Class 12 Pre Board Question Paper 2024 Accountancy

2024

Pre-Board

QUESTION PAPER
CBSE BOARD / STATE
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Pre-Board Exam 2024 Question Paper

PREBOARD
Accountancy (055)2023–24
Class XII
Time Allowed: 3 hours Maximum marks: 80
General Instructions:
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B.
3. Part - A (Accounting for Partnership Firms and Companies)
4. Part - B Analysis of Financial Statements
5. Question Nos.1 to 16 and 27 to 30 carries 1 mark each.
6. Questions Nos. 17 to 20, 31and 32 carries 3 marks each.
7. Questions Nos. from 21 ,22 and 33 carries 4 marks each
8. Questions Nos. from 23 to 26 and 34 carries 6 marks each
9. There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2
questions of three marks, 1 question of four marks and 2 questions of six marks

1 Vasudha and Veena were in partnership sharing profits and losses in the ratio of 3 :1 They admitted 1
Tilak as a new partner. Tilak brought ₹ 1,20,000 as his share of goodwill premium, which was
credited to Vasudha and Veena's capital accounts in the ratio of 2:1. On the date of admission,
goodwill of the firm was valued at ₹ 4,80,000 New profit-sharing ratio will be:
(A) 7:2:3
(B) 8:1l:3
(C) 9:3:4
(D) 5: 1:2
OR
Divya and Isha are partners in a firm sharing profits and losses in the ratio of 2:3. Leela was
admitted as a new partner for 1/5th share in the profits of the firm. Leela acquires her share from
Divya and Isha in the ratio of 1:2. The new profit-sharing ratio will be:
(A) 4:8:3
(B) 7:5:3
(C) 8:4:3
(D) 5:7:3
2 On C's retirement, Machinery appeared in the books of the firm at ₹ 1,80,000 and Furniture at ₹ 1
1,00,000. On revaluation, it was found that Machinery is overvalued by 20%. Net Loss on
Revaluation is calculated at ₹ 40,000. What will be the revalued value of Furniture?
(A) ₹ 24,000
(B) ₹ 90,000
(C) ₹ 96,000
(D) ₹ 50,000
3 Ram and Mohan are partners sharing profits and losses in the ratio of 3: 2. The firm maintains 1
fluctuating capital accounts and the balance of the same as on 3 1st March 2023 is ₹ 6,00,000 and
₹ 6,65,000 for Ram and Mohan respectively. Drawings during the year were ₹ 85,000 each. As per
the partnership deed, Interest on capital @ 10% p.a. on Opening Capital has been allowed to them.
Calculate the opening capital of Ram given that the divisible profits during the year 2022-2023
was ₹ 2,25,000.
(A) ₹ 5,00,000

(B) ₹ 6,50,000
(C) ₹ 5.50,000
(D) ₹ 6,00,000
OR

1

A, B and C who were sharing profits and losses in the ratio of 4:3:2 decided to share the future
profits and losses in the ratio to 2:3:4 with effect from 1st April 2023. An extract of their Balance
Sheet as at 31st March 2023 is:
Liabilities ₹ Assets ₹
Workmen Compensation Reserve 65,000
At the time of reconstitution, a certain amount of Claim on workmen compensation was
determined for which B’s share of loss amounted to ₹ 5,000. The Claim for workmen
compensation would be:
a) ₹ 15,000
b) ₹ 70,000
c) ₹ 50,000
d) ₹ 80,000
4 Sandhya withdrew ₹ 20,000 per month in the beginning of each month and interest on drawings 1
was calculated at ₹ 7,800 at the end of the year. Rate of interest on drawings was:
(A) 9% p.a.
(B) 8% p.a.
(C) 7% p.a.
(D) 6% p.a.
OR
If a fixed amount is withdrawn by a partner on the first day of every month, interest on the total
amount is charged for ----------------------months.
(A) 6 months
(B) 5.5 months
(C) 6.5 months
(D) 12 months
5 A and B are partners with capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. Normal rate of return 1
is 15% and goodwill calculated at 2 years purchase of super profits is valued at ₹ 1,00,000. What
were the average profits of the firm?
(A) ₹1,25,000
(B) ₹1,75,000
(C) ₹25,000
(D) ₹60,000
6 X, Y and Z were partners in a firm sharing profits and losses in the ratio of 2:2:1. The capital 1
balance were ₹ 2,00,000 for X, ₹ 1,40,000 for Y, ₹ 1,10,000 for Z. Y decided to retire from the
firm and balance in reserve on the date was ₹ 50,000. If goodwill of the firm was valued at ₹
60,000 and loss on revaluation was ₹ 15,000 then, what amount will be payable to Y?
(A) ₹ 38,000
(B) ₹ 50,000
(C) ₹ 1,78,000
(D) ₹ 1,90,000
7 A, B and C were partners sharing profits in the ratio of 3 :4:5 B retires from the firm and his 1
capital balance after all adjustments regarding Reserves and Revaluation was ₹ 1,20,000. It was
agreed between A and C to pay ₹ 1,50,000 to B in final settlement. On the same date D was
admitted for 1/5th share. Ascertain the amount of goodwill premium brought in by D will be:
(A) ₹ 30,000
(B) ₹ 6,000
(C) ₹ 90,000
(D) ₹ 18,000

