error is a # REF! Error.
This error occurs when a cell reference is not valid to correct this error following
6 marks
steps should be followed.
(i) Click the cell which displays error and see if it display a show calculation steps.
(ii) Review the possible causes.
• Deleted cell referred in the formula.
• Change formula to restore cells or undo.
• Use OLE (object linking + embedding for a program that is not
running.
• Start the program
• Linking to correct DDE
Running macro that enter a function that return # REF !
…………………………………………………………………………………………………………………………….

54

Marking Scheme 2019-20
67 67 67 Accountancy (055) MARKS
/1 /1 /1 Delhi- 67/1/3
/1 /2 /3
Expected Answers/ Value Points

- - 1 Q. Give the meaning of ....................................................... partnership.

Ans. The liability of partnership is unlimited jointly and severally.

1 mark
- - 2 Q. Red, Blue and White....................................................

Ans. (B)/ `4500, `9,000, `9,000 1 mark

9 13 3 Q. Sun and Star were..................................

Ans. (B) / ₹2,80,000 1 mark

4 11 4 Q. Diya, Riya and Tiya were partners.......................

Ans. 9/20 1 mark

- - 5 Q. A and B were partners............................................sacrificing ratio of A and B.

Ans. 3:2 1 mark

8 9 6 Q. Rahul, Sahil and Jatin.....................................

½ mark
Ans. Sahil’s new Capital = ₹3,60,000 +
Jatin’s new Capital = ₹2,40,000 ½ mark
=
1 mark
- - 7 Q. Piyush, Karan and Aarush................................ goodwill was :

Ans. (C) / ` 90,000 1 mark

55

3 12 8 Q. Mona and Tina were….............

Ans. (B) / Debited to Revaluation Account 1 mark

10 8 9 Q. Rohan, Mohan and Sohan were..................

Ans. (D) / Credited to Bank Account 1 mark

12 4 10 Q. Which of the.......................................

Ans. (C) / It can be used for writing off capital losses 1 mark

13 3 11 Q. Name an item which...........................

Ans. Any one of the following-
§ Provision for doubtful debts 1 mark
§ Investment fluctuation fund
§ Accumulated depreciation
(Or any other correct item)

11 6 12 Q. Excess of issue........................................

Ans. Premium 1 mark

6 10 13 Q. Name an item that is never shown................................

Ans. Any one of the following-

1 mark
§ Loss on sale of fixed assets
§ Depreciation
§ Outstanding expenses at the end
§ Prepaid expenses in the beginning of the year
(Or any other correct item)

14 14 14 Q. How would the following........................ a sports club?
56

Ans.
Income & Expenditure A/c of a Sports Club
Dr for the year ended….. Cr
Expenditure Amount Income Amount
(₹) (₹)
To Match expenses 64,000 ½ mark

Sports Club
Balance sheet (An extract)
as at….
½x5
Liabilities Amount Assets Amount
=
(₹) (₹)
2½
Prize fund 44,000 Prize fund investment 44,000
marks
+ Interest on Prize
=
Fund Investment 6,000
½ + 2½
Less Prizes awarded (46,000) 4,000
=
3 marks

OR
OR

Q. From the following information of a charitable dispensary...........................

1 mark for
Ans.
the amount
Dr Stock of Medicines A/c Cr
to be
Particulars Amount Particulars Amount transferred
(₹) (₹) to Income &
To Balance b/d 60,000 By Income and 3,72,500 Expenditure
Expenditure A/c- A/c
To Cash A/c 46,500 medicines consumed +
½ mark
To Creditors A/c 2,76,000 By Balance c/d 10,000 each for the
3,82,500 3,82,500 remaining
items.
=3 marks
57

Alternatively:

Calculation of Amount of Medicines Consumed = Opening Stock of Medicines +
Purchases (Cash +Credit) - Closing Stock of Medicines

= ₹60,000+ (₹2,76,000+₹46,500) -₹10,000…1/2 mark each=1/2 x 4= 2 marks

= ₹3,72,500……………..1 mark

15 17 15 Q. Ram, Mohan and Sohan were……………………….

