CBSE Class 12 Question Paper 2023 Solution Accountancy

e s t i o n P a p er
Qu
Solu t i o n
2023

STRICTLY CONFIDENTIAL: (FOR INTERNAL AND RESTRICTED USE ONLY)
SENIOR SCHOOL EXAMINATION 2023
MARKING SCHEME – ACCOUNTANCY (SUBJECT CODE—055)
(PAPER CODE—67/1/1)
General Instructions: -
1 You are aware that evaluation is the most important process in the actual and correct assessment of the
candidates. A small mistake in evaluation may lead to serious problems which may affect the future of
the candidates, education system and teaching profession. To avoid mistakes, it is requested that before
starting evaluation, you must read and understand the spot evaluation guidelines carefully
2 “Evaluation policy is a confidential policy as it is related to the confidentiality of the examinations
conducted, Evaluation done and several other aspects. Its’ leakage to public in any manner could
lead to derailment of the examination system and affect the life and future of millions of
candidates. Sharing this policy/document to anyone, publishing in any magazine and printing in
News Paper/Website etc may invite action under various rules of the Board and IPC.”
3 Evaluation is to be done as per instructions provided in the Marking Scheme. It should not be done
according to one’s own interpretation or any other consideration. Marking Scheme should be strictly
adhered to and religiously followed. However, while evaluating, answers which are based on latest
information or knowledge and/or are innovative, they may be assessed for their correctness
otherwise and due marks be awarded to them.
4 The Marking scheme carries only suggested value points for the answers.These are in the nature of
Guidelines only and do not constitute the complete answer. The students can have their own expression
and if the expression is correct, the due marks should be awarded accordingly.
5 The Head-Examiner must go through the first five answer books evaluated by each evaluator on the first
day, to ensure that evaluation has been carried out as per the instructions given in the Marking Scheme.
If there is any variation, the same should be zero after deliberation and discussion. The remaining
answer books meant for evaluation shall be given only after ensuring that there is no significant
variation in the marking of individual evaluators
6 Evaluators will mark( √ ) wherever answer is correct. For wrong answer CROSS ‘X” be marked.
Evaluators will not put right (✓)while evaluating which gives an impression that answer is correct and
no marks are awarded. This is most common mistake which evaluators are committing.
7 If a question has parts, please award marks on the right-hand side for each part. Marks awarded for
different parts of the question should then be totaled up and written in the left-hand margin and
encircled. This may be followed strictly
8 If a question does not have any parts, marks must be awarded in the left-hand margin and encircled. This
may also be followed strictly
9 If a student has attempted an extra question, answer of the question deserving more marks should be
retained and the other answer scored out with a note “Extra Question”.
1

10 No marks to be deducted for the cumulative effect of an error. It should be penalized only once.
11 A full scale of marks 80 has to be used. Please do not hesitate to award full marks if the answer deserves
it.
12 Every examiner has to necessarily do evaluation work for full working hours i.e., 8 hours every day and
evaluate 20 answer books per day in main subjects and 25 answer books per day in other subjects
(Details are given in Spot Guidelines)
13 Ensure that you do not make the following common types of errors committed by the Examiner in the
past:-
● Leaving answer or part thereof unassessed in an answer book.
● Leaving answer or part thereof unassessed in an answer book.
● Wrong totaling of marks awarded on an answer.
● Wrong transfer of marks from the inside pages of the answer book to the title page.
● Wrong question wise totaling on the title page.
● Wrong totaling of marks of the two columns on the title page.
● Wrong grand total.
● Marks in words and figures not tallying/not same.
● Wrong transfer of marks from the answer book to online award list.
● Answers marked as correct, but marks not awarded. (Ensure that the right tick mark is correctly and
clearly indicated. It should merely be a line. Same is with the X for incorrect answer.)
● Half or a part of answer marked correct and the rest as wrong, but no marks awarded.
14 While evaluating the answer books if the answer is found to be totally incorrect, it should be marked as
cross (X) and awarded zero (0) marks
15 Any un assessed portion, non-carrying over of marks to the title page, or totaling error detected by the
candidate shall damage the prestige of all the personnel engaged in the evaluation work as also of the
Board. Hence, in order to uphold the prestige of all concerned, it is again reiterated that the instructions
be followed meticulously and judiciously.
16 The Examiners should acquaint themselves with the guidelines given in the “Guidelines for spot
Evaluation” before starting the actual evaluation.
17 Every Examiner shall also ensure that all the answers are evaluated, marks carried over to the title page,
correctly totaled and written in figures and words.
18 The candidates are entitled to obtain photocopy of the Answer Book on request on payment of the
prescribed processing fee. All Examiners/Additional Head Examiners/Head Examiners are once again
reminded that they must ensure that evaluation is carried out strictly as per value points for each answer
as given in the Marking Scheme.

