2019 Marking Scheme Account PDF

Downloaded From : http://cbseportal.
com/
-Strictly Confidential : (For Internal and Restricted Use Only)
Senior School Certificate Examination
March -2018 - 19
Marking Scheme – Accountancy 67/1/1, 67/1/2, 67/1/3
General Instructions:-
1. You are aware that evaluation is the most important process in the actual and correct assessment of the candidates. 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.
Evaluation is a 10-12 days mission for all of us. Hence, it is desired from you to give your best in this process.
2. 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 innovative may be assessed and marks be awarded to them.
3. The Head-Examiner has to go through the first five answer scripts evaluated by each evaluator to ensure that evaluation has been carried
out as per the instructions given in the Marking Scheme. The remaining answer scripts meant for evaluation shall be given only after
ensuring that there is no significant variation in the marking of individual evaluators.
4. 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 totalled up and written in the left hand margin and encircled.
5. If a question does not have any parts, marks must be awarded in the left hand margin and encircled.
6. If a student has attempted an extra question, answer of the question deserving more marks should be retained and other answer scored out.
7. No marks to be deducted for the cumulative effect of an error. It should be penalized only once.
8. Deductions up to 25% of the marks must be made if the student has not drawn formats of the Journal and Ledger and has not given the
narrations.
9. A full scale of marks 1-80 has to be used. Please do not hesitate to award full marks if the answer deserves it.
10. No marks are to be deducted or awarded for writing / not writing ‘TO and BY’ while preparing Journal and Ledger accounts.
11. In theory questions, credit is to be given for the content and not for the format.
12. Every Examiner should stay full working hours i.e 8 hours every day and evaluate 25 answer books.
13. Avoid the following common types of errors committed by the Examiners in the past-.
Ø Leaving answer or part thereof unassessed in an answer script
Ø Giving more marks for an answer than assigned to it or deviation from the marking scheme.
Ø Wrong transference of marks from the inside pages of the answer book to the title page.
Ø Wrong question wise totaling on the title page.
Ø Wrong totaling of marks of the two columns on the title page
Ø Wrong grand total
Ø Marks in words and figures not tallying
Ø Wrong transference to marks from the answer book to award list
Ø Answers marked as correct but marks not awarded.
Ø Half or a part of answer marked correct and the rest as wrong but no marks awarded.
14. While evaluating the answer scripts if the answer is found to be totally incorrect, it should be marked as (x) and awarded zero(0) Marks.
15. Any unassessed portion, non-carrying over of marks to the title page or totalling 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. As per orders of the Hon’ble Supreme Court, the candidates would now be permitted to obtain photocopy of the Answer Book on request
on payment of the prescribed fee. All 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 give in the Marking Scheme.
1
Downloaded From : http://cbseportal.com/ Courtesy : CBSE
Downloaded From : http://cbseportal.com/
..
Marking Scheme 2018-19
67 67 67 Accountancy (055) MARKS
/1 /1 /1 Delhi- 67/1/1
/1 /2 /3 Expected Answers/ Value Points
1 2 5 Q. Atul and Neera are in partnership….Calculate the new profit sharing
ratio.
½
Ans. Mitali’s share in profit= 1/10 +
½
Atul’s new share= 3/5-1/10=5/10 …1/2 mark =
Neera’s new share= 2/5
Mitali’s share=1/10 1 mark
New ratio= 5:4:1………………….1/2 mark
2 4 4 Q. What is meant by ‘Issued Capital’?
Ans. Issued Capital is that part of the Authorised Capital which is offered to the 1 mark
public for subscription.
OR OR
Q. What is meant by ‘Employees Stock Option Plan’?
Ans. Employees Stock Option Plan means option granted by the company to its 1 mark
employees and directors to subscribe to the shares of the company at a price that is
lower than the market price.
3 - - Q. Differentiate between Dissolution of Partnership and Dissolution of a Firm

on the basis of ‘Court’s intervention’.
Ans.
Dissolution of Partnership Dissolution of a Firm
Court’s The court does not intervene because The firm can be 1 mark
intervention partnership is dissolved by mutual dissolved by court’s
agreement order.
.
4 1 3 Q. What is meant by ‘Gaining Ratio’ on retirement of a partner?
Ans. Gaining ratio is the ratio in which the remaining partners acquire the retiring 1 mark
partner’s share.
OR OR
Q. P, Q and R were partners …. rate at which interest will be paid to R
Ans. 6% p.a. 1 mark
2
5 3 2 Q. Chhavi and Neha are partners in a firm ….. interest on drawings.
Ans. Journal
Date Particulars Dr. (₹) Cr. (₹)
Chhavi’s Capital/ Current Account Dr. 900 - 1 mark
To Interest on drawings A/c - 900
(Being Interest on drawings charged)
.
6 5 1 Q. How are Specific donations treated while preparing final accounts of a
‘Not-For-Profit Organisation?
Ans. Specific donations are taken on the liabilities side of the Balance Sheet of a
Not-For-Profit Organisation 1 mark
or
Specific donations are capitalized while preparing the final accounts of a Not-For-
Profit Organisation.
OR OR
Q. State the basis of accounting of preparing ‘Income and Expenditure 1 mark

Account’ of a Not-For-Profit Organisations.
Ans. Accrual basis.
7 - - Q. The capital of the firm of Anuj and Benu … Calculate the goodwill of the
firm.
Ans. Actual profits = ₹3,60,000 – ₹1,20,000 = ₹2,40,000
Normal profits= 15% x ₹10,00,000 = ₹1,50,000…………………..1 mark
Super profits = Actual profits – Normal profits 1+1+1

= ₹2,40,000 – ₹1,50,000
= ₹90,000……………………………………………1 mark =
Goodwill= Super profits x Number of years purchase 3 marks

= ₹90,000 x 2
= ₹1,80,000……………………………………………...1 mark
8 - - Q. How the following items…. Aisko Club:
Ans. Balance Sheet of Aisko Club as on 31st March 2018

Liabilities Amount Assets Amount ½ mark for
(₹) (₹) each item
Tournament Fund 1,50,000 Tournament Fund Investments 1,50,000 =
Add Income from Tournament Accrued Interest on Tournament ½x6
Fund Investments 18,000 Fund Investments 6,000 =
Add Accrued Interest 6,000
Less Tournament expenses 3 marks
(12,000) 1,62,000
3
Note: In case, a student has shown Income from Tournament Fund
Investments as ₹24,000 instead of ₹18,000 and ₹6,000 separately and added it
to the Tournament Fund, full credit should be given.
9 7 7 Q. Garvit Ltd. invited applications… Ltd.
Ans. Journal of Garvit Ltd.

Bank A/c Dr. 3,38,400 -
To Debenture Application and Allotment A/c - 3,38,400 1 mark
(Being application money received on 3,600
debentures) +
Debenture Application and Allotment A/c Dr. 3,38,400 -
Discount/Loss on issue of Debentures A/c Dr. 18,000 - 2 marks
To 11% Debentures 3,00,000
To Bank A/c 56,400
(Being application money adjusted) =
3 marks
OR
OR
st
Q. On 1 April 2015, P Ltd. issued ….. Loss on issue of 12%Debentures
Account.
Ans. Dr. Loss on issue of 12% Debentures Account Cr.

Date Particulars Amount Date Particulars Amount
(₹) (₹)
2015 2016
April 1 To Premium on 42,000 Mar 31 By Statement of 14,000
Redemption of P/L
Debentures A/c Mar 31 By Balance c/d 28,000
42,000 42,000
2016 2017 1x3
April 1 To balance b/d 28,000 Mar 31 By Statement of =
P/L 14,000 3 marks
Mar 31 By Balance c/d 14,000
28,000 28,000
2017 2018
April 1 To balance b/d 14,000 Mar 31 By Statement of 14,000
P/L
14,000 14,000
10 - - Q. Unilink Ltd. had outstanding…. year ended 31st March 2018.
Ans. Journal of Unilink Ltd.

2017* Debenture Redemption Investments A/c Dr. 90,000
Apr.30 To Bank A/c 90,000
(Being Debenture Redemption Investments ½ mark
purchased)
4
2018 Bank A/c Dr. 90,000
Mar.31 To Debenture Redemption Investments A/c 90,000 1 mark
(Being Debenture Redemption Investments
sold)
“ 9% Debentures A/c Dr. 6,00,000

Premium on redemption of Debentures A/c Dr. 48,000
To Debenture holders A/c 6,48,000 1 mark
(Being Debentures due for redemption)
“ Debenture holders A/c Dr. 6,48,000

To Bank A/c 6,48,000 ½ mark
(Being Debentures redeemed)
Debenture Redemption Reserve A/c Dr. 1,50,000

To General Reserve A/c 1,50,000
(Being Debenture Redemption Reserve
transferred to general reserve) -
* Any date from April 1 to April 30 can be given for purchase of Debenture
Redemption Investments
=
Note: No marks to be deducted if the student has not transferred Debenture 3marks
Redemption Reserve to General Reserve
11 - - Q. Ankit, Bobby and Kartik……………… is settled at ₹12,500.
Ans. Journal
(i) Ankit’s Capital A/c Dr. 32,000
Bank/ Cash A/c Dr. 52,000
To Realisation A/c 84,000
(Being stock taken over by Ankit, remaining sold at a
profit)
or
Ankit’s Capital A/c Dr. 32,000
(Being stock taken over by Ankit)
Bank/ Cash A/c Dr. 52,000

(Being stock sold at a profit) 1x4
=
(ii) Realisation A/c Dr. 69,000 4 marks
To Bank/ Cash A/c 69,000
(Being payment made to creditors)
(iii) Realisation A/c Dr. 22,000

5
(Being Bobby’s sister’s loan paid along with interest)
(iv) Kartik’s loan A/c Dr. 12,000

Realisation A/c Dr. 500
(Being Kartik’s loan settled)
or
Kartik’s loan A/c Dr. 12,000
(Being Kartik’s loan settled)
Realisation A/c Dr. 500

To Bank / CashA/c 500
(Being Kartik’s loan settled at a loss)
.
12 - - Q. Radhika, Bani and Chitra …above changes.
Ans. JOURNAL
Radhika’s Capital A/c Dr. 8,000
Bani’s Capital A/c Dr. 12,000
Chitra’s Capital A/c Dr. 4,000 1 mark
To Profit and Loss A/c 24,000
(Being undistributed loss transferred to Partners’
Capital Accounts)
General Reserve Dr. 1,44,000

To Radhika’s Capital A/c 48,000
To Bani’s Capital A/c 72,000 1 mark
To Chitra’s Capital A/c 24,000
(Being General Reserve distributed to Partners’
Capital Accounts)
Radhika’s Capital A/c Dr. 30,000

To Bani’s Capital A/c 30,000 1 mark
(Being adjustment entry made for goodwill)
Land A/c Dr. 1,80,000

To Revaluation A/c 1,80,000 ½ mark
(Being Land revalued)
Revaluation A/c Dr. 1,80,000
To Radhika’s Capital A/c 60,000
To Bani’s Capital A/c 90,000 ½ mark
To Chitra’s Capital A/c 30,000
(Being gain on Revaluation transferred to Partners’
Capital Accounts)
=
4 marks
6
13 14 15 Q. From the following Receipts and Payments A/c ..…..
Ans. Dr. Income and Expenditure A/c for the year ended March 31, 2018 Cr.
Particulars Amount Particulars Amount
(₹) (₹) ½ mark for
To Stationery consumed 22,400 By Subscriptions 2,00,000 each item
To loss on sale of old furniture 2,400 By Interest on investments =
To electricity expenses 10,600 800 ½x8
To expenses on lectures 30,000 Add interest accrued 160 960 =
To surplus 1,52,960 By Government Grant 17,400 4 marks
2,18,360 2,18,360
Balance Sheet of Sears Club as on 31st March 2018

Liabilities Amount Assets Amount 1 mark
(₹) (₹) each for
Subscriptions received in Outstanding Subscriptions 1,01,000 liabilities
advance 7,200 Stock of Stationery 4,000 and asset
Donations for building 40,000 Cash 50,000 side
Capital Fund 62,000 Investments 8,000 1+1
Add Surplus 1,52,960 2,14,960 Interest accrued on =
investments 160
Sports Equipment 59,000 2 marks
Books 40,000
2,62,160 2,62,160
Interest on 12% Investments
In case, a candidate has credited Income and Expenditure Account byRs.800 on

account of Interest on 12% Investments, it may be marked correct.
Working Notes:
Liabilities Amount Assets Amount
(₹) (₹)
Subscriptions received in Outstanding
advance 25,000 Subscriptions 60,000
Capital Fund 62,000 Stock of Stationery 3,000
Cash 20,000
Furniture 4,000 =
87,000 87,000 4+2
=
Note: In case the candidate has not prepared the Opening Balance Sheet, no 6 marks
marks are to be deducted.
14 15 13 Q. Girija, Yatin and Zubin …. Zubin’s Executors Account till he is finally

paid.
7
Ans. Dr. Zubin’s Executors Account Cr.

(₹) (₹)
2015 2015
Aug 1 To Bank A/c 10,300 Aug 1 By Zubin’s Capital A/c 90,300 2 marks
2016 2016
March 31 To Balance c/d 83,200 Mar 31 By Interest accrued 3,200
93,500 93,500
2017 2016
Mar 31 To Bank A/c 48,000 Apr 1 By Balance b/d 83,200
2 marks
2017
“ To Balance c/d 40,000 Mar 31 By Interest 4,800
88,000 88,000
2018 2017
2018 2 marks
Mar 31 By Interest 2,400
42,400 42,400 =
6 marks
OR
Ans. Dr. Zubin’s Executors Account Cr. OR

(₹) (₹)
2015 2015
Aug 1 To Bank A/c 10,300 Aug 1 By Zubin’s Capital A/c 90,300
2016 2 marks
March 31 To Bank A/c 3,200 2016
93,500 93,500
2017 2016
2017
“ To Balance c/d 40,000 Mar 31 By Interest 4,800 2 marks
88,800 88,800
2018 2017
2018 2 marks
Mar 31 By Interest 2,400 =
42,400 42,400 6 marks
OR
Date Particulars Amount Date Particulars Amount OR
(₹) (₹)
2015 2015
2016 2016
93,500 93,500
2017 2016
8
2017 2 marks
88,192 88,192
2018 2017
Mar 31 To Bank A/c 42,400 Apr 1 By Balance b/d 40,000 2 marks
2018
=
42,400 42,400
6 marks
15 13 14 Q. Sonu and Rajat started a partnership firm … books of Sonu and Rajat.
Ans. Journal
Profit and Loss A/c Dr. 4,89,950
To Profit and Loss Appropriation A/c 4,89,950
(Being profit transferred from Profit and Loss A/c ½ mark
to Profit and Loss Appropriation A/c)
Partner’s Salary A/c Dr. 2,40,000

To Sonu’s Capital A/c 2,40,000
(Being salary credited to Sonu’s Capital A/c) ½ mark
Profit and Loss Appropriation A/c Dr. 2,40,000

To Partner’s Salary A/c 2,40,000
(Being salary transferred to Profit and Loss
Appropriation A/c) ½ mark
Partner’s Commission A/c Dr. 1,00,000

To Rajat’s Capital A/c 1,00,000
(Being commission credited to Rajat’s Capital A/c)
½ mark
To Partner’s Commission A/c 1,00,000
Appropriation A/c)
½ mark
Interest on Capital A/c Dr. 1,12,000
To Sonu’s Capital A/c 64,000
To Rajat’s Capital A/c 48,000
(Being interest on capital credited to Partners’
Capital A/c) ½
mark
To Interest on Capital A/c 1,12,000
(Being Interest on Capital transferred to Profit and
Loss Appropriation A/c)
½ mark
Sonu’s Capital A/c Dr. 400
Rajat’s Capital A/c Dr. 1,650
To Interest on Drawings A/c 2,050
(Being Interest on drawings charged) 1 mark
9
Interest on Drawings A/c Dr. 2,050

To Profit and Loss Appropriation A/c 2,050
(Being Interest on drawings transferred to Profit
and Loss Appropriation A/c) ½ mark
Profit and Loss Appropriation A/c Dr. 40,000

To Rajat’s Capital A/c 16,000
(Being Profit credited to Partners’ Capital 1 mark
accounts)
Note: If a combined entries has been passed for Partner’s commission, =

Partner’s salary, Interest on Capital and Interest on Drawings, no mark is to 6 marks
be deducted.
OR
Q. Jay, Vijay and Karan…. For the year ended 31st March 2018
Ans. OR
Dr. Profit and Loss Appropriation A/c for the year ended 31st March 2018
Cr.
(₹) (₹)
To salary By Net Profit 15,00,000
Jay’s Capital A/c 1,80,000 By Jay’s Capital A/c
Vijay’s Capital A/c 1,80,000 3,60,000 (2,00,000 – 1,75,000)/
Deficiency in guaranteed 25,000
To Profit transferred to: fees
Jay’s Capital A/c 4.66,000 ½ mark
- guarantee to Karan 3,05,800 for each
(1,60,200) correct
item
Vijay’s Capital A/c 4,66,000 3,59,200 =
- guarantee to Karan(1,06,800) ½x6
=
Karan’s Capital A/c 2,33,000 5,00,000 3 marks
Add guarantee 2,67,000
15,25,000 15,25,000
+
Dr. Partners’ Capital Accounts Cr.
Particulars Jay Vijay Karan Particulars Jay Vijay Karan
(₹) (₹) (₹) (₹) (₹) (₹)
25,000 - - By salary
1 mark for
To P/L 1,80,000 1,80,000 --
Appr. A/c By P/L
each
To 4,60,800 5,39,200 5,00,000 Appropriation 3,05,800 3,59,200 5,00,000 correct
balance A/c- Profit Capital A/c
c/d =
4,85,800 5,39,200 5,00,000 4,85,800 5,39,200 5,00,000 1x3
. =
In case, the candidate has prepared the Partners Capital accounts considering the 3 marks
guarantee in any other way and the closing balances in their Capital Accounts are =
10
same as indicated above, full credit be given. 3+3
=
6 marks
16 17 16 Q. DF Ltd. was registered … the necessary Journal entries in the books of DF

Ltd.
Ans. Journal of DF Ltd.

Bank A/c Dr. 2,10,000
To Equity Share Application A/c 2,10,000 3marks
(Being application money received on 70,000 shares)
Equity Share Application A/c Dr. 2,10,000

To Equity Share Capital A/c 1,00,000
To Securities premium reserve A/c 50,000
To Equity Share Allotment A/c 15,000 2 marks
To Bank A/c 45,000
(Being application money transferred to share capital,
securities premium reserve, share allotment and the
balance refunded)
Equity Share Allotment A/c Dr. 1,50,000

To Securities Premium Reserve A/c 50,000 3 marks
(Being Allotment money due on 50,000 shares)
Bank A/c Dr.

To Equity Share Allotment A/c
(Being allotment money received)
OR
-
Bank A/c Dr.
Calls in arrears A/c Dr.
Equity Share First call A/c Dr. 1,50,000

-
(Being First call money due on 50,000 shares)
Bank A/c Dr. 1,20,000

To Equity Share First call A/c 1,20,000
(Being first call money received)
OR -
Bank A/c Dr. 1,20,000
Calls in arrears A/c Dr. 30,000 =
To Equity Share First call A/c 1,50,000 8 marks
(Being first call money received
OR
OR
11
Q. EF Ltd. …. calls in arrears account wherever required.
Ans. Journal of EF Ltd.

Bank A/c Dr. 24,00,000
To Equity Share Application A/c 24,00,000 ½ mark
(Being application money received on 1,20,000 shares)

To Securities premium reserve A/c 4,00,000
To Equity Share Allotment A/c 4,00,000
1 mark
To Bank A/c 4,00,000
balance refunded)

To Equity Share Capital A/c 8,00,000 ½ mark
To Securities Premium Reserve A/c 4,00,000
Bank A/c Dr. 7,60,000

Calls in arrears A/c Dr. 40,000
1 mark

Bank A/c Dr. 12,10,000

Calls in arrears A/c (First call) Dr. 30,000 1 ½ marks
To Calls in Arrears A/c (Allotment) 40,000
Equity Share Capital A/c Dr. 80,000

To Share Forfeiture A/c 50,000 1 mark
To Calls in Arrears A/c 30,000
(Being Sahaj’s shares forfeited for non payment of first
call)
Bank A/c Dr. 1,20,000
To Equity Share Capital A/c 1,00,000 1 mark
To Securities Premium Reserve A/c 20,000
(Being Sahaj’s shares reissued for ₹60 per share)
Share Forfeiture A/c Dr. 50,000

To Capital Reserve A/c 50,000 1 mark
(Being balance in Share forfeiture account transferred
to capital reserve)
=
Note: In case a candidate has attempted one or both the alternatives and
8 marks
struck off one or both of them, both the answers may be evaluated and the
answer in which the candidate has secured more marks may be retained.
12
17 16 17 Q. Akul, Bakul and Chandan ….. of the reconstituted firm.
Ans.
Dr. Revaluation A/c Cr.
(₹) (₹)
½ mark for
To Provision for doubtful debts 7,000 By Plant and Machinery 20,000
each amount
To Furniture 3,000 =
To Profit transferred to: ½x4
Akul’s Capital A/c 4,000 =
Bakul’s Capital A/c 4,000 2 marks
Chandan’s Capital A/c 2,000 10,000
20,000 20,000
In case, the student has calculated ‘Provision for doubtful debts’ correctly,
full credit is to be given.
Dr. Partners Capital Accounts Cr. 1 mark for
Particulars Akul Bakul Chandan Particulars Akul Bakul Chandan each
(₹) (₹) (₹) (₹) (₹) (₹) capital
To Bakul By balance b/d 1,60,000 1,20,000 92,000 A/c
Capital A/c 80,000 - 40,000 By General +
To Bakul loan Reserve 8,000 8,000 4,000 1 mark for
A/c - 2,52,000 - By Revaluation capital
To balance c/d 92,000 58,000 A/c 4,000 4,000 2,000
adjustment
By Akul Capital
A/c - 80,000 - =
By Chandan 3+1
Capital A/c - 40,000 - =
1,72,000 2,52,000 98,000 1,72,000 2,52,000 98,000
To Bank A/c - - 8,000 By balance b/d 92,000 - 58,000 4 marks
To balance c/d 1,00,000 - 50,000 By Bank A/c 8,000 - -
1,00,000 - 58,000 1,00,000 - 58,000
Note: If the candidate has not extended the Capital Accounts but done the
Capital Adjustment correctly, full credit be given.
1 mark for
Balance Sheet of the reconstituted firm as on 31st March 2018 correct assets
Liabilities Amount Assets Amount side
(₹) (₹) +
1 mark for
Sundry Creditors 45,000 Cash at bank 42,000
correct
Employees Provident Fund 13,000 Debtors 60,000
liability side
Bakul’s Loan 2,52,000 Less Provision for =
Capitals doubtful debts 9,000 51,000 2 marks
Akul 1,00,000 Stock 80,000 =
Chandan 50,000 1,50,000 Furniture 87,000 2+4+2
Plant and Machinery 2,00,000 =
4,60,000 4,60,000 8 marks
OR OR
Q. Sanjana and Alok are partners ….. Nidhi’s admission.

Ans.
13
(₹) (₹)
½x4
To Furniture 30,000 By Investments 40,000
=
2 marks
To Profit transferred to: By Stock 30,000
Sanjana’s Capital A/c 24,000
Alok’s Capital A/c 16,000 40,000
70,000 70,000

Particulars Sanjana Alok Nidhi Particulars Sanjana Alok Nidhi
each
(₹) (₹) (₹) (₹) (₹) (₹)
capital
To Cash A/c 30,000 20,000 - By Balance b/d 5,00,000 4,00,000 -
A/c
To By Cash A/c - - 3,00,000
Investments By Premium for - =
A/c - 3,00,000 - goodwill A/c 60,000 40,000 1x3
To Cash A/c 50,000 - - By Workmen’s - =
To Balance Compensation 36,000 24,000 - 3 marks
c/d 5,40,000 3,60,000 3,00,000 Reserve A/c -
By Revaluation A/c 24,000 16,000
By Cash - 2,00,000
6,20,000 6,80,000 3,00,000 6,20,000 6,80,000 3,00,000
Balance Sheet of the reconstituted firm as on 31st March 2018

½x6
=
(₹) (₹) 3 marks
Creditors 60,000 Cash at bank 6,66,000
Capitals: Debtors 1,46,000 =
Sanjana 5,40,000 Less Provision for 2+3+3
Alok 3,60,000 doubtful debts 2,000 1,44,000
Nidhi 3,00,000 12,00,000 Stock 1,80,000 =
Furniture 2,70,000 8 marks
12,60,000 12,60,000
PART B
OPTION 1
Analysis of Financial Statements
18 - - Q. Mevo Finance Ltd ……Investing Activities.
Ans. Cash Flows from Investing activities

Particulars Amount (₹) Amount (₹)
Sale of Machinery 69,000
Purchase of machinery (9,00,000) 1 mark
Net Cash used in Investing (8,31,000)
Activities
19 - - Q. State the meaning of ‘Cash Equivalents’.
Ans. Cash Equivalents mean short term highly liquid investments that are readily 1 mark
convertible into known amounts of cash and which are subject to an insignificant
risk of changes in value.
14
20 21 22 Q. Explain briefly any four objectives of ‘Analysis of Financial Statements’.
Ans. Objectives of ‘Financial Statements Analysis’: (Any four)

½ mark for
(i) Assessing the earning capacity or profitability heading
(ii) Assessing the managerial efficiency +
(iii) Assessing the short term and the long-term solvency of the enterprise ½ mark
(iv) Inter- firm comparison. for its
(v) Forecasting and preparing budgets. explanation
(vi) Ascertaining the relative importance of different components of the financial =
position of the firm. 1x4
=
(If the candidate has not given the headings but has given the correct 4 marks
explanation, full credit may be given)
OR OR
Q. State under which major headings and sub-headings ……..developed by
the company.
Ans.
Item Head Sub-Head
(i) Prepaid Insurance Current Assets Other Current Assets
(ii) Investment in Non Current Assets Non Current
Debentures Investments
(iii) Calls-in-arrears Shareholders’ Share Capital/ ½x8
Funds Subscribed Capital =
4 marks
(iv) Unpaid dividend Current Liabilities Other Current Liabilities
(v) Capital Reserve Shareholders’ Reserves and Surplus
Funds
(vi) Loose Tools Current Assets Inventories
(vii) Capital work-in- Non Current Assets Fixed Assets
progress
(viii) Patents being Non Current Assets Fixed Assets- Intangible
developed by Assets under
the company development
.
21 22 21 (a) Calculate Revenue from operations ……. 25% on cost.
Ans. Current ratio =2:1 and Current assets = ₹8,00,000

Current ratio = Current Assets/ Current Liabilities=2:1
Therefore, Current Liabilities =₹4,00,000
Quick ratio = Quick Assets/ Current Liabilities=1.5:1

Therefore, Quick Assets =₹6,00,000
15
Inventory= Current Assets - Quick Assets 3
=₹8,00,000 - ₹6,00,000 marks
=₹2,00,000
Inventory Turnover Ratio=6 times

Cost of Revenue from operations/ Average Inventory = 6 times
Cost of Revenue from operations/ ₹2,00,000 = 6 +
Cost of Revenue from operations =₹12,00,000
Gross Profit is 25% on cost =25% of ₹12,00,000
=₹3,00,000
So, Revenue from operations = ₹12,00,000 +₹3,00,000
= ₹15,00,000
(b) The Operating ratio of a company is 60%. State whether ‘Purchase of

goods costing ₹20,000’ will increase, decrease or not change the operating 1 mark
ratio. =
Ans. ‘Purchase of goods costing ₹20,000’ will not change the operating ratio. 4 marks
OR
OR
Q. Calculate ‘Total Assets to Debt……
Ans.
Total Assets= Total Liabilities= Equity Share Capital + Long Term borrowings +
Surplus +General reserve + Current Liabilities + Long term Provisions
=₹4,00,000 + ₹1,80,000 + ₹1,00,000 + ₹70,000 + ₹30,000 + ₹1,20,000
=₹9,00,000
3
marks
Debt= Long Term borrowings+ Long term Provisions
= ₹1,80,000 + ₹1,20,000
= ₹3,00,000
Total assets to debt Ratio= Total assets/ debt +

=₹9,00,000/₹3,00,000
=3:1
(b) The Debt Equity ratio….. Debt Equity Ratio.

1 mark
Ans. Issue of bonus Shares will not change the ratio. =
4 marks
22 - - Q. From the following information extracted from the Statement of Profit and
Loss for….
16
Ans. Comparative Statement of Profit and Loss

for the years ended 31st March 2017 and 31st March 2018
Particulars 2016-17 2017-18 Absolute Percentage

(₹) (₹) Increase/ Increase/
Decrease Decrease
(₹) (%)
Revenue from operations 5,00,000 6,00,000 1,00,000 20
Add Other income 1,00,000 1,20,000 20,000 20 1 mark
Total Revenue 6,00,000 7,20,000 1,20,000 20

Less Employee benefit expenses 1,80,000 2,88,000 1,08,000 60 1 mark
Profit before Tax 4,20,000 4,32,000 12,000 2.86

Less Tax 2,10,000 2,16,000 6,000 2.86 1 mark
Profit after Tax 2,10,000 2,16,000 6,000 2.86 1 mark
=
. 4 marks
23 23 23 Q. Following are the Balance Sheets of Kiero Ltd…. debentures were issued
on 1st September 2017.
Ans. Cash Flow Statement of Kiero Ltd. for the year ended 31st March 2018

CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit before Tax 4,58,000
Add depreciation on Plant and Machinery 5,000
Interest on 12% Debentures 50,000
Operating profit before Working Capital changes 5,13,000 2 marks
Less Increase in Trade Receivables (2,90,000)
Cash generated from operations 2,23,000
Less tax paid (46,000)
Cash Inflows from Operating activities 1,77,000
CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of Plant and Machinery (3,50,000) 1 mark
Purchase of Goodwill (98,000)
Cash used in Investing activities (4,48,000)
CASH FLOWS FROM FINANCING ACTIVITIES

Issue of Shares 2,10,000
Issue of 12% Debentures 2,00,000 1 ½ marks
Bank overdraft raised 73,000
Interest paid on 12% Debentures (50,000)
Cash Inflows from Financing activities 4,33,000
17
Net increase in Cash and Cash equivalents 1,62,000
Add Opening balance of Cash and Cash equivalents 70,000

Current Investments 63,000 1,33,000
Cash and Cash equivalents ½ mark
Closing balance of Cash and Cash equivalents 1,40,000
Current Investments 1,55,000 2,95,000
Cash and Cash equivalents
Working Notes:
Calculation of Net Profit before Tax:
Net profit 2,60,000

Add Amount transferred to reserve 80,000 1 mark
Add Provision for Tax 1,18,000
4,58,000 =
6 marks
PART B
OPTION II
Computerised Accounting
18 - - Q. What is meant by ‘Data base design’?
1 mark
Ans. It means description of the structure of different parts of the overall database.
19 - - Q. What is meant by a ‘Summary Query’?
Ans. Summary Query is used to extract aggregate of data items for a group of 1 mark
records rather than a detailed set of records.
20 - - Q. Why is it necessary….data security.
Ans. To maintain the secrecy of accounting data it is necessary to have

security features in accounting software.
Tools which provide data security are: (Any two)
(i) Password security:

Password is widely accepted security control to access the data. Only the
authorised person can access the data. Any user who does not know the
password cannot retrieve information from the system. It ensures data
integrity. It uses a binary encoding format of storage and offers access to 2 +2
the data base. marks
(ii) Data Audit:
Audit feature of accounting software provides the user with

administrator right in order to keep track of unauthorised access to the
data base. It audit for the correctness of entries. Once entries are audited
18
with adulterations, if any, the software displays all entries along with the
name of the auditor user and date and time of alteration. =
4 marks
(iii) Data vault:
Software provides additional security for the imputed data and this
feature is referred as data vault. Data vault ensures that original
information is presented and is not tempered. Data vault password
cannot be broken. Some software uses data encryption method. 4 marks
21 22 21 Q. Explain “Null Values and Complex attributes”.
Ans. Null Values: Absence of data item is represented by a special value

called Null Value. There are three situations which may require the use
of null value.
- When a particular attribute does not apply to an entity. 2 marks
- Value of an attribute is unknown, although it exist;
- Unknown because it does not exist. +
Complex Attributes: The composite and multi value attributes may be 2 marks
nested (or grouped) to constitute complex ones. The parenthesis [ ] are
used for showing grouping of components of composite attributes. The =
braces { } are used for showing the multi value attributes. 4 marks
OR OR
Q. Explain closing entries and adjusting entries.
Ans. Closing entry: The closing entries for completing the profit and
loss account are:
(i) Debit profit and loss account.
Credit the various expenses account appearing in the Trail Balance.
(a) Debit account showing incomes or gains Credit the profit and loss
account. 2 marks
This will close the profit and loss account. Entries required to make the
trading account and profit and loss account are known as closing entries
because their effect is to close the books of account for the year
concerned.
+
Adjusting Entry: The Adjusting entry is recorded to relate the figures
to the trading period. Suppose, premises have been sublet on March 31,
and three months’ rent, has been received in advance amounting to Rs.
9000. While preparing accounts up to 31st March, one should take into 2 marks
account only one month’s rent for preparing the profit and loss account
(accounting period concept); the rest two month’s rent, already received
is for the next year and will be credited to profit and loss account next
year. The adjusting entry will be:
Rent Account Dr
To Advance Rent Account =
Rent Received in advance Account is a ‘Liability’ and is shown in the 4 marks
balance sheet.
19
22 21 22 Q. Explain ‘Transparency control’ and ‘Scalability’ as….
Ans. Transparency and control

CAS provides sufficient time to plan, increases data accessibility and
enhances user satisfaction. With computerised accounting, the 2 marks
organisation will have greater transparency for day to day business
operations and access to the vital information.
+
Scalability
CAS enables in changing the volume of data processing in tune with the 2 marks
change in the size of the business. The software can be used for any size =
the business and type of the organisation. 4 marks
OR OR
Q. Explain ‘Payroll Accounting Subsystem’ and ‘ Costing
Subsystem’.
Ans. Payroll Accounting Sub-system

It deals with payment of wages and salary to employees. A typical was
report details information about basic pay, dearness. Allowance, and 2 marks
other allowances and deductions from salary and wages on account of
provident fund, taxes, loans, advances and other charges. The system
generates reports about wage bill, overtime payment and payment on
account of leave encashment, etc. +
Costing Sub-system
It deals with the ascertainment of cost of goods produced. It has linkages
with other accounting Sub-systems for obtaining the necessary 2 marks
information about cost of material, labour, and other expenses. This
system generates information about changes in the cost that takes place =
during the period under review. 4 marks
23 23 23 Q. Name and explain the function which returns the future value of
an investment which has constant payment and interest.
Ans. PMT
The PMT function calculates the periodic payment for an annuity
assuming equal payments and a constant rate of interest. The syntax of
PMT function is as follows:
=PMT (rate, nper, pv, [fv], [type]) where
Rate is the interest rate per period,
Nper is the number of periods,
Pv is the present value or the amount the future payments are worth 6 marks
presently,
future value or cash balance that after the last payment is made (a future
value of zero when we omit this optional argument)
Type is the value 0 for payments made at the end of the period or the
value 1 for payments made at the beginning of the period.
The PMT function is often used to calculate the payment for mortgage loans that
have a fixed rate of interest.
20
SET 2
67 67 67 Marking Scheme 2018-19
/1 /1 /1 Accountancy (055)
MARKS
/1 /2 /3 Delhi- 67/1/2
Expected Answers/ Value Points
partner’s share.
OR OR
Ans. 6% p.a. 1 mark
1 2 5 Q. Atul and Neera are in partnership….Calculate the new profit sharing ratio.
Ans. Mitali’s share in profit= 1/10 ½

+
Atul’s new share= 3/5-1/10=5/10 …1/2 mark ½
Neera’s new share= 2/5 =
Mitali’s share=1/10
1 mark
New ratio= 5:4:1………………….1/2 mark
Ans. Journal
.
Ans. Issued Capital is that part of the Authorised Capital which is offered to the public 1 mark
for subscription.
OR OR
employees and directors to subscribe to the shares of the company at a price that is
lower than the market price.
21
6 5 1 Q. How are Specific donations treated while preparing final accounts of a ‘Not-
For-Profit Organisation?
Ans. Specific donations are taken on the liabilities side of the Balance Sheet of a Not-
For-Profit Organisation 1 mark
or
OR OR
Q. State the basis of accounting of preparing ‘Income and Expenditure Account’

of a Not-For-Profit Organisations. 1 mark
Ans. Accrual basis.
- 6 - Q. State any two situations ….compulsorily dissolved
Ans. A firm is compulsorily dissolved in the following cases: (Any two) ½x2
(i) When all the partners or all but one partner become insolvent. =
(ii) When the business of the firm becomes illegal 1 mark
(iii) When some event has taken place which makes the business of the firm unlawful
for the partners to carry on the business.

Bank A/c Dr. 3,38,400 -
debentures) +
Discount/Loss on issue of Debentures A/c Dr. 18,000 - 2 marks
To 11% Debentures 3,00,000
To Bank A/c 56,400
(Being application money adjusted) =
3 marks
OR
OR
st
Q. On 1 April 2015, P Ltd. issued ….. Loss on issue of 12%Debentures Account.

(₹) (₹)
2015 2016
April 1 To Premium on 42,000 Mar 31 By Statement 14,000
Redemption of of P/L
42,000 42,000
22
2016 2017 1x3
April 1 To balance b/d 28,000 Mar 31 By Statement =
of P/L 14,000 3 marks
Mar 31 By Balance c/d 14,000
28,000 28,000
2017 2018
April 1 To balance b/d 14,000 Mar 31 By Statement 14,000
of P/L
14,000 14,000
- 8 - Q. A firm earned average profit….average profits.

Ans.
Actual profits = ₹3,00,000
Net Tangible Assets = Assets – Liabilities
= ₹17,00,000 – ₹2,00,000 3 marks
= ₹15,00,000…………………………………………..…..1 mark
Capitalised value of the firm= (Average Profits x 100)/ Normal rate of return
= (₹3,00,000 x 100)/15
= ₹20,00,000…………………………………….1 mark
Goodwill= Capitalised value of the firm – Net Tangible Assets

= ₹20,00,000 - ₹15,00,000
= ₹5,00,000……………………………….…………………………1 mark
- 9 - Q. Present the following ….organisation.
Ans.
Dr. Income and Expenditure A/c for the year ended March 31, 2018 Cr.
(₹) (₹) 1 mark
To Match Expenses 1,000
Balance Sheet as on 31st March 2018

Liabilities Amount Assets………………….. Amount
(₹) (₹)
Match Fund 5,00,000 ½x4
Add Donations 1,24,000 =
Add Sale of Match Tickets 2 marks
3,75,000 =
Less Match expenses (9,99,000) -- 3 marks
.
- 10 - Q. Krishna Ltd. had outstanding…for the year ended 31st March 2018.
Ans. Journal of Ltd.

2017 Surplus i.e. balance in Statement of P/L Dr. 1,00,000
Mar 31 To Debenture Redemption Reserve A/c 1,00,000 ½ mark
(Being necessary amount transferred to Debenture
23
Redemption Reserve)
2017* Debenture Redemption Investments A/c Dr. 1,50,000
Apr.30 To Bank A/c 1,50,000 ½ mark
(Being Debenture Redemption Investments purchased)
2018 Bank A/c Dr. 1,50,000

Mar.31 To Debenture Redemption Investments A/c 1,50,000
½ mark
(Being Debenture Redemption Investments sold)

Premium on redemption of Debentures A/c Dr. 1,00,000
To Debenture holders A/c 11,00,000 1 mark
“ Debenture holders A/c Dr. 11,00,000 ½ mark

To Bank A/c 11,00,000

-
(Being Debenture Redemption Reserve transferred to
general reserve)
. * Any date from April 1 to April 30 can be given for purchase of Debenture
Note: =
1. No marks to be deducted if the student has not transferred Debenture 3marks
Redemption Reserve to General Reserve.
2. No marks to be deducted for writing or not writing the date for creation of
Debenture Redemption Reserve.
- 11 - Q. Gaurav, Saurabh and Vaibhav….books of the firm.
Ans. Journal
(i) (a) Gaurav’s Capital A/c Dr. 3,00,000
To Realisation A/c
(Being machinery taken over by Gaurav) 3,00,000
(b) No entry
(ii) Cash/ Bank A/c Dr. 3,92,000

To Realisation A/c 3,92,000
(Being Land and Building sold)
(iii) Realisation A/c Dr. 76,000 1x4

To Cash/ Bank A/c 76,000 =
(Being payment made to creditors) 4 marks
Vaibhav’s Capital A/c Dr. 17,000

(Being assets taken over by Vaibhav)
24
(iv) Realisation A/c Dr. 3,21,000

To Bank A/c
(Being bank loan paid along with interest) 3,21,000
.
- 12 - Q. P, Q and R were partners …… on reconstitution of the firm.
Ans. JOURNAL
Profit and Loss A/c Dr. 9,000
To P’s Capital A/c 2,250
To Q’s Capital A/c 2,250 1
To R’s Capital A/c 4,500 mark
(Being Profit and Loss Account credited to Partners’
Capital Accounts)
Workmen’s Compensation Reserve A/c Dr. 64,000

To Workmen’s Compensation Claim A/c 30,000
To P’s Capital A/c 8,500 1½
To Q’s Capital A/c 8,500 marks
To R’s Capital A/c 17,000
(Being Workmen’s Compensation Reserve adjusted for
claim and the balance distributed among the partners)
P’s Capital A/c Dr. 60,000

Q’s Capital A/c Dr. 60,000 1½
To R’s Capital A/c 1,20,000 marks
. =
4 marks
Ans. Journal
To Profit and Loss Appropriation A/c 4,89,950 ½ mark
(Being profit transferred from Profit and Loss A/c to
Profit and Loss Appropriation A/c)

To Sonu’s Capital A/c 2,40,000 ½ mark
(Being salary credited to Sonu’s Capital A/c)

To Partner’s Salary A/c 2,40,000 ½ mark
Appropriation A/c)
25
To Rajat’s Capital A/c 1,00,000 ½ mark
(Being commission credited to Rajat’s Capital A/c)

To Partner’s Commission A/c 1,00,000 ½ mark
Appropriation A/c)

To Sonu’s Capital A/c 64,000 ½
To Rajat’s Capital A/c 48,000 mark
(Being interest on capital credited to Partners’ Capital A/c)

To Interest on Capital A/c 1,12,000
(Being Interest on Capital transferred to Profit and Loss ½ mark
Appropriation A/c)

Rajat’s Capital A/c Dr. 1,650
To Interest on Drawings A/c 2,050 1 mark

To Profit and Loss Appropriation A/c 2,050
(Being Interest on drawings transferred to Profit and ½ mark
To Rajat’s Capital A/c 16,000 1 mark
(Being Profit credited to Partners’ Capital accounts)
Note: If a combined entries has been passed for Partner’s commission, Partner’s
salary, Interest on Capital and Interest on Drawings, no mark is to be deducted. =
6 marks
OR
Ans.
Dr. Profit and Loss Appropriation A/c for the year ended 31st March 2018 Cr. OR
(₹) (₹)
Jay’s Capital A/c 1,80,000 By Jay’s Capital A/c ½ mark
Vijay’s Capital A/c 1,80,000 3,60,000 (2,00,000 – 1,75,000)/ for each
Deficiency in guaranteed fees 25,000 correct
To Profit transferred to:
item
Jay’s Capital A/c 4.66,000
- guarantee to Karan 3,05,800
=
(1,60,200) ½x6
=
3 marks
26
Vijay’s Capital A/c 4,66,000 3,59,200
- guarantee to Karan(1,06,800)
+
Karan’s Capital A/c 2,33,000 5,00,000
Add guarantee 2,67,000
15,25,000 15,25,000
1 mark for
each correct
Dr. Partners’ Capital Accounts Cr.
Particulars Jay Vijay Karan Particulars Jay Vijay Karan
Capital A/c
(₹) (₹) (₹) (₹) (₹) (₹) =
To P/L 25,000 - - By salary 1,80,000 1,80,000 --
1x3
Appr. A/c By P/L =
To balance 4,60,800 5,39,200 5,00,000 Appropriation 3,05,800 3,59,200 5,00,000 3 marks
c/d A/c- Profit =
4,85,800 5,39,200 5,00,000 4,85,800 5,39,200 5,00,000 6 marks
.
In case, the candidate has prepared the Partners Capital accounts considering the
guarantee in any other way and the closing balances in their Capital Accounts are same
as indicated above, full credit be given.
(₹) (₹) ½ mark for
2,18,360 2,18,360

(₹) (₹)
1 mark
Subscriptions received in Outstanding Subscriptions 1,01,000
each for
advance 7,200 Stock of Stationery 4,000
liabilities
Donations for building 40,000 Cash 50,000
and asset
Capital Fund 62,000 Investments 8,000
side
Add Surplus 1,52,960 2,14,960 Interest accrued on
1+1
investments 160
=
Sports Equipment 59,000
Books 40,000
2 marks
2,62,160 2,62,160

27
Working Notes:
(₹) (₹)
Subscriptions received in advance 25,000 Outstanding Subscriptions 60,000 =
Capital Fund 62,000 Stock of Stationery 3,000 4+2
Cash 20,000 =
Furniture 4,000 6 marks
87,000 87,000
Note: In case the candidate has not prepared the Opening Balance Sheet, no
14 15 13 Q. Girija, Yatin and Zubin …. Zubin’s Executors Account till he is finally paid.

