Marking Scheme

Sample Question Paper

Accountancy, Class XII
Board Examination,March, 2015
Sl.No.
1.
2.

3.
4.

5.
6.
7.

8.

Outline Answers

Marks

1 Mark
(b) Reconstitution of partnership.
No, the accountants decision is not correct because according to AS-26, 1 Mark
goodwill should be recorded in the books only when consideration in money
or moneys worth has been paid for it
1 Mark
(c) Transferring it to debit side of Binas capital account.

Capital Reserve is the reserve that is created out of capital profits/gains

whereas, that part of the share capital which has not yet been called up and
has been kept as reserve to be called up in the event of the winding up of the
company is called Reserve Capital
`16,00,000
`12,000
The amount received as securities premium can be used for following
purposes (any three):
(a) In purchasing its own shares.
(b) Issuing fully paid bonus shares to the members.
(c) Writing off preliminary expenses of the company.
(d) Writing off the expenses of, or the commission paid, or discount allowed
on any issue of securities or debentures of the company.
(e) Providing for the premium payable on the redemption of any redeemable
preferences shares or any debentures of the company.
Journal
Date
Particulars
LF Debit (`) Credit (`)
Ankurs Capital A/c
Dr.
4,80,000
Bobbys Capital A/c
Dr.
3,20,000
Rohits Capital A/c
Dr.
2,00,000
To Profit and Loss A/c
10,00,000
(Being loss debited to partners
capital accounts)
Ankurs Capital A/c
Dr.
Bobbys Capital A/c
Dr.
To Rohits Capital A/c
(being the deficiency borne by Ankur
and Bobby in the ratio 4:1)

9.

3,20,000
80,000

Balance sheet of Newbie Ltd. as at:

Particulars
Note No.
Equity and Liabilities

4,00,000

1 Mark

1 Mark
1Mark

1x3
=

3 Marks

1
=
1 +1
=3
marks

(`)
1 mark

15

(1) Shareholders funds

Share capital

2,79,600

Notes to Accounts.
1. Share Capital
Authorised Share Capital
50,000 Shares of Rs. 10 each
Issued Share Capital
30,000 Shares of Rs. 10 each
Subscribed Share Capital
(a) Subscribed and fully paid
27,800 shares of Rs. 10 each fully called up 2,78,000
(b) Subscribed but not fully paid
200 shares of Rs. 10 each
2,000
Less calls in arrears
(400)

10.

mark
5,00,000
mark
3,00,000

2,79,600

Journal
Particulars

Bank A/c
Dr.
To Share Application and Allotment A/c
(Being the amount of application money received on 50,000 shares @Rs
50 per share)
Share Application and Allotment A/c
Dr.
To Share Capital A/c
(Being the amount transferred to share capital)
Bank A/c
Dr.
To 9% Debentures Application and Allotment A/c
(Being the amount received on 9% Debenture application and allotment
on 40,000 Debentures @Rs. 40 per debentures)
9% Debenture Application and Allotment A/C
Dr.
To 9% Debentures A/C
(Being The amount transferred to Debentures A/c.)

Debit (`)
25,00,000

Credit (`)
25,00,000

25,00,000

Dr.
Particulars
To P&L A/c
To Punitas
executors A/c

16,00,000
16,00,000

16,00,000

Punitas Capital Account

Amount(`)
Particulars
24,000 By balance b/d
1,22,880 By interest on capital
By P&L Suspense A/c
By Rashis capital A/c
By Seemas Capital A/c
1,46,880

16

x4
=
2 marks

25,00,000

16,00,000

Value which the company wants to communicate to the society: (Any one)
Social responsibility
Generation of employment opportunities.

11.

1 mark
=1+ +
+1
=
3 marks

Cr.
Amount(`)
1,00,000
4,880
6,000
12,000
24,000
1,46,880

1 mark
=2+1
=
3 marks
mark
for each
Item
=
x6
=
3 marks
+
1 mark

for the
answer
=
3+1
=4
marks
12.