2

Senior School Certificate Examination -2023
MARKING SCHEME
ACCOUNTANCY (Subject Code–055)
[ Paper Code: 67/1/1 ]
Maximum Marks : 80
EXPECTED ANSWER / VALUE POINTS
Q PART—A
No (Accounting for Partnership Firms and Companies)
.
1. Q. (i) Hina and Neena………………….
Ans (a) `3,900 1 mark
OR OR
Q. (ii) Vibha and Asha are partners……………..
Ans (b) 4 ½ months 1 mark
2. Q. Aman and Chaman are partners…..………
Ans. (d) `27,000 1 mark
3. Q. (i) Akshita Ltd. issued….…………..…
Ans (a) Debited, Goodwill 1 mark
OR OR
Q. (ii) Maira Ltd. took over assets………………… 1 mark
Ans (b) 10,000
Read the following hypothetical situation and answer……………..
4. Q. Savita’s share of profit….…………
Ans. (d) `10,000 1 mark
5. Q. The total profits of the firm…………….
Ans (b) Kavita `50,000, Savita `1,00,000, Madhu `30,000 1 mark
6. Q. (i) A company forfeited 400 shares…..……….
Ans (c) `3,200 1 mark
OR OR
Q. (ii) Xyle Ltd. forfeited 700 shares……………….
Ans (d) `2,100 1 mark
7. Q. (i) Rohit Limited issued ……..………..
Ans (c) `2,00,000 1 mark

3

OR OR
Q. (ii) Which of the following……………..
Ans (d) Debentures cannot be converted into shares 1 mark
8. Q. Aman, Aadhar and Avinash were partners….………..
Ans (b)
To the debit side of the capital accounts of Aman, Aadhar and Avinash in old profit sharing 1 mark
ratio.

9. Q. Nidhi, Kunal and Kabir are partners….………..
Ans (b) `20,000 1 mark
10. Q. Assertion (A) : Goodwill is …………..
Reason (R) : Goodwill is the value of …………… 1 mark
Ans (c) Both Assertion (A) and Reason (R) are correct
11. Q. ‘A’ and ‘B’ were partners in a firm…..………..
Ans (c)
A’s Capital A/c Dr. `1,800
To Interest on drawings A/c ` 1,800 1 mark
12. Q. That part of the authorised capital ….………..
Ans (b) Issued capital 1 mark
13. Q. Zinki Limited forfeited……………..
Ans (a) `40 1 mark
14. Q. Akshita and Anurag are partners…..………..
Ans (d) 4:2:3 1 mark
15. Q. Which of the following will…..………..
Ans (a) (i) and (iv) 1 mark
16. Q. (i) P, Q and R were partners ………..
Ans (d) Debiting Profit and Loss Suspense Account with `40,000 1 mark
OR OR
Q. (ii) Pooja, Nita and Anita…………….
Ans (b) 7: 5 1 mark
17. Q. Suman, Vivek and Vinod were partners…………….

