Class 12 Pre-Board Sample Paper 2025 Accountancy

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Pre-Board Exam 2025 Sample Question Paper

Accountancy (055)
TIME 3 HOURS MAX. MARKS 80
Class-XII
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. Question 1 to 16 and 27 to 30 carries 1 mark each.
4. Questions 17 to 20, 31and 32 carries 3 marks each.
5. Questions from 21 ,22 and 33 carries 4 marks each.
6. Questions from 23 to 26 and 34 carries 6 marks each.
7. 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.
PART A
ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

Q.
QUESTIONS
No
1 Closing entry for interest on loan allowed to partners 1
(a) Profit and Loss A/c … Dr.
To Interest on Partners Loan A/c
(b) Interest on loan … Dr.
To Profit and Loss Appropriation A/c
(c) Profit and Loss Appropriation A/c …Dr.
To Interest on Partners loan A/c
(d) Profit and Loss Appropriation A/c …Dr.
To Interest on loan A/c

2 A, B, and C are partner’s sharing profits in the ratio of 5:3:2 According to the partnership 1
agreement C is to get a minimum amount of ₹ 10,000 as his share of profits every year. The net
profit for the year ended 31st March, 2021 amounted to ₹ 40,000. How much amount contributed
by A?
(a)₹ 1,350 (b) ₹ 1,250 (c) ₹ 750 (d) ₹ 1,225

3 What Share of Profit would a ‘sleeping partner’, who has contributed 70% of the total capital, get 1
in the absence of a deed?

(a) 70 % ( b) 30 % ( C ) Equal Share ( d) None of the above

4 A, B and C were partner in a firm sharing Profit in the ratio of 3:2:1 During the year the firm 1
earned profit of ₹ 84,000.Calculate the amount of Profit or Loss transferred to the Capital A/c of B.
(a) Loss ₹ 87,000 (b) Profit ₹ 87,000 (c) Profit ₹ 28,000 (d) Profit ₹14,000
1

5 The relation of the partner with the firm is that of 1
(a) An owner (b) An agent and a Principal (c) An agent (d) Manager
OR
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They decided to share future
profits equally. Calculate A’s gain or sacrifice
(a) 2/10 (Sacrifice) (b) 5/10 (gain) (c) 1/10 (Gain) (d) 1/10 (sacrifice)

6 Goodwill is 1
(a) Tangible asset (b) Intangible asset (c) Fictitious asset (d) Both (b) & (c)
OR
In the absence of Partnership Agreement , interest on Drawings of a partner is charged
(a) @ 8% per annum (b) @ 6 % per annum
(c) @ 12% per annum (d) No interest is charged

7 Mohan draws Rs. 10,000 p.m. on last day every month for his personal use . if interest is to be 1
charged @5% p.a. interest chargeable from him in accounting year will be
(a)Rs. 3,250 (b)Rs. 2,750 (c)Rs. 3,000 (d)Rs. 3,500
OR
The net assets of the firm including fictitious assets of 5,000 are 85,000.The net liabilities of the
firm are 30,000.The normal rate of return is 10% and the average profits of the firm are
8,000.Calculate the goodwill as per capitalization of super profits.
(a) Rs.20,000 (b) Rs. 30,000 (c) Rs. 25,000 (d) None of the above

8 X, Y and Z are partners in a firm sharing profits and losses in the ratio of 6:4:1. X guaranteed 1
profit of Rs. 15,000 to Z. Net profit for the year ending 31st March, 2019 was Rs. 99,000. X’s share
in the profit of the firm will be
(a)Rs. 30,000 (b)Rs. 15,000 (c)Rs. 48,000 (d)Rs. 45,000
OR
Biju and Seema were partner in a firm sharing profit and losses in the ratio of 3: 1 Their capital
were Rs. 1,20,000 and 2,40,000 respectively. they were entitled to interest on capital @ 10%. The
firm earned profit of Rs. 18,000 during the year. The interest on Biju’s capital will be
(a) Rs. 12,000 (b) Rs. 10,800 (c)Rs. 7,200 (d) Rs. 6,000
9 On admission of a partner, which of the following items in the Balance Sheet is transferred to the 1
credit of Capital Accounts of old partners in the old Profit-sharing Ratio, if Capital Accounts are
maintained following Fluctuating Capital Accounts Method
(a) Deferred Revenue Expenditure; (b) Profit and Loss Account (Debit Balance);
(c) Profit and Loss Account (Credit Balance); (d) Balance in Drawings Account of partners.

