L.K.

Commerce Classes
Sample Paper 1 (2024-25)
SUBJECT:- ACCOUNTANCY 055
CLASS XII
MARKING SCHEME
TIME 3 HOURS MAX. MARKS 80

S.No. Question Marks

Part A :- Accounting for Partnership Firms and Companies
B. Roshan will be credited by ₹ 2,100
1 1
2 D - Both B and C 1
C. 6%
3 1
OR
C. ₹ 30,000
C. ₹ 50,000
4 1
OR
C - Gain ₹ 16,000, ₹ 2,00,000
A. Both Assertion(A) and Reason (R) are true and Reason(R) is the
5 correct explanation of Assertion(A) 1

6 C - All are correct 1

OR
B - ₹ 60,000
7 B. 5% 1
8 D. ₹ 30,000 (loss) 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 D - A is false but R is true 1
A - Realisation Account will be credited by ₹ 60,000
10 1
A. ₹ 40,000
11 1
12 B- ₹ 21,000 1
C - Subscribed
13 1
14 A. 1/24 Sacrifice 1
15 C- Rs. 28,800 1
OR
A - ₹ 2,25,000

16 A. 6:5:5 1
17 3
Journal entries

DAT PARTICULARS L. AMOUNT(D AMOUNT

E F r) (Cr)
a Bank A/c 20,000
Dr 20,000
To Realisation
( Being creditors settled by
taking over asset)
b No entry , asset is taken over ------------ ----------
by creditor in full settlement.
c Realisation A/c 3,000
Dr 3,000
To Bank
( Being creditors settled by
taking over asset)

Capital of Firm = 1,40,000+20,000

18 3
(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.
OR
(i) Share in the subsequent profits attributable to the use of his balance.
₹ 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).
Any one method,
19 3
I. First Method (When Journal Entry is not Passed):
AN EXTRACT OF BALANCE SHEET OF X LTD. as at…
Particulars Note Rs.
no.
I. EQUITY AND LIABILITIES
Non-Current Liabilities
Long-term Borrowings 1 8,00,00
0
Note to Accounts
1. Long-term Borrowings Rs.
Loan from State Bank of India 8,00,00
(Secured by issue of 10,000;9% Debentures of Rs. 100 0
each as collateral Security)

II. Second Method (When Journal Entry is Passed):

Da Particulars L Dr. (RS.) Cr. (RS.)
te F.
Debentures Suspense A/c 10,00,00
…Dr. 0 10,00,00
To 9% Debentures A/c 0
(Being the issue of 10,000; 9%
Debentures of Rs. 100 each as
collateral security for a loan taken
from State Bank of India)
AN EXTRACT OF BALANCE SHEET OF X LTD. as at…
Particulars Note Rs.
no.
I. EQUITY AND LIABILITIES
Non-Current Liabilities
Long-term Borrowings 1 8,00,00
0
Note to Accounts
1. Long-term Borrowings Rs.
Loan from State Bank of India 8,00,000
10,000; 9% Debentures of Rs. 100 each issued as
Collateral Security 10,00,000
Less: Debentures Suspense A/c
10,00,000
8,00,000