(₹) (₹)
2015 2015
2016 2016
93,500 93,500
2017 2016
2017 2 marks
88,000 88,000
2018 2017
2018
Mar 31 By Interest 2,400 2 marks
42,400 42,400
=
OR 6 marks
OR
(₹) (₹)
2015 2015
2016
“ To Balance c/d 80,000
93,500 93,500
2017 2016
2017
28
88,800 88,800
2018 2017
2018 2 marks
42,400 42,400
OR
(₹) (₹)
2015 2015
2016 2016 2 marks
93,500 93,500
2017 2016
2017
88,192 88,192
2018 2017
2018 2 marks
42,400 42,400 =
6 marks
Ans.
(₹) (₹) ½ mark for
To Provision for doubtful debts 7,000 By Plant and Machinery 20,000 each amount
To Furniture 3,000 =
½x4
To Profit transferred to:
=
Akul’s Capital A/c 4,000 2 marks
Bakul’s Capital A/c 4,000
20,000 20,000

Particulars Akul Bakul Chandan Particulars Akul Bakul Chandan
each
(₹) (₹) (₹) (₹) (₹) (₹)
capital
To Bakul Capital By balance b/d 1,60,000 1,20,000 92,000
A/c
A/c 80,000 - 40,000 By General Reserve 8,000 8,000 4,000
By Revaluation A/c 4,000 4,000 2,000 +
To Bakul loan A/c - 2,52,000 - By Akul Capital A/c - 80,000 - 1 mark for
By Chandan Capital capital
To balance c/d 92,000 58,000 A/c - 40,000 - adjustment
1,72,000 2,52,000 98,000 1,72,000 2,52,000 98,000 =
To Bank A/c - - 8,000 By balance b/d 92,000 - 58,000 3+1
29
To balance c/d 1,00,000 - 50,000 By Bank A/c 8,000 - - =
1,00,000 - 58,000 1,00,000 - 58,000
4 marks
Note: If the candidate has not extended the Capital Accounts but done the Capital
Adjustment correctly, full credit be given.
1 mark for
Balance Sheet of the reconstituted firm as on 31st March 2018 correct assets
Liabilities Amount Assets Amount side
(₹) (₹) +
1 mark for
Sundry Creditors 45,000 Cash at bank 42,000
correct
Employees Provident Fund 13,000 Debtors 60,000 liability side
Capitals doubtful debts 9,000 51,000 2 marks
Akul 1,00,000 Stock 80,000 =
Chandan 50,000 1,50,000 Furniture 87,000 2+4+2
Plant and Machinery 2,00,000 =
4,60,000 4,60,000 8 marks
OR OR

Ans.
(₹) (₹)
½x4
To Furniture 30,000 By Investments 40,000 =
To Profit transferred to: By Stock 30,000 2 marks
Sanjana’s Capital A/c 24,000
Alok’s Capital A/c 16,000 40,000
70,000 70,000
Dr. Partners Capital Accounts Cr.

(₹) (₹) (₹) (₹) (₹) (₹)
1 mark for
To Cash A/c 30,000 20,000 - By Balance b/d 5,00,000 4,00,000 -
To By Cash A/c - - 3,00,000 each
Investments - 3,00,000 - By Premium for - capital
A/c goodwill A/c 60,000 40,000 A/c
To Cash A/c 50,000 - - By Workmen’s - =
To Balance 5,40,000 3,60,000 3,00,000 Compensation Reserve 36,000 24,000 - 1x3
c/d A/c - =
By Revaluation A/c 24,000 16,000 3 marks
By Cash - 2,00,000
6,20,000 6,80,000 3,00,000 6,20,000 6,80,000 3,00,000

½x6
(₹) (₹) =
Creditors 60,000 Cash at bank 6,66,000 3 marks
Capitals: Debtors 1,46,000
Sanjana 5,40,000 Less Provision for =
Alok 3,60,000 doubtful debts 2,000 1,44,000 2+3+3
Nidhi 3,00,000 12,00,000 Stock 1,80,000
30
Furniture 2,70,000 =
12,60,000 12,60,000 8 marks
16 17 16 Q. DF Ltd. was registered … the necessary Journal entries in the books of DF

Ltd.

Bank A/c Dr. 2,10,000
To Equity Share Application A/c 2,10,000 3 marks

To Bank A/c 45,000
securities premium reserve, share allotment and the balance
refunded)

Bank A/c Dr.

OR
Bank A/c Dr. -


-
Bank A/c Dr. 1,20,000

OR -
Bank A/c Dr. 1,20,000
To Equity Share First call A/c 1,50,000 =
(Being first call money received 8 marks
OR
OR
31

Bank A/c Dr. 24,00,000
To Equity Share Application A/c 24,00,000 ½ mark

1 mark
securities premium reserve, share allotment and the balance
refunded)

To Securities Premium Reserve A/c 4,00,000 ½ mark
Bank A/c Dr. 7,60,000

(Being allotment money received) 1 mark

(Being First call money due on 80,000 shares) ½ mark
Bank A/c Dr. 12,10,000

Calls in arrears A/c (First call) Dr. 30,000
To Equity Share First call A/c 12,00,000 1 ½ marks

To Share Forfeiture A/c 50,000
To Calls in Arrears A/c 30,000 1 mark
(Being Sahaj’s shares forfeited for non payment of first call)
Bank A/c Dr. 1,20,000
To Securities Premium Reserve A/c 20,000
(Being Sahaj’s shares reissued for ₹60 per share) 1 mark

To Capital Reserve A/c 50,000 1 mark
(Being balance in Share forfeiture account transferred to
capital reserve)
=
Note: In case a candidate has attempted one or both the alternatives and struck 8 marks
off one or both of them, both the answers may be evaluated and the answer in
which the candidate has secured more marks may be retained.
32
PART B
OPTION 1
- 18 - Q. What is meant by ‘Cash Flows’?
Ans. Cash Flows imply movement of cash in and out due to some non cash items. 1 mark
- 19 - Q. K Ltd., a manufacturing company…investing activities.
Ans.
Cash Flows from Financing Activities
Particulars Details (₹) Amount (₹)
Loan raised 6,00,000 ½ mark
Net Cash Inflows from Financing 6,00,000
Activities
+
Cash Flows from Investing activities
Particulars Details (₹) Amount (₹)
Loan Advanced (1,00,000) ½ mark
Machinery purchased (5,00,000) =
Net Cash used in Investing Activities (6,00,000) 1 mark
.
- 20 - Q. Prepare a Comparative….

Decrease Decrease
(₹) (%)
Add Other income 2,50,000 3,00,000 50,000 20 1 mark
Total Revenue 12,50,000 15,00,000 2,50,000 20

Less Employee benefit expenses 3,75,000 6,00,000 2,25,000 60 1 mark
Profit before Tax 8,75,000 9,00,000 25,000 2.86

Less Tax 3,50,000 3,60,000 10,000 2.86 1 mark
Profit after Tax 5,25,000 5,40,000 15,000 2.86 1 mark

=
. 4 marks
33
(i) Assessing the earning capacity or profitability ½ mark for

(ii) Assessing the managerial efficiency heading
(iii) Assessing the short term and the long-term solvency of the enterprise +
(iv) Inter- firm comparison. ½ mark
(v) Forecasting and preparing budgets. for its
(vi) Ascertaining the relative importance of different components of the financial explanation
position of the firm. =
1x4
(If the candidate has not given the headings but has given the correct explanation, =
full credit may be given) 4 marks
OR
Q. State under which major headings and sub-headings ……..developed by the OR
company.
Ans.
Item Head Sub-Head
(ii) Investment in Debentures Non Current Assets Non Current Investments
(iii) Calls-in-arrears Shareholders’ Funds Share Capital/
Subscribed Capital
½x8
(iv)
Unpaid dividend Current Liabilities Other Current Liabilities =
(v)Capital Reserve Shareholders’ Funds Reserves and Surplus 4 marks
(vi)
Loose Tools Current Assets Inventories
(vii)
Capital work-in-progress Non Current Assets Fixed Assets
(viii)
Patents being Non Current Assets Fixed Assets- Intangible
developed by Assets under development
the company

Therefore, Current Liabilities =₹4,00,000………………………………. 1 mark


=₹8,00,000 - ₹6,00,000 marks
=₹2,00,000…………………………………………………….. 1 mark

34
=₹3,00,000
= ₹15,00,000………………………………1 mark
(b) The Operating ratio of a company is 60%. State whether ‘Purchase of goods
costing ₹20,000’ will increase, decrease or not change the operating ratio. 1 mark
Ans. ‘Purchase of goods costing ₹20,000’ will not change the operating ratio.
=
OR 4 marks
Q. Calculate ‘Total Assets to Debt …… OR
Ans.
=₹4,00,000 + ₹1,80,000 + ₹1,00,000 + ₹70,000 + ₹30,000 + ₹1,20,000
=₹9,00,000……………………………………………………………1 mark

= ₹1,80,000 + ₹1,20,000 3
= ₹3,00,000………………………………………………………1 mark marks
Total assets to debt Ratio= Total assets/ debt

=₹9,00,000/₹3,00,000
=3:1…………………………………………1 mark
+
(b) The Debt Equity ratio ….. Debt Equity Ratio.
1 mark
Ans. Issue of bonus Shares will not change the ratio.
=
4 marks
23 23 23 Q. Following are the Balance Sheets of Kiero Ltd…. debentures were issued on 1st
September 2017.
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit before Tax 4,58,000
Interest on 12% Debentures 50,000
Operating profit before Working Capital changes 5,13,000
Less Increase in Trade Receivables (2,90,000) 2 marks
Cash generated from operations 2,23,000
Less tax paid (46,000)
Cash Inflows from Operating activities 1,77,000
CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of Plant and Machinery (3,50,000)
Purchase of Goodwill (98,000) 1 mark
Cash used in Investing activities (4,48,000)
35
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of Shares 2,10,000
Issue of 12% Debentures 2,00,000
Bank overdraft raised 73,000 1 ½ marks
Interest paid on 12% Debentures (50,000)
Net increase in Cash and Cash equivalents 1,62,000
Add Opening balance of Cash and Cash equivalents
Current Investments 70,000 ½ mark
Cash and Cash equivalents 63,000 1,33,000
Closing balance of Cash and Cash equivalents
Current Investments 1,40,000
Cash and Cash equivalents 1,55,000 2,95,000
Working Notes:

1 mark
Net profit 2,60,000
Add Amount transferred to reserve 80,000
Add Provision for Tax 1,18,000
4,58,000 =
6 marks
PART B
OPTION 2
- 18 - Q. What is a Spread Sheet? 1 mark
Ans. A spreadsheet without any formula is a collection of data which are arranged in
rows and columns like a calendar, time table or simple list etc.
- 19 - Q. Give the meaning of ‘Database design’. 1 mark
Ans. It means description of the structure of different parts of the overall database.
- 20 - Q. Explain ‘Payroll accounting system’ and ‘ Management Information System’.
Ans. Payroll Accounting Sub-System

It deals with payment of wages and salary to employees. A typical wage report details
information about basic pay, dearness allowance, and other allowance and deductions
from salary and wages on account of provident fund, taxes, loans, advances and other 2 marks
charges. The system generates reports about wage bill overtime payment and payment
on account of leave encashment, etc.
Management Information System

Management information system (MIS) deals with generation and processing of
reports that are vital for management decision-making. The information system should 2 marks
be so flexible as to provide customised reports to support various managerial functions
36
such as planning organising, staffing, oversight, control and decision- making =
including operational, functional and strategic nature. 4 marks

enhances user satisfaction. With computerised accounting, the organisation 2 marks
will have greater transparency for day to day business operations and access
to the vital information.
Scalability
change in the size of the business. The software can be used for any size the =
business and type of the organisation. 4 marks
OR OR
Q. Explain ‘Payroll Accounting Subsystem’ and ‘ Costing Subsystem’.
Ans.
Payroll Accounting Sub-system

It deals with payment of wages and salary to employees. A typical was report
details information about basic pay, dearness. Allowance, and other
allowances and deductions from salary and wages on account of provident 2 marks
fund, taxes, loans, advances and other charges. The system generates reports
about wage bill, overtime payment and payment on account of leave
encashment, etc.
Costing Sub-system
It deals with the ascertainment of cost of goods produced. It has linkages 2 marks
with other accounting Sub-systems for obtaining the necessary information
about cost of material, labour, and other expenses. This system generates =
information about changes in the cost that takes place during the period 4 marks
under review.
Ans. Null Values: Absence of data item is represented by a special value

called Null Value. There are three situations which may require the use of
null value.
- Unknown because it does not exist.
Complex Attributes: The composite and multi value attributes may be nested
(or grouped) to constitute complex ones. The parenthesis [ ] are used for 2 marks
showing grouping of components of composite attributes. The braces { } are =
used for showing the multi value attributes. 4 marks
OR
37
OR
Ans. Closing entry: The closing entries for completing the profit and loss
account are:
account.
This will close the profit and loss account. Entries required to make the 2 marks
because their effect is to close the books of account for the year concerned.
Adjusting Entry: The Adjusting entry is recorded to relate the figures to

the trading period. Suppose, premises have been sublet on March 31, and
three months’ rent, has been received in advance amounting to Rs. 9000. 2 marks
While preparing accounts up to 31st March, one should take into account
only one month’s rent for preparing the profit and loss account (accounting
period concept); the rest two month’s rent, already received is for the next
year and will be credited to profit and loss account next year. The adjusting
entry will be: =
Rent Account Dr 4 marks
To Advance Rent Account
Rent Received in advance Account is a ‘Liability’ and is shown in the
balance sheet.
23 23 23 Q. Name and explain the function which returns the future value of an
investment which has constant payment and interest.
Ans. PMT
The PMT function calculates the periodic payment for an annuity assuming
equal payments and a constant rate of interest. The syntax of PMT function
is as follows:
presently,
future value or cash balance that after the last payment is made (a future
value of zero when we omit this optional argument)
Type is the value 0 for payments made at the end of the period or the value 1
for payments made at the beginning of the period.
The PMT function is often used to calculate the payment for mortgage loans that have
a fixed rate of interest.
38
SET 3
67 67 67 Marking Scheme 2018-19
/1 /1 /1 Accountancy (055)
/1 /2 /3 Delhi- 67/1/3 MARKS
Expected Answers/ Value Points
6 5 1 Q. How are Specific donations treated while preparing final accounts of a

‘Not-For-Profit Organisation?
Ans. Specific donations are taken on the liabilities side of the Balance Sheet of a
Not-For-Profit Organisation 1 mark
or
OR OR
Q. State the basis of accounting of preparing ‘Income and Expenditure 1 mark

Account’ of a Not-For-Profit Organisations.
Ans. Accrual basis.
Ans. Journal
.
partner’s share.
OR OR
Ans. 6% p.a. 1 mark
Ans. Issued Capital is that part of the Authorised Capital which is offered to the 1 mark
public for subscription.
OR OR
39
employees and directors to subscribe to the shares of the company at a price that
is lower than the market price.
1 2 5 Q. Atul and Neera are in partnership….Calculate the new profit sharing

ratio.
Ans. Mitali’s share in profit= 1/10

½
Atul’s new share= 3/5-1/10=5/10 …1/2 mark +
Neera’s new share= 2/5 ½
Mitali’s share=1/10 =
New ratio= 5:4:1………………….1/2 mark 1 mark
- - 6 Q. State any two contingencies ….. partnership firm.
Ans. Contingencies that may result into dissolution of a partnership firm: ½x2
(Any two) =
(i) If the firm is constituted for a fixed term, on the expiry of that term 1 mark
(ii) If constituted to carry out one or more ventures, on the completion of the
venture.
(iii) On the death of a partner
(iv) On the adjudication of a partner as an insolvent.

Bank A/c Dr. 3,38,400 -
debentures) +

Discount/Loss on issue of Debentures A/c Dr. 18,000 -
To 11% Debentures 3,00,000 2 marks
To Bank A/c 56,400
(Being application money adjusted)
=
3 marks
OR
OR
40
Q. On 1st April 2015, P Ltd. issued ….. Loss on issue of 12%Debentures
Account.

(₹) (₹)
2015 2016
April 1 To Premium on 42,000 Mar 31 By Statement of 14,000
Redemption of P/L
42,000 42,000
2016 2017 1x3
April 1 To balance b/d 28,000 Mar 31 By Statement of
=
P/L 14,000
Mar 31 By Balance c/d 14,000 3 marks
28,000 28,000
2017 2018
April 1 To balance b/d 14,000 Mar 31 By Statement of 14,000
P/L
14,000 14,000
- - 8 Q. L, M and N were partners in a firm…

Ans.
Average profits = ₹1,80,000
Goodwill= Average profits x Number of years purchase
= 1,80,000 x 3 1 ½ marks
= ₹5,40,000
S’s share of Goodwill =5,40,000/5=₹1,08,000

Journal
S’s Current/ Capital A/c Dr. 1,08,000
To L’s Capital A/c 54,000 1½
To M’s Capital A/c 32,400 marks
To N’s Capital A/c 21,600
(Being adjustment entry made for goodwill) =
3 marks
.
- - 9 Q. From the following information…
Ans. Dr. Stock of Sports Materials A/c Cr.

(₹) (₹)
To Balance b/d 21,000 By Income and 1,10,500
To Purchases A/c 1,13,500 Expenditure A/c 1 ½ marks
(Stationery purchased)
By Balance c/d 24,000
1,34,500 1,34,500
41
Dr. Creditors for Sports Materials A/c Cr. 1 ½ marks

(₹) (₹)
To Cash 1,10,000 By Balance b/d 23,500 =
To Balance c/d 27,000 By Purchases 1,13,500 3 marks
1,37,000 1,37,000
OR
OR
Alternate Solution
Calculation of Sports Materials to be debited to Income and Expenditure A/c:
₹ ½x6
Amount paid to creditors 1,10,000
Add Closing balance of creditors 27,000 =
Less Opening balance of creditors (23,500) 3 marks
Purchases of Sports Materials 1,13,500
Add Opening Stock of Sports Materials 21,000
Less Closing Stock of Sports Materials (24,000)
Sports Materials to be debited to Income and Expenditure A/c 1,10,500
- -‐ 10 Q. Krishna Ltd. had outstanding …… for the year ended 31st March 2018.
Ans. Journal of Ltd.

2017 Surplus i.e. balance in Statement of P/L Dr. 17,50,000
Mar 31 To Debenture Redemption Reserve A/c 17,50,000 1 mark
(Being Debenture Redemption Reserve created)
2017* Debenture Redemption Investments A/c Dr. 10,50,000

Apr30 To Bank A/c 10,50,000
½ mark
(Being Debenture Redemption Investments
purchased)
2018 Bank A/c Dr. 10,50,000

Mar31 To Debenture Redemption Investments A/c 10,50,000 ½ mark
(Being Debenture Redemption Investments sold)
42
Premium on redemption of Debentures A/c Dr. 3,50,000 ½ mark
To Debenture holders A/c 73,50,000
“ Debenture holders A/c Dr. 73,50,000

To Bank A/c 73,50,000
½ mark

To General Reserve A/c 17,50,000 -
(Being Debenture Redemption Reserve transferred
to general reserve)
.
* Any date from April 1 to April 30 can be given for purchase of Debenture
=
Note: 3marks
1. No marks to be deducted if the student has not transferred Debenture
Redemption Reserve to General Reserve
2. No marks to be deducted for writing or not writing the date for
creation of Debenture Redemption Reserve
- - 11 Q. Ravi, Shankar and Madhur………...
Ans. Journal
(i) Bank/ Cash A/c Dr. 1,63,000
To Realisation A/c
(Being amount received from debtors) 1,63,000
(ii) Realisation A/c Dr. 3,500

To Cash/ Bank A/c 3,500
(Being payment made to creditors)
(iii) Realisation A/c Dr. 2,000

To Cash/ Bank A/c 2,000 1x4
(Being discounted bill dishonoured) =
4 marks
(iv) Realisation A/c Dr. 6,000
To Ravi’s Capital A/c 4,200
To Shankar’s Capital A/c 1,200
To Madhur’s Capital A/c 600
(Being profit on Realisation transferred to partners
capital accounts))
.
- - 12 Q. Aman, Bobby and Chandani were partners …… on reconstitution of the
firm.
43
Ans. JOURNAL
Aman’s Capital A/c Dr. 2,500
Bobby’s Capital A/c Dr. 2,000 1 mark
Chandani’s Capital A/c Dr. 500
To Revaluation A/c 5,000
(Being loss on revaluation debited to Partners’ Capital
Accounts)
Chandani’s Capital A/c Dr. 28,000

To Aman’s Capital A/c 20,000 2 marks
To Bobby’s Capital A/c 8,000
General Reserve A/c Dr. 20,000

To Aman’s Capital A/c 10,000
To Bobby’s Capital A/c 8,000 1 mark
To Chandani’s Capital A/c 2,000 =
(Being General Reserve distributed among the
partners)
4 marks
.
14 15 13 Q. Girija, Yatin and Zubin …. Zubin’s Executors Account till he is finally
paid.

(₹) (₹)
2015 2015
2016 2016 2 marks
93,500 93,500
2017 2016
2017
“ To Balance c/d 40,000 Mar 31 By Interest 4,800 2 marks
88,000 88,000
2018 2017
2018 2 marks
42,400 42,400 =
6 marks
OR
(₹) (₹)
2015 2015
2016 2 marks
44
“ To Balance c/d 80,000
93,500 93,500
2017 2016
2017 2 marks
88,800 88,800
2018 2017
2018
42,400 42,400 =
6 marks
OR OR

(₹) (₹)
2015 2015
2016 2016 2 marks
93,500 93,500
2017 2016
2017 2 marks
88,192 88,192
2018 2017
2018
42,400 42,400 =
6 marks
Ans. Journal

To Profit and Loss Appropriation A/c 4,89,950
(Being profit transferred from Profit and Loss A/c ½ mark
to Profit and Loss Appropriation A/c)

To Sonu’s Capital A/c 2,40,000
(Being salary credited to Sonu’s Capital A/c) ½ mark
45
To Partner’s Salary A/c 2,40,000 ½ mark
Appropriation A/c)

To Rajat’s Capital A/c 1,00,000 ½ mark
(Being commission credited to Rajat’s Capital
A/c)

To Partner’s Commission A/c 1,00,000 ½ mark
Appropriation A/c)

To Sonu’s Capital A/c 64,000 ½
To Rajat’s Capital A/c 48,000 mark
(Being interest on capital credited to Partners’
Capital A/c)

To Interest on Capital A/c 1,12,000 ½ mark
(Being Interest on Capital transferred to Profit and

Rajat’s Capital A/c Dr. 1,650 1 mark
To Interest on Drawings A/c 2,050

To Profit and Loss Appropriation A/c 2,050 ½ mark
(Being Interest on drawings transferred to Profit
and Loss Appropriation A/c)

To Rajat’s Capital A/c 16,000 1 mark
(Being Profit credited to Partners’ Capital
accounts) =
6 marks
Note: If a combined entries has been passed for Partner’s commission,

Partner’s salary, Interest on Capital and Interest on Drawings, no mark is to
be deducted.
OR OR
Ans.
46
Dr. Profit and Loss Appropriation A/c for the year ended 31st March 2018 Cr.
(₹) (₹)
Jay’s Capital A/c 1,80,000 By Jay’s Capital A/c ½ mark
Vijay’s Capital A/c 1,80,000 3,60,000 (2,00,000 – 1,75,000)/ for each
Deficiency in 25,000 correct
To Profit transferred to: guaranteed fees
item
Jay’s Capital A/c 4.66,000
- guarantee to Karan (1,60,200) 3,05,800 =
½x6
Vijay’s Capital A/c 4,66,000 =
- guarantee to Karan(1,06,800) 3,59,200 3 marks
Karan’s Capital A/c 2,33,000

Add guarantee 2,67,000 5,00,000 +
15,25,000 15,25,000
Dr. Partners’ Capital Accounts Cr. 1 mark for

Particulars Jay Vijay Karan Particulars Jay Vijay Karan each
(₹) (₹) (₹) (₹) (₹) (₹)
correct
To P/L 25,000 - - By salary 1,80,000 1,80,000 -- Capital A/c
Appr. A/c By P/L
=
To 4,60,800 5,39,200 5,00,000 Appropriation 3,05,800 3,59,200 5,00,000
balance A/c- Profit
1x3
c/d =
4,85,800 5,39,200 5,00,000 4,85,800 5,39,200 5,00,000 3 marks
. =
In case, the candidate has prepared the Partners Capital accounts considering the 3+3
guarantee in any other way and the closing balances in their Capital Accounts are =
same as indicated above, full credit be given. 6 marks
(₹) (₹) ½ mark for
2,18,360 2,18,360

(₹) (₹) 1 mark
Subscriptions received in Outstanding Subscriptions 1,01,000 each for
advance 7,200 Stock of Stationery 4,000 liabilities
Donations for building 40,000 Cash 50,000 and asset
Capital Fund 62,000 Investments 8,000 side
47
Add Surplus 1,52,960 2,14,960 Interest accrued on 1+1
investments 160 =
Sports Equipment 59,000 2 marks
Books 40,000
2,62,160 2,62,160

Working Notes:
(₹) (₹)
Subscriptions received in 25,000 Outstanding 60,000 =
advance 62,000 Subscriptions 3,000 4+2
Capital Fund Stock of Stationery 20,000 =
Cash 4,000 6 marks
Furniture
87,000 87,000
Note: In case the candidate has not prepared the Opening Balance Sheet, no
16 17 16 Q. DF Ltd. was registered … the necessary Journal entries in the books of
DF Ltd.

Bank A/c Dr. 2,10,000
To Equity Share Application A/c 2,10,000 3 marks

To Bank A/c 45,000
balance refunded)

Bank A/c Dr.

OR
-
48
Bank A/c Dr.

-
Bank A/c Dr. 1,20,000
OR
Bank A/c Dr. 1,20,000 -
(Being first call money received =
8 marks
OR
OR

Bank A/c Dr. 24,00,000
To Equity Share Application A/c 24,00,000
½ mark
To Equity Share Allotment A/c 4,00,000 1 mark
balance refunded)

½ mark
Bank A/c Dr. 7,60,000

To Equity Share Allotment A/c 8,00,000 1 mark

Bank A/c Dr. 12,10,000
49
Calls in arrears A/c (First call) Dr. 30,000
To Equity Share First call A/c 12,00,000 1 ½ marks

To Share Forfeiture A/c 50,000
To Calls in Arrears A/c 30,000
1 mark
(Being Sahaj’s shares forfeited for non payment of first
call)
Bank A/c Dr. 1,20,000
To Securities Premium Reserve A/c 20,000 1 mark
(Being Sahaj’s shares reissued for ₹60 per share)

To Capital Reserve A/c 50,000
(Being balance in Share forfeiture account transferred 1 mark
to capital reserve)
Note: In case a candidate has attempted one or both the alternatives and =
struck off one or both of them, both the answers may be evaluated and the 8 marks
answer in which the candidate has secured more marks may be retained.
Ans. Dr. Revaluation A/c Cr.

(₹) (₹)
To Provision for doubtful debts 7,000 By Plant and Machinery 20,000 ½ mark for
To Furniture 3,000 each amount
To Profit transferred to: =
½x4
Akul’s Capital A/c 4,000
=
Bakul’s Capital A/c 4,000
2 marks
20,000 20,000

Particulars Akul Bakul Chandan Particulars Akul Bakul Chandan
(₹) (₹) (₹) (₹) (₹) (₹) 1 mark for
To Bakul By balance b/d 1,60,000 1,20,000 92,000 each
Capital A/c 80,000 - 40,000 By General capital
To Bakul loan Reserve 8,000 8,000 4,000 A/c
A/c - 2,52,000 - By Revaluation +
To balance c/d 92,000 58,000 A/c 4,000 4,000 2,000 1 mark for
By Akul Capital capital
A/c - 80,000 - adjustment
By Chandan =
Capital A/c - 40,000 -
3+1
1,72,000 2,52,000 98,000 1,72,000 2,52,000 98,000
=
To Bank A/c - - 8,000 By balance b/d 92,000 - 58,000
To balance c/d 1,00,000 - 50,000 By Bank A/c 8,000 - - 4 marks
1,00,000 - 58,000 1,00,000 - 58,000
Note: If the candidate has not extended the Capital Accounts but done the
Capital Adjustment correctly, full credit be given.
50
1 mark for
st correct assets
Balance Sheet of the reconstituted firm as on 31 March 2018 side
Liabilities Amount Assets Amount +
(₹) (₹) 1 mark for
Sundry Creditors 45,000 Cash at bank 42,000 correct
Employees Provident Fund 13,000 Debtors 60,000 liability side
2 marks
Capitals doubtful debts 9,000 51,000
=
Akul 1,00,000 Stock 80,000
2+4+2
Chandan 50,000 1,50,000 Furniture 87,000 =
Plant and Machinery 2,00,000 8 marks
4,60,000 4,60,000
OR
OR
Ans.
(₹) (₹) ½ mark for
To Furniture 30,000 By Investments 40,000 each amount
To Profit transferred to: By Stock 30,000 =
Sanjana’s Capital A/c 24,000 ½x4
Alok’s Capital A/c 16,000 40,000 =
2 marks
70,000 70,000

(₹) (₹) (₹) (₹) (₹) (₹) 1 mark for
To Cash A/c 30,000 20,000 - By Balance b/d 5,00,000 4,00,000 - each
To By Cash A/c - - 3,00,000 capital
Investments - 3,00,000 - By Premium for - A/c
A/c goodwill A/c 60,000 40,000
=
To Cash A/c 50,000 - - By Workmen’s -
To Balance 5,40,000 3,60,000 3,00,000 Compensation 36,000 24,000 -
1x3
c/d Reserve A/c - =
By Revaluation A/c 24,000 16,000 3 marks
By Cash - 2,00,000
6,20,000 6,80,000 3,00,000 6,20,000 6,80,000 3,00,000

(₹) (₹) ½ mark for
Creditors 60,000 Cash at bank 6,66,000 each correct
Capitals: Debtors 1,46,000 amount
Sanjana 5,40,000 Less Provision for =
½x6
Alok 3,60,000 doubtful debts 2,000 1,44,000
=
Nidhi 3,00,000 12,00,000 Stock 1,80,000 3 marks
Furniture 2,70,000
12,60,000 12,60,000 =
51
2+3+3
=
8 marks
PART B
OPTION 1
- - 18 Q. How will commission received’ …………..?
1 mark
Ans. It will be treated as Cash flows from operating activities
- - 19 Q. How is ‘dividend paid’ treated…?

1 mark
Ans. Dividend paid is treated as a financing activity.
- - 20 Q. Prepare a Comparative….

Decrease Decrease
(₹) (%)
Add Other income 5,00,000 9,00,000 4,00,000 80 1 mark
Total Revenue 15,00,000 24,00,000 9,00,000 60

Less Employee benefit 4,50,000 9,60,000 5,10,000 113.33 1 mark
expenses
Profit before Tax 10,50,000 14,40,000 3,90,000 37.14
Less Tax 4,20,000 5,76,000 1,56,000 37.14 1 mark
Profit after Tax 6,30,000 8,64,000 2,34,000 37.14 1 mark
. =
4 marks

Therefore, Current Liabilities =₹4,00,000

52

=₹8,00,000 - ₹6,00,000 marks
=₹2,00,000

=₹3,00,000
= ₹15,00,000
(b) The Operating ratio of a company is 60%. State whether ‘Purchase of

goods costing ₹20,000’ will increase, decrease or not change the operating 1 mark
ratio. =
4 marks
Ans. ‘Purchase of goods costing ₹20,000’ will not change the operating ratio.
OR
OR
Q. Calculate ‘Total Assets to Debt……
Ans.
=₹4,00,000 + ₹1,80,000 + ₹1,00,000 + ₹70,000 + ₹30,000 + ₹1,20,000
3
=₹9,00,000
marks
= ₹1,80,000 + ₹1,20,000
= ₹3,00,000
+
Total assets to debt Ratio= Total assets/ debt
=₹9,00,000/₹3,00,000
=3:1
(b) The Debt Equity ratio….. Debt Equity Ratio. 1 mark

=
Ans. Issue of bonus Shares will not change the ratio. 4 marks
(i) Assessing the earning capacity or profitability ½ mark for

(ii) Assessing the managerial efficiency heading
53
(iii) Assessing the short term and the long-term solvency of the enterprise +
(iv) Inter- firm comparison. ½ mark
(v) Forecasting and preparing budgets. for its
(vi) Ascertaining the relative importance of different components of the financial explanation
position of the firm. =
1x4
(If the candidate has not given the headings but has given the correct =
explanation, full credit may be given) 4 marks
OR OR
Q. State under which major headings and sub-headings ……..developed by
the company.
Ans.
Item Head Sub-Head
(ii) Investment in Non Current Assets Non Current
Debentures Investments
(iii) Calls-in-arrears Shareholders’ Share Capital/ ½x8
Funds Subscribed Capital =
4 marks
(iv) Unpaid dividend Current Liabilities Other Current Liabilities
(v) Capital Reserve Shareholders’ Reserves and Surplus
Funds
(vi) Loose Tools Current Assets Inventories
(vii) Capital work-in- Non Current Assets Fixed Assets
progress
(viii) Patents being Non Current Assets Fixed Assets- Intangible
developed by Assets under
the company development
.
23 23 23 Q. Following are the Balance Sheets of Kiero Ltd…. debentures were issued
on 1st September 2017.
Particulars Amount Amount
(₹) (₹)
CASH FLOWS FROM OPERATING
ACTIVITIES 4,58,000
Net Profit before Tax 5,000
Interest on 12% Debentures 5,13,000 2 marks
Operating profit before Working Capital changes (2,90,000)
Less Increase in Trade Receivables 2,23,000
Cash generated from operations (46,000)
Less tax paid 1,77,000
Cash Inflows from Operating activities
CASH FLOWS FROM INVESTING ACTIVITIES (3,50,000) 1 mark

Purchase of Plant and Machinery (98,000)
Purchase of Goodwill (4,48,000)
54
Cash used in Investing activities
CASH FLOWS FROM FINANCING ACTIVITIES 2,10,000

Issue of Shares 2,00,000 1 ½ marks
Issue of 12% Debentures 73,000
Bank overdraft raised (50,000)
Interest paid on 12% Debentures 4,33,000
Net increase in Cash and Cash equivalents ½ mark
Add Opening balance of Cash and Cash equivalents 70,000
Current Investments 63,000 1,33,000
Closing balance of Cash and Cash equivalents 1,40,000
Current Investments 1,55,000 2,95,000
Working Notes:
Net profit 2,60,000 1 mark

Add Amount transferred to reserve 80,000
Add Provision for Tax 1,18,000 =
4,58,000 6 marks
PART C
OPTION 2
- - 18 Q. What is meant by ‘Mixed Reference’?
Ans. A mixed reference is a reference that is fixed only on part of the reference 1 mark
either the row or column. It is useful when the formula or function is copied to
another location.
- - 19 Q. List any two attributes of information to be stored in Payroll data base.
Ans. Attributes of information to be stored in Payroll data base: (Any two)

(i) Name ½x2
(ii) ID =
(iii) Designation
(iv) Location 1 mark
(v) Basic Pay
- - 20 Q. Differentiate between ‘Generic Softwares’ and ‘Specific Softwares’ on any

four bases.
Ans.
Basis Generic Softwares Specific Softwares
Nature of business Small, conventional Large, medium business
business
Cost of installation and Low Relatively high
maintenance 1x4
55
Expected level of Low Relatively high =
secrecy (software and 4 marks
Data)
Number of user and their Limited As per specifications
interface
Linkage to other Restricted Yes
information system
Adaptability High Relatively high
Training requirements Low Medium
.
Ans. Null Values: Absence of data item is represented by a special

value called Null Value. There are three situations which may require
the use of null value.
- Unknown because it does not exist.
Complex Attributes: The composite and multi value attributes may be

nested (or grouped) to constitute complex ones. The parenthesis [ ] are 2 marks
used for showing grouping of components of composite attributes. The =
braces { } are used for showing the multi value attributes. 4 marks
2x2=4 marks
OR OR
Ans. Closing entry: The closing entries for completing the profit and
loss account are:
account. 2 marks
This will close the profit and loss account. Entries required to make the
because their effect is to close the books of account for the year
concerned.
Adjusting Entry: The Adjusting entry is recorded to relate the figures

to the trading period. Suppose, premises have been sublet on March 31,
and three months’ rent, has been received in advance amounting to Rs.
9000. While preparing accounts up to 31st March, one should take into 2 marks
account only one month’s rent for preparing the profit and loss account
(accounting period concept); the rest two month’s rent, already received
is for the next year and will be credited to profit and loss account next
year. The adjusting entry will be:
Rent Account Dr
To Advance Rent Account
Rent Received in advance Account is a ‘Liability’ and is shown in the
balance sheet. =
56
4 marks

enhances user satisfaction. With computerised accounting, the 2 marks
organisation will have greater transparency for day to day business
operations and access to the vital information.
Scalability
change in the size of the business. The software can be used for any size =
the business and type of the organisation. 4 marks
OR
OR
Q. Explain ‘Payroll Accounting Subsystem’ and ‘ Costing
Subsystem’.
Ans.
Payroll Accounting Sub-system
It deals with payment of wages and salary to employees. A typical was
report details information about basic pay, dearness. Allowance, and
other allowances and deductions from salary and wages on account of
provident fund, taxes, loans, advances and other charges. The system 2 marks
generates reports about wage bill, overtime payment and payment on
account of leave encashment, etc.
Costing Sub-system
It deals with the ascertainment of cost of goods produced. It has
linkages with other accounting Sub-systems for obtaining the necessary 2 marks
information about cost of material, labour, and other expenses. This
system generates information about changes in the cost that takes place =
during the period under review. 4 marks
23 23 23 Q. Name and explain the function which returns the future value of
an investment which has constant payment and interest.
Ans. PMT
The PMT function calculates the periodic payment for an annuity
assuming equal payments and a constant rate of interest. The syntax of
PMT function is as follows:
presently, future value or cash balance that after the last payment is
made (a future value of zero when we omit this optional argument)
Type is the value 0 for payments made at the end of the period or the
value 1 for payments made at the beginning of the period.
The PMT function is often used to calculate the payment for mortgage loans that
have a fixed rate of interest.
57
58
- -‐Strictly Confidential : (For Internal and Restricted Use Only)
March -‐2018 -‐ 19
General Instructions:-‐
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.
Evaluation is a 10-‐12 days mission for all of us. Hence, it is desired from you to give your best in this process.

2. 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 innovative may be assessed and marks be awarded to
them.

3. The Head-‐Examiner has to go through the first five answer scripts evaluated by each evaluator to ensure that evaluation has been
carried out as per the instructions given in the Marking Scheme. The remaining answer scripts meant for evaluation shall be given only
after ensuring that there is no significant variation in the marking of individual evaluators.

4. 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 totalled up and written in the left hand margin and encircled.


6. If a student has attempted an extra question, answer of the question deserving more marks should be retained and other answer
scored out.


8. Deductions up to 25% of the marks must be made if the student has not drawn formats of the Journal and Ledger and has not given
the narrations.

9. A full scale of marks 1-‐80 has to be used. Please do not hesitate to award full marks if the answer deserves it.




13. Avoid the following common types of errors committed by the Examiners in the past-‐.

14. While evaluating the answer scripts if the answer is found to be totally incorrect, it should be marked as (x) and awarded zero(0)
Marks.

15. Any unassessed portion, non-‐carrying over of marks to the title page or totalling 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.

evaluation.

17. Every Examiner shall also ensure that all the answers are evaluated, marks carried over to the title page, correctly totalled and
written in figures and words.

18. As per orders of the Hon’ble Supreme Court, the candidates would now be permitted to obtain photocopy of the Answer Book on
request on payment of the prescribed fee. All 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 give in the Marking Scheme.
1


Q. Set No. Marking Scheme 2018-19 Distribut
ion of
67/2/ 67/2/ 67/ Accountancy (055)
1 2 2/3 marks
67/2/1
Expected Answers / Value points
1 -‐ -‐ Q. Pass the ………………………………….. dissolution of a partnership firm.
1
Ans. Partner’s Capital A/c Dr.
To Partner’s Loan A/c
(Being Partner’s Loan transferred to Partner’s Capital Account)

2 5 5 Q. A new partner…………………….……………………. these rights.

Ans. Two main rights acquired by a newly admitted partner (any one) :-‐ 1
(i) Right to share the assets of the partnership firm;
(ii) Right to share the profits of the partnership firm.

OR
Q. How does……………………………………………………….goodwill of a firm?

Effect of Nature of Business on Goodwill :-‐

A firm that produces high value added products or products with stable demand is able to 1
earn more profits therefore, firm’s goodwill will be more.

3 4 1 Q. State the main……………………………………………organization.

Ans : The main aim of a Not-‐for –profit organization is to provide service to a specific group 1
or to the public at large.

OR OR
Q. How is ‘Life membership…………………………………..Not-‐for-‐Profit profit organization?
Ans : Life membership fee is capitalized and added to Capital fund i.e. shown on the 1
Liabilities side of Balance Sheet.

4 2 3 Q. Kiya and leela………………………………………….Kiya, Leela and Kiran.

Ans : Sacrificing ratio of Kiya and Leela = 3:1
Kiran’s Share = 1/5
Kiya’s Sacrifice = 1/5 x 3/4 = 3/20
Leela’s sacrifice = 1/5 x 1/4 = 1/20 ½

New Share = Old share – Sacrifice share

Kiya’s new share = 3/5 – 3/20 = 9/20
Leela’s new share = 2/5 – 1/20 = 7/20
Kiran’s Share = 1/5 x 4/4 = 4/20 ½
New ratio = 9 : 7 : 4 =
(1)
5 3 2 Q. Dinkar, Navita………………………………………………………… every year.

Ans : Profits of the firm till Navita’s death = 10% of 6,00,000 = 60,000 ½
Navita’s share = 2/6 x 60,000 = 20,000 ½
=
(1)
2


6 1 4 Q. What is meant by……………………… Shares ?
Ans :
Private placement of shares means issue and allotment of shares to a select group of 1
persons privately.
OR OR
Q. What is meant by....................'Reserve Capital'
1
Ans : Reserve Capital is a portion of a uncalled capital that is reserved by the company to be
called in the event of winding up of the company.

7 -‐-‐ -‐-‐ Q. Average profits................................................................ employed by the firm.

Ans : Goodwill at 4 years purchase of super profits = ` 1,00,000
Super Profits = ` 1,00,000 = ` 25,000 1
4
Average Profits – Normal Profits = Super Profits
Normal Profits = Average Profits – Super profits
Normal Profits = ` 80,000 – ` 25,000 = ` 55,000 1

Capital Employed = 100 x Normal Profits
NRR
`55,000 x 100 = ` 5,50,000 1
10
= (3)
8 7 9 Q. 'UZ Ltd. …................................... in the books of 'UZ Ltd.'

Ans : Books of UZ Ltd.
Journal
Date Particulars LF Dr. Amt Cr. Amt
(`) (`)

(i) Plant & Machinery A/c Dr. 6,90,000 1
To Elk Machine Ltd. 6,90,000
(Being Machinery purchased)
(ii) Elk Machine Ltd. Dr. 90,000
To Bills Payable A/c 90,000 ½
(Being bills accepted)

(iii) ElK Machine Ltd. Dr. 6,00,000

Discount on debentures A/c Dr. 1,50,000

To 6% debentures A/c 7,50,000

(Being 6% debentures issued at 20%
1 ½
discount)
=
OR for (ii) & (iii)
(3)
ElK Machine Ltd. Dr. 6,90,000

To Bills Payable A/c 90,000
(Being bills accepted & 6%
debentures issued at 20% discount)

(No. of debentures issued = 6,00,000/80 = 7500)

3

OR
Q . ‘ZK Ltd.’ ……………………………………………………… in the books of ‘ZK Ltd.’

Ans : Books of ZK Ltd.
Journal
(`) (`)

(i) Bank A/c Dr. 3,80,000
To Debentures Application & Allotment A/c 3,80,000
(Being debentures application money received) 1
(ii) Debentures Application & Allotment A/c Dr. 3,80,000
Discount on issue of Debentures A/c Dr. 20,000
Loss on issue of debentures A/c Dr. 40,000
To 9% Debentures A/c 4,00,000
To Premium on redemption of Deb. A/c 40,000
(Being debenture issued at discount redeemable 2
at premium)
=
Alternative for entry (ii)
(3)
Debentures application & allotment A/c Dr. 3,80,000



To Premium on redemption of Debentures A/c 40,000
(Being debentures issued at discount
redeemable at premium)

9 -‐-‐-‐ -‐-‐-‐ Q. Willow Ltd…………………………………………….. Companies Act, 2013.

Ans : Willow Ltd
Balance Sheet as at 31st March, 2018 (an extract)
Particulars Note No. Amount `
Current year

EQUITY & LIABILITIES
1. Shareholders’ Funds
(a) Share Capital 1 7,44,000 1

Notes to Accounts :

Note Particulars Amount (`)
No.
1 Share Capital
(i) Authorised Capital
1,00,000 Equity Shares of Rs 10 each 10,00,000 ½
(ii) Issued Capital
80,000 Equity Shares of Rs 10 each 8,00,000 ½
(iii) Subscribed Capital
a. Subscribed and Fully paid
72,000 equity shares of ` 10 each 7,20,000 ½
b. Subscribed but not fully paid
3000 Equity shares of 10 each 30,000
Less : Calls in arrears (6000) 24,000 ½
=
7,44,000 (3)
4


Q. Janta Kalayan…………………………………………………….. ended 31st March, 2018.

10 -‐-‐-‐ -‐-‐-‐
Ans .
Statement showing subscription to be debited to Receipt & Payment A/c
For the year ending 31/03/2018

Particulars Amount (`)

Subscriptions for 2017-‐18 1,87,500
Add : Subscriptions Outstanding on 31/03/2017 15,000
Subscriptions Received In advance for 2018-‐19 6,900
Less : Subscriptions outstanding for 2017-‐18 (6750)
Received in advance on 31/03/2017 (3000) ½ x 6
=
Subscription received during 2017-‐18 1,99,650 (3)

Alternatively, students may show the solution in the form of subscription A/c. OR

Dr. Subscription Account Cr.
Date Particulars Amount Da Particulars Amount
(`) te (`)

Balance b/d(outstanding) 15,000 Balance b/d (advance) 3,000
Income & Expenditure A/c 1,87,500 Bank A/c (Bal. figure) 1,99,650
Balance c/d (Advance) 6,900 Balance c/d (outstanding) 6,750 ½ x 6
=
(3)
2,09,400 2 ,09,400

11 -‐-‐-‐ -‐-‐-‐ Q. Hari, Kunal and Uma…………………….. books of the firm.

