ACCOUNTANCY (055)

CLASS XII (2024–25)

SAMPLE QUESTION PAPER
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 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.
5. Question 1 to 16 and 27 to 30 carries 1 mark each.
6. Questions 17 to 20, 31and 32 carries 3 marks each.
7. Questions from 21 ,22 and 33 carries 4 marks each
8. Questions 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.
PART A
(Accounting for Partnership Firms and Companies)

S.No. Question Marks

Part A :- Accounting for Partnership Firms and Companies
1. Anthony a partner was being guaranteed that his share of profits will not be less than ₹ 1
60,000 p.a. Deficiency, if any was to be borne by other partners Amar and Akbar
equally. For the year ended 31st March, 2024 the firm incurred loss of ₹ 1,80,000.
What amount will be debited to Amar’s Capital Account in total at the end of the year?
A. ₹ 60,000
B. ₹ 1,20,000
C. ₹ 90,000
D. ₹ 80,000
2. Assertion: Partner’s current accounts are opened when their capital are fluctuating. 1
Reasoning: In case of Fixed capitals all the transactions other than Capital are done
through Current account of the partner.
A. Both A and R are true and R is the correct explanation of A.
B. Both A and R are true but R is not the correct explanation of A.
C. A is true but R is false
D. A is false but R is true
3. Forfeiture of shares leads to reduction of _________________Capital. 1
A. Authorised
B. Issued
C. Subscribed
D. Called up
 OR
Moon ltd. issued 40,000, 10% debentures of ₹100 each at certain rate of discount and
were to be redeemed at20% premium. Exiting balance of Securities premium before
issuing of these debentures was ₹12,00,000 and after writing off loss on issue of
debentures , the balance in Securities Premium was ₹2,00,000. At what rate of discount
these debentures were issued?
A. 10%
B. 5%
C. 25%
D. 15%
4. At the time of admission of new partner Vasu, Old partners Paresh and Prabhav had 1
debtors of ₹ 6,20,000 and a provision for doubtful debts (PDD) of ₹ 20,000 in their
books. As per terms of admission, assets were revalued, and it was found that debtors
worth ₹ 15,000 had turned bad and hence should be written off. Which journal entry
reflects the correct accounting treatment of the above situation?
A. Bad Debts A/c Dr. 15,000
To Debtors A/c 15,000
Prov for D. debts A/c Dr. 15,000
To Bad Debts A/c 15,000

B. Bad Debts A/c Dr. 15,000

To Debtors A/c 15,000
Revaluation A/c Dr. 15,000
To Prov for doubt debtsA/c 15,000

C. Revaluation A/c Dr. 15,000

To Debtors A/c 15,000

D. Bad Debts A/c Dr. 15,000

To Revaluation A/c 15,000

OR

Ram and Shyam were partners sharing profits and losses in the ratio of 3:2. Their
balance sheet shows building at ₹ 1,60,000. They admitted Mohan as a new partner for
1/4th share. In additional information it is given that building is undervalued by 20%.
The share of loss/gain of revaluation of Shyam is ____________ & current value of
building shown in new balance sheet is _______.
A. Gain ₹ 12,800, Value₹ 1,92,000 B. Loss ₹ 12,800, Value₹ 1,28,000
C. Gain ₹ 16,000, Value₹ 2,00,000 D. Gain ₹ 40,000, Value₹ 2,00,000
5. The profit earned by a firm after retaining ₹ 15,000 to its reserve was ₹ 75,000. The 1
firm had total tangible assets worth ₹ 10,00,000 and outside liabilities ₹ 3,00,000. The
value of the goodwill as per capitalization of average profit method was valued as ₹
50,000. Determine the rate of Normal Rate of Return.
A. 10 %
B. 5 %
 C. 12 %
D. 8 %
6. Mohit had applied for 900 shares, and was allotted in the ratio 3 : 2. He had paid 1
application money of ₹ 3 per share and couldn’t pay allotment money of ₹ 5 per share.
First and Final call of ₹ 2 per share was not yet made by the company. His shares were
forfeited. The following entry will be passed

Share Capital A/c Dr. X

To Share Forfeited A/c Y
To Share Allotment A/c Z

Here X, Y and Z are:

A. ₹ 6,000; ₹ 2,700; ₹ 3,300 B. ₹ 4,800; ₹ 2,700; ₹ 2,100

C. ₹ 4,800; ₹ 1,800; ₹ 3,000 D. ₹ 6,000; ₹ 1,800; ₹ 4,200

Or

A company forfeited 6,000 shares of ₹ 10 each, on which only application money of ₹ 3

has been paid. 4,000 of these shares were re-issued at ₹ 12 per share as fully paid up.
Amount of Capital Reserve will be _______.

A. ₹ 18,000 B. ₹ 12,000
C. ₹ 30,000 D. ₹ 24,000
7. On 1st April 2019 a company took a loan of ₹80,00,000 on security of land and building. 1
This loan was further secured by issue of 40,000, 12% Debentures of ₹100 each as
collateral security. On 31st March 2024 the company defaulted on repayment of the
principal amount of this loan consequently on 1st April 2024 the land and building were
taken over and sold by the bank for ₹70,00,000. For the balance amount debentures
were sold in the market on 1st May 2024. From which date would the interest on
debentures become payable by the company?
A. 1st April 2019.
B. 31st March 2024.
C. 1st April 2024.
D. 1st May 2024.
8. Rama, a partner took over Machinery of ₹ 50,000 in full settlement of her Loan of ₹ 1
60,000. Machinery was already transferred to Realisation Account.
How it will effect the Realisation Account?
A. Realisation Account will be B. Realisation Account will be
credited by ₹ 60,000 credited by ₹ 10,000
C. Realisation Account will be D. No effect on Realisation Account
credited by ₹ 50,000