10 A and B share profits in the ratio of 3:4. C is admitted for 1/5th share. New Profit-sharing ratio 1
will be
(a) 3:4:1 (b) 12:16:7 (c) 16:12:7 (d) 12:6 :7
2

OR
Which of the following is not true with respect to Admission of a partner?
(a) A new partner can be admitted if it is agreed in the partnership deed.
(b) If all the partners agree, a new partner can be admitted.
(c) A new partner has to bring relatively higher capital as compared to the existing partners
(d) A new partner gets right in the assets of the firm
11 Dissolution of a firm may take place due to ……… . 1
(i) insolvency of a partner (ii) death of a partner
(iii) change in profit sharing ratio (iv) admission of new partner
(v) on the completion of venture (vi) expiry of period of partnership
Alternatives
(a) (iii) (iv) (v) (vi) (b) (i) (ii) (iii) (v) (vi) (c) (i) (ii) (v) (vi) (d) (i) (iii) (v) (vi)

12 J. Ltd. Re-issue 2,000 shares, which were forfeited by crediting share forfeiture account by ₹ 1
3,000. These shares were Re-issued at ₹ 9 per share. The amount transferred to capital reserve will
be:
(a) ₹ 3,000
(b) ₹ 2,000
(c) ₹ 1000
(d) Nil

13 According to Table E of the Companies Act, 2013 interest on calls in arrears charged should not 1
exceed:
(a) 5% p.a.
(b) 6% p.a.
(c) 8%p.a.
(d) 10%p.a.

14 According to Section 52 of the Companies Act, the amount in the Securities Premium Account 1
cannot be used for the purpose of:
(a) Issue of fully Paid Bonus Shares
(b) Writing Off Losses of the Company
(c) Writing off Preliminary Expenses
(d) Writing Off Commission or Discount on Issue of Shares
OR
Rajan Limited issued 50,000 shares at a price lower than the nominal value of the share. The shares
issued are called:
A) Sweat equity shares B) Redeemable Preference shares
C) Equity shares D) Bonus shares
15 10,000 equity shares of Rs. 10 each were issued to public at a premium of ₹ 2 per share payable on 1
allotment.
Applications were received for ₹ 12,000 shares. Amount of securities premium account will be :

3

(a) ₹ 20,000 (b) ₹ 24,000
(c) ₹ 4,000 (d) ₹ 1,600

16 Which of the following statements is/are correct?
(i) Interest on debentures is calculated at the fixed percentage on the issue price. 1
(ii) Debenture is the evidence of company’s borrowings.
Alternatives
(a) Only (i) (b) Only (ii) (c) Both (a) and (b) (d) None of these

17 A, B and C are sharing profits in the ratio of 3:2:1. B dies on 1st Sept 2015 and on the day of B’s
death Goodwill is valued at Rs.60, 000. A and C decided to share future profits in the ratio of 3:2. 3
In order to arrange funds to make payment to B’s executors, the firm took a loan from PNB @ 18%
p.a. and full settlement was made to B’s executors.
You are required to:- Pass journal entry for treatment of goodwill with show proper working note.
18 Abhijeet, Bandhu and Charan are in partnership for sharing profits in the ratio of 5:3:2. There fixed 3
capitals as on 31st March 2020 were ₹ 2,00,000, ₹ 2,00,000 and ₹ 1,00,000 respectively while their
drawings were ₹ 10,000 each. After distribution of annual profits of ₹ 90,000 it was discovered that
Interest on Capital was credited to all partners @ 12% p.a. in place of 10% p.a. and interest on
drawings @ 10% p.a. was omitted in respect of Bandhu. Pass single adjustment entry to rectify the
errors and show workings clearly.

OR

Veena, Meena and Sheena are partners sharing profits in the ratio of 3:2:1. Their capitals on 1st
April 2019 were ₹ 5,00,000; ₹ 3,00,000 and ₹ 2,00,000 respectively. As per the partnership deed
partners are entitled to 10% p.a. interest on capital. Sheena is guaranteed a minimum profit of ₹
45,000 p.a. Deficiency (if any) will be borne by Veena and Meena in the ratio of 3:2.
The firm incurred a loss of ₹ 90,000 for the year ended 31st March 2020. Give necessary entries
giving effect to the minimum guaranteed profit to Sheena.

