Accountancy Past Paper PDF 2023

## MARKING SCHEME ### ACCOUNTANCY Paper Code - 67/3/21 #### Senior School Certificate Examination, 2023 #### EXPECTED ANSWER/VALUE POINTS ### PART A (Accounting for Partnership Firms and Companies) | Q. No. | | Marks | |---|---|---| | 1 | (i) A share of ₹10 issued at a premium...... | 1 mark |...

## MARKING SCHEME ### ACCOUNTANCY Paper Code - 67/3/21 #### Senior School Certificate Examination, 2023 #### EXPECTED ANSWER/VALUE POINTS ### PART A (Accounting for Partnership Firms and Companies) | Q. No. | | Marks | |---|---|---| | 1 | (i) A share of ₹10 issued at a premium...... | 1 mark | | | Ans: (d) ₹6 | | | | OR | | | | (ii) A share of ₹100 on which ₹70 has been.... | 1 mark | | | Ans: (b) ₹30 | | | 2 | Assertion(A): Interest on partners loan is debited...... | 1 mark | | | Ans: (c) Both Assertion (A) and Reason (R) are correct. | | | 3 | Gopal, Krishna and Govind **are** partners..... | 1 mark | | | Ans: (d) 2:1 | | | 4 | (i) Keshav and Karan were partners..... | 1 mark | | | Ans: (b) ₹3,00,000 | | | | OR | | | | (ii) A and B were partners in a firm... | 1 mark | | | Ans: (c) Nil | | | 5 | (i) Q. ____ is the basis of...... | 1 mark | | | Ans: (b) Agreement | | | | OR | | | | (ii) Q. At the time of change in profit | 1 mark | | | Ans: (c) Old profit-sharing ratio | | | 6 | (i) Sunbeam Ltd. Issued 20,000, 11%... | 1 mark | | | Ans: (c) 1,00,000 | | | | OR | | | | (ii) Nargis Ltd. purchased assets of 28,00,000....... | 1 mark | | | Ans: (b) 5,000 | | | 7 | (i) Q. Mehak and Ravish were partners in | 1 mark | | | Ans: (c) Mrs. Ravish's loan | | | | OR | | | | (ii) Q.Surbhi and Leena were partners.... | 1 mark | | | Ans: (a) 1/10 | | | 8 | Sunbeam Limited issued 4,000,... | 1 mark | | | Ans: (c) ₹4,00,000 | | | 9 | Read the following hypothetical situation...... | 1 mark | | | Q. Vikram and Sumit were partners in a firm.... | | | | Ans: (a) 245,000 | | | 10 | The final amount of profit distributed... | 1 mark | | | Ans: (d) Anu 245,000, Charu ₹30,000, Divya ₹75,000 | | | 11 | Divya's amount of guarantee is short..... | 1 mark | | | Ans: (c) 215,000 | | | 12 | Average capital employed in a firm.... | 1 mark | | | Ans (c) 22,40,000 | | | 13 | X Ltd. forfeited 100 shares.... | 1 mark | | | Ans (c) Credited by ₹2500 | | | 14 | A portion of the uncalled capital...... | 1 mark | | | Ans (a) Reserve Capital | | | 15 | If a fixed amount is withdrawn by a partner..... | 1 mark | | | Ans (d) 6% months |] | | 16 | Aditi and Bobby were partners..... | 1 mark | | | Ans (b) ₹60,000 | | | 17 | (a) M Ltd. issued 10,000, 8% Debentures........ | 1 mark | | **| Ans: |**| | | **Books of M Ltd.** | | | | **JOURNAL** | | | | Date | Particulars | LF | Dr. Amount (₹) | Cr. Amount (₹) | |---|---|---|---|---| | | (1) | Bank A/c | | 6,00,000 | | | | | To Debenture Application A/c | | | 6,00,000 | | | | | | | | | | (Application money received on 10,000 8% Debentures) | | | | | | | (ii) | Debenture Application A/c | | 6,00,000 | | | | | To 8% Debentures A/c | | | 6,00,000 | | | | | | | | | | (Debenture Application money transferred to 8% Debenture A/c) | | | | | | | (iii) | Debenture Allotment A/c | | 3,40,000 | | | | | Discount/Loss on Issue of Debentures A/c | | 60,000 | | | | | | | | 4,00,000 | | | | Dr | To 8% Debenture A/c | | | | | | (Allotment money due on 10,000 debentures) | | | | | | (iv) | Bank A/c | | 3,40,000 | | | | | **Dr.