OR

Dada, Yuvi and Viru were partners sharing profits and losses in the ratio 3:2:1. Their
 books showed Workmen Compensation Reserve of ₹ 1,00,000. Workmen Claim
amounted to ₹ 60,000. How it will affect the books of Accounts at the time of
dissolution of firm?
A. Only ₹ 40,000 will be distributed amongst partner’s capital account
B. ₹ 1,00,000 will be credited to Realisation Account and ₹ 60,000 will be paid
off.
C. ₹ 60,000 will be credited to Realisation Account and will be even paid off.
Balance ₹ 40,000 will be distributed amongst partners.
D. Only ₹ 60,000 will be credited to Realisation Account and will be even paid off
9. Ikka, Dukka and Teeka were partners sharing profits and losses in the ratio of 2:2:1. 1
Their fixed Capital balances were ₹ 5,00,000; ₹ 4,00,000 and ₹ 3,00,000 respectively.
For the year ended March 31, 2024 profits of ₹ 84,000 were distributed without
providing for Interest on Capital @ 10% p.a as per the partnership deed.
While passing an adjustment entry, which of the following is correct?
A. Teeka will be debited by ₹ 4,200
B. Teeka will be credited by ₹ 4,200
C. Teeka will be credited by ₹ 6,000
D. Teeka will be debited by ₹ 6,000
10. At the time of dissolution Machinery appears at ₹ 10,00,000 and accumulated 1
depreciation for the machinery appears at ₹ 6,00,000 in the balance sheet of a firm.
This machine is taken over by a creditor of ₹ 5,40,000 at 5% below the net value. The
balance amount of the creditor was paid through bank. By what amount should the
bank account be credited for this transaction?
A. ₹ 60,000.
B. ₹ 1,60,000.
C. ₹ 5,40,000.
D. ₹ 4,00,000.
11. Rahul, Samarth and Ayaan were partners sharing profits and losses in the ratio of 5:4:3. 1
Ayaan’s fixed Capital balance as on March 31, 2024 was ₹ 2,70,000. Which of the
following items would have affected this Capital balance?
A. Profit/Loss for the year B. Additional Capital introduced
C. Reduction in Capital due to D. Both B and C
Capital Adjustment
12. Shares issued as sweat equity can be 1
(I) Issued at par.
(ii) Issued at discount.
(iii) Issued at a premium.
Which of the following is correct?

A. Only (i) is correct.

B. Both (i) and (iii) are correct.
C. All are correct.
D. Only (ii) is correct.
13. 2,000 shares allotted to Ms. Regal, on which ₹ 80 each called up and ₹ 50 paid were 1
forfeited and reissued for ₹ 70 each as ₹ 90 paid up. Amount transferred to capital
 reserve A/c is
A. ₹ 1,00,000 B. ₹ 60,000
C. ₹ 40,000 D. ₹ 20,000
14. Joey, Sam and Tex were partners sharing profits and losses in the ratio 5:3:2. W.e.f 01 1
April, 2024 they decided to share future profits and losses in the ratio 2:1:1. For which
of the following balances Tex will be credited at the time of reconstitution of firm, if
the firm decided to continue with available accumulated profits and losses balances.
A. General Reserve ₹ 2,00,000 B. General Reserve ₹ 2,00,000
and Profit and Loss (Dr.) ₹ and Profit and Loss (Cr.) ₹
1,20,000 2,50,000
C. Deferred Revenue Expenditure D. Deferred Revenue Expenditure
₹ 50,000 and Profit and Loss ₹ 50,000 and Profit and Loss
(Cr.) ₹ 80,000 (Dr.) ₹ 80,000
15. Rohit, Virat and Shikhar were partners sharing profits and losses in the ratio 3:1:1. 1
Their Capital balance as on March 31, 2024 was ₹ 3,00,000; ₹ 2,70,000 and ₹ 2,50,000
respectively. On the same date, they admitted Hardik as a new partner for 20% share.
Hardik was to bring ₹ 80,000 for his share of goodwill and 1/5 of the combined capital
of all the partners of new firm. What will be the total amount brought in by Hardik on
his admission as a new partner?
A. ₹ 2,25,000 B. ₹ 1,80,000
C. ₹ 2,60,000 D. ₹ 3,05,000
E.
OR

A, B and C were partners sharing profits and losses equally. B died on 31 August, 2023
and total amount transferred to B’s executors was ₹ 13,20,000. B’s executors were
being paid ₹ 1,20,000 immediately and balance was to be paid in four equal semi-
annual instalments together with interest @ 10% p.a. Total amount of interest to be
credited to B’s executors Account for the year ended March 31, 2024 will be?
A. ₹ 70,000 B. ₹ 67,500
C. ₹ 60,000 D. ₹ 77,000
16. String and Kite were partners sharing profits and losses in the ratio 5:3. They admitted 1
spinner as a new partner. String sacrificed ¼ from his share and Kite sacrificed 1/6 of
his share. What will be the new ratio?
A. 6:5:5 B. 9:5:10
C. 15:10:7 D. 35:21:40
17. Rusting, a partner of a firm under dissolution was to get a remuneration 2% of the total 3
assets realised other than cash and 10% of the amount distributed to the partners.
Sundry assets (including Cash ₹ 8,000) realised at ₹ 1,16,000 and sundry liabilities to be
paid ₹ 31,340. Calculate Rustings’s remuneration and Show your workings clearly. Also
pass necessary journal entry for remuneration.
18. A, B and C were partners sharing profits, and losses in the ratio of 2:2:1. C died on 1st 3
July, 2023 on which date the capitals of A, B and C after all necessary adjustments
stood at ₹74,000, ₹ 6,750 and 42,250 respectively. A and B continued to carry on the
business for six months without settling the accounts of C. During the period of six
months from 1 -7-2023, a profit of ₹ 20,500 is earned using the firm’s property. State
 which of the two options available u/s 37 of the Indian Partnership Act, 1932 should be
exercised by executors of C and why?.

