12ACC03 MS

KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION

SUBJECT- ACCOUNTANCY (055)
MARKING SCHEME
CLASS XII (2023-24)
TIME: 3 HOURS MAX. MARKS: 80
GENERAL INSTRUCTIONS:
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B.
3. Part - A is compulsory for all the candidates.
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised
Accounting. Students must attempt only one of the given options as per the subject opted.
5. Question Nos.1 to 16 and 27 to 30 carries 1 mark each.
6. Questions Nos. 17 to 20, 31and 32 carries 3 marks each.
7. Questions Nos. from 21, 22 and 33 carries 4 marks each
8. Questions Nos. from 23 to 26 and 34 carries 6 marks each
9. There is no overall choice. However, an internal choice has been provided in 7 questions of
one mark, 2 questions of three marks, 1 question of four marks and 2 questions of six marks.
Q. PART A Marks
No. (Accounting for Partnership Firms and Companies)
1. Sacrificing Share by A = ¼ X ¾ = 3/16 ; by B = ¼ X ¼ = 1/16 (1)
New share of A = 5/8 – 3/16 = 7/16 ; B = 3/8 – 1/16 = 5 /16; C = 4/16
Ans: c) 7:5:4
2. a) Both A and R are correct, and R is the correct explanation of A. (1)

3. (b) It is not appropriation of profit and it is charge against profit (1)

4. Ans: (c) Rs. 3,600 (1)

= Rs. 24,000 – Rs. 15,000
= Rs. 9,000
B ‘s Loss = Rs. 9,000 X 2/5
= Rs. 3,600
(or)
Ans: (b) Dr. A Rs. 1,200 ; Cr. B Rs. 800 and Cr. C Rs. 400

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5. Ans: (c) Rs. 1,98,500 (1)
Hint: Net profit before any Interest - Rs. 2,00,000
Less: Interest on Loan (Rs. 1,00,000 X 6/100 X 3/12) – Rs. 1,500
Net Profit Rs. 1,98,500
6. Ans: (b) Rs. 1,700 (1)
Interest for 6 months at the end of each 6 months end - Rs. 500
(Rs. 30,000 X 8/100 X 2.5/12)
Add: Interest of drawings for last six months - Rs. 1,200
(Rs. 30,000 X 8/100 X 6/12)
Total Interest Rs.1,700
7. Ans : (d) Rs. 2,000 (1)
Hint: Rs. 3,12,000 X 3:3:2/8
E – Rs. 1,17,000 – Rs. 2,000 = Rs. 1,15,000
F – Rs. 1,17,000
G – Rs. 78,000 + Rs. 2,000= Rs. 80,000
(or)
Ans: (c) Rs. 7,80,000
Hint: Rs. 1,80,000 – Rs. 1,20,000 (Salary) = Rs. 60,000 (Commission)
= Rs. 60,000 / 10% X 110 % = Rs. 6,60,000
Profit for the year before charging salary and commission
= Rs. 1,20,000 + Rs. 6,60,000
= Rs. 7,80,000.
8. Ans: (a) Rs. 76,000 (1)
Hint: Rs. 90,000/2 = x – Rs. 31,000
(or)
Ans – b) ₹ 15,85,000
Explanation:-
Capital Employed = Total Assets – Goodwill – Profit and Loss Account (Dr)
Balance – Bank Loan – Debit balances of partner’s Current Account
Capital Employed = ₹ 26,00,000 – ₹ 1,00,000 – ₹ 15,000 – ₹ 8,0,000 – ₹ 75,000 – ₹
25,000
Capital Employed = ₹ 15,85,000

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9. Ans – a) Dr. Z and Cr. X by ₹ 9,000 (1)
Solution:-
Final Accumulated Profit = General Reserve + Profit and Loss (cr.) + Advertisement
Suspense A/c (Dr.)
Final Accumulated Profit = 35,000 + 15,000 – 20,000 = ₹ 30,000
X share = 30,000 × 3/10 = ₹ 9,000 (credit)
Z share = 30,000 × 3/10 = ₹ 9,000 (debit)
Journal entry
Z’s Capital A/c Dr. 9,000
To X’s Capital A/c 9,000
10. Ans: b) gaining partner is not put to an advantage and sacrificing partner is not (1)
put to disadvantage and vice-versa
Explanation:-
The revaluation of assets and liabilities is done to protect the interest of partners.
gaining partners should not be in advantage and sacrificing partners also should not
be in a disadvantage.
11. Ans: (d) Rs. 17,000 (1)
Explanation:
Ashish admitted in the bussiness with 1/5 share , which was 90000
Total capital of the firm as per Ashish's capital= 90,000*5/1 =4,50,000
(Total capital, General Reserves and revaluation gain by adding ) =(3,65,000)
(1,20,000+80,000+90,000+15,000)
Goodwill of the firm = 85,000
Now the goodwill will be 85, 000
Ashish Share is 1/5
Ashish's share = 85,000*1/5= 17,000
12. Ans: (a) Rs.50,000 by Karan and Rs.1,50,000 by Girish (1)