Calculation of Interest on drawings:

2 marks

3,00,000
2 marks
=
2+2
=
4 marks

13.
(a)
mark

mark
1 mark
1 mark
=+
+1+1
=
3 marks
(b)
1 mark

Jyotis share= 2/10 + 1/10 = 3/10

1 mark
1 mark
= 1+1+1
=
3 marks
=3+3
=

Sacrificing ratio= 2:1

17

6 marks
14.
(a)

(b)

Date

Particulars

LF

Debit
(`)

Bank A/c
Dr.
To 9% Debenture Application and
Allotment A/c
(Being Debenture application money received)
9% Debenture Application and Allotment A/c Dr.
Loss on issue of Debentures A/c
Dr.
To 9% Debenture A/c
To Premium on redemption of DebenturesA/c
(Being issue of debentures at par, redeemable at a
a premium)

5,00,000

Own debentures A/c

Dr.
To Bank A/c
(Being 60,000 debentures purchased for
cancellation @ Rs 75)
8% Debentures a/c
Dr.
To Own Debentures A/c
To Gain on Cancellation of Debentures A/c
(Being debentures cancelled)
Gain on Cancellation of Debentures A/c
Dr.
To Capital Reserve
(Being the gain transferred to Capital Reserve)
Debenture Redemption Reserve A/c
Dr.
To General Reserve
(Being the Amount of DebentureRedemption
Reserve Transferred to General Reserve)

5,70,000

18

Credit
(`)
5,00,000

5,00,000
50,000
5,00,000,
50,000

1 mark

2 marks
=1+2
=
3 marks

570,000

1 mark

5,70,000
30,000

1 mark

6,00,000

30,000
30,000

mark

3,00,000
3,00,000

mark
=
1+1+
+
=3
marks

15.

Dr.

Realisation A/c
Amount(`)

Liabilities
To sundry assets:
-Machinery
-Stock
-Debtors

5,60,000
90,000
55,000

To Bank:
-Creditors

40,000

To Ashishs Capital A/c:

-Ashishs wifes loan

34,000

To Nehas Capital A/c;

-Realisation expenses

7,000

To profit transferred to:

Ashishs capital A/c 4,000
Nehas capital A/c 3,000

Cr.
Amount(`)

Assets
By Sundry liabilities:
-Creditors
-Ashishs wifes loan

40,000
25,000

By Bank:
-Machinery
-Debtors

4,80,000
10,000

By Ashishs Capital A/c:

-Stock
1,28,000
-typewriter
70,000

1,98,000

By Nehas Capital A/c

-Debtors

40,000

7,000

7,93,000
Dr.
Particulars
To Realisation A/c
To Balance b/d

7,93,000

Partners Capital Accounts

Neha(`)
Particulars
40,000 By Balance b/d
4,50,000 By Realisation A/c
By Realisation A/c
5,98,000
4,90,000

Ashish(`)
1,98,000
4,00,000

Dr.
To Balance b/d
To Realisation A/c

mark
for each
blank
x 12
=
6 marks

Cr.
Neha(`)
4,80,000
7,000
3,000
4,90,000

Ashish(`)
5,60,000
34,000
4,000
5,98,000

Bank A/c
4,04,000 By Realisation A/c
4,90,000 By Ashishs Loan A/c
By Ashishs Capital A/c
By Nehas Capital A/c
8,94,000

Cr.
40,000
4,000
4,00,000
4,50,000
8,94,000

16.
Dr.

REVALUATION A/c

Particulars
To bad debts

Amount(`)
1,000

Cr.