19 Akshat Ltd. took over running business with assets of ₹ 6,00,000 and liabilities of ₹ 60,000 from
Vijay Ltd for the purchase consideration of ₹ 5,50,000. It paid the purchase consideration by 3
issuing 8% debentures of ₹ 100 each at Par, redeemable at 5% premium after 5 years. There was a
balance of ₹ 25,000 in Securities Premium Reserve Account in the books Akshat Ltd.(free from
any charge) and company used it to write off the loss on issue of Debentures in the year of issue of
Debentures. Pass journal entries.

OR

Vijay Ltd. forfeited 100 shares of ₹10 each issued at10% premium (₹8 called up ) on which a

shareholder did not pay ₹3 of allotment (including premium) and first call of ₹2. Out of these
60 shares were reissued to Ram as fully paid for ₹8 per share and 20 shares to Suraj as fully
paid up @ ₹12 per share at different intervals of time.
4

Prepare Share Forfeiture account.

20 Complete the following journal entries: 3
L. Dr. (₹) Cr. (₹)
Date Particulars
F
1.4.22 Bank A/c Dr. 1,40,000
To ……...??...................... A/c ??
To Premium for Goodwill A/c ??
(Being Capital and share of goodwill brought
in by C)
1.4.22 Premium for Goodwill A/c Dr. ??
To A’s Capital A/c ??
To B’s Capital A/c 14,000
(Being C’s share of goodwill credited to old
partners in 3:2)
1.4.22 A’s Capital A/c Dr. ??
B’s Capital A/c Dr. ??
To …...??............... ??
(Being 50% of the goodwill withdrawn by
the old partners)

21 On 1st April 2018, Ginni Filaments Ltd. was formed with an authorized capital of ₹10,00,000 4
divided into 1,00,000 Equity Shares of ₹10 each. The company issued prospectus inviting
applications for 90,000 equity shares. The company received applications for 85,000 shares.
During the first year, ₹8 were called. Vasu holding 1,000 shares &Vidhi holding 2,000 shares did
not pay the first call of ₹2 per share. Vidhi’s shares were forfeited after the first call and later on
1,500 of the forfeited shares were reissued at ₹6 per share, ₹8 called up.

Show share capital in the Balance Sheet of the company as per Schedule – III, Part – I of the
Companies Act, 2013. Also prepare Notes to the Account for the same.

22 Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary 4
Journal entries for the following after various assets (other than Cash and Bank) and third party
liabilities have been transferred to Realisation Account:
(a) There was furniture worth ₹ 50,000. Aman took over 50% of the furniture at 10% discount and
the remaining furniture was sold at 30% profit on book value.
(b) The firm paid realisation expenses amounting to ₹ 5,000 on behalf of Harsh who had to bear
these expenses.
(c) There was an outstanding bill for repair for Rs 2,000 which were paid off.
(d) Creditors, to whom the firm owed ₹ 6,000, accepted stock of ₹ 5,000 at a discount of 5% and
the balance in cash.

23 Amrit Ltd. issued 50,000 shares of Rs 10 each at a premium of ₹ 2 per share payable as ₹ 3 on 6

application, ₹ 4 on allotment (including premium), ₹ 2 on first call and the remaining on second
call. Applications were received for 75,000 shares and a pro-rata allotment was made to all the

5

applicants.All moneys due were received except allotment and first call from Suman who applied
for 1,200 shares. All his shares were forfeited. The forfeited shares were reissued for ₹ 9,600. Final
call was not made. Prepare Cashbook and pass necessary journal entries.

OR

Velco Ltd. issued 30,000 shares of ₹ 10 each payable as ₹ 3 on application, ₹ 3 on allotment, ₹ 2 on
first Call and ₹ 2 on second call.

Applications were received for 40,000 shares and a pro-rata allotment was made to the applicants
of 35,000 shares. All money due were received except allotment and first call from Mohit who had
applied for 2,100 shares. His shares were forfeited after first call. Subsequently, the second call
was duly made and duly received. Thereafter, the forfeited shares were reissued for ₹ 9 fully paid.
Pass the necessary journal entries.

