Goa Board Class 12 Sample Paper 2024 Accountancy

Sample Paper
&
Question Paper Pattern
2023
2024

GOA BOARD

GOA BOARD: CLASS 12 ACCOUNTANCY
SYLLABUS FOR THE ACADEMIC YEAR 2023-2024.

Contents
Part A PARTNERSHIP ACCOUNTS ........................................................................................................2
Unit 1: Accounting for Partnership: Basic Concepts ................................................................................ 2
Unit 2: Reconstitution of Partnership ...................................................................................................... 2
Unit 3: Dissolution of Partnership Firm ................................................................................................... 2
Part B ACCOUNTING FOR COMPANIES ................................................................................................3
Unit 1. Accounting for shares .................................................................................................................. 3
Unit 2. Issue of Debentures..................................................................................................................... 3
Unit 3. Financial Statements of a Company ........................................................................................... 3
Unit 4: Analysis of Financial Statements ................................................................................................. 3
Unit 5: Accounting Ratios ........................................................................................................................ 3
Unit 6: Cash Flow Statement ................................................................................................................... 4
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: ...................................................................................7
7. Number of main questions: There will be 29 main questions. ..........................................................7
DESIGN OF THE BOARD EXAMINATION QUESTION PAPER — 2023-24 ..................................................8
DESIGN OF QUESTION PAPERS FOR FORMATIVE TEST I, II & INNOVATIVE TEST III (2023-24) .................9
FORMATIVE TEST I .................................................................................................................................. 9
FORMATIVE TEST II ............................................................................................................................... 10
FORMATIVE INNOVATIVE TEST III ......................................................................................................... 11
FORMAT OF THE STATEMENT OF PROFIT & LOSS .............................................................................. 12

FORMAT OF THE BALANCE SHEET OF A COMPANY ............................................................................ 13
FORMAT OF CASH FLOW STATEMENT ............................................................................................... 14

MODEL QUESTION PAPERS ............................................................................................................... 16
FORMATIVE TEST I ................................................................................................................................ 16
FORMATIVE TEST II ............................................................................................................................... 21
GOA BOARD EXAMINATION 2023-2024 ................................................................................................ 25

GOA BOARD: CLASS 12 ACCOUNTANCY
SYLLABUS FOR THE ACADEMIC YEAR 2023-2024.
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).

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DESIGN OF QUESTION PAPER FOR GOA
BOARD EXAMINATION (2023-24)
CLASS: -XII Com (General Stream) TIME: - 2 ½ Hours each
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 of a 14
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 of 14
Profit & Loss and Balance sheet

7 Analysis of Financial Statements – Ratio Analysis, 10
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 of Total Marks
No. each question questions

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
. for each questions (n) each form of
question in question in mins.
mins.(t) (n×t)
1. Very Short Answer Type 01.75 20 35
(VSA)
2. Short Answer Type (SA) 07 05 35
3. Long Answer Type (LA) 20 04 80
Total 29 150

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 — 2023-24
Std: -XII Commerce (General Stream) Sub: Accountancy
Time:- 2 ½ 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 Balance 10
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 Loan 10
(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

DESIGN OF QUESTION PAPERS FOR FORMATIVE TEST I, II & INNOVATIVE
TEST III (2023-24)

FORMATIVE TEST I
1. Weightage to content/ subject units:
Sr. Units Marks
No.
1. Accounting for Partnership: Basic Concepts 07
2. Reconstitution of Partnership firm -Admission of a partner 13
Total 20

2. Weightage to forms of questions
S No Chapter VSA SA LA TOTAL
1 mark each 4 marks 10 marks
each each

1 Accounting for 3 [1] 1 [ 4] 07
Partnership: Basic
Concepts
2 Reconstitution of a 3 [1] 1 [10] 13
partnership Firm –
Admission of a Partner

6 4 10 20

CLASS: -XII Com (General Stream) TIME: - 1 Hour
SUBJECT: - Accountancy Formative Test -I MAX. MARKS:-20
1 MCQ on Accounting for Partnership: Basic Concepts 01
2 MCQ on Accounting for Partnership: Basic Concepts 01
3 MCQ on Accounting for Partnership: Basic Concepts 01
4 MCQ on Admission of a partner 01
5 MCQ on Admission of a partner 01
6 MCQ on Admission of a partner 01
7 Short Answer Question -Ii on the preparation of P&L Appropriation account 04

8 Long Answer Question –I on the Admission of a partner 10
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FORMATIVE TEST II
1. Weightage to content/ subject units:
Sr. Units Marks
No.
1. Reconstitution of Partnership firm - Retirement/Death of a 10
partner
2. Dissolution of Partnership firm 10
Total 20

2. Weightage to forms of questions

S Chapter VSA SA LA TOTAL
No 1 mark 4 marks 10 marks
each each each
1 Reconstitution of a partnership 6 [1] 1 [4] 10
Firm – Retirement and Death of
a Partner

2 Dissolution of a Partnership 1 [10] 10
Firm
06 04 10 20

CLASS: -XII Com (General Stream) TIME: - 1 Hour
SUBJECT: - Accountancy Formative Test -II MAX. MARKS:-20
1. MCQ on retirement of a partner [1 mark]

2. MCQ on retirement of a partner [1 mark]

3. MCQ on retirement of a partner [1 mark]

4. MCQ on death of a partner [1 mark]

5. MCQ on death of a partner [1 mark]

6. MCQ on death of a partner [1 mark]

7. Short Answer –II: Preparation of Capital accounts or Loan accounts on [4 marks]
retirement/ death of a partner

8. Long Answer –I: Preparation of Realisation account, Partners Capital [10 marks]
accounts, Partner’s Loan (optional) and Cash/ Bank account on the
Dissolution of a solvent partnership firm.