OR
Assertion (A) Gaining ratio is the ratio in which one or more partners gain some portion of other
partners share of profit.
Reason (R) New ratio plus sacrificing ratio is gaining ratio.
Alternatives
2

(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of
Assertion (A)
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of
Assertion (A)
(c) Assertion (A) is true, but Reason (R) is false
(d) Assertion (A) is false, but Reason (R) is true
Direction Read the following hypothetical situation and answer Q. No. 8 and 9
Pia, Tia and Sia were partners in a firm trading in electrical appliances. They were sharing profits in the
ratio of 5: 3 :2. Their fixed capitals on 1st April, 2022 were ₹ 6,00,000 ₹ 8,00,000 and ₹16,00,000
respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally.
For this, Pia withdrew ₹ 40,000 from the firm on 15th September, 2022. On the same date, Tia instead
of withdrawing cash from the firm, took some appliances amounting to ₹ 48,000 from the firm and
distributed those to the flood victims. On the other hand, Sia withdrew ₹ 4,00,000 from her capital on
1st January, 2023 and provided a mobile medical van in the flood affected area. The partnership deed
provides for charging interest on drawings @ 6% per annum. Interest on capital was a allowed @ 10%
8 Interest on Pia's capital will be: 1
(A) ₹ 60,000 (B) ₹ 80,000
(C) ₹ 1,00,000 (D) ₹ 1,60,000
9 Interest on Tia's drawings will be: 1
(A) ₹ 1300 (B) ₹ 1560
(C) ₹ 2880 (D) ₹ 1440
10 Anish Ltd. issued a prospectus inviting applications for 2,000 shares. Applications were received 1
for 3,000 shares and pro-rata allotment was made to the applicants of 2,400 shares. If Dhruv has
been allotted 40 shares, how many shares he must have applied for?
(A) ₹ 40
(B) ₹ 48
(C) ₹ 44
(D) ₹ 52
11 Z Ltd. forfeited 300 shares of ₹ 10 each issued at 20% premium (₹ 9 called up) on which ₹ 4 of 1
allotment (including premium) and first call of ₹ 2 has not been received. Out of these, 100 shares
were re-issued as fully paid up for ₹ 9 per share. What is to amount to be transferred to capital
Reserve?
(A) ₹ 400
(B) ₹ 500
(C) ₹ 300
(D) ₹ 600
12 X Ltd. forfeited 500 shares of ₹10 each, ₹ 7 called up, issued at a premium of ₹2 per share to be 1
paid at the time of allotment for non-payment of first call of ₹ 2 per share. Entry on forfeiture will
be :
(A) Share Capital A/c Dr. 3,500
Securities Premium A/c Dr. 1,000
To Share First Call A/c 1,000
To Share Forfeiture A/c 3,500
(B) Share Capital A/c Dr. 4,500
Securities Premium A/c Dr. 1,000
To Share First Call A/c 1,000
To Share Forfeiture A/c 4,500

(C) Share Capital A/c Dr. 4,500
To Share First Call A/c 1,000
To Share Forfeiture A/c 3,500
(D) Share Capital A/c Dr. 3,500
To Share First Call A/c 1,000
3

To Share Forfeiture A/c 2,500
OR
Assertion (A):
Securities Premium can be used for issue of fully paid bonus shares and for distribution of
dividend in cash.
Reason (R):
Balance of Securities Premium may be transferred to General Reserve Account.
In the context of the above two statements, which of the following is correct?
Codes:
(A) Both (A) and (R) are correct and (R) is the correct explanation of (A).
(B) Both (A) and (R) are correct but (R) is not the correct explanation of (A).
(C) Only (R) is correct.
(D) Both (A) and (R) are wrong.
13 Assertion (A): 1
Debenture is a part of ownership capital. As such, a company can issue debentures with voting
rights.
Reason (R):
Debenture holders are not members of the company.
In the context of the above two statements, which of the following is correct?
Codes:
(A) Both (A) and (R) are correct and (R) is the correct reason of (A).
(B) Both (A) and (R) are correct but (R) is not the correct reason of (A).
(C) Only (R) is Correct.
(D) Both (A) and (R) are wrong.
OR
Globe Ltd. issues 20,000, 9% debentures of ₹100 each at a discount of 5% redeemable at the end
of 5 years at a premium of 6%. For what amount Loss on Issue of Debentures Account' will be
debited?
(A)₹ 1,00,000
(C) ₹ 2,80,000
(B) ₹ 1,20,000
(D) ₹ 2,20,000
14 P has given guarantee to Q for minimum ₹ 5,000 profit. At year end, the firm suffered loss and O's 1
share in the loss was ₹ 1,000. Calculate amount of deficiency to be borne by P.
(a) ₹ 1,000
(b) ₹ 5,000
(c) ₹ 6,000
(d) None of these
15 A, B and C are partners in a firm sharing profit/loss in the ratio of 3:2:1. On March 31, 2019, C 1
died. Accounts are closed on December, 31st every year. The sales for the year 2018 was ₹
10,00,000 and the profits were ₹ 2,00,000. The sales for the period from January 1st, 2019 to
March 31, 2019 were ₹ 3,00,000. The share of deceased partner in the current year's profits on the
basis of sales is:
(A) ₹ 2,500
(B) ₹ 15,000
(C) ₹ 10,000
(D) ₹ 60,000
16 Vandana Ltd. issued 6,000 equity shares of ₹ 10 each at 10% premium. The Issue was fully 1