Ans. Books of Hari, Kunal and Uma
Journal
Date Particulars Dr. Amt. (`) Cr. Amt. (`)

2018 Profit and Loss A/c Dr. 75,000
April 1 To Hari’s Capital A/C 37,500 1
To Kunal’s Capital A/c 22,500
To Uma’s Capital A/c 15,000
(Being balance in profit & loss a/c
distributed)
April 1 Investment Fluctuation Fund A/c Dr. 15,000
To Investment A/c 15000 ½
(Being value of investments decreased)

April 1 Revaluation A/c Dr. 5,000
To Stock A/c 5,000 ½
(Being stock depreciated)

5

April 1 Hari’s Capital A/c Dr. 2500
Kunal’s Capital A/c Dr. 1500
Uma’s Capital A/c Dr. 1000
(Being loss on revaluation transferred) 1

April 1 Kunal’s Capital A/c Dr. 60,000
Uma’s Capital A/c Dr. 30,000
To Hari’s Capital A/c 90,000

(Being treatment of goodwill on change in 1
profit sharing ratio)
=

(4)
12 -‐-‐-‐ -‐-‐-‐ Q. Meera, Sarthak …………………………………………………………… presented to his executors.

Ans.
Sarthak’s Capital Account
Dr. Cr.
(`) (`)

Sarthak’s Executors A/c 6,58,750 Balance b/d 3,50,000 ½
(Bal. figure) (1/2 mark) Meera’s Capital A/c 1,60,000 ½
Rohit’s Capital A/c 80,000 ½
P & L Suspense A/c 20,000 1
Interest on Capital A/c 8,750 ½
Contingency Reserve A/c 40,000 ½

=
6,58,750 6,58,750
4 Marks

Working :,
(i) Goodwill
Average profit for 4 years

1,20,000 + 2,00,000 + 2,60,000 +, 2,20,000 = 8,00,000 = 2,00,000
4 4
Goodwill = 2,00,000 x 3 = 6,00,000
Sarthak’s Share of Goodwill = 6,00,000 x 2/5 = 2,40,000

(ii) Sarthak's Share of Profit
4,80,000 = 2,40,000 x 2.5 x 2 = 20,000
2 12 5

6

13 14 15 Q. From the following …............................................ closing stock was ` 15,000.
Ans :

Dr. Income & Expenditure a/c of Gems Club for the year ended 31/03/2018 Cr.
Particulars Am ount Particulars Am oun
(`) t

(`)

Salaries 64,500 Subscription 3,00,000

+ outstanding 8,000 72,500 (-‐) advance (2018-‐19) (15,000)

Miscellaneous Expenses 52,000 + o/s subscription (2017-‐18) 20,000 3,05,000
1 mark
Telephone Charges 12,000 Interest on Investment 2400 each for
subscript
Printing & Stationery + Accrued Interest 1600 4,000
ions
Opening Stock 12,000 Donations 17,000 and
printing
+ Purchases 19,000 Rent Received 70,000 &
stationer
-‐ Closing Stock (15,000) 16,000 +Receivable 2,000 72,000 y
+
Surplus – Excess of Sale of old newspaper 600 ½ x 8
2+4 = (6)
Income over expenditure 2,46,100

3,98,600 3,98,600

14 15 13 Q. Ashish and Kanav........................................... Prepare Revaluation Account.
Ans :

Dr. Realisation Account Cr.
Particulars Am ount Particulars Am ou
(`) nt
(`)

Sundry Assets Sundry Liabilities 1 mark
Stock 24,000 Trade Creditors 42,000 each
Debtors 19,000 Employees Prov Fund 60,000 for
Furniture 40,000 Mrs. Ashish's Loan 9,000 1,11,000 transfe
Plant 2,10,000 Investment Fluctuation r of
Investment 32,000 3,25,000 Reserve 4,000 Sundry
Assets
Ashish's Capital A/c 9,000 Ashish Capital A/c (Furniture) 38,000 and
(Mrs. Ashish's Loan) transfe
Kanav's Capital A/c 12,000 Bank A/c – Assets
(Remuneration) r of
Debtors – 18,500 Sundry
Bank A/c (EPF) 60,000 Plant -‐ 2,31,000
Partners’ Capital A/c(Gain) Liabliti
Stock -‐ 15,840 2,65,340 es
Ashish -‐ 12012
Kanav -‐ 8008 +
20,020 Kanav's Capital A/c (Stock) 7,680 ½ x 8
i.e.
4,26,020 4,26,020
2+4
= (6)
Note : In case, the medium of answering of the candidate is English & he/she has
prepared revaluation account using the information given in the question, full
credit should be given.

7


Solution of Hindi version
Ans : Realisation Account
(`) nt
(`)

Sundry Assets Sundry Liabilities
Stock 24,000 Trade Creditors 42,000
Debtors 19,000 Employees Prov Fund 60,000 1 mark
Furniture 40,000 Mrs. Ashish's Loan 9,000 1,11,000 each
Plant 2,10,000 for
Investment 32,000 3,25,000 Investment Fluctuation 4,000 transfe

r of
Ashish's Capital A/c 9,000 Ashish Capital A/c (Furniture) 38,000
Sundry
(Mrs. Ashish's Loan)
Assets
Kanav's Capital A/c 12,000 Bank A/c – Assets
and
(Remuneration) Debtors – 18,500
transfe
Bank A/c -‐ Liabilities Plant -‐ 2,31,000
r of
Creditors 42,000 Stock -‐ 15,840 2,65,340
Sundry
EPF 60,000 1,02,000
Liabliti
Kanav's Capital A/c (Stock) 7,680
es
Loss transferred to Partners’
+
Capital A/c:-‐
½ x 8
Ashish – 13,188
i.e.
Kanav -‐ 8,792 21,980
2+4
= (6)
4,48,000 4,48,000

15 13 14 Q. Naveen, Qadir and ....................................... clearly.
Ans.
Books of the Naveen, Qadir and Rajesh
Journal
Date Particulars LF Dr. Amt. Cr. Amt.
(`) (`)
2018 Rajesh’s Current A/c.............................. Dr. 17,800
April 1 To Naveen’s Current A/c 10,000
To Qadir’s Current A/c 7,800 2
[ Being interest on Capital wrongly allowed
& partners’ salary omitted, now rectified ]
Working:
Past Adjustment Table
Particulars Naveen Qadir Rajesh Total
A. Cancellation of Interest on Capital :
2016-‐17 24,000(Dr.) 21,600(Dr.) 14,400(Dr.) 60,000(Cr.)
2017-‐18 24,000(Dr.) 21,600(Dr.) 14,400(Dr.) 60,000(Cr.)
TOTAL Interest on Capital 48,000(Dr.) 43,200(Dr.) 28,800(Dr.) 1,20,000(Cr.)
B. Omission of Salary :
2016-‐17 14,000(Cr.) 16,000(Cr.) -‐-‐-‐-‐-‐-‐-‐-‐-‐ 30,000(Dr.)
2017-‐18 14,000(Cr.) 16,000(Cr.) -‐-‐-‐-‐-‐-‐-‐-‐-‐ 30,000(Dr.)
TOTAL Salary 28,000(Cr.) 32,000(Cr.) -‐-‐-‐-‐-‐-‐-‐-‐-‐ 60,000(Dr.) 4
C. Profits to be credited : A-‐B
2016-‐17 (3:2:1) 15,000(Cr.) 10,000(Cr.) 5,000(Cr.) 30,000(Dr.)
2017-‐18 (3:2:1) 15,000(Cr.) 9,000(Cr.) 6,000(Cr.) 30,000(Dr.) =
8

TOTAL profits credited 30,000(Cr.) 19,000(Cr.) 11,000(Cr.) 60,000(Dr.) (6)
Net Effect [A+B+C] 10,000 (Cr.) 7,800(Cr.) 17,800(Dr.) 00

Note : In case a student has presented correct working in any other form, full credit
may be given.
OR
st
Q. On 31 March ,....................................... clearly.
Ans.
Books of the Abhir, Bobby and Vineet
Journal
Date Particulars LF Dr (`) Cr (`)
2018 Bobby’s Capital A/c................................ Dr. 14,402
Apr 1 To Abhir’s Capital A/c 10,112
To Vineet’s Capital A/c 4,290
[ Being interest on Capital and interest on
drawings omitted, now rectified ] 1
Working:
(A) Past Adjustment Table
Particulars Abhir Bobby Vineet Total
Cancellation of profits 60,000(Dr.) 60,000(Dr.) 30,000(Dr.) 1,50,000 (Cr.)
Omission of IOD 6,600 (Dr.) 4,500 (Dr.) 2,500(Dr.) 13,600 (Cr.)
Omission of IOC : 76712 (Cr.) 50098 (Cr.) 36,790 (Cr.) 1,63,600 (Dr.)
Net Effect 10,112 (Cr.) 14,402(Dr.) 4,290(Cr..) 00 2

(B) Calculation of Opening Capital :
Particulars Abhir Bobby Vineet
Capital on 31-‐3-‐2018 8,00,000 6,00,000 4,00,000
ADD : Drawings 2,40,000 1,00,000 1,00,000
LESS : Share of profit (60,000) (60,000) (30,000)
Capital on 1-‐4-‐2017 9,80,000 6,40,000 4,70,000 3

(C) Interest on Capital @ 10% 98,000 + 64,000 + 47,000 = ` 2,09,000 =
Profits available = ` 1,50,000 + 13,600 = ` 163,600 (6)
Therefore, Interest on Capital is given as ` 1,63,600 divided in the ratio of 98:64:47

16 16 17 Q. Denspar Ltd. Invited………………………………………………………………books of Denspar Ltd.
Ans :
Books of Denspar Ltd.
Journal
(`) (` )
Bank A/c Dr. 3,60,000
(Being application money received) ½


½
(Being application money transferred)



To Security Premium Reserve A/c 18,00,000
½
(Being allotment money due)

9

Bank A/c Dr. 23,24,000
Calls in Arrears A/c Dr. 91,000
To Calls in Advance A/c 75,000
(Being allotment money received) 1

Equity Share Ist Call A/c Dr. 12,60,000
(Being share first call due) ½

Bank A/c Dr.
13,16,000
Calls in Advance A/c Dr. 35,000
To Equity Share First Call A/c 12,60,000 1

To Calls in arrear A/c 91,000

(Being call money received)

Equity Share Second & Final Call A/c Dr. 14,40,000
(Being second and final call money due) ½

Bank A/c Dr.
13,84,000
Calls in arrear A/c Dr. 16,000
Calls in advance A/c Dr. 40,000
To Equity Share 2nd & Final Call A/c 14,40,000 1

Security Premium Reserve A/c Dr. 10,000
To Share forfeited A/c 14,000
(Being 2,000 shares forfeited) 1

Bank A/c Dr. 12,000

Share forfeited A/c Dr. 3,000

To Equity Share Capital A/c 15,000

(Being 1,500 shares reissued)
1



(Being balance in share forfeited account for
½
1,500 shares transferred to Capital Reserve)
=

(8)

Note : In case, an examinee has passed entries without opening calls in arrear account,

OR

10

Q. ‘KLN Ltd.’ invited ……………………………………………….. books of ‘KLN Ltd.’
Books of ‘KLN Ltd.’
Journal
(`) (` )
Bank A/c Dr. 5,70,000
(Being application money received on 1,90,000
shares @ `3 per share ) ½




1

(Being application money transferred to share

capital, share allotment and the balance

refunded)


½


Bank A/c Dr. 2,43,500

Calls in Arrear Ac Dr. 6,500


(Being allotment money received )
1
Or

Bank A/c Dr. 2,43,500



Equity Share First Call A/c Dr. 3,00,000

½
(Being call money due)

Bank A/c Dr. 2,85,000


To Equity Share First Call A/c 3,00,000
½

Or

Bank A/c Dr. 2,85,000



Equity S hare C apital A /c D r. 16,000
Securities Premium Reserve A/c Dr. 2,000
To Share Forfeited A/c 5,500 1
To Calls in Arrear A/c 12,500
(Being share forfeited)
or

11

To Share Forfeited A/c 5,500
To Share Allotment A/c 6,500
To Share First Call A/c 6,000


To Equity Share Capital A/c 1,96,000 ½
(Being second & final call due)

Bank A/c Dr. 1,90,000
Calls in Arrear A/c Dr. 6,000
To Equity Share Second & Final Call A/c 1.96,000
(Being call money received) ½
Or
Bank A/c Dr. 1,90,000
To Equity Share Second & Final Call A/c 1,90,000

To Calls in Arrears 15,000
(Being shares forfeited)
Or 1
To Equity Share First call A/c 9,000
To Equity Share Second and Final Call A/c 6,000

Bank A/c 32,000
Share Forfeited A/c 8,000
To Equity Share Capital A/c 40,000 ½
(Being forfeited shares reissued)

To Capital Reserve A/c 9,750 ½
(Being balance in share forfeited account =
transferred to capital reserve)
(8)

17 17 16 Q. Mohan, Vinay and Nitya........................................................ reconstituted firm.
Ans.
Dr. Revaluation Account Cr.
(`) t
(`)

To Plant & Machinery A/c 6,000 By Bank A/c 4,000

To Provision for Bad Debts By Partners’Capital A/c

[Bad debts 1,000 Mohan 3,000

4,000 Vinay 2,000

Provision for bad debts 3,000] Nitya 1,000 6,000
2

10,000 10,000
12


Dr. Partners’ Capital A/c Cr.
Particulars Mohan Vinay Nitya Particulars Mohan Vinay Nitya

To Mohan's 48,000 42,000 By Bal c/d 1,20,000 100,000 90,000
Capital A/c By Contingency
To revaluation 3,000 2,000 1,000 Reserve 15,000 10,000 5,000
A/c (loss) By Vinay's Capital 48,000 1 mark
To Mohan's By, Nitiya's Capital 42,000 for each
Loan A/c 2,22,000 capital
To Bal c/d 60,000 52,000 A/c+
1 mark

for
2,25,000 1,10,000 95,000 2,25,000 1,10,000 95,000 capital
adjustm
To Bank A/c 6,000 16,000 By Balance B/d 60,000 52,000 ent
To Balance c/d 54,000 36,000
60,000 52,000 60,000 52,000

4
Note: in case the candidate has not extended the Capital A/c but has done the capital
adjustment correctly, full credit is to be given.

Balance Sheet as at 31st March, 2018
Liabilities Am ount Assets Am ount
(`) (`)
1 mark
Creditors 48,000 Cash at Bank (31,000 +4,000
for
Employees Provident Fund 1,70,000 – 6000 – 16,000) 13,000 correct
Mohan's Loan A/c 2,22,000 Bills Receivable 54,000 assets
Vinay's Capital A/c 54,000 Book Debts 63,000 side +1
Nitya'S Capita A/c 36,000 Less : Bad Debts 3,000 mark for
correct
Less: Provision for 3,000 57,000 Liabilitie
Bad Debts s Side
Plant & Machinery 1,14,000
Land & Building 2,92,000
5,30,000 5,30,000 2
=

(8)
OR


(`) (`)
To Stock A/c 16,000 By Loss transferred
To claim for workmen 40,000 to Partners’ Capital A/c
Compensation Leena 33,600
Rohit 22,400 56,000 2

56,000 56,000

Particulars Leena Rohit Manoj Particulars Leena Rohit Manoj
To Revaluation By Balance b/d 1,60,000 1,40,000
A/c (Loss) 33,600 22,400 By General Reserve 27,000 18,000
To Balance c/d 1,93,400 1,75,600 By Premium for
Goodwill 40,000 40,000 1 mark
for each
2,27,000 1,98,000 2,27,000 1,98,000
capital
To Balance c/d 1,93,400 1,75,600 92,250 By Balance b/d 1,93,400 1,75,600 A/c

13

By Cash/Bank A/c 92,250
1,93,400 1,75,600 92,250 1,93,400 1,75,600 92,250
3


(`) (`) 1 ½
mark for
Creditors 80,000 Cash correct
Bills Payable 38,000 (42,000 +80,000 + 92,250) 2,14,250 assets
Claim for workmen Debtors 1,32,000 side +1
compensation 40,000 Less : Provision for ½ mark
for
Partners’ Capital A/cs. : Doubtful Debts 7,000 1,25,000
correct
Leena 1,93,400 Plant & Machinery 1,50,000 Liabilitie
Rohit 1,75,600 Stock 1,30,000 s Side
Manoj 92,250 4,61,250 3

6,19,250 6,19,250
= (8)
Working :
Sacrificing Share = Old Share – New Share
Leena’s Sacrifice = 3/5 – 5/10 = 1/10
Rohit’s Sacrifice = 2/5 – 3/10 = 1/10
Sacrificing Ratio = 1 : 1
PART B
OPTION -‐ I
(Financial Statements Analysis)
18 -‐-‐ -‐-‐ Q. ‘Under which type ...................................................Cash Flow Statement?
Ans. Investing Activity 1
19 -‐-‐-‐ -‐-‐-‐ Q. State the primary ............................................... ‘Cash Flow Statement.’

Ans. The primary objective of Cash Flow Statement is to provide useful information about 1
Cash Flows (Inflows & outflow) of an enterprise during a particular period under various
heads i.e operating , investing & financing activities.
20 21 20 Q. Under which major....................................... Part I of the Companies Act, 2013?
Ans.
Items Heads Sub-‐heads
(i) Interest accrued and due Current liabilities Other Current Liabilities
on debentures
(ii) Loose Tools Current Assets Inventories
(iii) Accrued Interest on Current Liabilities Other Current Liabiliites
Calls in advance
(iv) Interest due on calls in Current Assets Other Current Assets
arrears
(v) Trademarks Non Current Assets Fixed Assets-‐Intangible
(vi) Premium on Non Current Other Non Current ½ X 8
redemption of debentures liabilities Liabilities =
(vii) Plant and Machinery Non Current Assets Fixed Assets-‐Tangible (4)
(viii) Patents Non Current Assets Fixed Assets-‐Intangible

OR
Q. Explain briefly............................................ of Financial Statements.

Ans. Limitations of Financial Statements are : (any four)

14

(i) It is a Historical Analysis as it analyses what has happened till date. It doesn’t reflect
the future.
(ii) It ignores price level changes as a change in price level makes analysis of financial

statements of different accounting years invalid.

(iii) It ignores qualitative aspect as the quality of management, quality of staff etc. are
ignored while carrying out the analysis of financial statements.
(iv) It suffers from the limitations of financial statements as the analysis is based on the
information given in the financial statements.
(v) It is not free from bias of accountants such as method of inventory valuation,
method of depreciation etc.
1x4
(vi) It may lead to window dressing i.e. showing a better financial position than what
=
actually is by manipulating the books of accounts. (4)
(vii) It may be misleading without the knowledge of the changes in accounting
procedure by a firm.

21 20 21 Q. (i) From the following.......................................... Rs. 1,00,000.

Ans. Interest Coverage Ratio = Net Profits before Interest & Tax
Interest on long term debts
(Rs.)
Net Profits after Interest and Tax -‐-‐ 1,20,000
Add : Tax @ 40% -‐-‐ 80,000
Interest on debt -‐-‐ 27,000 (15,000 + 12,000)
Profits before Interest & Tax = 2,27,000 2

Interest Coverage Ratio = 2,27,000 = 8.4 times
27,000
Q. (ii) A company .............................................. purchase of goods.
Ans.
After purchase of goods on credit :
Current Assets = Rs.3,00,000 + Rs.20,000 = Rs. 3,20,000
Current Liabilities = Rs.1,40,000 +Rs.20,000 = Rs.1,60,000

Current Ratio = Current Assets = 3,20,000 = 2:1 2
Current Liabilities 1,60,000 =
(4)

OR
EFFECT REASON
(i) Decrease As quick assets will decrease with no change in current liabilities.
(ii) Decrease As current liabilities will increase with no change in quick assets. 1 x 4
(iii) Increase As quick assets will increase with no change in current liabilities. =
(iv) No change As neither quick assets nor current liabilities are changing. (4)

22 -‐-‐-‐ -‐-‐-‐ Q. From the information ...................................................Profit and Loss.

Ans.

Comparative Statement of Profit & Loss
For the years ending 31st March 2017 and 2018
Particulars Note 2016-‐17 2017-‐ 18 Absolute % age
No. (`) (`) Inc/ Dec. Inc./Dec
15

(`)
I) Revenue from Operations 4,00,000 7,20,000
3,20,000 80
1

II) Less: Expenses

a) Cost of material consumed 2,00,000 2,40,000 40,000 20
1
b) Other expenses 20,000 48,000 28,000 140

Total Expenses 2,20,000 2,88,000 68,000 30.9
1
Profit before Tax (I – II) 1,80,000 4,32,000 2,52,000 140
Less: Tax @ 50% 90,000 2,16,000 1,26,000 140 1
Profit after tax 90,000 2,16,000 1,26,000 140 =
(4)

23 23 23 Q. From the following Balance Sheet........................ Cash Flow Statement.
Ans.
DCX Ltd.
st
Cash flow Statement for the year ending 31 March, 2018

Particulars Details (`) Amount (`)
A. Cash flows from Operating Activities :

Net Profit before Tax (24,000)
Add : Depreciation on Machinery 4,20,000
Add : Interest on Debentures 64,000
Less : Gain on sale of machinery (1,60,000)
Operating profit before the working Capital changes 3,00,000
Add: Increase in Trade Payables 50,000
Less: Increase in Inventories (4,00,000)
Cash generated from Operations before tax (50,000)
Less: Tax Paid (56,000)
Net Cash used in Operating Activities (1,06,000) 1½

B. Cash flows from Investing Activities :
Purchase of Machinery (16,00,000)
Purchase of Intangible Assets (1,00,000)
Sale of Machinery 6,40,000
Net Cash used in investing activities (10,60,000) 1

C. Cash flows from financing Activities
Issue of shares 9,00,000
Issue of Debentures 3,00,000
Interest paid on debentures (64,000)
Cash Inflows from Financing Activities 11,36,000 1

Net Decrease in Cash and Cash Equivalents (30,000)
Add: Opening Balance of Cash and Cash equivalents
Current Investments 78,000
Cash & cash equivalents 78,000 1,56,000
Closing Balance of Cash and Cash equivalents

Cash & cash equivalents 37,000 1,26,000 1

16

Working Notes:
Calculation of Profit before Tax :
Net Profit for the year = (1,00,000)
Add: Provision for tax = 76,000 ½
Net profit before tax = (24,000)

Dr. Machinery A/c Cr.
Particulars ` Particulars `
To Balance b/d 25,00,000 By Acc. depreciation 3,20,000
To Gain on sale 1,60,000 By Bank 6,40,000
To Bank A/c ( Bal. Fig.) 16,00,000 By balance c/d 33,00,000
½
42,60,000 42,60,000

Working Notes
Accumlated Depreciation A/c
Machinery A/c 3,20,000 By balance b/d 5,00,000
Balance c/d 6,00,000 Statement of P & L 4,20,000 ½
(Bal. figure)
9,20,000 9,20,000 =
(6)

PART B
OPTION -‐ II
(Computerized Accounting )
18 -‐-‐-‐ -‐-‐-‐ Q. What is................................attributes.
Ans. In DBMS data is organised in tables .A table has a number of rows and columns. Each
row contains a record of information. The information which is in the form of a sequence of 1 Mark
columns is known as attribute.

19 -‐-‐-‐ 18 Q. What is meant................................’Hardware’? 1
Ans: Computer related peripherals and their network is known as hardware. Mark
20 -‐-‐-‐ -‐-‐-‐ Q. Give four...................................................................... accounting system.

Ans : Following are the limitations of computerised accounting softwares:

1. Faster obsolescence of technology necessitates investment in shorter period of

time

2. Data may be lost or corrupted due to power interruptions.

3. Data are prone to hacking.
4
4. Un-‐programmed and un-‐specified reports cannot be granted.
Marks
21 22 21 Q. Explain any two......................................................................information system.
Ans: (Any Two)

• Cash and bank sub-‐ system

• Sales and accounts receivable sub-‐system

• Inventory sub-‐system

• Purchase and accounts payable sub-‐system
• Payroll accounting sub-‐system

17

• Fixed assets accounting sub-‐system

• Expense accounting sub-‐system

• Tax accounting sub-‐system

• Final accounts sub-‐system
• Costing sub-‐system 4
Marks
• Budget sub-‐system
(With suitable explanation)

OR
OR

Q. List the elements .......................................................... a given period.

Ans : Elements considered while calculating ‘deductions’ for current payroll period are:

1. PT professional tax applicable in state.

2. TDS-‐ Tax deduction at source which is a statutory deduction and deducted

towards monthly income tax liability.

3. Recovery of loan instalment if taken up by employee.

4. Any other deduction e.g ‘advance against salary or festival advance etc. 4
Marks
22 21 22 Q. State the steps ............................................. in Tally.

Ans: The following are the steps to construct BRS in tally:

1. Bring up the monthly summary of bank book.
2. Bring your cursor to the first month and press enter. This brings up the vouchers

for the month. Since this is a bank account, an additional button F5: reconcile will
be visible on the right Press F5.

3. The display now becomes an Edit screen in Reconciliation mode. The primary
components are: A column for the ‘Bankers Date’
4
4. Amounts not reflected in banks Marks
5. Balance as per bank
OR OR
Q. Explain composite.................................................................. attributes.
Ans :
1. Composite Vs simple (or atomic) attributes: The composite attributes can be

divided into smaller sub-‐parts to represent some more basic attributes with
independent meanings. The simple attributes cannot be further sub-‐divided.

For example, Name of a person that is normally sub-‐divided into first name,
middle name and last name is a composite attributes. Height of a person is a

simple attribute as it devoid of further sub-‐division.

2. Single-‐valued Vs Multi-‐valued attributes: An attribute with a single value for

an entity is single-‐valued as opposed to those which multiple values. For

18

example, height of a person is single-‐valued attribute while qualifications of
2x2=4
that person are a multi-‐valued attribute.
marks
23 23 23 Q. What is meant........................................................................ three benefits.

Ans :

A format change, such as background cell shading or font colour that is applied to a cell

when a specified condition for the data in the cell is true.

Conditional formatting is often applied to worksheets to find:

• Data that is above or below a certain value. Duplicate data values.

• Cells containing specific text. Data that is above or below average.

• Data that falls in the top ten or bottom ten values.

Benefits of using conditional formatting:
i) Helps in answering questions which are important for taking decisions.

ii) Guides with help of using visuals.
iii) Helps in understanding distribution and variation of critical data. 6
marks

19


Q. Set No. Marking Scheme 2018-19 Distrib
u-tion
-‐-‐ 67/2/ -‐-‐ Accountancy (055) of
2
67/2/2 marks
Ans :
Private placement of shares means issue and allotment of shares to a select group of 1
persons privately.
OR OR
Ans : Reserve Capital is a portion of a uncalled capital that is reserved by the company to 1
be called in the event of winding up of the company.



Kiya’s new share = 3/5 – 3/20 = 9/20
Leela’s new share = 2/5 – 1/20 = 7/20 ½
Kiran’s Share = 1/5 x 4/4 = 4/20 =
New ratio = 9 : 7 : 4 (1)


Navita’s share = 2/6 x 60,000 = 20,000 ½
=
(1)


OR OR
1
Ans : Life membership fee is capitalized, added to Capital fund i.e. shown on the
liabilities side of Balance Sheet.

20



OR

Ans. Effect of Nature of Business on Goodwill :-‐

earn more profits therefore , firm’s goodwill will be more.

-‐ 6 -‐ Q. A,B,C ….....................................................................firm's dissolution.

Ans : Books of A B C Ltd.
Journal
Particulars LF Dr. Amt Cr. Amt
(`) (`)

Provision for Bad Debts A/c Dr. 4500
(Being Provision for Bad debts 1
transferred to Realisation A/c)


Journal
(`) (`)





(Being 6% debentures issued at 20%
1 ½
discount)
=
OR for (ii) & (iii)
(3)


OR
21


Journal
(`) (`)

(i) Bank A/c Dr. 3,80,000
To Debentures Application & Allotment A/c 3,80,000
(Being debentures application money received) 1
Loss in issue of debentures A/c Dr. 40,000
(Being debenture issued at discount redeemable 2
at premium)
=
(3)



(Being debentures issued at discount
redeemable at premium)

-‐ 8 -‐ Q. The firm of P, Q and R......................................……………………..super profits.

Ans :
Average Profit = ` 4,00,000
Capital Employed = ` 6,00,000
Normal Profit 8% = ` 6,00,000 x 8/100 = 48,000 1

Super Profit = Average Profit – Normal Profit
` 4,00,000 – 48,000 = ` 3,52,000 1

Goodwill on the basis of Capitalisation of super profit = Super Profit x 100
Rate of Normal Profit
= 3,52,000 x 100 = ` 44,00,000 1
8 =
(3)
-‐ 9 -‐ Q. ‘WX Ltd.’ …………………………………..Companies Act, 2013
Ans.
Balance Sheet of WX Ltd.
as per Schedule III Part I Companies Act 2013
Particulars Note Current Year Previous Year
No. (`) (`)

EQUITY & LIABILITIES
1. Shareholders’ Funds 1
(a) Share Capital 1 14,35,000 -‐-‐-‐

22


Notes to Accounts :
NoteNo. Particulars Current Year (`)

1 Share Capital
Authorised Share Capital
2,00,000 Equity Shares of @ ` 10 each 20,00,000 ½
Issued Share Capital
1,50,000 Equity Shares @ ` 10 each 15,00,000 ½
Subscribed Capital
(a) Subscribed and Fully paid ½
1,40,000 Equity shares of ` 10 each 14,00,000
(b) Subscribed but not fully paid
5,000 Equity shares @ ` 10 each 50,000 ½
Less: Calls in arrear @ ` 3 per share (15,000) 35,000 =
14,35,000 (3)

-‐ 10 -‐ Q. From the following………………………………………… ` 25,00,000.

Ans.
(a)
Dr. Stock of Medicines A/c Cr.
Particulars Amount(`) Particulars Amount ( `)
Balance b/d 8,00,000 Income & Expenditure A/c 20,00,000
Purchases A/c 27,00,000 (Bal. figure)
By balance c/d 15,00,000 1

35,00,000 35,00,000

Dr. Creditors for medicines A/c Cr.
Particulars Amount (`) Particulars Amount `
Cash / Bank A/c 25,00,000 By balance b/d 6,00,000
Balance c/d 8,00,000 By purchases (Bal. figure) 27,00,000 1
33,00,000 33,00,000

Alternative Solution for (a) :
OR
Calculation of amount of medicines to be debited to ‘ Income & Expenditure A/c ‘
For the year 31/03/2018.


Amount paid to creditors during the year 25,00,000
Add : Closing balance of creditors 8,00,000
Less : Opening balance of creditors (6,00,000)
Purchases of Medicines 27,00,000
Add : Opening stock of Medicines 8,00,000
Less : Closing stock of medicines (15,00,000) 2

Amount of Medicines to be debited to Income 20,00,000
& Expenditure Account

23

b)
Balance Sheet of Charitable Hospital as at 31/03/2018
Liabilities Amount Assets Amount 1
(`) (`) =
(3)
Creditors for Medicines 8,00,000 Stock of Medicines 15,00,000

-‐ 11 -‐ Q. L,M and N........................................................ of the firm.

Ans. Books of L , M and N
Journal
(`) (` )

General Reserve A/c Dr. 1,17,000

To L's Capital A/c 23,400

To M's Capital A/c 35,100

To N's Capital A/c 58,500
1
(Being the General Reserve transferred to

partners’ Capital A/c )

L's Capital A/c Dr. 7,000

M's Capital A/c Dr. 10,500

N's Capital A/c Dr. 17,500

To Profit & Loss A/c 35,000
1
(Being debit balance of Profit & Loss A/c

transferred to partners’ Capital A/c )

M's Capital A/c Dr. 50,000
1
To N's Capital A/c 50,000

(Being adjustment for Goodwill )

Revaluation A/c Dr. 30,000
To L's Capital A/c 6,000 1
To M's Capital A/c 9,000
To N's Capital A/c 15,000 =
(Being gain on revaluation transferred to (4)
Partners’ Capital A/c )
M’s gain = 1/10 ; N’s Sacrifice = 1/10

-‐ 12 -‐ Q. Manika, Rekha and Mohit............................................ her executors.

Rekha's Capital Account
Dr. Cr.
Particular Amount Particular Amount
(`) (`)
To Rekha’s Executors’ A/c 6,95,250 By Balance b/d 4,50,000 ½
(B.F) (1/2 mark) By Manika Capital A/c 1,00,000 ½
By Mohit Capital A/c 20,000 ½
By Profit & Loss Suspense A/c 34,000 1
By Interest on Capital A/c 11,250 ½
By General Reserve A/c 80,000 ½

6,95,250 6,95,250 =
Working Notes :-‐ (4)

1. Calculation of Rekha’s share of Goodwill
Average Profit = 2,20,000 + 3,00,000 + 3,60,000 + 3,20,000 = ` 3,00,000
4
Rekha’s Share of Goodwill = ` 3,00,000 x 4/10 = ` 1,20,000
Gaining Ratio = 5 : 1
24


2. Calculation of Profit share of Rekha
Average Profit of last two years = ` 360000 + ` 320000 = ` 6,80,000 = ` 3,40,000
2 2
Rekha’s Share of Profit = ` 3,40,000 x 3 x 4 = = ` 34,000
12 10

Ans.
Journal
(`) (`)
Working:
2016-‐17 24,000(Dr.) 21,600(Dr.) 14,400(Dr.) 60,000(Cr.)
2017-‐18 24,000(Dr.) 21,600(Dr.) 14,400(Dr.) 60,000(Cr.)
2016-‐17 14,000(Cr.) 16,000(Cr.) -‐-‐-‐-‐-‐-‐-‐-‐-‐ 30,000(Dr.)
2017-‐18 14,000(Cr.) 16,000(Cr.) -‐-‐-‐-‐-‐-‐-‐-‐-‐ 30,000(Dr.)
2016-‐17 (3:2:1) 15,000(Cr.) 10,000(Cr.) 5,000(Cr.) 30,000(Dr.)
2017-‐18 (3:2:1) 15,000(Cr.) 9,000(Cr.) 6,000(Cr.) 30,000(Dr.) =

may be given.
OR
Q. On 31st March ....................................... clearly.
Ans.
Journal





1
drawings omitted, now rectified ]

Working:



Cancellation of profits 60,000(Dr.) 60,000(Dr.) 30,000(Dr.) 1,50,000 (Cr.)

Omission of IOD 6,600 (Dr.) 4,500 (Dr.) 2,500(Dr.) 13,600 (Cr.)

Omission of IOC : 76712 (Cr.) 50098 (Cr.) 36,790 (Cr.) 1,63,600 (Dr.)
2
Net Effect 10,112 (Cr.) 14,402(Dr.) 4,290(Cr..) 00

25


Capital on 31-‐3-‐2018 8,00,000 6,00,000 4,00,000
ADD : Drawings 2,40,000 1,00,000 1,00,000
LESS : Share of profit (60,000) (60,000) (30,000) 3
Capital on 1-‐4-‐2017 9,80,000 6,40,000 4,70,000

(C) Interest on Capital @ 10% 98,000 + 64,000 + 47,000 = ` 2,09,000 =
Profits available = ` 1,50,000 + 13,600 = ` 163,600 (6)
Therefore, Interest on Capital is given as ` 1,63,600 divided in the ratio of 98:64:47

Ans :

Dr. Income & Expenditure a/c of Gems Club for the year ended 31/03/2018 Cr.
(`) (`)




Telephone Charges 12,000 Interest on Investment 2400 1 mark
Printing & Stationery + Accrued Interest 1600 4,000 each
for
Opening Stock 12,000 Donations 17,000 subscri
ptions
+ Purchases 19,000 Rent Received 70,000 and
printin
-‐ Closing Stock (15,000) 16,000 +Receivable 2,000 72,000 g &
station
Surplus – Excess of Sale of old newspaper 600 ery
+
Income over expenditure 2,46,100 ½ x 8
2+4 =
3,98,600 3,98,600 (6)


Ans :

26


(`) (`)

Sundry Assets Sundry Liabilities 1
Stock 24,000 Trade Creditors 42,000 mark
Debtors 19,000 Employees Prov Fund 60,000 each
Furniture 40,000 Mrs. Ashish's Loan 9,000 1,11,000 for
Plant 2,10,000 Investment Fluctuation trans
Investment 32,000 3,25,000 Reserve 4,000 fer of
Sund
Ashish's Capital A/c 9,000 Ashish Capital A/c (Furniture) 38,000 ry
(Mrs. Ashish's Loan) Asset
Kanav's Capital A/c 12,000 Bank A/c – Assets s and
(Remuneration) Debtors – 18,500 trans
Bank A/c (EPF) 60,000 Plant -‐ 2,31,000 fer of
Partners’ Capital A/c(Gain) Stock -‐ 15,840 2,65,340 Sund
Ashish -‐ 12012 ry
Kanav -‐ 8008 20,020 Kanav's Capital A/c (Stock) 7,680 Liabli
ties
4,26,020 4,26,020 +
½ x 8
i.e.
prepared revaluation account using the information given in the question, full 2+4
credit should be given. = (6)

(`) (`) 1
mark
each
for
Debtors 19,000 Employees Prov Fund 60,000
trans
Furniture 40,000 Mrs. Ashish's Loan 9,000 1,11,000
fer of
Plant 2,10,000
Sund
Investment 32,000 3,25,000 Investment Fluctuation 4,000
ry

Asset
Ashish's Capital A/c 9,000 Ashish Capital A/c (Furniture) 38,000
(Mrs. Ashish's Loan) s and

Kanav's Capital A/c trans
12,000 Bank A/c – Assets
(Remuneration) fer of
Debtors – 18,500
Bank A/c -‐ Liabilities Sund
Plant -‐ 2,31,000
Creditors 42,000 ry
Stock -‐ 15,840 2,65,340
EPF 60,000 Liabli
1,02,000
ties
Kanav's Capital A/c (Stock) 7,680
+
Loss transferred to Partners’
½ x 8
Capital A/c:-‐
i.e.
Ashish – 13,188

Kanav -‐ 8,792 21,980
2+4

= (6)
4,48,000 4,48,000

27

Ans :
Journal
(`) (` )
Bank A/c Dr. 3,60,000
(Being application money received) ½


½



½

Bank A/c Dr. 23,24,000


1




½
(Being share first call due)

Bank A/c Dr. 13,16,000

1





½
(Being second and final call money due)

Bank A/c Dr. 13,84,000
Calls in advance A/c Dr. 40,000 1
To Equity Share 2nd & Final Call A/c 14,40,000

To Share forfeited A/c 14,000 1
(Being 2,000 shares forfeited)
Bank A/c Dr. 12,000

To Share Capital A/c 15,000 1
28

(Being balance in share forfeited account for =
1,500 shares transferred to Capital Reserve) (8)


OR

Journal
(`) (` )

Bank A/c Dr. 5,70,000

½

shares @ `3 per share )



1




refunded)


½


Bank A/c Dr. 2,43,500




Or
1
Bank A/c Dr. 2,43,500



(Being call money due) ½

Bank A/c Dr. 2,85,000
Or
29

Bank A/c Dr. 2,85,000

(Being share forfeited) 1
or

To Share Forfeited A/c
5,500
To Share Allotment A/c
6,500
To Share First Call A/c
6,000

Bank A/c Dr. 1,90,000
Calls in Arrear A/c Dr. 6,000
Or
Bank A/c Dr. 1,90,000

(Being shares forfeited) 1
Or
To Equity Share First call A/c 9,000

Bank A/c 32,000

Share forfeited A/c Dr. 9,750 ½
(Being balance in share forfeited account
½
=

(8)

30

Ans.
(`) (`)

To Provision for Bad Debts-‐ (computer sold)
[Bad debts 1,000 By Partners’Capital A/c
4,000 (Loss)
Provision for bad debts 3,000] Mohan 3,000
Vinay 2,000 2
Nitya 1,000 6,000

10,000 10,000



To Mohan's 48,000 42,000 By Bal c/d 1,20,000 100,000 90,000 1 mark
Capital A/c By Contingency for
To revaluation 3,000 2,000 1,000 Reserve 15,000 10,000 5,000 each
A/c (loss) By Vinay's Capital 48,000 capital
To Mohan's By, Nitiya's Capital 42,000 A/c+
Loan A/c 2,22,000 1 mark
To Bal c/d 60,000 52,000 for
capital
adjust
2,25,000 1,10,000 95,000 2,25,000 1,10,000 95,000 ment
By Balance B/d 60,000 52,000

To Bank A/c 6,000 16,000
4
To Balance c/d 54,000 36,000
60,000 52,000 60,000 52,000

31

Note: in case the candidate has not extended the Capital A/c but has done the capital
adjustment correctly, full credit is to be given.

Balance Sheet as at 31st March, 2018 1 mark
for

correc
Liabilities Amount Assets Amount t
(`) (`) assets
side +1
Creditors 48,000 Cash at Bank (31,000 +4,000 mark
Employees Provident Fund 1,70,000 – 6000 – 16,000) 13,000 for
Mohan's Loan A/c 2,22,000 Bills Receivable 54,000 correc
t
Vinay's Capital A/c 54,000 Book Debts 63,000 Liabilit
Nitya'S Capita A/c 36,000 Less : Bad Debts 3,000 ies
Less: Provision for 3,000 57,000 Side
Bad Debts
Plant & Machinery 1,14,000 2
Land & Building 2,92,000 =
(8)
5,30,000 5,30,000

OR OR

(`) (`)
To claim for workmen 40,000 to Partners’ Capital A/c 2
Compensation Leena 33,600
Rohit 22,400 56,000

56,000 56,000

1 mark
To Revaluation By Balance b/d 1,60,000 1,40,000 for
each
To Balance c/d 1,93,400 1,75,600 By Premium for capital
Goodwill 40,000 40,000 A/c
2,27,000 1,98,000 2,27,000 1,98,000

By Balance b/d 1,93,400 1,75,600

3
To Balance c/d 1,93,400 1,75,600 92,250
1,93,400 1,75,600 92,250 1,93,400 1,75,600 92,250

1 ½
Balance Sheet as at 31st March, 2018 mark
for
correc
t
(`) (`) assets
side +1
½
mark
for
correc
32

t
Creditors 80,000 Cash
Liabilit
Bills Payable 38,000 (42,000 +80,000 + 92,250) 2,14,250 ies
Claim for workmen Debtors 1,32,000 Side
compensation 40,000 Less : Provision for
Partners’ Capital A/cs. : Doubtful Debts 7,000 1,25,000
Leena 1,93,400 Plant & Machinery 1,50,000 3
Rohit 1,75,600 Stock 1,30,000
Manoj 92,250 4,61,250
= (8)

6,19,250 6,19,250

Working :
PART B
OPTION -‐ I
-‐ 18 -‐ Q. While preparing………………………………. Non-‐financial enterprise? 1

Ans : Investing Activity.

-‐ 19 -‐ Q. What is meant by ‘Cash & Cash Equivalents’?

Ans : Cash comprises of cash on hand and demand deposits with bank and cash
equivalents are short term highly liquid investments (up to three months) that are readily 1
convertible into known amount of cash and which are subject to an insignificant risk of
change in value.


Ans.

Interest Coverage Ratio = Net Profits before Interest & Tax
(Rs.)
Net Profits after Interest and Tax -‐-‐ 1,20,000 2
Add : Tax @ 40% -‐-‐ 80,000
Interest on debt -‐-‐ 27,000 (15,000 + 12,000)
Profits before Interest & Tax = 2,27,000
33


27,000
Ans.
Current Assets = Rs.3,00,000 + Rs.20,000 = Rs. 3,20,000 2
Current Liabilities = Rs.1,40,000 +Rs.20,000 = Rs.1,60,000 =
(4)

Current Ratio = Current Assets = 3,20,000 = 2:1
Current Liabilities 1,60,000

OR
EFFECT REASON


Ans.
on debentures
Calls in advance
arrears

OR



the future.


1x4
=
method of depreciation etc. (4)
34

(vi) It may lead to window dressing i.e. showing a better financial position than what
actually is by manipulating the books of accounts.
(vii) It may be misleading without the knowledge of the changes in accounting

22 Q. Prepare a Comparative……………………………………………. 31st March, 2018
Ans.
Comparative Statement of Profit & Loss for the year ended 31st March, 2018
Particulars 31.03.2017 31.03.2018 Absolute % Absolute
(`) (`) Charge Charge
(`)
1
Revenue from operation 12,00,000 17,60,000 5,60,000 46.67

Less :
Cost of Materials 4,00,000 4,40,000 40,000 10.00 1
Consumed
Other Expenses 80,000 1,32,000 52,000 65.00

1
Total Expenses 4,80,000 5,72,000 92,000 19.17

Profit before tax 7,20,000 11,88,000 4,68,000 65.00 1
Less 50% tax 3,60,000 5,94,000 2,34,000 65.00

Profit after tax 3,60,000 5,94,000 2,34,000 65.00
=
(4)

Ans.
DCX Ltd.
Cash flow Statement for the year ending 31st March, 2018


Net Cash used in Operating Activities (1,06,000) 1½

Purchase of Intangible Assets (1,00,000)
Sale of Machinery 6,40,000 (10,60,000) 1
Net Cash used in investing activities

35


C. Cash flows from financing Activities
Issue of shares 9,00,000 1
Issue of Debentures 3,00,000
Interest paid on debentures (64,000) 11,36,000
Cash Inflows from Financing Activities

Cash & cash equivalents 78,000 1,56,000 1

Cash & cash equivalents 37,000
1,26,000

Working Notes:

Net Profit for the year = (1,00,000)
Add: Provision for tax = 76,000 ½

To Gain on sale 1,60,000 By Bank 6,40,000 ½

42,60,000 42,60,000

Accumulated Depreciation A/c
(Bal. figure)
9,20,000 9,20,000
=6
mark
s

PART B
OPTION -‐ II
-‐ 18 -‐ Q. What is................................processing mode?