Or
Amit and Kartik are partners sharing profits and losses equally. They decided to admit
Saurabh for an equal share in the profits. For this purpose, the goodwill of the firm was
to be valued at four years' purchase of super profits.
The Balance Sheet of the firm on Saurabh's admission was as follows:
Liabilities Amount (₹) Assets Amount(₹)
Capital Accounts Fixed Assets (Tangible) 75,000
Amit 90,000 Furniture 15,000
Kartik 50,000 1,40,000 Stock 30,000
Creditors 5,000 Debtors 20,000
General Reserve 20,000 Cash 50,000
Bills payable 25,000
1,90,000 1,90,000
The normal rate of return is 12% p.a. Average profit of the firm for the last four years
was ₹30,000. Calculate Saurabh’s share of goodwill.
19. Buddha Limited took over assets of ₹ 40,00,000 and liabilities of ₹ 6,50,000 of Ginny 3
Limited. Buddha Limited issued 30,000, 8% Debentures of ₹ 100 each at 10% discount,
to be redeemed at 5% premium along with cheque of ₹ 5,00,000. Pass necessary
journal entries in the books of Buddha Ltd.
Or
A company forfeited 8,000 shares of ₹ 10 each on which ₹ 8 were called (including ₹ 1
premium) and ₹ 6 was paid (including ₹ 1 premium). Out of these 5,000 shares were re-
issued at maximum possible discount. Pass necessary journal entries.
20. Bat, Cat and Rat were partners sharing profits and losses in the ratio 5:3:2. Cat 3
retired and on that date there was a balance of Investment of ₹ 4,00,000 and
Investment Fluctuation Reserve of ₹ 1,00,000 was appearing in the balance
sheet.
Pass necessary journal entries for Investment Fluctuation reserve in the
following cases.
(i) Market Value of Investments was ₹ 4,80,000.
(ii) Market Value of Investments was ₹ 3,80,000.
(iii) Market Value of Investments was ₹ 2,90,000
21. A company forfeited certain number of shares of Face Value ₹ 10 each, for non- 4
payment of final call money of ₹ 4. These shares were reissued at a discount of
₹ 5 and amount of ₹ 4500 was transferred to capital Reserve account. Pass the
necessary journal entries to show the above transactions and prepare Share
forfeited account.
22. X, Y and Z were partners sharing profits and losses equally. Y died on 1st October, 2023 4
and total amount transferred to Y’s executors was ₹ 15,60,000. Y’s executors were
being paid ₹ 3,60,000 immediately and balance was to be paid in four equal quarterly
instalments, together with Interest @ 6% p.a. Pass entries till payment of first two
 instalments.
23. K.N. Ltd. invited applications for issuing 6,00,000 equity shares of ₹10 each at a 6
premium of ₹3 per share. The amount was payable as follows: On Application and
Allotment - ₹3 per share; On First Call -₹4 per share; On Second and Final Call —
Balance (including premium). The issue was oversubscribed by 1,50,000 shares.
Applications for 50,000 shares were rejected and the application money was refunded.
Shares were allotted to the remaining applicants as follows:
Category I: Those who had applied for 4,00,000 shares were allotted 3,00,000 shares
on pro- rata basis.
Category II: The remaining applicants were allotted the remaining shares.
Excess application money received with applications was adjusted towards sums due
on first call. Rakesh to whom 6,000 shares were allotted (out of Category I) failed to
pay the first call money. His shares were forfeited. The forfeited shares were re-issued
at ₹13 per share fully paid up after the second call. Pass necessary journal entries for
the above transactions in the books of K.N. Ltd.

OR
a) Pass the necessary journal entries for 'Issue of Debenture' for the following:
i. Arman Ltd. issued 750, 12% Debentures of ₹100 each at a discount of 10%
redeemable at a premium of 5%.
ii. Sohan Ltd. issued 800, 9% Debentures of ₹100 each at a premium of 20 per
debenture redeemable at a premium of ₹10 per Debenture.
b) X Ltd. obtained a loan of ₹4,00,000 from IDBI Bank. The company issued 5,000 9%.
Debentures of ₹100 each as a collateral security for the same. Show how these
items will be presented in the Balance Sheet of the company.
24. Meghna, Mehak and Mandeep were partners in a firm whose Balance Sheet as on 31st 6
March, 2023 was as under:
Balance Sheet
Liabilities Amount Assets Amount
Creditors 28,000 Cash 27,000
General Reserve 7,500 Debtors 20,000
Capitals: Stock 28,000
Meghna 20,000 Furniture 5,000
Mehak 14,500
Mandeep 10,000 44,500
80,000 80,000
Mehak retired on this date under following terms:
(i) To reduce stock and furniture by 5% and 10% respectively.
(ii) To provide for doubtful debts at 10% on debtors.
(iii) Goodwill was valued at `12,000.
(iv) Creditors of Rs.8,000 were settled at Rs.7,100.
(v) Mehak should be paid off and the entire sum payable to Mehak shall be
brought in by Meghna and Mandeep in such a way that their capitals should be in
their new profit-sharing ratio and a balance of Rs.25,000 is maintained in the
cash account.
Prepare Revaluation Account and partners’ capital accounts of the new firm.
 Or

Varun and Vivek were partners in a firm sharing profits in the ratio of 3:2. The balance
in their capital and current accounts as on 1st April, 2022 were as under:
Particulars Varun(₹) Vivek(₹)
Capital accounts 3,00,000 (Cr.) 2,00,000 (Cr.)
Current accounts 1,00,000 (Cr.) 28,000 (Dr)
The partnership deed provided that Varun was to be paid a salary of ₹ 5,000 p.m.
whereas Vivek was to get a commission of ₹ 30,000 for the year. Interest on capital was
to be allowed @ 8% p.a. whereas interest on drawings was to be charged @ 6% p.a.
The drawings of Varun were ₹ 3,000 at the beginning of each quarter while Vivek
withdrew ₹ 30,000 on 1st September, 2022. The net profit of the firm for the year,
2022-23, before making the above adjustments was ₹ 1,20,000.
Prepare Profit and Loss Appropriation Account and Partners' Capital and Current
Accounts.
25. Sunny and Bobby were partners in a firm sharing profits and losses in the ratio of 3:2, 6
their balance sheet as at 31st March, 2012:
Liabilities Amount Assets Amount
Creditors 1,90,000 Bank 5,000
Bills Payable 1,10,000 Fixed Deposits 70,000
Employees provident fund 50,000 Stock 86,000
Mrs. Sunny’s Loan 55,000 Investments 1,04,000
Bobby’s Loan 85,000 Debtors 1,77,000
Investment Fluctuation Fund 30,000 (-) Provision for D/D 12,000 1,65,000
Capitals: Other Fixed Assets 3,80,000
Sunny 2,20,000 Deferred Revenue Expenditure 35,000
3,40,000 Sunny’s Loan 15,000
Bobby 1,20,000
8,60,000 8,60,000