4

Ans.
Vivek (`) Vinod(`)
Capital after adjustments 3,60,000 1,40,000 1
New Capital 3,00,000 2,00,000 +
60,000 60,000
To be withdrawn To be brought in

Books of Suman, Vivek and Vinod
Journal

Debit Credit
Date Particulars L.F
Amount Amount
(₹) (₹)
2022 Cash/Bank A/c Dr. 60,000 1
April 1
To Vinod’s Capital A/c 60,000 +
(Amount brought in by Vinod)
,, Vivek’s Capital A/c Dr. 60,000 1
To Cash/Bank A/c 60,000 =3
(Amount withdrawn by Vivek) marks

18. Q. Anu, Manu, Tanu and Kanu were partners………………….
Ans.
Sacrificed Share = Old share – New share
Anu
2/6 - 4/10 = (1/15) Gain
Manu
1/6 – 2/10 = ( 1/30) Gain
Tanu
2/6 – 3/10 = 1/30 Sacrifice
Kanu 1
1/6 – 1/10 = 1/15 Sacrifice +

5

Books of Anu, Manu, Tanu and Kanu
Journal

Debit Credit
Date Particulars L.F
Amount Amount
(₹) (₹)
2022 General Reserve A/c Dr. 36,000
April
1 To Anu’s Capital A/c 12,000
To Manu’s Capital A/c 6,000
To Tanu’s Capital A/c 12,000 1
To Kanu’s Capital A/c 6,000 +
(General reserve distributed in old
ratio)
,, Anu’s Capital A/c Dr. 8,000
Manu’s Capital A/c Dr. 4,000
To Tanu’s capital A/c 4,000
To Kanu’s Capital A/c 8,000 1
(Goodwill adjusted on change in =
profit sharing ratio ) 3
marks
19. Q. (a) Annex Ltd. issued…………….

Ans (a) Books of Annex Ltd.
Journal

Debit Credit
Date Particulars L.F
Amount Amount
(₹) (₹)
Bank A/c Dr. 33,00,000
To Share application and allotment 33,00,000
1½
A/c
(Application money received on +
3,00,000 shares)
Share application and allotment A/c Dr. 33,00,000
To Bank A/c 22,00,000 1½
To Share Capital A/c 10,00,000
To Securities Premium/ 1,00,000
Securities Premium Reserve A/c =
(Application money transferred to 3
share capital account, securities marks
premium account and excess
refunded)
6

OR OR
Q. (b) Shovan Limited took over ……………

Ans (b) Books of Shovan Limited
Journal

Debit Credit
Date Particulars L.F
Amount Amount
(₹) (₹)
Sundry Assets A/c Dr. 6,00,000 1½
To Sundry Liabilities A/c 10,00,000 +
To Swami Ltd. 45,00,000
To Capital Reserve A/c 5,00,000
(Purchased assets and took over liabilities
from Swami Ltd.)
Swami Ltd. Dr. 45,00,000
To 10% Debentures A/c 36,00,000 1½=
To Securities Premium/ Securities 9,00,000
3
Premium Reserve A/c
marks
(Issued 36,000 10% debentures to Swami Ltd
at premium of 25% )
20. Q. (a) On 1st April, 2022, the capital………..

Ans (a)
Normal Profit = 10/100 x 150,000 = `15,000 1
Average Profit = `23,500
Super Profit = Average Profits – Normal Profit
= 23,500 - 15,000
= `8,500 1

Goodwill = Super Profits x Number of years’ purchase ½ 1+1+ ½
+½
= 8500 x 3
=
= ` 25,500 ½
3
marks
OR
Q. (b) Rakshit and Malik…………. OR

Ans (b)
7

Calculation of Interest on Capital
Rakshit (`)
Interest on Capital from 1 April 2021 to 30 Nov. 2021
6/100 x 8/12x 1,20,000 = 4,800

Interest on Capital from 1 Dec. 2021 to 31 March 2022 1½
6/100 x 4/12x 2,00,000 = 4,000
Interest on Capital 8,800