Ans. The activity sequence of the basic information mode is collect data, organise and 1
process it and then communicate the information extracted. Mark

-‐ 19 -‐ Q. What is meant................................’Data Validation’? 1
Mark
Ans: Data Validation is the process of ensuring that a program operates on clean, correct
and useful data. It uses validation rules and constraints to check for the correctness,
meaningfulness and security of data that are input to the system.

36

-‐ 20 -‐-‐-‐ Q. Give four...................................................................... accounting system.

Ans : Advantages of Computerised Accounting System:

1. 1. Timely generation of reports and information in desired format

2. 2. Efficient record keeping.
4
Mark
3. Ensures effective control over the system. s
4. Economy in the processing of accounting data.



2. Bring your cursor to the first month and press enter. This brings up the vouchers for the

month. Since this is a bank account, an additional button F5: reconcile will be visible on the
right Press F5.

4
4. Amounts not reflected in banks Mark
5. Balance as per bank s
OR
Q. Explain composite.................................................................. attributes. OR
Ans :
1. Composite Vs simple (or atomic) attributes: The composite attributes can be divided

into smaller sub-‐parts to represent some more basic attributes with independent
meanings. The simple attributes cannot be further sub-‐divided. For example, Name of a

person that is normally sub-‐divided into first name, middle name and last name is a
composite attributes. Height of a person is a simple attribute as it devoid of further sub-‐

division.

2. Single-‐valued Vs Multi-‐valued attributes: An attribute with a single value for an entity 2x2=
4
is single-‐valued as opposed to those which multiple values. For example, height of a person
mark
is single-‐valued attribute while qualifications of that person are a multi-‐valued attribute. s


Ans: (Any Two)



37





• Costing sub-‐system 4
Mark
• Budget sub-‐system s
( With suitable explanation )

OR
OR


(i) PT professional tax applicable in state.

(ii) TDS-‐ Tax deduction at source which is a statutory deduction and deducted towards

monthly income tax liability. 4
Mark
(iii) Recovery of loan instalment if taken up by employee.
s
(iv) Any other deduction e.g ‘advance against salary or festival advance etc.
Ans :








iii) Helps in understanding distribution and variation of critical data. 6
mark
s

38


Q. Set No. Marking Scheme 2018-‐19 Distribution
of marks
67/ 67/ 67/ Accountancy (055)
2/1 2/2 2/3
Delhi – 67/2/3


OR OR
Ans : Life membership fee is capitalized, added to Capital fund i.e. shown on the 1
liabilities side of Balance Sheet.


½
Navita’s share = 2/6 x 60,000 = 20,000 =
(1)




Kiya’s new share = 3/5 – 3/20 = 9/20
Leela’s new share = 2/5 – 1/20 = 7/20
Kiran’s Share = 1/5 x 4/4 = 4/20
New ratio = 9 : 7 : 4 ½
=
(1)
Ans :
1
Private placement of shares means issue and allotment of shares to a select group of
persons privately.
OR OR
1
Ans : Reserve Capital is a portion of a uncalled capital that is reserved by the company to be
called in the event of winding up of the company.


39


OR

Effect of Nature of Business on Goodwill :-‐

earn more profits therefore, firm’s goodwill will be more.

-‐ -‐ 6 Q. B,C and D ….....................................................................firm’s dissolution.

Ans :
Books of B, C and D
Journal

Date Particulars L F Dr. Amount Cr. Amount
(`) (`)
Realisation A/c Dr. 10,000
To C's Capital A/c 10,000 1
(Being C taking over brother’s loan)

-‐ -‐ 7 Q. A, B, C…………………………………………….. goodwill in cash.

Ans :
(a) Calculation of New Profit Sharing ratio :
New share = Old share – sacrifice share
Sacrifice of C and D = ½ x 1/3 = 1/6
A's New Share = ¼
B's New Share = ¼
C's New Share = 1 – 1 = 3 – 2 = 1
4 6 12 12
D's New Share = 1 – 1 = 3 – 2 = 1 1 ½
4 6 12 12

New ratio of A, B, C, D & E = 1 : 1 : 1 : 1 : 1 = 3 : 3 : 1 : 1 : 4
4 4 12 12 3
(b) Books of A, B, C , D and E
Journal

Date Particulars L F Dr. Amount Cr. Amount
(`) (`)
E's Current /Capital A/c Dr 1,00,000
To C's Capital A/c 50,000 1 ½
To D's Capital A/c 50,000 =
(Being goodwill adjustment on E’s (3)
admission)

-‐ -‐ 8 Q. ‘ JN Ltd.’……………………………………….. Companies Act, 2013.
Ans.

Balance Sheet of ‘JN Ltd.’ as at 31st March, 2018
40

Particulars Note No. Amount ` Amount `
Current year Previous year

EQUITY and LIABILITIES
1. Shareholders’ FundS
(a) Share Capital 1 99,96,000 1

Notes to Accounts :

Note Particulars (`)
No.
1 Share Capital
Authorised Capital
2,00,000 Equity Shares of Rs 1o0 each 20,00,0000
½
Issued Capital 10,00,0000
1,00,000 Equity Shares of Rs 100 each ½

Subscribed Capital
(a) Subscribed and Fully paid
99,800 Equity shares of ` 100 each 99,80,000 ½

(b) Subscribed but not fully paid
200 Equity shares of ` 100 each 20,000
Less : Calls in arrears (4,000) 16,000 ½
=
99,96,000 (3)


Journal
(`) (`)


41

(Being 6% debentures issued at 20% 1 ½
discount) =
OR for (ii) & (iii) (3)

OR

OR



Journal

(`) (`)
(i) Bank A/c Dr. 3,80,000
To Debentures Application & Allotment A/c 3,80,000 1
(Being debentures application money received)



Loss in issue of debentures A/c Dr. 40,000

2

(Being debenture issued at discount redeemable

at premium)

(Being debentures issued at discount =
redeemable at premium) (3)

-‐ -‐ 10 Q. Calculate the ………………………………………………………….. in cash.
(a)
Dr. Stock of Stationery A/c Cr.
Particulars Amount(`) Particulars Amount (`)
Balance b/d 25,000 Income & Expenditure A/c 26,000
Purchases -‐ cash 6,000 (Bal. figure)
Credit 35,000 By balance c/d 40,000 1

66,000 66,000

42

Dr. Creditors for Stationery A/c Cr.
Particulars Am ount Particulars Am ount `
(`)
Cash / Bank A/c 46,000 By balance b/d 30,000
Balance c/d 19,000 By purchases (Bal. figure) 35,000 1
65,000 65,000

Alternative Solution for (a) :

Calculation of amount of Stationery to be debited to ‘ Income & Expenditure A/c ‘ OR
For the year 31/03/2018.


Amount paid to creditors during the year 46,000
Add : Closing balance of creditors 19,000
Less : Opening balance of creditors (30,000)
Credit Purchases of Stationery 35,000
Add: Cash Purchases of Stationery 6,000
Add : Opening stock of Stationery 25,000
Less : Closing stock of Stationery (40,000) 2

Amount of Stationery to be debited to Income 26,000
& Expenditure Account

(b)
Balance Sheet of Charitable Hospital as at 31/03/2018
(`) (`)

Creditors for Stationery 19,000 Stock of Stationery 40,000 1

=
(3)

-‐ -‐ 11 Q. Satish and Taruna ..................................................... of the firm.
Ans.

Books of Satish and Taruna
Journal
(`) (` )
Workmen compensation Fund A/c Dr. 35,000
To claim for workmen compensation a/c 40,000
(Being claim for workmen compensation 1
accepted)

General Reserve A/c Dr 40,000

To Satish’s Capital A/c 24,000
1
To Taruna’s Capital A/c 16,000

(Being General Reserve transferred to Partners’

43

Capital Accounts in old ratio)
Taruna’s Capital A/c Dr 5,000
To Satish Capital A/c 5 000 1
(Being goodwill adjusted )
Satish’ s Capital A/c………………………….Dr. 3,000
Taruna’s Capital A/c………………………..Dr. 2,000
To Revaluation A/c 5,000 1
(Being Loss on Revaluation borne by partners) =
(4)

-‐ -‐ 12 Q. Garima, Harish and Reena ....................................................... finally closed.
Ans.
Dr. Harish’s Executor Account Cr.
Date Particular Am t. Date Particulars Am t.
` `
2015 To Cash/Bank A/c 22,500 2015 By Harish’s Capital A/c 90,000 1
March 31 March 31
March 31 To Balance c/d 67,500

90,000 90,000
2016 To Cash/Bank 34,650 2015 By Balance b/d 67,500
March 31 April 1
1
March 31 To Balance c/d 45,000 31-‐3-‐16 By Interest A/c 12,150

79,650 79,650
2017 To Cash/Bank A/c 30,600 2016 By Balance b/d 45,000
March 31 April 1
1
March 31 To Balance c/d 22,500 31-‐3-‐17 By Interest A/c 8,100
53,100 53,100
2017 To Cash/Bank A/c 26, 550 2017 By Balance b/d 22,500
March 31 April 1 1

March 31 31-‐3-‐18 By Interest A/c 4,050 =
26,550 26,550 (4)

Ans :

44

(`) (`)

Stock 24,000 Trade Creditors 42,000 1 mark
Debtors 19,000 Employees Prov Fund 60,000 each for
Furniture 40,000 Mrs. Ashish's Loan 9,000 1,11,000 transfer
Plant 2,10,000 of
Investment 32,000 3,25,000 Investment Fluctuation 4,000 Sundry
Reserve Assets
Ashish's Capital A/c (Mrs. 9,000 and
Ashish's Loan) Ashish Capital A/c (Furniture) 38,000 transfer
of
Kanav's Capital A/c 12,000 Bank A/c – Assets Sundry
(Remuneration) Debtors – 18,500 Liabilitie
Plant -‐ 2,31,000 s
Bank A/c (EPF) 60,000 Stock -‐ 15,840 2,65,340 +
½ x 8 i.e.
Partners’ Capital A/c(Gain) Kanav's Capital A/c (Stock) 7,680
Ashish -‐ 12012 20,020 2+4
Kanav -‐ 8008
= (6)
4,26,020 4,26,020


prepared revaluation account using the information given in the question, full

credit should be given.



(`) nt
(`)
Debtors 19,000 Employees Prov Fund 60,000
Furniture 40,000 Mrs. Ashish's Loan 9,000 1,11,000 1 mark
Plant 2,10,000 each for
Investment 32,000 3,25,000 Investment Fluctuation Fund 4,000 transfer
of
Ashish's Capital A/c 9,000 Ashish Capital A/c (Furniture) 38,000 Sundry
(Mrs. Ashish's Loan) Assets
Kanav's Capital A/c 12,000 Bank A/c – Assets and
(Remuneration) Debtors – 18,500 transfer
Bank A/c -‐ Liabilities Plant -‐ 2,31,000 of
Creditors 42,000 Stock -‐ 15,840 2,65,340 Sundry
EPF 60,000 1,02,000 Liabilitie
Kanav's Capital A/c (Stock) 7,680 s
Loss transferred to Partners’ +
Capital A/c:-‐ ½ x 8 i.e.
Ashish – 13,188
Kanav -‐ 8,792 21,980 2+4
= (6)

45

4,48,000 4,48,000


Ans.
Journal
(`) (`)
Working:
2016-‐17 24,000(Dr.) 21,600(Dr.) 14,400(Dr.) 60,000(Cr.)
2017-‐18 24,000(Dr.) 21,600(Dr.) 14,400(Dr.) 60,000(Cr.)
2016-‐17 14,000(Cr.) 16,000(Cr.) -‐-‐-‐-‐-‐-‐-‐-‐-‐ 30,000(Dr.)
2017-‐18 14,000(Cr.) 16,000(Cr.) -‐-‐-‐-‐-‐-‐-‐-‐-‐ 30,000(Dr.)
2016-‐17 (3:2:1) 15,000(Cr.) 10,000(Cr.) 5,000(Cr.) 30,000(Dr.)
2017-‐18 (3:2:1) 15,000(Cr.) 9,000(Cr.) 6,000(Cr.) 30,000(Dr.) =

may be given.
OR
st
Q. On 31 March ,....................................... clearly.
Ans.
Journal





1
drawings omitted, now rectified ]

Working:



Cancellation of profits 60,000(Dr.) 60,000(Dr.) 30,000(Dr.) 1,50,000 (Dr.)

Omission of IOD 6,600 (Dr.) 4,500 (Dr.) 2,500(Dr.) 13,600 (Dr.)

Omission of IOC : 76,712 (Cr.) 50,098 (Cr.) 36,790 (Cr.) 1,63,600 (Dr.)
2
Net Effect 10,112 (Cr.) 14,402(Dr.) 4,290(Cr.) 00



Capital on 31-‐3-‐2018 8,00,000 6,00,000 4,00,000

ADD : Drawings 2,40,000 1,00,000 1,00,000
3
LESS : Share of profit (60,000) (60,000) (30,000)
46

Capital on 1-‐4-‐2017 9,80,000 6,40,000 4,70,000

(C) Interest on Capital @ 10%= 98,000+64,000+47,000 = ` 2,09,000
Profits available = ` 1,50,000 + 13,600 = ` 163,600
Therefore, Interest on Capital is given as ` 1,63,600 divided in the ratio of 98:64:47 =
(6)

Ans :

Dr. Income & Expenditure A/c of Gems Club for the year ended 31/03/2018 Cr.
(`) t

(`)



1 mark
Telephone Charges 12,000 Interest on Investment 2,400 each for
subscriptio
Printing & Stationery + Accrued Interest 1,600 4,000
ns
Opening Stock 12,000 Donations 17,000 and
printing &
+ Purchases 19,000 Rent Received 70,000 stationery
+
-‐ Closing Stock (15,000) 16,000 +Receivable 2,000 72,000 ½ x 8
2+4 = (6)
Surplus – Excess of Sale of old newspaper 600

Income over expenditure 2,46,100

3,98,600 3,98,600


Ans.
(`) t
(`)


To Provision for Bad Debts (computer sold)
2
[Bad debts 1,000 By Partners’Capital A/c

4,000 (Loss)

Provision for bad debts 3,000] Mohan 3,000

Vinay 2,000

Nitya 1,000 6,000

10,000 10,000

47


1
Dr. Partners’ Capital A/c Cr. m ark for
each
capital
To Mohan's 48,000 42,000 By Bal c/d 1,20,000 100,000 90,000 A/c+1
Capital A/c By Contingency mark for
To revaluation 3,000 2,000 1,000 Reserve 15,000 10,000 5,000 capital
A/c (loss) By Vinay's Capital 48,000 adjustmen
To Mohan's By, Nitiya's Capital 42,000 t
Loan A/c 2,22,000
To Bal c/d 60,000 52,000

2,25,000 1,10,000 95,000 2,25,000 1,10,000 95,000

By Balance B/d 60,000 52,000
4
To Bank A/c 6,000 16,000
To Balance c/d 54,000 36,000

60,000 52,000 60,000 52,000


(`) (`)
Creditors 48,000 Cash at Bank (31,000 +4,000
1 mark for
Employees Provident Fund 1,70,000 – 6000 – 16,000) 13,000 correct
Mohan's Loan A/c 2,22,000 Bills Receivable 54,000 Asset side
Vinay's Capital A/c 54,000 Book Debts 63,000 +
Nitya'S Capita A/c 36,000 Less : Bad Debts 3,000 1 mark for
correct
Less: Provision for 3,000 57,000
Liabilities
Bad Debts side
Plant & Machinery 1,14,000
Land & Building 2,92,000
5,30,000 5,30,000 2

OR
Q. Leena and Rohit……………………………………………….the Reconstituted firm. =
Dr. Revaluation A/c Cr. (8)


(`) t

(`)

To claim for workmen 40,000 to Partners’ Capital A/c
Compensation Leena 33,600 2
Rohit 22,400 56,000

56,000 56,000

48


To Revaluation By Balance b/d 1,60,000 1,40,000

To Balance c/d 1,93,400 1,75,600 By Premium for
Goodwill 40,000 40,000 1 mark for
each
2,27,000 1,98,000 2,27,000 1,98,000 capital A/c
By Balance b/d 1,93,400 1,75,600


To Balance c/d 1,93,400 1,75,600 92,250
3
1,93,400 1,75,600 92,250 1,93,400 1,75,600 92,250


Am ount Assets Am ount
Liabilities
(`) (`)

Creditors 80,000 Cash
Bills Payable 38,000 (42,000 +80,000 + 92,250) 2,14,250 1 ½ mark
Claim for workmen Debtors 1,32,000 for correct
compensation 40,000 Less : Provision for Asset
Side+1 ½
Partners’ Capital A/cs. : Doubtful Debts 7,000 1,25,000 mark for
Leena 1,93,400 Plant & Machinery 1,50,000 correct
Rohit 1,75,600 Stock 1,30,000 Liabilities
Manoj 92,250 4,61,250 side

3

6,19,250 6,19,250

= (8)

Working :
Ans :
Journal
(`) (` )
Bank A/c Dr. 3,60,000
To Equity Share Application A/c 3,60,000 ½
(Being application money received)

49


To Security Premium Reserve A/c 18,00,000 ½

Bank A/c Dr. 23,24,000
To Equity Share Allotment A/c 23,40,000 1

To Equity Share Capital A/c
(Being share first call due) 9,00,000

Bank A/c Dr. 13,16,000
To Calls in arrear A/c 91,000 1

(Being second and final call money due)

Bank A/c Dr. 13,84,000
Calls in advance A/c Dr. 40,000
To Equity Share 2nd & Final Call A/c 14,40,000 1

To Calls in arrear A/c 16,000 1
(Being 2,000 shares forfeited)

Bank A/c Dr. 12,000
1

To Share Capital A/c 15,000

(Being balance in share forfeited account for =
1,500 shares transferred to Capital Reserve) (8)


50

OR
Journal
(`) (` )
Bank A/c Dr. 5,70,000
shares @ `3 per share )




1



refunded)


½


Bank A/c Dr. 2,43,500



1
Or

Bank A/c Dr. 2,43,500




½
(Being call money due)

Bank A/c Dr. 2,85,000



½
Or

Bank A/c Dr. 2,85,000



(Being share forfeited) 1
or

51

To Share Forfeited A/c
To Share Allotment A/c 5,500
To Share First Call A/c 6,500
6,000


Bank A/c Dr. 1,90,000
Calls in Arrear A/c Dr. 6,000 ½
Or
Bank A/c Dr. 1,90,000

Or
To Equity Share First call A/c 9,000 1

Bank A/c 32,000

(Being balance in share forfeited account ½

½
=

(8)

PART B
OPTION -‐ I

-‐ -‐ 18 Q. What is meant by ‘Inflow of Cash’?

Ans : Receipt of cash from a non-‐cash item is termed as Cash Inflow. 1

52

-‐ -‐ 19 Q. Are ' Assets......................................................... your answer.

Ans : 'Assets acquired by issue of shares’ are not disclosed in cash flow statement as they 1
do not result in flow of cash & cash equivalent.

Ans.
on debentures
Calls in advance
arrears

OR



the future.




method of depreciation etc.
(vi) It may lead to window dressing i.e. showing a better financial position than what 1x4
actually is by manipulating the books of accounts. =
(vii) It may be misleading without the knowledge of the changes in accounting (4)


Ans. Interest Coverage Ratio = Net Profits before Interest & Tax
(Rs.)
Net Profits after Interest and Tax -‐-‐ 1,20,000
Add : Tax @ 40% -‐-‐ 80,000
Interest on debt -‐-‐ 27,000 (15,000 + 12,000)
Profits before Interest & Tax = 2,27,000
2
53

27,000
Ans.

Current Assets = Rs.3,00,000 + Rs.20,000 = Rs. 3,20,000

Current Liabilities = Rs.1,40,000 +Rs.20,000 = Rs.1,60,000 2
=
(4)
Current Ratio = Current Assets = 3,20,000 = 2:1
Current Liabilities 1,60,000

OR
OR
EFFECT REASON

-‐ -‐ 22 Q. Prepare a Comparative Statement……………………… 31st March, 2018

Ans.

Comparative Statement of Profit & Loss for the year ended 31st March, 2018

Particulars 31.03.2017 31.03.2018 Absolute % age
` ` Change Change
`

Revenue from 4,00,000 6,00,000 2,00,000 50
1
operation

Less : Expenses
Cost of Material 2,00,000 3,00,000 1,00,000 50 1
Consumed
Other Expenses 50,000 45,000 (5,000) (10)
1
Total Expenses 2,50,000 3,45,000 95,000 38

Profit before tax 1,50,000 2,55,000 1,05,000 70
Less : tax @ 40% 60,000 1,02,000 42,000 70 1

Profit after tax 90,000 1,53,000 63,000 70

=
(4)
Ans. DCX Ltd.
Cash flow Statement for the year ending 31st March, 2018



54

Less: Tax Paid (56,000) 1½
Net Cash used in Operating Activities (1,06,000)

B. Cash flows from Investing Activities : (16,00,000)
Purchase of Intangible Assets 6,40,000
Sale of Machinery 1
Net Cash used in investing activities (10,60,000)

C. Cash flows from financing Activities 9,00,000
Issue of Debentures (64,000)
Interest paid on debentures 1
Cash Inflows from Financing Activities 11,36,000

Add: Opening Balance of Cash and Cash equivalents 78,000
Cash & cash equivalents 1,56,000 1
Closing Balance of Cash and Cash equivalents 89,000

Cash & cash equivalents 1,26,000

Working Notes:
Net Profit for the year = (1,00,000) ½
Add: Provosion for tax = 76,000

To Gain on sale 1,60,000 By Bank 6,40,000 ½

42,60,000 42,60,000

Accumlated Depreciation A/c
(Bal. figure)
9,20,000 9,20,000 =
(6)

55


PART B
OPTION -‐ II
19 -‐-‐-‐ 18 Q. What is meant................................’Hardware’? 1 Mark

Ans: Computer related peripherals and their network is known as hardware.

-‐ -‐ 19 Q. What is……………’Database Design’?

Ans : It means description of the structure of different parts of the overall database 1

-‐ -‐ 20 Q. Explain any……………Management System.

Ans. Advantages of ‘Database management ‘(Any four):

(i) Ready availability from one central source.

4 marks
(ii) Minimum data redundancy.
(iii) Reduced programming effort.


Ans: (Any Two)





4 Marks
• Costing sub-‐system

• Budget sub-‐system

With suitable explanation OR

OR


(i) PT professional tax applicable in state.
(ii) TDS-‐ Tax deduction at source which is a statutory deduction and deducted towards

56

monthly income tax liability.
4 Marks
(iii) Recovery of loan instalment if taken up by employee.
(iv) Any other deduction e.g ‘advance against salary or festival advance etc.


2. Bring your cursor to the first month and press enter. This brings up the vouchers for the

month. Since this is a bank account, an additional button F5: reconcile will be visible on the
right Press F5.

4 Marks
4. Amounts not reflected in banks
5. Balance as per bank OR
OR
Q. Explain composite.................................................................. attributes.

Ans :
1. Composite Vs simple (or atomic) attributes: The composite attributes can be divided

into smaller sub-‐parts to represent some more basic attributes with independent meanings.
The simple attributes cannot be further sub-‐divided. For example, Name of a person that is

normally sub-‐divided into first name, middle name and last name is a composite attributes.
Height of a person is a simple attribute as it devoid of further sub-‐division.

2. Single-‐valued Vs Multi-‐valued attributes: An attribute with a single value for an entity is
2+2
single-‐valued as opposed to those which multiple values. For example, height of a person is =4 marks
single-‐valued attribute while qualifications of that person are a multi-‐valued attribute.

Ans :








iii) Helps in understanding distribution and variation of critical data. 6 marks

57

-‐Strictly Confidential : (For Internal and Restricted Use Only)
March -‐2018 -‐ 19
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. Evaluation is a
10-‐12 days mission for all of us. Hence, it is desired from you to give your best in this process.

2. 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 innovative may be assessed and marks be awarded to them.

3. The Head-‐Examiner has to go through the first five answer scripts evaluated by each evaluator to ensure that evaluation has been carried out
as per the instructions given in the Marking Scheme. The remaining answer scripts meant for evaluation shall be given only after ensuring that
there is no significant variation in the marking of individual evaluators.

4. 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 totalled up and written in the left hand margin and encircled.




narrations.







15. Any unassessed portion, non-‐carrying over of marks to the title page or totalling 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

evaluation.
17. Every Examiner shall also ensure that all the answers are evaluated, marks carried over to the title page, correctly totalled and written in
figures and words.
18. As per orders of the Hon’ble Supreme Court, the candidates would now be permitted to obtain photocopy of the Answer Book on request on
payment of the prescribed fee. All 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 give in the Marking Scheme.
1


Q. Set No. Marking Scheme 2018-19 Distribu

67/1/ 67/1/ 67/1/ Accountancy (055) -tion of
2/1 2/2 2/3 marks
67/3/1
1 -‐ -‐ Q. A, B and C were partners……………………………….Calculate the gaining ratio. 1
Ans. Gaining Ratio of A and C is 1:1 as they have taken over B’s Share equally.
2 6 3 Q. In the absence………………..new partner? 1

Ans. In the absence of Partnership deed, the old partners will sacrifice in their old ratio
i.e. equally.
OR OR
Q. Give any……………………………applied.
Ans Any 2 of the following:
1)Admission of a partner
2) Retirement of a partner ½ x 2
3) Death of a partner
4) Change in profit sharing ratio
3 5 5 Q. Why are…………..Payments account?

Ans. As receipts and payments account is prepared on cash basis of accounting 1
adjustment of outstanding and prepaid expenses are not recorded in receipts and
payments accounts.
Or
Q. Distinguish between………………….. ‘Depreciation’.
Ans. Receipts and payment account doesn’t include depreciation as depreciation is a
non-‐cash expense. Whereas income and expenditure account includes depreciation as
an expenditure.
4 3 1 Q. In the absence…………………..other partners? 1

Ans. In their old profit sharing ratio.
5 2 4 Q. Varun and Arun………… and why? 1

Ans. Varun’s wife’s loan will be paid first as it’s an outside liability (third party liability).

6 4 2 Q. Differentiate………...............’ Reserve Capital. 1
Ans. Capital reserve refers to that reserve which is created out of capital gain such as
gain on sale of fixed assets, premium on issue of shares/ debentures etc. Whereas
Reserve capital refers refers to that part of the uncalled capital to be called only in the
event of winding up of the company.
Or

Q, What is …………………….. Preference shares?
Ans. Preference shares are those shares which carry preferential rights in respect of
payment of dividend and also in respect of re payment of capital before the equity
2

share holders.
7 -‐ -‐ Q. A and B are partners………………………………………………………. On his admission.

Ans. Value of Goodwill of the firm:
Average Profit-‐ (1,67,000 + 1,56,000 + 1,92,000 – 10, 000)/ 4 = 1,26,250 1
Value of Goodwill= 1,26,250 X 80/ 100= 1,01,000 1
C’s share of goodwill(cash brought by C as premium for goodwill) = 101000 X 1/5 = 1
20,200
=3
marks
8 -‐ -‐ Q. Vinod Limited………………….on 31st March, 2018.
Ans. Books of the Vinod Ltd.
Journal
Date Particulars L Dr. Cr.
2018 F Amt. Amt.
(`) (` )

Bank account ……………………… Dr 4,50,000

31st To Debenture redemption 4,50,00 1
March investment A/c
(being investment realised)

31st 12% debenture a/c…………………….Dr. 30,00,000

March To 12% debenture holders A/c 30,00,000
½
(being debentures redeemed)
31st 12% debenture holders’ A/c….. Dr. 30,00,000
March To bank A/c 30,00,000 ½

(Being debenture holder’s paid off)

31st Debenture Redemption Reserve A/c 7,50,000
March ..Dr. 1
(Being Debenture Redemption
account transferred to general
reserve) =3

marks

9 10 7 Q. Nano ltd……………………………………….in the book of Nano ltd.

Ans. Books of the Nano Ltd.
Journal
(`) (` )
Sundry Assets a/c…………………………….. Dr. 3,00,000

Goodwill a/c……………………………………….Dr. 25,000
1 ½
To Sundry liabilities A/c 50,000
To Dow ltd.A/c 2,75,000
3

(Being assets and liabilities purchased at
higher purchase consideration)
Dow ltd……………………… Dr. 2,75,000

To 8% debenture a/c 2,50,000
1 ½
To Securities Premium reserve 25,000
(being purchase consideration paid by
issue of 8% debentures at premium.) =3
marks
OR

Q. On 1st April, 2014……………………………………. 31st March, 2016.
Ans
Dr. Discount on Issue of Debenture A/c
Cr.
(`) (`)
1.4.14 To 9% Debentures 28000 31.3. By statement of
15 profit and loss 8,000
………… ……………
28000 28000 1½

1.4.15 To balance b/d 20,000 31.3. By statement of
16 profit and loss 8000
By Balance c/d 12000
………… ………….
20,000 20,000

1.4.16 To balance b/d 12,000
Working Note: Calculation of ratio of debentures outstanding
Year Outstanding Debenture Ratio 1 ½
2014-‐15 400000 2
2015-‐16 400000 2
2016-‐17 400000 2 = 3
2017-‐18 200000 1 marks

10 -‐ -‐ Q. Calculate the amount ……………………………………… as at 31st March 2018.
Ans. Stationery A/c
Particulars Amt (`) Particulars Amt (`)
To Balance b/d 21,000 By Income
To Bank 75,000 &Expenditure A/c(B.F.) 78,000 1 ½

96,000 96,000
OR

Opening stock of stationery-‐ 21,000
Purchases made-‐ 75,000
4

96,000
Less: Closing stock 18000
Amount to be debited 78,000
to income and exp. A/c

Balance sheet as on 31st March 2018
Liabilities Amount Assets Amount`
` 1 ½
Creditors for stationery 23,000 Stock of Stationery 18,000 =3

marks

11 -‐ -‐ Q. Mita, Gopal and Farhan ………………………………… on its reconstitution.
31.3.18 Mita’s Capital A/c Dr. 15,000
Gopal’sCapital A/c Dr. 10,000
Farhan’s Capital A/c Dr. 5,000
To Deferred Advertisement Exp A/c 30,000 1 ½
(Being Deferred Revenue Expense adjusted
on change in profit ratio.)
Contingency reserve Dr. 9,000
To Mita’s Capital A/c 4,500
To Gopal’s Capital A/c 3,000
To Farhan’s Capital A/c 1,000
(being contingency reserve adjusted on 1 ½
change in profit ratio.)
Farhan’s Capital A/c…….. Dr.
To Gopal’s Capital A/c 16,000 16,000
(Being goodwill adjusted on change in profit 1
ratio.) =4
marks

12 -‐ -‐ Q . Shirish, Harit and Asha ......................……… to his executor.

Ans. Shirish’s capital account
Particular Am oun Particular Am ount
t (`)
(`) 1
To Shirish’s Executors a/c 2,18,750 By Bal b/d 1,00,000 1
(1/2) By profit and loss 40,000 ½
A/c 8,750
By profit and loss ½
suspense A/c 56,000 ½
By Harish’s Capit 14,000
A/c
By Asha’s Capital
…………….. A/c …………….
2,18,750 2,18,750 =4

marks

5

13 15 15 Q. Namanjyot Society.......................................... 31st March 2018.
Ans.
Income and Expenditure Account
For the year ended 31/3/2018.
Ans.
Dr. Cr.
Expenditure Amount ` Income Amount `
To office expenses 29,000 (1) By sale of old newspapers 900 (1)
To electrical charges By locker rent 7,000 (1)
15000 By Interest on investment
Add o/s 10000 25,000 (1) 1600
Add accrued 400 2,000 (1) 6
To postage / stationary 9,000 (1/2)
To depreciation on By entrance fees 50,000 (1/2)
furniture 4,000
By membership
subscriptions
_________
__________

Note: Figures in the brackets indicate marks allotted for the items.

14 14 13 Q. Adiraj and Karan ............................................. dissolution of the firm.
Ans. Books of the Adiraj and Karan
Journal
31/3/18 Bank A/C Dr. 66,000
(being furniture realised) 1
31/3/18 Adiraj’s loan A/c ................................Dr. 35,000
To Bank A/c 35,000
[ being partners loan settled] 1/2
31/3/18 Karan’s Capital A/c .............................Dr. 32,000
[ being half the stock taken over by 1
Karan]
31/3/18 Bank A/c ...........................Dr. 52000
To Realisation A/c 52000
[ being remaining stock sold at 30% profit 1
]
31/3/18 Realisation A/c .............................Dr. 3,000
To Bank A/c 3,000 1/2
[ being dishonoured bill met]

31/3/18 Adiraj’s Capital A/c ...........................Dr. 33,600 1
Karan’s Capital A/c .........................Dr. 22,400
[ being debit balance of profit and loss
6

account debited to Partners’ capital A/c]
To Adiraj’s Capital A/c 2,000 1
[ being realisation expenses paid by
Adiraj] =6
marks

15 13 14 Q. Q. Shreya and vivek were …………………. ………………………………….. Current

Accounts.
Ans.
Dr. PROFIT AND LOSS APPROPRIATION A/C Cr.
st
For the year ending 31 March, 2018
(`) (`)
To Partners’ Current By P/L A/c (Net Profit) 1,20,000
A/c By Interest on Drawings
Shreya-‐ 78,508 Shreya 450 1,500
Vivek-‐ 42,992 1,21,500 Vivek 1050
1 ½
…………… …………….
1,21,500 1,21,500

Dr. PARTNER’S CAPITAL A/C Cr.
Particulars Shreya Vivek Particulars Shreya Vivek
(`) (`) (`) (`)
By Balance b/d 3,00,000 2,00,000

To Balance
C/d 3,00,000 2,00,000 ……………… ………………..
3,00,000 2,00,000 3,00,000 2,00,000 1

Dr. PARTNER’S CURRENT A/c Cr.
(`) (`) (`) (`)
To balance b/d -‐-‐-‐-‐ 28,000 By balance b/d 1,00,000 -‐-‐-‐-‐-‐
To Drawings 12,000 30,000 By P& L
To Int on drawings 450 1,050 Appropriation 78,508 42,992
To Balance c/d 1,66,058 A/c
By Balance c/d -‐-‐-‐-‐-‐ 16,058
2 ½

1,78,508 59,050 1,78,508 59,050
Working Notes:

Shreya (`) Vivek(`)

Interest on Capital 24,000 16,000

7

Salary 60,000
-‐-‐-‐-‐-‐-‐

Commission -‐-‐-‐-‐-‐-‐ 30,000
½
Amount to be paid 84,000 46,000

Total amount to be paid = 1,30,000.

Since profits available are 1,20,000+1,500= 1,21,500, Appropriations will be made to

the extent of 1,21,500 only in the ratio of 42:23 (84,000:46,000)
½
Shreya’s share= 42/65 x 1,21,500= 78,508

Vivek’s share=23/65 x1,21,500= 42,992

=6
marks
15 OR 13 OR 14 OR Q. Ramesh, Mahesh and Suresh…………………… transactions on Govind’s Admission.
Ans. Calculation of Goodwill of the firm:
I. Total capital of the firm based on new partner’s capital-‐ 4,00,000x 5/1= ½
20,00,000
II. Combined capital of all partners= 5,00,000+ 4,00,000+ 3,00,000+ 4,00,000 1
=16,00,000
III. Goodwill= 20,00,000-‐ 16,00,000= Rs. 4,00,000
Govind’s Share Of Goodwill= 1/5 x 4,00,000= Rs. 80,000
Ramesh’s Share of Goodwill= 1/40 x 4,00,000= 10,000 1

Sacrificing Ratio
Ramesh= 3/8-‐2/5 = (1/40) Gain
Mukesh= 3/8-‐1/5 = 7/40 Sacrifice ½
Suresh= 2/8-‐ 1/9 = 2/40 Sacrifice

Journal
(i) Bank A/c ..................................................Dr. 4,80,000
To Govind’S capital A/c 4,00,000
To premium for goodwill A/c 80,000 1 ½
(Being cash brought by Govind on his
admission as capital and premium for
goodwill)
(ii) Premium for goodwill ………………………. Dr. 80,000 1 ½
Ramesh’s current A/c………………. Dr. 10,000
To Mahesh’s current A/c 70,000
To Suresh’s current A/c 20,000
(Being adjustment made for treatment of
goodwill)

8

16 17 16 Q. Sunstar ltd. Invited……………. ………………….. in the books of Sunstar Ltd.
Ans. Books of Sunstar Ltd.
Journal
(i) Equity Share Application A/c...................Dr. 45,00,000

To Share 1st and final call a/c 2,50,000
[ Being adjustment of application money
done ]
(ii) Equity Share Allotment A/c ...................Dr. 20,00,000

[ Being allotment money due ] ½
(iii) Calls in arrears a/c …………………………… Dr. 15,000

To Equity Share allotment a/c
[Being allotment money not received) 15,000 ½
(iv) Equity Share Capital a/c Dr. 75,000

To equity share forfeited a/c 60,000
To calls in arrear a/c 15,000
(Being 3,000 equity shares forfeited ) ½
(v)
st
Share 1 and final call a/c Dr. 49,25,000

To equity share capital a/c 49,25,000
(Being 1st and final call money due on
1,97,000 equity shares) 1
(vi) Calls in arrears a/c Dr. 10,000

To Share 1st and final call 10,000
(Being 1st and final call money received
except on 500 shares) ½

(vii) Equity Share Capital a/c Dr. 25,000

To calls in arrears a/c 10,000
[Being 500 shares forfeited] ½

(viii) Share forfeited A/c Dr. 75000

To Capital Reserve A/c 75000
½
(Being forfeited re-‐issue of forfeited shares

transferred to capital reserve a/c)

Dr. CASH BOOK (BANK COLOUMN ONLY) Cr.

Receipts Amount Payments Amount

(`)` (`)

To Share By Balance c/d 10110000
application 45,00,000
To share allotment 7,35,000
To share 1st call 46,65000
To equity share
capital 1,75000
To securities
premium reserve 35,000
½ x 6=
………………………… ………………………. 3
10110000 10110000 marks
9


Note-‐If a student solves the ques. Without opening calls in arrears a/c full credit will
be given and if a student transfers amount in excess of allotment money due, to calls
in advance a/c, full credit will be given.

OR
Q. Megha Ltd. Invited………………………….. in the books of Megha ltd. 8
Ans Books of Megha Ltd. Marks
Journal
(i) Equity Share Application A/c................ Dr. 30,00,000
To Security premium a/c 9,00,000
done ]
To security premium reserve a/c 45,00,000
[ Being allotment money due ] 1

(iii) Calls in arrears a/c …………………………… Dr. 3,00,000

To Equity Share allotment a/c 3,00,000

[Being calls in arrears recorded]

(iv) Equity Share Capital a/c Dr. 1,80,000

Securities premium reserve a/c Dr. 2,25,000
½
To equity share forfeited a/c 1,05,000

To calls in arrear a/c 3,00,000

(Being 4500 equity shares forfeited )
st
(v) Share 1 and final call a/c Dr. 51,30,000
½


85,500 equity shares)

(vi) Calls in arrears A/c Dr. 216000
To Share 1st and final call ½
216000
except on a 3600 shares shares)

(vii) Equity Share Capital A/c Dr. 3,60,000
To equity share forfeited a/c 1,44,000 1
To calls in arrears a/c 2,16,000
[Being 3600 shares forfeited]

(viii) Share forfeited A/c….. Dr. 81,000
To Equity share capital A/c 81,000 ½
(Being 8,100 equity shares were re-‐issued
at premium)

½

10

(ix)
Share forfeited A/c Dr. 1,68,000
To Capital Reserve A/c 1,68,000
(Being forfeited re-‐issue of forfeited shares ½
transferred to capital reserve A/c)

Cash Book (Bank Column Only)
Receipts LF Amt (`) Payments LF Amt (`)
To Share Application By Balance c/d ½
1,43,43,000
&Allotment A/c 30,00,000

To Equity Share
57,00,000
Allotment A/c

To Share I & Final Call 49,14,000
A/c
To Equity Share Capital 7,29,000
A/c

1,43,43,000 2 ½
1,43,43,000

=8
Note-‐If a student solves the ques. Without opening calls in arrears A/c full credit will
Marks
be given .
17 16 17 Q. Raman and Rohit…………….. Balance sheet of the reconstituted firm.

Ans.

Dr. Revaluation a/c Cr.
11

Particulars Am ount Particulars Am ount
(`) (`)

To Plant and Machinery 35,000 By Creditors 2,500
To Furniture and Fixture By loss transferred to
A/c 6,500 Partner’s Capital a/c-‐
To Provision for Raman’s Capital 28000
doubtful debts 3,000 Rohit’s Capital 14000 42,000
44,500 44,500 2

Particulars Raman Rohit Saloni Particulars Raman Rohit Saloni
(`) (`) (`) (`) (`) (`)
To By Balance B/d 1,40,000 1,00,000 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
Revaluation 28000 14000 ………….
By Workmen -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
To Balance CF 16000 8000
C/d 1,61,600 1,02,400 1,32,000 By Premium

For G/w 33,600 8,400 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
By Bank 1,32,000

………….. …………… …………… ………….. …………. ……………. 3
1,89,600 1,16,400 1,32,000 1,89,600 1,16,400 1,32,000

BALANCE SHEET OF RAMAN, ROHIT AND SALONI
AS ON 31-‐3-‐2018
LIABILITIES Amount ASSET Amount
(`) (`)
Plant and machinery 1,40,000
Capital a/c Furniture and fittings 58,500
Raman 161600 Stock 47,000

Rohit 102400 Debtors 1,10,000
Saloni 132000 3,96,000 Less-‐ Provision (10,000) 1,00,000
Claim on Workmen 16,000 Bank 2,24,000
Compensation Fund 3
Creditors 1,57,500
__________ __________
5,69,500 5,69,500

=8
marks
OR

OR

Dr. REVALUATION A/C Cr.
(`) (`)
12

To Fixed assets 70,000 By loss on revaluation
To Provision for 8000 Sushma’s Capital a/c 50000
doubtful debts Gautam’s capital a/c 30000 2
To Stock 22,000 Kanika’s Capital a/c 20000 1,00,000

1,00,000 1,00,000

Dr PARTNER’S CAPITAL A/c Cr.

Particulars Sushma Gautam Kanika Particulars Sushma Gautam Kanik

(`) (`) (`) (`) (`) (`)a
To By bal b/d 3,00,000 2,50,000 3,50,000

Revaluation 50,000 30,000 20,000 By P/L A/C 50,000 30,000 20,000
To By
Sushma’s Gautam’s
capital a/c …… 80,000 3,20,000 Capital a/c 80,000 …… ……………
To stock 3
2,18,000 ………… ………….. By
To bank 4,82,000 ………… ………….. Kanika’s
To balance Capital a/c 320000 …… ……….
C/d ……… 2,40,000 3,60,000 By bank ………….. 70,000 330000
7,50,000 3,50,000 7,00,000 7,50,000 3,50,000 7,00,000

Balance Sheet of Gautam and Kanika
st
As on 31 March 2018
(`) (`)
Creditors 60,000 Bank 58000
Employees Provident 40,000 Sundry debtors 1,60,000
Fund Less-‐ Provision -‐ 8,000 1,52,000 3
Capital A/c Investments 2,00,000
Gautam 2,40,000 Fixed Assets 2,90,000
Kanika 3,60,000 =8
Marks
7,00,000 7,00,000

PART B
18 -‐ -‐ Q. State with reason …………… Cash Flow Statement. 1
Ans. No Flow as there is no change in cash and cash equivalents.

19 -‐ -‐ Q. What is……………….. Investing activities’? 1
Ans Changes in position of cash because of acquisition and disposal of fixed assets and
investments.
Or
Investing activities are the acquisition and disposal of long term assets and other
investments not included in cash equivalents.
13

20 21 20 Q. Explain briefly any four objectives of “Financial Statement Analysis”. 1 x 4
Ans. 1. To Determine operational efficiency with which resources are utilized in
generating revenue.
2. To determine profitability with respect to sales and investment.
3. To compare inter firm position and identify the strong and weak areas if any and to
corrective steps.
4. To help determine the credit worthiness and earning potential of business.
OR
Q. Under which major headings and subheadings………… companies act,2013?
Ans.
Name Of the Items Major Headings Sub-‐Headings
Balance of statement of Shareholder’s Fund Reserves and Surplus
profit & loss
Interest accrued on Current Assets Other Current Assets
investment ½ x 8
Live stock Non Current Assets
Fixed Asset(Tangible assets)
Licences and franchise Non Current assets Fixed assets (Intangible)
Securities Premium Reserve Shareholder’s Fund Reserves and surplus
Trade Marks Non Current Assets Fixed assets (Intangible)
Work in progress Current assets Inventories
9% Debentues repayable Current liabilities Other Current Liabilities
during the current year

=4
marks
21 20 21 Q. Calculate opening and closing trade receivables from the following……. Revenue
from operations.
Ans. Revenue from operations= 100/80 x 3,20,000= 4,00,000 ½
Let Credit Revenue from operations be = x
Cash Revenue= x/3
Therefore, total revenue= x+ x/3
Ø 4,00,000 = 4x/3 1
Ø X= 12,00,000/ 4= Rs. 3,00,000

Let Opening Trade Receivables be= y
Closing Trade Receivables= y+ 15,000

Trade receivable turnover ratio= Net Credit Revenue from operation
Average Trade Receivables
Ø 4= 3,00,000 x 2
y+ y+ 15,000
Ø 8y= 6,00,000-‐ 60,000 2 ½
Ø Y= 5,40,000/ 8 = 4
= 67,500 marks
Opening Receivables= 67500
Closing trade receivable= 67500+ 15000 = 82500
Or
Q. The quick ratio………………………………………………. Change the quick ratio.
I. Quick ratio will decrease as quick assets is decreasing whereas current
liabilities will remain the same. 1x4
II. Quick ratio will increase as quick assets and Current Liabilities are decreasing
by the same amount.
14

III. Quick ratio will increase as quick assets is increasing and Current Liabilities
remains the same.
IV. Quick ratio will not change as neither quick assets nor Current liabilities are =4
changing. marks

22 -‐-‐ -‐-‐ Q. From the Following extracted........................ Common size statement of profit
and loss.