The firm was dissolved on 31st March, 2012. The assets were realized and the liabilities
were paid as under:
(a) Sunny promised to pay off Mrs. Sunny’s Loan
(b) Bobby took away stock at 20% discount and 80% of the investments at 10%
discount.
(c) Dharam, a debtor of Rs. 60,000 had to pay the amount due 2 months after
the date of dissolution. He was allowed a discount of 9% p.a. for making
immediate payment.
(d) Creditors were paid Rs.1,75,000 in full settlement of their claim.
(e) 90% of Other fixed assets realised Rs. 1,98,000 and remaining were
realised at discount of 15%.
(f) Balance of investments were sold at 75% value and Fixed Deposits were
realised at 110%.
(g) There was an old furniture which has been written off completely from the
books, Bobby took away the same for Rs. 41,000 against his loan and balance to
 him was given in cash.
(h) Realisation expenses Rs. 20,000 were paid by Sunny and Bobby
equally on behalf of the firm.
You are required to prepare Realisation A/c
26. Balance Sheet (Extract) 6
Of XYZEE ltd as at 31.03.2024 (as per schedule -III of Companies Act 2013)
Note no. 31.03.2023 31.03.2024
I- Equity & Liabilities

1. Shareholders Funds
a). Share Capital 1 44,90,000 54,90,000
b). Reserves and
Surplus 2 2,00,000 3,60,000

Note no.1 (For year ending 31.03.2023)

Share Capital
1). Authorised Share Capital
8,00,000 Equity Shares of Rs. 10 each 80,00,000

2). Issued Share Capital

4,50,000 Equity Shares of Rs. 10 each 45,00,000

3). Called Up Share Capital

a). Called Up and Fully paid
Rs.10 per share on 4,45,000 Equity Shares 44,50,000

b). Called Up and not Fully paid

Rs. 10 per share on 5,000 Equity shares 50,000
Less not paid: Rs. 2 per share on 5,000 Equity
shares -10,000 44,90,000

Note no.1 (For year ending 31.03.2024)

Share Capital
1). Authorised Share Capital
8,00,000 Equity Shares of Rs. 10 each 80,00,000

2). Issued Share Capital

5,50,000 Equity Shares of Rs. 10 each 55,00,000
(Out of these 40,000 shares were issued to the vendors as
consideration for Capital asset purchased)
3). Called Up Share Capital
a). Called Up and Fully paid
 Rs.10 per share on 5,45,000 Equity Shares 54,50,000

b). Called Up and not Fully paid

Rs. 10 per share on 5,000 Equity shares 50,000
Less not paid: Rs. 2 per share on 5,000 Equity
shares -10,000 54,90,000

Note no. 2 - Reserves and Surplus

31.03.2023 31.03.2024
Capital Reserve Nil 40,000
Securities Premium 2,00,000 3,20,000

During the year the company took over the business of Quipa Ltd. with Assets of Rs.
12,00,000/- and Liabilities of Rs.7,30,000. Purchase consideration was paid in cash
and by issue of equity shares at par. The entire transaction resulted in Capital
reserve of Rs.40,000.

Q1. What is the total face value of Shares issued for Cash by the Company during the
year 2023-24.
A). Rs.10,00,000
B). Rs. 6,00,000
C). Rs. 9,50,000
D). Rs. 11,20,000

Q2. Shares issued for cash during the year were issued at _______. (assuming they
were issued together)?
A). Rs.10
B). Rs.8
C). Rs.12
D). Rs.11.20

Q3. On April 1, 2024, the company forfeited all the defaulting shares. What amount
will appear in the Share Forfeiture account at the time of forfeiture?
A). Rs.40,000
B). Rs. 50,000
C). Rs.10,000
D). Rs. 60,000

Q4. What will be the number of Issued shares, as on April 1,2024, after the forfeiture
of these shares?
A). 5,45,000 shares
B). 5,50,000 shares.
C). 4,45,000 shares.
D). 5,05,000 shares.
 Q5. If 2,000 of the forfeited shares were issued at Rs. 14 per share, what will be the
amount of securities premium and Capital reserve respectively as on April 1, 2024?
A). Rs, 3,20,000, Rs.40,000
B). Rs.3,28,000, Rs.56,000
C). Rs.3,28,000, Rs.80,000
D). Rs.3,20,000, Rs.80,000

Q6. What will be the amount in the "Called up and Fully paid" subhead after the
reissue of these 2000 shares?
A). Rs.54,50,000
B). Rs.55,00,000
C). Rs.54,70,000
D). Rs.54,80,000

Part B :- Analysis of Financial Statements

(Option – I)