+
Malik (`)
Interest on Capital from 1 April 2021 to 30 Nov. 2021
6/100 x 8/12x 80,000 = 3,200

Interest on Capital from 1 Dec. 2021 to 31 March 2022 1½
6/100 x 4/12x 1,00,000 = 2,000 =
Interest on Capital 5,200
3
marks
(Note: Full credit to be given for workings shown correctly in any other manner)

21. Q. Sandesh Ltd. has an authorized ……...

Ans
Sandesh Ltd.
Balance Sheet (extract) as at ………
Particulars Note Amount (`)
No.
I. EQUITY AND LIABILITIES
1. Shareholders' funds
a) Share Capital 1 6,84,000 1
+

Note to Accounts
Particulars Amount
(`)

1. Share Capital
Authorised Capital 1
3,00,000 equity shares of `10 each 30,00,000 +

8

Issued Capital
70,000 equity shares of `10 each 7,00,000 1
Subscribed Capital
Subscribed and fully paid-up +
6,60,000
66,000 equity shares of `10 each ½+
Add: Forfeited shares (3,000 x 8) 24,000 ½
6,84,000 =
4
marks
22. Q. Sudhir, Deepak and Naveen………….

Ans.
Dr. Sudhir’s Capital A/c Cr.

Particulars (₹) Particulars (₹)
To Advertisement suspense A/c 48,000 By Balance b/d 1,60,000
To Sudhir’s Executors A/c 3,49,800 By General Reserve A/c 40,000
By Deepak’s Capital A/c 1,20,000 ½x8
By Naveen’s Capital A/c 60,000
=
By Profit and Loss Suspense A/c 15,000
By Interest on Capital A/c 2,800
3,97,800 3,97,800 4
marks

Workings:
Sudhir’s share in Goodwill
= 2/5 x 1,80,000 x 5/2
= `1,80,000
Sudhir’s share in profits till death
1,00,000 x 1,50,000 x 2
4,00,000 5
= `15,000
Interest on capital of Sudhir
1,60,000 x 7/100 x 3/12
= `2,800
(Note: No marks to be deducted for not showing workings)
23. Q. (a) Pass necessary journal entries………….
(i) BCG Limited forfeited……..
(ii) Geetika Limited forfeited……

9

Ans. (a)
(i) Books of BCG Limited
Journal
Date Particulars L.F Debit Credit
Amount Amount
(₹) (₹)
Share Capital A/c Dr. 450
Securities Premium/ Securities Premium
Reserve A/c Dr. 300 1
To Forfeited Shares A/c 150 +
To Share Allotment/Calls in Arrears A/c 600
(75 shares forfeited for non-payment of
allotment)
Bank A/c Dr. 1,125
To Share Capital A/c 750 1
To Securities Premium/Securities Premium 375 +
Reserve A/c
(75 shares re-issued at `15 per share, fully paid up)
Forfeited Shares A/c Dr. 150
To Capital Reserve A/c 150 1
(Gain on 75 re-issued shares transferred to capital =
reserve) 3
marks
(ii) Books of Geetika Limited
Journal
Date Particulars L.F Debit Credit
Amount Amount
(₹) (₹)
Share Capital A/c Dr. 60,000
1
To Forfeited Shares A/c 48,000
+
To Share Final Call / Calls in Arrears A/c 12,000
(1,200 shares forfeited for non-payment of final call)

Bank A/c Dr. 40,500
Forfeited shares A/c Dr. 4,500 1
To Share Capital A/c 45,000 +
(900 shares re-issued at `45 per share, fully paid up)
Forfeited Shares A/c Dr. 31,500
To Capital Reserve A/c 31,500 1
(Gain on 900 re-issued shares transferred to capital =
reserve) 3
marks

