COMMON PRE-BOARD EXAMINATION ACCOUNTANCY MARKING SCHEME
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1 SET-II Subject Code:055 COMMON PRE-BOARD EXAMINATION ACCOUNTANCY MARKING SCHEME CLASS XII 1) 4:3:2 2) ) Unrecorded Asset 4) 35,000 5) 4 6) 18,000 7) Dr. Profit & Loss Appropriation A/c Cr. Particulars ( ) Particulars ( ) To A s Commission By Profit & Loss A/c 6,60,000 ( 6,60,000 X 10/100) 66,000 To B s Commission ( 5,94,000 X 10/110) 54,000 To Profit transferred to Capital A/cs: A 2,70,000 B 2,70,000 5,40,000 6,60,000 6,60,000 ( ½ X6=3) 8) Extract of Balance Sheet of X Ltd. as at----- Particulars Note Current year Previous year No. I.Equity and Liabilities: Shareholders fund (a) Share capital 1 2,07,000 Notes to Accounts Particulars Share Capital: Authorised Capital 1, shares of 10 each Issued Capital: 28,500 Shares of 10 each Subscribed Capital: Subscribed and fully paid capital: 9,000 equity shares of 10 each fully called up 90,000 Subscribed but not fully paid capital: 19,500 Equity 10 each, 6 called up 1,17,000 1 Amount 2,07,000 ( ½ +2 ½ =3) 9) Journal in the books Bhadra Ltd. Date Particulars marks Dr.Amount Cr.Amount To Share Application & Allotment A/c (Being application money including premium received on 10,000 applications) 1, 1,
2 Share Application & Allotment A/c Dr. To Share Capital A/c To Security Premium Reserve A/c To Bank A/c (Being application money transferred) (2) 1, 25,000 75,000 (b) 10) (a) Journal in the books of Madhav Ltd. Date Particulars l.f Dr.Amount Cr.Amount 4/3/16 To 9% Debenture Application & Allotment A/c (Application money received) 4/3/16 9% Debenture Application & Allotment A/c Dr. Loss on issue of Debenture A/c Dr. 36,500 To 9% Debenture A/c To Premium on Redemption of Debenture A/c (Application money transferred) 36,500 Journal in the books of Madhav Ltd. Date Particulars marks Dr.Amount Cr.Amount 4/3/16 3,43,100 To 9% Debenture Application & Allotment A/c (Application money received) (½) 3,43,100 4/3/16 9% Debenture Application & Allotment A/c Dr. Loss on issue of Debenture A/c Dr. 3,43,100 40,150 To 9% Debenture A/c To Premium on Redemption of Debenture A/c (Application money transferred) Or 18,250 9% Debenture Application & Allotment A/c Dr. Discount on issue of Debenture A/c Dr. Loss on issue of Debenture A/c Dr. 3,43,100 21,900 18,250 To 9% Debenture A/c To Premium on Redemption of Debenture A/c 18,250 (Application money transferred) 11) Journal in the books of M and D (1 mark) Date Particulars l.f Dr.Amount Cr.Amount M s Capital A/c Dr. 240 To D s Capital A/c (Being the error rectified) 240 Working note: Adjustment Table (3 marks) Particulars M D Total ( Interest on Drawings ( 1 ½ ) 120(Dr.) 300(Cr.) 180 (Cr.) Loss 180 ( 1 ½ ) 120 (Dr.) 60 (Dr.) 180 r.) 12) Journal Entry Date Particulars l.f Dr.Amount Cr.Amount Jain s Capital A/c Dr. 16,000 To Gupta s Capital A/c 16,000 (Being adjustment entry made) Working Note: Jain s Gaining ratio = New ratio Old ratio i.e., = 1/2-2/5=1/10 2