13. Ans: (d) Dr. A’s Capital Rs. 40,000; Dr. Revaluation A/c Rs. 10,000; Cr. (1)
Furniture A/c Rs. 50,000
14. Ans: (c) Rs. 80,000 (1)
Reason: In the absence of assets realisation, assume only tangible assets can be
realised at the book value.

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 (or)
Ans : (c) Cr. side of realisation A/c
15. Ans: b) ₹1,800 (1)
Hint: = 600 X Rs. 3
16. Ans: (c) 6,000 (1)
Hint = Rs. 10,00,000 – Rs. 1,00,000 – Rs. 1,50,000 / Rs. 125
(or)
Ans: (a) First from Security Premium Reserves then Statement of Profit and
Loss
17. Year Amount Adjustment Depreciation Amount Weights Product (3)
Rs. Rs. Rs. Rs. Rs. Formula = ½
2020 25,000 25,000 1 25000
WN= 1 ½
2021 27,000 10000 -1,000 36,000 1 36000
2022 46,000 -1,000 45,000 1 45000 Ans = 1 M
2023 53,000 -1,000 52,000 2 104000
5 210000
Goodwill = Weighted Average Profit X No. Years Purchase
=210000/5*3 years
Goodwill =Rs. 1,26,000
18. (1+2)

Working Note:
Purchase Price = (10,000 × 11) + (200 × 90)+50,000 = 1,10,000 + 18,000 + 50,000 =
₹ 1,78,000

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 (OR) (1 +2)

19. (1+1+1)

(or)
(or)
Particulars Aspect P Q R Total (WN-1M
Correct
+ Ans 2M)
Interest on capital Cr. 2,000 1,600 1,200 -4,800
Salary Cr. -12,000 12,000 0
Wrong
Interest on capital Dr. -4,000 -3200 -2400 9,600
Divisible Profit (3:1:1) 2,880 960 960 -4,800
Net Effect -11,120 11,360 -240 0
Dr. Cr. Dr.
Ans:
P’s Capital Dr. 11,120
R’s Capital Dr. 240
To Q’s Capital A/c 11,360

(Errors rectified)
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20. (1+1+1)

21. (4)

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22. (1+3)

23. Date Particulars L.F. Debit Credit (1/2 + 1 +1/2

+1 + 1/2 + 1
+1/2 + 1)
1 Bank A/c – Dr. 69,00,000

To Share Application A/c 69,00,000

(Being Share application money received)

2 Share Application A/c – Dr 69,00,000

To Share Capital A/c 24,00,000

To Share Allotment A/c 24,00,000

To Call in advance A/c 6,00,000

To Bank A/c 15,00,000

(Being application money transferred to

capital,

allotment and calls in advance and excess

refunded)

3 Share Allotment A/c – Dr. 24,00,000

To Share Capital A/c 16,00,000

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 To Security Premium A/c 8,00,000

Being Share allotment money including

premium due)

4 Share 1st Call A/c – Dr. 40,00,000

To Share Capital A/c 40,00,000

(Being first call money due)

6 Bank A/c – Dr. 33,32,000

Calls In Arrears A/c – Dr. 68,000

Call in advance A/c 6,00,000

To Share 1st Call A/c 40,00,000

(Being first call money received and

calls in

advance adjusted)

7 Share Capital A/c – Dr. 1,60,000

To Forfeited Shares A/c 92,000

To Calls In Arrears A/c 68,000

(Being shares forfeited)

8 Bank A/c – Dr. 95,000

Share forfeiture a/c – Dr. 5,000

To Share Capital A/c 1,00,000

(Being shares reissued)

9 Forfeited Shares A/c Dr. 52,500

To Capital Reserve A/c 52,500

(Being share forfeiture money

transferred to

Capital Reserve)

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 (OR) (1/2 + 1 +1/2
Date Particulars L.F. Debit Credit +1 + 1 + 1 +1)

1 Bank A/c – Dr 7,20,000

To Share Application A/c 7,20,000

(being Application money received)

