COMMON PRE-BOARD EXAMINATION 2022-23

ACCOUNTANCY (055)- MARKING SCHEME

PART- A

1. (B) 2 : 2 : 1 1
2. (D) Both (A) and (R) are correct and (R) is the correct explanation of (A) 1
3. (D) ₹25 OR (D) Non-Redeemable Debentures 1
4. (A) No effect on Moon OR 1
(D) Share of Loss Susan –₹ 1,180 Marria – ₹ 1,770
5. (D) ₹ 3,00,000 1
6. (B) 60,000 OR (A) ₹1,10,000 1
7. (B) as deduction from subscribed capital 1
8. (D) ₹95,000 OR (D) ₹7500 1
9. (D)₹3000 1
10. (A) ₹ 47000 1
11. (B) Rs. 24,000 by Sagar; Rs. 16,000 by Shan 1
12. (A) ₹6,000 1
13. (C) Security Premium Reserve Account 1
14. (C) ₹1,50,000; ₹90,000 and ₹60,000 1
15. (B) ₹10,000 p.m. OR (A) ₹900 1
16. (C) Cash Account by ₹9,900 1
17.
Date Particulars l/f Amt Amt
1
September Angel’s Capital A/c Dr 18,000
30, 2019 Pinky’s Capital A/c Dr 12,000
To Daisy’s Capital A/c 30,000
(Being Daisy’s share of goodwill
adjusted in capital Accounts of +
Angel and Pinky)

Profit and Loss Suspense A/c Dr 5,400 1

To Daisy’s Capital A/c 5,400
(Being Daisy’s share of profit up to
date of her death transferred to her
capital account)
+
Working Notes:-
Sales = 2,00,000 + 20% of 2,00,000 = 2,00,000 +40,000 1
Profit % = 10% - 1% = 9%

1
 Daisy’s Share of Profit =₹ 2,40,000 X 9/100 X 5/10 X 6/12 = ₹ 5,400
=3
18.

3
OR

Journal

Debit Credit
Particulars L.F. Amount Amount
` `

Nisha’s Capital A/c Dr. 27500

To Rajan’s Capital A/c 27500
(Adjustment of profit made)

Working Note:
Total Profits for Last 3 years = 70000 + 42,000 + 53,000 = 165,000

Statement Showing Adjustment

Particulars Rajan Mathew Nisha Total

Right Distribution of Profit (3 : 2

82500 55000 27500 165000
:1)

Wrong Distribution of Profit (1: 1 :

(55,000) (55,000) (55,000) (165000)
1)

2
 Net Effect 27500 NIL (27500) NIL

19.
a)
Date Particulars l/f Amt Amt

Bank /c Dr. 20,00,000

To Debenture Application A/c 20,00,000
(Being Application Money)

½
Debenture Application Dr. 20,00,000
Loss on Red on deb Dr.
To 12% Debentures A/c 1,00,000
To Premium on redemption of
debenture A/c
20,00,000 1
(Being 20,000, 12% Debentures issued)
1,00,000

(b)
+

Date Particulars l/f Amt Amt

Bank A/c Dr. 36,75,000

To Debenture Application A/c 36,75,000 ½
(Being Application Money Received)

Debenture Appli Dr. 36,75,000

Loss on Red deb Dr. 3,50,000
To 12% Debentures A/c
To Securities premium A/c 35,00,000
1,75,000 1
To Premium on red of debenture A/c
(Being 35,000, 12% Debe issued ) 3,50,000

=3

OR

3
 Date Particulars l/f Amt Amt

Sundry Assets A/c Dr. 1400000 Or

To Sundry Liabilities A/c 4,00,000
To Bheeshm Ltd. 9,19000
To Capital Reserve A/c 81,000 1½
(Purchase of assets and liabilities of
Sanchar Ltd.)
+
Bheeshm Ltd. Dr. 919000
To Equity Share Capital A/c 8,20,000
To Securities Premium A/c 82,000 1½
To Bank A/c 17,000
(82,000 Equity Shares issued)

Working Notes:

WN1: Calculation of Number of Equity Shares =3

Number of shares issued= Purchase consideration/issue

price=902,000/11=82,000

20. (a) Goodwill = Capitalised value of Avg. profit – Net Assets

= (1,20,000 × 100/8) – 12,00,000 1½
= 3,00,000 +

(b) Goodwill = Super Profit × No. of P.Y 1½

= (1,20,000 – 96,000) × 2
= 24,000 × 2 =3
= 48,000

21.
Balance Sheet

Note Amount
Particulars
No. ( ₹)

I. Equity and Liabilities

1. Shareholders’ Funds

4
 a. Share Capital 1 1,63,000

NOTES TO ACCOUNTS

Particulars Amount

1. Share Capital 1
Authorised Share Capital
2,000 Equity Shares of ₹ 100 each
200000
Issued Share Capital =======
1,000 Equity Shares of ₹ 100
each 100000
1,000 Equity Shares of ₹ 100 each
1
(for consideration other than
cash) 1,00,000
200000
Subscribed Capital
=======
Subscribed and fully paid up
1
1,000 Equity Shares of ₹ 100 each
(for consideration other than
1,00,000
cash)
Subscribed but not fully paid up
1
900 Equity Shares of ₹ 100 each,
₹ 70 Called-up 63,000
------------ =4
1,63,000
======

22.

