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ACCOUNTANCY (055) CLASS XII (2024-25) MARKING SCHEME PART A (Accounting for Partnership Fir...

ACCOUNTANCY (055) CLASS XII (2024-25) MARKING SCHEME PART A (Accounting for Partnership Firms and Companies) S.No. Question Marks Part A :- Accounting for Partnership Firms and Companies 1. B- ₹ 1,20,000 1 2. D - A is false but R is true 1 3. C - Subscribed 1 OR B5% 4. A- 1 Bad Debts A/c Dr. 15,000 To Debtors A/c 15,000 Prov. for Doubtful Debts A/c Dr. 15,000 To Bad Debts A/c 15,000 OR C - Gain ₹ 16,000, ₹ 2,00,000 5. C - 12 % 1 6. B- ₹ 4,800; ₹ 2,700; ₹ 2,100 1 Or B -₹ 12,000 7. D - 1st May 2024 1 8. A - Realisation Account will be credited by ₹ 60,000 1 OR C- ₹ 60,000 will be credited to Realisation Account and will be even paid off. Balance ₹ 40,000 will be distributed amongst partners 9. B - Teeka will be credited by ₹ 4,200 1 10. B - ₹ 1,60,000 1 11. D - Both B and C 1 12. C - All are correct 1 13. B - ₹ 60,000 1 14. D - Deferred Revenue Expenditure ₹ 50,000 and Profit and Loss (Dr.) ₹ 80,000 1 15. A - ₹ 2,25,000 1 OR B - ₹ 67,500 16. A - 6:5:5 1 17. Assets realised = ₹ 1,08,000 3 Commission @ 2% = 2,160 Amount payable to other partners = 1,16,000 – 31,340 = 84,660 10% of amount payable = 8,466  Total Commission = 2,160 + 8,460 = ₹ 10,626 Date Particulars Debit (₹) Credit (₹) (i) Realisation A/c Dr. 10,626 To Rusting’s Capital Account 10,626 (Being remuneration payable to partner) 18. (i) Share in the subsequent profits attributable to the use of his balance. 3 ₹ 42,250 x 20,500 ₹1,80,000 = ₹ 4,812 (ii) Interest @ 6% p.a. on the use of his balance = ₹ 42,250 x 6/12 x 6/100 = ₹ 1,267.50 C should exercise option (i) since the amount payable to him under this option is more as compared to the amount payable to him under option (ii). Or Capital of Firm = 1,40,000+20,000 (Reserve) = ₹1,60,000 Normal Profit = 1,60,000 x 12/100 = ₹19,200 Average Profit = ₹30,000 Super Profit = Average Profit-Normal Profit = 30,000-19,200 = ₹10,800 Goodwill = 4 (Super Profit) = 4 (10,800) = ₹43,200 Saurabh's share of Goodwill = 1/3 of 43,200= ₹14,400. 19. Journal 3 Date Particulars Debit Credit Assets A/c Dr 40,00,000 To Liabilities A/c 6,50,000 To Ginny Ltd. A/c 32,00,000 To Capital Reserve A/c 1,50,000 (Being Business taken over and capital reserve recorded) Ginny Limited A/c Dr 32,00,000 Loss on Issue of Debentures A/c Dr 4,50,000 To 8% Debentures A/c 30,00,000 To Premium on redemption of Debentures 1,50,000 To Bank A/c 5,00,000 (Being purchased consideration discharged)  Or Journal Date Particulars Debit Credit Share Capital A/c Dr 56,000 To Shares Forfeited A/c 40,000 To Calls in arrears A/c 16,000 (Being Shares forfeited) Bank A/c Dr 10,000 Shares Forfeited A/c Dr 25,000 To Share Capital A/c 35,000 (Being 5000 shares reissued at discount) 20. Journal 3 Date Particulars Debit Credit (i) Investment Fluctuation Reserve A/c Dr 1,00,000 To Bat’s capital A/c 50,000 To Cat’s capital A/c 30,000 To Rat’s capital A/c 20,000 (Being Invest. Fluctuation Reserve distributed) Investment A/c Dr 80,000 To Revaluation A/c 80,000 (Being Increase in investment recorded) Revaluation A/c Dr 80,000 To Bat capital A/c 40,000 To Cat capital A/c 24,000 To Rat capital A/c 16,000 (Being Gain on revaluation transferred to partners) (ii) Investment Fluctuation Reserve A/c Dr 1,00,000 To Bat’s capital A/c 40,000 To Cat’s capital A/c 24,000 To