(3+3)
OR =
6
Q. (b) Pushkar Limited invited………. marks
10

OR

Ans. (b) Books of Pushkar Limited
. Journal
Date Particulars L.F Debit Credit
Amount Amount
(₹) (₹)
Bank A/c Dr. 16,00,000
To Share Application A/c 16,00,000
(Application money received on 40,000 shares) ½
Share Application A/c Dr. 16,00,000
To Share Capital A/c 9,00,000 +
To Securities Premium/Securities Premium 3,00,000
Reserve A/c 1
To Share Allotment A/c 2,00,000
To Bank A/c 2,00,000
(Transfer of application money on 30,000 shares to +
Share Capital account, on 5,000 shares to Allotment
account, and of 5,000 shares refunded)
Share Allotment A/c Dr. 9,00,000
6,00,000 1
To Share Capital A/c
To Securities Premium/Securities Premium 3,00,000
Reserve A/c
+
(Money due on allotment on 30,000 debentures)
Bank A/c Dr. 6,86,000
Calls in Arrears A/c Dr. 14,000
To Share Allotment A/c
7,00,000
(Money received on share allotment)
OR

Bank A/c Dr. 6,86,000
6,86,000 1
To Share Allotment A/c
(Money received on share allotment) +

Share Capital A/c Dr. 30,000
Securities Premium/Securities Premium Reserve A/c Dr. 6,000
22,000
To Forfeited Shares A/c 14,000 1
To Calls in Arrears A/c/ Share Allotment A/c
(Forfeiture of 600 shares for non-payment of +
allotment
money)____________________________
Share First Call A/c Dr. 8,82,000
8,82,000 1
To Share Capital A/c +
(First call amount due on 29,400 shares)

Bank A/c Dr. 8,82,000
½
To Share First Call A/c 8,82,000 = 6
(Money received on first call) marks
11

24. Q. (a) Yuv and Veer were partners …………..

Ans. (a)
Dr. Revaluation A/c Cr.

Particulars (₹) Particulars (₹)
To Plant & Machinery A/c ½ 6,000 By Investment A/c ½ 8,000
To Profit transferred to
partners’ capital A/cs : 2
Yuv 1,500
Veer 500 1 2,000
8,000 8,000

Dr. Partners’ Capital A/cs Cr. +

Particulars Yuv Veer Yash Particulars Yuv Veer Yash
(₹) (₹) (₹) (₹) (₹) (₹)
To Balance c/d 1,43,500 69,500 71,000 By Balance b/d 79,000 48,000
1 1/2
By General
Reserve A/c 1/2 60,000 20,000

By Premium for
goodwill A/c 1 3,000 1,000
By Revaluation
A/c 1,500 500
By Cash A/c / 4
71,000
Bank A/c 1
1,43,500 69,500 71,000 1,43,500 69,500 71,000

Workings:
Adjusted capital of partners `
Yuv 143500
Veer 69500
Total 2,13,000 =
Capital of the new firm 213000 x 4/3= `2,84,000 6
Capital brought in by Yash = 2,84,000 x1/4 = `71,000 marks

(Note: No marks to be deducted for not showing workings)
OR OR

Q. (b) Reyansh, Aayushman and Sabhya ………….

12

Ans. (b)
Books of Reyansh, Aayushman and Sabhya
Journal

Debit Credit
Date Particulars L.F
Amount Amount
(₹) (₹)
2022 Aayushman’s Capital A/c Dr. 1,20,000
March 31
Sabhya’s Capital A/c Dr. 4,80,000
6,00,000
To Reyansh’s Capital A/c 1
(Adjustment for goodwill in gaining ratio without +
opening goodwill account)
,, General Reserve A/c Dr. 1,20,000
To Reyansh’s Capital A/c 60,000
To Aayushman’s Capital A/c 36,000
To Sabhya’s Capital A/c 24,000
½
(General reserve distributed among partners)
+
,,
Reyansh’s Capital A/c Dr. 50,000
Aayushman’s Capital A/c Dr. 30,000
Sabhya’s Capital A/c Dr. 20,000
To Profit and Loss A/c 1,00,000 ½
(Accumulated losses shared by partners in old ratio) +

