Karnataka 2nd PUC Question Paper 2025 Answer Key Accountancy
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Page 1
Government of Karnataka
Karnataka Secondary Education Examination Board
Question Paper
ANSWER KEY
Karnataka Secondary Education Examination Board
Question Paper
ANSWER KEY
Page 2
1
KARNATAKA SCHOOL EXAMINATION AND ASSESSMENT BOARD
II PUC EXAM – 1, MARCH 2025
SUBJECT: 30-ACCOUNTANCY SCHEME OF EVALUATION MAX. MARKS: 80
Qn. No. PART-A Marks Allotted
1 b) Equal proportion 01
2 d) 1:1 01
3 d) Rate of interest 01
4 a) Fund flow statement 01
5 b) 25% 01
6 intangible 01
7 Not transferred 01
8 Capital reserve 01
9 complimentary 01
10 balancing 01
11 (a)Right of a new partner- (i) Share in future profit Each
Correct
(b)Common seal- (ii) Official signature of the company
answer
(c) Redemption of debenture- (iii) Discharge of liability carries 01
Marks
(d) Liquidity ratio- (iv) Short term in nature
05
(e) Cash flow statement prepared- (v) As per AS-3
12 Names and Addresses of the firm or any other 01
13 True 01
14 Dissolution by Agreement or any other 01
15 Debentures or any other 01
16 Return On Net Worth 01
PART-B
17
Fixed capital system Fluctuating capital system
The capitals of the partners shall The balance in the capital account to
remain fixed. fluctuate from time to time.
1+1
Under this method, two accounts Under this method, only one account is
are maintained for each partner maintained for each partner
Or any other
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
KARNATAKA SCHOOL EXAMINATION AND ASSESSMENT BOARD
II PUC EXAM – 1, MARCH 2025
SUBJECT: 30-ACCOUNTANCY SCHEME OF EVALUATION MAX. MARKS: 80
Qn. No. PART-A Marks Allotted
1 b) Equal proportion 01
2 d) 1:1 01
3 d) Rate of interest 01
4 a) Fund flow statement 01
5 b) 25% 01
6 intangible 01
7 Not transferred 01
8 Capital reserve 01
9 complimentary 01
10 balancing 01
11 (a)Right of a new partner- (i) Share in future profit Each
Correct
(b)Common seal- (ii) Official signature of the company
answer
(c) Redemption of debenture- (iii) Discharge of liability carries 01
Marks
(d) Liquidity ratio- (iv) Short term in nature
05
(e) Cash flow statement prepared- (v) As per AS-3
12 Names and Addresses of the firm or any other 01
13 True 01
14 Dissolution by Agreement or any other 01
15 Debentures or any other 01
16 Return On Net Worth 01
PART-B
17
Fixed capital system Fluctuating capital system
The capitals of the partners shall The balance in the capital account to
remain fixed. fluctuate from time to time.
1+1
Under this method, two accounts Under this method, only one account is
are maintained for each partner maintained for each partner
Or any other
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Page 3
2
18 Retiring Partner’s Capital, A/c Dr. xxx
To Cash/Bank A/c xxx 2
(Being retiring partner balance is paid cash in full.)
19 a) Authorised Capital
1+1
b) Issued Capital or any other
20 a) To provide information about economic resources and obligations of
a business.
1+1
b) To provide information about the earning capacity of the business.
Or any other
21 a) Cash receipts from royalties, fees, commissions and other revenues.
b) Cash payments to suppliers for goods and services. 1+1
Or any other
PART-C
Profit and Loss Appropriation A/c
22 Dr. Cr.
Particulars ` Particulars `
To Partners’ capital Accounts: By Profit and Loss A/c 90,000
Varun 45,000 (Net profit)
Less: share in
deficiency 5,000 40,000
6 Marks
Tarun 30,000
Less: share in
deficiency 5,000
25,000
Kiran 15,000
Add: deficiency received from
Varun 5,000
Tarun 5,000
25,000
90,000 90,000
23 I) Share Sacrificed = Old Share – New Share 01 mark
𝟓 𝟑 𝟏𝟓−𝟏𝟐 𝟑 2 marks
II) Share Sacrifice by Rajesh = -𝟔 = = 𝟐𝟒
𝟖 𝟐𝟒
𝟑 𝟐 𝟗−𝟖 𝟏
Share Gained by Rakesh = -𝟔 = = 𝟐𝟒 2 marks
𝟖 𝟐𝟒
𝟑 𝟏 01 mark
III) Sacrificing Ratio of Rajesh and Rakesh = : 𝟐𝟒 or = 3:1
𝟐𝟒
6 marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
18 Retiring Partner’s Capital, A/c Dr. xxx
To Cash/Bank A/c xxx 2
(Being retiring partner balance is paid cash in full.)