Ans.
Journal

Date Particulars Dr. Amount Cr. Amount
(₹) (₹)
Ram’s Capital A/c Dr. 180
Sohan’s Capital A/c Dr. 630
1 mark
To Mohan’s Capital A/c 810
(Adjustment entry for interest on drawings
wrongly charged)

+
Working Notes:
Adjustment Table
Particulars Ram Mohan Sohan
(₹) (₹) (₹)
3 marks
Interest on drawings, wrongly 1080 1440 -
debited
=
Loss to be debited (1260) (630) (630)
Net Effect 180 (Dr.) 810 (Cr.) 630 (Dr.) 4 marks

(Note: If an examinee has used any other method to calculate the Net effect correctly
full credit be given)

OR
OR

58

Q. Yadu, Vidu and Radhu were partners in a firm sharing……………..

Ans.
Dr Profit & Loss appropriation A/c for the year ended 31st March, 2019 Cr
Particulars Amount Particulars Amount
(₹) (₹)
To Interest on Capital 1½ By Profit & Loss A/c –Net Profit 2,53,000
Yadu’s current A/c 54,000 b/d ½
Vidu’s current A/c 30,000 By Interest on Drawings 1½
Radhu’s current A/c 24,000 1,08,000 Yadu’s current A/c 3,200
Vidu’s current A/c 2,800 4 marks
To Profit transferred to ½ Radhu’s current A/c 2,000 8,000

Yadu’s current A/c 61,200
Vidu’s current A/c 45,900
Radhu’s current A/c 45,900 153,000

2,61,000 2,61,000

- - 16 Q. Aif, Tee and Bee........................................................... date of death.

Ans.
Dr. Tee’s Capital A/c Cr.
Particulars Amount Particulars Amount 1 mark for
(`) (`) each item
To Tee’s By Balance b/d 8,00,000 except for
Executor’s A/c 8,40,000 By Aif’s Capital A/c 27,000 opening
By Bee’s Capital A/c 9,000 balance
By Profit & Loss Suspense A/c 4,000 =
1x4
8,40,000 8,40,000 =
Note: If an examinee has raised goodwill, full credit be given 4 marks

59

17 15 17 Q. Raunit Styles Ltd. was..................... Schedule III of the Companies Act, 2013.

Ans.
Balance Sheet as per Schedule III of Companies Act, 2013
Particulars Note No. Current Previous
year year
(₹) (₹)
I. Equity & Liabilities
1 mark
Shareholders’ Funds
(c) Share Capital 1 40,68,000

Notes to Accounts
Note Particulars Amount (₹)
No.
I. SHARE CAPITAL
Authorized Capital
½ mark
85,000 equity shares of ₹100 each 85,00,000

Issued Capital
45,00,000 ½ mark
45,000 equity share of ₹100 each
Subscribed Capital
Subscribed and Fully paid
38,700 equity share of ₹100 each 38,70,000
40,68,000 2 marks
Add Forfeited shares A/c (3,300x ₹60) 1,98,000
40,68,000 =
4 marks

- - 18 Q. Mona and Sona were............................................. Realisation Account.

60

½ mark
Ans. each for
Realisation A/c transfer of
Dr Cr Assets and
Particulars Amount Particulars Amount liabilities ,
(`) (`) for
To Land & Building 6,00,000 By Sundry Creditors 2,10,000 creditors
To Stock 2,00,000 By Provision for Bad debts 10,000 and
To Debtors 3,10,000 By Employees Provident
employees
To Bank A/c (Creditors) 1,05,000 Fund 2,00,000
provident
To Bank A/c (Employees By Bank
fund paid,
Provident Fund) 2,00,000 -Land & Building 7,00,000
Sona’s
To Sona’s Capital A/c 20,000 -Stock 90,000
To Profit transferred to: -Debtors 2,48,000 10,38,000
Capital and

Mona’s Capital A/c 9,200 profit on
Sona’s Capital A/c 13,800 23,000 Realisation

1 mark for
14,58,000 14,58,000 the Assets
realised
=
4 marks
20 20 19 Q. (i) Vayee Ltd. purchased......................... books of Vayee Ltd.
Ans.
(i)
Vayee Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Land & Building A/c Dr. 84,00,000
Plant & Machinery A/c Dr. 36,00,000
To E.X. Ltd. 1,10,00,000
To Capital Reserve A/c 10,00,000
(Assets taken over from E.X. Ltd)