** | To Debenture Allotment A/c | | | 3,40,000 | | | | (Allotment money received) | | | | | | OR | | | | (b) Q. A company forfeited 4,000 shares...... | | | | Ans. | | | | **Books of ....** | | | | **JOURNAL** | | | | Date | Particulars | LF | Dr. Amount (₹) | Cr. Amount (₹) | |---|---|---|---|---| | | (i) | Share Capital A/c | | 40,000 | | | | | To Share Forfeiture A/c | | | 12,000 | | | | | To Calls-in-Arrears A/c | | | 28,000 | | | | | | | | | | (4,000 shares forfeited for non-payment of ₹7 per share) | | | | | | | (ii) | Bank Ave | | 18,000 | | | | | Share Forfeiture A/c | | 2,000 | | | | | To Share Capital Alc | | | 20,000 | | | | | | | | | | | (2,000 forfeited shares reissued)| | | | | | | (iii) | Share Forfeiture A/c | | 4,000 | | | | | To Capital Reserve A/c | | | 4,000 | | | | | | | | | | (Gain on reissue of shares transferred to Capital Reserve) | | | | | | 18 | (a) Q. Raman, Manan and Naman were partners..... | | | | Ans. | | | | **Books of Raman, Manan and Naman** | | | | **JOURNAL** | | | | Date | Particulars | LF | Dr. Amount (₹) | Cr. Amount (₹) | |---|---|---|---|---| | | | Raman's Capital A/c | | 180 | | | | | Naman's Capital A/c | | 630 | | | | | To Manan's Capital A/c | | | 810 | | | | | | | | | | (Adjustment entry for Interest on Drawings wrongly charged) | | | | | | | **Working Notes:** | | | | | | | Particulars | Raman (₹) | Manan (₹) | Naman (₹) | |---|---|---|---|---| | | Interest on Drawings, now credited | 1,080 | 1,440 | - | | | Loss to be debited (₹2,520 in 2:1:1) | (1,260) | (630) | (630) | | | Adjustment | 180 Dr | 810 Cr | 630 Dr | | | | | | | | | (NOTE: Full credit be given if working notes are prepared in any other form) | | | | | | | OR | | | 19 | Q. Kanak, Kamal and Kanha are partners.... | | | | Ans. | | | | (i) Calculation of Kanak's share of profit: | | | | Profit for 6 months 6,00,000 x 2,00,000 x 1/6 | | | | 20,00,000 | | | | = ₹10,000 | | | | **Books of Kanak, Kamal and Kanha** | | | | **JOURNAL** | | | | Date | Particulars | LF | Dr. Amount (₹) | Cr. Amount (₹) | |---|---|---|---|---| | | 2021 Sep 30 | Profit & Loss Suspense A/c | | 10,000 | | | | | To Kanak's Current A/c | | | 10,000 | | | | (Kanak's share of profit till date of death) | | | | | 20 | Q. Sunny, Vaibhav and Mita were partners in a firm sharing...... | | | | Ans | | | Calculation of new capitals of Partners | | | Total capital of the new firm ₹1,00,000+ ₹50,000 | | | = ₹1,50,000 | | | Vaibhav's new capital ₹1,50,000 x 3/5 | | | = ₹90,000 | | | Mita's new capital ₹1,50,000 x 2/5 | | | = ₹60,000 | | | | **Books of Sunny, Vaibhav and Mita** | | | | **JOURNAL** | | | | Date | Particulars | LF | Dr. Amount (₹) | Cr. Amount (₹) | |---|---|---|---|---| | | 2022 Mar 31 | Vaibhav's Capital A/c | | 10,000 | | | | | To Cash A/c/Bank A/c | | | 10,000 | | | | (Amount withdrawn by Vaibhav for capital adjustment) | | | | | | | Mar 31 | Cash A/c/Bank A/c | | 10,000 | | | | | To Mita's Capital A/c | | | 10,000 | | | | (Amount brought in by Mita for capital adjustment) | | | | | 21 | Q. Ravi, Kavi and Chand were partners sharing.....