19 a) Authorised Capital
1+1
b) Issued Capital or any other
20 a) To provide information about economic resources and obligations of
a business.
1+1
b) To provide information about the earning capacity of the business.
Or any other
21 a) Cash receipts from royalties, fees, commissions and other revenues.
b) Cash payments to suppliers for goods and services. 1+1
Or any other
PART-C
Profit and Loss Appropriation A/c
22 Dr. Cr.
Particulars ` Particulars `
To Partners’ capital Accounts: By Profit and Loss A/c 90,000
Varun 45,000 (Net profit)
Less: share in
deficiency 5,000 40,000
6 Marks
Tarun 30,000
Less: share in
deficiency 5,000
25,000
Kiran 15,000
Add: deficiency received from
Varun 5,000
Tarun 5,000
25,000
90,000 90,000
23 I) Share Sacrificed = Old Share – New Share 01 mark
𝟓 𝟑 𝟏𝟓−𝟏𝟐 𝟑 2 marks
II) Share Sacrifice by Rajesh = -𝟔 = = 𝟐𝟒
𝟖 𝟐𝟒
𝟑 𝟐 𝟗−𝟖 𝟏
Share Gained by Rakesh = -𝟔 = = 𝟐𝟒 2 marks
𝟖 𝟐𝟒
𝟑 𝟏 01 mark
III) Sacrificing Ratio of Rajesh and Rakesh = : 𝟐𝟒 or = 3:1
𝟐𝟒
6 marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Page 4
3
24 C’s Executor A/c
Dr. Cr.
Particulars ` Particulars `
To Balance c/d 32,100 By C’s Capital A/c 20,000
By General Reserve A/c 1,200
By Interest on Capital A/c Each Item
10 6 1,000 carries
(20,000 × 100 × 12)
one mark
By A’s Capital A/c
5,250
By B’s Capital A/c 3,150
By P&L Suspense A/c 1,500
32,100 32,100
(1+1+1+1+1+1=06)
Working Note:
Calculation of Goodwill of the firm:
𝑇𝑜𝑡𝑎𝑙 𝑃𝑟𝑜𝑓𝑖𝑡 56,000
Average Profit =𝑁𝑜. 𝑜𝑓 𝑦𝑒𝑎𝑟𝑠 = 4
=14,000
Goodwill = Average profit × No. of year purchase
= 14,000×3=42,000
2
C’s Share of Goodwill= 42,000× = 8,400
10
25 Statement of profit and loss for the year ending 31/03/2024
Particulars Note No. `
Incomes:
Revenue from operations 3,85,000
Add: Other Income 75,000
Total Incomes (A) 4,60,000
Expenses:
Purchases of Stock in trade 97,000
Employee benefits expense 1,03,000
Finance costs 1 50,000
Depreciation & Amortisation expense 2 83,000
Other expenses 1,08,000
Total Expenses (B) 4,41,000
Profit Before Tax(A-B) 19,000
6 Marks
Less: Income Tax 5,700
Profit After Tax(Surplus) 13,300 (4+1+1)
Note No.01 - Finance Costs
Particulars ` `
Interest on loan 30,000 50,000
Interest on debentures 20,000
Total 50,000
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
24 C’s Executor A/c
Dr. Cr.