FORMATIVE INNOVATIVE TEST III
1. Weightage to content/ subject units:
Sr. Units Marks
No.
1. Accounting for Shares and Debentures 08
2. Financial Statements of a Company - Profit & Loss and 12
Balance sheet
Total 20

(Teachers are expected to device innovative methods to test students. Some methods could be
Assignments & Projects, Class Tests, Group Discussions, Presentations, Completion of related
Online/ Offline courses, A minimum 5 days Internship with a Chartered Accountant and so on.
Innovative Test reports must be maintained.)

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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 X
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
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 (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

MODEL QUESTION PAPERS
FORMATIVE TEST I
STD XII- ACCOUNTANCY 2023-2024
INSTRUCTIONS
1. Figures to the right indicate marks allotted.
2. All questions are compulsory.
3. Working notes should form part of the answer
4. A Simple calculator is allowed. However mobiles or other digital devices are not
allowed.
1. How is the interest on drawings calculated, in the absence of partnership 1
agreement?
• As per interest on capital
• As per share in profit
• On an average for six months
• No interest is charged.

2 The total capital of the partners Amit and Sumit on 1st April 2022 is ₹ 2,00,000/- 1
The rate of interest on capital as per partnership deed is 10%p.a. The net profit
earned by the firm for the year ending 31/03/2023 is ₹ 15,000/-. What is the total
amount of interest on capital to be credited to the capital accounts?
• 10,000.
• 15,000.
• 20,000.
• 2,00,000.

3 The profits of a firm for the last two years were ₹. 96,000/- and ₹. 60,000/-. What 1
will be the value of goodwill on the basis of three years purchase of the average
profit of the last two years.
• ₹. 2,34,000
• ₹. 1,56,000/-
• ₹. 1,04,000/-
• ₹. 78,000/-

4. Which account is to be debited for increase in the value of an asset on admission of 1
a partner?
• Asset account.

• Revaluation account
• Partner’s capital account.
• Profit and loss appropriation account.

5 What is the accounting treatment made for accumulated losses appearing in the old
balance sheet at the time of the admission of a Partner? 1
• Debited to all the partners’ capital account
• Credited to all the partners’ capital account
• Debited to old partners’ capital account
• Credited to old partners’ capital account

6. Soham and Mohan are partners in a firm sharing profits and losses in the ratio of 1
4:1. They admitted Gopal for 1/5th share in future profits. What is the sacrificing
ratio of the old partners?
• 1:1
• 1:5
• 4:1
• 1:4

7. Rahul and Sachin are partners in a firm sharing profits and losses in the ratio 2:3. 4
The credit balance in their capital accounts on 1 st April 2022 were ₹. 6,00,000/-and
₹. 4,00,000/- respectively. Their drawings during the year were ₹. 10,000/- and ₹,
20,000 /-respectively. Net profit earned by the firm for the year ending 31 st March
2022 was ₹. 4,00,000/-. Their partnership deed provides as under: -
a. Interest on capital 10%p.a.
b. Interest on drawings @8%p. a
c. Sachin is to be paid a monthly salary of ₹, 2,000/-
Prepare profit and loss appropriation account for the year ending 31/03/23

8. Sunny and Sumay are partners in a firm sharing profits and losses in the ratio 3:2 10
Their balance sheet as on 31st March 2022 was as follows.
liabilities Amount Assets Amount
Capital accounts Land & building 3,00,000
Sunny 4,00,000 Machinery 2,00,000
Sumay 3,50,000 7,50,000 Furniture 50,000
Stock 60,000
Creditors 70,000 Debtors 1,40,000
Bank 70,000

8,20,000 8,20,000
th
They admitted Niel for 1/5 share on the following terms.
1. He shall bring ₹. 2,00,000/- towards his capital. The Goodwill of the firm
was valued at ₹. 1,50,000/-.

2. Land & building is to be appreciated by ₹. 1,60,000/-. Machinery to be
depreciated by 20% of the book value. Stock was found overvalued by ₹.
20,000/-. One creditor worth ₹. 10,000/- was found to be unrecorded and is
required to be brought in to the books.

3. Prepare revaluation account, partners’ capital account and the balance sheet
of the new firm

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ANSWER KEY
FORMATIVE TEST I
XII ACCOUNTANCY 2023-24

1 No interest is charged 1
2 ₹. 15,000 1
3 ₹. 2,34,000 1
4 Asset account 1
5 Debited to old partners’ capital account 1
6 4:1 1

Profit and Loss Appropriation Account for the year ending 31/3/2023. 4
7
Particulars Amount Particulars Amount
To Interest on capital By N.P. 4,00,000
Rahul 60,000 By Interest on drawing
Sachin 40,000 1,00,000 Rahul 400
To salary to Sachin 24,000 Sachin 800
To Partners capital a/c 1,200
Rahul 1,50,880
Sachin 2,26,320 3,77,200

4,01,200 4,01,200

8. Revaluation account 10
Dr. Cr.
Particulars Amount Particulars Amount
To Machinery 40,000 By Land & Building 1,60,000
To creditors 10,000
To stock 20,000
To Partners’ capital A/C 90,000
Sunny 54,000
Sumay 36,000
1,60,000 1,60,000

Partners capital account
Dr. Cr.
Particula Sunny Sumay Niel particulars Sunny Sumay Niel
rs
To 18,000 By Bal b/d 4,00,000 3,50,000
Sunny’s By Bank 2,00,000
cap. By Niel’s cap. A/C 18,000 12,000
To By revaluation
Sumay’s 12,000 A/C 54,000 36,000
cap.
To bal 4,72,000 3,98,000 1,70,000
c/d
4,72,000 3,98,000 2,00,000 4,72,000 3,98,000 2,00,000