subscribed. Amount per share was payable as follows: On application ₹ 3, on allotment ₹ 3
(including premium), On first call ₹ 3 and on final call ₹ 2. A, a holder of 200 shares paid the
entire money along with allotment. The amount received on allotment will be
(A) ₹ 18,000 (B) ₹ 19,000
(C) ₹ 25,000 (D) ₹ 21,000
4

17 A, B and C are partners in a firm sharing profits and losses in the ratio of 3: 2:1. C, retires from 3
the firm and A and B agree to share future profits equally. Give journal entries on C’s retirement,
on that date Investment Fluctuation Reserve appears in the books at ₹ 20000 Investments (market
value ₹1,20,000) appear at ₹2,00,000.
18 P, Q and R were partners in a firm sharing profits and losses in the ratio of 5:3:2. The partnership 3
deed provides for charging interest on drawings @ 10% p.a. The drawings of P, Q and R during the
year ending 31st March 2022 amounted to ₹20,000, ₹30,000 and ₹50,000 respectively. After the
final accounts have been prepared, it was discovered that interest on drawings had not been
charged. Pass the necessary adjustment entry to rectify the omission of interest on drawings. Also
show your working notes clearly.
OR
Ajay, Manish and Sachin were partners sharing profits in the ratio 5:3:2. Their Capitals were
₹6,00,000; ₹ 8,00,000 and ₹1,10,000 as on April 01, 2021. As per Partnership deed, Interest on
Capitals were to be provided @ 10% p.a. For the year ended March 31, 2022, Profits of ₹2,00,000
were distributed without providing for Interest on Capitals. Pass an adjustment entry and show the
workings clearly.
19 Venus Ltd. took over assets of ₹ 10,00,000 and liabilities of ₹ 1,80,000 of Cayns Ltd. for 3
₹7,60,000. Venus Ltd. issued 9% Debentures of ₹ 100 each at a discount of 5% in full satisfaction
of the purchase consideration in favour of Cayns Ltd. Pass necessary journal entries in the books of
Venus Ltd. for the above transactions.
OR
Radhika Limited issued 50,000 shares of ₹ 10 each. The due amount was received except on 1,000
shares on which ₹ 6 per share was received. These 1,000 shares were forfeited and 700 shares were
reissued for ₹ 8 each fully paid-up. You are required to Pass journal entries and prepare Share
Forfeited s Account.
20 On 1st April, 2023 an existing firm had assets of ₹ 2,00,000 including cash of ₹ 4,000. Its creditors 3
amounted to ₹ 10,000 on that date. The partner's capital accounts Showed a balance of ₹ 1,60,000
while the general reserve amounted to ₹ 30,000. If the Normal rate of return is 15% and the
goodwill of the firm is valued at ₹ 36,000 at 3 year 's purchase of super profit. find the average
profits of the firm.
21 X, Ltd. was registered with an authorized capital of ₹ 1 0,00,000 divided into Equity Shares of ₹ 4
10. Out of these 8,000 shares were issued to vendors as fully paid as purchase consideration for a
business acquired. The company offered 20,000 shares for public subscription and called up ₹8 per
share and received the entire amount. You are required to prepare the Balance Sheet of the
company as per Schedule III of Companies Act, 2013, showing Share Capital balance and also
prepare Notes to Accounts.
22 Give the journal entries for the following transactions on dissolution of the firm of Anita and Ravi 4
on 31st March 2023, after the various assets (other than cash) and the third-party liabilities have
been transferred to Realisation Account. They shared profits and losses in the ratio 3:2.
(A) Amitesh, an old customer whose account for ₹ 60,000 was written off as bad debt in the
previous year, paid 90%.
(B) Creditors of ₹ 40,000, accepted furniture valued at ₹ 38,000 in full settlement of their claim.
(C) Land and Building was sold for ₹ 3,00,000 through a broker who charged 2% commission.
(D) Profit on realization was ₹ 45,000.
23 A company offered 1,00,000 shares of ₹ 10 each payable as₹ 3 on application, ₹ 2.50 on allotment, 6
₹ 2.50 on 1st call and ₹ 2 on the final call.
The public applied for 1,52,000 shares. The shares were allotted on a pro-rata basis to the
applicants of 1,50,000 shares. All shareholders paid the allotment money excepting one

shareholder who was allotted 200 shares. These shares were forfeited. The first call was made
thereafter. The forfeited shares were re-issued @ ₹ 9 per share ₹ 8 paid up. The final call was not
yet made. You are required to pass journal entries.
OR