Ans. Common Size Income Statement
For the year ending 31st March 2017 and 2018
Particulars N 2016-‐17 2017-‐18 Percentage of Revenue

ot (`) (`) From Operations
e

N 2016-‐ 2017-‐18

o. 17

I) Revenue from 5,00,000 4,00,000 100 100
1
Operations

II) Expenses:
Cost of Materials Consumed 3,50,000 2,40,000 70 60

Other Expenses 1,30,000 1,10,000 26 27.5

Total Expenses 4,80,000 3,50,000 96 87.5 1

III) Profit before Tax 20,000 50,000 4 12.5
1
(I-‐II)
IV) Less: Tax @ 50% 10,000 25,000 2 6.25

1
V) Profit after tax 10,000 25,000 2 6.25

= 4
marks

23 23 23 Q. From the ……………… Cash Flow Statement .
Ans. Cash flow statement of Mayur Ltd.
For the year ended 31st March 2016 as per AS-‐3 (Revised)

15

A. Cash Flows from Operating Activities:
Net Profit before tax & extraordinary items (note 1) (24,000)
Add: Non cash and non-‐operating charges
Loss on sale of machinery(total assets) 17000
Depreciation 2,73,000
Interest on Debentures 27,000 3,17,000
Operating profit before working capital changes 2,93,000
Add: Decrease in current assets/Increase in current
liabilities
Decrease in inventories 10,000
Decrease in trade receivables 20,000 30,000
3,23,000
Less: Increase in Current Assets/ Increase In Current
Liabilities
Decrease in trade payables (80,000) (80,000)
Cash geenrated From Operations 2,43,000
Net Cash generated from Operating Activities 1,79,000 2 ½
Purchase of machinery(Total Assets) (12,00,000)
Sale of machinery (Total Assets) 3,10,000
Purchase of goodwill( Intangible assets) (1,10,000)
Net Cash used in investing activities (10,00,000) 1 ½
C. Cash flows from Financing Activities:
Issue of share capital 10,00,000
Issue of 9% debentures 1,00,000
Interest on Debentures (27,000)
Net Cash flow from financing activities 10,73,000 1
Net increase in cash & cash equivalents during the 2,52,000
year (A+B+C)
Add: Cash and Cash Equivalents in the beginning 1,94,000
Cash & cash equivalents at the end of the year 4,46,000

Notes:

Calculation Of Net Profit before Tax
Net Profit (1,00,000)
+ Provision for tax in current year 76,000
Net profit before tax (24,000)

Particulars Rs. Particulars Rs.`
To Balance b/d 28,00,000 By bank A/c 3,10,000
To Bank A/c (Bal figure) 12,00,000 By Accumulated Depreciation A/c 73,000
(Purchase) By P/L statement 17000
By B alance C /d 36,00,000
40,00,000 40,00,000
½

Dr. Accumulated Depreciation A/c Cr.
Particulars Rs. Particulars Rs.
16

To Machinery A/c 73,000 By Balance b/d 5,00,000
To Balance c/d 7,00,000 By Statement of P/L (Bal 2,73,000
figure)
7,73,000 7,73000
½
=6
marks
PART B
OPTION 2
18 -‐ -‐ Q. Name the……………………………….transaction.
Ans. A data element is the smallest named unit of data in the information system. In
accounting, a transaction consists of four data elements, such as name of account, =1
accounting code, date of transaction and amount. mark
19 -‐ -‐ Q. What is …………………..’Primary Key’?
Ans. It is a key in a relational database that is unique for each record. It consists of
minimum possible one or more than one attributes of a table such as telephone
number with area code. =1
mark
20 -‐ -‐ Q. State any…………………………………’Server Database’.
Ans. The points to be considered before making investment in a database:

• What all data is to be stored in the database.
• Who will capture or modify the data, and how frequently the data will be
modified.
• Who will be using the database, and what all tasks will they perform?
• Will the database (backend)be used by any other frontend application?
• Will access to database be given over LAN/Internet, and for what purposes?

• What level of hardware and operating system is available? (Any four)

=4
marks
21 21 21 Q. What is meant……………………….’Simple form’?
Ans. Forms: Access provides a user friendly interface,which allows users to enter
information in a graphical way.It is known as FORM. This information
transparently passes to the underlying database.

Split Form: This presentation shows underlying database in one half of the section and
form in other half for entering information in the record selected in the datasheet.The
two views in this form are synchronised so that scrolling in one view causes scrolling of
other view to the same location of the record.
OR
Q. Why is it…………………………………………data security.

Tools (any two)

1. Password security: Password is widely accepted security control to
17

access the data. Only the authorised person can access the data. Any
user who does not know the password cannot retrieve information from
the system. It ensures data integrity. It uses a binary encoding format of
storage and offers access to the data base.

2. Data Audit: Audit feature of accounting software provides the user
with administrator right in order to keep track of unauthorised access to
the data base. It audit for the correctness of entries. Once entries are
audited with adulterations, if any, the software displays all entries along
with the name of the auditor user and date and time of alteration.

3. Data vault: Software provides additional security for the imputed data and this

feature is referred as data vault. Data vault ensures that original information is
4
presented and is not tempered. Data vault password cannot be broken. Some
marks
software uses data encryption method.
22 22 22 Ques. Explain………………………………vouchers.
Ans. The vouchers are three types-‐

• Memo voucher: Memo voucher 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 software allows the 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 predefined
vouchers. It allows the user to define or create new accounting or
inventory vouchers as per the requirement. In the voucher entry, entry
can be classified into three basic categories.
OR
Q. What is……………………………………….advantages
Ans. A Graph is a pictorial presentation of data which has at least two dimensional
relationships. Three advantages are:
1. Help to explore.

2. Help to present

3. Help to convince
=4
marks
23 23 23 Q. List the………………………………………………software:
Ans.
Wind Functionality Availability
ows

F6 To select the receipt voucher At accounting/Inventory voucher
creation and alteration screen

F7 To select the journal voucher At accounting/Inventory voucher

18

F8 To select the Sales voucher At accounting/Inventory voucher

CTRL To select the credit note At accounting/Inventory voucher
+F8 voucher creation and alteration screen

F9 To select the purchase At accounting/Inventory voucher
voucher creation and alteration screen

CTRL To select the debit note At accounting/Inventory voucher

=6

marks

19


Q. Set No. Marking Scheme 2018-19 Distrib

ution
67/1/ 67/1/ 67/ Accountancy (055) of
2/1 2/2 1/2/
3
67/3/2 marks
-‐ 1 -‐ Q. S,T and U were partners......................................... respectively in favour of V.

Ans. S's Sacrifice= 1/3 x 1x3 = 1/9
T's Sacrifice= ¼ x 1/3= 1/12
U's Sacrifice= 0= 0
S's new share= 1/3 – 1/9= 3-‐1 = 2 = 2x4 = 8
9 9 9x4 36

T's new share= 1/3-‐1/12 = 4-‐1 = 3 = 3x3 = 9
12 12 12x3 36

U's New share= 1/3= 1x12 = 12
3x12 36
V's New Share= 1/9 + 1/12= 4+3 = 7
12 36 1
New Ratio= 8:9:12:7

4 3 1 Q. In absence…………………..other partners? 1
Ans. In their old profit sharing ratio
6 4 2 Q. Differentiate……… Reserve Capital. 1
Ans. Capital reserve refers to that reserve which is created out of capital profits such as
profit on sale of fixed assets, premium on issue of shares/ debentures etc. Whereas Reserve
Capital refers refers to that part of the uncalled capital to be called only in the event of
winding up of the company.
OR

payment of dividend and also in respect of re payment of capital before the equity share
holders.
3 5 5 Q. Why are…………..payments account? 1
Ans. As receipts and payments account is prepared on cash basis of accounting adjustment
of outstanding and prepaid expenses are not recorded in receipts and payments accounts.
Or
Q. Distinguish between………………….. Depreciation.
Ans. Receipts and payment account doesn’t include depreciation as depreciation is a non-‐
cash expense. Whereas income and expenditure account includes depreciation as an
expenditure.
2 6 3 Q. In absence………………..new partner? 1
Ans. In the absence of Partnership deed, the old partners will sacrifice in their old ratio i.e.
equally.

Or OR

20

Q. Give any……………………………applied. ½ X 2
2) Retirement of a partner
-‐ 7 -‐ Q Ranjan and Vishal were......................................................... Calculate Goodwill on the
basis of 3 year's purchase of super profits.
Ans. Normal Profit= 3,00,000 x 15/100=45000 1
Super Profit = 58,000-‐ 45,000= 13,000 1
Goodwill= 13,000x 3= 39,000 1

-‐ 8 -‐ Q. JK Limited had........................... debentures on 31st March,2018.
Ans.
Date Particulars L.F. Amount (Rs.) Amount (Rs.)

31/03/18 Bank A/c Dr. 3,00,000

To Debenture Redemption Investment a/c 3,00,000
1
(Being debenture Investment realised)

31/03/18 12% debentures a/c Dr. 20,00,000

To 12% Debentureholder's a/c 20,00,000
1

(Being amount due on redemption of

debentures)

31/03/18 12% Debentureholder's a/c Dr. 20,00,000
1/2
To bank a/c 20,00,000

(Being amount paid to debenture holder’s)

31/03/18 Debenture redemption reserve a/c Dr. 6,00,000 1/2
To General Reserve a/c 6,00,000
(Being debenture redemption reserve

transferred to general reserve)

21

-‐-‐ 9 -‐-‐ Q. From the following info........................ Sargam Hospital as at 31st March, 2018.
3
Ans : Calculation of the amount of medicines to be posted to Income and Expenditure a/c
Opening stock of medicines= 25,000
+Purchased during the year = 1,00,000
1,25,000
-‐ Closing stock of medicines 20,000
Amount of medicines consume
To be posted in income and
Expenditure a/c 1,05,000

Journal
(`) (` )
Sundry assets a/c…………………………….. Dr. 3,00,000

Goodwill a/c……………………………………….Dr. 25,000
1 ½
To Sundry liabilities 50,000
To Dow ltd. 2,75,000
(being assets and liabilities purchased at
Dow ltd……………………… Dr. 2,75,000

1 ½
issue of 8% debentures at premium.)

OR
or
Q. Prepare Discount……………………………………. 31st March, 2016

Ans
Dr. Discount on Issue of Debenture a/c Cr.
15 profit and loss a/c 8,000 1 ½
By Balance C/d 20,000
………… ……………
28000 28000

16 profit and loss a/c 8000
By Balance C/d 12000 1 ½
………… ………….
20,000 20,000
22


1.4.16 To balance b/d 12,000
Year Outstanding Debenture Ratio
2014-‐15 400000 2 = 3
2015-‐16 400000 2 mark
2016-‐17 400000 2 s
2017-‐18 200000 1

-‐ 11 -‐ Q. Babita, Kavita and Dinesh were partners in a firm………………………………………… show your
workings clearly.

Ans
General Reserve Dr. 60,000
To Babita’s Capital a/c 20,000
To Kavita’s Capital a/c 20,000 1
To Dinesh Capital a/c 20,000
(Being General reserve transferred to
partner’s capital)
Babita’s Capital a/c Dr. 40,000
Kavita’s Capital a/c Dr. 40,000
Dinesh Capital a/c Dr. 40,000
To Profit and Loss A/c 1,20,000 1
(Being debit balance of profit and loss a/c
transferred to partner’s capital)
Dinesh Capital a/c Dr. 60,000
To Babita’s Capital a/c 48,000 1
To Kavita’s Capital a/c 12,000
(Being treatment of Goodwill done.)
Calculation of Gaining/ Sacrificing Ratio=
Babita’s Sacrifice= 1-‐ 2 = 10-‐6 = 4 = (sacrificing)
3 10 30 30
1
Kavita’s Sacrifice= 1 -‐ 3 = 10-‐9 = 1 = (sacrificing)
3 10 30 30

Dinesh’s sacrifice= 1 -‐ 5 = 10-‐15 = (5) = (gaining)
3 10 30 30

Dinesh share of goodwill= 5 x 3,60,000 = Rs. 60,000
30

-‐ 12 -‐ Q. Satish, Harish and Ashish were……… presented to his executor.

23


Ans
Dr. Harish’s Capital Cr.
PARTICULARS AMOUNT PARTICULARS AMOUNT
To Harish’s executor’s a/c 3,11,250 ( By Balance b/d 2,00,000 1
1/2 mark) By P/L a/c 30,000 1
By P/L suspense 6,250 ½
By Satish Capital 28,125 ½
By Ashish Capital 46,875 ½
311250 311250
.
Working Notes=
Average Profit= 1,50,000 +1,00,00 = 1,25,0000
2
1)Harish share of profit upto 30/06/2018= 1,25,000x 3/12 x 2/10= 6,250

2) Goodwill of the firm= 1,25,000 x 3 = 3,75,000
Harish’s Share Of Goodwill= 3,75,000 x 2/10= 75,000
Satish’s Share of gain= 75,000 x 3/8
= 75,000 x 5/8

15 13 14 Q. Q. Shreya and vivek were …………………. ………………………………….. Current Accounts.
Ans.
For the year ending 31st March, 2018
(`) (`)
A/c By Interest on Drawings 1 ½
Shreya-‐ 78,508 Shreya 450 1,500
Vivek-‐ 42,992 1,21,500 Vivek 1050

…………… …………….
1,21,500 1,21,500

(`) (`) (`) (`)
By Balance b/d 3,00,000 2,00,000
1
To Balance
C/d 3,00,000 2,00,000 ……………… ………………..
3,00,000 2,00,000 3,00,000 2,00,000

(`) (`) (`) (`)
To Int on drawings 450 1,050 Appropriation 78,508 42,992 2 ½
To Balance c/d 1,66,058 A/c

24

By Balance c/d -‐-‐-‐-‐-‐ 16,058

1,78,508 59,050 1,78,508 59,050
Working Notes:

Shreya (`) Vivek(`)


Salary 60,000 -‐-‐-‐-‐-‐-‐ ½

Commission -‐-‐-‐-‐-‐-‐ 30,000



Since profits available are 1,20,000+1,500= 1,21,500, Appropriations will be made to the ½

extent of 1,21,500 only in the ratio of 42:23 (84,000:46,000)

Shreya’s share= 42/65 x 1,21,500= 78,508

Vivek’s share=23/65 x1,21,500= 42,992 =6
mark
s
14 14 13 Q. Pass the ............................................. dissolution of firms.
Journal
31/3/18 Bank A/C Dr. 66,000
(being furniture realised)
To Bank A/c 35,000
[ being partners loan settled]
[ being half the stock taken over by
Karan]
31/3/18 Bank A/c ...........................Dr. 52000
[ being remaining stock sold at 30% profit
]
To Bank A/c 3,000

25

31/3/18 Adiraj’s Capital A/c ...........................Dr. 33,600
account share]
To Adiraj’s Capital A/c 2,000
[ being realisation expenses paid by
Adiraj]

15

13 15

Q. Prepare income.......................................... 31st March 2018.
Ans.
Income and Expenditure Account of Namanjyot Society

Ans.
By sale of old newspapers 900 (1)
To office expenses 29000 (1) By locker rent 7000 (1)
To electrical charges By Interest on investments
15000 1600
Add o/s 10000 25000 (1) Add accrued 400 2000 (1)

To postage / stationary 9000 (1/2) By entrance fees 50000 (1/2)
To depreciation on
furniture 4000 By membership
subscriptions

_________ __________

=6
Note: Figures in the brackets indicate marks allotted for the items. mark
s

17 16 17 Q. Raman and Rohit…………….. balance sheet of the reconstituted firm.
Ans.

To Plant and machinery 35,000 By creditors 2500
To furniture and fixture By loss transferred to
a/c 6500 Partner’s Capital a/c-‐
To provision for Raman’s Capital 28000 3
doubtful debts 3,000 Rohit’s Capital 14000 42000
44,500 44,500

To By Balance B/d 1,40,000 1,00,000 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐

26

Revaluation 28000 14000 ………….
By Workmen -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
To Balance CF 16000 8000 3
C/d 1,61,600 1,02,400 1,32,000 By Premium
For G/w 33,600 8,400 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
By Bank 1,32,000

………….. …………… …………… ………….. …………. …………….
189600 116400 132000 189600 116400 132000


AS ON 31-‐3-‐2018
LIABILITIES Amount` ASSET Amount`

Saloni 132000 396000 Less-‐ Provision -‐10,000 1,00,000 2
Workmen CompensationFund 16000 Bank 2,24,000
Creditors 157500
__________ __________

5,69,500 5,69,500

OR
Dr. REVALUATION A/C C r. or
To fixed assets 70,000 By loss on revaluation
To provision for 8000 Sushma’s Capital a/c 50000
doubtful debts Gautam’s capital a/c 30000
To stock 22,000 Kanika’s Capital a/c 20000 1,00,000 2

1,00,000 1,00,000

Dr PARTNER’S CAPITAL A/C Cr.
Particulars Sushma Gautam Kanika Particulars Sushma Gautam Kanika

To By bal b/d 3,00,000 2,50,000 3,50,000

Revaluation 50,000 30,000 20,000 By P/L A/C 50,000 30,000 20,000
To By 4
Sushma’s Gautam’s
capital a/c ………….. 80,000 320000 Capital a/c 80,000 …………. ……………
To stock
218000 ………… ………….. By
To bank 482000 …………. ………….. Kanika’s
To balance Capital a/c 320000 …………… ……….
C/d ……… 240000 360000 By bank ………….. 70000 330000
750000 350000 700000 750000 350000 700000

27


2

As on 31st March 2018
Fund Less-‐ Provision -‐ 8,000 1,52,000
Kanika 3,60,000

7,00,000 7,00,000
17

16 16
Q. Sunstar ltd. Invited……………. ………………….. in the books of Sunstar Ltd.
Journal
To Equity Share Capital A/c 30,00,000 1
done ]
[ Being allotment money due ]
To Equity Share allotment a/c
[Being allotment money not received) 15,000 ½
To calls in arrear a/c 15,000 ½
(Being 3,000 equity shares forfeited )
(v)
st
(Being 1st and final call money due on 1
1,97,000 equity shares)
To Share 1st and final call 10,000 ½
except on 500 shares)

½
28

To calls in arrears a/c 10,000
[Being 500 shares forfeited] 1/2




½ x

6= 3

mark

s
Dr. CASH BOOK (BANK COLOUMN ONLY) CR.

Receipts Amount ` Payments Amount



st
To share 1 call 46,65000

To equity share

capital 1,75000
8
To securities
Mark
s

………………………… ……………………….

10110000 10110000

Note-‐If a student solves the ques. Without opening calls in arrears a/c full credit will be

given and if a student transfers amount in excess of allotment money due, to calls in

advance a/c, full credit will be given.

OR
Q. Megha Ltd. Invited………………………….. in the books of Megha ltd.
Ans Books of Megha Ltd.
Journal 1
To Security premium a/c 9,00,000 ½
done ]
(ii) Equity Share Allotment A/c ...................Dr. 63,00,000 ½
(iii) Calls in arrears a/c …………………………… Dr. 3,00,000 ½
(iv) Equity Share Capital a/c Dr. 1,80,000
29

To equity share forfeited a/c 1,05,000 1
st
(v) Share 1 and final call a/c Dr. 51,30,000
(Being 1st and final call money due on ½
(vi) Calls in arrears a/c Dr. 216000
To Share 1st and final call 216000
(Being 1st and final call money received ½

(vii) Equity Share Capital a/c Dr. 3,60,000
To equity share forfeited a/c 1,44,000 ½
(viii) Share forfeited a/c….. Dr. 81,000
To Equity share capital a/c 81,000
(Being 8,100 equity shares were re-‐issued ½

at premium)

(ix) Share forfeited A/c Dr. 1,68,000




Dr. Cash Book (Bank Column Only. Cr.

Receipts Am ount Payments Am ount

To equity share By balance c/d 1,43,43,000

application a/c 30,00,000
2 ½
To equity share

allotment 57,00,000
st
To equity share 1 and

final call a/c 49,14,000

To Equity share capital

a/c 7,29,000

1,43,43,000 1,43,43,000

given .

30

-‐-‐ 18 -‐-‐ Q. State any 2 benefits……………………. Cash flow statement.
Ans : Two benefits of preparing cash flow statement – ½ x 2
1) Helps in short term financial planning = 1
2) Helps in assessing liquidity and solvency mark
3) Useful in preparing cash budget
4) Study of trend of cash receipts and payment.
5) Explains the deviation of cash from earning
6) Helpful in ascertaining cash flow from various activities separately
7) Helpful in making dividend decision.
8) Test for managerial decision.
9) Useful to outsiders.
(Any other 2 correct benefits.)
-‐-‐ 19 -‐-‐ Q. “Gain on sale of……………………………….. cash flow statement”?
1
Ans. Cash Flow from Investing activities.

21 20 21 Q. Calculate opening and closing trade receivables from the following……. Revenue from ½
operations.
Ans. Revenue from operations= 100/80 x 3,20,000= 4,00,000
Cash Revenue= x/3 1
Ø 4,00,000 = 4x/3
Ø X= 12,00,000/ 4= Rs. 3,00,000


Ø 4= 3,00,000 x 2 2 ½
y+ y+ 15,000 = 4
Ø 4y= 6,00,000-‐ 60,000 mark
Ø Y= 5,40,000/ 4 s
= 67,500
Opening Receivables= 67500
Closing trade receivable= 67500+ 15000 = 82500
Or
I. Quick ratio will decrease as quick assets is decreasing whereas current liabilities will 1 x 4=
remain the same. 4
II. Quick ratio will increase as quick assets and Current Liabilities are decreasing by the mark
same amount. s
III. Quick ratio will increase as quick assets is increasing and Current Liabilities remains
the same.
IV. Quick ratio will not change as neither quick assets nor Current liabilities are
changing.

31

20 21 20 Q. Explain briefly any four objectives of “Financial Statement Analysis”.
Ans. 1. To Determine operational efficiency with which resources are utilized in generating
revenue. 1x4=
2. To determine profitability with respect to sales and investment. 4
3. To compare inter firm position and identify the strong and weak areas if any and to mark
corrective steps. s
OR Or
Ans.
profit & loss ½ x 8
Interest accrued on Current Assets Other Current Assets = 4
investment mark
Live stock Non Current Assets Fixed Asset(Tangible assets) s
Licences and franchise Non Current assets Fixed assets (Intangible)

-‐-‐ 22 -‐-‐-‐ Q. From the information ...................................................Profit and Loss.
Ans.
Comparative Statement of Profit & Loss
For the years ending 31st March 2017 and 2018
Particulars Note 2016-‐17 2017-‐ 18 Absolute % age
No. (`) (`) Inc/ Dec. Inc./Dec
(Rs.)

I)Revenue from Operations 5,00,000 6.00,000 1.00,000 20

½ x 8
= 4
II) Expenses
mark
a) Cost of material consumed 2,50,000 4,40,000 1.90,000 76 s
b) Other expenses 1,00,000 1,50,000 50,000 50
Total Expenses 3,50,000 5,90,000 2,40,000 68.57
V) Profit before Tax (I – II) 1,50,000 10,000 (1,40,000) (93.33)
Less: Tax @ 50% 75,000 5,000 (70,000) (93.33)
Profit after tax 75,000 5,000 (70,000) (93.33)

23 23 23
Q. From the ……………… Cash Flow Statement .

32


Ans
Cash flow statement of Mayur Ltd.

33

Operating profit before working capital changes 2,93,000
liabilities
3,23,000
Liabilities
Net Cash generated from Operating Activities 1,79,000 2 ½
Net Cash used in investing activities (10,00,000) 1 ½
Net increase in cash & cash equivalents during the year 2,52,000
(A+B+C)
Cash & Cash equivalents at the end of the year 4,46,000

Notes:


Machinery A/c
To Bank A/c (Bal figure) 12,00,000 By Accumulated Depreciation A/c 73,000 ½
(Purchase) By P/L statement 17000
By Balance C/d 36,00,000
40,00,000 40,00,000

34

To Machinery A/c 73,000 By Balance b/d 5,00,000 ½
figure)
7,73,000 7,73000
=6
marks
PART B
OPTION 2
-‐ 18 -‐ Q. Which function…………………..schedule? =1
Ans. The Function PMT is used to computer the loan repayment schedule. mark
-‐ 19 -‐ Q. What is meant……………’Relational Database’?
Ans. A relational database utilises two or more tables containing data arranged in rows and =1
mark
columns.
-‐ 20 -‐ Q. Explain………………………………………..’Data Vault’.
Ans. Password Security: Password Security is widely accepted security control to access the

data. Only the authorised person can access the data. Any user who does not know the
password cannot retrieve information from the system. It ensures data integrity. It uses a

binary encoding format of storage and offers access to the database.

Data Vault: Software provides additional security for the imputed data and this feature is
referred as data vault.Data . vault ensures that original information is presented and is not

tempered. Data vault password cannot be broken. Some software uses data encryption
=4
method. mark
s
information in a graphical way.It is known as FORM. This information transparently
passes to the underlying database.

Split Form: This presentation shows underlying database in one half of the section and form
in other half for entering information in the record selected in the datasheet.The two views
in this form are synchronised so that scrolling in one view causes scrolling of other view to
the same location of the record.
OR

Tools (any two)

1. Password security: Password is widely accepted security control to access
the data. Only the authorised person can access the data. Any user who does
not know the password cannot retrieve information from the system. It
ensures data integrity. It uses a binary encoding format of storage and offers

35

access to the data base.

2. Data Audit: Audit feature of accounting software provides the user with
administrator right in order to keep track of unauthorised access to the data
base. It audit for the correctness of entries. Once entries are audited with
adulterations, if any, the software displays all entries along with the name of
the auditor user and date and time of alteration.

3. Data vault: Software provides additional security for the imputed data and this feature is
4
referred as data vault. Data vault ensures that original information is presented and is not
mark
s
method.

• Memo voucher: Memo voucher 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 software allows the user to enter the
voucher for future transactions which are usually similar as the previous once.

vouchers. It allows the user to define or create new accounting or inventory
vouchers as per the requirement. In the voucher entry, entry can be classified
into three basic categories.
OR
1. Help to explore.

2. Help to present

3. Help to convince

=4
mark
s
23 23 23 Q. List the………………………………………………software:
Ans.
Wind Functionality Availability
ows

F6 To select the receipt voucher At accounting/Inventory voucher

F7 To select the journal voucher At accounting/Inventory voucher

F8 To select the Sales voucher At accounting/Inventory voucher


36

CTRL To select the credit note At accounting/Inventory voucher

F9 To select the purchase At accounting/Inventory voucher
voucher creation and alteration screen

CTRL To select the debit note At accounting/Inventory voucher

=6

mark
s

37


Q. Set No. Marking Scheme 2018-19 Distri

bution
67/1/ 67/1/ 67/ Accountancy (055) of
2/1 2/2 1/2/
3
67/3/3 marks
4 3 1 Q. In absence…………………..other partners? 1
Ans. In their old profit sharing ratio

6 4 2 Q. Differentiate……… Reserve Capital. 1
Ans. Capital reserve refers to that reserve which is created out of capital profits such as
profit on sale of fixed assets, premium on issue of shares/ debentures etc. Whereas Reserve
capital refers refers to that part of the uncalled capital to be called only in the event of
winding up of the company.
Or

payment of dividend and also in respect of re payment of capital before the equity share
holders.
2 6 3 Q. In absence………………..new partner? 1
Ans. In the absence of Partnership deed, the old partners will sacrifice in their old ratio i.e.
equally.

Or

Q. Give any……………………………applied.
2) Retirement of a partner

3 5 5 Q. Why are…………..payments account? 1
Ans. As receipts and payments account is prepared on cash basis of accounting adjustment
of outstanding and prepaid expenses are not recorded in receipts and payments accounts.
Or
Q. Distinguish between………………….. Depreciation.
Ans. Receipts and payment account doesn’t include depreciation as depreciation is a non-‐
cash expense. Whereas income and expenditure account includes depreciation as an
expenditure.
-‐ -‐ 6 Q. What is meant by ……………….. partnership? 1
Ans. Mutual agency means every partner works as principal for himself as well as others
partners.

OR

½ X 2
38


Journal
(`) (` )
Sundry assets a/c…………………………….. Dr. 3,00,000

Goodwill a/c……………………………………….Dr. 25,000
1 ½
To Sundry liabilities 50,000
To Dow ltd. 2,75,000
(being assets and liabilities purchased at
Dow ltd……………………… Dr. 2,75,000

1 ½
issue of 8% debentures at premium.)

OR
or
Q. Prepare Discount……………………………………. 31st March, 2016

Ans
Dr. Discount on Issue of Debenture a/c Cr.
15 profit and loss a/c 8,000 1.5
By Balance C/d 20,000
………… ……………
28000 28000

16 profit and loss a/c 8000
By Balance C/d 12000 1.5
………… ………….
20,000 20,000

1.4.16 To balance b/d 12,000
Year Outstanding Debenture Ratio
2014-‐15 400000 2 = 3
2015-‐16 400000 2 mark
2016-‐17 400000 2 s
2017-‐18 200000 1

39


-‐ -‐ 8 Q . Calculate goodwill of the firm…………………………………. ?

Ans.
Year Profit Adjusted Profit
2013-‐14 4,00,000 4,00,000
2014-‐15 5,00,000 5,00,000
2015-‐16 (60,000) 1,70,000 (-‐60,000+2,30,000)
2016-‐17 1,50,000 1,50,000
2017-‐18 2,50,000 1,70,000 (2,50,000-‐ 80,000)
…………….. 1
TOTAL PROFIT 13,90,000
Average Profit 13,90,000/5 = 2,78,000 1
Good will 2,78,000x 3= 8,34,000 1

-‐-‐ -‐-‐ 9 Q. ALTON Limited had........................... debentures on 31st March,2018.
Ans. Journal In The books of ALTON Ltd.

Dr. Cr.

31/03/18 Bank A/c Dr. 7,50,000

To Debenture Redemption investment 7,50,000 1

a/c

((Being debenture investment realised)

31/03/18 12% debentures a/c Dr. 5000000

To 12% Debentureholder's a/c 50,00,000
1

(Being amount due on redemption of
debentures)

31/03/18 12% Debentureholder's a/c Dr. 5000000

To bank a/c 5000000 ½

Being amount paid to debenture

holder’s)

40

31/03/18 Debenture redemption reserve a/c Dr. 1250000

To General Reserve a/c 1250000 ½

(Being debenture redemption reserve

Q. From the following info........................ Health club …… year ending 31st march,2018.

-‐-‐ -‐-‐ 10
Ans. Calculation of subscription Received
Income from subscription 1,20,000 ½ x 6
Add-‐ Advance receipt during the year 10,000
Add-‐ Outstanding of the previous year 27,000 = 3
Total 1,57,000 mark
Less-‐ Outstanding of the current yea r 22,000 s
Less-‐ Received in advance previous year 8,000 30,000
Subscription received during the year 1,27,000

OR
Subscription A/c
To Outstanding sub. 27,000 By Advance 8,000
(beginning) Sub.(beginning)
To Income & Expenditure 1,20,000
A/c By Bank (B.F.) 1,27,000

To advance Sub.(end) 10,000

By Outstanding Sub. 22,000
(end)

1,57,000 1,57,000
-‐ -‐-‐ 11 Q. Dinesh, Ramesh and Suresh…….. Of the firm.
. Books of Dinesh, Ramesh and Suresh
Journal
Date Particulars Dr. (`) Cr. (`)

2018 General Reserve A/c Dr. 1,60,000
April 1 To Dinesh’s Capital A/C 60,000
To Ramesh’s Capital A/c 60,000 1
To Suresh’s Capital A/c 40,000
(Being general reserve distributed)

April 1 Fixed Assets Dr. 1,02,000
To Revaluation 1,02,000 ½
(Being value of investments decreased)

To Stock A/c 22,000
(Being stock depreciated) ½

41

To Dinesh’s Capital A/C 30,000 1
To Ramesh’s Capital A/c 30,000
To Suresh’s Capital A/c 20,000
(Being profit on revaluation transferred)

April 1 Suresh’s Capital A/c Dr. 30,000
To Dinesh ’s Capital A/c 15,000 1
To Ramesh’s Capital A/c 15,000

(Being adjustment for goodwill)

Working Note-‐ Calculation of gaining/ sacrificing ratio-‐
Dinesh’s-‐ 3/8-‐ 1/3= (9-‐8) /24 = 1/24 (sacrifice)
Ramesh’s-‐ 3/8-‐ 1/3= (9-‐8) /24=1/24 (sacrifice)
Suresh’s-‐ 2/8-‐ 1/3=(6-‐8) /24= (2)/24 (gaining)
-‐ -‐-‐ 12 Q. Aman, Beenu and Chaman……… to be presented to his executor.
Ans
(`) (`)

To patents 30,000 By building 50,000 1

To machinery a/c 20,000

50,000 50,000

Dr. Aman’s Capital Account Cr.


(`) t

(`)

To Aman’s Executors A/c 5,70,000 By Balance b/d 3,00,000 ½ x
(Bal. figure) By Beenu’s Capital A/c 112500 6= 3
By Chaman’s Capital A/c 75000 mark
By P & L Suspense A/c 37,500 s
By Interest on Capital A/c 15000
By General Reserve 30,000
Total
5,70,000 5,70,000
=4
mark
s

42

14 14 13
Q. Pass the ............................................. dissolution of firms.
Journal
31/3/18 Bank A/C Dr. 66,000
To Realisation A/c 66,000 1
(being furniture realised)
To Bank A/c 35,000
[ being partners loan settled] 1/2
[ being half the stock taken over by
Karan] 1
31/3/18 Bank A/c ...........................Dr. 52000
[ being remaining stock sold at 30% profit 1
]
To Bank A/c 3,000
1/2

31/3/18 Adiraj’s Capital A/c ...........................Dr. 33,600
To Profit & Loss A/c 56,000 1
account share]
To Adiraj’s Capital A/c 2,000 1
[ being realisation expenses paid by =6
Adiraj] mark
s

15 13 14 Q. Q. Shreya and vivek were …………………. ………………………………….. Current Accounts.

Ans.
(`) (`)
A/c By Interest on Drawings
Shreya-‐ 78,508 Shreya 450 1,500 1 ½
Vivek-‐ 42,992 1,21,500 Vivek 1050

…………… …………….
1,21,500 1,21,500
43


(`) (`) (`) (`)
By Balance b/d 3,00,000 2,00,000

To Balance 1
C/d 3,00,000 2,00,000 ……………… ………………..
3,00,000 2,00,000 3,00,000 2,00,000

(`) (`) (`) (`)
To Int on drawings 450 1,050 Appropriation 78,508 42,992
To Balance c/d 1,66,058 A/c 2 ½
By Balance c/d -‐-‐-‐-‐-‐ 16,058

1,78,508 59,050 1,78,508 59,050
Working Notes:

Shreya (`) Vivek(`)


Salary 60,000 -‐-‐-‐-‐-‐-‐

Commission -‐-‐-‐-‐-‐-‐ 30,000 ½



Since profits available are 1,20,000+1,500= 1,21,500, Appropriations will be made to the

extent of 1,21,500 only in the ratio of 42:23 (84,000:46,000) ½

Shreya’s share= 42/65 x 1,21,500= 78,508
=6
mark
Vivek’s share=23/65 x1,21,500= 42,992
s
13 15 15 Q. Prepare income.......................................... 31st March 2018.
Ans.
Income and Expenditure Account of Namanjyot Society

Ans.
6
44

By sale of old newspapers 900 (1)
To office expenses 29000 (1) By locker rent 7000 (1)
To electrical charges By Interest on investments
15000 1600
Add o/s 10000 25000 (1) Add accrued 400 2000 (1)

To postage / stationary 9000 (1/2) By entrance fees 50000 (1/2)
To depreciation on
furniture 4000 By membership
subscriptions

_________ __________

Note: Figures in the brackets indicate marks allotted for the items.

16 17 16

Q. Sunstar ltd. Invited……………. ………………….. in the books of Sunstar Ltd.
Journal
done ]
To Equity Share allotment a/c ½
[Being allotment money not received) 15,000
To equity share forfeited a/c 60,000 ½
To calls in arrear a/c 15,000
(Being 3,000 equity shares forfeited )
(v)
st
To equity share capital a/c 49,25,000 1
1,97,000 equity shares)
To Share 1st and final call 10,000 ½
except on 500 shares)

½
45

To calls in arrears a/c 10,000 1/2





Dr. CASH BOOK (BANK COLOUMN ONLY) CR.
½ x
Receipts Amount ` Payments Amount
6= 3
mark
s
st
To share 1 call 46,65000

To equity share

capital 1,75000

To securities


………………………… ……………………….
8
10110000 10110000
Mark

s

given and if a student transfers amount in excess of allotment money due, to calls in

advance a/c, full credit will be given.

OR
Q. Megha Ltd. Invited………………………….. in the books of Megha ltd.
Ans Books of Megha Ltd.
Journal
To Security premium a/c 9,00,000
done ]
(ii) Equity Share Allotment A/c ...................Dr. 63,00,000 ½
[ Being allotment money due ] ½
(iii) Calls in arrears a/c …………………………… Dr. 3,00,000
(iv) Equity Share Capital a/c Dr. 1,80,000 ½
46

st
(v) Share 1 and final call a/c Dr. 51,30,000 1
(vi) Calls in arrears a/c Dr. 216000
To Share 1st and final call 216000 ½

(vii) Equity Share Capital a/c Dr. 3,60,000 ½
(viii) Share forfeited a/c….. Dr. 81,000 ½
To Equity share capital a/c 81,000
(Being 8,100 equity shares were re-‐issued

at premium)
½

(ix) Share forfeited A/c Dr. 1,68,000




Dr. Cash Book (Bank Column Only. Cr.

Receipts Am ount Payments Am ount

To equity share By balance c/d 1,43,43,000

application a/c 30,00,000

To equity share

allotment 57,00,000
st 2 ½
To equity share 1 and

final call a/c 49,14,000

To Equity share capital

a/c 7,29,000

1,43,43,000 1,43,43,000

given .

16 17 17
Q. Raman and Rohit…………….. balance sheet of the reconstituted firm.
Ans.
47


To Plant and machinery 35,000 By creditors 2500
To furniture and fixture By loss transferred to
a/c 6500 Partner’s Capital a/c-‐ 3
To provision for Raman’s Capital 28000
doubtful debts 3,000 Rohit’s Capital 14000 42000
44,500 44,500

To By Balance B/d 1,40,000 1,00,000 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
Revaluation 28000 14000 ………….
By Workmen -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐ 3
To Balance CF 16000 8000
C/d 1,61,600 1,02,400 1,32,000 By Premium
For G/w 33,600 8,400 -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐
By Bank 1,32,000

………….. …………… …………… ………….. …………. …………….
189600 116400 132000 189600 116400 132000

AS ON 31-‐3-‐2018

LIABILITIES Amount` ASSET Amount`
Saloni 132000 396000 Less-‐ Provision -‐10,000 1,00,000
2
Workmen CompensationFund 16000 Bank 2,24,000
Creditors 157500
__________ __________
5,69,500 5,69,500

OR
Dr. REVALUATION A/C Cr. or
To fixed assets 70,000 By loss on revaluation
To provision for 8000 Sushma’s Capital a/c 50000
doubtful debts Gautam’s capital a/c 30000
To stock 22,000 Kanika’s Capital a/c 20000 1,00,000 2

1,00,000 1,00,000

Dr PARTNER’S CAPITAL A/C Cr.
Particulars Sushma Gautam Kanika Particulars Sushma Gautam Kanika
To By bal b/d 3,00,000 2,50,000 3,50,000
Revaluation

48

To 50,000 30,000 20,000 By P/L A/C 50,000 30,000 20,000
Sushma’s By 4
capital a/c Gautam’s
To stock ………….. 80,000 320000 Capital a/c 80,000 …………. ……………

To bank 218000 ………… ………….. By
To balance 482000 …………. ………….. Kanika’s
C/d Capital a/c 320000 …………… ……….
……… 240000 360000 By bank ………….. 70000 330000

750000 350000 700000 750000 350000 700000

As on 31st March 2018
Liabilities Am ount Assets Am ount 2
Fund Less-‐ Provision -‐ 8,000 1,52,000
Kanika 3,60,000

7,00,000 7,00,000

-‐-‐ -‐-‐ 18 Q. Payment or capital gains,tax ...................................................Cash Flow Statement?
Ans. Investing Activities 1
mark
-‐-‐ -‐-‐ 19 Q. State the primary ............................................... ‘Cash Flow Statement.’
Ans. The primary objective of Cash Flow Statement is to provide useful information about 1
Cash Flows (Inflows & outflow) of an enterprise during a particular period under various
heads i.e operating , investing & financing activities.
20 21 20
Q. Explain briefly any four objectives of “Financial Statement Analysis”. 1 x 4
Ans. 1. To Determine operational efficiency with which resources are utilized in generating
revenue.
2. To determine profitability with respect to sales and investment.
3. To compare inter firm position and identify the strong and weak areas if any and to
corrective steps.
OR
Ans.
profit & loss
Interest accrued on Current Assets Other Current Assets ½ x
investment 8= 4
Live stock Non Current Assets Fixed Asset(Tangible assets) mark
Licences and franchise Non Current assets Fixed assets (Intangible) s
49


21 20 21 Q. Calculate opening and closing trade receivables from the following……. Revenue from
operations.
Ans. Revenue from operations= 100/80 x 3,20,000= 4,00,000 ½
Cash Revenue= x/3
Ø 4,00,000 = 4x/3 1
Ø X= 12,00,000/ 4= Rs. 3,00,000


Ø 4= 3,00,000 x 2
y+ y+ 15,000
Ø 4y= 6,00,000-‐ 60,000
Ø Y= 5,40,000/ 4 2 ½
= 67,500 = 4
Opening Receivables= 67500 mark
Closing trade receivable= 67500+ 15000 = 82500 s
Or
V. Quick ratio will decrease as quick assets is decreasing whereas current liabilities will
remain the same.
VI. Quick ratio will increase as quick assets and Current Liabilities are decreasing by the
same amount.
VII. Quick ratio will increase as quick assets is increasing and Current Liabilities remains
the same. 1 x
VIII. Quick ratio will not change as neither quick assets nor Current liabilities are 4= 4
changing. mark
s

-‐-‐ -‐-‐ 22 Q. From the information………………………………………. Prepare common size profit and loss
statement.
Ans.

50


Common Size Statement of Profit and Loss
Particulars Absolute Amount Percentage of Revenue from
operations

Previous Yr. Current Previous Current Yr.
Yr. Yr.
2016-‐17( 2017-‐18

Rs.) 2017-‐18 2016-‐17

(Rs.)

Revenue from 6,00,000 5,00,000 100 100

operations

Total Revenue 6,00,000 5,00,000 100 100

Expenses
½ x 8
Cost of materials 4,20,000 3,80,000 70 76 = 4
Consumed mark
2,40,000 2,20,000 40 44 s
Other Expenses
Total Expenses 6,60,000 6,00,000 110 120
Profit before tax (60,000) (1,00,000) 10 20
Less: Income Tax 0 0 0 0
Profit After Tax (60,000) (1,00,000) 10 20

51


23 23 23 Q. From the ……………… cash flow statement
Ans
Cash flow statement of Mayur Ltd.
Operating profit before working capital changes 2,93,000 2.5
liabilities
3,23,000
Liabilities
Net Cash generated from Operating Activities 1,79,000
Net Cash used in investing activities (10,00,000) 1.5
Net increase in cash & cash equivalents during the year 2,52,000
(A+B+C)
Cash & cash equivalents at the end of the year 4,46,000

Notes:


Machinery A/c
To Bank A/c (Bal figure) 12,00,000 By Accumulated Depreciation A/c 73,000
52

(Purchase) By P/L statement 17000 ½
By Balance C/d 36,00,000
40,00,000 40,00,000

To Machinery A/c 73,000 By Balance b/d 5,00,000
figure) ½
7,73,000 7,73000

=6
mark
s
PART B
OPTION 2
-‐ -‐ 18 Q. What is…………….validation? =1
Ans. Data Validation is the process of ensuring that a program operates on clean, correct mark
and useful data. It uses validation rules and constraints to check for the correctness,
meaningfulness and security of data that are input to the system.
-‐ -‐ 19 Q. What is …………………………..processing mode? =1
Ans. The activity sequence of the basic information mode is collect data, organise and mark
process it and then communicate the information extracted.
-‐ -‐ 20 Q. Write………………………………………total earnings. =4
Ans. Basic pay earned (BPE): Basic pay earned of an employee is the basic pay calculated mark
s
with reference to number of effective days present (NOEDP) during the month.
BPE = BP* NOEDP/ NODM
Total Earning (TE): It is the aggregate of all the above earning element. Thus,
TE = BPE + DA+ HRA + TRA


• Memo voucher: Memo voucher is a non accounting voucher. It does not affect

53

OR

1. Help to explore.

2. Help to present

3. Help to convince

(With suitable explanation) =4
mark
s
information in a graphical way.It is known as FORM. This information transparently
passes to the underlying database.

Split Form: This presentation shows underlying database in one half of the section and form
in other half for entering information in the record selected in the datasheet.The two views
in this form are synchronised so that scrolling in one view causes scrolling of other view to
the same location of the record.
OR

Tools (any two)



referred as data vault. Data vault ensures that original information is presented and is not 4
tempered. Data vault password cannot be broken. Some software uses data encryption mark
method. s

54

-‐Strictly Confidential : (For Internal and Restricted Use Only)
March -‐2018 -‐ 19
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. Evaluation is a
10-‐12 days mission for all of us. Hence, it is desired from you to give your best in this process.