61

1½x2
E.X. Ltd Dr. 1,10,00,000 =
To Bills Payable A/c 20,00,000 3 marks
To 8% Debentures A/c 75,00,000
To Securities Premium Reserve A/c 15,00,000
(Purchase consideration discharged by issuing
8%Debentures at a premium)

Alternatively
E.X. Ltd Dr. 20,00,000
To Bills Payable A/c 20,00,000
(Purchase consideration discharged by accepting
Bills Payable)

E.X. Ltd Dr. 90,00,000
To 8% Debentures A/c 75,00,000
To Securities Premium Reserve A/c 15,00,000
(Purchase consideration discharged by issuing
8%Debentures at a premium)

(ii) Zed Ltd. issued............................................ books of Zed Ltd.

Ans. (ii) Zed Ltd
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Bank A/c Dr. 1,00,00,000
To Debenture Application A/c 1,00,00,000
(Application amount received on 2,00,000, 8% ½ mark
Debentures)

62

Debenture Application A/c Dr. 1,00,00,000
To 8% Debentures A/c 1,00,00,000
(Amount received on application transferred to ½ mark
Debentures A/c)

Debenture Allotment A/c Dr. 88,00,000
Loss on issue of debentures A/c Dr. 32,00,000
To 8% Debentures A/c 1,00,00,000
To Premium on redemption of debentures A/c 20,00,000
(Allotment of 8% debentures at a discount,
redeemable at a premium)
1 mark

Alternatively
Debenture Allotment A/c Dr. 88,00,000
Discount on issue of debentures A/c Dr. 12,00,000
Loss on issue of debentures A/c Dr. 20,00,000
To 8% Debentures A/c 1,00,00,000
To Premium on redemption of debentures A/c 20,00,000
(Allotment of 8% debentures at a discount,
redeemable at a premium)

Bank A/c Dr. 88,00,000
To Debenture Allotment A/c 88,00,000 1 mark

(Amount due on allotment received) =
3 marks
=
3+3
=
6 marks

OR
OR

Q. Mahesh Ltd. had .............................................. interest on debentures.

63

Ans. Mahesh Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
2018 Surplus i.e. Balance in Statement Profit & Loss A/c Dr. 60,000
Mar 31 To Debenture Redemption Reserve A/c 60,000 2 mark
(Debenture Redemption Reserve created out of profits)

April 1- Debenture Redemption Investment A/c Dr. 1,20,000
30 To Bank 1,20,000
(Debenture Redemption Investments purchased)
1 mark

2019 Bank A/c Dr. 1,20,000
March To Debenture Redemption Investment A/c 1,20,000 1 mark
31 (Debenture Redemption Investments realised)

March 10% Debenture A/c Dr. 8,00,000
31 To Debenture holders’ A/c 8,00,000 1 mark
(Amount payable to Debenture holders on redemption)

March Debenture holders’ A/c Dr. 8,00,000
31 To Bank A/c 8,00,000
1 mark
(Payment made to Debenture holders)

March Debenture Redemption Reserve A/c Dr. 2,00,000 =
31 To General Reserve A/c 2,00,000 6 marks
(Proportionate amount of Debenture Redemption
Reserve transferred to General Reserve)

Note:
 Note: No marks have been allotted for transfer of Debenture Redemption
Reserve to General Reserve

st
- - 20
Q. From the following Receipts...................................... 31 March, 2019.

64

Ans.

Samara Club
Dr. Income & Expenditure A/c for the year ended 31st March 2019 Cr.
Expenditure Amount Income Amount
1 mark
(`) (`)
each
To Rent 29,000 By Subscriptions for Rent,
-Prepaid Rent at the end 4,000 25,000 52,000 Depreciation,
+ O/s for 2019 8,000 60,000 Subscription,
To Honorarium 4,000 Interest.
By Interest on Investment
To Depreciation on Machinery 9,333 4,000 ½ mark each
for remaining
(`8,000+ `1,333) +Accrued Interest 1,000 5,000
items
To Excess of Income over Expenditure- 52,267
Surplus By Government Grants 25,000

By Profit on Sale of old 600
Furniture

90,600 90,600

.
21 22 21 Q. Badal and Bijli were partners................................. Badal, Bijli and Raina.