3 Gupta s Sacrificing ratio = Old ratio- new ratio = 3/5-1/2=1/10 Goodwill = 75,000 Revaluation Profit = 85,000 Amount for adjustment = 75,000+85,000 = 1,60,000 Share of Partners = 1,60,000 x 1/10 = 16,000 (1+ ½ + ½ +1+ ½ + ½ = 4) 13) Journal Date Particulars Marks Dr.Amount Cr.Amount (i) Realisation A/c Dr. 15,000 To Bank A/c 15,000 ((unrecorded asset given to unrecorded creditor and balance recived) (ii) Charu s Capital A/c Dr. 10,000 ToRealisation A/c 10,000 (Mmotorbike taken over by Charu) (iii) Realisation A/c Dr. 26,000 To Bank A/c 26,000 (Stock accepted and Balance paid in cash by creditors) (iv) 8,000 To Realisation A/c 8,000 (Bad debts written off, now recovered) (v) Realisation A/c Dr. 45,000 To Esha s Capital A/c 45,000 (Realisation exp.paid by Esha and remuneration allowed to her) (vi) Divya s Loan A/c Dr. Realisation A/c Dr. 40,000 2,000 ToBank A/c 42,000 (Divya s loan discharged at 42,000) 14) Dr. Sohan s Capital A/c Cr. Particulars Amount Particulars Amount To Sohan s executors A/c 1,26,000 By Balance b/d By Revaluation A/c By Ram s Capital A/c By Midhun s capital A/c By P&L Suspense A/c By W C R A/c 75,000 5,000 21,875 13,125 5,000 6,000 1,26,000 1,26,000 The Amount may be utilized for any of the following purposes: (a) Opening a charitable dispensary/ hospital (b) Donation to an Orphanage (c) Development of parks (d) Opening a play school without fee (Any two ways 2 marks) 3
4 15) Journal Date Particulars marks Dr.Amount Cr.Amount 30/4/16 Debenture Redemption Investment A/c 3,00,000 Dr. 3,00,000 To Bank A/c (DRI made) 31/3/17 Statement of Profit & Loss A/c Dr. 14,40,000 To Debenture Redemption Reserve 14,40,000 A/c (Being profit transferred to DRR) 31/3/17 9% Debenture A/c Dr. 20,00,000 To Debenture holders a/c 20,00,000 (Being redemption due) 31/3/17 Debenture holders a/c Dr. 20,00,000 To bank 20,00,000 (Being payment made) 31/3/17 Debenture Redemption Reserve a/c 20,00,000 Dr. 20,00,000 To General Reserve a/c (DRR transferred to General Reserve) Discount on Issue of Debenture A/c Date Particulars Amount Date Particulars Amount 1/4/13 To 9% Debenture a/c 2,00,000 31/3/14 By St.of P&L By Bal.c/d 1, Total 2,00,000 Total 2,00,000 1/4/14 To bal.b/d 1, 31/3/15 By St. of P&L 1,00,000 Total 1, Total 1, 1/4/15 To Bal.b/d 1,00,000 31/3/16 By St. of P&L By Bal.c/d Total 1,00,000 Total 1,00,000 1/4/16 To bal.b/d 31/3/17 By St. of P&L Total Total 16) Journal in the books of Rupa Ltd. Date Particulars marks Dr.Amount Cr.Amount 11, To Share Application A/c 11, (Appn. money received on applications) Share Application A/c Dr. 11, To Share Capital A/c To Share Allotment A/c 8,00,000 3, (Application money adjusted) Share Allotment A/c Dr. To Share Capital A/c To Security Premium Reserve (Allotment due including premium) 12,00,000 8,68,000 Calls in arrear A/c Dr. 12,000 To Share Allotment A/c (Allotment money received) Share First & Final Call A/c Dr. 8,00, ,00,000 8,00,000 8,80,000
5 To Share Capital A/c (Call money due) Calls in arrear A/c Dr. To Share First & Final Call A/c (Call money received) Share Capital A/c Dr. Security Premium Reserve A/c Dr. To Share Allotment A/c To Share First & Final call A/c To Share Forfeiture A/c ( 2,400 shares forfeited) Share Forfeiture A/c Dr. To Share Capital A/c (Re-issue of 1,500 8 per share) Share Forfeiture A/c Dr. To Capital reserve A/c (Proportionate of amount of forfeiture A/c transferred to Capital Reserve) 7,90,400 9,600 (2) 