5

The DCM Ltd. invited applications for 10,000 Shares of ₹ 100 each at a premium of ₹ 10 each
payable as below:
₹ 50 on Application;
₹ 35 on Allotment (including premium), and
₹ 25 on Call.
Applications for 15,000 shares were received. Applicants for 2,500 shares did not get any
allotment and their money returned. Allotment was made pro-rata to the remaining applicants.
Mr. A was allotted 400 shares. He failed to pay the amount due on allotment and call money. The
company forfeited his shares and subsequently re-issued at ₹ 105 per share.
You are required to pass journal entries in the books of the company.
24 X and Y were partners sharing profits in the ratio of 1: 2. Their Balance Sheet as at 31st March. 6
2023 was as follows:
Liabilities ₹ Assets ₹
Creditors 36,000 Cash 20,000
Outstanding Expenses 4,000
Capitals: Debtors 40,000
X 1,50,000 Less: Provision for bad debts 500 39,500
Y 3,00,000 --------
--------------------------- 4,50,000 Stock 1,20,000
Furniture 30,000
Plant 2,72,500
Patents 8,000

4,90,000 4,90,000
They agreed to admit Z forth share from 1st April, 2023 on the following terms:
(i) Goodwill of the firm was valued at ₹ 60,000 and Z to bring in his share of premium for
goodwill in cash.
(ii) Provision for bad debts be raised by ₹1,500.
(iii) Patents are valueless.
(iv) Stock be reduced by 10%.
(v) Outstanding expenses be increased by ₹ 6,000.
(vi) ₹ 2,500 be provided for an unforeseen liability
(vii) Z to bring in Capital equal to 1/5th of the combined capital of X and Y.
Prepare Revaluation Account, Partner's Capital Accounts and the Opening Balance Sheet.
OR
A, B and C were partners in a firm sharing profits in 2:2:1 ratio, On 31.3.2023 C retires from the
firm. On the date of C’s retirement, the Balance Sheet of the firm was as follows:
Balance Sheet of A, B and C as at 31.3.2023
Liabilities ₹ Assets ₹
Creditors 54,000 Bank 55,000
Bill Payable 24,000 Debtor
Outstanding Rent 4,400 12,000 11,200
Provision for Legal Claim 12,000 Less: Provision for Doubtful 8,00 18,000
Capitals: Stock 8,200
A 92,000 Furniture 1,94,000
B 60,000 Premises
C 40,000 1,92,000
2,86,400 2,86,400

On C’s retirement it was agreed that:
(a) Premises will be appreciated by 5%.
(b) Furniture will be appreciated by ₹ 2,000.
(c) Stock will be depreciated by 10%.

6

(d) Provision for bad debts was to be made at 5% on debtors.
(e) Provision legal damages to be made for ₹ 14,400.
(f) Goodwill of the firm is valued at ₹ 48,000.
(g) ₹ 50,000 from Cs Capital A/c will be transferred to his Loan A/c and balance will be paid by
cheque.
Prepare Revaluation A/c, Partners Capital A/c’s and Balance Sheet of A and B after C’s
Retirement.
25 M, N and O were partners in a firm sharing profits and losses in the ratio of 5 :4: 1. Their Balance 6
Sheet as at 31st March, 2023 was as follows:
BALANCE SHEET OF M, N AND, O
as at 31st March, 2023
Liabilities ₹ Assets ₹
Capitals: Plant and Machinery 5,50,000
M 3,00,000 Stock 1,20,000
N 2,00,000 Cash 40,000
O 1,00,000 6,00000 Debtors 1,30,000
------------------------- Advertisement Expenditure 20,000
Sundry Creditors 1,10,000
Profits for the year 2022-23 1,50,000
8,60,000 8,60,000

M died on 30th June, 2023. According to the partnership deed, in addition to the deceased partner's
capital, the executors are entitled to:
(i) His share in profits till the date of death on the basis of average profits of the last two years. The
profit for the year 2021-22 was ₹ 50,000.
(ii) His share in the goodwill of the firm. Goodwill was to be calculated on the basis of two years'
purchase of the average profits of the last two years.
(iii) M, withdrew ₹ 60,000 on 1st June, 2023.
Prepare M's Capital Account which is to be rendered to his executor.
26 On July 01, 2022, X Ltd. issued 20,000, 9% Debentures of ₹ 100 each at 8% premium and 6
redeemable at a premium of 15% in four equal instalments starting from the end of the third year.
The balance in Securities Premium on the date of issue of debentures was ₹ 80,000. Interest on
debentures was to be paid on March 31 every year. Pass Journal entries for the financial year
2022-23. Also prepare Loss on Issue of Debentures account.
PART B (Analysis of Financial Statements)
27 Interest Accrued but not Due on Debentures will be shown under the heading: 1
(a) Current Assets
(b) Current Liabilities
(c) Contingent liability
(d) Non-current Assets
OR
. ............ is included in current assets while preparing balance sheet as per revised Schedule III but
excluded from current assets while calculating Current Ratio
a) Debtors.
b) Cash and Cash Equivalent.
c) Loose tools and Stores and spares.
d) Prepaid Expense
28 A Company's Current Ratio is 2.8: 1; Current Liabilities are ₹2,00,000; Inventory is ₹ 1,50,000 and 1