Ans.

Dr. Revaluation A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Building 15,000 By Loss on Realisation tfd to: 2 marks
To Stock 3,000 Badal’s Current A/c 12,000
To Provision for Bad Debts 2,000 Bijli’s Current A/c 8,000 20,000
20,000 20,000

65

Dr. Partners Capital Accounts Cr.
Particulars Badal Bijli Raina Particulars Badal Bijli Raina
(₹) (₹) (₹) (₹) (₹) (₹)
To Badal’s By balance 1,50,000 90,000 -
Current A/c 30,000 - - b/d
By Cash A/c - - 40,000
To Bijli’s
Current A/c - 10,000 2 ½ marks

To Balance
c/d 1,20,000 80,000 40,000
1,50,000 90,000 40,000 1,50,000 90,000 40,000

Dr. Partners Current Accounts Cr.
Particulars Badal Bijli Particulars Badal Bijli
(₹) (₹) (₹) (₹)
To Balance b/d - 2,000 By Balance b/d 12,000 -
To Revaluation By Premium for
A/c 12,000 8,000 Goodwill A/c 7,200 4,800
To Balance c/d 51,600 14,400 By Investment
Fluctuation Reserve 14,400 9,600
By Badal’s Capital 3½
A/c 30,000 marks
By Bijli’s Capital
A/c - 10,000
=
8 marks
63,600 24,400 63,600 24,400

Note : No marks are to be deducted for cumulative effect of an error

OR
OR

Q. Prem, Kumar and Aarti were............................. the reconstituted firm.

Ans.

66

Dr. Revaluation A/c Cr.
Particulars Amount Particulars Amount
(₹) (₹)
To Creditors 7000 By Stock 1,000
To Gain on Revaluation By Building 7,000
transferred to: By Investment 1,000
Prem’s Capital A/c 1,000
Kumar’s Capital A/c 600
2 marks
Aarti’s Capital A/c 400
2,000

9,000 9,000

Dr. Partners Capital Accounts Cr.
Particulars Prem Kumar Aarti Particulars Prem Kumar Aarti
(₹) (₹) (₹) (₹) (₹) (₹)
To Kumar’s 8,000 4,000 By Balance b/d 30,000 20,000 20,000
Capital A/c
By General Reserve 4,000 2,400 1,600
To Cash A/c - 30,000 -
By Investment
To Bills Fluctuation Reserve 1,000 600 400
Payable A/c - 5,600 -
By Revaluation A/c 1,000 600 400
To Balance c/d 48,000 28,400 3 marks
By Prem’s Capital - 8,000 -
A/c
By Aarti’s Capital - 4,000 -
A/c
By Cash 20,000 10,000

56,000 35,600 32,400 56,000 35,600 32,400

67

Balance Sheet of Prem and Aarti as at 31st March 2019

Liabilities Amount Assets Amount
(₹) (₹)
Creditors 17,000 Cash 36,000
Bill Payable 5,600 Stock 6,000
Capitals: Debtor 10,000
Prem’s 48,000 76,400 Plant & Machinery 15,000
3 marks
Aarti’s 28,400 Building 32,000
=
99,000 99,000 8 marks
Note : No marks are to be deducted for cumulative effect of an error

22 21 22 Q. (i) R.P. Ltd. forfeited..............................the books of R.P. Ltd.

Ans. R.P. Ltd.
Journal
(iii)
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Share Capital A/c Dr. 12,000
Securities Premium Reserve A/c Dr. 3,000
To Forfeited Shares/Share Forfeiture A/c 7,500
To Calls in Arrear A/c 7,500
(1500 shares forfeited for non payment of allotment & call
money)
Alternatively 2 marks

Share Capital A/c Dr. 12,000
Securities Premium Reserve A/c Dr. 3,000
To Forfeited Shares/Share Forfeiture A/c 7,500
To Share Allotment A/c 3,000
To Share First Call A/c 4,500
(1500 shares forfeited for non payment of allotment & call
money)

68

Bank A/c Dr. 8,500
Share Forfeiture A/c Dr. 1,500 1 mark
To Share Capital A/c 10,000
(1000 shares re-issued as fully paid)
Share Forfeiture A/c Dr. 3,500
To Capital Reserve 3,500
1 mark
(Gain on re-issue of forfeited shares transferred to capital
reserve)