Particulars ` Particulars `
To Balance c/d 32,100 By C’s Capital A/c 20,000
By General Reserve A/c 1,200
By Interest on Capital A/c Each Item
10 6 1,000 carries
(20,000 × 100 × 12)
one mark
By A’s Capital A/c
5,250
By B’s Capital A/c 3,150
By P&L Suspense A/c 1,500
32,100 32,100
(1+1+1+1+1+1=06)
Working Note:
Calculation of Goodwill of the firm:
𝑇𝑜𝑡𝑎𝑙 𝑃𝑟𝑜𝑓𝑖𝑡 56,000
Average Profit =𝑁𝑜. 𝑜𝑓 𝑦𝑒𝑎𝑟𝑠 = 4
=14,000
Goodwill = Average profit × No. of year purchase
= 14,000×3=42,000
2
C’s Share of Goodwill= 42,000× = 8,400
10
25 Statement of profit and loss for the year ending 31/03/2024
Particulars Note No. `
Incomes:
Revenue from operations 3,85,000
Add: Other Income 75,000
Total Incomes (A) 4,60,000
Expenses:
Purchases of Stock in trade 97,000
Employee benefits expense 1,03,000
Finance costs 1 50,000
Depreciation & Amortisation expense 2 83,000
Other expenses 1,08,000
Total Expenses (B) 4,41,000
Profit Before Tax(A-B) 19,000
6 Marks
Less: Income Tax 5,700
Profit After Tax(Surplus) 13,300 (4+1+1)
Note No.01 - Finance Costs
Particulars ` `
Interest on loan 30,000 50,000
Interest on debentures 20,000
Total 50,000
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Page 5
4
Note No.02 - Depreciation & Amortisation expense
Particulars ` `
Depreciation 50,000
Amortisation on intangible
assets 33,000 83,000
Total 83,000
26 Cash flow from Investing activities
Particulars `
Purchase of machinery (2,00,000) 01 mark
Purchase of investment (1,50,000) 01 mark
Proceeds from sale of investments 60,000 01 mark
Proceeds from sale of patents 50,000 01 mark
Purchase of land (1,00,000) 01 mark
Dividend received on share held 35,000 01 mark
Cash used in investing activities (3,05,000) 06 marks
PART-D
27 Dr. Revaluation A/c Cr.
Particulars ` Particulars `
To PDD 2,000 By Stock 3,000
To Machinery 2,500 By Buildings 10,000
To Furniture 1,000
To Profit on revaluation
transferred to:
Manju’s capital - 3,000
Mohan’s capital - 3,000
Madhan’s capital - 1,500 7,500
13,000 13,000
Partners’ Capital Accounts
Dr. Cr.
Particulars Manju Mohan ` Madhan Particulars Manju Mohan Madhan
` ` ` ` `
To Madhan By Balance b/d 50,000 30,000 20,000
Cap. A/c 1,500 1,500 By Gen. Reserve A/c 9,000 9,000 4,500
To Madhan’s By Revaluation A/c 3,000 3,000 1,500
loan A/c 29,000 By Manju Cap.A/c 1,500
To balance By Mohan Cap. A/c 1,500
c/d 60,500 40,500
Total 62,000 42,000 29,000 Total 62,000 42,000 29,000
By Balance b/d 60,500 40,500
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Note No.02 - Depreciation & Amortisation expense
Particulars ` `
Depreciation 50,000
Amortisation on intangible
assets 33,000 83,000
Total 83,000
26 Cash flow from Investing activities
Particulars `
Purchase of machinery (2,00,000) 01 mark
Purchase of investment (1,50,000) 01 mark
Proceeds from sale of investments 60,000 01 mark
Proceeds from sale of patents 50,000 01 mark
Purchase of land (1,00,000) 01 mark
Dividend received on share held 35,000 01 mark
Cash used in investing activities (3,05,000) 06 marks
PART-D
27 Dr. Revaluation A/c Cr.
Particulars ` Particulars `
To PDD 2,000 By Stock 3,000
To Machinery 2,500 By Buildings 10,000
To Furniture 1,000
To Profit on revaluation
transferred to:
Manju’s capital - 3,000
Mohan’s capital - 3,000
Madhan’s capital - 1,500 7,500
13,000 13,000
Partners’ Capital Accounts
Dr. Cr.
Particulars Manju Mohan ` Madhan Particulars Manju Mohan Madhan
` ` ` ` `
To Madhan By Balance b/d 50,000 30,000 20,000
Cap. A/c 1,500 1,500 By Gen. Reserve A/c 9,000 9,000 4,500
To Madhan’s By Revaluation A/c 3,000 3,000 1,500
loan A/c 29,000 By Manju Cap.A/c 1,500
To balance By Mohan Cap. A/c 1,500
c/d 60,500 40,500
Total 62,000 42,000 29,000 Total 62,000 42,000 29,000
By Balance b/d 60,500 40,500
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Page 6
5
Balance Sheet as on 01/04/2024
Liabilities ` ` Assets ` `
Creditors 35,500 Cash at bank 20,000
Mohan’s loan A/c 29,000 Debtors 40,000
Capital: Less: PDD 4,000 36,000
Manju 60,500 Stock 15,000
Mohan 40,500 1,01,000 Add: Increase 3,000 18,000
Machinery 25,000
Less: Dep 2,500 22,500
Furniture 10,000
Less: Dep 1,000 9,000
Buildings 50,000
Add: Appreciation 10,000 60,000
1,65,500 1,65,500
04 marks + 04 marks + 04 marks = 12 marks
Dr. Realisation A/c Cr.