Rat’s capital A/c 16,000 To Investment A/c 20,000 (Being decrease in investment recorded and balance Invest. Fluctuation Reserve distributed) (iIi) Investment Fluctuation Reserve A/c Dr 1,00,000 Revaluation A/c Dr 10,000 To Investment A/c 1,10,000 (Being decrease in investment recorded)  Bat’s capital A/c Dr 5,000 Cat’s capital A/c Dr 3,000 Rat’s capital A/c Dr 2,000 To Revaluation A/c 10,000 (Being Loss on revaluation distributed among the partners) 21. Journal 4 Date Particulars Debit Credit Share capital A/c Dr 45,000 To Forfeited shares A/c 27,000 To share final call A/c 18,000 (Being 4500 shares forfeited) Bank A/c Dr 22,500 Forfeited shares A/c Dr 22,500 To Share Capital A/c 45,000 (Being 4500 shares reissued) Forfeited share A/c Dr 4,500 To Capital reserve A/c 4,500 (Being balance of share forfeiture transferred to Capital reserve) Dr. Share Forfeiture A/c Cr. Particulars Amount Particulars Amount To Share Capital A/c 22,500 By Share Capital 27,000 To Capital Reserve A/c 4,500 27,000 27,000 22. Journal 4 Date Particulars Debit Credit 1.10.2023 Y's Capital A/c Dr 15,60,000 To Y's Executors A/c 15,60,000 (Being balance in capital transferred to executors account) 1.10.2023 Y's Executors A/c Dr 3,60,000 To Banks A/c 3,60,000 (Being payment made to the executor) 31.12.2023 Interest A/c Dr 18,000 To Y's Executor's A/c 18,000 (Being Interest due) 31.12.2023 Y's Executors A/c Dr 3,18,000 To Banks A/c 3,18,000 (Being payment made to the executor) 31.03.2024 Interest A/c Dr 13,500 To Y's Executor's A/c 13,500 (Being Interest due) 31.03.2024 Y's Executors A/c Dr 3,13,500 To Banks A/c 3,13,500 (Being payment made to the executor) 23. Journal 6 Date Particulars Debit Credit Bank A/c Dr 22,50,000 To Share Application and allotment A/c 22,50,000 (Being Application and allotment money received) Share Application and allotment A/c Dr 22,50,000 To Equity Share Capital A/c 18,00,000 To Share First call A/c 3,00,000 To Bank A/c 1,50,000 (Being application and allotment money adjusted and excess refunded)  Share 1st Call A/c Dr 24,00,000 To Equity Share Capital A/c 24,00,000 (Being call money due) Bank A/c Dr 20,82,000 Calls In arrears A/c Dr 18,000 To Share 1st Call A/c 21,00,000 (Being call money received except on 6,000 shares) Share Capital A/c Dr 42,000 To Shares Forfeited A/c 24,000 To Calls in arrears 18,000 (Being 6000 shares forfeited) Share 2nd Call A/c Dr 35,64,000 To Share Capital A/c 17,82,000 To Securities Premium A/c 17,82,000 (Being 2nd Call money due) Bank A/c Dr 35,64,000 To Share 2nd Call A/c 35,64,000 (Being 2nd Call money received) Bank A/c Dr 78,000 To Share Capital A/c 60,000 To Securities Premium A/c 18,000 (Being forfeited shares reissued) Shares Forfeited A/c Dr 24,000 To Capital Reserve A/c 24,000 (Being balance transferred to capital reserve) OR Journal Date Particulars Debit Credit A (i) Bank A/c Dr 67,500 To Debenture Application and allotment A/c 67,500 (Being applications received) Debenture Application and allotment A/c Dr 67,500 Loss on issue of Debntures A/c Dr 11,250 To 12% Debentures A/c 75,000  To Premium redemption of debentures A/c 3,750 (Being Debentures issued at discount redeemable at premium) A(ii) Bank A/c Dr 96,000 To Debenture Application and allotment A/c 96,000 (Being applications received) Debenture Application and allotment A/c Dr 96,000 Loss on issue of Debentures A/c Dr 8,000 To 12% Debentures A/c 80,000 