Prepaid Expenses are ₹ 10,000. Its Liquid Ratio will be:
(A) 3.6:1
(B) 2:1
(C) 2.1: 1

7

(D) 2.05 :1
29 Assertion (A): 1
Purchase of Marketable Securities will be classified as cash outflow under investing activities.
Reason (R):
Marketable Securities are considered as Cash and Cash Equivalents. Hence, they do not affect
Cash flows.
In the context of the above two statements, which of the following is correct?
Codes:
(A) Both (A) and (R) are correct and (R) is the correct reason of (A).
(B) Both (A) and (R) are correct but (R) is not the correct reason of (A).
(C) Only (R) is correct.
(D) Both (A) and (R) are wrong.
OR
Which of the following transactions will not result in flow of cash?
(A) Purchase of Building of ₹ 12,75,000 for cash
(B) Cash deposited into Bank ₹ 12,50,000
(C) Issue of Equity Shares of ₹ 20,00,000 for cash
(D) Redemption of 8% Debentures of, ₹ 750,000 for cash
30 From the following information find out the inflow of cash by sale of equipment:
31st march2023 31st march 2022 1
Office equipment ₹ 200000 ₹ 300000
Additional information:
Depreciation for the year 2022-23 was ₹ 40000
Office equipment purchased during the year ₹ 30000
Part of office Equipment sold at a gain of ₹ 12000
(a) ₹ 100000
(b) ₹102000
(c) ₹ 90000
(d) ₹ 112000
31 Classify the following items under Major head and Sub head in the Balance Sheet as per Schedule 3
III of the Companies Act, 2013:
(i) Loose Tools
(ii) Unpaid Dividend
(iii) Copyright and Patents
(iv) Land and Building
(v) Outstanding Salaries
(vi) Capital Advances
32 (a)The Revenue from operation of a firm is ₹ 600000. Its inventory turnover ratio is 3 times. If 3
gross profit ratio is 25% calculate its opening inventory and closing inventory. The opening
inventory is 25% of closing inventory.
(b) Net profit after interest and tax ₹ 100000, Current Assets ₹ 400000, Current liabilities ₹
200000, Tax rate 20%, Non-Current assets ₹ 600000, 10% Long term debt ₹ 400000. Calculate
Return on Investment.
33 Prepare a common size Balance Sheet and comment on the financial position of X, Ltd. and Y,Ltd. 4
The Balance Sheet of X, Ltd. and Y,Ltd. as at 31.3.2022 are given
Particulars NoteNo. X, Ltd Y,Ltd
I. EQUITY AND LIABILITIES:
(1) Shareholder's Funds 300000 400000

(2) Non-Current Liabilities 200000 300000
(3) Current Liabilities 100000 50000
TOTAL 600000 750000
II. ASSETS:
(1) Non-Current Assets
8

Property, Plant and Equipment and Intangible
Assets
250000 300000
(i) Property, Plant and Equipment 150000 100000
(ii) Intangible Assets 200000 350000
(2) Current Assests 600000 750000
TOTAL

OR
Following is the statement of Profit and Loss of Sun India Ltd. for the year ended 31st March,
2023:
Particulars Note No. 31.3.2023 31.3.2022
Revenue from 2500000 2000000
Operations
Other Incomes 100000 500000
Employee benefits 60% of Total Revenue 50% of Total Revenue
expenses
Other Expenses 10% of Employee 20% of Employee Benefits
Benefits Expenses Expenses
Tax Rate 50% 40%
You are required to prepare a Comparative Statement of Profit and Loss of Sun India Ltd
34 6
from the following Balance Sheets of XYZ Ltd., prepare Cash Flow Statement:
Particulars NoteNo. 31-3-2023 31-3-2022
I. EQUITY AND LIABILITIES: ₹ ₹
(1) Shareholder's Funds
(a) Share Capital 1 290000 250000
(b) Reseve & Surplus 152000 50000
(2) Current Liabilities:
(a) Trade Payables 5000 23000
(b) Short term Provision 2 35000 27000
TOTAL 482000 350000
II. ASSETS:
(1) Non-Current Assets:
(a) Property, Plant and Equipment and Intangible
Assets:
(i) Property, Plant and Equipment 150000 140000
(ii) Intangible Assets 20000 30000
(2) Current Assets:
(a) Inventory 95000 45000
(b) Trade Receivables 200000 120000
(c) Cash& Cash Equivalents 17000 15000
TOTAL 482000 350000
NOTES: (1) Share Capital 31-3-2023 31-3-2022
₹ ₹
Equity Share Capital 250000 200000
Preference Share Capital 40000 50000