28 Particulars ` ` Particulars ` `
To Bills receivables 20,000 By Creditors 50,000
To Stock 30,000 By Bills payables 30,000
To Debtors 40,000 By Bank A/c
To Buildings 50,000 Stock 30,400
To Motor Car 27,000 Bills receivables 19,000
To Furniture 40,000 Furniture 35,000
To Bank A/c Debtors 42,600 1,27,000
Creditors 50,000 By Sridevi’s Cap. A/c 60,000
Bills payables 30,000 80,000 (Buildings)
By Sripriya’s Cap. A/c 26,600
To Bank A/c 5,000 (Motor Car)
(Realisation expenses)
To Profit transferred to:
Sridevi’s capital 800
Sripriya’s capital 800 1,600
2,93,600 2,93,600
Dr. Partner’s Capital Accounts Cr.
Particulars Sridevi Sripriya Particulars Sridevi Sripriya
` ` ` `
To Realisation A/c 60,000 26,600 By Balance b/d 75,000 60,000
To Bank A/c 20,800 39,200 By Reserve fund 5,000 5,000
(Bal. Fig.) By Realisation A/c 800 800
Total 80,800 65,800 Total 80,800 65,800
Dr. Bank A/c Cr.
Particulars ` Particulars `
To Balance b/d 18,000 By Realisation A/c 80,000
To Realisation A/c 1,27,000 (Liabilities paid)
(Assets realised) By Realisation A/c 5,000
(Expenses Paid)
By Sridevi’s Capital A/c 20,800
By Sripriya’s Capital A/c 39,200
1,45,000 1,45,000
06 marks + 03 marks + 03 marks = 12 marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Balance Sheet as on 01/04/2024
Liabilities ` ` Assets ` `
Creditors 35,500 Cash at bank 20,000
Mohan’s loan A/c 29,000 Debtors 40,000
Capital: Less: PDD 4,000 36,000
Manju 60,500 Stock 15,000
Mohan 40,500 1,01,000 Add: Increase 3,000 18,000
Machinery 25,000
Less: Dep 2,500 22,500
Furniture 10,000
Less: Dep 1,000 9,000
Buildings 50,000
Add: Appreciation 10,000 60,000
1,65,500 1,65,500
04 marks + 04 marks + 04 marks = 12 marks
Dr. Realisation A/c Cr.
28 Particulars ` ` Particulars ` `
To Bills receivables 20,000 By Creditors 50,000
To Stock 30,000 By Bills payables 30,000
To Debtors 40,000 By Bank A/c
To Buildings 50,000 Stock 30,400
To Motor Car 27,000 Bills receivables 19,000
To Furniture 40,000 Furniture 35,000
To Bank A/c Debtors 42,600 1,27,000
Creditors 50,000 By Sridevi’s Cap. A/c 60,000
Bills payables 30,000 80,000 (Buildings)
By Sripriya’s Cap. A/c 26,600
To Bank A/c 5,000 (Motor Car)
(Realisation expenses)
To Profit transferred to:
Sridevi’s capital 800
Sripriya’s capital 800 1,600
2,93,600 2,93,600
Dr. Partner’s Capital Accounts Cr.
Particulars Sridevi Sripriya Particulars Sridevi Sripriya
` ` ` `
To Realisation A/c 60,000 26,600 By Balance b/d 75,000 60,000
To Bank A/c 20,800 39,200 By Reserve fund 5,000 5,000
(Bal. Fig.) By Realisation A/c 800 800
Total 80,800 65,800 Total 80,800 65,800
Dr. Bank A/c Cr.