2 Share Application A/c – Dr 7,20,000

To Share Capital A/c 3,60,000

To Security Premium A/c 1,20,000

To Share Allotment A/c 80,000

To Bank
A/c 1,60,000

(Being application money transferred to capital,

premium and allotment and excess refunded)

3 Share Allotment A/c – Dr. 6,00,000

To Share Capital A/c 4,80,000

To Security Premium A/c 1,20,000

(Being share allotment money including premium

due)

4 Bank A/c – Dr. 4,78,000

Calls In Arrears A/c – Dr 42,000

To Share Allotment A/c 5,20,000

(Being allotment money received)

Share Capital A/c

5 – Dr 70,000

Security Premium A/c – Dr 10,000

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 To Forfeited Shares A/c 38,000

To Calls in Arrears A/c 42,000

(Being shares forfeited)

6 Bank A/c – Dr 56,000

To Share Capital A/c 48,000

To Security Premium A/c 8,000

(Being Shares reissued)

7 Forfeited Shares A/c --- Dr 30,000

To Capital Reserve A/c 30,000

(Being Share forfeiture money transferred to

capital reserve)

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24.
Revaluation A/c
Particulars Rs. Particulars Rs. (2+4)
To Stock 10,000 By Building 40,000
To Prov. for Doubt. Debts
To Partners Capital
A/c(gain)
Aman: 15,000
Biswas: 10,000 25,000

40,000 40,000

Dr. Partner Capital A/c Cr.

Bisw
Particulars Aman Biswas Chetan Particulars Aman as Chetan
By Balance b/d 2,00,000 1,50,000 -
To Goodwill 18,000 12,000 - By Revaluation A/c 15,000 10,000 -
By Premium for
To Balance c/d 2,48,000 1,82,000 1,30,000 goodwill 15,000 10,000
By General Reserve 24,000 16,000 -
By Invest. Fluct.
Reserve 12,000 8000 -
By Bank 1,30,000
2,66,000 1,94,000 1,30,000 2,66,000 1,94,000 1,30,000

(OR)
Realisation A/c

Particulars Rs. Rs. Particulars Rs.

To Debtors A/c 70,000 By Creditors A/c 60,000 (2+2+2)
To Stock A/c 70,000 By Bills payable A/c 20,000
To Plant & Machinery By Employees Prov.
A/c 40,000 Fund A/c 50,000
To Building A/c 80,000 By Bank A/c 1,50,000
To Loan to Rajan A/c 20,000 By Akum ‘s Capital A/c 30,000
To Bakum’s Capital
A/c 55,000 By Bakum’s Capital A/c 1,00,000
To Bank A/c 70,000
To Partners Capital A/c
(gain)
Akum’ Capital. 3,000
Bakum’ Capital 2,000 5,000

4,10,000 4,10,000

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25. Dat L.F (3+3)
e Particulars . Debit Credit
1 Revaluation A/c– Dr 7,500
To Fixed Assets A/c 2,500
To Provision for doubtful debts A/c 5,000
(Being Change in Value of assets and
provision
recorded)
2 Creditors A/c -Dr 10,000
To Revaluation A/c 2,000
To Bank A/c 8,000
(Being creditors discharged at a
discount)
3 P’s Capital A/c – Dr 2,750
Q’s Capital A/c -Dr 1,650
R’s Capital A/c - Dr 1,100
To Revaluation A/c 5,500
(Being loss on revaluation charged from
partners capital)
4 Q’s Capital A/c -Dr 8,000
R’s Capital A/c - Dr 32,000
To P’s Capital A/c 40,000
(Being goodwill provided in gaining
ratio)
5 Profit & Loss A/c – Dr. 85,000
To P’s Capital A/c 42,500
To Q’s Capital A/c 25,500
To R’s Capital A/c 17,000
(Being P&L A/c distributed in old ratio)
6 Bank A/c 1,02,750
To Q’s Capital A/c 1,150
To R’s Capital A/c 1,01,600
(Being amount payable to P brought in
by
remaining partners as agreed)
P’s Capital A/c – Dr. 1,19,750
To Bank A/c 1,19,750
(Being amount due to P paid)

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26. L. (1 ½
Date Particulars F. Debit Credit
Each)
Aug 42,00,0
1, Bank A/c Dr 00
To Debenture Application & Allotment
2022 A/c 42,00,000
(Being Application money including
premium
received)