To Securities Premium A/c 16,000 To Premium on Redemption A/c 8,000 (Being Debentures issued at discount redeemable at premium) 23 B) Balance sheet Extract of X Ltd _____________________________________________________ Particulars Note no. Rs 1. Equity &Liabilities Non current liabilities Long term borrowings 1 4,00,000 _____________________________________________________ Notes to accounts ______________________________________________________ 1. Long term borrowings Loan from IDBI (Secured by issue of 5000, 9% debentures of 4,00,000 Rs.100 each as collateral security) ________ 24. 6 Dr Revaluation A/c Cr Particulars Amount Particular Amount To Stock A/c 1,400 By Creditors A/c 900 To Furniture A/c 500 By Loss transferred to: To Provision for doubtful debts 2,000 Meghna 1,000 Mehak 1,000 Mandeep 1,000 3,000 3,900 3,900 Dr Partner Capital Account Cr Meghna Mehak Mandeep Meghna Mehak Mandeep To Revaluation 1,000 1,000 1,000 By Balance b/d 20,000 14,500 10,000 To Mehak 2,000 - 2,000 By General 2,500 2,500 2,500 Reserve To Cash -- 20,000 -- By Meghna -- 2,000 To Balance c/d 27,050 -- 27,050 By Mandeep 2,000 By Cash 7,550 -- 17,550 30,050 21,000 30,050 30,050 21,000 30,050 Or Profit & Loss appropriation A/c Of Varun and Vivek For the year ended on March 31, 2023 Dr Cr Particulars Amount Particulars Amount To Partners Current A/c By Profit & Loss A/c - Net Profit 1,20,000 Varun 78,508 By Interest on Drawings Vivek 42,992 Varun 450 Vivek 1,050 1,21,500 1,21,500 As divisible profits are insufficient, so available profits are distributed in ratio of appropriations i.e 42:23 Partner’s capital A/c Dr Cr Particulars Varun Vivek Particulars Varun Vivek To Balance c/d 3,00,000 2,00,000 By Balance b/d 3,00,000 2,00,000 3,00,000 2,00,000 3,00,000 2,00,000 Partner’s Current A/c Dr Cr Particulars Varun Vivek Particulars Varun Vivek To Balance b/d 28,000 By Balance b/d 1,00,000  To Drawings 12,000 30,000 By Profit and Loss 78,508 42,992 Appropriation A/c To Interest on 450 1,050 Drawings By Balance c/d 16,058 To Balance c/d 1,66,058 1,78,508 59,050 1,78,508 59,050 25. 6 Realisation Account Dr Cr Particulars Amount Particulars Amount To Fixed Deposits 70,000 By Provision for Doubt. Debts 12,000 To Stock 86,000 By Bills Payable 1,10,000 To Investments 1,04,000 By Creditors 1,90,000 To Debtors 1,77,000 By Employees provident fund 50,000 To Other fixed assets 3,80,000 By Mrs. Sunny's Loan 55,000 To Sunny's Capital A/c (Loan repaid) 55,000 By Investment fluctuation fund 30,000 To Bank A/c By Bank A/c Creditors 1,75,000 Debtors 1,76,100 Bills Payable 1,10,000 Other Fixed assets 2,30,300 Emp prov fund 50,000 3,35,000 Investments 15,600 To Sunny's Capital A/c – Expense 10,000 Fixed deposits 77,000 4,99,000 To Bobby's Capital A/c – Expense 10,000 By Bobby's Capital A/c 1,43,680 By Bobby's Loan A/c 41,000 By Partners Capital A/c - Loss on real. Bobby 57,792 Sunny 38,528 96,320 12,27,000 12,27,000 A26. Q1. A). Rs.10,00,000 6 Q2. C). Rs.12 Q3. A). Rs.40,000 Q4. B). 5,50,000 shares Q5. B). Rs.3,28,000, Rs.56,000 Q6. C). Rs.54,70,000 Part B :- Analysis of Financial Statements (Option – I) 27. C - Horizontal 1 Or A - Sale of Stock at cost price 28. C- Net Profit ratio will increase and Operating Profit ratio will have no change 29. D - Only (i) and (iv) 1 OR A - Investments in shares are excluded from cash equivalents unless they are in substantial cash equivalents. 