Particulars ` Particulars `
To Balance b/d 18,000 By Realisation A/c 80,000
To Realisation A/c 1,27,000 (Liabilities paid)
(Assets realised) By Realisation A/c 5,000
(Expenses Paid)
By Sridevi’s Capital A/c 20,800
By Sripriya’s Capital A/c 39,200
1,45,000 1,45,000
06 marks + 03 marks + 03 marks = 12 marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Page 7
6
29 In the Books of Hema Company Ltd.
Journal Entries
Date Particulars L.F Debit Credit
` `
Bank A/c Dr. 12,00,000
1 To Equity Share Application A/c 12,00,000
(Being application money receive on 60,000 shares
of `20 per share)
Equity Share Application A/c Dr. 12,00,000
2 To Equity Share Capital A/c 12,00,000
(Being application money transferred to share
capital account)
Equity Share Allotment A/c Dr. 30,00,000
To Equity Share Capital A/c 24,00,000
3
To Securities Premium Reserve A/c 6,00,000
(Being allotment money due on 60,000 shares
at `50 per share including premium)
Bank A/c Dr. 30,00,000
4 To Equity Share Allotment A/c 30,00,000
(Being allotment money received)
Equity Share First and Final Call A/c Dr. 24,00,000
5 To Equity Share Capital A/c 24,00,000
(Being first call money due on 60,000 shares at
`40 per share)
Bank A/c Dr. 22,00,000
6 To Equity Share First & Final call A/c 22,00,000
(Being first and final call money received)
Equity Share Capital A/c Dr. 5,00,000
To Share Forfeiture A/c 3,00,000
7
To Equity Share first and final call A/c 2,00,000
(Being forfeiture of 5,000 shares for the non-
payment of first and final call)
Bank A/c Dr. 3,20,000
8 Share Forfeiture A/c Dr. 80,000 4,00,000
To Equity Share Capital A/c
(Being re-issue of 4,000 forfeited shares at
`80 fully paid up)
Share Forfeiture A/c (60-20=40) (4000×40) Dr. 1,60,000
9 To Capital Reserve A/c 1,60,000
(Being profit on reissue of 4,000 forfeited shares
transferred to capital reserve account)
( 2,40,000-80,000 )
Simple entry carries 1 mark
Compound entries carries 2 marks
01×06=06
02×03=06
12 Marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
29 In the Books of Hema Company Ltd.
Journal Entries
Date Particulars L.F Debit Credit
` `
Bank A/c Dr. 12,00,000
1 To Equity Share Application A/c 12,00,000
(Being application money receive on 60,000 shares
of `20 per share)
Equity Share Application A/c Dr. 12,00,000
2 To Equity Share Capital A/c 12,00,000
(Being application money transferred to share
capital account)
Equity Share Allotment A/c Dr. 30,00,000
To Equity Share Capital A/c 24,00,000
3
To Securities Premium Reserve A/c 6,00,000
(Being allotment money due on 60,000 shares
at `50 per share including premium)
Bank A/c Dr. 30,00,000
4 To Equity Share Allotment A/c 30,00,000
(Being allotment money received)
Equity Share First and Final Call A/c Dr. 24,00,000
5 To Equity Share Capital A/c 24,00,000
(Being first call money due on 60,000 shares at
`40 per share)
Bank A/c Dr. 22,00,000
6 To Equity Share First & Final call A/c 22,00,000
(Being first and final call money received)
Equity Share Capital A/c Dr. 5,00,000
To Share Forfeiture A/c 3,00,000
7
To Equity Share first and final call A/c 2,00,000
(Being forfeiture of 5,000 shares for the non-
payment of first and final call)
Bank A/c Dr. 3,20,000
8 Share Forfeiture A/c Dr. 80,000 4,00,000
To Equity Share Capital A/c
(Being re-issue of 4,000 forfeited shares at
`80 fully paid up)
Share Forfeiture A/c (60-20=40) (4000×40) Dr. 1,60,000
9 To Capital Reserve A/c 1,60,000
(Being profit on reissue of 4,000 forfeited shares
transferred to capital reserve account)
( 2,40,000-80,000 )
Simple entry carries 1 mark
Compound entries carries 2 marks
01×06=06
02×03=06
12 Marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Page 8
7
Journal Entries
30 Date Particulars L.F Debit Credit
` `
8% Debentures A/c Dr. 10,00,000
i To Debentureholders A/c 10,00,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 10,00,000
To Bank A/c 10,00,000
(Being payment made to debentureholders)
12% Debentures A/c Dr. 4,00,000
ii
Premium on Redemption of Debentures A/c Dr. 40,000
To Debentureholders A/c 4,40,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 4,40,000
To Bank A/c 4,40,000
(Being payment made to debentureholders)
10% Debentures A/c Dr. 8,00,000
iii