----------- --------
290000 250000
======= ====
(2) Short term Provision:
Provision for Tax 35000 27000
9

====== =====
(3) Property, Plant and Equipment
Building 80000 100000
Plant 70000 40000
-------------- ---------------
150000 140000
========== ========
Additional Information:
(i) Depreciation charged on Plant was ₹ 30,000 and on Building ₹ 50,000.
(ii) Income Tax paid during the year amounted to ₹ 25,000

10

PREBOARD MARKING SCHEME
Accountancy (055)2023–24
Class XII
1 (A) 7:2:3 OR (D) 5:7:3 1
2 (B) ₹ 90000 1
3 (A) ₹ 500000 OR ₹ 80000 1
4 (D) 6% p.a OR (b) 6.5 months 1
5 (A) ₹1,25,000 1
6 (C) ₹ 1,78,000 1
7 (D) ₹ 18,000 OR (c) Assertion (A) is true, but Reason (R) is false 1
8 (a) ₹ 60,000 1
9 (b) ₹ 1,560 1
10 (B) ₹ 48 1
11 (A) ₹ 400 1
12 (D) OR (D) Both (A) and (R) are wrong. 1
13 (C) Only (R) is Correct. OR (D) ₹ 2,20,000 1
14 (a) ₹ 1,000 1
15 (C) ₹ 10,000 1
16 (B) ₹ 19,000 1
17 (1) Investment fluctuation reserve a/c Dr. 20000 3
Revaluation a/c Dr. 60000
To Investment a/c 80000

A ,s Capital a/c Dr. 30000
B ,s Capital a/c Dr. 20000
C,s Capital a/c Dr. 10000
To,Revaluation 60000
18 R,s Capital a/c Dr 1500
To P s Capital 1500
(Interest on drawings omitted now rectified)
OR
Ajay,s Capital a/c Dr 52000
To Manish, s Capital 4000
To Sachin, s Capital 48000
Adjustment for omission of interest on capital
19 3
DATE Particulars. L.F ₹ ₹
Sundry Assets A/c Dr. 1000000
To Cayns Ltd. 180000
To Sundry Liabilities A/c 760000
To Capital Reserve A/c (Balancing figure) 60000

(Business purchased from Cayns Ltd.)
Cayns Ltd. Dr. 760000
Discount on issue of Debentures A/c 40000
To 9% Debentures A/c 800000

1

(8,000, 9% Debentures of 100 each issued at 40000
a discount of 5%) 40000
Statement of Profit and Loss Dr.
To Discount on Issue of Debentures A/c
(Discount on issue of debentures written off)
(1) Number of Debentures Issued
=7,60,000/95 = 8.000
OR
Share Capital a/c Dr. (1000x10) 10000
To Calls -in -arrears a/c (1000x4) 4000
To Forfeited a/c (1000x6) 6000
------------------------------------------------------------------------------------------------------------
----------------------------------------------
Bank a/c Dr. (700x8) 5600
Forfeited a/c Dr. . (700x2) 1400
To Share Capital a/c 7000
------------------------------------------------------------------------------------------------------------
----------------------------------------------
FORFEITED SHARES ACCOUNT
Particulars. ₹ Particulars. ₹
To Share Capital A/c (700 x 2) 1400 By Share Capital A/c(1,000 x 6000
To Capital Reserve Ae (Note 2) 2800 6)
To Balance c/d 1800

6000 6000

20 Goodwill =SPx 3years purchase 3
36000 =SPx3
SP =36000/3=12000
Capital Employed =Assets- creditors
200000-10000=190000
NP= Capital employed x Normal rate of return/100
=190000x15/100=28500
SP = AP-NP
AP =SP+NP
=12000+28500
=40500
21 Balance Sheet (Extract) as at………….. 4
Particulars. Note No Amount C Amount P.Y
Y
I. EQUITY AND 1
LIABILITIES:
Shareholder’s Funds 240000
(a) Share Capital

Notes to Accounts: Amount
(1) Share Capital: 10,00,000
Authorised Capital:
1,00,000 Equity Shares of Rs 10 each

2

Issued Capital:
28,000 Equity Shares of Rs 10 each (Out of above 8,000 2,80,000
shares were issued to vendors) Subscribed Capital:
Subscribed and Fully Paid Capital:
8,000 Equity Shares of Rs 10 each fully Called-up 80,000
Subscribed but not Fully Paid Capital:
20,000 Equity Shares of Rs 10 each, Rs. 8 Called-up
2,40,000

22 JOURNAL 1x4
Date Particulars. LF ₹ ₹
Bank a/c Dr. 54000
To Realisation A/c 54000
No ENTRY
Bank a/c Dr.
To Realisation A/c 294000
Realisation A/c Dr. 294000
To Anita capital A/c 45000
To Ravi capital A/c 27000
18000

23 JOURNAL 6
Date Particulars L.F ₹ ₹
Bank A/c Dr. 456000
To Share Application A/c 456000
(Application money received on 1,52,000 shares
(@3 per share) 456000
Share Application A/c Dr. 300000
To Share Capital A/c 150000
To Share Allotment A/c 6000
To Bank A/c
(Application money adjusted) 250000
Share Allotment A/c Dr. 250000
To Share Capital A/c
(Allotment money due on 1,00,000 shares 99800
@2.50) 200
Bank A/c Dr. 100000
Calls in Arrears A/c Dr.
To Share Allotment A/c
(Allotment money received on 99,800 shares) 1100
Share Capital A/c (200 x 5.50) 200
To Calls in Arrears A/c 900
To Share Forfeiture A/c
(Forfeiture of 200 shares for non-payment of
allotment money) 249500

249500
Share 1st Call A/c Dr.
To Share Capital A/c
249500
(First call money due on 99,800 shares (@ 2.50)
249500
Bank A/c Dr.