30. A. - Both the statements are true. 1 31. Items Heading Sub-Heading 1 Furniture and Fixture Non-Current Assets Property, Plant & Equipment Advance paid to contractor Non-Current Assets Long-Term Loans & for building under Advances construction Accrued Income Current Assets Other Current Assets Loans repayable on Current Liabilities Short Term Borrowings demand to Bank Employees earned leaves Non-Current Liabilities Long Term Provisions payable on retirement Employees earned leaves Current Liabilities Short Term Provisions encashable 32. Comparative Income Statement 3 Particulars 2022-23 2023-24 Absolute % change change Revenue from 16,00,000 20,00,000 4,00,000 25% Operations Less: Employees Benefit 8,00,000 10,00,000 2,00,000 25% Expenses Less: Other Expenses 2,00,000 1,00,000 (1,00,000) (50%) Profit before tax 6,00,000 9,00,000 3,00,000 50% Tax @30% 1,80,000 2,70,000 90,000 50% Profit after tax 4,20,000 6,30,000 2,10,000 50% 33. Gross Profit Ratio = Gross Profit / Revenue from Operations * 100 3 Revenue from Operations = Rs 10,00,000 Gross Profit = Revenue from Operations – Cost of Revenue from Operations  Cost of Revenue from Operations = Purchases + Opening Inventory + Direct Expenses – Closing Inventory = 3,60,000 + 60,000 + 50,000 + 60,000 – 1,00,000 = 4,30,000 (Average Inventory = Opening Inventory + Closing Inventory / 2 80,000 = 60,000 + Closing Inventory / 2 Closing Inventory = 1,00,000) Gross Profit = 10,00,000 – 4,30,000 = 5,70,000 Gross Profit Ratio = 5,70,000/10,00,000 * 100 = 57% OR Net Profit Before Interest & Tax = Profit after Tax + Tax + Interest (Tax = 6,00,000 * 20/80 = 1,50,000) 10,00,000 = 6,00,000 + 1,50,000 + Interest Interest = Rs 2,50,000 Interest on Debentures = Nominal value of Debentures * Rate of Interest/100 2,50,000 = 25,00,000 * Rate of Interest/100 Rate of Interest (R) = 10% 34. (a) CASH FLOW FROM OPERATING ACTIVITIES 4 Particulars Details Amount Profit Earned during the year (1,00,000) Add: Proposed dividend of previous year 1,50,000 Provision for tax for current year 1,20,000 Profit before tax and extraordinary items 1,70,000 Non-operating and Non Cash Items: Add: Goodwill amortised 50,000 Operating profit before tax and changes in working capital 2,20,000 Add: Increase in trade payable 50,000 Less: increase in trade receivables (40,000) ________ Cash generated from operations 2,30,000 Less: Income tax paid 1,00,000 _______ Cash flow from operating activities 1,30,000 OR Dr Accumulated Depreciation A/c Cr Particulars Amount Particulars Amount  To Machinery A/c (prev. dep on machine damaged) 10,000 By Balance b/d 4,00,000 To Machinery A/c (prev. dep on By Depreciation A/c (Charged machine sold) 90,000 during the year) 3,50,000 To Balance c/d 6,50,000 7,50,000 7,50,000 Dr Machinery A/c Cr Particulars Amount Particulars Amount To Balance b/d 20,00,000 By Accumulated Depreciation A/c 10,000 To Bank A/c (Balancing figure) 11,00,000 By Insurance Company A/c 32,000 By loss by fire A/c 8,000 By Bank A/c 1,40,000 By Loss on Sale A/c 20,000 BY Accumulated Depreciation A/c 90,000 By Balance c/d 28,00,000 31,00,000 31,00,000 Investing Activities Sale of Machinery 1,40,000 Claim received from Insurance Company 32,000 Machinery Purchased (11,00,000) Cash Outflow from Investing Activities (9,28,000) Part B :- Computerised Accounting (Option – II) 27. B. PMT (rate, nper, pv, [fv], [type]) 1 OR B. Design, Layout, Format 28. A. =AND (C4