(ii) Max Ltd. forfeited.................................... Share Forfeiture Account.
Ans. (ii)

In the books of MAX Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Share Capital A/c Dr. 50,000
To Share Forfeiture A/c 27,500
To Calls in Arrear A/c 22,500
(500 shares forfeited for non-payment of first & final call)

Alternatively
1 mark
Share Capital A/c Dr. 50,000
To Share Forfeiture A/c 27,500
To Share First Call A/c 10,000
To Share Final Call A/c 12,500
(500 shares forfeited for non-payment of first & final call)

Bank A/c Dr. 12,500
Share Forfeiture A/c Dr. 12,500
To Share Capital A/c 25,000 1 mark
(250 share re-issued at ₹50 per share fully paid)

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Share Forfeiture A/c Dr. 1,250
To Capital Reserve 1,250
(Gain on re-issue of forfeited shares transferred to capital 1 mark
reserve)

Dr Share Forfeiture A/c Cr
Particulars (₹) Particulars (₹)
To Share Capital A/c 12,500 By Share Capital A/c 27,500
To Capital Reserve A/c 1,250
1 mark
To Balance c/d 13,750
27,500 27,500
=
8 marks

OR OR

Q. Karur Ltd. invited................................................ wherever necessary.

Ans. Karur Ltd.
Journal
Date Particulars Dr. Cr.
Amount Amount
(₹) (₹)
Bank A/c Dr. 12,00,000
To Equity Share Application A/c 12,00,000
(Application received on 3,00,000 shares) ½ mark

Equity Share Application A/c Dr. 12,00,000
To Equity Share Capital A/c 4,80,000
To Securities Premium Reserve A/c 4,80,000
To Equity Share Allotment A/c 2,40,000 1 mark
(Application transferred to share capital, securities
premium reserve, share allotment)

Equity Share Allotment A/c Dr. 9,60,000
To Equity Share Capital A/c 9,60,000
½ mark
(Allotment due on 2,40,000 shares)

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Bank A/c Dr. 7,02,000
Calls in arrears A/c Dr. 18,000
To Equity Share Allotment A/c 7,20,000 1 mark
(Allotment received)

Equity Share First & Final call A/c Dr. 14,40,000
To Equity Share Capital A/c 9,60,000
½ mark
To Securities Premium Reserve A/c 4,80,000
(First call due on 2,40,000 shares)

Bank A/c Dr. 14,04,000
Calls in arrears A/c Dr. 36,000
To Equity Share First & Final call A/c 14,40,000 1 mark

(First & Final call received)

Share Capital A/c Dr. 60,000
Securities Premium Reserve A/c Dr. 12,000
To Calls in arrears A/c 54,000 1 ½ mark
To Share Forfeiture A/c 18,000
(6,000 shares forfeited for non payment of allotment
and first and final call)
Bank A/c Dr. 26,400
To Equity Share Capital A/c 24,000
1 mark
To Securities Premium Reserve A/c 2,400
(2400 shares reissued for ₹11 per share fully paid)
Share Forfeiture A/c Dr. 7,200
To Capital Reserve A/c 7,200
1 mark
(Gain on reissue of forfeited shares transferred to
capital reserve)
=
8 marks

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PART B
OPTION I
(Analysis of Financial Statements)
- - 23 Q. What is meant by ‘Analysis of Financial Statements’?

Ans. Analysis of Financial Statement is a systematic process of analyzing the financial
information in the financial statements to understand and take relevant economic decision. 1 mark
(or any other correct meaning)

- - 24 Q. State the impact of .................................................your answer.
½ mark
Ans. No Change +
Reason- As neither the long term debts nor the total Shareholder’s Funds are affected ½ mark
since it is a conversion of reserve into equity. =
1 mark
- - 25 Q. State whether......................................... quick assets.’

Ans. False.

1 mark

st
28 27 26
Q. On 1.10.2018, Micro Ltd..................... 31 March 2019.

Ans. Cash flow from Financing Activities
(₹) ½ mark
Proceeds from issue of debentures 20,00,000 +
Less: Interest paid (80,000) ½ mark
Cash Flow from Financing Activity 19,20,000 =
1 mark
26 - 27 Q. The total debtors of X Ltd............................ Turnover Ratio’?