To Debentureholders A/c 8,00,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 8,00,000
To Bank A/c 8,00,000
(Being payment made to debentureholders)
12% Debentures A/c Dr. 3,00,000
iv
Premium on Redemption of Debentures A/c Dr. 15,000
To Debentureholders A/c 3,15,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 3,15,000
To Bank A/c 3,15,000
(Being payment made to debentureholders)
v 8% Debentures A/c Dr. 2,00,000
To Debentureholders A/c 2,00,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 2,00,000
To Bank A/c 2,00,000
(Being payment made to debentureholders)
Simple entry carries 1 mark
Compound entries carries 2 marks
01×08=08
02×02=04
12 Marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Journal Entries
30 Date Particulars L.F Debit Credit
` `
8% Debentures A/c Dr. 10,00,000
i To Debentureholders A/c 10,00,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 10,00,000
To Bank A/c 10,00,000
(Being payment made to debentureholders)
12% Debentures A/c Dr. 4,00,000
ii
Premium on Redemption of Debentures A/c Dr. 40,000
To Debentureholders A/c 4,40,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 4,40,000
To Bank A/c 4,40,000
(Being payment made to debentureholders)
10% Debentures A/c Dr. 8,00,000
iii
To Debentureholders A/c 8,00,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 8,00,000
To Bank A/c 8,00,000
(Being payment made to debentureholders)
12% Debentures A/c Dr. 3,00,000
iv
Premium on Redemption of Debentures A/c Dr. 15,000
To Debentureholders A/c 3,15,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 3,15,000
To Bank A/c 3,15,000
(Being payment made to debentureholders)
v 8% Debentures A/c Dr. 2,00,000
To Debentureholders A/c 2,00,000
(Being amount due on redemption of debentures)
Debentureholders A/c Dr. 2,00,000
To Bank A/c 2,00,000
(Being payment made to debentureholders)
Simple entry carries 1 mark
Compound entries carries 2 marks
01×08=08
02×02=04
12 Marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Page 9
8
Vageesh Company Ltd.
31 Common size balance sheet as on 31/03/23 and 31/03/2024
Absolute Amounts Percentage of total assets
Particulars 31/03/2023 31/03/2024 31/03/2023 31/03/2024
` ` % %
I. Equity and Liabilities
1. Shareholders’ Fund
Equity Share Capital 8,50,000 10,00,000 54.84 54.05
Reserves and surplus 1,00,000 50,000 6.45 2.70
2. Non-Current Liabilities
Long term borrowings 4,50,000 5,75,000 29.03 31.08
3. Current Liabilities
Short term borrowings 1,50,000 2,25,000 9.68 12.16
Total 15,50,000 18,50,000 100 100
II. Assets
1. Non-Current Assets
a. Fixed assets
Tangible Assets 7,50,000 9,00,000 48.39 48.65
Intangible Assets 4,00,000 4,50,000 25.81 24.32
2. Current Assets
Inventories 1,00,000 2,00,000 6.45 10.81
Other current assets 3,00,000 3,00,000 19.35 16.22
Total 15,50,000 18,50,000 100 100
3 + 3 + 3 + 3 = 12 Marks
32 Calculation of Ratios are as follows:
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠 4,00,000
a) Current ratio = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 = = 1.6 or 1.6:1
2,50,000
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 12,00,000
b) Total assets to Debt ratio =
𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑑𝑒𝑏𝑡𝑠
= = 12 or 12:1
1,00,000
𝑁𝑒𝑡 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛 20,00,000
c) Fixed assets turnover ratio = = = 2.5 times
𝑁𝑒𝑡 𝑓𝑖𝑥𝑒𝑑 𝑎𝑠𝑠𝑒𝑡𝑠 8,00,000
𝑁𝑒𝑡 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛 20,00,000
d) Working capital turnover ratio = = = 13.33 times
𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 1,50,000
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐶𝑜𝑠𝑡 16,00,000
e) Operating ratio = × 100 = × 100 = 80%
𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑓𝑟𝑜𝑚 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛 20,00,000
𝐸𝑞𝑢𝑖𝑡𝑦 𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑓𝑢𝑛𝑑 6,80,000
f) Book value per share=
𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓𝑒𝑞𝑢𝑖𝑡𝑦 𝑠ℎ𝑎𝑟𝑒
=
50,000
= `13.6
1
Note: Equity shareholders fund=Equity share capital+ General reserve +Net profit after tax-
Dividend on preference share
Equity shareholders fund=5,00,000+1,00,000+1,00,000-20,000=6,80,000
Each Ratio carries 2 marks
02×06=12 marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Vageesh Company Ltd.