| | | | Ans | | | | **Realisation A/c** | | | | Dr. | Particulars | Amount (₹) | | Cr. | Particulars | Amount (₹) | |---|---|---|---|---|---|---| | | | To Land & Building A/c | 3,50,000 | | | By Provision for Doubtful Debts A/c | 10,000 | | | | To Stock A/c | 3,00,000 | | | By Creditors A/c (%) | 70,000 | | | | To Debtors A/c | 2,00,000 | | | By Mrs. Chand's Loan | 20,000 | | | | To Ravi's Capital A/c (2) | 20,000 | | | By Cash A/c | | | | | To Cash A/c | 40,000 | | | (1) Land & Building and stock | 6,00,000 | | | | | | | | Debtors | 1,80,000 | | | | | | | | | 7,80,000 | | | | | | | | By Loss transferred to Partners Capital A/c: (1) | | | | | | | | | Ravi | 15,000 | | | | | | | | Kavi | 9,000 | | | | | | | | Chand | 6,000 | | | | | | | | | 30,000 | | | | | | | | | 9.10,000 | | | | | | | | | 9,10,000 | | 22 | Q. On 1st April, 2021, Prabha Ltd. was formed with an authorized capital...... | | | | Ans. | | | | **Prabha Ltd** | | | | **BALANCE SHEET (extract)** | | | | **As at 31 March, 2022** | | | | Particulars | Note No. | Amount (₹) | | |---|---|---|---| | | I. Equity and Liabilities| | | | | | 1. Shareholders Funds | | | | | | (a) Share Capital | 1 | 79,82,000 | | | | **Notes to Accounts:** | | | | | | Particulars | | Amount (₹) | | |---|---|---|---| | | 1. Share Capital | | | | | | Authorised Capital | | | | | | 90,000 equity shares of ₹100 each | | 90,00,000 | | | | Issued Capital | | | | | | 80,000 equity shares of ₹100 each | | 80,00,000 | | | | Subscribed Capital | | | | | | Subscribed & fully paid-up | | 79,40,000 | | | | 79,400 equity shares of ₹100 each | | | | | | Subscribed but not fully paid-up | | | | | | 600 equity shares of ₹100 each | | 60,000 | | | | Less: Calls-in-Arrears | | 18,000 | | | | 42,000 | | | | 79,82,000 | | | 23 | (a) On 31 March, 2022 the Balance Sheet of....... | | | | Ans. | | | | **REVALUATION A/e** | | | | Dr. | Particulars | Amount (₹) | | Cr. | Particulars | Amount (₹) | |---|---|---|---|---|---|---| | | To Outstanding Salaries A/c | 2,000 | | | By Bad Debts Recovered A/c (2) | 12,000 | | | To Profit on Revaluation transferred to Partners' Capital A/c | 10,000 | | | | | | | A-6,000 | | | | | | | | B-4,000 | | | | | | | | 12,000 | | | 12,000 | | | | (b) Q. Anita, Geeta and Sita were partners in a firm..... | | | | Ans. | | | | **REVALUATION A/c** | | | | Dr. | Particulars | Amount (₹) | | Cr. | Particulars | Amount (₹) | |---|---|---|---|---|---|---| | | To Bad Debts A/c | 10,000 | | | By Land & Building A/c | 1,23,000 | | | To Provision for Doubtful Debts A/c | 13,000 | | | | | | | To Profit transferred to Partners Capital A/c's | | | | | | | | Anita - 40,000 | | | | | | | | Geeta- 40,000 | | | | | | | | Sita- 20,000 | | | | | | | | 1,00,000 | | | 1,23,000 | | | | 1,23,000 | | | | | | | 24 | Q. Trisha, Anisha and Rishika were partners...... | | | | Ans. | | | | **Trisha's Capital A/c** | | | | Dr. | Particulars | Amount (₹) | | Cr. | Particulars | Amount (₹) | |---|---|---|---|---|---|---| | | To Drawings A/c | 20,000 | | | By Bal b/d | 3,00,000 | | | To Trisha's Executors A/c | 4,60,000 | | | By General Reserve A/c | 20,000 | | | | | | | By Salary to Trisha | 20,000 | | | | | | | By