2. 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 innovative may be assessed and marks be awarded to them.

3. The Head-‐Examiner has to go through the first five answer scripts evaluated by each evaluator to ensure that evaluation has been carried out
as per the instructions given in the Marking Scheme. The remaining answer scripts meant for evaluation shall be given only after ensuring that
there is no significant variation in the marking of individual evaluators.

4. 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 totalled up and written in the left hand margin and encircled.




narrations.







15. Any unassessed portion, non-‐carrying over of marks to the title page or totalling 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

evaluation.

17. Every Examiner shall also ensure that all the answers are evaluated, marks carried over to the title page, correctly totalled and written in
figures and words.
18. As per orders of the Hon’ble Supreme Court, the candidates would now be permitted to obtain photocopy of the Answer Book on request on
payment of the prescribed fee. All 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 give in the Marking Scheme.
1


Q. Set No. Marking Scheme 2018-‐19 Distribution

of marks
67/ 67/ 67/ Accountancy (055)
4/1 4/2 4/3
67/4/1
1 5 4 Q. Differentiate between................................of ‘Period’.
Ans.
Basis Receipts & Income & Expenditure A/c
Payments A/c
Period May relate to Relate to current period.
preceeding and =1 Mark
succeeding periods
OR
Q. What is.............’Life Membership Fees’?
Ans. Membership fee paid in lump sum to become a life member of a not-‐ for-‐ profit
organisation.

2 3 5 Q. Dev withdrew.......................................on Dev’s Drawings.
Ans. =1 Mark
Interest On Drawings= 1,20,000x12/100x6/12=7,200

3 4 1 Q. A and B................................................A, B, C, D.
Ans. Old ratio =3:2
A’s Sacrifice( in favour of C)=1/4x3/5=3/20 ½
B’s Sacrifice( in favour of D)=1/2x2/5=2/10

A’s New Share=3/5-‐3/20=9/20 ½
B’s New Share=2/5-‐2/10=2/10

New Profit Sharing Ratio=9:4:3:4
=1 Mark
4 2 2 Q. Distinguish between ...............................................................’Closure of Books’.
Ans.
Basis Reconstitution of Dissolution of Partnership Firm
Partnership =1 mark
Closure of Books Does not require The books of accounts are closed.
because the business
is not terminated.

OR
Q. State the basis...................year of Death.
Ans. Profit may be estimated
(a) On the basis of Last year’s profit/ Average profits of last given no. of years ½
(b) On the basis of Turnover/ Sales. ½

=1 Mark
5 1 3 Q. What is meant.............................................. Collateral Security?
Ans. Debentures issued as secondary security/additional security over and above the
primary security is known as Issue of Debentures as Collateral Security.
OR
2


Q. State the Provision.............................Debenture Redemption Reserve.
Ans. Where a company has issued Debentures, it shall create a DRR equivalent to at least
25% of the nominal value of debentures outstanding for the redemption of such
debentures. =1 Mark

6 -‐ -‐ Q. State any two.................partnership firm.
Ans. At the suit of a partner, the court may order a partnership firm to be dissolved on any
of the following grounds: (any two of the following)
(a) when a partner becomes insane;
(b) when a partner becomes permanently incapable of performing his duties as a
partner;
(c) when a partner is guilty of misconduct which is likely to adversely affect the business of ½ x 2
the firm; =1 Mark
(d) when a partner persistently commits breach of partnership agreement;
(e) when a partner has transferred the whole of his interest in the firm to a third party;
(f) when the business of the firm cannot be carried on except at a loss; or
(g) when, on any ground, the court regards dissolution to be just and equitable.

7 7 7 Q. What is meant ............................. Over-‐subscription.
Ans. When the no. of shares applied is more than the no. of shares offered by the co., it is
said to be a case of over-‐subscription. 1 ½
For Example: A company invited applications for 1,00,000 shares and received applications
for 4,00,000 shares. Three alternatives are available for allotment of shares:
(a) To allot 1,00,000 shares in full to selected applicants and the remaining 3,00,000
applications were rejected outright.
(b) To make pro-‐rata allotment to all applicants.
(c) Totally reject applications for 2,00,000 shares, accept full applications for 80,000 shares 1 ½
and make pro-‐rata allotment of 20,000 shares to remaining 1,20,000 applicants.
(or any other correct example) = 3
OR marks

Q. What is meant..................Capital Reserve? OR

Ans. Cancellation of shares for the non payment of called up amount is termed as Forfeiture
of shares. 1
Gain on Forfeited shares arises on reissue.
It is transferred immediately on the reissue of forfeited shares. 1
1
=3 marks
8 -‐ -‐ Q. Aman, Bimal and Deepak ........................................... treatment of Goodwill.

Ans. Old Ratio= 2:3:5
New Ratio=1:1 ( on Aman’s Retirement)
Bimal’s Gain=1/2-‐3/10=2/10
Deepak’s Gain=1/2-‐5/10=nil
1 ½
Firm’s Goodwill=37,500
Aman’s share=2/10 x 37,500= 7,500

3

Journal
(`) (` )
Bimal’s Capital A/c ............................Dr. 7,500

To Aman’s Capital A/c 7,500
1 ½
[being adjustment made for the treatment
goodwill on Aman’s retirement] = 3
marks

9 -‐ -‐ Q. From the following information ........................................ subscription of Rs. 500.
Ans. Subscription A/c
To Outstanding sub. 4,500 By Advance 3,000
(beginning) Sub.(beginning)
To Income & Expenditure 10,00,000
A/c By Bank (B.F.) 10,00,000
½ x6
To advance Sub.(end) 4,500

By Outstanding Sub. =3 Marks
6,000
(end)
10,09,000 10,09,000

OR

Subscription for the year= 2,000x500= 10,00,000
Add: outstanding for 31-‐3-‐2017 = 4,500
Less: outstanding for 31-‐3-‐2018 = (6,000)
Add: Advance of 31-‐3-‐2018 = 4,500
Less: Advance of 31-‐3-‐2017 = (3,000)
Subscriptions received during the year= 10,00,000

10 -‐ -‐ Q. Pass necessary..................................... Premium of 10%.
Ans.
Journal
a) Bank A/c....................................Dr. 3,52,500
To Debenture Application & Allotment 3,52,500 1
A/c
[Applications received for 7,500, 9%
debentures issued at 6% discount ]
b) Debenture Application & Allotment A/c.Dr. 3,52,500
Discount on issue of Debentures A/c......Dr. 22,500
Loss on issue of Debentures A/c.......Dr. 37,500
[Allotment of 7,500, 9% debentures issued 1
at 6% discount redeemable at 10%
premium]

4


9% Debentures A/c
Date Particulars Amt (`) Date Particulars Amt (`)
To Balance c/d 3,75,000 By Debenture 3,52,500
Application &
Allotment A/c 1
By Discount on issue 22,500
of Deb.

3,75,000 3,75,000

=3 Marks
OR
OR


a) Bank A/c....................................Dr. 3,52,500

To Debenture Application & Allotment 3,52,500

A/c
1


b) Debenture Application & Allotment A/c.Dr. 3,52,500



1
[Allotment of 7,500, 9% debentures issued

at 6% discount redeemable at 10%

premium]

9% Debentures A/c


To Balance c/d 3,75,000 By Debenture 3,52,500
Application &
Allotment A/c
By Loss on issue of 22,500
Deb.
1
3,75,000 3,75,000

=3marks
11 -‐ -‐ Q. The firm of Manjeet ....................................... books of the firm.
Ans.
Books of Manjeet, Sujeet and Jagjeet
Journal
a) Bank A/c......................Dr. 10,00,750
(Assets realised)

b) Realisation A/c............Dr. 1,00,075
5

To Sujeet’s Capital A/c 1,00,075
(10% of assets realised paid as
remuneration)
c) Sujeet’s Capital A/c........Dr. 90,000
To Bank/Cash A/c 90,000 1x4
(realisation expense paid on behalf of =
sujeet) 4 Marks
d) Realisation A/c............Dr. 4,50,000

(Creditors paid in full settlement)
12 -‐ -‐ Ques. A and B........................... working notes clearly.
Ans. Journal
Date Particulars F Dr (`) Cr (`)

Interest on Capital A/c......Dr. 12,600
1
To A’s Current A/c 5,400
To B’s Current A/c 7,200
(Interest on capital credited to Partners’
Current A/c)
-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐

P& L Appropriation A/c......Dr. 12,600

To Interest on Capital A/c 12,600 1
(Interest on capital transferred to P& L
Appropriation A/c)

Note: In case, the candidate has combined the above two entries, 1 mark is to be deducted.

Working Notes:

Interest on Capital:
A= 12% of 60,000= 7,200 1
B= 12% of 80,000=9,600
Total interest=16,800

Since profits are insufficient Interest on capital will be distributed in the ratio of 7,200:9,600

i.e.3:4

A= 3/7 of 12,600= 5,400 1
B= 4/7 of 12,600=7,200

=
4 Marks
13 14 14 Ques.A, B and C................................................dissolution of the firm.
Ans. Journal
a) Realisation A/c.........................Dr. 12,05,000
To Fixed Assets A/c 7,10,000 1
To Stock A/c 3,00,000
To Debtors A/c 1,95,000

6

(Assets transferred to realisation A/c)
b) Sundry Creditors A/c.......................Dr. 2,00,000
Provision for Doubtful Debts A/c............Dr. 5,000
To Realisation A/c 2,05,000 1
(liabilities transferred to Realisation A/c)
c) Bank A/c ...................................Dr. 11,49,000
(Assets realised)
d) Realisation A/c.................Dr. 2,04,000
( Realisation Exp.& Creditors paid in full
settlement)
OR 1,85,000 1
Realisation A/c.................Dr. 1,85,000
To Bank A/c
19,000
Realisation A/c.................Dr. 19,000
To Bank A/c
(Realisation Exp. Paid)

e) A’s Capital A/c ................Dr. 22,000
B’s Capital A/c ................Dr. 22,000
C’s Capital A/c ................Dr. 11,000
(Loss on realisation debited to Partners’
Capital A/c)

f) A’s Capital A/c ................Dr. 7,28,000
B’s Capital A/c ................Dr. 2,78,000
C’s Capital A/c ................Dr. 2,39,000 1
To Bank A/c 12,45,000 =6 Marks
(Partners’ A/c settled on dissolution )
OR

OR
Ques. P, Q and R................................................reconstitution of the firm.
Ans. Journal
a) Bad Debts A/c........................Dr. 6,000
To Debtors A/c 6,000
(bad debts written off) ½

7


b) Revaluation A/c..Dr. 9,000
To Bad Debts A/c 6,000
To Provision For Doubtful Debts A/c 3,000 ½
(Bad Debts and Provision transferred to
Revaluation A/c)
c) P’s Capital A/c ..........................Dr. 4,500
Q’s Capital A/c ..........................Dr. 3,000
R’s Capital A/c ..........................Dr. 1,500
(loss on revaluation transferred to
Partners’ capital A/c)

d) General Reserve A/c.......................Dr. 60,000
To P’s Capital A/c 30,000
To Q’ s Capital A/c 20,000 1
(general reserve credited to partners’
Capital A/c)

e) P’s Current A/c ..........................Dr. 1,14,900
To P’s Capital A/c 1,14,900
( Capital A/c adjusted)
1

f) Q’ s Current A/c .......................Dr. 23,400
To Q’s Capital A/c 23,400 1

g) R’s Capital A/c ....................Dr. 1,38,300
To R’s Current A/c 1,38,300
( Capital A/c adjusted) 1
=6 marks

14 15 15 Q. From the following............................................. Capital Fund ` 1,28,000.
Ans:

Income & Expenditure A/c
8

Expenditures Amt (`) Incomes Amt (`)
To Campaign Expenses 1,30,000 By Subscription 1,80,000
To Office Rent 40,000 By Govt. Grant 2,00,000
To Salary 10,000 By interested accrued on FD 16,000
4
To Furniture hire rent 12,000

To Advertisement 15,000

To Loss on sale of old
Furniture 1,000
To Surplus (Excess of 1,88,000
Income over Expenditure)
3,96,000 3,96,000
Balance Sheet
As at 31st March, 2018
Liabilities Amt (`) Assets Amt (`)

Capital Fund 1,28,000 Fixed Deposits 2,00,000

Add: Surplus 1,88,000 Add: Accrued 2,16,000

Add: Life Interest 16,000

Membership Fees 30,000 Books 50,000

3,46,000 Computers 75,000
2
Cash
at Bank 40,000

60,000 Cash in Hand 25,000
Creditors

4,06,000 4,06,000

=
6 Marks
15 13 13 Q. Pass necessary rectifying........................................................ Was omitted.

(i)
Journal
Date Particulars Dr. (₹) Cr.( ₹)
A’s Current* A/c Dr. 10,000 2
To C’s Current* A/c 10,000
(Being interest on capital omitted, now rectified)

Note: 1 mark may be deducted for writing Capital Account instead of Current Account.


A (₹) B (₹) C (₹) Total (₹)

Omission of IOC 40,000 (Cr.) 50,000 (Cr.) 60,000 (Cr.) 1,50,000
1
Total divided in 50,000 (Dr.) 50,000 (Dr.) 50,000 (Dr.) 1,50,000

PSR

Net Effect 10,000 (Dr.) -‐-‐ 10,000 (Cr.)

(ii)

Journal

R’s Capital A/c Dr. 1,300
9

To P’s Capital A/c 400 2
To Q’s Capital A/c 900
(Being interest on drawings omitted, now rectified)


P (₹) Q (₹) R (₹) Total (₹)
Omission of 1,000 (Dr.) 500 (Dr.) 2,000 (Dr.) 3,500
IOD 1
Total divided in 1,400 (Cr.) 1,400 (Cr.) 700 (Cr.) 3,500
PSR
Net Effect 400 (Cr.) 900 (Cr.) 1,300 (Dr.) =
6 Marks

16 17 16 Q. S Ltd. invited .............................................. books of the company.
Ans. Dr. Cash Book Cr.
To Share Application 12,00,000 By S hare A pplication 80,000
&Allotment A/c & Allotment A/c

By B alance c /d 15,04,100
To Share I & Final Call
3
A/c 3,78,100

To Equity Share Capital
A/c 5,000
To Securities Premium
Reserve A/c 1,000

15,84,100 15,84,100

Books of S Ltd.
Journal

(`) (` )

(i) Equity Share Application & Allotment A/c Dr. 11,20,000



To Calls in Advance A/c 3,20,000

(Being application & Allotment money

transferred)

(ii) Equity Share First & Final Call A/c Dr. 7,00,000
(Being share First & Final Call money due)
(iii) Calls In arrear A/c...................Dr. 1,900 1 x5
Calls In Advance A/c .............Dr. 3,20,000 =5 marks
To Equity Share First & Final Call A/c 3,21,900
(Calls in advance adjusted and amount not
received transferred to Calls-‐ in-‐arrear A/c)
Or
10

Calls In Advance A/c .............Dr. 3,20,000
(Calls in advance adjusted on first and final call)

Equity Share Capital A/c Dr.
(iv) 5,000
To Shares Forfeited A/c 4,100
(Being shares forfeited ) =8 Marks
(v) Shares Forfeited A/c Dr. 4,100
(Gain on reissue of forfeited shares transferred

to Capital Reserve)
16 17 16 Ques. Jain Ltd................................................in the books of Jain Ltd.
OR OR OR Ans.

Books of the Jain Ltd.

Journal

(i) Bank A/c .......................................Dr. 1,00,000
[ Application money received on 1,00,000
shares]
(ii) Equity Share Application A/c.....Dr. 1,00,000
[ Application money transferred to share
capital A/c ]
(iii) Equity Share Allotment A/c.....Dr. 2,00,000
[ Allotment money due on 1,00,000shares ]
(iv) Bank A/c...........................Dr. 1,98,000
To Share Allotment A/c 1,98,000
[ Allotment money received except on
1,000 shares] 1
OR
Bank A/c...........................Dr. 1,98,000
Calls in Arrear A/c............Dr. 2,000
1,000 shares]

(v) Equity Share Capital A/c.........................Dr. 3,000
To Forfeited Shares A/c 1,000
To Equity Share Allotment A/c 2,000
[ Forfeiture of 1,000 shares for non 1½
payment of allotment money ]
OR

11


Equity Share Capital A/c.........................Dr. 3,000
To Calls – in – Arrear A/c 2,000
[ Forfeiture of 4,000 shares for non
payment of call money ]
(vi) Equity Share First Call A/c ...........Dr. 2,97,000
[ First call money due on 99,000
shares ]

(vii) Bank A/c .................................................Dr. 2,95,500
[ First Call money received except on 500
shares]
OR ½
Bank A/c ..................................................Dr. 2,95,500
Calls in arrear A/c .................................. Dr. 1,500
shares]

(viii) Equity Share Capital A/c.........................Dr. 3,000
To Equity Share first call A/c 1,500
[ Forfeiture of 500 shares for non payment
of first call money ] 1
OR

of first call money ]

(ix) Bank A/c ................................................Dr. 13,500
Forfeited Shares A/c.............................Dr. 1,500
[ 1,500 of the forfeited shares reissued as
fully paid up ]
(x) Forfeited Shares A/c ...............................Dr. 1,000
½
[ Gain on 1,500 reissued shares transferred

to capital reserve A/c ]

12

(xi) Equity Share second & final Call A/c .......Dr. 3,94,000
[ Second & Final call money due on 98,500
shares ]
(xii) Bank A/c .................................................Dr. 3,94,000
To Equity Share second & final Call A/c 3,94,000
[ Second and final Call money received] ½

=8 marks

17 16 17 Q. A and B...................................................reconstituted firm.
Ans. Revaluation A/c
Dr Cr

To Stock 3,000 By Building 20,000
To Provision for D/D 400
To Furniture 2,000
To Gain transferred to: 2
A’s Capital A/c-‐ 8,760 14,600
B’s Capital A/c-‐ 5,840

20,000 20,000

Partners’ Capital A/c
Dr. Cr.
Particulars A B C Particulars A B C
To Balance 1,60,000 96,000 64,000 By Balance b/d
64,000 1,04,000 52,000 -‐-‐-‐-‐

c/d By Cash A/c -‐-‐-‐-‐-‐-‐ -‐-‐-‐-‐-‐-‐-‐ 64,000
By Revaluation 8,760 5,840 -‐-‐-‐-‐-‐
A/c
By Workmen 6,000 4,000 -‐-‐-‐-‐-‐-‐
Compensation
Fund
By Contingency 6,000 4,000 -‐-‐-‐-‐-‐-‐
3
Reserve
By Premium for 7,500 7,500 -‐-‐-‐-‐-‐
Goodwill
By Cash A/c(B.F.) 27,740 22,660 -‐-‐-‐-‐-‐

1,60,000 96,000 64,000 64,000 1,60,000 96,000 64,000 64,000

Balance Sheet of the Reconstituted firm as at April1, 2018

13

Capitals: Cash 1,37,400
A-‐ 1,60,000 Sundry Debtors-‐ 37,600
B-‐ 96,000 Less: Prov. for D/D-‐2,000 35,600 3
C-‐ 64,000 3,20,000 Stock 57,000
Creditors 1,54,000 Prepaid Insurance 6,000
Employees Provident Fund 16,000 Plant & Machinery 76,000
Building 1,60,000
Furniture 18,000

4,90,000 4,90,000
Working notes:
[1] Calculation of New Capitals:
C’s Capital= 64,0000(for 2/10 share)
Capital of the new firm= 3,20,000
A’s share=5/10 of 3,20,000= 1,60,000
B’s Share=3/10 of 3,20,000=96,000
[2]
Old Ratio=3:2 =
New Ratio=5:3:2
A=5/10-‐3/5= (1/10) Sac.
B=3/10-‐2/5= (1/10) Sac. 8 Marks
17 16 17 Q. G, E and F............................................reconstituted firm.
OR OR OR Ans. Revaluation A/c
Dr Cr
To machinery 4,000 By Land & Building 68,000
To Stock 4,000
To Prov. for Doubtful Debts 600
G’s Capital A/c-‐41,580
E’s capital A/c-‐11,880
F’s Capital A/c-‐ 5,940 59,400

68,000 68,000

14

Dr. Cr.
Particulars G E F Particulars G E F
To E’s 15,750 -‐-‐-‐-‐-‐ 2,250
By Balance 1,40,000 40,000 20,000
Capital A/c b/d
To E’s Loan By

A/c
-‐-‐-‐-‐-‐-‐-‐-‐ 1,37,880 -‐-‐-‐-‐
Revaluation 41,580 11,880 5,940

To Balance 2,10,000 -‐-‐-‐-‐-‐ A/c
30,000
c/d By G’s Capital
A/c -‐-‐-‐-‐ 15,750 -‐-‐-‐-‐

By F’s Capital
A/c -‐-‐-‐-‐-‐ 2,250 -‐-‐-‐-‐-‐ 3
By General
Reserve 28,000 8,000 4,000
By E’s Loan -‐-‐-‐-‐-‐-‐ 60,000 -‐-‐-‐-‐-‐-‐
A/c
By current 16,170 -‐-‐-‐-‐-‐-‐ 2,310

A/c

2,25,750 137,880 32,250 2,25,750 1,37,880 32,250



Capitals: Cash 90,000

G-‐ 2,10,000 Debtors-‐ 24,000

F-‐ 30,000 2,40,000 Less: Prov. For

E’s Loan 1,37,880 Doubtful Debts 600 23,400

Creditors 28,000 Stock 10,000

Machinery 76,000
3
Land & building 1,88,000

G’s current A/c 16,170

F’s Current A/c 2,310

4,05,880 4,05,880

Working Notes:(1)
New Firm’s capital-‐ 2,40,000
E’s capital -‐7/8x2,40,000=2,10,000
F’s capital-‐ 1/8x 2,40,000= 30,000
Note: if candidate has not transferred E’s Loan A/c given in the existing Balance Sheet to E’s =8 marks
Capital A/c, no marks will be deducted. In such case, the balance of E’s Loan A/c in the
Capital A/c will be ` 77,800.

PART B
18 -‐ -‐ Q. When can..............................your answer. 1 Mark
Ans. Receipt of dividend can be an operating activity for a financial company as it is a
principal revenue generating activity.

19 -‐ -‐ Q. What is ......................’Cash Flow Statement’? 1 Mark
Ans. A Cash Flow Statement is a statement that provides information about the historical
changes in Cash & Cash Equivalents of an enterprise by classifying cash flows into
Operating, Investing and Financing Activities.

20 22 20 Q. Under which major................Companies Act, 2013?
15

Ans.
Cheques and Bank Drafts in Current Assets Cash & Cash Equivalents
Hand
Securities Premium Shareholders’ Funds Reserves & Surplus
Reserve
Long term Investments Current Assets Current Investments
with maturity period less
than six months
Work-‐ in-‐Progress Current Assets Inventories
Mining Rights Non Current Assets Fixed Assets-‐ Intangible ½x8
Publishing Titles Non Current Assets Fixed Assets-‐ Intangible =
Debtors Current Assets Trade Receivables 4 Marks
OR OR

Ques: Explain......................................................Creditors.
Ans.
Importance for Labour Unions: Labour unions analyse the financial statements to assess
whether it can presently afford a wage increase and whether it can absorb a wage increase
through increased productivity or by raising the prices.
Importance for Creditors: Creditors through an analysis of Financial Statements appraises
not only the ability of the company to meet its short term obligations but also judges the 2+2
probability of its continued ability to meet all its financial obligations in future. =4 Marks

21 -‐ -‐ Q. Prepare a ................ Tax Rate 40%.
Ans. Comparative Income Statement
st st
Particulars Note 31 March, 31 Absolute Percent
No. 2017 March, Inc/ Dec. age
(`) 2018(`) (`) Inc./

Dec.

(i) Revenue from 10,00,000 16,00,000 6,00,000 60 1
Operations
(ii) Expenses:

Cost of Materials Consumed 5,00,000 10,00,000 5,00,000 100
Employee Benefit Expenses 80,000 40,000 (40,000) (50)
Other Indirect Expenses 60,000 80,000 20,000 33.33
Total Expenses 6,40,000 11,20,000 4,80,000 75 1

(iii) Profit before Tax 3,60,000 4,80,000 1,20,000 33.33

(iv) Less: Tax @ 40% 1,44,000 1,92,000 48,000 33.33 1

(v) Profit after tax 2,16,000 2,88,000 72,000 33.33 1

=4 marks
22 20 22 Q. The Operating Ratio.............. change the ratio:
Ans.
S.No. Transactions Effect
1 Purchase goods on credit No change
16

`20,000
2 Paid wages ` 5,000 No Change
3 Redeemed ` . 8,000,9% No Change 1 X 4
Debentures =
4 Sold goods ` 50,000 for No Change 4 Marks
cash
OR
OR
Ques: From the following........................................Debt Ratio.
Ans. Total Assets to Debt Ratio = Total Assets 1
Long Term Debt
=15,40,000/3,00,000=5.13 1
Total Assets= Fixed Assets+ Non Current Investments+ Current Assets
=` 15,40,000 1
Debt = Total Liabilities-‐ Equity Share Capital-‐Preference Share Capital-‐Reserves &
Surplus-‐ Current Liabilities 1
= ` 3,00,000
=4 m arks
23 23 23 Q. Following is the........................ Cash Flow Statement.
Ans. Cash Flow Statement of R.M. Ltd.

A.Cash flows from Operating Activities :
Net Profit before Tax and extraordinary items (note-‐1) 2,45,000

Add: Depreciation on Plant & Machinery 10,000

Add: Interest on Debentures 18,000
Less: Increase in Trade Receivables (50,000)
Increase in Inventories (80,000)
Decrease in Trade Payables (10,000)
Cash generated from Operations 1,33,000

Less: Tax Paid (80,000) 1 ½
53,000
Net Cash From Operating Activities

Sale of Plant & Machinery 30,000
Purchase of Plant & Machinery (1,50,000)
Purchase of Non Current Investments (5,00,000) 1
(7,00,000)

C.Cash flows from financing Activities
Redemption of Debentures (1,00,000)
Interest on Debentures paid (18,000)

Cash flows from Financing Activities 3,82,000 1 ½
Net Decrease in Cash and Cash Equivalents (2,65,000)
6,40,000
Closing Balance of Cash and Cash equivalents ½
3,75,000

17


Working Notes:
Note-‐1:Net Profit before tax & Extraordinary items
Net Profit during the year –1,50,000 ½
Add: Prov. for Tax made— 95,000
2,45,000

Plant and Machinery A/c
To Balance b/d 11,40,000 By Accumulated Dep. A/c 50,000 ½
To Bank A/c (B.F.) 1,50,000 By Bank A/c 30,000
By Balance c/d 12,10,000

12,90,000 12,90,000

To Plant and Machinery 50,000 By Balance b/d 2,40,000 ½
A/c By Statement of P & L( Bal. 10,000
To Balance c/d 2,00,000 Fig.)

2,50,000 2,50,000

=6 Marks
PART B
OPTION 2
18 -‐ -‐ Q. What is...........’Label’?
Ans. It is a text or special character assigned to a row or column or descriptive information.
These cannot be treated mathematically. ½ X 2
=1 Mark
19 -‐ -‐ Q. What..........’Block Codes’?
Ans. It is a range of numbers partitioned into a desired number of sub ranges and each sub =1 Mark
range is allotted to a specific group.
20 -‐ -‐ Q. State the..................accounting system. =
Ans. For installation of computerised accounting system the following steps are required: 4 Marks
(i) Insert CD in the system.

(ii) After inserting CD select the option in following steps;
a) Select any (C:or E:or D: )from My computer icon on the desktop double click on
install.exe .
OR
a) Select start>run>type the file name E:\install.exe

21 22 21 Q. differentiate between.............................’server database’? =4 Marks
Ans. (Any four)
(i) Application: Desktop database can be used by a single user server data base can be used
18

by many users at the same time.
(ii) Additional provision for reliability: Desktop database doesn’t present this but these
provisions are available in server based database.
(iii) Cost : Desktop database ten dto cost less than the server database.
(iv) Flexibility regarding the choice of performance in front end applications : It is not
present in desktop database but server database provide this flexibility.
(v) Suitability: Desktop database are suitable for small/home offices and server database
are more suitable for large business organisations.

OR
Q. State the ........................................accounting software.
Ans. Following are the features of good accounting software: (Any four)
1. Do all basic accounting functions.
2. Manage your stores.
3. Do the job costing.
4. Manage payroll.
5. Get many MIS (Management information System).
6. File tax returns.
7. Maintain budgets etc.
8. Calculate interest pending amounts.
9. Manage data over different locations and synchronize it and many more other features.
22 21 22 Q. .Why is it...........................................data security
Ans. To maintain the secrecy of accounting data it is necessary to have =4 Marks
Tools (any two)
1. Password security: Password is widely accepted security control to access the
data. Only the authorised person can access the data. Any user who does not
know the password cannot retrieve information from the system. It ensures data
integrity. It uses a binary encoding format of storage and offers access to the
data base.
adulterations, if any, the software displays all entries along with the name of the
auditor user and date and time of alteration.
referred as data vault. Data vault ensures that original information is presented and is not
method.
OR
Q. Name the value.............................these values.
19

Ans. The value is called “ Null value” The three situations in which these can be used are
(i) When a particular attribute does not apply to an entry.
(ii) Value of an attribute is unknown.

(iii) Unknown because it does not exit

23 23 23 Q. Nisan Ltd..........................................MS Excel. =
Ans. 6 Marks
• Cost of purchase column A1=`1,50,0000
• Installation + other expense column B1=`50,000
• Cost to use = sum (A1,B1)= column C1=`2,00000/-‐
• Salvage value= column D1=`25,000/-‐
• Life of asset= column E1=5 years
• SLM Depreciation= SLM(C1,D1,E1) = column F1=`100000/-‐
• Rate of Depreciation=35,000/1,75,000*100= 20%

20

SET 2
Q. Set No. Marking Scheme 2018-‐19 Distribut

ion of
67/4 67/4 67/4 Accountancy (055)
/1 /2 /3 marks
67/4/2
OR

debentures. =1
Mark
Ans.
Partnership =1
Closure of Books Does not require The books of accounts are closed. mark
because the
business is not
terminated.

OR

=1
Mark
Ans. =1
Interest On Drawings= 1,20,000x12/100x6/12=7,200 Mark

3 4 1 Q. A and B................................................A, B, C, D.
Ans. Old ratio =3:2

A’s New Share=3/5-‐3/20=9/20 ½
B’s New Share=2/5-‐2/10=2/10
=1
New Profit Sharing Ratio=9:4:3:4 Mark

Ans. =1
Basis Receipts & Income & Expenditure A/c Mark
Payments A/c

21

preceeding and
succeeding periods
OR
organisation.

-‐ 6 -‐ Q. Distinguish...........................................Assets and Liabilities.
Ans.
Basis Dissolution of Dissolution of Partnership Firm
Partnership

Settlement of Assets and Assets and Liabilities Assets are sold and liabilities are =1
Liabilities are revalued and paid off. mark
new Balance Sheet is
drawn.
.
For Example: A company invited applications for 1,00,000 shares and received
applications for 4,00,000 shares. Three alternatives are available for allotment of shares:
(c) Totally reject applications for 2,00,000 shares, accept full applications for 80,000 shares
and make pro-‐rata allotment of 20,000 shares to remaining 1,20,000 applicants. 1 ½
OR marks

Ans. Cancellation of shares for the non payment of called up amount is termed as 1
Forfeiture of shares.
Gain on Forfeited shares arises on reissue. 1
=3
marks
-‐ 8 -‐ Q. A, B and C.......................................D’s admission.
Ans.
Journal
(`) (` )
Cash A/c ............................Dr. 2,24,000
1 ½
To D’s Capital A/c 2,00,000

To Premium for Goodwill A/c 24,000
[D brings his share of capital and premium]

Premium for Goodwill A/c..........Dr. 24,000
1 ½
22

B’s Capital A/c......................Dr. 18,000
To A’s Capital A/c 36,000
To C’s capital A/c 6,000

(Goodwill transferred to the Capital A/c as

per Gain/ Sacrifice)

Working Notes:
A:B:C
2:1:1
New Ratio after D’s admission=1:2:1:1
A’s Sacrifice=1/5-‐2/4=6/20 =3
B’s Gain= 2/5-‐1/4=3/20 marks
C’s Sacrifice=1/5-‐1/4=1/20
For 1/5th share of profit premium contributed=24,000
Since B is gaining B’s capital A/c will be debited to his extent of
gain=5/1x3/20x24,000=18,000

-‐ 9 -‐ Q. From the following..........................31st March, 2018.

Ans. Sports Material A/c
Particulars Amt (`) Particulars Amt (`) ½
To Balance b/d 87,000 By Income 4,74,000 1
&Expenditure A/c(B.F.)
To Bank A/c(Purchase) 4,94,000 By Balance c/d 1,07,000 ½
1
=3

marks
5,81,000 5,81,000

OR

Opening Stock of Sports Material 87,000
Add: sports material purchased 4,94,000
Total 5,81,000
Less: Closing stock of Sports Material 1,07,000
Sport Material Consumed during the year 4,74,000

-‐ 10 -‐ Q. Pass necessary ..................................... 9% Debentures Account.
Ans.
Journal
a) Bank A/c....................................Dr. 94,000
To Debenture Application & Allotment A/c 94,000 1

b) Debenture Application & Allotment A/c.Dr. 94,000
Discount on issue of Debentures A/c......Dr. 6,000
23

[Allotment of 1,000, 9% debentures issued at 6% 1
discount redeemable at 10% premium]

9% Debentures A/c
To Balance c/d 1,00,000 By Debenture 94,000
Application &
Allotment A/c
By Discount on issue 6,000
of Deb.
1
1,00,000 1,00,000
=3

Marks

OR


a) Bank A/c....................................Dr. 94,000

To Debenture Application & Allotment A/c 94,000



b) Debenture Application & Allotment A/c.Dr. 94,000
[Allotment of 1,000, 9% debentures issued at 6%

9% Debentures A/c
To Balance c/d 1,00,000 By Debenture 94,000
Application &
Allotment A/c
By Loss on issue of 6,000
Deb.

1,00,000 1,00,000

-‐ 11 -‐ Q. Jain, Sharma and Verma ....................................... transactions.

Ans.

24


Journal
a) Realisation A/c......................Dr. 15,000
To Sharma’s Capital A/c 15,000
( Remuneration credited to Sharma’s capital A/c)
b) Realisation A/c............Dr. 5,000
To Bank A/c 5,000
(Realisation Expenses incurred)
c) Realisation A/c........Dr. 2,84,000
( Creditors paid in full settlement)
d) Jain’s capital A/c............Dr. 4,500
Sharma’s capital A/c............Dr. 9,000
Verma’s capital A/c............Dr. 4,500
To Realisation A/c 18,000 1x4
(Loss on Realisation debited to Partners’ Capital A/c) =
4
Marks

-‐ 12 -‐ Ques. Pand Q...........................................among the partners.
Ans. Journal
Interest on Capital A/c.........Dr. 1,92,000
To P’s Current A/c 1,20,000 1 ½
To Q’s Current A/c 72,000
(Interest on Capital Credited to Partners’ Capital A/c)
P& L Appropriation A/c ......Dr. 1,92,000
Interest on Capital A/c 1,92,000
(interest on Capital debited to P& L App.A/c)
1
P’s Current A/c..................Dr. 31,500
Q’s Current A/c.................Dr. 10,500
To P& L Appropriation A/c 42,000
(loss on Appropriation transferred) 1 ½

=4
marks

(i)

25

Journal
A’s Current* A/c Dr. 10,000
To C’s Current* A/c 10,000 2



A (₹) B (₹) C (₹) Total (₹)
Omission of 40,000 (Cr.) 50,000 (Cr.) 60,000 (Cr.) 1,50,000
IOC
Total divided in 50,000 (Dr.) 50,000 (Dr.) 50,000 (Dr.) 1,50,000 1
PSR
Net Effect 10,000 (Dr.) -‐-‐ 10,000 (Cr.)

(ii)
Journal

R’s Capital A/c Dr. 1,300
2
To P’s Capital A/c 400




P (₹) Q (₹) R (₹) Total (₹)

1
IOD
Total divided in 1,400 (Cr.) 1,400 (Cr.) 700 (Cr.) 3,500

PSR =
Net Effect 400 (Cr.) 900 (Cr.) 1,300 (Dr.) 6
Marks

Ans. Journal
To Fixed Assets A/c 7,10,000
To Debtors A/c 1,95,000 1
Provision for Doubtful Debts 5,000
A/c............Dr. 2,05,000 1
To Realisation A/c
c) Bank A/c ...................................Dr. 11,49,000
26

(Assets realised)
settlement)
OR 1,85,000
Realisation A/c.................Dr. 1,85,000 1
To Bank A/c
19,000
To Bank A/c

e) A’s Capital A/c ................Dr. 22,000
B’s Capital A/c ................Dr. 22,000
C’s Capital A/c ................Dr. 11,000
Capital A/c)

f) A’s Capital A/c ................Dr. 7,28,000
B’s Capital A/c ................Dr. 2,78,000
C’s Capital A/c ................Dr. 2,39,000
To Bank A/c 12,45,000
(Partners’ A/c settled on dissolution )
1
=6
Marks
OR
Ques. P, Q and R................................................reconstitution of the firm. OR
Ans. Journal
a) Bad Debts A/c........................Dr. 6,000
(bad debts written off)

½

To Provision For Doubtful Debts A/c 3,000
Revaluation A/c) ½
27

c) P’s Capital A/c ..........................Dr. 4,500
Q’s Capital A/c ..........................Dr. 3,000
R’s Capital A/c ..........................Dr. 1,500
(loss on revaluation transferred to Partners’
capital A/c) 1

d) General Reserve A/c.......................Dr.
To P’s Capital A/c 60,000 30,000
To Q’ s Capital A/c 20,000
(general reserve credited to partners’ Capital 1
A/c)

e) P’s Current A/c ..........................Dr. 1,14,900

1

f) Q’ s Current A/c .......................Dr. 23,400
To Q’s Capital A/c 23,400
1
g) R’s Capital A/c ....................Dr. 1,38,300
1

=6
marks
Ans: Income & Expenditure A/c
Expenditure Amt (`) Income Amt (`)
To Office Rent 40,000 By Govt. Grant 2,00,000
To Salary 10,000 By interested accrued on 16,000 4
To Furniture hire rent 12,000 FD
Furniture 1,000
3,96,000 3,96,000
Balance Sheet

28

Add: Life Interest 16,000
Membership Fees 30,000 Books 50,000
3,46,000 Computers 75,000 2
60,000 Cash at Bank 40,000
Creditors Cash in Hand 25,000

4,06,000 4,06,000

=
6
Marks
Ans.

Revaluation A/c
Dr Cr

To Furniture 2,000
To Gain transferred to:
A’s Capital A/c-‐ 8,760 14,600 2

20,000 20,000

Dr. Cr.
To Balance 1,60,000 96,000 64,000 By Balance b/d 1,04,000 52,000 -‐-‐-‐-‐

c/d By Cash A/c -‐-‐-‐-‐-‐-‐ -‐-‐-‐-‐-‐-‐-‐ 64,000
By Revaluation 8,760 5,840 -‐-‐-‐-‐-‐
A/c
By Workmen 6,000 4,000 -‐-‐-‐-‐-‐-‐
Compensation
Fund
By Contingency 6,000 4,000 -‐-‐-‐-‐-‐-‐

Reserve 3
By Premium for 7,500 7,500 -‐-‐-‐-‐-‐
Goodwill
By Cash A/c(B.F.) 27,740 22,660 -‐-‐-‐-‐-‐

1,60,000 96,000 64,000 1,60,000 96,000 64,000 64,00
D-‐ 1,60,000 Sundry Debtors-‐ 37,600
E-‐ 96,000 Less: Prov. for D/D-‐2,000 35,600
F-‐ 64,000 3,20,000 Stock 57,000 3

29

Building 1,60,000
Furniture 18,000

4,90,000 4,90,000
Working notes:
A’s share=5/10 of 3,20,000= 1,60,000
B’s Share=3/10 of 3,20,000=96,000
[2]
Old Ratio=3:2 =
New Ratio=5:3:2
A=5/10-‐3/5= (1/10) Sac.
B=3/10-‐2/5= (1/10) Sac. 8
Marks
OR OR OR Ans.
Revaluation A/c
Dr Cr
To machinery 4,000 By Land & Building 68,000
To Stock 4,000
To Prov. for Doubtful 600 2
Debts
E’s capital A/c-‐11,880 59,400
F’s Capital A/c-‐ 5,940

68,000 68,000

Dr. Cr.
To E’s 15,750 -‐-‐-‐-‐-‐ 2,250 By Balance 1,40,000 40,000 20,000
Capital A/c b/d

To E’s Loan By
A/c
-‐-‐-‐-‐-‐-‐-‐-‐ 1,37,880 -‐-‐-‐-‐
Revaluation 41,580 11,880 5,940

3
To Balance 2,10,000 -‐-‐-‐-‐-‐ 30,000 A/c
A/c -‐-‐-‐-‐ 15,750 -‐-‐-‐-‐
By F’s Capital

A/c -‐-‐-‐-‐-‐ 2,250 -‐-‐-‐-‐-‐
By General
Reserve 28,000 8,000 4,000
By E’s Loan -‐-‐-‐-‐-‐-‐ 60,000 -‐-‐-‐-‐-‐-‐
A/c
By current 16,170 -‐-‐-‐-‐-‐-‐ 2,310
A/c

30

2,25,750 137,880 32,250 2,25,750 1,37,880 32,250

G-‐ 2,10,000 Debtors-‐ 24,000
F-‐ 30,000 2,40,000 Less: Prov. For 3
Creditors 28,000 Stock 10,000
Machinery 76,000

4,05,880 4,05,880
Working Notes:(1)
New Firm’s capital-‐ 2,40,000 =8
E’s capital -‐7/8x2,40,000=2,10,000 marks
F’s capital-‐ 1/8x 2,40,000= 30,000
Note: if candidate has not transferred E’s Loan A/c given in the existing Balance Sheet to
E’s Capital A/c, no marks will be deducted. In such case, the balance of E’s Loan A/c in the
To Share Application 12,00,000 By Share 80,000
&Allotment A/c Application
& Allotment A/c
To Share I & Final Call A/c 3,78,100
By Balance c/d 15,04,100 3

To Securities Premium Reserve 1,000
A/c
15,84,100 15,84,100

Books of S Ltd.
Journal


(`) (` )
transferred)
(iii) Calls In arrear A/c...................Dr. 1,900
31

or
(iv) Equity Share Capital A/c Dr. 5,000
Securities Premium Reserve A/c Dr. 1,000 1 x5
To Shares Forfeited A/c 4,100 =5
To Calls in Arrear A/c 1,900 marks
(Being shares forfeited )

=8
Marks
(Gain on reissue of forfeited shares transferred

to Capital Reserve)
OR OR OR Ans.
Journal
(i) Bank A/c .......................................Dr. 1,00,000
[ Application money received on 1,00,000 ½
shares]
[ Application money transferred to share ½
capital A/c ]
(iii) Equity Share Allotment A/c.....Dr. 2,00,000
[ Allotment money due on 1,00,000shares
]
(iv) Bank A/c...........................Dr. 1,98,000
[ Allotment money received except on 1
1,000 shares]
OR
Bank A/c...........................Dr. 1,98,000
1,000 shares]

(v) Equity Share Capital A/c.........................Dr. 3,000
payment of allotment money ]
32

OR 1½

payment of call money ]
(vi) Equity Share First Call A/c ...........Dr. 2,97,000 ½
shares ]

(vii) Bank A/c ............................................Dr. 2,95,500
shares] ½
OR
Bank A/c ...............................................Dr. 2,95,500
Calls in arrear A/c ................................ Dr. 1,500
shares]

[ Forfeiture of 500 shares for non payment 1
OR
3,000
Equity Share Capital A/c.........................Dr.