27. When an analyst analysis the financial statements of an enterprise over a number of 1
years, the analysis is called ______________analysis.
A. Static
B. External
C. Horizontal
D. Vertical
OR
------------will result in increase in Liquid Ratio without affecting the Current Ratio.
A. Sale of Stock at cost price
B. Sale of stock at loss
C. Sale of stock at profit
D. Sale of investments at cost
28. As on 31.02.2024 the following information of Bartan Manfacturing ltd. is available . 1
Net profit ratio 40%
Operating profit ratio 50%
On 1st April 2024 it was came to notice that the accountant had omitted recording the
interest received on investment of Rs. 2,00,000 for the financial year 2023-24. The
required rectification was done. What will be the effect of the same on Net Profit and
operating profit ratio?
A. Net Profit ratio will increase and Operating Profit ratio will decrease
B. Both Net Profit ratio and Operating Profit ratio will increase
C. Net Profit ratio will increase and Operating Profit ratio will have no change
D. Net Profit ratio will remain same and Operating Profit ratio will increase
29. While computing cash from operating activities, which of the following item(s) will be 1
added to the net profit?
(i) Decrease in value of inventory
(j) Increase in share capital
 (k) Increase in the value of trade receivables
(l) Increase in the amount of outstanding expenses
A. Only (i)
B. Only (i) and (ii)
C. Only (i) and (iii)
D. Only (i) and (iv)
OR
Which of the following statements is incorrect?
A. Investments in shares are excluded from cash equivalents unless they are in
substantial cash equivalents.
B. Short-term marketable securities which can be readily converted into cash are
treated as cash equivalents
C. In case of a financial enterprise, interest received and dividend received are
classified as operating activities while dividend paid and interest paid are financing
activities.
D. Dividend tax, i.e., tax paid on dividend should be classified as financing activity
along with dividend paid.
30. Statement-I: ‘Shree Ltd.’ was carrying on a business of packaging in Delhi and earned 1
good profits in the past years. The company wanted to expand its business and
required additional funds. To meet its requirements the company issued equity shares
of ₹30,00,000. It purchased a computerized machine of ₹20,00,000. During the current
year the Net Profit of the company was ₹15,00,000. Cash flows from operating,
investing and financing activities from the above transactions will be ₹15,00,000:
(₹20,00,000); ₹30,00,000 respectively.
Statement-II: The patents of X Ltd. increased from ₹3,00,000 in 2021-22 to ₹3,50,000
in 2022-23. It will be taken as purchase of Patents of 50,000 and will be shown under
Cash outflow from Investing Activities.
A. Both the statements are true.
B. Both the statements are false.
C. Only Statement-I is true.
D. Only Statement-II is true.
31. Find the heads and sub-heads under which the following items will appear in the 3
balance sheet of a company as per Schedule III, Part I of Companies Act, 2013?
a) Furniture and Fixture
b) Advance paid to contractor for building under construction
c) Accrued Income
d) Loans repayable on demand to Bank
e) Employees earned leaves payable on retirement
f) Employees earned leaves encash able
32. Complete the Comparative Statement of Profit and Loss: 3
Particulars 2022-23 2023-24 Absolute %
change change
 Revenue from 16,00,000 20,00,000 ? ?
Operations
Less: Employees 8,00,000 ? ? 25%
Benefit
Expenses
Less: Other 2,00,000 ? (1,00,000) ?
Expenses
Profit before tax 6,00,000 ? ? 50%
Tax @30% ? ? 90,000 ?
Profit after tax 4,20,000 ? 2,10,000 ?
33. Calculate Gross Profit Ratio from the following information 4
Revenue from Operations ₹ 10,00,000; Purchases ₹ 3,60,000; Carriage Inwards ₹
50,000; Employee benefit Expenses ₹ 1,00,000 (including Wages of ₹ 60,000); Opening
Inventory ₹ 60,000 and Average Inventory ₹ 80,000.
OR
Profit after tax amounted to ₹ 6,00,000, and tax rate was 20%. If earnings before
interest and tax was ₹ 10,00,000 and Nominal Value of Debentures amounted to ₹
25,00,000 (assuming the only debt of the company), determine the rate of interest on
debentures
34. (a) From the following information, calculate Cash flow from Operating Activities. 6
Particulars 31 March 2023 31 March 2024
Surplus i.e Balance in Statement of Profit and Loss 6,00,000 5,00,000
Provision for Tax 1,00,000 1,20,000
Trade Receivables 2,00,000 2,40,000
Trade Payables 1,50,000 2,00,000
Goodwill 2,00,000 1,50,000
Additional Information:-
Proposed Dividend for the year ended March 31, 2023 and March 31, 2024 was ₹
1,50,000 and ₹ 1,80,000 respectively.

(b) From the following information calculate the Cash from Investing Activities
Particulars 31 March 2023 31 March 2024
Machinery (Cost) 20,00,000 28,00,000
Accumulated Depreciation 4,00,000 6,50,000
Additional Information:-
(i) Machinery costing ₹ 50,000 (Book Value ₹ 40,000) was lost by fire and
insurance claim of ₹ 32,000 was received.
(ii) Depreciation charged during the year was ₹ 3,50,000.
(iii) A part of Machinery costing ₹ 2,50,000 was sold at a loss of ₹ 20,000.
Part B :- Computerised Accounting
(Option – II)
27. The syntax of PMT Function is ___________ 1
A. PMT (rate, pv, nper, [fv], [type])
B. PMT (rate, nper, pv, [fv], [type])
C. PMT (rate, pv, nper, [type], [fv])
D. PMT (rate, nper, pv, [type], [fv])
 Or

In Excel, the chart tools provide three different options _________, _________ and
__________ for formatting.

A. Layout, Format, DataMaker

B. Design, Layout, Format
C. Format, Layout, Label
D. Design, DataMaker, Layout

28. Which formulae would result in TRUE if C4 is less than 10 and D4 is less than 100? 1
A. =AND(C4>10, D4>10)
B. =AND(C4>10, C4<100).
C. =AND(C4>10, D4<10).
D. =AND (C4<10, D4,100)

29. Which function results can be displayed in Auto Calculate? 1

A. SUM and AVERAGE
B. MAX and LOOK
C. LABEL and AVERAGE
D. MIN and BLANK
Or

When navigating in a workbook, which command is used to move to the beginning of

the current row?
A. [Ctrl]+[Home]
B. [Page Up]
C. [Home]
D. [Ctrl]+[Backspace]

30. What category of functions is used in this formula: =PMT (C10/12, C8, C9,1) 1
A. Logical
B. Financial
C. Payment
D. Statistical

31. State any three types of Accounting Vouchers used for entry. 3
32. State any three requirements which should be considered before making an investing 3
decision to choose between ‘Desktop database’ or ‘Server database’.
33. State the features of Computerized Accounting system. 4
Or
Explain the use of ‘Conditional Formatting’.
34. Describe two basic methods of charging depreciation. Differentiate between both of 6
them.
 ACCOUNTANCY (055)
CLASS XII (2024-25)
MARKING SCHEME