Anisha's Capital A/c | 80,000 | | | | | | | By Rishika's Capital A/c | 40,000 | | | | | | | By P&L Suspense A/c | 20,000 | | | | | | | | 4,80,000 | | | | | 4,80,000 | | | | | | **Working Notes:** | | | | | | | | | (i) Share of Profit= 150000 x 4 x 2-20,000 | | | | | | | | | | | | | | 12 | | | | | | | | | 5 | | | (ii) Goodwill of the Firm= 4,50,000 x 2 = ₹3,00,000 | | | | | | | | | | | | | | 3 | | | (iii) Trisha's share of Goodwill = 3,00,000 x 2/5 = ₹1,20,000 | | | | | | | | | | | | | | | | | (iii) Salary to Trisha = 15,000+15,000-20,000 | | | | | | | | | | | | | | 3 | | 25| (a) Q. Lotus Ltd. invited applications for issuing..... | | | | Ans. | | | | **Books of Lotus Ltd.** | | | | **JOURNAL** | | | | Date | Particulars | LF | Dr. Amount (₹) | Cr. Amount (₹) | |---|---|---|---|---| | | (i) | Bank A/c | | 7,00,000 | | | | | To Equity Share Application A/c | | | 7,00,000 | | | | | | | | | | (Application money received on 1,40,000 shares) | | | | | | | (ii) | Equity Share Application A/c | | 7,00,000 | | | | | To Equity Share Capital A/c | | | 4,00,000 | | | | To Equity Share Allotment A/c | | | 3,00,000 | | | | | | | | | | (Application money transferred to Share Capital and excess amount adjusted to Share Allotment A/c) | | | | | | | (iii) | Equity Share Allotment A/c | | 7,20,000 | | | | | To Equity Share Capital Ave | | | 4,00,000 | | | | To Securities Premium / Securities Premium Reserve A/c | | | 3,20,000 | | | | | | | | | | (Share allotment money due at premium) | | | | | | | (iv) | Bank A/c | | 4,15,800 | | | | | Calls-in- Arrears A/c | | 4,200 | | | | | To Equity Share Allotment A/c | | | 4,20,000 | | | | | | | | | | (Allotment money received except on 800 shares) | | | | | | | | | | | | | | | | Alternatively | | | | | | | | Bank A/c | | 4,15,800 | | | | | To Equity Share Allotment A/c | | | 4,15,800 | | | | | | | | | | (Allotment money received except on 800 shares) | | | | | | | (v) | Equity Share Capital A/c | | 8,000 | | | | | Securities Premium/Securities Premium Reserve A/c | | 3,200 | | | | | To Calls-in-Arrears A/c | | | 4,200 | | | | To Share Forfeiture A/c | | | 7,000 | | | | | | | | | | (800 shares forfeited for non-payment of allotment money) | | | | | | | | | | | | | | | Alternatively | | | | | | | Equity Share Capital A/c | | 8,000 | | | | | Securities Premium/Securities Premium Reserve Ave | | 3,200 | | | | | To Equity Share Allotment A/c | | | 4,200 | | | | To Share Forfeiture A/c | | | 7,060 | | | | | | | | | | (800 shares forfeited for non-payment of allotment money)| | | | | | | (vi) | Bank A/c | | 7,200 | | | | | Share Forfeiture A/c | | 800 | | | | | To Equity Share Capital A/c | | | 8,000 | | | | | | | | | | (Reissue of forfeited shares) | | | | | | (vii) | Share Forfeiture A/c | | 6,200 | | | | | To Capital Reserve A/c| | | 6,200 | | | | | | | | | | (Gain on reissue of shares transferred to Capital Reserve) | | | | | | | OR | | | 26 | (b) Q. Tulip Ltd. invited applications for..... | | | | Ans | | | | **Books of Tulip Ltd.