OR
Date Particulars Debit Credit
Share Capital A/c Dr 56,000
 To Shares 40,000
Forfeited A/c To 16,000
Calls in arrears
A/c
(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 3
Date Particulars L.F Dr Cr
Anshul’s Capital A/c Dr 9000
Chander’s Capital A/c Dr 21,000
To Babita’s Capital A/c 30,000
(Chander’s share of Goodwill
debited to the amounts of continuing
partners in their gaining ratio)
Gaining Ratio is 3:7
21 Balance sheet of Track India Ltd. 4
PARTICULARS NOTE CURRENT PREVI
NO. YEAR OUS
RS. YEAR
RS.
I. EQUITY AND 1 4,97,500
LIABILITIES
1. Sharehlders’ funds
(a) Share capital
NOTES ON ACCOUNTS:
PARTICULARS (RS.) (RS.)
1. Share capital
Authorized capital 10,00,00
1,00,000 equity shares of Rs.10 each 0
Issued capital
50,000 equity shares of Rs. 10 each 5,0,000
Subscribed capital :
Subscribed and fully paid:
49,500 shares of Rs.10 each 4,95,00
Subscribed but not fully paid : 0
500 shares of Rs.10 each
5,000
Less : Calls-in-Arrers (500*Rs.5) 2,500 4,97,500
2,500
 Workings Notes:
22 1. calculation of S,s share of Goodwill 4
Value of firms goodwill=average profit of last three yrs x 2 years
purchase
=42,000x2=84,000
Suresh’s share of goodwill= 84,000x3/10= 25,200
Ramesh’s contribution= 25,200 x 3/7 =10,800
Kamlesh’s contribution= 25,200 x 4/7 =14,400
(In gaining ratio 3:4)

2. calculation of Suresh’s share of profit

Profit of the firm= 1,00,000/4,00,000 x 1,50,000 =37,500
Suresh’s share of profit =37,500x3/10=11,250

3. I.O.C =60,000 X 6/100 X 3/12 =900 (FOR 3 MONTHS)

Dr Suresh’s capital a/c Cr

Particulars Rs particulars Rs
To Suresh’s loan 10,000 By balance b/d 60,000
a/c 90,350 By general reserve 3,000
To Suresh’s By Ramesh’s capital 10,800
executors a/c By Kamlesh’s capital 14,400
( In 3:4)
By I O C 900
By profit and loss 11,250
suspense
1,00,350 1,00,35
0

23 i. 6

Assets A/c Dr. 1,00,000

Goodwill A/c Dr. 60,000
To Liabilities A/c 1,70000
To Healthy World ltd. 8,90,000
(Being assets and liability taken
over)

Healthy World Ltd. Dr. 8,90,000

80,000
Loss on issue of Debentures A/c Dr.
To 8% Debentures A/c
To Securities Premium A/c 8,00,000
To Premium on redemption 40,000
A/c To Bank A/c 80,000
(Being Purchase consideration 50,000
discharged by issue of Debentures
 and in Cash)

ii.
Date Particulars Debit Credit

a. Bank A/c Dr 67,500

To Debenture Application and 67,500

allotment A/c

(Being applications received)

Debenture Application and allotment 67,500

A/c Dr

Loss on issue of Debntures A/c Dr 11,250

To 12% Debentures A/c 75,000

To Premium redemption of debentures 3,750

A/c

(Being Debentures issued at

discount redeemable at
premium)

Date Particulars Debit Credit

b. Bank A/c Dr 96,000

To Debenture Application and allotment A/c 96,000

(Being applications received)

Debenture Application and allotment 96,000

A/c Dr

Loss on issue of Debntures A/c Dr 8,000

To 12% Debentures A/c 80,000

To Securities Premium A/c 16,000

To Premium redemption of debentures 8,000

A/c
 (Being Debentures issued at
discount redeemable at
premium)

OR
Books of Soumaya Ltd.
Journal
Date Particulars L Dr. Cr.

F
Bank A/c Dr. 20,000
To Equity Share Application A/c 20,000
(Being Application money received on
10,000 shares at Rs. 2 per share)

Equity Share Application A/c Dr. 20,000

To Equity Share Capital A/c 20,000
(Being transfer of application money to
share capital A/c)

Equity Share Allotment A/c Dr. 20,000

To Equity Share Capital A/c 20,000
(being allotment money due on 10,000
shares @ Rs.2)

Bank A/c Dr. 20,000

To Equity Share Allotment A/c 20,000
(Being Allotment money received)

Equity share first call A/c Dr. 30,000

To Equity Share Capital A/c 30,000
(being first call due on 10,000 shares @
Rs. 3 per share)

Bank A/c Dr. 30,000

To Equity share Second and final 30,000
call A/c
(being money due on first call received)