24,000 9,600 12,000 3,000 4,500 8,00,000 8,00,000 15,000 12,000 9,600 12,000 4,500 OR Date Particulars Marks Dr.Amount Cr.Amount 9,75,000 To Equity Share Application A/c 9,75,000 (Application money received on 65,000 applications) Equity Share Application A/c Dr. 9,75,000 To Equity Share Capital A/c To Security Premium Reserve A/c 1,95,000 7,80,000 (Transfer of application money) Equity share Allotment A/c Dr. 6, To Equity Share Capital A/c To Security Premium Reserve A/c 1,30,000 5, (Allotment money due including premium) Calls in arrear A/c Dr. 6,30,000 To Equity Share Allotment A/c 6, (Allotment received except on 2,000 shares) Equity Share Capital A/c Dr. Security Premium Reserve A/c Dr. (1 ½ ) 10,000 16,000 To Equity Share Allotment A/c To Share Forfeited A/c 6,000 (2,000 shares forfeited) Equity Share First & Final Call A/c Dr. To Equity Share Capital A/c 12,60,000 3,15,000 9,45,000 To Security Premium Reserve A/c (First & Final Call money due) 12,00,000 5
6 Calls in arrear A/c Dr. To Equity Share First & Final Call a/c (Call money received except on 3,000 shares) Equity Share capital A/c Dr. Security Premium Reserve A/c Dr. To Equity Share First & Final Call A/c To Share Forfeiture A/c (3,000 shares forfeited) To Equity Share Capital A/c To security Premium reserve A/c (4,000 forfeited shares re-issued) Share Forfeiture A/c Dr. To Capital reserve A/c (Forfeiture amt. transferred to cap. reserve) 60,000 30,000 45,000 2,00,000 16,000 12,60,000 60,000 15,000 40,000 1,60,000 16,000 17) Dr. Revaluation A/c (2 ½ marks) Cr. Particulars Amount Particulars Amount To Building To Furniture 1,00,000 By Land By Partners Capital A/c : 1, To Provision for bad debts 5,000 Vikas 3,000 Vijay 1,000 Veena 1,000 5,000 1,25,000 1,25,000 Dr. Partners Capital A/c (3 ½ marks) Cr. Particulars Vikas Vijay Veena Particulars Vikas Vijay Veena Veena s Capital Revaluation Cash Veena s loan Balance b/d Gen. Reserve Vika s Cap. Vijay s Cap Vijay s Curnt. Balance c/d Vika s Curnt Balance Sheet of Reconstituted Firm (2 marks) Liabilities Amount Assets Amount Creditors Bills Payable Veena s Loan a/c Vija s current a/c Capitals: Vikas Vijay 1, 1,80,000 2,97,900 1,35,000 6,64,000 Cash Debtors 2,00,000 Less Provision 15,000 Stock Furniture Building 36,900 1,85,000 2, 1,00,000 2,00,000 5, 1,35,000 Land Vika s Current a/c 13,96,000 13,96,000 6
7 Or Journal Date Particulars marks Dr.Amt. Cr.Amt. General reserve A/c Dr. To A s capital A/c To B s Capital A/c To C s Capital A/c (General reserve transferred) Revaluation A/c Dr. To Furniture A/c To Provision for Repairs A/c (loss due to changed value debited to revaluation a/c) Land & Building A/c Dr. To Revaluation A/c (Increase in Land & Building) Revaluation A/c Dr. To A s Capital A/c To B s Capital A/c To C s Capital A/c (Profit on revaluation transferred) A s Capital A/c Dr. B s Capital A/c Dr. C s Capital A/c Dr. To Goodwill A/c (Existing goodwill written off) Cash A/c Dr. To D s Capital A/c To Premium A/c (Capital and goodwill brought in by D) Premium A/c Dr. To A s Capital A/c To B s Capital A/c To C s Capital A/c (Premium credited to old partners, capital A/c A s Capital A/c Dr. B s Capital A/c Dr. To Cash A/c (Cash withdrawn by