3

To Share 1st Call A/c
(First call money received on 99,800 shares 1800
@2.50) 1600
Bank A/c Dr. 200
To Share Capital A/c
To Securities Premium A/c 900
(Re-issue of 200 shares (@9 per share; 8 paid up) 900
Share Forfeiture A/c
To Capital Reserve A/c
(Transfer of profit on reissue

(1) Excess amount received from the holder of 200 shares on application :
The shareholder who has been allotted 200 shares must have applied for more shares
If shares allotted were 1,00,000, shares applied for were = 1,50,000
If shares allotted were 200, shares applied for were =150000/100000x200=300
Excess application money received from him:
300 shares -200 shares = 100 shares x 3 =300
(ii) ) Amount due on allotment on these shares = 200 shares x 2.50 =500
Less : Excess received on these shares on application =300
-----------
Amount not received on allotment 200

(iii) Total amnount due on allotnent = 1,00,000 shares x 2.50 = 250000
Less : Excess received on application 150000
--------------
100000
Amount not received on allotment 200
-----------
Net amount received on allotment 99800
========
OR
JOURNAL
Date Particulars L.F ₹ ₹
Bank A/c Dr. 750000
To Share Application A/c 750000
(Application money received)
Share Application A/c Dr. 750000
To Share Capital A/c 500000
To Share Allotment A/c 125000
To Bank A/c 125000
(Application money adjusted)
Share Allotment A/c Dr. 350000
To Share Capital A/c 250000
To Securities Premium A/c 100000
(Allotment money due )

Bank A/c Dr.
To Share Allotment A/c 216000
(Allotment money received on shares) 216000
Share 1st &final Call A/c Dr.

4

To Share Capital A/c 250000
(First call money due ) 250000
Bank A/c Dr.
To Share 1st &final Call A/c 240000
(First call money received ) 240000
Share Capital A/c Dr.
To Securities Premium A/c Dr. 40000
To Share Allotment A/c 4000
To Share 1st &final Call A/c 9000
To Share Forfeiture A/c 10000
(Forfeiture of 400 shares) 25000
Bank A/c Dr.
To Share Capital A/c 42000
To Securities Premium A/c 40000
(Re-issue of 200 shares (@9 per share; 8 paid up) 2000
Share Forfeiture A/c
To Capital Reserve A/c 25000
(Transfer of profit on reissue 25000

24 2 marks for Loss on Revaluation A/c ₹ 30000 6
2 marks for Partners’ Capital Accounts X ₹ 144000,Y ₹ 288000 AND Z, ₹ 86400
2 marks for Balance Sheet ₹ 566900

OR
2 marks for Profit on Revaluation A/c 7400
2 marks for Partners’ Capital Accounts A , 90,280 B, 58,280
2 marks for Balance Sheet 2,95,360
25 4 capital
Particulars ₹ Particulars ₹ a/c+2
To Drawings 60000 By Balance b/d 300000 calculation
To Advertisement 10000 By Profit and Loss A/c 75000
Expenditure A/e 417500 By P& L Suspense A/C 12500
To O,Executors A/e By M,s Capital A/c 80000
(Balancing Figure) By N,s Capital A/c 20000

487500 487500

26 Journal Entries in the Books of X Ltd. 4+2
Date Particulars L.F Debit (₹ Credit (₹)
July 1 Bank A/c Dr. 21,60,000
2022 To Debenture Application and 21,60,000
Allotment A/c
(Being Application money received) 21,60,000
July 1 Debenture Application and 3,00,000
2022 Allotment Dr. 20,00,000

Loss on Issue of Debentures A/c Dr. 1,60,000
To 9% Debentures A/c 3,00,000
To Securities Premium A/c
1,35,000

5

Mar. 31 To Premium on Redemption of 1,35,000
2022 Debentures A/c (Being Debentures
issued) 1,35,000
Mar. 31 Debenture Interest A/c Dr. 1,35,000
2022 To Debenture holders A/c
(Being Interest due on debentures)
Debenture holders A/c Dr.
Mar. 31 To Bank A/c 135000
2022 (Being interest paid to debenture 135000
holders)
Statement of Profit and Loss Dr. 2,40,000
Mar. 31 To Debenture Interest A/c 60,000
2022 (Interest on Debentures charged from 300000
Statement of P&l)
Securities Premium A/c Dr.
Statement of Profit and Loss Dr
To Loss on Issue of Debentures A/c
(Loss on Issue of Debentures written
off)
Loss on Issue of Debentures A/c
Date Particulars Amount Date Particulars Amount
July 1 To Premium on 3,00,000 31 Mar. By Securities Premium 2,40,000
2022 Redemption of 2023 A/c 60,000
Debentures A/ c By Statement of Profit
and Loss