Ans. ₹9,00,000 1 mark

29 26 28 Q. An investment normally ................................

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1 mark
Ans. (B) / Three months or less

27 28 29 Q. Give an example................................ Cash Flow Statement.

Ans. Any one of the following:
(i) Payment of dividend
(ii) Interest on Long term Borrowings
(iii) Issue of Shares for cash
1 mark
(iv) Issue of Debenture for cash

(Or any other correct answer)

- - 30 Q. In a company, rate of.............................................. Ratio.

Ans.
Working Capital turnover Ratio = Revenue from operations/ working Capital….1/2

Cost of Revenue of operations = `4,00,000/ 20 x 100
= ` 20,00,000…………………………….….......1
3 marks

Revenue from operations = Cost of Revenue from Operations + Gross Profit
= `20,00,000 + ` 4,00,000 = `24,00,000….1/2

Working Capital = Current Assets- Current Liabilities
= ` 12,00,000 – `6,00,000 = ` 6,00,000………...1/2

Working Capital turnover Ratio = `24,00,000/ `6,00,000 = 4 times……………..1/2

OR

OR
Q. Under which major headings...................... Companies Act, 2013?

73

Ans.
Item Major Head Sub Head ½x6
Trade Payable Current Liabilities Trade Payables =

Provision For Tax Current Liabilities Short-Term Provisions 3 marks

Bank overdraft Current Liabilities Short-Term Borrowings
Goodwill Non- Current Assets Fixed Assets -Intangible
Assets

Unclaimed Dividend Current Liabilities Other Current Liabilities

Loose Tools Current Assets Inventories

31 31 31 Q. From the following information.................. Profit and Loss:
Ans.

Comparative Statement of Profit & Loss
for the years ending 31 March 2018 & 2019
Particulars 31 March 31 March Absolute Percentage
2018(₹) 2019(₹) Change (₹) Change

Revenue from Operations 4,00,000 3,00,000 (1,00,000) (25) ½ mark

½ mark
Add Other income 80,000 40,000 (40,000) (50)

Total Revenue 4,80,000 3,40,000 (140,000) (29.17) ½ mark

Less Expenses 2,00,000 150,000 (50,000) (25) ½ mark
Profit before Tax 2,80,000 1,90,000 (90,000) (32.14)
½ mark
Less Tax 1,12,000 76,000 (36,000) (32.14) ½ mark
Profit after Tax 1,68,000 1,14,000 (54,000) (32.14)
1 mark
=
4 marks

OR OR

Q. Prepare a common size .................................... following information:

74

Ans.
Common Size Balance Sheet of L .X .Ltd
Particulars 31 Mar 31 Mar Percentage of Balance
2018 2019 Sheet Total
(₹) (₹) 2018 2019

I. Equity and Liabilities
½ mark
1. Shareholders Funds 10,00,000 20,00,000 50 40
2. Non Current liabilities 5,00,000 20,00,000 25 40 ½ mark
½ mark
3. Current Liabilities 5,00,000 10,00,000 25 20

Total 20,00,000 50,00,000 100 100 1 mark

II. Assets
1. Non Current assets 12,50,000 30,00,000 62.5 60 ½ mark
½ mark
2. Current assets 7,50,000 20,00,000 37.5 40
Total 20,00,000 50,00,000 100 100 ½ mark
=
4 marks

32 32 32 Q. From the following ....................... from investing activities :

Ans. Nova Ltd.
(i) Cash Flow from Investing Activities

Particulars Amount (₹)
Purchase of Machinery (2,50,000)
Purchase of Goodwill (50,000) ½x4
Sale of Machinery 12,000 =
Sale of land 30,000 2 marks

Cash used in Investing activities (258,000)

Working notes:

75

Dr Machinery A/c Cr
Particulars (₹) Particulars (₹)
To Balance b/d 3,00,000 By Bank A/c 12,000
By Accum. Dep. A/c 35,000
To Bank A/c (Bal 2,50,000 By Statement of P & L- ½ mark
fig) Loss on Sale 3,000
By Balance c/d 5,00,000