Equity share Second and final call A/c 30,000

Dr. 30,000
To Equity Share Capital A/c
(being final call due on 10,000 shares @
Rs. 3 per share)

BankA/c Dr. 30,000

 To Equity share Second and final 30,000
call A/c
(being money due on first call received)

Share Issue Expenses A/c Dr. 3,000

To Bank A/c 3,000
(being expenses incurred on issue of
shares paid)

Incorporation Cost Dr. 20,000

To Equity Share Capital A/c 20,000
(Being 2,000 shares issued as fully paid to
promoters)

24 a) 6
Partners Interest on Salary Payable Salary Excess /
Capital Paid Payable Deficiency
Paid (2%) (wrong (iii) (iv)
(i) credit) (ii)
Pankaj 800 12,000 1152 ---- 11,648
(Excess)
Quraisi 640 ---- 384 12,000 11,744
(Deficienc
y)
Rozer 480 ….. 384 …… 96
(Excess)

Date Particulars L. Dr (₹) Cr (₹)

F
Pankaj’s Capital A/c Dr 11,648
Rozer’s Capital A/c Dr 96
To Quraisi’s Capital A/c 11,744
(Being entry passed for adjustment
of interest on capital and salary)
b)
D Particulars L. Dr (₹) Cr (₹)
at F
e
P and L Adjustment A/c Dr 9,000
To Cheese’s Capital A/c 3000
To Slice’s Capital A/c 6000
 P and L Adjustment A/c Dr 5000
To Cheese’s Capital A/c 5000

Cheese’s Capital A/c Dr 7000

Slice’s Capital A/c Dr 7000
To P and L Adjustment A/c 14000
OR
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 2,000 Meghna 1,000
doubtful debts
Mehak 1,000
Mandeep 1,000 3,000

3,900 3,900

Partner Capital Account

Meghna Meha Mandeep Meghn Mehak Mandeep
k a

To 1,000 1,00 1,000 By Balance 20,00 14,50 10,000

Revaluation 0 b/d 0 0
To Mehak 2,000 - 2,000 By 2,500 2,500 2,500
Gener
al
Reser
ve
To Cash -- 20,0 -- By Meghna -- 2,000
00
To Balance 27,050 -- 27,050 By 2,000
c/d Mandeep
By Cash 7,550 -- 17,550
30,050 21,0 30,050 30,05 21,00 30,050
00 0 0
25 Dr Realisation Account Cr 6
Particulars Amount Particulars Amount
To Fixed Deposits 70,000 By Provision for 12,000
To Stock 86,000 Doubt. Debts By 1,10,000
To Investments 1,04,000 Bills Payable 1,90,000
To Debtors 1,77,000 50,000
By Creditors
To Other fixed assets 3,80,000 55,000
By Employees
To Sunny's Capital A/c 55,000 30,000
(Loan repaid) provident fund By
To Bank A/c Mrs. Sunny's Loan
Creditors
 1,75,0 By Investment
00 fluctuation fund
Bills Payable
1,10,0 By Bank A/c
00 Debtors 1,76,100
Emp prov fund 3,35,000 Other Fixed assets
50,0
2,30,300
00
To Sunny's Capital A/c 10,000 Investments 15,600
4,99,000
– Expense Fixed deposits 77,000 By Bobby's Capital A/c
To Bobby's Capital A/c 10,000 By Bobby's Loan A/c 1,43,680
– Expense By Partners Capital
A/c - Loss on real. 41,000
Bobby 57,792
Sunny 38,528
96,320

12,27,000 12,27,000

26 On application- 1M 6
On Allotment- 1.5M
On Call- 1.5M
Share forfeiture and re-issue – 2M
Part B :- Analysis of Financial Statements
27 C- Only (ii) and (iii) are correct 1
OR
A. Horizontal
28 B- 3 times 1
29 D- Subtracted under Operating Activities as Extraordinary Item and 1
Inflow under Investing Activities also
OR
D - Only (i) and (iv)
30 C- Added ₹ 1,30,000 under Operating Activities as Loss on Issue of 1
Debentures written off and Inflow of ₹ 18,00,000 under Financing
Activities.
Item Heading Sub – Heading
31 3
(i) Current maturities of Current Liabilities Short term borrowings
long term debts
 (ii) Furniture and Non – Current Property, Plantand
Fixtures Assets Equipments and
Intangible Assets
Property, Plant and
Equipments