Particulars
By loss transferred to:
As Capital A/c
Bs Capital A/c

Amount(`)
750
250

1,000

Dr.
Particulars
To Goodwill A/c
To Revaluation
A/c

To Balance c/d

1,000

Partners Capital Accounts

A(`)
30,000

B(`)
10,000

750

250

39,450

30,150

C(`)
-

23,200

2 marks

Particulars
By Balance b/d
By Cash A/c
By Investment
fluctuation fund
By Workmens
Compensation
fund

19

Cr.
A(`)
54,000
-

B(`)
35,000
-

C(`)
23,200

1,200

400

3,000

1,000

2x3
=
6 marks
=
2+ 6

By premium for
good will
70,200

40,400

23,200

12,000

4,000

70,200

40,400

23,200

OR

OR
REVALUATION A/c

Dr.
Particulars
To Machinery
To Provision for doubtful debts

Amount(`)
3,000
500

Cr.

Particulars

Amount(`)
2,000

By Furniture
By Loss transferred to :
Xs Capital A/c
Ys Capital A/c
Zs Capital A/c

750
250
500
3,500

3,500

Dr.
Particulars
To Furniture
To Zs Capital A/c
To Revaluation A/c
To Zs Loan A/c
To Ys Current A/c
To Balance c/d

Partners Capital Accounts

X (`)
5,250

Y (`)
1,750

Z (`)
14,000
-

750
45,000
51,000

250
15,000
15,000
32,000

500
24,500
39,000

Particulars
By Balance b/d
By General
Reserve
By Xs Capital A/c
By Ys Capital A/c
By Xs Current A/c

20

=
8 marks

2 marks

Cr.
X (`)
30,000

Y (`)
30,000

Z (`)
28,000

6,000

2,000

4,000

15,000

5,250
1,750
-

51,000

32,000

39,000

2x3
=
6 marks
=
2+ 6
=
8 marks

17.

IN THE BOOK OF AMRIT LTD.

JOURNAL
Date Particulars
Bank A/c
Dr.
To Share Application A/c
(Being application money received on
75,000, shares @Rs.3 per share)
Share Application A/c
Dr.
To Share Capital A/c
To Share Allotment A/c
(Being application money adjusted)
Share Allotment A/c
Dr.
To Share Capital A/c
To Securities Premium A/c
(Being allotment money due on 50,000
shares)
Bank A/c
Dr.
To Share Allotment A/c
(Being allotment money received)
OR
Bank A/c
Dr.
Calls in Arrears A/c
Dr.
To Share Allotment A/c
(Being allotment money received)
Share First Call A/c
Dr.
To Share Capital A/c
(Being first call due on 50,000 shares)
Bank A/c
Dr.
To Share First Call A/c
(Being first call money received)
OR
Bank A/c
Dr.
Calls in arrears A/c
Dr.
To Share First Call A/c
(Being first call money received)

F Dr.(`)
Cr. (`)
2,25,000
2,25,000

mark

2,25,000
1,50,000
75,000

1 mark

2,00,000
1,00,000
1,00,000

1 mark

1,23,000
1,23,000
1 mark
1,23,000
2,000
1,25,000
1,00,000
1,00,000

mark

98,400
98,400
1 mark

98,400
1,600
1,00,000

1 mark

21

Share Capital A/c

Dr.
Securities Premium A/c
Dr.
To Share Forfeiture A/c
To Share Allotment A/c
To Share First Call A/c
(Being 800 shares forfeited for non
payment of allotment money and first call)
OR
Share Capital A/c
Dr.
Securities Premium A/c
Dr.
To Share Forfeiture A/c
To Calls in Arrears A/c
(Being 800 shares forfeited for non
payment of allotment money and first call)
Bank A/c
Dr.
To Share Capital A/c
To Securities Premium A/c
(Being 800 shares re issued )
Share Forfeiture A/c
Dr.
To Capital Reserve A/c
(Being
Share
Forfeiture
amount
transferred to capital reserve)