,, Revaluation A/c Dr. 40,000
To Sundry Creditors A/c 40,000 1
(Unrecorded creditors taken into account)
+
,, Bad debts A/c Dr. 30,000
To Debtors A/c 30,000 ½
(`30,000 written off as bad debts) +
,, Provision for doubtful debts A/c Dr. 20,000
Revaluation A/c Dr. 10,000
To Bad debts A/c 30,000 1
(Bad debts transferred to provision for doubtful debts
and revaluation account) +

,, Reyansh’s Capital A/c Dr. 25,000
Aayushman’s Capital A/c Dr. 15,000
Sabhya’s Capital A/c Dr. 10,000 ½
To Revaluation A/c 50,000 +
(Loss on revaluation transferred to partners’ capital
accounts in old ratio)

13

,, Reyansh’s Capital A/c Dr. 11,85,000
To Reyansh’s Loan A/c 11,85,000 1
(Amount due to Reyansh transferred to his loan
account)
Workings:
Calculation of gaining ratio
Share gained = New share – Old Share
Aayushman Sabhya
2/5 – 3/10 3/5 – 2/10
= 1/10 = 4/10
Gaining ratio is 1:4
Amount to be transferred to Reyansh’s loan account
6,00,000+6,00,000+60,000 – 50,000 – 25,000 =
= `11,85,000 6
(Note: No marks to be deducted for not showing workings) marks
25. Q. Aadish and Shreyansh………

Ans.
Books of Aadish and Shreyansh
Dr. Realisation A/c Cr.

Particulars (₹) Particulars (₹)
To Sundry Assets: By Sundry Liabilities:
Stock 24,000 Creditors 90,000
Investment 30,000 Mrs. Aadish’s Loan 30,000
Debtors 20,000 Provision for Doubtful 2,000 1,22,000
Plant 1,00,000 1,74,000 Debts ½
½
By Cash A/c / Bank A/c: ½ +1+
Debtors 17,000 1+ ½ +
To Aadish’s Capital A/c
30,000 Plant 1,10,000
(Mrs. Aadish’s loan) 1,31,500 1+ ½ +
1 Investment 4,500
1 1+ ½
To Cash A/c/ Bank A/c:
Creditors 81,000
Realisation Expenses 7,000 88,000 By Aadish’s Capital A/c 20,000
1 (Stock) ½
By Shreyansh’s Capital A/c 13,5001
(Investment)

14

By loss transferred to Partners’
Capital A/c :
Aadish 3,000
Shreyansh 2,000 5,000 ½
=
2,92,000 2,92,000
6
marks
26. Q. Pass necessary journal entries for…………

Ans.
Journal
Date Debit Credit
Particulars L.F
Amount Amount
(₹) (₹)
(a)
Bank A/c Dr. 10,50,000
To Debenture Application and Allotment A/c 10,50,000
(Debenture application money received on 10,000
9% debentures)
Debenture Application and Allotment A/c Dr. 10,50,000
To 9% Debentures A/c 10,00,000
To Securities premium/Securities premium reserve A/c 50,000
(Debenture application money transferred to
debentures A/c and securities premium A/c)
(b)
Bank A/c Dr. 10,00,000
To Debenture Application and Allotment A/c 10,00,000
(Debenture application money received on 10,000
10% debentures)
Debenture Application and Allotment A/c Dr. 10,00,000
Loss on issue of Debentures A/c Dr. 1,00,000
To 10% Debentures A/c 10,00,000
To Premium on redemption of Debentures 1,00,000
A/c
(Debenture application money transferred to
debentures A/c)