24 A and B are partners in a firm sharing profits and losses in the ratio 3:1. They admit C for a ¼ 6
share (entirely taken from A) on31st March 2019 when their Balance Sheet was as follows:

Liabilities Amount Assets Amount
Employee Provident fund 17,000 Goodwill 40,000
Investment Fluctuation Fund 4,100 Stock 15,000
Workmen compensation fund 6,000 Debtors 50,000
Capitals: Less: Provision
A 54,000 for Bad Debts 2,000 48,000
B 35,000 89,000 Cash 6,100
Investments 7,000
1,16,100 1,16,100
The following adjustments were agreed upon:

(a) C brings in ₹ 16,000 as goodwill and ₹ 30,000 as capital.
(b) Bad debts amounted to ₹ 3,000.
(c) Market value of investment is ₹ 4,500.
(d) Liability on account of workmen Compensation Reserve amounted to ₹2,000.
Prepare Revaluation Account and Partners’ Capital Accounts of A, B and C.
Also pass Journal Entries for : for bringing New partner’s Capital & Goodwill; Distribution of
goodwill, and for distribution of Profit and Loss of Revaluation A/c.
OR

X, Y and Z are partners in a firm sharing profits in proportion of 1/2, 1/6 and 1/3 respectively. The
Balance Sheet as on April 1, 2020 was as follows:

Liabilities Amount Assets Amount
Employee Provident fund 12,000 Freehold Premises 40,000

Sundry Creditors 18,000 Machinery 30,000
General Reserve 12,000 Furniture 12,000
Capitals: Stock 22,000
X 30,000 Debtors 20,000
6

Y 30,000 Less: Provision
Z 28,000 88,000 for Bad Debts1,000 19,000
Cash 7,000
1,30,000 1,30,000
Z retires from the business and the partners agree that:

(a) Machinery is to be depreciated by 10%.
(b) Provision for bad debts is to be increased to ₹ 1,500.
(c) Furniture was taken over by Yfor ₹ 14,000 against cash payment
(d) Goodwill is valued at ₹ 21,000 on Z’s retirement.
(e) The retiring partner was paid half of his amount due in cash.
Prepare Revaluation Account and Partners Capital Accounts and Balance Sheet of the reconstituted
firm.
25 A, B and C were partners in a firm sharing profits in the ratio of 5:3:2 respectively. On march 31st 6
2022 their balance sheet was as under

Balance Sheet as on March 31,2022
Liabilities Rs. Assets Rs

Capitals Building 2,00,000
A 3,00,000 Machinery 3,00,000
B 2,50,000 Patents 1,10,000
C 1,50,000 7,00,000 Goodwill 1,00,000
Reserves fund 60,000 Debtors 80,000
Creditors 1,10,000 Cash 80,000
8,70,000 8,70,000
A died on October 1, 2022. It was agreed between his executers and the remaining partners that:
(a) Goodwill of the firm is valued at 2 ½ years purchase of average profits for
the last three years. The average profit was 1,50,000.
(b) Interest on capital to be provided at 10% p.a.
(c) Profit for the year 2022 -23 be taken as having accrued at the same rate as
that of the previous year which was 50,000.
(d) A sum of Rs. 4,00,000 is given to his executor through bank draft immediately and balance
amount is transferred to his executor account.
Prepare A capital account to be presented to his executors as on 1.10.2022.

26 i) Ram Ltd issued 25,000, 8% debentures of Rs. 100 each, payable on application and redeemable 6
at par at any time after 6 years. Record necessary entries for issue of debentures in the books of
Ram Ltd.
(ii) Bhim Ltd issued 20,000, 9% debentures of Rs. 50 each at a discount of 8% redeemable at par
at any time after 9 years. Record necessary entries in the books of Bhim Ltd.

Part B :- Analysis of Financial Statements
27 Which of the following is not a tool of financial analysis? 1
(a) Comparative income statement (b) Comparative position statement

(c) Statement of profit and loss (d) Cash flow statement

7

28 Which of the following is an operating’ income ? 1
(a) Sale of Merchandise (b) Interest Income
(c) Dividend Income (d) Profit on the sale of old car

29 ABC Ltd is a financial company which provides loan and invest into shares. At the year end, 1
company received ` 50,000 interest on loan. Where will be the amount of interest presented?

