ANSWER KEYS ACCOUNTANCY

FIRST PREBOARD EXAMINATION

CLASS – XII

Q.N ANSWERS MARKS

O
1 d) ₹ 50,000 1
2 a) Both (A) and (R) are correct and (R) is the correct explanation for (A) 1
3 a) 90% 1
OR
(i) - (b)
(ii) - (c)
(iii) - (a)
4 (d) None of the above 1
OR
(b) Old Partner’s Capital A/c
5 c) 41,500 (Int. on loan ₹ 1,500 + Loss ₹ 40,000 = 41,500) 1
6 d) None of the above 1
OR
d) ₹ 2,20,000
7 d) Goodwill Account 1
8 b) ₹ 5,000 (20,000-15,000) 1
OR
c) 3/10
9 b) ₹ 300 1
10 b) ₹ 11,000 (1,00,000 x 8/100 x 1+ 50,000 x 8/100 x 9/12) 1
11 c) ₹ 19,020 (Profit) 1
12 d) ₹ 8 per share 1
13 c) Loss on issue will be debited ₹ 50,000 1
14 b) ₹ 4,00,000 (20,00,000-16,00,000) 1
15 b) ₹ 1,350 1
OR
d) 12% p.a.
16 c) ₹ 11,400 1
17 Sales = 2,00,000 + 20% of 2,00,000 = 2,40,000 3
Profit for six months = 240,000 x 9/100 x 6/12 = 10,800
Ajay’s share of profit = 10,800 x 5/10 = 5,400
Journal Entry :
Date Particulars Dr. Cr.
Profit & Loss Suspense A/c Dr. 5,400
To Ajay’s Capital A/c 5,400

18 Profit and Loss Appropriation A/c

Particulars ₹ Particulars ₹
 To Int. on Capital: By P/L A/c – 20,960
X – 4,000 Less: Int. on X’s loan
Y – 2,000 6,000 @ 6% p.a. for 8
months - 400 20,560
To Profit T/f : By Int. on drawings :
X’s Capital A/c – 9,600 X – 780
Y’s Capital A/c – 6,400 16,000 Y - 660 1,440
22,000 22,000
OR
Date Particulars Dr. Cr.
2021 Q’s Current A/c Dr. 600
April 1 R’s Current A/c Dr. 1,200
To P’s Current A/c 1,800

19 Date Particulars Dr. Cr. 1+1+1

2022 Machinery A/c Dr. 4,00,000
April 1 To Krishna Ltd. 4,00,000
- Krishna Ltd. A/c Dr. 1,00,000
To Bank A/c 1,00,000
Krishna Ltd. A/c Dr. 3,00,000
-- To 12% Debentures A/c 2,80,000
To Sec. Premium Reserve A/c 20,000
OR
Date Particulars Dr. Cr.
2022 Machinery A/c Dr. 2,00,000
April 1 To E Ltd. 2,00,000
--- E Ltd. A/c Dr. 50,000
To Bills Payable A/c 50,000
--- E Ltd. A/c Dr. 1,50,000
Discount on Issue of debentures Dr. 10,000
To 12% Debentures 1,60,000
20 Super Profit = ₹ 60,000 (1,60,000 – 1,00,000) 1.5 + 1.5
Goodwill = 60,000 x 3 = 1,80,000
21 Journal of X Ltd. 2+2
Particulars Dr. Cr.
Bank A/c Dr. 30,00,000
To Equity share App & Allot. A/c 30,00,000
Equity share App & Allot. A/c Dr. 30,00,000
To Equity share capital A/c 7,50,000
To Sec. Premium Reserve A/c 3,75,000
To Bank A/c 18,75,000
22 Journal Entries 1 +1 +1
Particulars Dr. Cr. +1
a) Realisation A/c Dr. 60,000
To Bank A/c 60,000
b) Tom’s Capital A/c Dr. 10,000
Harry’s Capital A/c Dr. 10,000
Porter’s Capital A/c Dr. 10,000
 To Realisation A/c 30,000
c) Harry’s Capital A/c Dr. 5,000
To Bank A/c 5,000
d) Bank A/c Dr. 50,000
To Realisation A/c 50,000
23 Pass the journal entries:- 6
Amount received on Allotment = ₹ 1,27,400
Capital Reserve = ₹ 2,500
Hints – Out of excess application money of ₹ 2,400, the amount of ₹
2,000 is a part of share capital and balance of ₹ 400 is a part of securities
premium.
Entry for forfeiture of shares:
Dat Particulars Dr. Cr.
e
Equity share capital A/c Dr. 10,000
Sec. Premium Reserve A/c Dr.(3000-400) 2,600
To Equity share allotment A/c 2,600
To Equity Share Ist and Final Call A/c 4,000
To Share Forfeiture A/c 6,000