15

(c)
Bank A/c Dr. 9,00,000
To Debenture Application and Allotment A/c 9,00,000
(Debenture application money received on 10,000
9% debentures)
Debenture Application and Allotment A/c Dr. 9,00,000
Loss on issue of Debentures A/c Dr. 1,50,000
To 9% Debentures A/c 10,00,000
To Premium on redemption of Debentures A/c 50,000
(Debenture application money transferred to 1x6
debentures A/c)
=
OR
Debenture Application and Allotment A/c Dr. 9,00,000
Discount on issue of Debentures A/c Dr. 1,00,000
Loss on issue of Debentures A/c Dr. 50,000
To 9% Debentures A/c 10,00,000 6
To Premium on redemption of Debentures A/c 50,000 marks
(Debenture application money transferred to
debentures A/c)

PART B
OPTION-I
(Analysis of Financial Statements)
27. Q. (i) Which of the following equations………
Ans (d) Cost of Revenue from Operations = Revenue from Operations – Gross Profit 1 mark
OR OR
Q. (ii) Which of the following is a tool ………..
Ans (a) (i) 1mark
28. Q. From the following information,………..
Ans (d) `15,00,000 1mark
29. Q. (i) ‘Dividend paid’.………..
Ans (c) Financing Activity 1 mark
OR OR
Q. (ii) ‘Interest received on investments’………..
Ans (a) Investing Activity 1mark
30. Q. Which of the following………..
Ans (c) (i) and (iii) 1mark
31. Q. Classify the following……..
Ans.

16

Items Major head Sub-head
(a) Licenses and Franchise Non Current Assets Fixed Assets.-Intangible
Assets
Alternatively, ½ x6
Property, Plant & Equipment =
and Intangible Assets
(b) Loans Repayable on Current Liabilities Short Term Borrowings
Demand
(c) Accrued Income Current Assets Other Current Assets

3
Note: Full credit to be given for writing only Intangible Assets or Fixed Assets under Sub-
marks
head of part (a).
32. Q. ‘It is a technique…………….

Ans. Ratio Analysis 1
+
Advantages of Ratio Analysis (Any two):
1. It helps to understand efficacy of decisions.
2. It simplifies complex accounting figures and establishes relationships. 1x2=2
3. It is helpful in comparative analysis.
4. It helps in identification of problem areas.
5. It enables SWOT analysis. =3
6. It helps comparisons with various benchmarks. marks
33. Q. (i) Calculate Gross Profit Ratio……...

Ans. (i)
Gross Profit ratio = Gross Profit x 100 ½
Revenue from Operations

Inventory turnover ratio = Cost of Revenue from Operations
Average Inventory

Cost of Revenue from Operations = 6 x 4,00,000
= `24,00,000 1

Gross Profit : 25% of Cost = 25/100 x 24,00,000

17

= `6,00,000 1 ½ +
1+1+1
+½=

Gross Profit Ratio = 6,00,000 x 100 1
4
30,00,000 marks
= 20% ½

OR
OR
Q. (ii) The Current Ratio…………..

Ans.
(a) Current Ratio would reduce. ½
Reason: Current assets as well as Current Liabilities would increase by the same mark
amount. for
(b) Current Ratio would improve. effect
Reason: Current assets would increase, while current liabilities remain the same. and ½
(c) Current Ratio would not change. mark
Reason: Both Current assets and Current liabilities remain the same. for
(d) Current Ratio would improve. reason
Reason: Current assets would increase whereas there would be no change in Current
Liabilities.
4
marks
34. Q. Read the following hypothetical text and ……

Ans.
Calculation of ‘Cash Flows from operating activities’
for the year ended 31st March, 2022
Details Amount
Particulars
(₹) (₹)
Net profit before tax and extraordinary items (2,11,000)
Add : Non-cash and Non-operating expenses : ½
Depreciation on machinery 75,000 ½
Interest on Debentures 24,000 1 99,000
Net profit before changes in working capital (1,12,000)
Add : Decrease in Current Assets and ½
Increase in Current Liabilities :