Balance sheet of the new firm
Liabilities Amount Assets Amount
Capital Land &Building 3,00,000
Sunny 4,72,000 Add appreciation 1,60,000 4,60,000
Sumay 3,98,000 Machinery 2,00,000
Niel 1,70,000 10,40,000 Less depreciation 40,000 1,60,000
Furniture 50,000
Creditors 70,000 Stock 60,000
Add unrecorded 10,000 80,000 Less overvalued 20,000 40,000
Debtors 1,40,000

Bank 70,000
Add Niel’s cap 2,00,000 2,70,000
11,20,000 11,20,000

MODEL QUESTION PAPER
FORMATIVE TEST II
STD XII- ACCOUNTANCY 2023-24

Time allotted: 1 Hour Max. Marks: 20

Instructions: - 1. All questions are compulsory.
2. Simple and non-scientific calculator is allowed. However, mobiles or other
digital devices are not allowed.
3. Working notes should form part of the answer
4. Figures to the right indicate full marks.
5. Fractions if any should be rounded off to nearest rupee.

1. In what ratio will the partners share the profit or loss from revaluing assets and 1
liabilities after a partner's death?
➢ New Ratio
➢ Old Ratio
➢ Sacrificing Ratio
➢ Gain Ratio

2. What accounting treatment is given to an unrecorded asset at the time of partner 1
death?

➢ Credited to Partners Capital account
➢ Debited to Partners Capital account
➢ Credited to Revaluation account
➢ Debited to Revaluation account

3 Which of the following will be debited to the retiring partner’s capital account? 1
➢ His share of Revaluation profit
➢ His share of Revaluation Loss
➢ His share of General Reserve
➢ His share of accumulated profit

4. At the time of death of a partner, outstanding interest receivable on bank deposits 1
amounting to ₹ 35,000 increases by ₹ 11,000. What is the amount transferred to
Revaluation account?
➢ ₹ 46,000
➢ ₹ 35,000
➢ ₹ 24,000
➢ ₹ 11,000

5. Tina, Mina, and Rina are partners sharing profit and Losses in the ratio of 3:2:1, Tina 1
retires. The new profit-sharing ratio of Mina and Rina is 4:3. What is the gain ratio
of Mina and Rina?

➢ 2:1
➢ 4:3
➢ 10:11
➢ 11:10

6. At the time of retirement of a partner, creditors of ₹ 80,000 are paid at 10% 1
discount. What is the accounting treatment in the new Balance sheet of the firm?
➢ Debit creditors at ₹ 88,000 credit cash at ₹ 88,000
➢ Debit creditors at ₹ 80,000 credit cash at ₹ 80,000
➢ Debit creditors at ₹ 72,000 credit cash at ₹ 72,000
➢ Debit creditors at ₹ 8,000 credit cash at ₹ 8,000
7. Rama, Kshama and Teja are partners in a firm. Kshama retired on 31st March 4
2021.On the above date, her capital account showed a credit balance of ₹ 4,20,000.
It was transferred to Kshama’s Loan account on 1st April, 2021. It was agreed among
partners to settle the dues in two equal half yearly instalments @ 8% p.a. Prepare
Kshama’s Loan account till the claims are settled.

8. Rahul and Sunil are partners sharing profits and losses in the ratio of 3:1. Their
Balance Sheet as on 31st March, 2020 is as follows:
Balance Sheet as on 31st March, 2020.
Liabilities Amount Assets Amount
Rahul’s Capital 2,00,000 Machinery 1,70,000
Sunil’s Capital 3,30,000 Furniture 1,90,000
Reserves 40,000 Stock 80,000
Rahul’s Loan 30,000 Debtors 81,000
Bank Loan 1,00,000 Investment 1,60,000
Creditors 91,000 Bank balance 1,10,000
7,91,000 7,91,000

They decided to dissolve the firm on the above date and the following information
was available:
1.Assets realised as follows:
Furniture ₹ 1,85,0000, Machinery at 10% discount.
2. Stock was equally taken over at 80% of the book value by the partners.
3. Investment was sold at 20% profit. Bad debts amounted to ₹ 3,000.
4. Bank loan was repaid with interest of ₹ 5,000 by Rahul.
5.Sunil took over the responsibility of dissolution and agreed to accept the
remuneration of ₹ 4,000, while his actual expenses were ₹ 5,500.

Prepare: a) Realisation Account 5
b) Partners capital account 3
c) Bank account 2

ANSWER KEY
FORMATIVE TEST II
XII ACCOUNTANCY 2023-2024

1.Old Ratio (1)

2. Credited to Revaluation Account (1)

3.His share of Revaluation Loss (1)

4.₹ 11,000 (1)

5. 10:11 (1)

6. Debit creditors at ₹ 72,000 credit cash at ₹ 72,000 (1)

7.
Kshama’s Loan Account (4)
Dt Particulars Amount Dt Particulars Amount
30/9/21 To Bank a/c 2,26,800 1/4/21 By Kshama’s 4,20,000
capital a/c
30/9/21 To Bal c/d 2,10,000 30/9/21 By Interest a/c 16,800

4,36,800 4,36,800
31/3/22 To Bank a/c 2,18,400 1/10/21 By Bal b/d 2,10,000

31/3/22 By interest a/c 8,400

2,18,400 2,18,400

8. Realisation A/C
Particulars Amount Particulars Amount
To sundry assets By Sundry Liabilities
Machinery 1,70,000 Bank Loan 1,00,000 1,91,000
Furniture 1,90,000 Creditors 91,000
Stock 80,000 By Bank a/c
Debtors 81,000 Furniture 1,85,000
Investment 1,60,000 6,81,000 Machinery 1,53,000
To Rahul’s capital a/c (Bank 1,05,000 Investment 1,92,000