(a) Activity arising from interest will be shown in investing activity
(b) Activity arising from interest will be shown in financing activity
(c) Activity arising from interest will be shown in operating activity
(d) None of the above

30 The two basic measures of liquidity are: 1
(a) Inventory turnover and current ratio
(b) current and liquid ratio
(c) gross profit and operating ratio
(d) current and debt equity ratio
OR
A Company’s liquid assets are Rs.5,00,000 and its current liabilities are Rs.3,00,000. Thereafter, it
paid Rs.1,00,000 to its trade payables. Quick ratio will be:

(A) 1.33:1
(B) 2.5:1
(C) 1.67:1
(D) 2:1

31 Under which sub-heading will the following items be shown in the balance sheet of a company as 3
per revised schedule A (VI) part I of the companies act 2013:
(I) Capital redemption reserve
(II) Goodwill
(III) Loose tools
(IV) Outstanding Expenses
(V) Calls in advance
(VI) Vehicle

32 From the Following Information compute Debt-Equity Ratio : 3

Items Amount
Long term Borrowings 2,00,000
Long term Provisions 1,00,000
Current liabilities 50,000
Non-Current assets 3,60,000
Current Assets 90,000

33 From the information extracted from the statement of Profit & Loss of Zee Ltd for the year ended 4
31st March 2022 and 31st March 2023,prepare a common size statement of profit & loss:
8

Particulars Note No. 2022-23(₹) 2021-22(₹)
Revenue from operations 8,00,000 10,00,000
Gross Profit 60% 70%
Other Expenses 2,20,000 2,60,000
Tax Rate 50% 50%

OR
From the following statement of Profit and loss of Xerox Ltd for the year ended 31st March,2020,
prepare a comparative Statement of profit and Loss
Particulars Note No 2019-20 2018-19
Revenue from Operations 8,00,000 6,00,000
Other Incomes 1,00,000 50,000
Expenses 5,00,000 4,00,000
Rate of Income Tax was 40%.
34 6
Following are the Balance Sheets of BCR Ltd., as on 31st March 21 and 2022:

Particulars NoteNo. 2021-22 (Rs) 2020-21(Rs)

EQUITY AND
LIABILITIES
(1) Shareholders Funds 7,00,000 5,00,000
(a) Share capital 3,50,000 2,00,000
(b) Reserves & Surplus
(2) Non Current Liabilities 50,000 1,00,000
Long Term borrowings
(3) Current Liabilities 52,000 55,000
Trade payables 1,20,000 80,000
Short Term provision
(Provision for Tax)

Total 12,72,000 9,35,000

ASSETS
(1)Non Current Assets
(a) Fixed assets
(i) Tangible assets 5,00,000 5,00,000
(ii) Intangible assets 95,000 1,00,000
(b) Non current investments 1,00,000 -
(2) Current Assets 1,30,000 55,000
(a) Inventories 1,47,000 80,000
(b) Trade Receivables 3,00,000 2,00,000
(c) Cash & Cash equivalents

Total 12,72,000 9,35,000

9

Additional information: During the year equipment costing Rs1,00,000 was
purchased , loss on the sale of equipment amounted Rs12,000. Rs18,000
depreciation was charged on equipment.

10

MARKING SCHEME
ACCOUNTANCY (055)

PART A
ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

Q.N
QUESTION
O

1 ( a) 1

2 (b) 1

3 (c) 1

4 (c) 1

5 (b) OR (d) 1

6 1
(b) OR (d)
7 Ans (b) OR (b) 1

8 Ans (c) Or (d) 1

9 (c) 1

10 (b) OR ( c ) 1

11 Ans. (c) (i) (ii) (v) (vi) 1

12 Answer: (c) ₹ 1000 1

13 1
Answer: (d) 10%p.a.
14 1
Answer: (b) Writing Off Losses of the Company OR ( a)

15 1

Answer: (a) ₹ 20,000

1

16 Ans. (b) 1

17 Ans; By paying full dues to B’s executors value of expression of gratitude is shown 3
towards deceased partner.

Particulars Dr(Amt) Cr(Amt)

A’s capital A/c Dr. 6,000
C’s capital A/c Dr. 14,000
To B’ s Capital A/c… 20,000

Gaining ratio is 3:7

2 mark journal entry and 1 mark for calculate of goodwill

18 3

WORKING NOTE

Particulars Abhijeet Bandhu Charan Firm

Interest on Capital 4,000 (Dr.) 4,000 (Dr.) 2,000 (Dr.) 10,000 (Cr.)
excess credited by 2%

Interest on drawing not ----------- 500 (Dr.) ----------- 500 (Cr.)
charged from Bandhu

Net D. Profit 5,250 (Cr.) 3,150 (Cr.) 2,100 (Cr.) 10,500 (Dr.)