PART A
(Accounting for Partnership Firms and Companies)

S.No. Question Marks

Part A :- Accounting for Partnership Firms and Companies
1. B- ₹ 1,20,000 1
2. D - A is false but R is true 1
3. C - Subscribed 1
OR
B5%
4. A- 1
Bad Debts A/c Dr. 15,000
To Debtors A/c 15,000
Prov. for Doubtful Debts A/c Dr. 15,000
To Bad Debts A/c 15,000
OR
C - Gain ₹ 16,000, ₹ 2,00,000
5. C - 12 % 1
6. B- ₹ 4,800; ₹ 2,700; ₹ 2,100 1
Or
B -₹ 12,000
7. D - 1st May 2024 1
8. A - Realisation Account will be credited by ₹ 60,000 1
OR
C- ₹ 60,000 will be credited to Realisation Account and will be even paid off. Balance ₹ 40,000
will be distributed amongst partners
9. B - Teeka will be credited by ₹ 4,200 1
10. B - ₹ 1,60,000 1
11. D - Both B and C 1
12. C - All are correct 1
13. B - ₹ 60,000 1
14. D - Deferred Revenue Expenditure ₹ 50,000 and Profit and Loss (Dr.) ₹ 80,000 1
15. A - ₹ 2,25,000 1
OR
B - ₹ 67,500
16. A - 6:5:5 1
17. Assets realised = ₹ 1,08,000 3
Commission @ 2% = 2,160
Amount payable to other partners = 1,16,000 – 31,340 = 84,660
10% of amount payable = 8,466
 Total Commission = 2,160 + 8,460 = ₹ 10,626
Date Particulars Debit (₹) Credit (₹)
(i) Realisation A/c Dr. 10,626
To Rusting’s Capital Account 10,626
(Being remuneration payable to partner)

18. (i) Share in the subsequent profits attributable to the use of his balance. 3
₹ 42,250 x 20,500
₹1,80,000

= ₹ 4,812

(ii) Interest @ 6% p.a. on the use of his balance = ₹ 42,250 x 6/12 x 6/100 = ₹ 1,267.50

C should exercise option (i) since the amount payable to him under this option is more as
compared to the amount payable to him under option (ii).

Or

Capital of Firm = 1,40,000+20,000 (Reserve) = ₹1,60,000

Normal Profit = 1,60,000 x 12/100 = ₹19,200

Average Profit = ₹30,000

Super Profit = Average Profit-Normal Profit = 30,000-19,200 = ₹10,800

Goodwill = 4 (Super Profit) = 4 (10,800) = ₹43,200

Saurabh's share of Goodwill = 1/3 of 43,200= ₹14,400.

19. Journal 3
Date Particulars Debit Credit
Assets A/c Dr 40,00,000
To Liabilities A/c 6,50,000
To Ginny Ltd. A/c 32,00,000
To Capital Reserve A/c 1,50,000

(Being Business taken over and capital reserve recorded)

Ginny Limited A/c Dr 32,00,000

Loss on Issue of Debentures A/c Dr 4,50,000
To 8% Debentures A/c 30,00,000
To Premium on redemption of Debentures 1,50,000
To Bank A/c 5,00,000
(Being purchased consideration discharged)
 Or

Journal
Date Particulars Debit Credit
Share Capital A/c Dr 56,000
To Shares Forfeited A/c 40,000
To Calls in arrears A/c 16,000

(Being Shares forfeited)

Bank A/c Dr 10,000

Shares Forfeited A/c Dr 25,000
To Share Capital A/c 35,000
(Being 5000 shares reissued at discount)

20. Journal 3
Date Particulars Debit Credit
(i) Investment Fluctuation Reserve A/c Dr 1,00,000
To Bat’s capital A/c 50,000
To Cat’s capital A/c 30,000
To Rat’s capital A/c 20,000
(Being Invest. Fluctuation Reserve distributed)

Investment A/c Dr 80,000

To Revaluation A/c 80,000
(Being Increase in investment recorded)

Revaluation A/c Dr 80,000

To Bat capital A/c 40,000
To Cat capital A/c 24,000
To Rat capital A/c 16,000
(Being Gain on revaluation transferred to partners)

(ii) Investment Fluctuation Reserve A/c Dr 1,00,000

To Bat’s capital A/c 40,000
To Cat’s capital A/c 24,000
To Rat’s capital A/c 16,000
To Investment A/c 20,000
(Being decrease in investment recorded and balance
Invest. Fluctuation Reserve distributed)

(iIi) Investment Fluctuation Reserve A/c Dr 1,00,000

Revaluation A/c Dr 10,000
To Investment A/c 1,10,000
(Being decrease in investment recorded)
 Bat’s capital A/c Dr 5,000
Cat’s capital A/c Dr 3,000
Rat’s capital A/c Dr 2,000
To Revaluation A/c 10,000
(Being Loss on revaluation distributed among the
partners)

21. Journal 4
Date Particulars Debit Credit
Share capital A/c Dr 45,000
To Forfeited shares A/c 27,000
To share final call A/c 18,000
(Being 4500 shares forfeited)

Bank A/c Dr 22,500

Forfeited shares A/c Dr 22,500
To Share Capital A/c 45,000
(Being 4500 shares reissued)

Forfeited share A/c Dr 4,500

To Capital reserve A/c 4,500
(Being balance of share forfeiture transferred to
Capital reserve)

Dr. Share Forfeiture A/c Cr.