Loan) Debtors 78,000 6,08,000
To, Bank (Creditors) 91,000 By Rahul’s capital a/c 32,000
To Sunil’s capital a/c 4,000 By Sunil’s capital a/c 32,000

(Realisation expenses) (Stock)
By Partners capital a/c
Rahul 13,500
Sunil 4,500 18,000
8,81,000 8,81,000
(5 marks)

Partners’ Capital Account
Particulars Rahul Sunil Particulars Rahul Sunil
To Realisation a/c 32,000 32,000 By Bal b/d 2,00,000 3,30,000
To Realisation a/c 13,500 4,500 By Reserves 30,000 10,000
To Bank a/c 2,89,500 3,07,500 By Realisation 1,05,000 4,000

3,35,000 3,44,000 3,35,000 3,44,000
(3 marks)
Bank Account
Particulars Amount Particulars Amount
To Bal b/d 1,10,000 By Realisation 91,000
To Realisation a/c 6,08,000 By Rahul’s Loan a/c 30,000
By Rahul’s cap a/c 2,89,500
By Sunil’s cap a/c 3,07,500
7,18,000 7,18,000
(2 marks)

MODEL QUESTION PAPER
GOA BOARD EXAMINATION 2023-2024
Class: 12 ACCOUNTANCY (4605)
Time: 21/2 Hours 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. Figures to the right indicate marks allotted to each question.
7. A Simple calculator is allowed. However, mobiles or other digital devices are not
allowed.

1 What is the nature of the relation of a partner with the firm? (1)
• An owner
• An agent
• An owner and an agent
• An agent and a manager

2 Suraj, a partner in a firm withdrew ₹ 6,000 per month in the beginning of every month
during the year ended 31st March 2023. What would be the interest on his drawings @
9% p.a.? (1)
• ₹ 2,700
• ₹ 2,970
• ₹ 3,240
• ₹ 3,510

3 In which ratio is the cash brought by a new partner towards goodwill distributed among
the old partners? (1)
• Gaining ratio
• New ratio
• Sacrifice ratio
• Old ratio

4 Sun and Moon are partners sharing profits and losses in the ratio of 2:1. They admitted
Star into the partnership for ¼ share. Choose their new profit sharing ratio.

(1)
• 1:1:2
• 2:1:1

• 3:1:1
• 1:1:3

5 Which of the following account is credited for an increase in the value of Building at the
time of retirement of a partner? (1)
• Revaluation account
• Building account
• Bank account
• Capital account

6 Amit, Rohan and Vasu are partners sharing profits in the ratio of 3:2:1. Rohan died on
30th June 2022. Profit of the firm was ₹ 60,000 for the year ended 31st March 2022. What
is Rohan’s share of profit based on previous year’s profit? (1)
• ₹ 60,000
• ₹ 15,200
• ₹ 10,000
• ₹ 5,000

7 Which of the following account will be debited when a partner takes the responsibility of
paying one of the liabilities of the firm? (1)
• Partners capital account
• Realisation account
• Liability account
• Cash/bank account

8 On dissolution of a firm, Creditors were recorded in the books at ₹ 95,000, of these
₹ 5,000 were untraceable and the remaining were paid at 15% discount. How much
amount will be paid to Creditors? (1)
• ₹ 86,000
• ₹ 85,500
• ₹ 81,000
• ₹ 76,500

9 When can a company demand the premium amount if the shares are issued at a price
higher than their face value? (1)
• At the Application of shares

• At the allotment of shares
• At the calls on shares
• At any stage of the issue of shares

10 What is return on Debenture called? (1)
• Dividend
• Commission
• Interest
• Royalty

11 If Darshan Ltd., issued fully paid shares of ₹ 31,50,000 against the full purchase
consideration of ₹ 33,00,000, which account will be credited for the difference of ₹
1,50,000? (1)

12 Ashoka Ltd. purchased a Machinery of the book value of ₹ 7,50,000 from M/s Well done
Brothe₹ The purchase consideration was settled as ₹ 90,000 by cheque and for the
balance 10% Debentures of ₹ 100 were issued at a premium of 10%. How many
debentures were issued by Ashoka Ltd.? (1)

13 Which of the financial statements is prepared to match the revenues earned and costs
incurred by the company during the accounting period? (1)

14 Name the sub-head under which ‘Bad debts recovery’ appears in the Statement of Profit
and Loss of a company prepared as per revised schedule III of the Companies Act, 2013.
(1)

15 Name the sub-head under which ‘Livestock’ appears in the company’s Balance Sheet
prepared as per revised schedule III of the Companies Act, 2013. (1)

16 From the following extracts of a company, state the ‘cash and Cash Equivalents’ of the
company. (1)
Cash in hand ₹ 2,14,000
Cash credit ₹ 1,78,000
Bank balance ₹ 4,66,000
Bank Loan ₹ 3,95,000

17 Which type of financial statement analysis helps a company to establish the relationship
between various items of financial statement of the same period/year? (1)

18 The value of trade payable in the comparative balance sheet of a company during the year
2022 was ₹ 4,85,000, which was less than that of the preceding year by ₹ 85,000.
How much is the percentage increase/decrease in the value of Trade Payable? (1)

19 What is the primary objective of preparing a cash flow statement? (1)

20 Name the activity under which ‘Interest paid on Debentures’ appear in the cash flow
statement of a finance company. (1)