5,600
1,600
3,600
2,000
1,600

5,600
1,600
3,600
3,600

9,600
5,600
4,000

1 mark

1 mark
=
+ 1+
1+ 1+
+ 1+ 1+
1+1
=
8 marks
OR

3,600
3,600
mark

mark

OR
mark
In The Books of Velco Ltd.
JOURNAL
Date
Particulars
F Dr.(`)
Cr. (`)
Bank A/c
Dr.
1,20,000
To Share Application A/c
1,20,000
(Being application money received on
40,000 Shares @Rs.3 per share)
Share Application A/c
Dr.
1,20,000
To Share Capital A/c
90,000
To Share Allotment A/c
30,000
(Being application money adjusted)
Share Allotment A/c
Dr.
60,000
Discount on Issue of Shares A/c
Dr.
30,000
To Share Capital A/c
90,000
(Being allotment money due)

22

1 mark

mark

1 mark

Bank A/c
Dr.
To Share Allotment
(Being allotment money received)
OR
Bank A/c
Dr.
Calls in Arrears A/c
Dr.
To Share Allotment A/c
(Being allotment money received)
Share First Call A/c
Dr.
To Share Capital A/c
(Being first call due)
Bank A/c
Dr.
To Share First Call A/c
(Being first call received )
OR
Bank A/c
Dr.
Calls in Arrears A/c
Dr.
To Share First Call A/c
(Being first call received)
Share Capital A/c
Dr.
To Share Forfeiture A/c
To Share Allotment A/c
To Share First Call A/c
To Discount on Issue of Shares A/c
(Being 1,500 shares forfeited for non
payment of allotment money and first call)
Share Second and Final Call A/c
Dr.
To Share Capital A/c
(Being second and final call due on 28,500
shares)
Bank A/c
Dr.
To Share Second and Final Call A/c
(Being second and final call received )
Bank A/c
Dr.
Discount on Issue of Shares A/c
Dr.
To Share Capital A/c
(Being 1,500 shares reissued @Rs.9 per
share fully paid)
Share Forfeiture A/c
Dr.
To Capital Reserve
(Being the balance in Share Forfeiture A/c
transferred to capital reserve)

23

28,500
28,500

28,500
1,500

1 mark
30,000

60,000
60,000
1 mark
57,000
57,000
mark
57,000
3,000

60,000
1 mark

12,000
6,000
1,500
3,000
1,500

57,000
57,000

57,000
57,000
13,500
1,500
15,000

6,000
6,000

mark
=
++
+1+
+ 1+
1+ 1+
+1+
=
8 marks

PART B
ANALYSIS OF FINANCIAL STATEMENTS
18.
19.

(c)Cash and Cash equivalents

Cash flows from investing activities - Nil

20.

(a) CURRENT LIABILITIES

(a) Short term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short term provisions

21.

1 mark
1 mark

x4
= 2 marks

(b) Objectives of Financial Statements Analysis (any two)

(i) Helps in assessing the earning capacity or profitability
(ii) Helps in assessing managerial efficiency
(iii) Helps in assessing the long them and short term solvency of the
enterprise.
(iv) Helps in inter-firm comparison.
(v) Helps in forecasting and preparing budgets.
(vi) Helps the users in understanding complicated matter in a simplified
manner.
(a)
Total revenue from operations =` 5,00,000
Gross Profit
=
=
=` 1,00,000
Cost of Revenue from operations= Net Revenue from opeartions-Gross Profit
= ` 5,00,000-`1,00,000
= ` 4,00,000
Cost of Revenue from operations = Opening Inventory +
Net Purchases
Closing inventory
` 4,00,000
= Opening inventory + ` 3,00,000 `60,000
Opening inventory
=` 1,60,000
(b)
Current Ratio

2.5

Current Liabilities

= ` 6,80,000

Quick Ratio

0.95

24

1x2
=
2 marks
=
2+2
=
4 marks

2 marks

1 mark

22. (a)

Quick Assets

= ` 6,46,000

Inventory

= Current Assets-Quick Assets

= ` 17,00,000 ` 6,46,000
= ` 10,54,000

1 mark
=
2+1+1
=
4 marks

Ans. Current Liabilities = ` 6,80,000

Inventory
= ` 10,54,000
Calculation of Net Profit Ratio:
Net Profit Ratio =
2012-13
Net Profit Ratio

1 mark
=
= 36%

1 mark

2013-14
Net Profit Ratio

1x2
= 2 marks
=

=
= 40%

(b)

23.