(ix) Bank A/c ..............................................Dr. 13,500
Forfeited Shares A/c.............................Dr. 1,500
[ 1,500 of the forfeited shares reissued as
fully paid up ]
(x) Forfeited Shares A/c ...........................Dr. 1,000
½
[ Gain on 1,500 reissued shares

transferred to capital reserve A/c ]

33

(xi) Equity Share second & final Call A/c ....Dr. 3,94,000 ½
[ Second & Final call money due on 98,500
shares ]
(xii) Bank A/c .............................................Dr. 3,94,000
To Equity Share second & final Call A/c 3,94,000 ½
[ Second and final Call money received]

=8
marks

PART B
-‐ 18 -‐ Ques. ‘Payment of dividend ..........................................Cash Flow Statement? =1
Ans. Dividend & Interest paid will be a financing activity. Mark

-‐ 19 -‐ Ques. What...................................’Cash Flow’?
Ans. Cash Flow implies movement of cash &Cash Equivalents (in and out) due to some non
cash items.
OR =1
Cash Flow means changes in the cash position/ amount of cash because of a transaction. mark

Ans.
`20,000
Debentures =
4 Sold goods ` 50,000 for No Change 4
cash Marks

OR OR
Ans. Total Assets to Debt Ratio = Total Assets
Long Term Debt 1
=15,40,000/3,00,000=5.13
Total Assets= Fixed Assets+ Non Current Investments+ Current Assets 1
=` 15,40,000
Debt = Total Liabilities-‐ Equity Share Capital-‐Preference Share Capital-‐Reserves & 1
Surplus-‐ Current Liabilities
= ` 3,00,000 1

=4
marks
-‐ 21 -‐ Ques. From the following.....................................Common Size Balance Sheet:
Ans. Common Size Balance Sheet
st
As at 31 March 2017 & 2018
34

Particulars Note Absolute Amounts % of Balance Sheet
No. Total
31.3.2017 31-‐3-‐ 31-‐3-‐2017 31-‐3-‐2018

(`) 2018

(`)
I-‐ EQUITY AND
LIABILITIES 10,00,000 12,00,000 50 48
Shareholders’ Funds 6,00,000 6,00,000 30 24 2
Non-‐ current Liabilities 4,00,000 7,00,000 20 28

Current Liabilities

Total 20,00,000 25,00,000 100 100
II-‐ Assets
Non-‐Current Assets 12,00,000 13,00,000 60 52
Current Assets 8,00,000 12,00,000 40 48 2

Total 20,00,000 25,00,000 100 100
=4
marks
Ans.
Cheques and Bank Drafts Current Assets Cash & Cash Equivalents
in Hand

Reserve
Long term Investments Current Assets Current Investments ½x8
with maturity period less =
than six months 4
Work-‐ in-‐Progress Current Assets Inventories Marks
Mining Rights Non Current Assets Fixed Assets-‐ Intangible
Publishing Titles Non Current Assets Fixed Assets-‐ Intangible
Debtors Current Assets Trade Receivables

OR OR

Ans.
whether it can presently afford a wage increase and whether it can absorb a wage
increase through increased productivity or by raising the prices.
Importance for Creditors: Creditors through an analysis of Financial Statements appraises
not only the ability of the company to meet its short term obligations but also judges the 2+2
probability of its continued ability to meet all its financial obligations in future. =4
Marks

35





53,000 1 ½

Purchase of Non Current Investments (5,00,000) (7,00,000) 1


1 ½
Cash flows from Financing Activities 3,82,000
Add: Opening Balance of Cash and Cash equivalents ½
6,40,000
3,75,000

Working Notes:
Net Profit during the year –1,50,000
Add: Prov. for Tax made— 95,000 ½
2,45,000

To Balance b/d 11,40,000 By Accumulated Dep. A/c 50,000
By Balance c/d 12,10,000 ½

12,90,000 12,90,000


36

To Plant and Machinery 50,000 By Balance b/d 2,40,000 ½

2,50,000 2,50,000 =6
Marks

PART B
OPTION 2
-‐ 18 -‐ Q. What is...........spreadsheet ?
Ans. A spreadsheet without any formula is a collection of data which are arranged in rows
and columns like a calendar, time table or simple list etc. =1
Mark
-‐ 19 -‐ Q. What..........Database Design’?
Ans. It means description of the structure of different parts of the overall database. =1
Mark
-‐ 20 -‐ Q. Explain any four..................management system.
Ans. Advantages of ‘Database management ‘(Any four):

1. Ready availability from one central source.

2. Minimum data redundancy.

3. Reduced programming effort.

4. Facility of preparation of special purpose reports.

5. Greater consistency.

1x4
6. One transaction input updates multiple data base records leads to minimising
=
input efforts. (with suitable explanation) 4
Marks
Ans. To maintain the secrecy of accounting data it is necessary to have =4
security features in accounting software. Marks
Tools (any two)
37

3. Data vault: Software provides additional security for the imputed data and this feature
is referred as data vault. Data vault ensures that original information is presented and is
not tempered. Data vault password cannot be broken. Some software uses data
encryption method.
OR


21 22 21 Q. differentiate between.............................’server database’?
Ans. (Any four)

(i) Application: Desktop database can be used by a single user server data base can be
used by many users at the same time.
(ii) Additional provision for reliability: Desktop database doesn’t present this but these =4
provisions are available in server based database. Marks

OR
4. Manage payroll.
23 23 23 Q. Nisan Ltd..........................................MS Excel. =
Ans. 6
• Cost of purchase column A1=`1,50,0000 Marks
38

• Salvage value= column D1=`25,000/-‐
• Life of asset= column E1=5 years
• SLM Depreciation= SLM(C1,D1,E1) = column F1=`100000/-‐

39


SET 3
Q. Set No. Marking Scheme 2018-‐19 Distribut

ion of
67/4 67/4 67/4 Accountancy (055)
/1 /2 /3 marks
67/4/3
3 4 1 Q. A and B................................................A, B, C, D.
Ans. Old ratio =3:2

A’s New Share=3/5-‐3/20=9/20 ½
B’s New Share=2/5-‐2/10=2/10
=1
New Profit Sharing Ratio=9:4:3:4 Mark

Ans.
Partnership =1
Closure of Books Does not require The books of accounts are closed. mark
because the
business is not
terminated.

OR

=1
Mark
OR

debentures. =1
Mark
Ans. =1
Basis Receipts & Income & Expenditure A/c Mark
Payments A/c
preceeding and
succeeding periods
40

OR
organisation.
Ans. =1
Interest On Drawings= 1,20,000x12/100x6/12=7,200 Mark

-‐ -‐ 6 Q. State any two...........................................dissolved.
Ans.
A firm is dissolved compulsorily in the following cases: (any two)
(a) When all the partners or all but one partner, becomes insolvent, rendering them
incompetent to sign a contract. ½ x2
(b) When the business of the firm becomes illegal; or =1
(c) When some event has taken place which makes it unlawful for the partners to carry on mark
the business of the firm in partnership, e.g. when a partner who is a citizen of a country
becomes an alien enemy because of the declaration of war with his country and India.

For Example: A company invited applications for 1,00,000 shares and received
applications for 4,00,000 shares. Three alternatives are available for allotment of shares:
(c) Totally reject applications for 2,00,000 shares, accept full applications for 80,000 shares
and make pro-‐rata allotment of 20,000 shares to remaining 1,20,000 applicants. 1 ½
OR marks

Ans. Cancellation of shares for the non payment of called up amount is termed as
Forfeiture of shares. 1
Gain on Forfeited shares arises on reissue.
1
=3
marks
-‐ -‐ 8 Q. Devi, Dayal and Daya.......................................Divya’s admission.
Ans. Journal

(`) (` )
Cash/ Bank A/c ............................Dr. 5,50,000
1 ½
To Divya’s Capital A/c 5,00,000

[Divya brings his share of capital and
premium]

41

Premium for Goodwill A/c..........Dr. 50,000 1 ½
Dayal’s Capital A/c......................Dr. 50,000
To Devi’s Capital A/c 50,000

To Daya’s capital A/c 50,000

(Goodwill transferred to the Capital A/c as
per Gain/ Sacrifice)

Working Notes:
old ratio :2:1:2
New Ratio after Divya’s admission=1:2:1:1
Devi’s Sacrifice=2/5-‐1/5=1/5
Dayal’s Gain= 1/5-‐2/5=1/5 =3
Daya’s Sacrifice=2/5-‐1/5=1/5 marks
For 1/5th share of profit premium contributed=50,000
Since Dayal is gaining Dayal’s capital A/c will be debited to his extent of
gain=5/1x1/5x50,000

-‐ -‐ 9 Q. From the following..........................31st March, 2018.

Ans. Stationery A/c
To Balance b/d 24,000 By Income 2,80,500
To Creditors for stationery 2,86,000 &Expenditure A/c(B.F.)
By Balance c/d 29,500 1 ½

3,10,000 3,10,000

Creditors for Stationery A/c
Particulars Amt (`) Particulars Amt (`) 1 ½
To Bank A/c 3,00,000 By Balance b/d 2,09,000
To Balance c/d 1,95,000 By Credit Purchases 2,86,000

(B.F.)

4,95,000

4,95,000

OR

Closing Creditors of Stationery 1,95,000

Add: payment made to creditors during the year 3,00,000

Total 4,95,000

Less: Creditors at the beginning 2,09,000

Credit Purchases made during the year 2,86,000

Opening Stock of Stationery 24,000

Credit Purchases made during the year 2,86,000

3,10,000

Less: Closing stock of Stationery 29,500

Stationery consumed during the year 2,80,500
=3

marks
42


-‐ -‐ 10 Q. On 1st April, 2018 ..................................... 9% Debentures Account.
Ans.
Journal
2018 Bank A/c....................................Dr. 9,00,000
Apr To Debenture Application & Allotment A/c 9,00,000 1
1 [Applications received for 10,000, 9%

Apr Debenture Application & Allotment A/c........Dr. 9,00,000
1 Discount o n i ssue o f D ebentures A /c......Dr. 1,00,000
Loss on issue of Debentures A/c.......Dr. 50,000 1
[Allotment of 10,000, 9% debentures issued at 10%
9% Debentures A/c
2019 2018
Mar To Balance c/d 10,00,000 Apr 1 By Debenture 9,00,000
31 Application &
Allotment A/c
1
Apr 1 By Discount on issue of 1,00,000

Deb.A/c
=3
10,00,000 10,00,000 Marks

OR
OR
2018
Apr Bank A/c....................................Dr. 9,00,000 1
1 To Debenture Application & Allotment A/c 9,00,000

Apr Debenture Application & Allotment A/c.Dr. 9,00,000
1 Loss on issue of Debentures A/c.......Dr. 1,50,000 1
[Allotment of 10,000, 9% debentures issued at 10

9% Debentures A/c
2019 2018
Mar To Balance c/d 10,00,000 Apr 1 By Debenture 9,00,000 1
31 Application &
Allotment A/c =
Apr 1 By Loss on issue of 1,00,000 3
Deb. marks
43


10,00,000 10,00,000

-‐ -‐-‐-‐ 11 Q. J, K and L ....................................... on its dissolution.

Ans.
Journal
a) Bank A/c......................Dr. 1,30,000
(amount realised from debtors)
b) Realisation A/c............Dr. 16,000
To K’s Capital A/c 16,000
(remuneration for dissolution work)
c) Realisation A/c........Dr. 4,000
To K’s Capital A/c 4,000
K’s Capital A/c........Dr. 6,500
To Bank A/c 6,500
( K compensated for bearing dissolution
expenses)
OR
Realisation A/c........Dr. 4,000
K’s Capital A/c........Dr. 2,500
To Bank A/c 6,500
( K compensated for bearing dissolution
expenses)

1x4
d) J’s Capital A/c ................Dr. 14,800 =
K’s Capital A/c ................Dr. 18,500 4
L’s Capital A/c ................Dr. 3,700 Marks
(realisation loss transferred to Partners’
Capital A/c)

-‐ -‐ 12 Q. E, F and G...........................................books of the firm.
Ans. Journal
a) Interest On Capital A/c..............Dr. 1,44,000
To E’s Current A/c 36,000
To F’s Current A/c 48,000
To G’s Current A/c 60,000 1 ½
(Interest on Capital Credited to Partners’ Capital A/c)

b) P& L Appropriation A/c ......Dr. 1,44,000
To interest on Capital A/c 1,44,000 1
(interest on capital transferred to P& L App. A/c)

b) P& L Appropriation A/c ......Dr. 66,000
To E’s Current A/c 19,800 1 ½
To F’s Current A/c 19,800
44

To G’s Current A/c 26,400
(Profit on Appropriation transferred)
=4
marks


(i)
Journal
A’s Current* A/c Dr. 10,000
To C’s Current* A/c 10,000 2



A (₹) B (₹) C (₹) Total (₹)

Omission of 40,000 (Cr.) 50,000 (Cr.) 60,000 (Cr.) 1,50,000
1
IOC

Total divided in 50,000 (Dr.) 50,000 (Dr.) 50,000 (Dr.) 1,50,000

PSR

Net Effect 10,000 (Dr.) -‐-‐ 10,000 (Cr.)

(ii)
Journal
R’s Capital A/c Dr. 1,300 2
To P’s Capital A/c 400


P (₹) Q (₹) R (₹) Total (₹) 1
IOD
Total divided in 1,400 (Cr.) 1,400 (Cr.) 700 (Cr.) 3,500 =
PSR 6
Net Effect 400 (Cr.) 900 (Cr.) 1,300 (Dr.) Marks


Ans. Journal
45

To Fixed Assets A/c 7,10,000 1
To Debtors A/c 1,95,000
Provision for Doubtful Debts 5,000
A/c............Dr. 2,05,000 1
To Realisation A/c
c) Bank A/c ...................................Dr. 11,49,000 1
(Assets realised)
settlement)
OR 1,85,000 1
Realisation A/c.................Dr. 1,85,000
To Bank A/c
19,000
To Bank A/c

e) A’s Capital A/c ................Dr. 22,000
B’s Capital A/c ................Dr. 22,000
C’s Capital A/c ................Dr. 11,000 1
Capital A/c)

f) A’s Capital A/c ................Dr. 7,28,000
B’s Capital A/c ................Dr. 2,78,000
C’s Capital A/c ................Dr. 2,39,000
To Bank A/c 12,45,000
(Partners’ A/c settled on dissolution ) 1
=6
Marks

OR OR
Ques. P, Q and R................................................reconstitution of the firm.
Ans. Journal
a) Bad Debts A/c........................Dr. 6,000
(bad debts written off) ½
46

To Provision For Doubtful Debts A/c 3,000 ½
Revaluation A/c)
c) P’s Capital A/c ..........................Dr. 4,500
Q’s Capital A/c ..........................Dr. 3,000
R’s Capital A/c ..........................Dr. 1,500
(loss on revaluation transferred to Partners’
capital A/c)

d) General Reserve A/c.......................Dr.
To P’s Capital A/c 60,000 30,000
To Q’ s Capital A/c 20,000 1
(general reserve credited to partners’ Capital
A/c)

e) P’s Current A/c ..........................Dr. 1,14,900

f) Q’ s Current A/c .......................Dr. 23,400
To Q’s Capital A/c 23,400

g) R’s Capital A/c ....................Dr. 1,38,300
=6
marks

Ans: Income & Expenditure A/c
Expenditure Amt (`) Income Amt (`)
To Office Rent 40,000 By Govt. Grant 2,00,000 4
To Salary 10,000 By interested accrued on 16,000
To Furniture hire rent 12,000 FD
Furniture 1,000
3,96,000 3,96,000

Balance Sheet



47

Add: Life
Interest 16,000
Membership Fees 30,000
Books 50,000 2
3,46,000
Computers 75,000
60,000
Cash at Bank 40,000
Creditors Cash in Hand 25,000

4,06,000 4,06,000 =
6

Marks
To Share Application 12,00,000 By Share 80,000
&Allotment A/c Application
& Allotment A/c
15,04,100
To Share I & Final Call A/c 3,78,100 By Balance c/d 3


To Securities Premium Reserve 1,000
A/c
15,84,100 15,84,100

Books of S Ltd.
Journal


(`) (` )

transferred)
(iii) Calls In arrear A/c...................Dr. 1,900
Or
(iv) Equity Share Capital A/c Dr. 5,000 1 x 5
Securities Premium Reserve A/c Dr. 1,000 =5
To Shares Forfeited A/c 4,100 marks
48

(Being shares forfeited )
To Capital Reserve A/c 4,100 =8
(Gain on reissue of forfeited shares transferred Marks

to Capital Reserve)
OR OR OR Ans.
Journal
(i) Bank A/c .......................................Dr. 1,00,000
[ Application money received on 1,00,000 ½
shares]

[ Application money transferred to share
capital A/c ]
(iii) Equity Share Allotment A/c.....Dr. 2,00,000 ½
[ Allotment money due on 1,00,000shares
]
(iv) Bank A/c...........................Dr. 1,98,000
To Share Allotment A/c 1,98,000 1
1,000 shares]
OR
Bank A/c...........................Dr. 1,98,000
1,000 shares]

(v) Equity Share Capital A/c.......................Dr. 3,000
payment of allotment money ] 1½
OR

Equity Share Capital A/c.......................Dr. 3,000
payment of call money ] ½
(vi) Equity Share First Call A/c ...........Dr. 2,97,000
shares ]

49


(vii) Bank A/c ..............................................Dr. 2,95,500
shares]
OR ½
Bank A/c ...............................................Dr. 2,95,500
Calls in arrear A/c ................................ Dr. 1,500
shares]

of first call money ] 1
OR
3,000
Equity Share Capital A/c.........................Dr.

(ix) Bank A/c ..............................................Dr. 13,500
Forfeited Shares A/c...........................Dr. 1,500
[ 1,500 of the forfeited shares reissued as ½
fully paid up ]

(x) Forfeited Shares A/c .............................Dr. 1,000
½
[ Gain on 1,500 reissued shares

transferred to capital reserve A/c ]
(xi) Equity Share second & final Call A/c ....Dr. 3,94,000
[ Second & Final call money due on 98,500 ½
shares ]
(xii) Bank A/c ..............................................Dr. 3,94,000
To Equity Share second & final Call A/c 3,94,000
[ Second and final Call money received] ½

=8
marks

50

Ans. Revaluation A/c
Dr Cr

To Furniture 2,000
A’s Capital A/c-‐ 8,760 14,600

20,000 20,000

Dr. Cr.
To Balance 1,60,000 96,000 64,000 By Balance b/d 1,04,000 52,000 -‐-‐-‐-‐

c/d By Cash A/c -‐-‐-‐-‐-‐-‐ -‐-‐-‐-‐-‐-‐-‐ 64,000
By Revaluation 8,760 5,840 -‐-‐-‐-‐-‐
A/c
By Workmen 6,000 4,000 -‐-‐-‐-‐-‐-‐
Compensation
Fund
By Contingency 6,000 4,000 -‐-‐-‐-‐-‐-‐
3
Reserve
By Premium for 7,500 7,500 -‐-‐-‐-‐-‐
Goodwill
By Cash A/c(B.F.) 27,740 22,660 -‐-‐-‐-‐-‐

1,60,000 96,000 64,000 1,60,000 96,000 64,000 64,00
G-‐ 1,60,000 Sundry Debtors-‐ 37,600
H-‐ 96,000 Less: Prov. for D/D-‐2,000 35,600
I-‐ 64,000 3,20,000 Stock 57,000 3
Building 1,60,000
Furniture 18,000

4,90,000
4,90,000

Working notes:




A’s share=5/10 of 3,20,000= 1,60,000

B’s Share=3/10 of 3,20,000=96,000

[2]

Old Ratio=3:2
=
New Ratio=5:3:2

A=5/10-‐3/5= (1/10) Sac.

B=3/10-‐2/5= (1/10) Sac.
8
51

Marks
OR OR OR Ans. Revaluation A/c
Dr Cr
To Machinery 4,000 By Land & Building 68,000
To Stock 4,000
To Prov. for Doubtful 600
Debts 2
E’s capital A/c-‐11,880 59,400
F’s Capital A/c-‐ 5,940

68,000 68,000

Dr.
Cr.
To E’s 15,750 -‐-‐-‐-‐-‐ 2,250 By Balance 1,40,000 40,000 20,000
Capital A/c b/d

To E’s Loan By
A/c
-‐-‐-‐-‐-‐-‐-‐-‐ 1,37,880 -‐-‐-‐-‐
Revaluation 41,580 11,880 5,940

To Balance 2,10,000 -‐-‐-‐-‐-‐ 30,000
A/c
A/c -‐-‐-‐-‐ 15,750 -‐-‐-‐-‐
By F’s Capital

A/c -‐-‐-‐-‐-‐ 2,250 -‐-‐-‐-‐-‐
By General
Reserve 28,000 8,000 4,000
By E’s Loan -‐-‐-‐-‐-‐-‐ 60,000 -‐-‐-‐-‐-‐-‐ 3
A/c
By current 16,170 -‐-‐-‐-‐-‐-‐ 2,310
A/c

2,25,750 137,880 32,250 2,25,750 1,37,880 32,250

G-‐ 2,10,000 Debtors-‐ 24,000
F-‐ 30,000 2,40,000 Less: Prov. For
Creditors 28,000 Stock 10,000 3
Machinery 76,000
52


4,05,880
4,05,880
Working Notes:(1)
New Firm’s capital-‐ 2,40,000
E’s capital -‐7/8x2,40,000=2,10,000
F’s capital-‐ 1/8x 2,40,000= 30,000 =8
Note: if candidate has not transferred E’s Loan A/c given in the existing Balance Sheet to marks
E’s Capital A/c, no marks will be deducted. In such case, the balance of E’s Loan A/c in the

PART B
-‐ -‐ 18 Q. How is goodwill ..........................................operating activities?

Ans. It will be considered as a non cash expense and will be added back to the net profit =1
for the purpose of calculating operating profit before working capital changes. Mark

-‐ -‐ 19 Ques. When does...................................cash equivalent? =1
mark
Ans. An investment normally qualifies as cash equivalent when it has a short maturity of
say 90 days or less without any significant risk of changes in its value from the date of
acquisition.


Ans.
Cheques and Bank Drafts Current Assets Cash & Cash Equivalents
in Hand
Reserve
Long term Investments Current Assets Current Investments
with maturity period less
than six months ½x8
Work-‐ in-‐Progress Current Assets Inventories =
Mining Rights Non Current Assets Fixed Assets-‐ Intangible 4
Publishing Titles Non Current Assets Fixed Assets-‐ Intangible Marks
Debtors Current Assets Trade Receivables OR
OR

Ans.
whether it can presently afford a wage increase and whether it can absorb a wage
increase through increased productivity or by raising the prices.
Importance for Creditors: Creditors through an analysis of Financial Statements appraises 2+2
not only the ability of the company to meet its short term obligations but also judges the =4
53

probability of its continued ability to meet all its financial obligations in future. Marks

-‐ -‐ 21 Ques. From the following.....................................Comparative Income Statement of NY
Ltd:
Ans. Comparative Income Statement
Particulars Note 31st March, 31st March, Absolute Percentage
No.
2017 2018(`) Inc/ Dec. Inc./ Dec.
(`) (`)

Revenue from 15,00,000 24,00,000 9,00,000 60 1
Operations

Expenses:

Cost of Materials
Consumed 8,00,000 12,00,000 4,00,000 50
1
Employee
Benefit Expenses 1,20,000 1,80,000 60,000 50

Other Expenses 80,000 60,000 (20,000) (25)

Total Expenses 10,00,000 14,40,000 4,40,000 44
Profit before Tax 5,00,000 9,60,000 4,60,000 92 1

Less: Tax @ 50% 2,50,000 4,80,000 2,30,000 92
1
Profit after tax 2,50,000 4,80,000 2,30,000 92

=4

Marks
Ans.
`20,000
Debentures =
4 Sold goods ` 50,000 for No Change 4
cash Marks

OR OR

Ans. Total Assets to Debt Ratio = Total Assets 1
Long Term Debt
=15,40,000/3,00,000=5.13 1
Total Assets= Fixed Assets+ Non Current Investments+ Current Assets
=` 15,40,000 1
Debt = Total Liabilities-‐ Equity Share Capital-‐Preference Share Capital-‐Reserves &
Surplus-‐ Current Liabilities 1
= ` 3,00,000
54

=4
marks




Less: Tax Paid (80,000) 1 ½
53,000

Purchase of Non Current Investments (5,00,000) (7,00,000) 1


Cash flows from Financing Activities 3,82,000 1 ½
6,40,000
Closing Balance of Cash and Cash equivalents ½
3,75,000

Working Notes:
Net Profit during the year –1,50,000
Add: Prov. for Tax made— 95,000
2,45,000 ½

To Balance b/d 11,40,000 By Accumulated Dep. A/c 50,000
By Balance c/d 12,10,000 ½

12,90,000 12,90,000

55


Particulars ` Particulars ` ½
To Plant and Machinery 50,000 By Balance b/d 2,40,000

2,50,000 2,50,000 =6
Marks

PART B
OPTION 2
-‐ -‐ 18 Q. Give the ...........’Mixed Reference’.
=
Ans. A mixed reference is a reference that is fixed only on part of the reference either the 1
row or column. It is useful when the formula or function is copied to another location. mark

-‐ -‐ 19 Q. What..........’Block Codes’?

Ans. i)Name,
ii) ID,
iii) Designation, =
iv) Location, 1
v)Basic Pay (any four) mark

-‐ -‐ 20 Q. State the..................accounting system.

Ans.(Any Four)

Basis Generic ‘S Specific’ Software

Nature of business Small, conventional large, medium
business business

Cost of installation and maintenance Low Rel Relatively high

Expected level of secrecy (software Low Relatively high
and Data)
Number of user and their interface Limited As per specifications
1x4
Linkage to other information system Restricted yes =4
marks
Adaptability High Relatively high

Training requirements Low medium

21 22 21 Q. Differentiate between.............................’server database’? =4

Ans. (Any four) Marks
56

(i) Application: Desktop database can be used by a single user server data base can be
used by many users at the same time.
(ii) Additional provision for reliability: Desktop database doesn’t present this but these
provisions are available in server based database.

OR

4. Manage payroll.

Ans. To maintain the secrecy of accounting data it is necessary to have security
features in accounting software.

Tools (any two)


adulterations, if any, the software displays all entries along with the name of =4
the auditor user and date and time of alteration. Marks
3. Data vault: Software provides additional security for the imputed data and this feature
is referred as data vault. Data vault ensures that original information is presented and is
not tempered. Data vault password cannot be broken. Some software uses data
57

encryption method.
OR



23 23 23 Q. Nisan Ltd..........................................MS Excel.
Ans.
• Cost of purchase column A1=`1,50,0000
• Salvage value= column D1=`25,000/-‐ =
• Life of asset= column E1=5 years 6
• SLM Depreciation= SLM(C1,D1,E1) = column F1=`100000/-‐ Marks

58

- Strictly Confidential : (For Internal and Restricted Use Only)
March -‐2018 -‐ 19
1. You are aware that evaluation is the most important process in the actual and correct assessment of the candidates.
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. Evaluation is a 10-‐12 days mission for all of us. Hence, it is
desired from you to give your best in this process.

2. 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 innovative
may be assessed and marks be awarded to them.

3. The Head-‐Examiner has to go through the first five answer scripts evaluated by each evaluator to ensure that
evaluation has been carried out as per the instructions given in the Marking Scheme. The remaining answer scripts
meant for evaluation shall be given only after ensuring that there is no significant variation in the marking of
individual evaluators.

4. 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 totalled up and written in the left hand margin and encircled.


6. If a student has attempted an extra question, answer of the question deserving more marks should be retained and
other answer scored out.


8. Deductions up to 25% of the marks must be made if the student has not drawn formats of the Journal and Ledger
and has not given the narrations.


10. No marks are to be deducted or awarded for writing / not writing ‘TO and BY’ while preparing Journal and Ledger
accounts.



1


14. While evaluating the answer scripts if the answer is found to be totally incorrect, it should be marked as (x) and
awarded zero(0) Marks.

15. Any unassessed portion, non-‐carrying over of marks to the title page or totalling 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
totalled and written in figures and words.
18. As per orders of the Hon’ble Supreme Court, the candidates would now be permitted to obtain photocopy of the
Answer Book on request on payment of the prescribed fee. All 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 give in the
Marking Scheme.
2

Q. Set No. Marking Scheme 2018-19 Distribution
Accountancy (055) of marks
67/5/1
67 67 67
/5 /5 /5
/1 /2 /3
1 3 5 Q. A not-‐for-‐profit ………………………………….. statements prepared by it.

Ans. Receipts & Payments A/c and Balance Sheet. ½ +½

OR OR

Q. State the basis of preparing “Income and expenditure account”. 1
Ans. Accrual Basis

2 5 4 Q. S,B and J were partners in …...........................................sacrificing ratio of S,B and J.
1
Ans. Sacrificing ratio of S,B and J is 1:1:1.
3 4 1 Q. At the time of dissolution of a.................................taken over by a creditor in full
settlement of his claim.
Pass necessary journal entries for the above.
1
Ans : Cash/Bank A/c Dr 52,000
A's Capital A/c Dr 80,000
(Being Assets realised and some taken over by Partner A).

4 -‐ -‐ Q. Give the accounting entry......... reconstitution of a partnership firm.

Ans : Sundry Assets Dr.
To Revaluation A/c 1
( Being Unrecorded asset recorded)

5 2 2 Q. What...................... “Reserve Capital”.

Ans : Reserve Capital:-‐ It refers to that portion of uncalled capital which is to be called
up only in the event of winding up of the company 1

OR
OR
Name the ….......................... redemption of debentures.
Ans. Redemption out of capital. ½ + ½
Redemption out of Profits.
Redemption out of capital and profits.
(Any Two)

6 1 3 Q. State the two situations…………………………….provided.

Ans: 1. When the partner contribute unequal amounts of capital but share profits
3

equally. ½ + ½
2. When Capital contribution is same but the share of profits are unequal.
OR OR
Q. Distinguish between …………………………………….basis of Credit balance.

Ans: Fixed Capital account will have credit balance whereas Fluctuating Capital account 1
can have debit balance as well.

7 9 10 Q. State any three purposes other than.........................................Securities Premium 3
Reserve can be utilised.

Ans : (i) Issue of Fully paid bonus shares
(ii) To pay premium for redemption of debentures or preference shares. (1x3)
(iii) To write off expenses of, or commission paid, or discount allowed on shares/
debentures.
(iv) For buy back of shares.
(Any Three)

OR
Q. Using imaginary.................................................................... Companies Act,2013.
Ans.
Balance Sheet
(Of ………..Ltd. as per Schedule III Of Companies Act 2013)
Particulars Note No. Current Year Previous Year
(Rs.) (Rs.)

I. Equity and Liabilities 1
1. Shareholders Funds 1 15,00,000 15,00,000

Note No.
Particulars Current Year Previous Year
(Rs.) (Rs.)

Authorised Capital:

2,00,000 Equity Shares of Rs.10 each 20,00,000 20,00,000

Issued Capital:
2
1,50,000 Equity Shares of Rs. 10 Each 15,00,000 15,00,000
Subscribed Capital:
Subscribed and Fully paid

Note:
(i) The figures provided are imaginary. If the candidate has provided other correct
figures full credit be given.
4

(ii) In the Balance Sheet, previous year column may be ignored
(iii) If an examinee has presented the Balance Sheet with ‘Subscribed and not fully
paid’ capital with calls in arrears or shown share forfeiture account, full credit is to be
given.
8 -‐ -‐ Q. The goodwill of a firm......................................................Calculate the amount of 3

Goodwill.

Ans. Year Normalised Profits
2014-‐15 20,000-‐5,000(abnormal gain) = Rs. 15,000
2015-‐16 40,000+10,000 (abnormal loss)= Rs. 50,000 (1½)
2016-‐17 = Rs. 40,000
Total Rs. 1,05,000

Average of normal profits= 1,05,000/3= Rs. 35,000 (1/2)
Goodwill-‐ 35,000x2= Rs. 70,000. (1)

9 -‐ -‐ Q. From the following information............................................... the club received Rs. 3
5,000 for the year ending 31st March, 2017.

Ans. Subscription received during the year = Rs.1,20,000
Add. O/S subscription (for year ending 31-‐3-‐18) 12,500 1 ½
Advanced Subscription (for the year ending 31-‐3-‐18) 9,500
1,42,000 1
Less. Received (for year ending 31-‐3-‐17) (5,000)
Income and Expenditure A/c 1,37,000 ½

Note: In case the candidate has calculated using any other correct method full credit
be given.

Solution for Hindi version
Ans.
₹
Subscriptions received during the year 1,20,000 ½
Add outstanding subscription (for year ending 31-‐3-‐18) 10,500 ½
Add Advance Subscription (for the year ending 31-‐3-‐18) 8,000 ½
1,38,500
Less. Received (for year ending 31-‐3-‐17) (5,000) ½
Less Advance received for the next year (9,500) ½
½
Amount to be credited to Income and Expenditure A/c 1,24,000
=

3 marks
be given.

5

10 -‐ -‐ Q. On 1st April,2011, XYZ, a banking company .............................. redemption 3
investments as per the provisions of Companies Act,2013. Pass necessary journal
entries for redemption of debentures.
Ans. Journal
Date Particulars L.F Amount Amount
(Dr.) (Cr.)

2017 Surplus i.e balance in statement of P & L 6,25,000
march A/c. Dr. 6,25,000
31st To Debenture redemption reserve
(Being reserve created at 25% of
outstanding debentures)
April Debenture redemption investment A/c 3,75,000
2017 Dr. 3,75,000 ( ½ x 6)
To Bank A/c
(Being 15% invested in investments)
2018 Bank A/c Dr. 3,75,000
March To Debenture Redemption Investment 3,75,000
31st A/c
(Being investments sold)
2018 9% debentures A/c Dr. 25,00,000
March Premium on redemption of Debentures 2,50,000
31st A/c Dr. 27,50,000
To Debentureholder's A/c
(Being debentures and premium due for
redemption)
2018 Debentureholder's A/c Dr. 27,50,000
March To Bank A/c 27,50,000
31st (Being payment made to
debentureholders)
2018 Debenture redemption reserve A/c Dr. 6,25,000
March To General reserve A/c 6,25,000
31st (Being debentures redemption reserve
transfered to general reserve).
Note: In case the student has not created reserve and transferred the same to general
reserve deduct only half mark.
6

11 -‐ -‐ Q. V and S are partners in a firm..................................... as his share of goodwill 4
premium. Give necessary journal entries.
1. When the amount of goodwill................ in the business, and
ANS. Journal
DATE PARTICULARS L.F Debit (Rs.) Credit (Rs.)

Bank/Cash A/c Dr. 24000
(1 ½ )
To G's capital A/c 20,000

To Premium for goodwill A/c 4,000

(Being cash brought in for capital

and goodwill)

Premium for goodwill A/c Dr. 4,000
To V's capital A/c 2,500 (1 ½ )
To S's capital A/c 1,500
(Being premium distributed to
old partners in sacrificing ratio)
No further entry for retention of goodwill in business. For withdrawl additional entry
is as under:
2. When the amount of ................................... was fully withdrawn.
Ans. Journal
DATE PARTICULARS L.F Debit (Rs.) Credit (Rs.)

V's capital A/c Dr. 2,500 (1)
S's capital A/c Dr. 1,500
(Being cash withdrawn by old
partners)

12 -‐ -‐ Q. A, B and C were partners.................... there was a liability of Rs. 7,000 on account 4
of workmen's compensation.
Pass the necessary journal entries for the above at the time of A's death.
Journal
Date Particulars L.F Debit (Rs.) Credit (Rs.)

To Patents A/c 8,000 (1/2)
To Furniture A/c 6,000
To Plant A/c 10,000
(Being assets revalued).

Workmen's Compensation fund A/c Dr. 10,000
To claim for workmen's compensation 7,000
To A's Capital A/c 1,000 (1)
To B's Capital A/c 1,000
To C's Capital A/c 1,000
(Being compensation fund transferred
to claim and balance distributed)

A's capital A/c Dr 8,000

7

B's capital A/c Dr 8,000 (1/2)
C's capital A/c Dr 8,000
(Being loss on revaluation distributed
among partners)

General reserve A/c Dr 9,000
Profit and loss A/c Dr 6,000
To A's capital A/c 5,000
To B's capital A/c 5,000 (1)
To C's capital A/c 5,000
(Being general reserve and profit and
loss A/c distributed among partners in
a profit sharing ratio) OR
OR 9,000
To A's capital A/c 3,000 (1/2)
To B's capital A/c 3,000
To C's capital A/c
(Being general reserve distributed.)
6,000
Profit and loss A/c Dr 2,000 (1/2)
To A's capital A/c 2,000
To B's capital A/c 2,000
To C's capital A/c
(Being profit and loss distributed
among partners)
A's Capital A/c Dr. 38,000
To A's Executor’s A/c 38,000 (1)
(Being capital account transferred to
A’s executors A/c)

13 14 15 Q. A, B and C were partners. Their fixed capitals were ................................ workings 6
clearly, pass the necessary adjustment entry.
Ans.
Interest Salary Commission Profits Total Profits Excess/
on Payable Payable Distributed (Deficiency)
capital

A 3,000 -‐ -‐ 20,920 23,920 40,000 16080 (4)
B 2,000 18,000 -‐ 20,920 40,920 26,667 (14253)
C 1,000 -‐ 3,700 10,460 15,160 13,333 (1827)


A's Current A/c Dr. 16,080
To B's current A/c 14,253 (2)
To C's current A/c 1,827

8

(Being adjustment entry passed
through current's A/c of partners)

Note: In case the working notes have been prepared in a different format or through
profit and loss adjustment account full credit may be given.

OR
Q. T and N were partners in a................................................................... Prepare
Revaluatio account, Partner's Capital Accounts and Opening Balance Sheet of the new
firm.
Ans.
(2)
To Provision For Doubtful Debts 2,000 By Partner's capital A/c

To Furniture A/c 150 T 1,575

To Stock A/c 1000 N 1,575 3,150

3150 3,150

Dr. PARTNER'S CAPITAL A/C Cr.
Particulars T N M Particulars T N M
To Revaluation 1,575 1,575 -‐ By Balance b/d 30,000 15,000 -‐
A/c By General
To Balance C/d 31,675 16,675 15,500 Reserve A/c 1,000 1,000 -‐ (2)
By Bank A/c -‐ -‐ 15,500
By Premium
for Goodwill 2,250 2,250 -‐
A/c
33,250 18,250 15,500 33,250 18,250 15,500

BALANCE SHEET

(of T,N and M as at 31-‐3-‐2018)

Liabilities Amount (Rs.) Assets Amount (Rs.)
Creditors 18,000 Cash at bank 21,000
Capitals Debtors 40,000
T – 31,675 (-‐) Provision (2,000) 38,000 (2)
N-‐ 16,675 Stock 5,000
M-‐ 15,500 63,850 Furniture 2,850
Freehold Property 15,000
81,850 81,850

14 15 13 Q. A, B and C were partners in a firm............................................. Prepare Profit and

Loss Appropriation Account.............................. the Current Accounts of the partners. 6
ANS.

P&L APPROPRIATION A/C
9

Dr. (OF A,B AND C FOR THE YEAR ENDING 31-‐3-‐18) Cr.

To Interest on Capital By Net Profits 3,88,000

A's current A/c 40,500 (4,00,000-‐12,000)

B's current A/c 45,000

C's current A/c 54,000 1,39,500

To Salary to Partner

A's current A/c 2,00,000
(3)
To Profits

A's current A/c 14,550


C's current A/c 19,400 48,500

3,88,000 3,88000

Dr. PARTNER'S CURRENT A/C Cr.
PARTICULARS A B C PARTICULARS A B C
To balance 20,000 10,000 15,000 By Int. On 40,500 45,000 54,000
B/d Cap
By salary 2,00,000 -‐-‐ -‐-‐-‐
To Drawings 40,000 75,000 55,000 By profits 14,550 14,550 19,400
To Balance 1,95,050 -‐-‐ 3,400 By Balance 25,450 (3)
c/d c/d

2,55,050 85,000 73,400 2,55,050 85,000 73,400

10

15 13 14 Q. Following is the summary of cash transactions......................... summary prepare a 6
Receipts and Payments Account of Good Health Club for the year ending 31.3.2018.

Ans.
Receipts and Payments A/c
Dr. (of Good Health club for the year ending 31-‐3-‐18) Cr.
Receipts Amount(Rs.) Payments Amount(Rs.)

To opening balance By wages and salary 55,000
cash 70,000 By Investment in 9% deb 2,40,000
bank 3,00,000 of XYZ Ltd. ½ mark for
To subscription received By health journals 5,000 two correct
2016-‐17 40,000 By stationary 12,500 posting + 1
2017-‐18 3,75,000 By insurance premium 6760 for
2018-‐19 20,000 4,35,000 By courier charges 800 calculating
To donations for gym 1,64,000 By Municipal taxes 9570 closing
To Admission Fees 14,000 By Machine purchased 38,000 bank bal.
To Life Member fees 45,000 By Balance C/d
To lockers rent 11,000 Cash in hand 43000
To sale for old paper 300 Bank (Balancing 6,30,410
To interest on bank 1740 Figure)
balance
10,41,040 10,41,040

16 16 17 Q. Michael, Jackson and John were.......................... Prepare Realisation account, Bank 8

Account and Partner's Capital Accounts.
Ans.
Dr. REALISATION A/C Cr.

To Debtors 48,400 By Provision for Doubtful 2,400
To Stock In hand 16000 Debts
To Furniture 2000 By Creditors 11,500
To Sundry assets 34000 By Loan 3,500
To Michael's Capital A/c 10,000 By Michael's Capital A/c
(creditors) Furniture 2,600
To John's Capital A/c Debtors 34,400 37,000
Loan 3,500 By Jackson's capital A/c
Expenses 600 4,100 Stock in trade 14,000 (4)
To Bank(creditors) 1,500 sundry assets 28800 42,800
By John's Capital A/c
Sundry assets 1,800
By Bank(Debtors) 4,200
By Partner's Capital A/c
Michael 7680
Jackson 2560
John 2560 12800
1,16,000 1,16,000
________

11


Dr. PARTNERS CAPITAL A/C Cr.
Particulars Michael Jackson John Particulars Michael Jackson John

To Realisation A/c 37000 42800 1800 By Balance b/d 50,000 25,000 14,000
To Realisaton A/c 7680 2560 2560 By Realisation 10,000 -‐ 4100 (2)
(loss) A/c
To Bank A/c 15320 -‐ 13740
By bank A/c -‐ 20,360
-‐
60,000 45,360 18100 60,000 45,360 18,100

Dr. BANK A/C Cr.

To Balance b/d 6,000 By Realisation A/c 1500

To Realisation A/c 4,200 By Michael's Capital A/c 15320
(2)
To Jackson's Capital A/c 20,360 By John's Capital A/c 13740

30,560 30,560

OR
Q. N, S and B were partners in a firm........................... Prepare Revaluation account,
Partner's Capital Accounts and the Balance Sheet of the reconstituted firm.
Ans-‐

To Machinery A/c 3000 By Freehold 8,000
To Furniture A/c 840 Premises A/c
To Provision for 1500 By Stock A/c 3,300
doubtful debts
To Partner's capital
A/c
N-‐ 2980
S-‐ 993 (2 1 /2)
B-‐ 1987 5960
11,300 11,300


PARTICULARS N S B PARTICULARS N S B
To B's A/c 5250 1750 -‐ By Balance B/d 30,000 30,000 28,000
To B's Loan A/c -‐ -‐ 40,987 By N's Capital A/c -‐ -‐ 5250
By S's Capital A/c -‐ -‐ 1750
To Balance c/d 33,730 31,243 -‐ By General Reserve 6,000 2,000 4,000
By Revaluation A/c 2980 993 1987 (3 ½)

38980 32993 40987 38980 32993 40987

To Current A/c -‐ 15000 -‐ By Balance B/d 33,730 31,243 -‐
-‐ By
c urrent
A/c 15000 -‐ -‐
To Balance C/d 48,730 16,243 -‐
48730 31243 48,730 31,243 -‐
12


BALANCE SHEET
(of N & S as at 31-‐3-‐17)

Capital's A/C Freehold premises 48,000
N 48,730 Machinery A/c 27,000
S 16,243 64,973 Furniture A/c 11,160 (2)
Bills Payable 12,000 Stock A/c 25,300
Sundry Creditors 18,000 Sundry Debtors 20,000
N's Current A/c 15,000 -‐Provision for debtors(2,500) 17,500
B's Loan A/c 40987 Cash 7,000
S's Current A/c 15,000
1,50,960 1,50,960

ALTERNATE SOLUTION Alternate

Note: An examinee should have prepared Revaluation Account as per the given
question. But if an examinee has prepared Realisation Account instead of Revaluation
Account, the marking will be as follows:

Dr. Realisation A/c Cr.

(₹) (₹)

To Sundry Assets By Provision for bad debts 1,000

Freehold Premises 40,000 By Bills payable 12,000

Machinery 30,000 By Sundry Creditors 18,000
6 marks
Furniture 12,000 1 ½

Stock 22,000 marks

Sundry Debtors 20,000 1,24,000

2½

To Bank marks

Creditors 18,000 1 mark
Bills payable 12,000 1 mark

Dr. PARTNER'S CAPITAL A/c Cr.

Particulars N(₹) S(₹) B(₹) Particulars N(₹) S(₹) B(₹)
1 mark
By Balance b/d 30,000 30,000 28,000
1 mark
By General Reserve 6,000 2,000 4,000

17 17 16 Q. Royal Ltd. Invited applications for issuing 2,00,000 equity shares of Rs. 10 8
13

each.................................................................. All the forfeited shares were reissued
at rs.11.50 fully paid up to Meeta.
Pass necessary journal entries....................... in the books of Royal Ltd.
Ans. Journal
Date Particulars L.F. Debit (Rs.) Credit (Rs.)

Bank A/c Dr. 18,00,000
To Equity share application A/c 18,00,000
(Being amount received on application
of 4,50,000 shares at a premium of ½
rs.2.50)
Equity share application A/c Dr. 18,00,000
To Equity share capital A/c 3,00,000
To Securities Premium reserve A/c 5,00,000
To Equity share allotment A/c 6,00,000
To Bank A/c 4,00,000 1
(Being the amount transferred to share
capital, share allotment, securities
premium reserve and bank)

Equity share allotment A/c Dr. 7,00,000

½
(Being share allotment made due)

Bank A/c Dr. 98,000
Calls in arrears A/c Dr. 2,000 1
(Being share allotment received.)
Equity share capital A/c Dr. 20,000
To Calls in arrears A/c 2,000 1
(Being shares forfeited.)

Equity share 1st and final call A/c Dr. 9,80,000
(Being shares 1st and final call made 1
due.)
Bank A/c Dr. 9,50,000
To Equity share 1st and final call A/c 9,80,000 ½
(Being first and final call received)


To Share forfeiture A/c 30,000
1
To Calls in arrears A/c 30,000


Bank A/c Dr. 1,15,000
To Securities premium reserve A/c 15,000 1
(Being shares re-‐issued.)
Share forfeiture A/c Dr. 48,000
½
14

(Being amount transferred to capital
A/c)

Note: In case the candidate has given the solution without opening calls in arrears

account full credit may be given.

Working notes:

Shares Applied = 3,50,000/2,00,000 X 4000 = 7,000 shares

Money Sent on Application = 7,000 x 4 =Rs.28,000

Money used on application= 4,000 x 4 = Rs.16,000

Excess received on Application = Rs.4,000

Money Due on allotment = Rs.7,00,000

Less Adjustment on Application = Rs.6,00,000

Money Receivable = Rs.1,00,000

Less: Not received = Rs.2,000

(Rs. 14,000 -‐ 12,000 (excess))

Amount Received on Allotment = Rs.98,000

OR

Q. Saral Ltd. Invited applications for issuing 25,000 equity shares ................... The

forfeited shares were reissued at Rs. 95 per share fully paid up.