300000 300000

PART B (Analysis of Financial Statements)
27 b) Current Liabilities OR (c). Loose Tools and Stores and Spares 1
28 (B) 2:1 1
29 (C) Only (R) is correct. OR (B) Cash deposited into Bank ₹ 12,50,000 1
30 (b) ₹102000 1
31 1/2x6=3
itmes Major head Sub Heading
(i) Loose Tools Current assets Inventories
(ii) Unpaid Dividend Current liabilities Other Current Liabilities
(iii) Copyright and Patents NCA Intangible Assets Intangible Assets
(iv) Land and Building NCA tangible Assets
(v) Outstanding Salaries Current liabilities Other Current Liabilities
(vi) Capital Advances Non Current Long term Loans and Advance
Assets

32 (A) 1.5+1.5
Cost of Revenue from Operations = Revenue from Operations - Gross Profit

= 6,00,000 - 25% of 6,00,000
= 6,00,000 - 1,50,000 =4,50,000

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

6

3 (Given) = 4,50,000/ Average Inventory
Average Inventory = 4,50,000/3 = 150000
Opening Inventory + Closing Inventory = Average Inventory x 2
150000 x 3,00,000
Since Opening Inventory is 25% of Closing Inventory, ratio between Opening Inventory
and Closing Inventory will be 25 : 100 Or 1:4
Opening Inventory = 3,00,000x1/5 = 60000
Closing Inventory = 3,00,000x4/5 = 2,40,000
(B)
Return on Investment = Net Profit before Interest and Tax/
Capital employed x100

Calculation of Net Profit before Interest and Tax
Net Profit after Tax =1,00,000

Net Profit before Tax =1,00,000 x100/80 =125000
Net profit before Interest and Tax = 1,25,000 + Interest 40000 =165000

Capital Employed= Non Current Assets + Current Assets-Current
Liabilities
6,00,000 + 4,00,000 - 2,00,000 =800000

Return on Investment = 165000 x 100/800000 = 20.625%
33 4
Particulars NoteNo % of X Ltd % of Y.Ltd
I. EQUITY AND LIABILITIES :
(1) Shareholder's Funds 50.00 53.33
(2) Non-Current Liabilities 33.33 40.00
(3) Current Liabilities 16.67 6.67
TOTAL
II. ASSETS:
(1) Non-Current Assets
Property, Plant and Equipment and Intangible
Assets
41.67 40.00
(i) Property, Plant and Equipment 25.00 13.33
(ii) Intangible Assets 33.33 46.67
(2) Current A
OR

Particulars 31.3.2022(₹) 31.3.2023 (₹) Absolute Change %
change (₹)
Revenue from Operations 2000000 2500000 500000 25
Other Incomes 500000 100000 (400000) (80)

Total income 2500000 2600000 100000 4

LESS: Exp.employee 1250000 1560000 310000 24.8
benefits exp. 250000 156000 (94000) (37.8)
Other exp.

7

TOTAL EXP. 1500000 1716000 216000 14.4
PBT
1000000 884000 (116000) 11.6
400000 442000 42000 10.5
LESS: TAX 600000 442000 (158000) (26.33)
PROFIT AFTER TAX

34 Cash Flow Statement : 2+2+2
Particulars ₹ ₹
A. Cash flows from Operating Activities :
Net profit before Tax (Note 1) 135000
Adjustments for non-cash and non-operating items :
Add: Depreciation on Plant 30000
Depreciation on Building 50000
Intangible Assets written off 10000
Operating profit before working capital changes 225000
Less: Increase in Current Assets :
Trade Receivables 80000
Inventory 50000
Less: Decrease in Current Liabilities:
Trade Payables (18000) 148000
------------ 77000
Less: Income Tax paid for the year 2017 25000
Net cash from Operating Activities 52000 52000
B. Cash flow from Investing Activities :
Purchase of Building2)
(30000)
Purchase of Plant)
(60000)
Net cash used in investing activities
(90000)
C. Cash flows from Financing Activities : (90000)
Issue of Equity Share Capital
Redemption of Preference Share Capital 50000
Net cash from financing activities (10000)
40000 40000
Net increase in cash and cash equivalents 2000
Add: Cash and cash equivalents in the beginning of the 15000
period 17000
Cash and cash equivalents at the end of the period

Notes : (1) Caleulation of Net Profit before Tax:
Reserve and Surplus Balance on 31st March, 2023 1,52,000
Less Reserve and Surplus Balance on 3 Ist March, 2022 50,000
------------
1,02,000
Add: Provision for Tax made during the Current year" 33,000
--------------

1,35,000
-------

8

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