Values that Himani Ltd. wants to communicate to the society:

Social responsibility.
Welfare of employees.
In the books of Krishna Ltd.
Cash Flow Statement
For the year ended 31st March14
`
Particulars
CASH FLOWS FROM OPERATING
ACTIVITIES
Net profit before tax (Working Note 1)
1,90,000
Add non operating/non cash items:
Depreciation on machinery
60,000
Goodwill Written off
60,000
Operating profit before working
capital changes
Add increase in Trade Payables

1+1+2
= 4 marks

3,10,000
40,000
2 marks

Less Increase in Inventories

Increase in Trade Receivables

(50,000)
(2,00,000)

Cash generated from operations

Less Income Tax paid
Cash flow from operating activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of machinery
Cash used in investing activities

1,00,000
(70,000)
30,000

mark

(7,60,000)
(7,60,000)

25

CASH FLOWS FROM FINANCING

ACTIVITIES
Issue of shares
4,00,000
Long term borrowings
3,60,000
Cash flow from financing activities
Net increase in cash and cash
equivalents
Add opening balance of cash and cash
equivalents
Closing balance of cash and cash
equivalents
Working Note 1:
Calculation of Net Profit Before Tax
Surplus i.e. Balance in Statement of Profit and Loss
Add provision for tax

Dr.
Particulars
To cash (tax paid)
To balance c/d

Provision for Tax A/c

Amount(` )
Particulars
70,000 By balance b/d
By provision
made during the
80,000 year
1,50,000
OR

1 mark
7,60,000
30,000
60,000

1 mark

90,000

1,00,000
90,000
1,90,000

mark

Cr.
Amount (`)
60,000
1 mark
90,000
1,50,000

Part B: Computerized Accounting

18. (c)
19. (b)
20. The computerised accounting is one of the database-oriented applications wherein the
transaction data is stored in well- organized database. The user operates on such database using
the required interface and also takes the required reports by suitable transformations of stored
data into information. Therefore, the fundamentals of computerised accounting include all the
basic requirements of any database-oriented application in computers.
l Accounting framework.......................................................................................[2]
It is the application environment of the computerised accounting system. A healthy accounting
framework in terms of accounting principles, coding and grouping structure is a pre-condition for
any computerised accounting system.
l Operating procedure ........................................................................................[2]
A well-conceived and designed operating procedure blended with suitable operating
environment of the enterprise is necessary to work with the computerised accounting system.
21. In computerised accounting system, every day business transactions are recorded with the help
of computer software. Logical scheme is implied for codification of account and transaction.
Every account and transaction is assigned a unique code. The grouping of accounts is done from
the first stage. [Briefly explaining what is account groups and hierarchy of ledger].The hierarchy

26

of ledger accounts is maintained and the data is transferred into Ledger accounts automatically
by the computer. In order to produce ledger accounts the stored transaction data is processed to
appear as classified so that same is presented in the form of report. The preparation of financial
statements is independent of producing the trial balance.
(2 marks each point)
22. Intentional manipulation of accounting records is much easier in computerised accounting due to
following:
i.
ii.

Defective logical sequence at the programming stage

Prone to hacking
[ 2 points each, briefly explaining with examples)

23. Every accounting software ensures data security, safety and confidentiality. Therefore every,
software should provide for the following:

Password Security: Password is a mechanism, which enables a user to access a system

including data. The system facilitates defining the user rights according to organisation
policy. Consequently, a person in an organisation may be given access to a particular set
of a data while he may be denied access to another set of data.

. Data Audit: This feature enables one to know as to who and what changes have been
made in the original data thereby helping and fixing the responsibility of the person who
has manipulated the data and also ensures data integrity. Basically, this feature is similar
to Audit Trail.

. Data Vault: Software provides additional security through data encryption

(2 marks each point)

27