Adjustment 1,250 (Cr.) 1,350 (Dr.) 100 (Cr.) -----------

2 marks

Journal Entry

Bandhu’s Current A/c Dr. 1,350
To Abhijeet’s Current A/c 1,250
To Charan’s Current A/c 100
(Adjustment entry)

1 mark
OR

Ans

(i) Veena’s Capital A/c Dr. 45,000 1.5X2=3
Meena’s Capital A/c Dr. 30,000
Sheena’s Capital A/c Dr. 15,000

2

To Profit and Loss A/c 90,000
(Being loss distributed among the partners)

(ii) Veena’s Capital A/c Dr. 36,000
Meena’s Capital A/c Dr. 24,000
To Sheena’s Capital A/c 60,000
(Being adjustment made for deficiency)

19 Ans
3
Journal (In the books of Akshat Ltd.)

Particulars Amount (Dr.) Amount (Cr.)

Sundry Assets A/c Dr. 6,00,000
Goodwill A/c Dr. 10,000
To Sundry Liabilities A/c 60,000
To Vijay Ltd. 5,50,000
(For sundry assets purchased and liabilities
taken over)

Vijay Ltd. Dr. 5,50,000
Loss on issue of Deb. A/c Dr. 25,000
To 8% Debentures A/c 5,50,000
To Premium on Redemption A/c 25,000
(5500, 8% Debentures issued at par,
redeemable at premium as fully paid for
assets purchased)

Securities Premium A/c Dr. 25,000
To Loss on Issue of Debentures A/c
(Loss on issue written off against security 25,000
premium reserve)

1+1+1

OR

Share Forfeiture A/c

Particulars Amt(₹) Particulars Amt(₹)
To Share Capital A/c 120 By Share Capital A/c 400
To Capital Reserve A/c 120

To Capital Reserve A/c 80
To Balance c/d 80

3

400 400

20 Fill in the blanks: -

a) C’s Capital
b) ₹ 1,05,000
c) ₹ 35,000
d) ₹ 35,000
e) ₹ 21,000
f) ₹ 10,500
g) ₹ 7,500
h) ₹ 17,500
Cash ( Each entry amount filling for 1-1 mark)

21 Balance Sheet of Ginni Filaments Ltd. (An Extract) 4

As at 31st March, 2019

Particulars Note No. Amount (₹)

I. EQUITY & LIABILITY
Shareholder’s Fund
Share 1 6,77,000
Capital

Notes to Account: (Share Capital)
Particulars Amount (₹)

Authorized Capital:
1,00,000 equity shares @ ₹ 10 each 10,00,000
Issued Capital:
90,000 equity shares of ₹ 10 each
Subscribed Capital: 9,00,000
Subscribed but not fully paid up
84,500 equity shares of ₹ 8 called up 6,76,000
Less: Calls in Arrear (1,000 x 2) (2,000)
Add: Share Forfeiture A/C (500 x 6) 3,000
6,77,000

(1*4) 4 MARKS

4

22 Ans 4

S.no. Particulars L.F Debit Credit
(a) Aman’s Capital A/c Dr. 22,500
Bank A/c Dr. 32,500
To Realisation A/c 55,000
(Assets realized)
(b) 5,000
Harsh’s Capital A/c Dr 5,000
To Bank A/c
(Expenses paid on behalf of partner)
(c) 2000
Realisation A/c Dr
To Bank A/c 2000
(Creditors paid)
(d) 1250
1250
Realisation A/c Dr
To Bank A/c
(Creditors paid)

(1*4) 4 MARKS
23 6

ANS

Journal (In the books of Amrit Ltd.)