A and B) Cash A/c Dr. To C s Capital A/c (Cash brought in by C) Balance Sheet of Reconstituted Firm 7 10,500 2,240 11,760 9,520 2,250 1,875 1,125 28,770 14,070 3,660 3,400 1,320 Liabilities Amount Assets Amount Creditors Bills Payable Provision for Repairs Capital A/cs: 18,900 6,300 1,320 Cash Debtors Stock Furniture 24,920 26,460 29,400 6,430 A :44,100 Land & Building 56,910 B :36,750 C :22,050 D :14,700 1,17,600 4,500 3,750 2, ,320 11,760 4,080 3,400 2,040 5,250 14,700 14,070 6,030 5,025 3,015 7,060 1,320
8 1,44,120 1,44,120 Part B (Analysis of Financial Statements) 18) No Flow 19) There is no source or use of cash as shares are issued for consideration other than cash. 20) a) (i)non-current/ Current Asets Other non-current/current Assets (ii) Current Assets- Other Current Assets (iii) Not shown in Balance Sheet (iv) Non-current Assets:Fixed Intangible Assets b) Honesty, Commitment, Dedication, Respecting the rules, Respecting Customers (Any two values 2 marks) 21) Common Size Statement of Profit & Loss For the year ended and 2016 Particulars marks Absolute Figure % to Revenue from Operations I.Revenue from Operations 60,00,000 80,00, II.Other Income 3,00,000 3, 5 4 III. Total Revenue (I+II) 63,00,000 83, IV. Expenses: a) Purchase of stock in trade b) Change in inventories of 36,00,000 40,00, stock in trade 3,00,000 3, 5 4 c) Employee Benefit Exp. 6,00,000 8,00, d) Finance Cost 1,80,000 4,80, e) Other expenses 1, 3, 2 4 Total Expenses 48,00,000 59, V.Profit before Tax (III-IV) 15,00,000 24,00, ) Gross Profit = 25% RFO If RFO = 100; Gross profit = 25 and Cost of RFO= 75 RFO is 100/75 X 9,00,000 = 12,00,000 As cash RFO being 1/4 th of Credit RFO, The ratio of Cash RFO and Credit RFO = 1:4 Credit RFO = 12,00,000 X4/5 = 9,60,000 8
9 Trade Receivable Turnover Ratio= Credit RFO/Average Receivables 6 = 9,60,000/ Average Receivables Average Receivables = 9,60,000/6 = 1,60,000 Total of opening and closing receivable = 1,60,000 X 2= 3, Ratio between opening receivables and closing receivables will be 1:3 Hence, Opening Receivables = 3, X 1/4= 80,000 Closing Receivable = 3, X3/4 = 2,40,000 1) Cash Flow Statement for the year ended Particulars marks Amount( Amount( ) A.Cash flows from Operating Activities: Net Loss for Current year Add: Depreciation on fixed tangible assets Interest on Debentures Operating Loss before Working Capital Changes ) (2,70,000) 1,40,000 18,000 (1,12,000) Add: Trade Payables 40,000 Outstanding Expenses 10,000 Less: Inventory Trade Receivables 70,000 Net Cash used in Operating Activity B.Cash flows from Investing Activities: Sale of Machinery Purchase of fixed tangible assets Sale of Non-current investment Net Cash used in Investing Activities C.Cash flows from Financing Activities Proceeds from Issue of Shares Capital Proceeds from issue of Debentures Interest paid on Debentures Net cash flow from Financing Activities (62,000) 1, (1,82,000) 30,000 (3,70,000) 60,000 (2,80,000) 3,00,000 2,00,000 (18,000) 4,82,000 (1,82,000) (2,80,000) 4,82,000 40,000 Net Increase in Cash and Cash equivalents(a+b+c) Add: Cash and Cash equivalents in the beginning Cash and cash equivalents at the end 9
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