Particulars Amount Particulars Amount
To Share Capital A/c 22,500 By Share Capital 27,000
To Capital Reserve A/c 4,500

27,000 27,000
22. Journal 4
Date Particulars Debit Credit
1.10.2023 Y's Capital A/c Dr 15,60,000
To Y's Executors A/c 15,60,000
(Being balance in capital transferred to
executors account)

1.10.2023 Y's Executors A/c Dr 3,60,000

To Banks A/c 3,60,000

(Being payment made to the executor)

31.12.2023 Interest A/c Dr 18,000

To Y's Executor's A/c 18,000
(Being Interest due)

31.12.2023 Y's Executors A/c Dr 3,18,000

To Banks A/c 3,18,000

(Being payment made to the executor)

31.03.2024 Interest A/c Dr 13,500

To Y's Executor's A/c 13,500
(Being Interest due)

31.03.2024 Y's Executors A/c Dr 3,13,500

To Banks A/c 3,13,500

(Being payment made to the executor)

23. Journal 6
Date Particulars Debit Credit
Bank A/c Dr 22,50,000
To Share Application and allotment A/c 22,50,000
(Being Application and allotment money
received)

Share Application and allotment A/c Dr 22,50,000

To Equity Share Capital A/c 18,00,000
To Share First call A/c 3,00,000
To Bank A/c 1,50,000
(Being application and allotment money
adjusted and excess refunded)
 Share 1st Call A/c Dr 24,00,000
To Equity Share Capital A/c 24,00,000
(Being call money due)
Bank A/c Dr 20,82,000
Calls In arrears A/c Dr 18,000
To Share 1st Call A/c 21,00,000
(Being call money received except on 6,000
shares)

Share Capital A/c Dr 42,000

To Shares Forfeited A/c 24,000
To Calls in arrears 18,000
(Being 6000 shares forfeited)

Share 2nd Call A/c Dr 35,64,000

To Share Capital A/c 17,82,000
To Securities Premium A/c 17,82,000
(Being 2nd Call money due)

Bank A/c Dr 35,64,000

To Share 2nd Call A/c 35,64,000
(Being 2nd Call money received)

Bank A/c Dr 78,000

To Share Capital A/c 60,000
To Securities Premium A/c 18,000
(Being forfeited shares reissued)

Shares Forfeited A/c Dr 24,000

To Capital Reserve A/c 24,000
(Being balance transferred to capital
reserve)

OR
Journal
Date Particulars Debit Credit
A (i) Bank A/c Dr 67,500
To Debenture Application and allotment A/c 67,500
(Being applications received)

Debenture Application and allotment A/c Dr 67,500

Loss on issue of Debntures A/c Dr 11,250
To 12% Debentures A/c 75,000
 To Premium redemption of debentures A/c 3,750
(Being Debentures issued at discount
redeemable at premium)

A(ii) Bank A/c Dr 96,000

To Debenture Application and allotment A/c 96,000
(Being applications received)

Debenture Application and allotment A/c Dr 96,000

Loss on issue of Debentures A/c Dr 8,000
To 12% Debentures A/c 80,000
To Securities Premium A/c 16,000
To Premium on Redemption A/c 8,000
(Being Debentures issued at discount
redeemable at premium)

23 B) Balance sheet Extract of X Ltd

_____________________________________________________
Particulars Note no. Rs

1. Equity &Liabilities
Non current liabilities
Long term borrowings 1 4,00,000
_____________________________________________________
Notes to accounts
______________________________________________________

1. Long term borrowings

Loan from IDBI
(Secured by issue of 5000, 9% debentures of 4,00,000
Rs.100 each as collateral security) ________

24. 6
Dr Revaluation A/c Cr
Particulars Amount Particular Amount
To Stock A/c 1,400 By Creditors A/c 900
To Furniture A/c 500 By Loss transferred to:
To Provision for doubtful debts 2,000 Meghna 1,000
Mehak 1,000
Mandeep 1,000 3,000

3,900 3,900

Dr Partner Capital Account Cr

Meghna Mehak Mandeep Meghna Mehak Mandeep
To Revaluation 1,000 1,000 1,000 By Balance b/d 20,000 14,500 10,000

To Mehak 2,000 - 2,000 By General 2,500 2,500 2,500

Reserve
To Cash -- 20,000 -- By Meghna -- 2,000
To Balance c/d 27,050 -- 27,050 By Mandeep 2,000
By Cash 7,550 -- 17,550
30,050 21,000 30,050 30,050 21,000 30,050

Or

Profit & Loss appropriation A/c

Of Varun and Vivek For the year ended on March 31, 2023

Dr Cr

Particulars Amount Particulars Amount

To Partners Current A/c By Profit & Loss A/c - Net Profit 1,20,000

Varun 78,508 By Interest on Drawings

Vivek 42,992 Varun 450

Vivek 1,050

1,21,500 1,21,500

• As divisible profits are insufficient, so available profits are distributed in ratio of

appropriations i.e 42:23

Partner’s capital A/c

Dr Cr
Particulars Varun Vivek Particulars Varun Vivek
To Balance c/d 3,00,000 2,00,000 By Balance b/d 3,00,000 2,00,000

3,00,000 2,00,000 3,00,000 2,00,000

Partner’s Current A/c

Dr Cr
Particulars Varun Vivek Particulars Varun Vivek
To Balance b/d 28,000 By Balance b/d 1,00,000
 To Drawings 12,000 30,000 By Profit and Loss 78,508 42,992
Appropriation A/c
To Interest on
450 1,050
Drawings By Balance c/d 16,058
To Balance c/d 1,66,058

1,78,508 59,050 1,78,508 59,050

25. 6
Realisation Account
Dr Cr
Particulars Amount Particulars Amount
To Fixed Deposits 70,000 By Provision for Doubt. Debts 12,000
To Stock 86,000 By Bills Payable 1,10,000
To Investments 1,04,000 By Creditors 1,90,000
To Debtors 1,77,000 By Employees provident fund 50,000
To Other fixed assets 3,80,000 By Mrs. Sunny's Loan 55,000
To Sunny's Capital A/c (Loan repaid) 55,000 By Investment fluctuation fund 30,000
To Bank A/c By Bank A/c
Creditors 1,75,000 Debtors 1,76,100
Bills Payable 1,10,000 Other Fixed assets 2,30,300
Emp prov fund 50,000 3,35,000 Investments 15,600
To Sunny's Capital A/c – Expense 10,000 Fixed deposits 77,000 4,99,000
To Bobby's Capital A/c – Expense 10,000 By Bobby's Capital A/c 1,43,680
By Bobby's Loan A/c 41,000
By Partners Capital A/c - Loss on
real.
Bobby 57,792
Sunny 38,528 96,320