Particulars Amount (Dr.) ₹ Amount (Cr.) ₹

Share Application A/c Dr. 2,25,000
To Share Capital A/c 1,50,000
To Share allotment A/c 75,000
(Share application money transferred to share
capital account and share allotment account)

Share AllotmentA/c Dr. 2,00,000
To Share Capital A/c 1,00,000
To Securities Premium A/c 1,00,000
(Share Allotment money due with premium)

Share 1st CallA/c Dr. 1,00,000
To Share Capital A/c 1,00,000

(Share 1st Call money due)

Share Capital A/c Dr. 5,600

5

Securities Premium A/c Dr. 1,600
To Share allotment A/c 2,000
To Share 1st Call A/c 1,600
To Share Forfeiture A/c 3,600
(800 shares forfeited for non-payment of
allotment and 1st call money)

Share ForfeitureA/c Dr. 3,600
To Capital Reserve A/c 3,600
(Balance of share forfeiture account transferred to
capital reserve account)

(1+1+1+2+1=6)

OR

Journal (In the books of Velco Ltd.)

Particulars Amount (Dr.) ₹ Amount (Cr.) ₹

Bank A/c Dr. 1,20,000
To Share Application A/c 1,20,000
(Share application money received)

Share Application A/c Dr. 1,20,000
To Share Capital A/c 90,000
To Share allotment A/c 15,000
To Bank A/c 15,000
(Share application money transferred to share
capital account and share allotment account.
Money refunded on rejected shares)

Share AllotmentA/c Dr. 90,000
To Share Capital A/c 90,000
(Share Allotment money due)

Bank A/c Dr. 71,400
To Share Allotment A/c 71,400
(Share Allotment money received except calls in
arrears)

Share 1st CallA/c Dr. 60,000

To Share Capital A/c 60,000
(Share 1st Call money due)

6

Bank A/c Dr. 56,400
st
To Share 1 Call A/c 56,400
(Share 1st Call money received except calls in
arrears)

Share Capital A/c Dr. 14,400
To Share Allotment A/c 3,600
To Share 1st Call A/c 3,600
To Share forfeiture A/c 7,200
(1,800 Sharesforfeited after 1st call for
non-payment of allotment money and 1st call)

Share 2nd& Final CallA/c Dr. 56,400
To Share Capital A/c 56,400
(Share 2nd& Final Call money due)

Bank A/c Dr. 56,400
nd
To 2 & Final Call A/c 56,400
(Share 2nd& Final Call money received)

Bank A/c Dr. 16,200
Share Forfeiture A/c Dr. 1,800
To Share Capital A/c 18,000
(Forfeited sshares reissued)

Share ForfeitureA/c Dr. 5,400
To Capital Reserve A/c 5,400
(Balance of share forfeiture account transferred to
capital reserve account)

( .5+.5+.5+.5+.5+.5+1+.5+.5+.5+.5)

24 Ans Old Ratio A: B 3:1

New Ratio A: B:C 2:1:1

Sacrifice (By A only) ¼

Revaluation Account

Particulars Dr. (₹) Particulars Cr. (₹)

To Bad Debts 1,000 By Loss on Revaluation:

A’s Capital A/c - 750
B’s Capital A/c - 250 1,000

7

1,000 1,000

(2+2+2 (for journal entries)=6) OR

8

(2+2+2)

9

6 MARKS

25 Ans 6
“A” share of –
General Reserve- Rs. 30,000 1 mark
Share of goodwill – Vinod = 1,12,750, Kumble = 75,000 1 mark
Int. on Cap.= 15,000 1 mark
P/L Suspense = 12,500 1 mark
Goodwill (written off) = 50,000 1 mark
Amount transferred to his executor = Rs. 1,45,000 1 mark

26 . 6
Ans. (i) JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr)
Bank A/c (25,000×100) Dr 25,00,000
To Debenture Application and Allotment A/c 25,00,000
(Being the application money received @ ` 100 on 25,000
debentures)
Debenture Application and Allotment A/c Dr 25,00,000
To 8% Debentures A/c 25,00,000
(ii)

Bank A/c (20,000 ×46) Dr 9,20,000
To Debenture Application and Allotment A/c 9,20,000
(Being the application money received on 20,000, 9% debentures)
Debenture Application and Allotment A/c (20,000 ×46) Dr 9,20,000

Discount on Issue of Debentures A/c (20,000 ×4) Dr 80,000
To 9% Debentures A/c 10,00,000
1.5 MARK FOR EACH ENTRY 1.5X4=6
27 Ans. (c) Statement of profit and loss or income statement is one of the financial statements of 1
a company and shows the company’s revenues and expenses during a particular period.
28 Answer: (a) Sale of Merchandise 1