Aug 42,00,0
1, Debenture Application & Allotment A/c Dr. 00
4,80,00
2022 Loss on Issue of Debentures A/c Dr 0
To 9% Debentures A/c 40,00,000
To Security Premium A/c 2,00,000
To Premium on Redemption of
Debentures A/c 4,80,000
(Being Debentures issued at premium
redeemable at
premium)

2,40,00
March Debentures Interest A/c Dr 0
31,
2023 To Debenture Holders' A/c 2,40,000
(Being interest due on Debentures)

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 2,40,00
March Debenture Holders' A/c Dr 0
31,
2023 To Bank A/c 2,40,000
(being Interest paid)
Loss on Issue of Debentures A/c
Dr Cr
Date Particulars Rs. Date Particulars Rs.
2022 2023
Aug- To Premium on Mar- By Security
01 Redemption 4,80,000 31 Premium 3,50,000
By Statement of
of Debentures Profit and 1,30,000
Loss
4,80,000 4,80,000
PART B
Option - I
(Analysis of Financial Statements)
27. (a) Purchase of goods on credit (1)

28. D) Intra Firm Comparison Possible (1)

(Or)
D) To judge the variations in the accounting practices of the business followed by
different enterprises.
29. (c) ₹ 2,40,000 (1)
(or)
(d) All statements are correct
30. (d) Goodwill purchased (1)

31. Profit before tax =6,00,000*100/80 (1 ½

=7,50,000 Each)

Interest =9,50,000-7,50,000=2,00,000
Interest Coverage Ratio =9,50,000/2,00,000= 4.75 Times
Interest rate=2,00,000*100/40,00,000
=5%

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32. Items Heads Sub Heads (1/2
a)Finished goods. Current Assets Inventory each)
Current Short Term
b)Bank overdraft Liabilities Borrowings
c)Prepaid insurance Current Assets Other Current Assets
Shareholder's
d)Debenture Redemption Reserve Fund Reserves & Surplus
Non Current Long term
e)Capital advances Assets Loans/Advances
f)Debentures due for redemption at the Current Short Term
end of the year Liabilities Borrowings
33. Common Size Statement of Profit and Loss For the year ended March 31, 2023. (4)
Amount (in As a % of
Particulars ₹) Revenue
I)Revenue from Operations 15,00,000 100%
II)Other Income 3,00,000 20%
III)Total Revenue (I+II) 18,00,000 120%
IV)Expenses
a)Purchase of Stock in trade 2,50,000 16.67%
b)Change in Inventory -75,000 -5%
c)Employee Benefit Expenses 6,00,000 40%
d)Finance Cost 60,000 4%
e)Depreciation and amortisation 90,000 6%
Total Expenses 9,25,000 61.67%
V)Profit Before Tax (III-IV) 8,75,000 58.33%
VI)Less: Tax 1,75,000 11.67%
VII) Profit After Tax 7,00,000 46.67%

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34. (3+1+2)

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 PART B - COMPUTERISED ACCOUNTING (Option – II)
27 a) PMT (rate, nper, pv, [fv], [type]) 1
. Or
a) Design, Layout, Format
28 d) =AND (C4<10, D4,100) 1
.
29 a) SUM 1
. and
AVERA
GEOr
c) [Home]
30 (b) Financial 1
.
31 Types of Accounting Vouchers 3
. (i) Contra Vouchers
(ii) Payments Vouchers
(iii) Receipt Vouchers
32 The points to be considered before making investment in a database: (any three) 3
. (i) What all data is to be stored in the database?
(ii) Who will capture or modify the data, and how frequently the data will be modified?
(iii) Who will be using the database, and what all tasks will they perform?
(iv) Will the database (backend) be used by any other frontend application?
(v) Will access to database be given over LAN/ Internet, and for what purposes?
(vi) What level of hardware and operating system is available?
33 Features of computerized accounting system: 4
. (i) Simple and integrated.
(ii) Transparency and control.
(iii) Accuracy and speed.
(iv) Scalability.
(v) Reliability
Or
Uses of conditional formatting:
(i) It helps in making needed information highlighted.
(ii) It changes the appearance of cells ranges.
(iii) Colour scale may be used to highlight cells .
(iv) useful in making decision making.
34 Two basic methods of charging depreciation are: 6
. Straight line method : This method calculates fixed amount of depreciation every year which is
calculated keeping in view the useful life of assets and its salvage value at the end of its useful life.
Written down value method: This method uses current book value of the asset for computing the
amount of depreciation for the next period. It is also known as declining balance method..
Differences:
1. Equal amount of depreciation is charged in straight line method. Amount of depreciation

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