OR
a)
Date Particulars Dr. Cr.
Share Capital A/c Dr. 20,000
To Calls in Arrears A/c 2,000
To Share Forfeiture A/c 18,000
Bank A/c Dr. 8,000
Share Forfeiture A/c Dr. 2,000
To Share Capital A/c 10,000
Share Forfeiture A/c Dr. 7,000
To Capital Reserve A/c 7,000

b)
Date Particulars Dr. Cr.
Share Capital A/c Dr. 7,000
To Share First Call A/c 2,000
To Share Forfeiture A/c 5,000
Bank A/c Dr. 2,400
Share Forfeiture A/c Dr. 1,800
To Share Capital A/c 4,200
Share Forfeiture A/c Dr. 1,200
To Capital Reserve A/c 1,200
24 Partner’s Capital Account 2 Marks
Par Vinay Madan Sunil Par Vinay Madan Sunil Rev A/c
t. t. &
To 20,000 By 70000 60000 4 Marks
Inv Bal Partner’s
est b/d Capital
men A/c
t
G/R 12000 6000
G/ 40000 20000
W
Pre
m.
To 1,10,000 90,000 50000 Rev. 8000 4000
Bal Prof
c/d it
Cas 50000
h
1,30,000 90,000 50000 1,30,00 90,000 50000
0
Revaluation Account
Particulars ₹ Particulars ₹
To Stock 10,000 By Plant 14,000
To Partner’s Capital By Creditors 3,000
Vinay- 8,000
Madan 4,000 12,000 By Investment 5,000
22,000 22,000
OR
Revaluation A/c
Particulars ₹ Particulars ₹
To Claim for W.C. 4,000 By Prov. For Bad 1,000
debts
By Loss transferred:
X – 1,500
Y – 900
Z - 600 3,000
4,000 4,000
PARTNER’S CAPITAL A/C
Part. X Y Z Part. X Y Z
To 1,500 900 600 By 50,000 40,000 20,000
Rev.A Balanc
/c e b/d
To Y’s 5,100 --- 10,200 By 5,000 3,000 2,000
Capita Inv.Fl.
l A/c Fund
To ---- 8,200 ----- By P& 20,000 12,000 8,000
cash L A/c
To Y’s --- 61,200 ---- By --- 5,100 ----
Loan X’s
A/c Cap.
A/c
To Bal 68,400 ---- 19,200 By Z’s --- 10,200 ----
c/d Cap/
 A/c
Total 75,000 70,300 30,000 Total 75,000 70,300 30,000
To X’s 15,840 ---- ----- By Bal 68,400 ---- 19,200
current b/d
A/c
To Bal 52,560 ---- 35,040 By Z’s --- --- 15,840
c/d current
A/c
Total 68,400 ----- 35,040 Total 68,400 ---- 35,040
25 X’s CAPITAL ACCOUNT 5 +1
Particulars ₹ Particulars ₹
To Drawings 60,000 By Balance b/d 3,00,000
To Adv. Expenditure 10,000 By P/L A/c 75,000
To X’s Executors A/c 4,17,500 By P/L Suspense A/c 12,500
By Y’s Capital A/c 80,000
By Z’s Capital A/c 20,000
4,87,500 4,87,500
X’s EXECUTORS A/C
Particulars ₹ Particulars ₹
To Bank A/c 4,17,500 By X’s Capital A/c 4,17,500

4,17,500 4,17,500

26 In the books of Cipla Ltd. 2+2+2

Journal
a)
Dat Particulars Dr. Cr.
e
202 Debentures App. & Allot. A/c Dr. 52,50,000
0 Loss on Issue of Debentures A/c Dr. 5,00,000
Apr To 6% Debentures A/c 50,00,000
il 1 To Sec. Premium Reserve A/c 2,50,000
To Premium on Red. of Deb.A/c 5,00,000
b) No. of debentures to be issued = 52,50,000/105 = 50,000
Securities Premium Reserve A/c Dr. 2,50,000
Statement of P/L Dr. 2,50,000
To Loss on Issue of Debentures A/c 5,00,000
----------------------------------------------------------------------------------------
c) Loss on Issue of Debentures Account
Date Particulars ₹ Date Particulars ₹
2020 To Premium 5,00,000 2021 By Sec. Prem. 2,50,000
April on Red. of Mar Reserve A/c
1 Debentures ch
A/c 31 By Statement 2,50,000
of P/L
5,00,000 5,00,000

Analysis of Financial Statements (Option – I)