(iii) Provision for Non – Current Long Term Provisions

Warranties Liabilities

(iv) Income received in Current Liabilities Other Current Liabilities

advance

(v) Capital Advances Non – Current Long Term Loans

Assets and Advances

(vi) Advances Current Assets Short Term Loans

recoverable in cash and Advances
within the operation
cycle

Comparative Statement of profit and loss

32 3
Particulars 2023-24(₹) 2022-23(₹) Absolute % of
changes Absolute
changes

Revenue from 50,00,000 40,00,000 1000000 2.50

operations

Add :- Other 200000 1000000 (800000) (80.00)

income

Total Revenue 52,00,000 50,00,000 2,00,000 4.00

Employees 31,20,000 25,00,000 6,20,000 24.8
benefit
Expenses
Other 312000 5,00,000 1,88,000 37.6
Expenses

Total 34,32,000 30,00,000 4,32,000 14.4

Expenses

Profit Before 17,68,000 20,00,000 (2,32,000) (11.6)

Tax
Less:- Tax 8,84,000 8,00,000 84,000 10.5
Profits after 8,84,000 12,00,000 (3,16,000) (26.33)
Tax
 (a).Current Ratio = Current Assets / Current Liabilities
33 2 = 8,00,000 / Current Liabilities 4
So, Current Liabilities = ₹ 4,00,000
Liquid Ratio = Liquid Assets / Current Liabilities
1.5 = Liquid Assets / 4,00,000
So, Liquid Assets = ₹ 6,00,000
Inventory = Current Assets - Liquid Assets
Inventory = 8,00,000 – 6,00,000 = ₹ 2,00,000
Inventory Turnover Ratio = Cost of Revenue From Operations / Average
Inventory
6 = Cost of Revenue from Operations / 2,00,000
Cost of Revenue from Operations = ₹ 12,00,000
Gross Profit = 25% of Cost i.e ₹ 3,00,000
Revenue From Operations = Cost of Revenue from Operations + Gross
Profit = 12,00,000 + 3,00,000
Revenue From Operations = ₹ 15,00,000
(b) Debt to Capital employed ratio = Debt / Capital Employed
Debt to Capital employed ratio = 7,50,000 / (7,50,000 + 15,00,000) =
7,50,000 / 22,50,000
Debt to Capital employed ratio = 1/3 = 0.33 : 1
OR
Gross Profit Ratio = Gross Profit / Revenue from
Operations * 100 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%

Cash Flow Statement

34 6
For the year ended 31.03.2023 & 2024
(A)Cash flow from Operating Activities Rs. Rs.

Net Profit before Tax and Extra-ordinary items 30,000

Adjustments for:

Depreciation 22,000

Dividend Paid 12,000 34000

Operating profit before working capital changes 64,000

Add: Increase in Current Liabilities

Increase in Creditors 5,000

Increase in Other Current Liabilities 5,000 10,000

Less: Decrease in Current Liabilities 74,000

Bills Payable 20,000

Increase in Current Assets

Stock 15,000

Debtors 5,000 (40,000)

Net Cash Flow from operating activities 34,000

(B)Cash flow from Investing Activities:

Purchase of fixed assets (62,000)

Sale of investment 10,000

Net cash used in investing activities (52,000)

(C) Cash flows from financing activities:

Issue of debentures 20,000

Dividend paid (12,000)

Net cash flow from financing activities 8,000

Net decrease in cash & cash equivalent (10,000)

Add : opening balance of cash & cash 20,000

equivalent
Closing balance of cash & cash equivalents 10,000