29 1
Ans. (c) The ABC Ltd is engaged in the business of
providing loans and also investing in shares. Any
income arising from these activities should be shown
under operating activity.
30 . Ans. (b) OR ( d) 1

31 Ans 3
Item Major Heading Sub Heading

Debenture Redemption Reserve Non-Current Liability Long Term Provisions
Goodwill Non-Current Assets Fixed Assets (Intangible)

10

Loose tools Current Assets Inventory
Outstanding Expenses Current Liability Other Current Liability
Calls in advance current Liability other current Liability
Vehicle Non current assets Fixed Assets (Tangible)
.
Marks 0.5X6= 3
32 Debt Equity ratio = 3,00,000/1,00,000 = 3:1 3
Calculation of equity =Total assets – total liabilities = 4,50,000- 3,50,000
33 Common Size Statement of Profit & Loss 4

Particulars 2022-23(₹) 2021-22(₹) % on revenue from % on revenue
operations from operations
(2021-22) (2022-23)

Revenue from 8,00,000 10,00,000 100 100
operations
Less :- Expenses
Cost of revenue 3,20,000 3,00,000 40 30
Other Expenses 2,20,000 2,60,000 27.5 26
Total Expenses 5,40,000 5,60,000 67.5 56
Profit Before Tax 2,60,000 4,40,000 32.5 44
Less:- Tax 1,30,000 2,20,000 16.25 22
Profits after Tax 1,30,000 2,20,000 16.25 22

OR
COMPARATIVE INCOME STATEMENT

Particulars 2018-19 2019-20 Absolute change % change
Revenue from Operations 6,00,000 8,00,000 2,00,000 33.33%
Add: Other income 50,000 1,00,000 50,000 100%
Total Revenue 6,50,000 9,00,000 2,50,000 38.46%
Less: Expenses (4,00,000) (5,00,000) (1,00,000) 25%
Profit before Tax 2,50,000 4,00,000 1,50,000 60%
Less :Tax @40% (1,00,000) (1,60,000) ( 60,000) 60%
Profit after Tax 1,50,000 2,40,000 90,000 60%
( ½ MK for each calculation i.e. ½ x 7 = 3 ½ Mk + ½ Mk for calculation of Tax )

34 6

10 (Ans: Cash from operating activitesRs80,000, Cash used in investing
activitiesRs1,30,000 , Cash from financing activity1,50,000)
Solution: ( 3 marks for operating activity , 1.5 for Investing activity&
11

1.5=6 )
Cash Flow Statement
A) Cash Flows From Operating
Activities
Particulars Details Amount

Net Profit 150,000

Add: Provision for tax 120,000

Net Profit Before Tax and Dividend 270,000

Adjust non cash and non operating
items:

Add- Depreciation 18,000

Loss on sale of assets 12,000

Amortization of Intangible assets 5000 35,000

Operating Profit Before Working 305,000
Capital Changes

Add- decrease in CA & Increase in CL

----------------

Less- Increase in CA & Decrease in CL

Trade Payables (3000)

Inventories (75,000)

Trade Receivables (67,000) (145,000)

Cash Generated from operating 160,000
activities

Less: Income Tax Paid 80,000

12

Cash Flows from operating activities 80,000

B) Cash Flows From Investing
Activities
Sale of Equipments 70,000

Less: Purchase of Equipments (100,000)

Purchase of Non current (100,000)
Investment

Cash Used In Investing Activities (130,000)

C) Cash Flows From Financing
Activities
Proceed from Issue of Shares 200,000

Less: Repayment of Long Term (50,000)
Borrowings

Cash Flows From Financing 150,000
Activities

Net Increase in Cash Flows A+B+C
80,000+ (130,000)+150,000 100,000

Add: Opening Balance Of Cash And 200,000
Cash Equivalents

Closing Balance Of Cash And Cash 300,000
Equivalents

Working Note:
Tangible Assets Account

Particulars Amount Particulars Amount

13

To Balance b/d 500,000 By 18,000
Depreciation

To Bank a/c (purchase) 100,000 By Statement 12,000
of P&L

By Bank 70,000
(Sale)

By Balance c/d 500,000

600,000 600,000

3 marks for operating ,1.5 for investing and 1.5 for financing activity=6
*************************

14

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