Pass necessary journal entries for the above transaction in the books of the company.

Ans. Journal

Bank A/c Dr. 4,80,000
To equity share application A/c 4,80,000 ½
(Being amount received on
application)


To equity share capital A/c 4,80,000
½
(Being amount transferred to share

capital.)

To Equity share capital A/c 7,20,000 ½
(Being share allotment made due.)
Bank A/c Dr. 6,75,000
To equity share allotment A/c 7,20,000 1

Equity share 1st call A/c Dr. 6,00,000
To Equity share capital A/c 6,00,000 1
(Being 1st call due.)
Bank A/c Dr. 5,00,000
Calls in arrears A/c Dr. 1,00,000
To Equity share 1st call A/c 6,00,000 1
(Being 1st call received.)

15

Equity share 2nd call A/c Dr. 6,00,000 ½
(Being second call due.)

Bank A/c Dr. 4,50,000 1
To Equity share 2nd call A/c 6,00,000
(Being second call received.)
Equity share capital A/c Dr. 4,00,000 1
To Share forfeiture A/c 1,55,000
To Calls in arrear A/c 2,45,000
½
Bank A/c Dr. 3,80,000



(Being forfeited shares re-‐issued.)

Share Forfeiture A/c Dr. 1,35,000 ½
To capital reserve A/c 1,35,000
reserve.)


18. -‐ -‐
Q. What is meant by “operating activities”?
1
Ans. Operating Activities:-‐These are the principal revenue generating activities of the
enterprise.

19. -‐ -‐ Q. State any two..................... “Cash Flow statements”.

Ans. 1) To calculate inflow and outflow of cash during a particular period under various
heads.
2) To assess the ability of enterprise to generate cash and the needs to utilize those
cash flows.
½ x 2
Note: In case the candidate has given any other correct objective full credit may be
given.

20. 21 20 Q. Under which major heads and sub-‐heads will............................ Companies act, 4
2013?
Bank overdraft..............
.......................................... 8) Provision of taxation
Ans.
S.No. Items Headings Sub-‐Headings
(i) Bank Overdraft Current Liabilities Short term borrowings

(ii) Subsidy Reserve Shareholders’ funds Reserves and surplus-‐ ½ x 8
other

16

(iii) Capital redemption Shareholders’ funds Reserves and surplus
reserve

(iv) Mining Rights Non current assets Fixed assets-‐
Intangibles

(v) Patents Non current assets Fixed assets-‐
Intangibles

(vi) Debit balance in Shareholders’ funds Reserves and surplus
Statement of P&L

(vii) Debenture Redemption Shareholders’ funds Reserves and surplus 2
Reserve

(viii) Provision for tax Current Liabilities Short term provisions

2

OR
Q. Explain briefly .................................. 2) Top Management.
Ans. 1) Finance Manager: Focuses on the facts and relationships related to managerial
performance, corporate efficiency, financial strength and weakness and credit
worthiness of the company. It helps in constant review of financial operation and to
analyse causes of major deviations which further help in taking corrective actions.

2) Top Management-‐ Top management is interested in every aspect of the financial
analyses. It is their overall responsibility to see that the resources are used most
efficiently and the firm’s financial condition is sound. It helps the management in
measuring the success of company's operations, appraising the individual’s
performance and evaluating the system of internal control.

21. -‐ -‐ Q. From the follow................... Comaparative Balance Sheet of X Ltd. 4
Ans. Comparative Balance Sheet
(Of X Ltd. As at 31-‐3-‐16 and 31-‐3-‐17)
Particulars 31-‐3-‐16 31-‐3-‐17 Absolute Percentage
(Rs.) (Rs.) change change
(Rs.)

1. Equity and Liabilities:-‐
1. Shareholder's Fund
a) Share capital 25,00,000 25,00,000 -‐-‐-‐-‐-‐-‐-‐-‐ -‐-‐-‐-‐-‐-‐-‐ ½
b) Reserves and surplus 10,00,000 6,00,000 (4,00,000) (40) ½
2. Non-‐ Current Liabilities
a) Long term borrowings 15,00,000 16,00,000 1,00,000 6.67 ½
3. Current Liabilities 4,50,000 5,00,000 50,000 11.11 ½
54,50,000 52,00,000 (2,50,000) (4.58) ½
2. Assets:-‐
1. Non-‐Current assets
a) Fixed Assets 25,00,000 35,00,000 10,00,000 40 ½
17

b) Non-‐Current Investments 15,00,000 10,50,000 (4,50,000) (30) ½
2. Current Assets 14,50,000 6,50,000 (8,00,000) (55.17) ½
54,50,000 52,00,000 (2,50,000 (4.58)

Note: Only half marks may be deducted for incorrect calculation of percentages.

22 20 21 Q. From the following balances.......................................... proprietary ratio. 4
Ans.
Proprietary ratio= Shareholder's Funds 1
Total Assets
Total Assets= Plant and machinery+ Land and Building + Motor car+ Furniture + Stock+
debtors + Cash at bank 1

= 10,00,000+ 6,00,000+ 8,00,000+ 1,50,000+ 4,50,000+ 90,000+ 3,40,000
= Rs. 34,30,000

Total Assets= Shareholder's Fund's + Non Current liabilities+ Current Liabilities
34,30,000= Shareholder's Fund+ 10,00,000+ 6,20,000
1
Shareholder's Funds= Rs. 18,10,000
Proprietary Ratio= 18,10,000 = 0.527 1
34,30,000

OR
Q. Assuming that debt to equity......................................................... following cases:
(1x4=4)
Ans . (i) No change
(ii) Decrease
(iii) Decrease
(iv) Increase

23 23 23 Q. From the following balance sheet.................................. Cash Flow statement:-‐ 6
Ans. Cash Flow Statement
of AXE Ltd. For the year ending 31-‐3-‐18(As per AS-‐3)
Particulars Details(Rs.) Amount(Rs.)

1. Operating Activities:
1
Profit before tax and extraordinary items 1,98,000
Non Operating and Non Cash Items-‐
Depreciation charged during the year 6,000
Profit on sale of assets/machinery (42,000)
Operating Profits before tax and changes in working 1,62,000
1

capital
Changes in working Capital
Increase in trade payables 26,000
Decrease in other current liabilities (14,000)
Decrease In inventories 56,000
Increase in trade receivables (2,10,000) 1
Cash from Operating Activities(A) 20,000
18


2. Investing Activities:
Purchase of machinery (1,32,000)
Sale of machinery 56,000 1
Cash Used In Investing Activities (B) (76,000)

3. Financing Activity:
Issue of shares 70,000 ½
Cash from financing activities (C) 70,000
Net Cash Inflow During the year(A+ B+ C) 14,000
+ Opening Cash Equivalents 70,000 ½
Closing cash equivalents 84,000

Working Notes:

Machinery A/c

Dr. Cr.

To Balance B/d 3,60,000 By accumulated 28,000 ½
To statement of P&L (Profit) 42,000 depreciation (prev. Depr)
To Bank A/c(Purchase) 1,32,000 By Bank 56,000
(balancing figure) By Balance C/d 4,50,000

5,34,000 5,34,000

Dr. Cr.

½
To Machinery By Balance b/d 80,000
A/c(previous 28,000 By Depreciation 6,000
depreciation) (Charged)
To balance c/d 58,000
86,000 86,000

PART B
OPTION 2
18 -‐ -‐ Q. What is...........’Parameter Queries’?

Ans. A parameter query prompts the user to enter parameters or criteria through an
input box for selecting a set of records. A parameter query is useful when there is a =1 Mark
need to repeat the same query with criteria.

19 -‐ -‐ Q. What.........’Label’?
=1 Mark
19

Ans. It is a text or special character assigned to a row or column or descriptive
information. These cannot be treated mathematically.

20 -‐ -‐ Q. Give the..................three advantages. =
4 Marks
(i) Help to explore.

(ii) Help to present
(iii) Help to convince

(With suitable explanation )

21 22 21 Q. Explain four.............................’server database’? =4 Marks

Ans. (Any four)
(i) Flexibility.
(ii) Choice of front end applications.
(iii) Powerful performance.
(iv) Scalability to handle rapidly expanding number of users.
(v) Ease of handling huge amount of data.(with suitable explanation)

OR

Q. What is ........................................types of vouchers.
Ans. The vouchers are three types-‐(any two)
Memo voucher: Memo voucher is a non accounting voucher. It does not affect
•

22 21 22 Q. Explain........................’Mnemonic’ codes.

Ans. Sequential Codes: In these codes numbers and/or letters are assigned in
consecutive order. These codes are applied primarily to source documents such as
cheques, invoices etc. This code facilitates document searches. This process enables in
either identification of missing codes (numbers) relating to a particular document or a
relevant document can be traced.

Mnemonic Codes: These codes consist of alphabets or abbreviations as symbols to
codify a piece of information. SJ for sales Journal, HQ for Head Quarters are examples of
mnemonic codes.
OR
20

Q. State the steps....................Tally.
Ans. The following are the steps to construct BRS in tally:


2. Bring your cursor to the first month and press enter. This brings up the vouchers for

the month. Since this is a bank account, an additional button F5: reconcile will be visible

on the right Press F5.

=4 marks

23 23 23 Q. What is..........................................its benefits.

Ans. A format change, such as background cell shading or font colour that is applied to a
cell when a specified condition for the data in the cell is true.




i) Helps in answering questions which are important for taking decisions. =
6 Marks
iii) Helps in understanding distribution and variation of critical data.

21


SET 2
22

Q. Set No. Marking Scheme 2018-19 Distribution
Downloaded From Accountancy (055)
: http://cbseportal.com/ of marks
67/5/2
67 67 67
/5 /5 /5
/1 /2 /3
6 1 3 Q. State the two situations…………………………….provided. ½ + ½
equally.
OR OR
Q. Distinguish between …………………………………….basis of Credit balance.
Ans: Fixed Capital account will have credit balance whereas Fluctuating Capital account 1

1
Ans : Reserve Capital:-‐ It refers to that portion of uncalled capital which is to be called
up only in the event of winding up of the company

OR OR

Name the ….......................... redemption of debentures.
Ans. Redemption out of capital. ½ + ½
(Any Two)
1 3 5 Q. A not-‐for-‐profit ………………………………….. statements prepared by it. 1/2 +1/2
Ans. Receipts & Payments A/c and Balance Sheet.
OR
Q.State the basis of preparing “Income and expenditure account”. 1
Ans. Accrual Basis
3 4 1 Q. At the time of dissolution of a.................................taken over by a creditor in full 1


2 5 4 Q. S,B and J were partners in …...........................................sacrificing ratio of S,B and 1
J.


-‐ 6 -‐ Q. Give the accounting........... partnership firm.

23

Ans. Journal
Date Particulars L.F. Debit Credit
Revaluation A/c Dr 1
To Sundry Liabilities a/c
( Being liability now recorded)

-‐ 7 -‐ Q. The goodwill of a firm……………. Last three years were:-‐ 3
Calculate mount of the goodwill.

Ans.

Year Normal Profits Amount (Rs.)
2015-‐16 4,00,000 – 50,000 (abnormal gains) 3,50,000
2016-‐17 5,00,000 + 1,00,000 (abnormal loss) 6,00,000 1 ½
2017-‐18 2,50,000 2,50,000
Total Normal Profits 12,00,000

Average Normal profits = 12,00,000/3 = Rs.4,00,000 ½
Goodwill = Average Profits x Years of purchase
= 4,00,000 x 3 =12,00,000. 1

-‐ 8 -‐ Q. From the following information, ...................................................... for the year
ended 31st march, 2017.

Ans.
Subscription Received during the year Rs.2,45,000
Add: Advance subscription (for the year ending 31-‐03-‐18) Rs.26,400
1 ½
Add: Subscription Outstanding ( for the year ending 31-‐03-‐18) Rs.23,700
1
Less: Subscription received for year ending 31-‐03-‐17 Rs.(14,000)
½
Amount transferred to Income and Expenditure A/c Rs.2,81,100

=3 marks
Note: In Case a candidate has calculated the amount using any other correct method
full credit be given.

For Hindi Version

Ans. Calculation of Subscriptions to be credited to Income and Expenditure A/c

₹

Subscriptions received during the year 2,45,000
½
Add outstanding subscription (for year ending 31-‐3-‐18) 23,100 ½
2,92,600

24


Amount to be credited to Income and Expenditure A/c 2,52,200
½
be given. =

3

(1x3)
(ii) To pay premium for redemption of debentures or preference shares.
(iii) To write off expenses of ,or commission paid, or discount allowed on shares/
debentures.
(Any Three)
Or
Ans.

Balance Sheet
(Rs.) (Rs.)
1
Equity and Liabilities
(i) Shareholders Funds 1 15,00,000 15,00,000

Note No. 1
(Rs.) (Rs.)

Authorised Capital:


Issued Capital: 2
1,50,000 Equity Shares of Rs. 10 Each 15,00,000 15,00,000
Subscribed Capital:

Note:
25

given.

-‐ 10 -‐ Q. On 1st April,2011, K Ltd. Issued........................................ redemption of debentures 3
on 31st March,2018.
Journal
March Surplus i.e. balance in Statement of P&L 2,25,000 (1/2x6)
31st Dr. 2,25,000
2017 To Debenture Redemption Reserve
A/c
(Being Debenture redemption reserve
created)
April Debenture Redemption Reserve 1,35,000
2017 Investment A/c... Dr.
(Being specified securities purchased)
March Bank A/c……………………........... Dr. 1,35,000
31st To Debenture Redemption Reserve 1,35,000
2018 Investment A/c
(Being Investments realized)
March 9% Debentures A/c ………………… Dr. 9,00,000
st
31 Premium on Redemption of Debenture 90,000
2018 A/c..Dr. 9,90,000
To Debenture holders A/c
(Being debentures and premium on
redemption due for redemption)
March Debenture holders A/c ….......... Dr. 9,90,000
31st To Bank A/c 9,90,000
2018 (Being payment made to debenture
holders)
March Debenture Redemption Reserve A/c Dr 2,25,000
st
31 To General Reserve A/c 2,25,000
2018 (Being Debenture redemption Reserve

26

-‐ 11 -‐ Q. Nirupama and Anupama were partners......................................... in the books of 4
the firm.
ANS.
Journal

Bank a/c …………………………… Dr. 2,30,000
To Kumar’s Capital A/c 2,00,000
(Being capital and premium brought (2)
by new partner Kumar)

Premium for Goodwill A/c…....... Dr. 30,000

To Anupama’s Capital A/c 30,000
(2)
(Being premium for goodwill

transferred to sacrificing partners)

-‐ 12 -‐ Q. Pawan, Raman and Hina were partners......... journal entries for the above 4
transactions in the books of the firm.
Ans. Journal
Revaluation A/c……………………..….Dr. 60,000
To Furniture A/c 30,000 ½
To Plant A/c 30,000
(Being assets revalued)
Pawan’s Capital A/c…………………..Dr. 24,000
Raman’s Capital A/c…………………..Dr. 24,000
Hina’s Capital A/c………………………Dr. 12,000
To Revaluation A/c 60,000 ½
(Being loss on revaluation distributed
among partners)
General Reserve A/c………………….Dr. 45,000
To Pawan’s Capital A/c 18,000
To Raman’s Capital A/c 18,000 ½
To Hina’s Capital A/c 9,000
(Being General Reserve distributed
among partners)
Workmen Compensation Fund Dr. 20,000
To Claim for Workmen 12,000
27

Compensation 3,200
To Pawan’s Capital A/c 3,200 1
To Raman’s Capital A/c 1,600
To Hina’s Capital A/c
(Being liability for claim for workmen
compensation provided and excess
workmen compensation fund
distributed among partners)
Pawan’s Capital A/c……………………..Dr. 22,000
Raman’s Capital A/c……………………..Dr. 22,000 ½
Hina’s Capital A/c …………………………Dr. 11,000
To Profit and Loss A/c 55,000
(Being accumulated loss distributed
among partners)
Pawan’s Capital A/c...................... Dr. 1,75,200
To Pawan’s Executor’s A/c 1,75,200 1
(Being balance in Pawan’s capital

transferred to his executor’s account)
15 13 14 Q. Following is the summary of cash transactions......................... summary prepare a 6

Ans.
Dr. (of Good Health Club for the year ending 31-‐3-‐18) Cr.

To opening balance By wages and salary 55,000
To subscription received By health journals 5,000 two correct
2016-‐17 40,000 By stationary 12,500 posting + 1
2017-‐18 3,75,000 By insurance premium 6760 for
2018-‐19 20,000 4,35,000 By courier charges 800 calculating
To donations for gym 1,64,000 By Municipal taxes 9570 closing
To Admission Fees 14,000 By Machine purchased 38,000 bank bal.
To Life Member fees 45,000 By Balance C/d
To Interest on bank 1740 Figure)
balance
10,41,040 10,41,040

13 14 15 Q. A, B and C were partners. Their fixed capitals were ................................workings 6

ANS
capital

A 3,000 -‐ -‐ 20,920 23,920 40,000 16080 (4)
B 2,000 18,000 -‐ 20,920 40,920 26,667 (14253)
C 1,000 -‐ 3,700 10,460 15,160 13,333 (1827)

28




OR
Revaluatio account, Partner's Capital Accounts and Opening Balance Sheet of the
new firm.
Ans.
To Provision For Doubtful Debts 2,000 By partner's capital A/c
To Furniture A/c 150 T 1,575 (2)
To Stock A/c 1000 N 1,575 3,150
3150 3,150


A/c By General
To Balance C/d 31,675 16,675 15,500 Reserve A/c 1,000 1,000 -‐
By Bank A/c -‐ -‐ 15,500 (2)
By Premium
A/c
33,250 18,250 15,500 33,250 18,250 15,500

BALANCE SHEET
(of T,N and M as at 31-‐3-‐2018)

T – 31,675 (-‐) Provision (2,000) 38,000
N-‐ 16,675 Stock 5,000 (2)
M-‐ 15,500 63,850 Furniture 2,850
81,850 81,850

29

14 15 13 Q. A, B and C were partners in a firm............................................. Prepare Profit and 6
Loss Appropriation Account.............................. the Current Accounts of the partners.
ANS. P&L APPROPRIATION A/C


A's current A/c 40,500 (4,00,000-‐12,000)


C's current A/c 54,000 1,39,500



To Profits
(3)


C's current A/c 19,400 48,500

3,88,000 3,88000

Dr. Partner's Current A/C Cr.


B/d Cap

By salary 2,00,000 -‐-‐ -‐-‐-‐

To Drawings 40,000 75,000 55,000 By profits 14,550 14,550 19,400

To Balance 1,95,050 -‐-‐ 3,400 By Balance 25,450
(3)
c/d c/d

2,55,050 85,000 73,400 2,55,050 85,000 73,400

16 16 17 Q. Michael, Jackson and John were.......................... Prepare Realisation account, 8
Bank Account and Partner's Capital Accounts.
Ans.

Sundry assets 1,800
Michael 7680
30

Jackson 2560
John 2560 12800
1,16,000
1,16,000

________

To Realisation/c 7680 2560 2560 By Realisation 10,000 -‐ 4100 (2)
(loss) A/c
To Bank A/c 15320 -‐ 13740 By Bank A/c -‐ 20,360 -‐
60,000 45,360 18100 60,000 45,360 18,100

Dr. BANK A/C Cr.

PARTICULARS AMOUNT PARTICULARS AMOUNT (2)
30,560 30,560

OR

Q. N, S and B were partners in a firm........................... Prepare Revaluation account,
Partner's Capital Accounts and the Balance Sheet of the reconstituted firm.

Ans-‐


To Machinery A/c 3000 By Freehold 8,000
To Furniture A/c 840 Premises A/c
To Provision for 1500 By Stock A/c 3,300 (2 1/2)
doubtful debts
To Partner's Capital
A/c
N-‐ 2980
S-‐ 993
B-‐ 1987 5960
11,300 11,300

31


PARTICULARS N S B PARTICULARS N S B

To B's A/c 5250 1750 -‐ By Balance B/d 30,000 30,000 28,000
To B's Loan A/c -‐ -‐ 40,987 By N's A/c -‐ -‐ 5250
To Balance C/d By S's A/c -‐ -‐ 1750
33,730 31,243 -‐ By General Reserve 6,000 2,000 4,000
By Revaluation A/c 2980 993 1987
(3 ½)
38980 32993 40987 38980 32993 40987

To Current A/c -‐ 15000 -‐ By Balance B/d 33,730 31,243 -‐

-‐ By
c urrent
A/c 15000 -‐ -‐
To Balance C/d 48,730 16,243 -‐

48730 31243 48,730 31,243 -‐

BALANCE SHEET

(of N & S as at 31-‐3-‐17)

Capital's A/C Freehold premises 48,000
N 48,730 Machinery A/c 27,000
S 16,243 64,973 Furniture A/c 11,160
Bills Payable 12,000 Stock A/c 25,300
Sundry Creditors 18,000 Sundry Debtors 20,000 (2)
N's Current A/c 15,000 -‐Provision for debtors(2,500) 17,500
B's Loan A/c 40987 Cash 7,000
S's Current A/c 15,000
1,50,960 1,50,960

ALTERNATE SOLUTION Alternate

Note: An examinee should have prepared Revaluation Account as per the given

question. But if an examinee has prepared Realisation Account instead of Revaluation
Account, the marking will be as follows:

32


Dr. Realisation A/c Cr.

(₹) (₹)
To Sundry Assets By Provision for bad debts 1,000
Freehold Premises 40,000 By Bills payable 12,000
Machinery 30,000 By Sundry Creditors 18,000
Furniture 12,000 1 ½
Stock 22,000 6 marks
marks
Sundry Debtors 20,000

1,24,000

To Bank 2½

Creditors 18,000
marks
Bills payable 12,000
1 mark

1 mark

Dr. PARTNER'S CAPITAL A/c Cr.

Particulars N(₹) S(₹) B(₹) Particulars N(₹) S(₹) B(₹)

By Balance b/d 30,000 30,000 28,000 1 m ark
1 mark
By General Reserve 6,000 2,000 4,000

.
at rs.11.50 fully paid up to Meeta.
Ans. Journal

Bank A/c Dr. 18,00,000
rs.2.50)
To Bank A/c 4,00,000 1
33


Bank A/c Dr. 98,000


1


due.)
Bank A/c Dr. 9,50,000
To Equity share 1st and final call A/c 9,80,000 ½

To Share forfeiture A/c 30,000 1
Bank A/c Dr. 1,15,000


½

A/c)

Working notes:


(Rs. 14,000 -‐ 12,000 (excess))
34


OR


Ans. Journal

Bank A/c Dr. 4,80,000
application) ½
capital.)
½



Bank A/c Dr. 6,75,000 ½
Equity share 1st call A/c Dr. 6,00,000 1

Bank A/c Dr. 5,00,000 1
To Equity share 1st call A/c 6,00,000
Equity share 2nd call A/c Dr. 6,00,000 1

Bank A/c Dr. 4,50,000
½



Equity share capital A/c Dr. 4,00,000 1
To Share forfeiture A/c 1,55,000
Bank A/c Dr. 3,80,000 1

35

(Being forfeited shares re-‐issued.) ½

Share Forfeiture A/c Dr. 1,35,000
(Being amount transferred to capital ½
reserve.)


-‐ 18 -‐ Q. Give any two examples........ investing activities of a finance company. ½ x 2=1

Ans. (i) Purchase of Building.
(ii) Purchase of Patents.

-‐ 19 -‐ Q. What............ “Cash Flow Statement”. 1

Ans. It is statement which shows inflows and outflows of cash and cash equivalents.

22 20 21 Q. From the following balances.......................................... proprietary ratio. 4

Ans.
Proprietary ratio= Shareholder's Funds 1
Total Assets
Total Assets= Plant and machinery+ Land and Building + Motor car+ Furniture + Stock+
debtors + Cash at bank 1

= 10,00,000+ 6,00,000+ 8,00,000+ 1,50,000+ 4,50,000+ 90,000+ 3,40,000
= Rs. 34,30,000

Total Assets= Shareholder's Fund's + Non Current liabilities+ Current Liabilities
34,30,000= Shareholder's Fund+ 10,00,000+ 6,20,000
1
Shareholder's Fund= Rs. 18,10,000
Proprietary Ratio= 18,10,000 = 0.527 1
34,30,000

OR OR

Q. Assuming that debt to equity......................................................... following cases:

Ans . (i) No change (1x4=4)
(ii) Decrease
(iii) Decrease
(iv) Increase

36

20. 21 20 Q. Under which major heads and sub-‐heads will............................ Companies act, 4
2013?
1) Bank overdraft..............
.......................................... 8) Provision of taxation
Ans.
S.No. Items Headings Sub-‐Headings
(i) Bank Overdraft Current Liabilities Short term borrowings

(ii) Subsidy Reserve Shareholders’ funds Reserves and surplus-‐ ½ x 8
other

(iii) Capital redemption Shareholders’ funds Reserves and surplus
reserve

(iv) Mining Rights Non current assets Fixed assets-‐
Intangibles

(v) Patents Non current assets Fixed assets-‐
Intangibles

(vi) Debit balance in Shareholders’ funds Reserves and surplus
Statement of P&L

(vii) Debenture Redemption Shareholders’ funds Reserves and surplus
Reserve

(viii) Provision for tax Current Liabilities Short term provisions

OR
Q. Explain briefly .................................. 2) Top Management.
Ans. 1) Finance Manager: Focuses on the facts and relationships related to managerial
performance, corporate efficiency, financial strength and weakness and credit
worthiness of the company. It helps in constant review of financial operation and to 2
analyse causes of major deviations which further help in taking corrective actions.

2) Top Management-‐ Top management is interested in every aspect of the
financial analyses. It is their overall responsibility to see that the resources are used
most efficiently and the firm’s financial condition is sound. It helps the management in
measuring the success of company's operations, appraising the individual’s 2
performance and evaluating the system of internal control.

-‐ 22. -‐ Q. From the following information, prepare a common size statement............ Ashoka 4
Ltd.

Ans. Common Size Statement of Profit and loss/ Common size Income Statement
( ofAshoka Ltd. For the year ending 31-‐3-‐17 and 31-‐3-‐18)
Particulars 2016-‐17 2017-‐18 As a % of As a % of

37

Revenue Revenue
from from
operation operation
(2016-‐17) (2017-‐18)
I. Revenue from 20,00,000 10,00,000 100% 100% ½
Operation
II. Other Incomes 2,00,000 50,000 10% 5% ½
III. Total incomes 22,00,000 10,50,000 110% 105%
IV. Expenses
Cost of material 12,00,000 5,00,000 60% 50% ½
ConsumedEmployee benefit 1,40,000 80,000 7% 8% ½
expenses
Total expenses 13,40,000 5,80,000 67% 58%
V. Net Profit 8,60,000 4,70,000 43% 47% 1
Before Tax (III-‐
IV)
VI. Tax 2,58,000 1,41,000 12.9% 14.1% ½
VII. Net Profit After Tax 6,02,000 3,29,000 30.1% 32.9% ½
(V-‐VI)

23 23 23 Q. From the following balance sheet.................................. Cash Flow statement:-‐ 6
Ans. Cash Flow Statement
of AXE Ltd. For the year ending 31-‐3-‐18(As per AS-‐3)
Particulars Details(Rs.) Amount(Rs.)

1. Operating Activities:
1
Profit before tax and extraordinary items 1,98,000
Non Operating and Non Cash Items-‐
Depreciation charged during the year 6,000
Profit on sale of assets/machinery (42,000)
Operating Profits before tax and changes in working 1,62,000
1

capital
Changes in working Capital
Increase in trade payables 26,000
Decrease in other current liabilities (14,000)
Decrease In inventories 56,000
Increase in trade receivables (2,10,000) 1
Cash from Operating Activities(A) 20,000

2. Investing Activities:
Purchase of machinery (1,32,000)
Sale of machinery 56,000 1
Cash Used In Investing Activities (B) (76,000)

3. Financing Activity:
Issue of shares 70,000 ½
Cash from financing activities (C) 70,000
Net Cash Inflow During the year(A+ B+ C) 14,000
+ Opening Cash Equivalents 70,000 ½
38

Closing cash equivalents 84,000

Working Notes:

Machinery A/c

Dr. Cr.

To Balance B/d 3,60,000 By accumulated 28,000 ½
To statement of P&L (Profit) 42,000 depreciation (prev. Depr)
To Bank A/c(Purchase) 1,32,000 By Bank 56,000
(balancing figure) By Balance C/d 4,50,000

5,34,000 5,34,000

Dr. Cr.

½
To Machinery By Balance b/d 80,000
A/c(previous 28,000 By Depreciation 6,000
depreciation) (Charged)
To balance c/d 58,000
86,000 86,000

PART B
OPTION 2
-‐ 18 -‐ Q. What is the activity.........................processing mode?

Ans. The activity sequence of the basic information mode is collect data, organise and =1 Mark
process it and then communicate the information extracted.

-‐ 19 -‐ Q. What..........data Validation?
=1 Mark
Ans. Data Validation is the process of ensuring that a program operates on clean,
correct and useful data. It uses validation rules and constraints to check for the
correctness, meaningfulness and security of data that are input to the system.

-‐ 20 -‐ Q. Why is it ..................debtors security.

security features in accounting software

Tools (any two)

(i) Password security: Password is widely accepted security control to access

39



(ii) Data Audit: Audit feature of accounting software provides the user with 2+2
=
4 Marks
(iii) Data vault: Software provides additional security for the imputed data and this
feature is referred as data vault. Data vault ensures that original information is
presented and is not tempered. Data vault password cannot be broken. Some software
uses data encryption method.
22 21 22 Q. Explain........................’Mnemonic’ codes.

Ans. Sequential Codes: In these codes numbers and/or letters are assigned in
consecutive order. These codes are applied primarily to source documents such as
cheques, invoices etc. This code facilitates document searches. This process enables in
either identification of missing codes (numbers) relating to a particular document or a
relevant document can be traced.

Mnemonic Codes: These codes consist of alphabets or abbreviations as symbols to
codify a piece of information. SJ for sales Journal, HQ for Head Quarters are examples
of mnemonic codes.
OR
Q. State the steps....................Tally.
Ans. The following are the steps to construct BRS in tally:


2. Bring your cursor to the first month and press enter. This brings up the vouchers for
the month. Since this is a bank account, an additional button F5: reconcile will be visible
on the right Press F5.

=4 marks

21 22 21 Q. Explain four.............................’server database’? =4 Marks
Ans. (Any four)
(i) Flexibility.
(ii) Choice of front end applications.
(iii) Powerful performance.
(iv) Scalability to handle rapidly expanding number of users.
40

(v) Ease of handling huge amount of data.(with suitable explanation)
OR
Q. What is ........................................types of vouchers.
Ans. The vouchers are three types-‐(any two)
Memo voucher: Memo voucher is a non accounting voucher. It does not affect
•

23 23 23 Q. What is..........................................its benefits.

Ans. A format change, such as background cell shading or font colour that is applied to
a cell when a specified condition for the data in the cell is true.




i) Helps in answering questions which are important for taking decisions. =
6 Marks
iii) Helps in understanding distribution and variation of critical data.

SET 3

41

Q. Set No. Marking Scheme 2018-19 Distribution of
marks
Accountancy (055)
67/5/3
67 67 67
/5 /5 /5
/1 /2 /3
3 4 1 Q. At the time of dissolution of a.................................taken over by a creditor in full 1



Ans : Reserve Capital:-‐ It refers to that portion of uncalled capital which is to be called up
only in the event of winding up of the company 1

OR OR

Q. Name the ….......................... redemption of debentures.
½ + ½
Ans. Redemption out of capital.
(Any Two)

6 1 3 Q. State the two situations…………………………….provided.
equally. ½ + ½

OR OR

Q. Distinguish between …………………………………….basis of Credit balance. 1

Ans: Fixed Capital account will have credit balance whereas Fluctuating Capital account

2 5 4 Q. S,B and J were partners in …...........................................sacrificing ratio of S,B and J. 1


1 3 5 Q. A not-‐for-‐profit ………………………………….. statements prepared by it.

Ans. Receipts & Payments A/c and Balance Sheet. ½ + ½

OR OR
42

Q. State the basis of preparing “Income and expenditure account”. 1

Ans. Accrual Basis.

-‐ -‐ 6 Q. State the ‘Liability............................ partnership firm.
½ +½
Ans. Liability of partners is Unlimited and Several (i.e personal assets can be utilized to
pay off the debts of the firm)

-‐ -‐ 7 Q. The goodwill of a firm……………. Last five years were:-‐ 3
Calculate the amount of the goodwill.

Ans.

Year Normal Profits Amount (Rs.)
2013-‐14 2,00,000 2,00,000
2014-‐15 3,00,000 3,00,000
2015-‐16 4,50,000-‐50,000 (abnormal gain) 4,00,000 1 ½
2016-‐17 3,50,000+90,000 (abnormal loss) 4,40,000
2017-‐18 2,60,000 2,60,000
Total Normal Profits 16,00,000

Average Normal profits = 16,00,000/5 = Rs.3,20,000 ½

Goodwill = Average Profits x Years of purchase
1
= 3,20,000 x 4 =12,80,000
-‐ -‐ 8 Q. On 1 april,2012, Samir Ltd. Issued........................................... journal entries for
redemption of debentures on 31st March,2018.

Ans.
Subscription Received during the year Rs.2,20,000 1 ½
Add: Advance subscription (for the year ending 31-‐03-‐18) Rs.21,600
Add: Subscription Outstanding ( for the year ending 31-‐03-‐18) Rs.25,200
Less: Subscription received for year ending 31-‐03-‐17 Rs.(2,800) 1
Amount transferred to Income and Expenditure A/c Rs.2,64,000 ½
Note: In Case the candidate has calculated the amount using any other method, full =3 marks
credit be given.

For Hindi version:
Calculation of Subscriptions to be credited to Income and Expenditure A/c

₹

Subscriptions received during the year 2,20,000
½
Add outstanding subscription (for year ending 31-‐3-‐18) 20,200
½
43

2,55,700
Amount to be credited to Income and Expenditure A/c 2,31,300 ½
Note: In case the candidate has calculated using any other correct method full credit be =3 marks
given.

-‐ -‐ 9 Q. On 1st April,2012, Samir Ltd. Issued ............................................... Redemption of 3
debentures on 31st March,2018.
Journal
March 31st Surplus i.e. balance in Statement of P&L ..Dr. 1,25,000
2017 To Debenture Redemption Reserve A/c 1,25,000
(Being Debenture redemption reserve
created)
April 2017 Debenture Redemption Reserve Investment 75,000
A/c…Dr. 75,000
To Bank A/c
(Being specified securities purchased) (1/2x6)
March 31st Bank A/c ……………………………….....Dr. 75,000
2018 To Debenture Redemption Reserve 75,000
Investment A/c
(Being Investments realized)
March 31st 9% Debentures A/c………………………Dr. 5,00,000
2018 Premium on Redemption of Debentures A/c 50,000
………Dr. 5,50,000
To Debenture holders A/c
(Being debentures and premium on
redemption due for redemption)
March 31st Debenture holders A/c……..…………Dr. 5,50,000
2018 To Bank A/c 5,50,000
(Being payment made to debenture holders)
March 31st Debenture Redemption Reserve A/c Dr. 1,25,000
2018 To General Reserve A/c 1,25,000
(Being Debenture Redemption Reserve

44

(ii) To pay premium for redemption of debentures or preference shares.
(iii) To write off expenses of, or commission paid or, discount allowed on shares/ (1x3)
debentures.
(Any Three)

Or OR
Ans.
Balance Sheet
(Rs.) (Rs.)

Equity and Liabilities
Shareholders Funds 1 15,00,000 15,00,000 1

Note No.
(Rs.) (Rs.)

Authorised Capital:


Issued Capital:

1,50,000 Equity Shares of Rs. 10 Each 15,00,000 15,00,000 2
Subscribed Capital:

Note:
given.
45

-‐ -‐ 11 Q. Kanu and Manu were partners............. in the books of the firm. 4
Ans. Journal

Bank A/c …………………………………………… Dr. 3,40,000
To Tarun’s Capital A/c 3,00,000
To Premium for Goodwill A/c 40,000 2
(Being capital and premium brought by new
partner Tarun)
Premium for Goodwill A/c………………… Dr. 40,000
To Manu’s Capital A/c 40,000
(Being premium for goodwill transferred to 2

sacrificing partners)

-‐ -‐ 12 Q. Anita, Babita and Chamanpreet were partners......... journal entries for the above 4
transactions in the books of the firm...... executor was paid to her immediately.
Ans12: Journal

Revaluation A/c………………………………………Dr. 63,000
To Furniture A/c 36,000
To Plant and Machinery A/c 12,000
To Claim for Workmen Compensation A/c 15,000 ½
(Being assets revalued claim for workmen
compensation recorded)
Anita Capital A/c ……………..…………………… Dr. 21,000
Babita Capital A/c…………………………………… Dr. 21,000
Chamanpreet Capital A/c….……………………… Dr. 21,000
To Revaluation A/c 63,000 ½
(Being loss on revaluation distributed among
partners)
To Anita’s Capital A/c 21,000
To Babita’s Capital A/c 21,000 1
To Chamanpreet’s Capital A/c 21,000
(Being General Reserve distributed among
46

partners)
Anita’s Capital A/c……………………………………Dr. 2,00,000
To Anita’s Executor’s A/c 2,00,000
(Being balance in Anita’s capital transferred to 1
executor’s account)
Anita’s Executors A/c ............................... Dr. 1,00,000
(Being Half of the outstanding amount paid to 1
executors)

14 15 13 Q. A, B and C were partners in a firm............................................. Prepare Profit and 6

Loss Appropriation Account.............................. the Current Accounts of the partners.
ANS. P&L APPROPRIATION A/C


A's current A/c 40,500 (4,00,000-‐12,000)


C's current A/c 54,000 1,39,500



To Profits
(3)


C's current A/c 19,400 48,500

3,88,000 3,88000

Dr. Partner's Current A/C Cr.
B/d Cap
By salary 2,00,000 -‐-‐ -‐-‐-‐
To Drawings 40,000 75,000 55,000 By Profits 14,550 14,550 19,400
To Balance 1,95,050 -‐-‐ 3,400 (app.)
c/d By Balance 25,450 (3)

2,55,050 85,000 73,400 c/d 2,55,050 85,000 73,400

15 13 14 Q. Following is the summary of cash transactions......................... summary prepare 6

Ans.
Dr. (of Good Health Club for the year ending 31-‐3-‐18) Cr.
47

To Opening balance By wages and salary 55,000
To Subscription received By health journals 5,000 two
2016-‐17 40,000 By stationary 12,500 correct
2017-‐18 3,75,000 By insurance premium 6760 posting + 1
2018-‐19 20,000 4,35,000 By courier charges 800 for
To donations for gym 1,64,000 By Municipal taxes 9570 calculating
To Admission Fees 14,000 By Machine purchased 38,000 closing
To Life Member fees 45,000 By Balance C/d bank bal.
To interest on bank 1740 Figure)
balance
10,41,040 10,41,040

13 14 15 Q. A, B and C were partners. Their fixed capitals were ................................ workings 6
ANS
capital

A 3,000 -‐ -‐ 20,920 23,920 40,000 16080 (4)
B 2,000 18,000 -‐ 20,920 40,920 26,667 (14253)
C 1,000 -‐ 3,700 10,460 15,160 13,333 (1827)




OR
Revaluation account, Partner's Capital Accounts and Opening Balance Sheet of the
new firm.
Ans.


To Provision For Doubtful Debts 2,000 By Partner's capital A/c
To Furniture A/c 150 T 1,575 (2)
To Stock A/c 1000 N 1,575 3,150
48

3150 3,150


A/c By General
To Balance C/d 31,675 16,675 15,500 Reserve A/c 1,000 1,000 -‐
By Bank A/c -‐ -‐ 15,500 (2)
By Premium
A/c
33,250 18,250 15,500 33,250 18,250 15,500

BALANCE SHEET
(of T,N and M as at 31-‐3-‐2018)


T – 31,675 (-‐) Provision (2,000) 38,000
N-‐ 16,675 Stock 5,000 (2)
M-‐ 15,500 63,850 Furniture 2,850
81,850 81,850

at Rs.11.50 fully paid up to Meeta.
Ans. Journal

Bank A/c Dr. 18,00,000
rs.2.50)
To Bank A/c 4,00,000 1


½

49

Bank A/c Dr. 98,000

To Share forfeited A/c 18,000 1
due.)

Bank A/c Dr. 9,50,000

½
To Equity share 1st and final call A/c 9,80,000


To Share forfeiture A/c 30,000 1
Bank A/c Dr. 1,15,000

A/c)
Working notes:


(Rs. 14,000 -‐ 12,000 (excess))

OR OR

50

Ans. Journal

Bank A/c Dr. 4,80,000 ½
application)
capital.)

½


Bank A/c Dr. 6,75,000
Equity share 1st call A/c Dr. 6,00,000
To Equity share capital A/c 6,00,000 1

Bank A/c Dr. 5,00,000
Calls in arrears A/c Dr. 1,00,000 1
To Equity share 1st call A/c 6,00,000
Equity share 2nd call A/c Dr. 6,00,000

Bank A/c Dr. 4,50,000

1


Equity share capital A/c Dr. 4,00,000
To Share forfeiture A/c 1,55,000 1

Bank A/c Dr. 3,80,000
Share Forfeiture A/c Dr. 20,000 4,00,000 ½
To Equity share capital A/c
(Being forfeited shares re-‐issued.)

Share Forfeiture A/c Dr. 1,35,000
To capital reserve A/c 1,35,000 ½
reserve.)

51


16 16 17 Q. Michael, Jackson and John were.......................... Prepare Realisation account, Bank 8
Account and Partner's Capital Accounts.
Ans.

Sundry assets 1,800
Michael 7680
Jackson 2560
John 2560 12800
1,16,000 1,16,000
________


To Realisation A/c 7680 2560 2560 By Realisation 10,000 -‐ 4100 (2)
(loss) A/c
To Bank A/c 15320 -‐ 13740 By Bank A/c -‐ 20,360 -‐
60,000 45,360 18100 60,000 45,360 18,100

Dr. BANK A/C Cr.
(2)



30,560 30,560

2019 Marking Scheme Account PDF

Enviado por

Dados do documento

Título original

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

2019 Marking Scheme Account PDF

Enviado por

Direitos autorais:

Formatos disponíveis

Downloaded From : http://cbseportal.

New ratio= 5:4:1………………….1/2 mark

2 4 4 Q. What is meant by ‘Issued Capital’?

Q. What is meant by ‘Employees Stock Option Plan’?

3 - - Q. Differentiate between Dissolution of Partnership and Dissolution of a Firm

Q. P, Q and R were partners …. rate at which interest will be paid to R

Ans. 6% p.a. 1 mark

Q. State the basis of accounting of preparing ‘Income and Expenditure 1 mark

Ans. Accrual basis.

Ans. Actual profits = ₹3,60,000 – ₹1,20,000 = ₹2,40,000

Normal profits= 15% x ₹10,00,000 = ₹1,50,000…………………..1 mark

Super profits = Actual profits – Normal profits 1+1+1

Goodwill= Super profits x Number of years purchase 3 marks

8 - - Q. How the following items…. Aisko Club:

Ans. Balance Sheet of Aisko Club as on 31st March 2018

9 7 7 Q. Garvit Ltd. invited applications… Ltd.

Ans. Journal of Garvit Ltd.

Ans. Dr. Loss on issue of 12% Debentures Account Cr.

10 - - Q. Unilink Ltd. had outstanding…. year ended 31st March 2018.

Ans. Journal of Unilink Ltd.

“ 9% Debentures A/c Dr. 6,00,000

“ Debenture holders A/c Dr. 6,48,000

Debenture Redemption Reserve A/c Dr. 1,50,000

11 - - Q. Ankit, Bobby and Kartik……………… is settled at ₹12,500.

Bank/ Cash A/c Dr. 52,000

(iii) Realisation A/c Dr. 22,000

(iv) Kartik’s loan A/c Dr. 12,000

Realisation A/c Dr. 500

General Reserve Dr. 1,44,000

Radhika’s Capital A/c Dr. 30,000

Land A/c Dr. 1,80,000

Balance Sheet of Sears Club as on 31st March 2018

In case, a candidate has credited Income and Expenditure Account byRs.800 on

14 15 13 Q. Girija, Yatin and Zubin …. Zubin’s Executors Account till he is finally

Ans. Dr. Zubin’s Executors Account Cr.

Ans. Dr. Zubin’s Executors Account Cr. OR

Partner’s Salary A/c Dr. 2,40,000

Profit and Loss Appropriation A/c Dr. 2,40,000

Partner’s Commission A/c Dr. 1,00,000

Interest on Drawings A/c Dr. 2,050

Profit and Loss Appropriation A/c Dr. 40,000

Note: If a combined entries has been passed for Partner’s commission, =

16 17 16 Q. DF Ltd. was registered … the necessary Journal entries in the books of DF

Ans. Journal of DF Ltd.

Date Particulars Dr. (₹) Cr. (₹)

Equity Share Application A/c Dr. 2,10,000

Equity Share Allotment A/c Dr. 1,50,000

Bank A/c Dr.

Equity Share First call A/c Dr. 1,50,000

Bank A/c Dr. 1,20,000

Ans. Journal of EF Ltd.

Equity Share Application A/c Dr. 24,00,000

Equity Share Allotment A/c Dr. 12,00,000

Bank A/c Dr. 7,60,000

Equity Share First call A/c Dr. 12,00,000

Bank A/c Dr. 12,10,000

Equity Share Capital A/c Dr. 80,000

Share Forfeiture A/c Dr. 50,000

17 16 17 Q. Akul, Bakul and Chandan ….. of the reconstituted firm.

Q. Sanjana and Alok are partners ….. Nidhi’s admission.

Dr. Partners Capital Accounts Cr. 1 mark for

Balance Sheet of the reconstituted firm as on 31st March 2018

Ans. Cash Flows from Investing activities