** | | | | **JOURNAL** | | | | Date | Particulars | LF | Dr. Amount (₹) | Cr. Amount (₹) | |---|---|---|---|---| | | (i) | Bank A/c | | 12,00,000 | | | | | To Equity Share Application A/c | | | 12,00,000 | | | | | | | | | (Application money received on 3,00,000 shares) | | | | | | | (ii) | Equity Share Application A/c | | 12,00,000 | | | | | To Equity Share Capital A/c | | | 4,80,000 | | | | To Securities Premium A/c/ Securities Premium Reserve A/c | | | 4,80,000 | | | | To Equity Share Allotment A/c | | | 2,40,000 | | | | | | | | | | (Application money transferred to Share Capital and Securities Premium, excess amount adjusted to Share Allotment A/c) | | | | | | | (iii) | Equity Share Allotment A/c | | 9,60,000 | | | | | To Equity Share Capital A/c | | | 9,60,000 | | | | | | | | | | (Allotment money due on 2,40,000 shares) | | | | | | | (iv) | Bank A/c | | 7,02,000 | | | | | Calls in Arrears A/c | | 18,000 | | | | | To Equity Share Allotment A/c | | | 7,20,000 | | | | | | | | | | (Allotment money received) | | | | | | | (v) | Equity Share First & Final Call A/c | | 14,40,000 | | | | | To Equity Share Capital A/c | | | 9,60,000 | | | | To Securities Premium A/e/ Securities Premium Reserve A/c | | | 4,80,000 | | | | | | | | | | (Share First & Final Call money due) | | | | | | | (vi) | Bank A/c | | 14,04,000 | | | | | Calls-in- Arrears A/c | | 36,000 | | | | | To Equity Share First & Final Call A/c | | | 14,40,000 | | | | | | | | | | (Share first and final call money received except on 6,000 shares) | | | | | | 26 | (a) Q. On 1st April, 2021 LM Ltd. issued..... | | | | Ans | | | | **Books of LM Lul** | | | | **JOURNAL** | | | | Date | Particulars | LF | Dr. Amount (₹) | Cr. Amount (₹) | |---|---|---|---|---| | | 2021 Apr 1 | Bank A/c | | 40,50,000 | | | | | To Debenture Application & Allotment A/c | | | 40,50,000 | | | | | | | | | | (Application money received on 90,000 ) | | | | | | | (ii) | Debenture Application & Allotment A/c | | 40,50,000 | | | | | Discount/Loss on issue of Debentures A/c | | 4,50,000 | | | | | To 9% Debentures A/c | | | 45,00,000 | | | | | | | | | | (debentures issued at 10% discount) | | | | | | | (iii) | Statement of Profit & Loss | | 2,75000 | | | | | Securities Premium/Securities Premium Reserve A/c | | 1,75,000 | | | | | To Discount/Loss on Issue of Debentures A/c | | | 4,50,000 | | | | | | | | | | (Discount/loss on issue of debentures written off) | | | | | | | (b)On 1" April, 2022, KR Ltd. acquired..... | | | | Ans | | | | **Books of KR Ltd.** | | | | **JOURNAL** | | | | Date | Particulars | LF | Dr. Amount (₹) | Cr. Amount (₹) | |---|---|---|---|---| | | 2022 Apr 1 | Sundry Assets A/c | | 50,00,000 | | | | | To Sundry Liabilities A/c | | | 10,00,000 | | | | To SM Lid | | | 40,00,000 | | | | (Assets acquired and liabilities taken over from SM Ltd) | | | | | | (ii) | SM Ltd | | 15,00,000 | | | | | To Bank A/c | | | 15,00,000 | | | | | | | | | | | (Purchase consideration partially settled by issuing a crossed cheque)| | | | | | (iii) | SM Ltd | | 5,00,000 | | | | | To Bills Payable A/c | | | 5,00,000 | | | | | | | | | | (Purchase consideration partially settled by accepting a bill of exchange) | | | | | | | (iv) | SM Ltd | | 20,00,000 | | | | | To 10% Debentures A/c | | | 16,00,000 | | | | To Securities Premium A/c/ Securities Premium Reserve A/c | | | 4,00,000 | | | | | | | | | | (Remaining Purchase consideration settled by issuing