18

Decrease in Inventories 33,000
½
Less : Increase in Current Assets and
Decrease in Current Liabilities:
Trade Payables (42,000)
½ (9,000)

Cash generated from operations (1,21,000)
½
Less : Tax paid (80,000)
½
Net cash outflow/used in operating activities (2,01,000)
5
½
+

Dr. Provision for Tax A/c Cr.
Particulars (₹) Particulars (₹)
To Bank A/c 80,000 By Balance b/d 2,10,000
To Balance c/d 2,04,000 By Statement of Profit & 74,000 ½
Loss
+
2,84,000 2,84,000

Working Notes :
Calculation of net profit before tax :
(₹)
Net Profit (2,85,000)
Add provision for Tax 74,000 ½
(2,11,000)
=

(Note: Full credit to be given if the examinee has taken interest on debentures as 6
₹ 18,000 and consequently, net cash outflow/used in operating activities has been marks
calculated as `2,07,000)

19

PART B
OPTION-II
(Computerised Accounting)

27. Q. (i) The need of codification………….

Ans. (c) The encryption of data. 1 mark
OR OR
Q. (ii) Which of the following……………….

Ans. (d) Generic 1 mark
28. Q. The outcome of an arithmetic…………

Ans. (a) Derived Value 1 mark
29. Q. When the accumulated data……………
1 mark
Ans. (b) Batch processing
30. Q. (i) The name of accounting………….

Ans. (c) Costing sub-system 1 mark
OR OR
Q. (ii) The process of comparing…………..

Ans. (a) Data validation 1 mark
31. Q. Which error occurs when ……………..

Ans. The name of the error is correct a # Name ? Error.Steps or solution to correct it :
1. Click the Microsoft Office Button. Click Options and then click the Add –
ins category.

2. Select Excel Ad - ins in the Manage list box and click Go.

3. In the Add – ins available list, select the Euro Currency tools check box and 3
marks
then click OK.
32. Q. Explain the terms ‘Memo Voucher’,………
20

Ans.

Memo Voucher : It is a non-accounting voucher. It does not affect
accounts of the user. These entries are stated/recorded in
a separate register, but not as a part of ledger.
Post dated voucher : Some accounting softwares allow user to enter the
voucher for future transactions which are usually
similar as the previous once.

User defined voucher : In accounting software there are 23 pre-defined
vouchers. It allows the user to define or create new accounting or inventory 3
vouchers as per the requirement in the voucher entry, entry can be classified into marks
three basic categories of opening entry, closing entry and adjustment entry.
33. Q. (a) What is ‘data formatting’……………..

Ans. (a) The use of following formatting tools to make the reading spreadsheet
understandable is known as Data Formatting. 1
+
Following tools with appropriate explanation :

• Number formatting 1+
• Currency
1+
• Percentage
• Dates ½+
½
OR =
Q. (b) List eight uses…………… 4
marks

Ans. Following are the eight uses of accounting software: (Any eight) OR
(1) Do all the basic accounting functions
(2) Manage stores
(3) Do the job costing
(4) Manage payroll
(5) Get MIS reports
(6) Fill tax returns, prepare balance sheet and profit and loss statement, VAT ½ x8
form, TDS returns etc. =

(7) Manage, maintain budget scenario.

21

(8) Manage data over different locations and synchronize it. 4
marks
(9) Calculate interest on pending amount.
34. Q. What is meant by………………….
Ans. Present value is the total amount that a series of future payments is worth now.
The financial function which helps in its calculation is known as PV.
Its syntax is
PV (rate, nper, pmt, fv, type)
Where
Rate : Interest rate per period.
Nper : Total number of payment periods in an annuity.
Pmt : The payment made each period and connot be changed over the life of
annuity : Typically pmt includes principal and interest but no other fees and
taxes.
FV : The future value, or a cash balance to attain after the last payment is
made.
Type : is the number 0 or 1 and indicates when payments are due. The fv and type
6
arguments are optional.
marks
***

22