5,50,000 5,50,000

Dr. Accumulated Depreciation A/c Cr.
Particulars (₹) Particulars (₹)
To Machinery A/c 35,000 By balance b/d 80,000
½ mark
By Depreciation / Statement
=
To Balance c/d 1,00,000 of Profit & Loss (Bal Fig) 55,000
3 marks
1,35,000 1,35,000

Q. (ii) The profit of Jova Ltd. .................... was 2,50,000.
Jova Ltd.
(ii) Cash Flow from Operating Activities
1 mark
Particulars Amount (₹) for Net
Net profit before tax 272,500 profit
before Tax
Adjustment for non cash and non operating items +
Add: Depreciation 20,000 1 mark for
adjustments
Add: Goodwill written off 9,000 of non cash
Add: loss on sale of furniture 2,000 and non
operating
Operating profit before working capital changes 3,03,500 items
Add: Decrease in inventory 4,000 +
1 mark for
Less: Decrease in advance income (8,000) (4000) working
capital
Net cash generated from operating activities 2,99,500
changes
=
Working Note: 3 marks
=

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3+3
=
Calculation of Net Profit before Tax: 6 marks
Net Profit 2,50,000
Add Transfer to general reserve 22,500
2,72,500
PART B
OPTION 2
COMPUTERISED ACCOUNTING
- - 23 Q. Name the accounting………….

Ans. (d) / Sales and Accounts Receivable subsystem 1 mark

26 27 24 Q. Match the movement of mouse……….

Ans. (B) / Up arrow key (é) 1 mark

27 - 25 Q. A ________ query is used to………..

Ans. A summary query is used to extract aggregate of data items for a group of 1 mark
records rather than a detailed set of records.

23 28 26 Q. When the accumulated data…………..

Ans. (D) / Batch processing 1 mark

29 24 27 Q. The existence of data in the primary………….

1 mark
Ans. (C) / Required and must be unique

24 26 28 Q. Height of a person…………………

Ans. Height of a person is a single value attribute whereas academic 1 mark
qualification can be multi value attribute.

77

- - 29 Q. To expect a well…………….. 1 mark

Ans. (c) / Report

30 30 30 Q. Write and explain the formula…………..

Ans. DA = BPE x (Applicable rate of DA for the month)
Where BPE = BP x NOE DP/NODM
Where BP = Basic pay
NOED = Number of effective Days present
3 marks
NODM = Number of Days in a month
Gross Salary = BPE + DA + HRA +TRA
Where HRA = House rent allowance
TRA = Transport allowance OR

OR

Q. Explain ‘Contra voucher’……….
1½
marks x 2
Ans. (i ) Contra Voucher : Used for fund transfer between cash and Bank A/c only. If cash =
is withdrawn form Bank for office or deposited in the bank from office this voucher will 3 marks

be used.

(ii) Receipt Voucher : All the inflow of money is recorded through receipt voucher. Such
receipts may be towards any income such an receipts form debtors, Loan/ Advance taken
or refund of loan/advance etc.
- - 31 Q. Explain what type of information……

4 marks
Ans. A salary bill should provide:
• Payroll related data- Such as employee name, attendance, Basic pay, applicable
dearness allowance and other allowances and deductions to be made.
• Periodic payroll compilations- These include calculations of various earnings and
deductions which are derived from basic values as per formula.
• Preparation of salary statement & employee salary slip.
• Generation of advice to bank which contains salary to be transferred to individual
OR
employees bank account.
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OR

Q. Enumerate different elements of a chart……………

Ans.
Elements of a chart/Graph.
4 marks
(a) The chart area.
(b) The plot area.
(c) The data points.
(d) The horizontal and vertical axis.
(e) The legend.
(f) A chart and axes title.
(g) A data label.

32 32 32 Q. Name the error which appears………..

Ans. The error is a # REF! Error.
This error occurs when a cell reference is not valid to correct this error following steps
6 marks
should be followed.
(i) Click the cell which displays error and see if it display a show calculation steps.
(ii) Review the possible causes.
• Deleted cell referred in the formula.
• Change formula to restore cells or undo.
• Use OLE (object linking + embedding for a program that is not running.
• Start the program
• Linking to correct DDE
Running macro that enter a function that return # REF !

79