27 c) Proprietary Ratio 1
28 b) ₹ 4,80,000 1
29 c) Cash used in investing activities ₹ 3,60,000 1
OR
c) Cash used from Financing Activities ₹ 2,10,000
30 c) Outflow ₹ 61,600 1
31 S.NO ITEMS MAJOR HEAD SUB HEAD ½ Mark
(i) Interest accrued but Current Liabilities Other Current each = 3
not due on Liabilities
borrowings

(ii) Interest accrued but Current Liabilities Other Current

not due on Liabilities
borrowings
(iii) Computer Software Non-Current Fixed Assets-
Assets Intangible
Assets
(iv) Goodwill Non-Current Fixed Assets-
Assets Intangible
Assets
(v) Loose Tools Current Assets Inventories
(vi) Bank Overdraft Current Liabilities Short-Term
Borrowings
32 (i) Payment of current liabilities 1.5 + 1.5
(ii) Issue of share capital or raising long term loan.
33 (i) No Change (Both the items do not affect the Debt and equity) 1+1+1
(ii) Decline (This will increase the equity without changing the debt) +1 = 4
(iii) Decline (This will increase the equity without changing the debt)
(iv) Improve (This will increase the debt without changing the equity)
OR
a) Capital Employed = 75,00,000 + 40,00,000 – 27,00,000 = 88,00,000
ROI = 14,50,000/88,00,000 x 100 = 16.47 Two
b) Total Assets = 75,00,000 + 40,00,000 = 1,15,00,000 Marks
Total Assets to Debt Ratio = 1,15,00,000/80,00,000 = 1.44 : 1 each
34 Cash flow from Investing Activities : Two
Particulars ₹ Marks
Sale of Machinery 12,000 each = 6
Purchase of Machinery (2,50,000)
Purchase of Goodwill (50,000)
Sale of land 30,000

Accumulated Depreciation A/c

Particulars ₹ Particulars ₹
To Machinery 35,000 By Balance b/d 80,000
To Balance c/d 1,00,000 By Dep. A/c 55,000
(Current year’s
Dep)
1,35,000 1,35,000
Machinery A/c
Particulars ₹ Particulars ₹
 To Balance b/d 3,00,000 By Bank A/c 12,000
To Bank A/c 2,50,000 By Acc. Dep 35,000
By Loss on sale 3,000
By Balance c/d 5,00,000
5,50,000 5,50,000
Part – B (Computerised Accounting)
(Option – II)
27 c) Column between start and end points of Excel sheet. 1
OR
a) Absolute cell reference
28 d) Report 1
29 a) SUM and AVERAGE 1
OR
c) [Home]
30 c) Mnemonic code 1
31 Types of Vouchers : 1.5+1.5 =
Contra Voucher: Used for fund transfer between cash and bank A/c 3
only. If cash is withdrawn from bank for office use or deposited in the
bank from office this voucher will be used.
Receipt Voucher: All the inflow of money is recorded through receipt
voucher such as receipts from debtors etc.
Payment Voucher: All outflow of money is recorded through payment
voucher like Purchases made etc.
Journal Voucher: It is an adjustment voucher normally used for non-
cash transactions like adjustment between ledgers.
(Any Two)
32 Null Values: Absence of data item is represented by a special value 1.5+1.5 =
called null value. It may be required in three situations. 3
➢ When particular attribute does not apply to an entity.
➢ Value of an attribute is unknown although it exists.
➢ Unknown because it does not exist.
Complex Attributes: These are composite and multi-value attributes
which may be nested to constitute complex ones.
➢ The parenthesis {} are used for showing grouping of
components.
➢ The braces {} are used for showing multi-value.

33 Sub-system of AIS: 2+2 = 4

➢ Cash and bank sub-system.
➢ Inventory sub-system.
➢ Payroll
➢ Fixed Assets accounting
➢ Expenses accounting
➢ Tax accounting
(Explain any Two)
OR
Graph – A graph is a pictorial presentation of data which has at least
two dimensional relationships.
Advantages:
 ➢ Helps to explore
➢ Helps to present
➢ Helps to convince
34 Straight line method: This method calculates fixed amount of 3+3 = 6
depreciation every year which is calculated keeping in view the useful
life of an asset and its salvage value.
Written down value method: This method uses current book value of
the asset for computing the amount of depreciation for the next period.
Differences:
➢ Equal amount of depreciation is charged in straight line method
whereas amount of depreciation goes on decreasing every year in
written down value method.
➢ In straight line method the value of an asset can come to zero but
in written down value method this can never be zero.
➢ Generally rate of depreciation is low in case of straight line
method but it is kept high in case of written down value method.
➢ Depreciation is charged on original cost in straight line method
whereas it is calculated on the book value every year in written
down value method.