31 Common size balance sheet as on 31/03/23 and 31/03/2024
Absolute Amounts Percentage of total assets
Particulars 31/03/2023 31/03/2024 31/03/2023 31/03/2024
` ` % %
I. Equity and Liabilities
1. Shareholders’ Fund
Equity Share Capital 8,50,000 10,00,000 54.84 54.05
Reserves and surplus 1,00,000 50,000 6.45 2.70
2. Non-Current Liabilities
Long term borrowings 4,50,000 5,75,000 29.03 31.08
3. Current Liabilities
Short term borrowings 1,50,000 2,25,000 9.68 12.16
Total 15,50,000 18,50,000 100 100
II. Assets
1. Non-Current Assets
a. Fixed assets
Tangible Assets 7,50,000 9,00,000 48.39 48.65
Intangible Assets 4,00,000 4,50,000 25.81 24.32
2. Current Assets
Inventories 1,00,000 2,00,000 6.45 10.81
Other current assets 3,00,000 3,00,000 19.35 16.22
Total 15,50,000 18,50,000 100 100
3 + 3 + 3 + 3 = 12 Marks
32 Calculation of Ratios are as follows:
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑎𝑠𝑠𝑒𝑡𝑠 4,00,000
a) Current ratio = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 = = 1.6 or 1.6:1
2,50,000
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 12,00,000
b) Total assets to Debt ratio =
𝐿𝑜𝑛𝑔 𝑡𝑒𝑟𝑚 𝑑𝑒𝑏𝑡𝑠
= = 12 or 12:1
1,00,000
𝑁𝑒𝑡 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛 20,00,000
c) Fixed assets turnover ratio = = = 2.5 times
𝑁𝑒𝑡 𝑓𝑖𝑥𝑒𝑑 𝑎𝑠𝑠𝑒𝑡𝑠 8,00,000
𝑁𝑒𝑡 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑓𝑟𝑜𝑚 𝑜𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛 20,00,000
d) Working capital turnover ratio = = = 13.33 times
𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 1,50,000
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝐶𝑜𝑠𝑡 16,00,000
e) Operating ratio = × 100 = × 100 = 80%
𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑓𝑟𝑜𝑚 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛 20,00,000
𝐸𝑞𝑢𝑖𝑡𝑦 𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑓𝑢𝑛𝑑 6,80,000
f) Book value per share=
𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓𝑒𝑞𝑢𝑖𝑡𝑦 𝑠ℎ𝑎𝑟𝑒
=
50,000
= `13.6
1
Note: Equity shareholders fund=Equity share capital+ General reserve +Net profit after tax-
Dividend on preference share
Equity shareholders fund=5,00,000+1,00,000+1,00,000-20,000=6,80,000
Each Ratio carries 2 marks
02×06=12 marks
IIPUC EXAM-1, MARCH 2025 KSEAB 30-ACCOUNTANCY MODEL ANSWERS
Page 10
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Page 11
Study Materials
Notes
Model Papers Class 6 Notes
Sample Papers Class 7 Notes
Half Yearly Sample Papers Class 8 Notes
Class 9 Notes
Important Resources
Class 10 Notes
Periodic Table
Class 11 Notes
Writing Skills / Formats
Maps of India / World Class 12 Notes
Books and Solutions
NCERT Books
NCERT Book Solutions
HC Verma Chapter Wise Solutions
RD Sharma Solutions
CGBSE Solutions
Notes
Model Papers Class 6 Notes
Sample Papers Class 7 Notes
Half Yearly Sample Papers Class 8 Notes
Class 9 Notes
Important Resources
Class 10 Notes
Periodic Table
Class 11 Notes
Writing Skills / Formats
Maps of India / World Class 12 Notes
Books and Solutions
NCERT Books
NCERT Book Solutions
HC Verma Chapter Wise Solutions
RD Sharma Solutions
CGBSE Solutions
Document Details
| Board / Org | Karnataka Board |
| Exam | Class 12 |
| Type | Answer Key |
| Pages | 11 |
| Updated | 24 Sep 2026 |