21 Govind and Ajay are partners sharing profits and losses in the ratio of 4:3. Their Capital
balances as on 1st April 2022 were ₹ 8,00,000 and ₹ 6,50,000 respectively. Govind
withdrew ₹ 6,000 in the middle of every month.
Their partnership deed provided for the following:
a. Interest on drawings @ 6% p.a.
b. Interest on Capital @ 8 % p.a.
c. Ajay is entitled to a salary of ₹ 4,000 per month
During the year ending 31st March 2023 they earned a net profit of ₹ 4,55,000 before
making the above adjustments.
Prepare Profit and Loss Appropriation Account for the year ended 31st March 2023.
(4)

22 Akasa ltd. forfeited 1,800 equity shares of ₹ 100 each issued at a premium of ₹ 30 per
share for non-payment of allotment money of ₹ 65 per share (including premium). The
first and Final Call of ₹ 40 per share has not been made as yet. These shares were
reissued @ ₹ 80 per share as fully paid up.
Pass necessary Journal Entries in the books of Akasa Ltd. (4)

23 Samruddhi ltd. Issued 12,000, 10% Debentures of ₹ 200 each for subscription. The
debenture money was payable as follows:
₹ 80 with application
And balance on allotment.
All the debentures were subscribed by the public and money duly received.
Pass necessary Journal Entries in the books of Samruddhi Ltd. (4)

24 From the following Balance Sheets of Zydus ltd. as on 31-03-2020 and 31-03-2021,
prepare a comparative balance sheet of the company. (4)

Particulars Note No 31-03-2020 31-03-2021
I. Equity and Liabilities:
1.Shareholders Funds:
a) Share Capital 8,00,000 12,80,000
b) Reserve and Surplus 7,50,000 7,80,000
2. Non-Current Liabilities
a) Long term borrowings 3,50,000 3,00,000
3. Current Liabilities:
a) Trade Payables 4,20,000 2,25,000
TOTAL 23,20,000 25,85,000

II. Assets:
1.Non-Current Assets:
a) Fixed Assets

i) Tangible Assets 16,00,000 21,00,000
ii) Intangible Assets 2,00,000 2,00,000
2. Current Assets:
a) Cash and Cash Equivalents 5,20,000 2,85,000
TOTAL 23,20,000 25,85,000

Note: Fraction if any must be rounded off to the second digit after decimal point.

25 Compute Current ratio and Working Capital Turnover Ratio from the following
details. (4)

Purchases ₹ 3,50,000
Building ₹ 5,33,000
Revenue from Operations ₹ 7,50,000
Inventory ₹ 1,85,000
Trade Receivable ₹ 2,07,000
Cash and Cash Equivalents ₹ 1,15,000
Trade Payables ₹ 2,50,000
Non-current Investments ₹ 4,10,000
Debentures ₹ 8,00,000
Note: Fraction if any must be rounded off to the second digit after decimal point.

26 Divya and Siya are partners in a firm sharing profits and losses in the ratio of 2:1.
Their Balance Sheet as on 31st March 2021 is as under:
Balance Sheet as 0n 31st March 2021
Liabilities ₹ Assets ₹
Capital Accounts Building 6,40,000
Divya 5,70,000 Machinery 1,85,000
Siya 4,30,000 10,00,000 Investment 1,59,000
General Reserve 90,000 Stock 6,000
Sundry Creditors 4,10,000 Debtors 3,30,000
Cash at Bank 1,80,000
15,00,000 15,00,000

They admitted Yash in the partnership on 1st April 2021 for ¼ share on the following
terms:
a) Yash brought ₹ 2,90,000 as his capital. He also paid ₹ 75,000 as his share of premium
in cash, which was credited to goodwill account.

b) Building to be appreciated by 20 %, Machinery to be depreciated by 10%, Sock was
found obsolete, hence should be written off.
c) A provision of 5% for Bad and doubtful debts was to be maintained.

Prepare:
1) Revaluation account (3)
2) Partners’ Capital accounts (3)
3) Balance Sheet of the new firm (4)
OR
Ankush, Govind and Shyam were partners sharing profits or losses equally. Their
Balance Sheet was on 31st March 2022 was as under:
Balance Sheet as on 31st March 2022
Liabilities ₹ Assets ₹
Capital Accounts Building 2,50,000
Ankush 2,10,000 Furniture 75,000
Shyam 1,20,000 Debtors 95,000
General Reserve 87,000 Less: Provision 5,000 90,000
Creditors 95,000 Govind’s Cap. A/c 55,000
Bank Balance 42,000
5,12,000 5,12,000

On 1st July 2022, Govind retired from the firm, Ankush and Shyam agreed to share profits
and losses in the ratio of 3:2. Goodwill of the firm is valued at ₹ 60,000.
a. Furniture to be appreciated by 10 %.
b. Provision for Bad and doubtful debts to be maintained at 10% on Debtors
c. An amount of ₹ 3,000 included in Creditors is not likely to be claimed.
d. The retiring partner to be given his share in the profit of the business from the date of
the last Balance Sheet to the date of retirement on the basis of profits of the year 2021-
2022 which amounted to ₹ 48,000.
Prepare:
1. Revaluation account (3)
2. Partners’ capital account (4)
3. Balance Sheet of the new firm (3)

27 Anthony and Sattar are partners in a firm sharing profits and losses in the ratio of 3:2
respectively.
Their Balance Sheet as on 31st March 2023 was as under:
Balance Sheet as 0n 31st March 2023
Liabilities ₹ Assets ₹
Capital Accounts Building 10,30,000
Anthony 10,20,000 Vehicle 5,10,000
Sattar 8,00,000 Investment 1,80,000
General Reserve 80,000 Furniture 40,000
Sattar’s Loan account 50,000 Goodwill 20,000

Creditors 75,000 Debtors 80,000
Less: Provision 5,000 75,000
Bills Receivable 55,000