12,27,000 12,27,000

A26. Q1. A). Rs.10,00,000 6

Q2. C). Rs.12
Q3. A). Rs.40,000
Q4. B). 5,50,000 shares
Q5. B). Rs.3,28,000, Rs.56,000
Q6. C). Rs.54,70,000

Part B :- Analysis of Financial Statements

(Option – I)
27. C - Horizontal 1
Or
A - Sale of Stock at cost price

28. C- Net Profit ratio will increase and Operating Profit ratio will have no change
29. D - Only (i) and (iv) 1

OR
A - Investments in shares are excluded from cash equivalents unless they are in substantial cash
equivalents.
30. A. - Both the statements are true. 1

31. Items Heading Sub-Heading 1

Furniture and Fixture Non-Current Assets Property, Plant &
Equipment
Advance paid to contractor Non-Current Assets Long-Term Loans &
for building under Advances
construction
Accrued Income Current Assets Other Current Assets
Loans repayable on Current Liabilities Short Term Borrowings
demand to Bank
Employees earned leaves Non-Current Liabilities Long Term Provisions
payable on retirement
Employees earned leaves Current Liabilities Short Term Provisions
encashable

32. Comparative Income Statement 3

Particulars 2022-23 2023-24 Absolute % change

change
Revenue from 16,00,000 20,00,000 4,00,000 25%
Operations
Less: Employees Benefit 8,00,000 10,00,000 2,00,000 25%
Expenses
Less: Other Expenses 2,00,000 1,00,000 (1,00,000) (50%)
Profit before tax 6,00,000 9,00,000 3,00,000 50%
Tax @30% 1,80,000 2,70,000 90,000 50%
Profit after tax 4,20,000 6,30,000 2,10,000 50%

33. Gross Profit Ratio = Gross Profit / Revenue from Operations * 100 3
Revenue from Operations = Rs 10,00,000
Gross Profit = Revenue from Operations – Cost of Revenue from Operations
 Cost of Revenue from Operations = Purchases + Opening Inventory + Direct Expenses
– Closing Inventory
= 3,60,000 + 60,000 + 50,000 + 60,000 – 1,00,000 = 4,30,000

(Average Inventory = Opening Inventory + Closing Inventory / 2

80,000 = 60,000 + Closing Inventory / 2
Closing Inventory = 1,00,000)
Gross Profit = 10,00,000 – 4,30,000 = 5,70,000
Gross Profit Ratio = 5,70,000/10,00,000 * 100 = 57%

OR

Net Profit Before Interest & Tax = Profit after Tax + Tax + Interest

(Tax = 6,00,000 * 20/80 = 1,50,000)

10,00,000 = 6,00,000 + 1,50,000 + Interest

Interest = Rs 2,50,000

Interest on Debentures = Nominal value of Debentures * Rate of Interest/100

2,50,000 = 25,00,000 * Rate of Interest/100
Rate of Interest (R) = 10%

34. (a) CASH FLOW FROM OPERATING ACTIVITIES 4

Particulars Details Amount

Profit Earned during the year (1,00,000)

Add: Proposed dividend of previous year 1,50,000

Provision for tax for current year 1,20,000

Profit before tax and extraordinary items 1,70,000

Non-operating and Non Cash Items:

Add: Goodwill amortised 50,000

Operating profit before tax and changes in working capital 2,20,000

Add: Increase in trade payable 50,000
Less: increase in trade receivables (40,000)
________
Cash generated from operations 2,30,000
Less: Income tax paid 1,00,000
_______
Cash flow from operating activities 1,30,000

OR
Dr Accumulated Depreciation A/c Cr
Particulars Amount Particulars Amount
 To Machinery A/c (prev. dep on
machine damaged) 10,000 By Balance b/d 4,00,000
To Machinery A/c (prev. dep on By Depreciation A/c (Charged
machine sold) 90,000 during the year) 3,50,000
To Balance c/d 6,50,000
7,50,000 7,50,000

Dr Machinery A/c Cr
Particulars Amount Particulars Amount
To Balance b/d 20,00,000 By Accumulated Depreciation A/c 10,000
To Bank A/c (Balancing figure) 11,00,000 By Insurance Company A/c 32,000
By loss by fire A/c 8,000
By Bank A/c 1,40,000
By Loss on Sale A/c 20,000
BY Accumulated Depreciation A/c 90,000
By Balance c/d 28,00,000
31,00,000 31,00,000

Investing Activities

Sale of Machinery 1,40,000

Claim received from Insurance Company 32,000
Machinery Purchased (11,00,000)
Cash Outflow from Investing Activities (9,28,000)

Part B :- Computerised Accounting

(Option – II)

27. B. PMT (rate, nper, pv, [fv], [type]) 1

OR

B. Design, Layout, Format

28. A. =AND (C4<10, D4,100) 1

29. A. SUM and AVERAGE 1

Or
A. [Ctrl]+[Home]
30. B. Financial 1

31. Contra Voucher 3

Receipt Vouchers
Payment Vouchers
Purchase Vouchers
32. Three considerations —scalability, collaboration/accessibility, and security/data integrity—play 3
a crucial role in determining the suitability regarding a desktop database or a server database as
the right investment for any organization
33. Simple and Integrated 4
Accuracy & Speed
Scalability
Instant Reporting
Security
Quick Decision Making
Reliability
Or

It helps in the visualization of the data our data.

It also helps in checking for specific information.
And it is, additionally, a great way to highlight top values or differences in our data as well.
Besides all this, "Conditional Formatting" enables the different features to the users to make the
data more informatic and readable as well. It also allows us to format the cells and their data
effectively, which will meet the specified criteria respectively.
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 6
goes on decreasing every year in written down value method.
2. Depreciation is charged on original cost in straight line method. The amount is calculated on
the book value every year.
3. In straight line method the value of asset can come to zero but in written down value method
this can never be zero.
4. Generally rate of depreciation is low in case of straight line method but it is kept high in case
of written down value method.
5. It is suitable for assets in which repair charges are less and the possibility of obsolescence is
less. It is suitable for the assets which become obsolete due to changes in technology.