Bank Balance 1,15,000
20,25,000 20,25,000

On the above date the firm was dissolved and the following information is available:
a. Assets realized as follows:
Building realized at ₹ 10,50,000, Vehicle realized 10% less than book value,
Investment was sold for a loss of 5% and debtors realized ₹ 60,000.
b. Anthony took away Furniture for ₹ 20,000 and Sattar took Bills Receivable for
₹ 40,000.
c. Creditors of ₹ 5,000 untraceable and the remaining were paid at a discount of
₹ 8,250. Anthony settled an unrecorded liability of ₹ 10,000
d. Dissolution expenses were paid by Sattar ₹ 8,000.
Prepare:
a. Realisation account (5)
b. Partners’ capital accounts (3)
c. Bank account (2)

28 The following are the ledger balances extracted from the books of Abhinav Co. Ltd. as on
31/03/2023:
Ledger balances Amount (₹)
Opening Inventory 1,35,000
Purchases 3,05,000
Sales 5,89,000
Provision for tax 12,000
Discount received 2,850
Bad debts 7,100
Depreciation on Machinery 13,000
Interest on Investments 37,800
Salaries to Staff 27,000
Materials Consumed 89,000
Directors remuneration 11,500
Interest on Bank Loan 21,300
Closing Inventory 90,500

Prepare statement of profit and loss for the year ending 31/03/2023 as per revised
Schedule III of Companies Act, 2013. (10)

29 The following is the Balance Sheet of Standard Co. Ltd.

Balance Sheet
Liabilities 31/03/21 31/03/22 Assets 31/03/21 31/03/22
Equity Share 10,20,000 12,31,000 Plant & 10,07,000 12,29,700
Capital Machinery

Profit & Loss 3,80,000 4,97,000 Debtors 3,50,000 3,50,000
Account
Creditors 7,21,000 7,21,000 Inventory 6,54,000 6,50,000
Provision for tax 1,42,000 1,11,000 Cash and cash 2,52,000 3,30,300
equivalents
22,63,000 25,60,000 22,63,000 25,60,000

Additional information:
a. Income Tax paid during the year was ₹ 76,000
b. Depreciation of ₹ 88,000 on Plant and Machinery was charged to Profit & Loss
account.

Prepare:
a. Cash Flow Statement as per Revised Accounting Standard-3. (8)
b. Plant and Machinery Account (1)
c. Provision for Tax Account (1)

Std: XII ACCOUNTANCY (H-4605)
MODEL ANSWERS KEY / SCORING KEY
YEAR 2023-24
1. An owner and an agent - 1 mark
2. ₹ 3,510 --1 mark
3. Sacrifice Ratio --1 mark
4. 2 : 1 : 1 --1 mark
5. Revaluation account -- 1 mark
6. ₹ 5,000 -- 1 mark
7. Realisation account -- 1 mark
8. ₹ 76,500 -- 1 mark
9. At any stage of the issue of shares --1 mark
10. Interest --1 mark
11. Capital Reserve Account --1 mark
12. 6,000 Debentures --1 mark
13. Statement of Profit and Loss --1 mark
14. Other Income --1 mark
15. Tangible Fixed Assets --1 mark
16. ₹ 6,80,000 --1 mark
17. Vertical analysis / Common size statement analysis --1 mark
18. (14.91) % or - 14.91% --1 mark
19. The primary objective of cash flow statement is to provide useful information about cash
flows (inflows and outflows) of an enterprise during a particular period under operating,
investing and financing activities. --1 mark
20. Financing Activity --1 mark
21.
Dr. Profit & Loss Appropriation Account Cr.
Particulars ₹ Particulars ₹
To Interest on Capital By Net Profit b/d 4,55,000
Govind 64,000 By Interest on Govind’s
Ajay 52,000 1,16,000 drawings 2,160
To Salary to Ajay 48,000
To Partners’ Capital
Account
Govind 1,67,520
Ajay 1,25,640 2,93,160

4,57,160 4,57,160

Working Notes:-

a) Interest on Govind’s drawings
6,000 x 12 x 6/100 x 6/12 = ₹ 2,160
( ½ mark each excluding both side totals and ½ mark for working note = 4 marks )

22.
Journal of AKASA Ltd.
Sr. Particulars LF Debit (₹) Credit (₹)
No
1 Equity Share Capital account --Dr 1,08,000 ----------
Securities premium reserve account --Dr 54,000 ----------
To Calls in arrears account ------- 1,17,000
To Share Forfeiture account ------- 45,000
(Being forfeiture of 1,800 shares of ₹ 100 (1 ½)
each issued at a premium of ₹ 30 per
share,(₹ 90 called up), forfeited for non-
payment of allotment money @ ₹ 65 per
share)
2 Bank account --Dr 1,44,000 -----------
Share Forfeiture account --Dr 36,000 -----------
To Equity Share Capital account (1 ½) --------- 1,80,000
(Being reissue of 1800 forfeited shares @ ₹
80 per share)
3 Share Forfeiture account --Dr 9,000 --------
To Capital Reserve account (1) ------- 9,000
(Being profit on reissue of forfeited shares
@ ₹ 5 was transferred to capital reserve
account)
TOTAL 3,51,000 3,51,000

23.
Journal of Samruddhi Ltd.
Sr. Particulars LF Debit (₹) Credit (₹)
No
1 Bank account -Dr 9,60,000 ----------
To 10% Debenture application account (1 mk) ------- 9,60,000
(Being application money received on

12,000 debentures @ ₹ 80 per debenture)
2 10% Debenture application account -Dr 9,60,000 -----------
To 10% Debenture account (1 mk) --------- 9,60,000

(Being application money transferred to
10% Debentures account)
3 10% Debenture allotment account -Dr 14,40,000 --------
To 10% Debenture account (1 mk) ------- 14,40,000
(Being allotment money due on 12000,
10% Debentures @ ₹ 120 per debenture)
4 Bank account -Dr 14,40,000 ----------
To 10% Debenture allotment account (1 mk) ------- 14,40,000
(Being allotment money received on
12,000 debentures @ ₹ 120 per debenture)
TOTAL 48,00,000 48,00,000

24.
Comparative Statement of Zydus Ltd.
Particulars Note 31-03- 31-03- Absolute %
No 2020 2021 increase/decrease increase/decrease

I. Equity and Liabilities:
1.Shareholders Funds:
Share Capital 8,00,000 12,80,000 4,80,000 60.00
Reserve and 7,50,000 7,80,000 30,000 4.00
Surplus
2.Non-Current
Liabilities
Long term 3,50,000 3,00,000 (50,000) (14.29)
borrowings
3.Current Liabilities:
Trade Payables 4,20,000 2,25,000 (1,95,000) (46.43)
TOTAL 23,20,000 25,85,000 2,65,000 11.42
II. Assets:
1.Non-Current
Assets:
Fixed Assets
i) Tangible Assets 16,00,000 21,00,000 5,00,000 31.25
ii) Intangible 2,00,000 2,00,000 ------ ------
Assets
2. Current Assets:
Cash and Cash 5,20,000 2,85,000 (2,35,000) (45.19)

Equivalents
TOTAL 23,20,000 25,85,000 2,65,000 11.42
(consider 16 items x ¼ mark each = 04 marks)

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠
25. Current Ratio = --1/2 mark
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦+𝑇𝑟𝑎𝑑𝑒 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒+𝐶𝑎𝑠ℎ & 𝑐𝑎𝑠ℎ 𝐸𝑞𝑢𝑖𝑣𝑎𝑙𝑒𝑛𝑡𝑠
= 𝑇𝑟𝑎𝑑𝑒 𝑃𝑎𝑦𝑎𝑏𝑙𝑒𝑠

185000 + 207000+ 115000
= -- 1 mark
250000

507000
= 250000

= 2.03 : 1 -- ½ mark

𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑓𝑟𝑜𝑚 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠
Working Capital Turnover Ratio = --1/2 mark
𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙

𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑓𝑟𝑜𝑚 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛𝑠
= 𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦+𝑇𝑒𝑎𝑑𝑒 𝑅𝑒𝑐𝑒𝑖𝑣𝑎𝑏𝑙𝑒+𝐶𝑎𝑠ℎ & 𝐶𝑎𝑠ℎ 𝐸𝑞𝑢𝑖𝑣𝑎𝑙𝑒𝑛𝑡𝑠−𝑇𝑟𝑎𝑑𝑒 𝑃𝑎𝑦𝑎𝑏𝑙𝑒𝑠

7500000
= -- 1 mark
185000+207000+115000−250000

750000
= 257000
= 2.92 times --1/2 mark

26.
Dr Revaluation Account Cr

Particulars ₹ Particulars ₹
To Machinery 18,500 By Building 1,28,000
To Stock 6,000
To PBDD 16,500
To Partners’ Cap. A/c.
Divya 58,000
Siya 29,000 87,000

1,28,000 1,28,000
( 6 x ½ = 3 excluding both side of total )

Dr. Partners’ Capital Account Cr.
Particulars Divya Siya Yash Particulars Divya Siya Yash
By bal. b/d 5,70,000 4,30,000 --
By Gen. Reserve 60,000 30,000
By Bank -- -- 2,90,000
To bal. c/d 7,38,000 5,14,000 2,90,000 By Goodwill 50,000 25,000 --
By Rev. A/c 58,000 29,000 --
7,38,000 5,14,000 2,90,000 7,38,000 5,14,000 2,90,000
( 12 x ¼ = 3 excluding both side of total)

Balance Sheet of the new firm
Liabilities ₹ Assets ₹
Capital Accounts: Building 6,40,000
Divya 7,38,000 Add: Appreciation 1,28,000 7,68,000
Siya 5,14,000 Machinery 1,85,000
Yash 2,90,000 Less: Depreciation 18,500 1,66,500
Sundry Creditors 4,10,000 Investment 1,59,000
Debtors 3,30,000
Less: Provision 16,500 3,13,500
Cash at Bank 5,45,000
(1,80,000+2,90,000+75,000)

19,52,000 19,52,000
( 16 x ¼ = 4 including one side of total )

OR
Dr. Revaluation Account Cr.
Particulars ₹ Particulars ₹
To PBDD 4,500 By Furniture 7,500
To Partners’ Cap. A/c. By Creditors 3,000
Ankush 2,000
Govind 2,000
Shyam 2,000 6,000

10,500 10,500

( 6 x ½ = 3 excluding both side total )

Dr. Partners’ Capital Account Cr.
Particulars Ankush Govind Shyam Particulars Ankush Govind Shyam
To bal. b/d. -- 55,000 -- By bal. b/d 2,10,000 -- 1,20,000
To Govind’s By Gen.
Cap. A/c 16,000 4,000 Reserve 29,000 29,000 29,000
By Ankush
Cap. A/c -- 16,000 --
By Shyam
To bal. c/d 2,25,000 1,47,000 Cap.A/c -- 4,000 --
By P & L
Suspense -- 4,000 --
A/c
By Rev (loss) 2,000 2,000 2,000

2,41,000 55,000 1,51,000 2,41,000 55,000 1,51,000
( 16 x ¼ = 4 excluding both side total )

Balance Sheet of the new firm
Liabilities ₹ Assets ₹
Capital Accounts:- Building 2,50,000
Ankush 2,25,000 Furniture 75,000
Shyam 1,47,000 Add: Appreciation 7,500 82,500
Creditors 95,000 Debtors 95,000
Less: Not claimed 3,000 92,000 Less: Provision 9,500 85,500
P & L Suspense A/c 4,000
Bank balance 42,000
4,64,000 4,64,000
( 12 x ¼ = 3 including one side of total )

27. Dr. Realisation Account Cr.
Particulars ₹ Particulars ₹
To Sundry assets: By PBDD 5,000
Building 10,30,000 By Sundry Liabilities
Vehicle 5,10,000 Creditors 75,000
Investment 1,80,000 By Bank A/c
Furniture 40,000 Building 10,50,000

Goodwill 20,000 Vehicle 4,59,000
Debtors 80,000 Investment 1,71,000
B/R 55,000 19,15,000 Debtors 60,000 17,40,000

To Bank A/c By Anthony’s Cap. A/c 20,000
Creditors 61,750 (Furniture)
To Sattar’s Cap. A/c 8,000 By Sattar’s Cap. A/c (B/R) 40,000
(Expenses) By Partners’ Cap. A/c
To Anthony’s Cap. A/c Anthony 68,850
(un recorded liability) 10,000 Sattar 45,900
1,14,750
19,94,750 19,94,750
( 20 x ¼ = 5 excluding both side total )

Dr. Partners’ Capital Account Cr.
Particulars Anthony Sattar Particulars Anthony Sattar
To Real. A/c (Fur) 20,000 By bal. b/d. 10,20,000 8,00,000
To Real. A/c (B/R) 40,000 By Gen. Reserve 48,000 32,000
To Real A/c (loss) 68,850 45,900 By Real. A/c. 10,000 8,000
To Bank A/c 9,89,150 7,54,100
10,78,000 8,40,000 10,78,000 8,40,000
( 12 x ¼ = 3 excluding both side total )

Dr. Bank Account Cr
Particulars ₹ Particulars ₹
To balance b/d. 1,15,000 By Real A/c. 61,750
To Real. A/c. 17,40,000 By Sattar’s Loan A/c. 50,000
(assets realised) By Partners’ Cap. A/c.
Anthony 9,89,150
Sattar 7,54,100
18,55,000 1855,000
. ( 8 x ¼ = 2 including both side total )

28. Statement of Profit and Loss of Abhinav Co. Ltd. for the year ending 31/03/2023:
Particulars Note No Amount(₹)
1. Revenue from Operations 5,89,000
2. Other Income 1 40,650
3. Total Revenue ( 1 + 2 ) 6,29,650
4. Expenses:
(a) Material consumed 89,000

(b) Purchases 3,05,000
(C) Changes in Inventory 2 44,500
(d) Employees benefits expenses 27,000
(e) Finance cost 21,300

( f) Depreciation and Amortization expenses 13,000
(g) Other expenses 3 18,600
Total Expenses: ( a to g ) 5,18,400
5. Profit and Loss before Tax (3-4) 1,11,250
6. Provision for Tax (12,000)
7. Profit/ Loss after Tax (5-6) 99,250
(consider 14 items x ½ mark each = 07 marks)
Note No 1
Other Income:
Discount received (1/2 mark) 2,850
Interest on Investment (1/2 mark) 37,800
TOTAL: 40,650

Note No 2
Changes in Inventory:
Opening Inventory (1/2 mark) 1,35,000
Less: Closing Inventory (1/2 mark) 90,500
TOTAL: 44,500

Note No 3
Other Expenses:
Bad debts (1/2 mark) 7,100
Directors remuneration (1/2 mark) 11,500
TOTAL: 18,600

29.
Cash Flow Statement of Standard Co. Ltd. for the year ending 31/03/2021 & 31/03/2022
Particulars Amount (₹) Amount (₹)
A. Cash Flow from Operating Activities:
Net Profit for Current Year (4,97,000 – 3,80,000) 1,17,000
Add: Provision for taxation 45,000
Net profit Before Tax and extraordinary items:
1,62,000
Adjustments for:
Depreciation on Plant and Machinery 88,000
Operating Profit before working capital changes:
2,50,000
Add: Decrease in CA / Increase in CL
Inventory 4,000

Less: Increase in CA / Decrease in CL
Cash generated from operating activities 2,54,000

Less : Income Tax paid (76,000)
Net Cash from Operating activities (A)
1,78,000
B. Cash Flow from Investing Activities:
Purchase of Plant and Machinery
(3,10,700)
Net Cash from investing Activities (B) (3,10,700)
C. Cash Flow from Financing Activities
Proceeds from Issue of Equity Shares 2,11,000
Net Cash from Financing Activities (C) 2,11,000
Net Increase/Decrease in Cash and Cash Equivalents (A+B+C) 78,300
Cash and Cash Equivalent at the beginning of the period
2,52,000
Cash and Cash Equivalent at the end of the period
3,30,300
(consider 16 items x ½ mark each = 08 marks)

Plant and Machinery A/c
Particulars Amount (₹) Particulars Amount (₹)
To balance b/d 10,07,000 By Depreciation 88,000
To Bank (purchase) 3,10,700 By balance c/d 12,29,700
13,17,700 13,17,700
(consider 04 items x ¼ mark each excluding totals = 01 mark)

Provision for Tax A/c A/c
Particulars Amount (₹) Particulars Amount (₹)
To Bank a/c 76,000 By balance b/d 1,42,000
To balance c/d 1,11,000 By Profit and Loss a/c 45,000
1,87,000 1,87,000
(consider 04 items x ¼ mark each excluding totals = 01 mark)

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