5
 1x4

23.

Books of Cloudrevel Ltd.

Journal

Debit Credit
Date Particulars L.F. Amount Amount
( ₹) ( ₹)

Bank A/c Dr. 40,000

To Share Application A/c 40,000

(Share application money received for

20,000 shares at ₹ 2 each)

40,000
Share Application A/c Dr.

To Share Capital A/c 40,000

6
(Share application money of 20,000 shares
at ₹ 2 each transferred to Share Capital)

Share Allotment A/c Dr. 80,000

To Share Capital A/c 80,000

(Share allotment due on 20,000 shares

at ₹ 4 each)

Bank A/c Dr. 80,000

To Share Allotment A/c 80,000

(Share allotment money received)

Share First Call A/c Dr. 40,000

To Share Capital A/c 40,000 6

(Share first call due on 20,000 shares at ₹ 2

each)

Bank A/c Dr. 38,600

Call-in-Arrears A/c (1,000×2) Dr. 2,000

To Share First Call A/c 40,000

7
 To Calls-in-Advance (300×2) 600

(Share first call of ₹ 2 per share received

on 19,000 shares along with calls-in-
advance of 300 shares at ₹ 2 each and
holders of 1,000 shares failed to pay the
first call)

Share Capital A/c Dr. 8,000

To Share Forfeiture A/c (1,000×6) 6,000

To Calls-In-Arrears A/c 2,000

(1,000 shares of ₹ 10 each on which ₹ 8

had called, forfeited for non-payment of
first call ₹ 2 per share)

Share Final Call A/c Dr. 38,000

To Share Capital A/c 38,000

(Share final call due on 19,000 shares

at ₹ 2 each)

Bank A/c Dr. 37,400

Calls-In-Advance A/c Dr. 600

To Share Final Call A/c 38,000

8
 (Share final call received from 18,700 shares
and calls-in-advance of 300 shares adjusted)

Bank A/c Dr. 6,000

Share Forfeiture A/c Dr. 4,000

To Share Capital A/c 10,000

(1,000 shares, re-issued at ₹ 6 per share as

fully paid-up)

Share Forfeiture A/c Dr. 2,000

To Capital Reserve A/c 2,000

(Balance of Share Forfeiture Account after

re-issue transferred to Capital Reserve)

Or
OR

Journal

Debit Credit
Date Particulars L.F. Amount Amount
₹ ₹

Share Capital A/c

(i) Dr. 140
(20 × 7)

9
 To Share Forfeiture A/c (20 × 5) 100
1

To Calls-in- Arrears A/c (20 × 2) 40

(20 Shares of ₹ 10 each, ₹ 7 called-

up forfeited for the non-payment of
call)

Bank A/c (15 × 8) Dr. 120

To Share Capital A/c (15 × 7) 105

1

To Securities Premium A/c (15× 1) 15

(15 shares were reissued as ₹ 7 paid-

up for ₹ 8 per share)

Shares Forfeiture A/c (15 × 5) Dr. 75

To Capital Reserve A/c 75

1
(Transfer of profit on re-issue of 15
shares)

(ii) Share Capital A/c (90 × 8) Dr. 720

Securities Premium A/c (90 × 2) Dr. 180

1
To Share Forfeiture A/c (90 × 5) 450

To Share Allotment A/c (90 × 5) 450

(Shares forfeited for non-payment of

allotment)

10
 Bank A/c (80 × 10) Dr. 800

To Share Capital A/c (80 × 8) 640

1
To Securities Premium A/c (80× 2) 160

(80 shares were reissued for ₹ 10, ₹

8 called-up)

Shares Forfeiture A/c (80 × 5) Dr. 400

To Capital Reserve A/c 400

(Transfer of profit on re-issue of 80 1

shares)

Working Notes-

Note 1
Profit on 20 forfeited shares=100
Profit on 15 forfeited shares=100×15/20=75
forfeited shares(Cr.)=75 ₹.(Cr.)
forfeited shares(Dr.)=Nil
Capital reserve=75 ₹.

Note 2
Profit on 90 forfeited shares=450
Profit on 80 forfeited shares=450×80/90=400
forfeited shares(Cr.)=400 ₹.(Cr.)
forfeited shares(Dr.)=Nil
Capital reserve=400 ₹.

11
24.

Or
OR

2½

3½

12
25.

Saumith’ s Capital Account

Particulars Dr. ₹ Particulars Cr. ₹

20,000
To Saumith’s loan A/c
Balance b/d 80,000
To Saumith’s Executors A/c 139333

By General Reserve 4000

4
By Rowan’s Capital A/c 14,667

By Kempe’s Capital A/c 29,333

By P&L Suspense A/c 30000

+

By Interest on Capital A/c 1,333

159333 159333

Saumith’ s Executors
Date Particulars Amt Date Particulars Amt

2020 To Cash 39333 2020 By Saumith 139333

July 31 July 31 Capital 2

13
 2021 2021 By Interest
March To cash (100000 105000 March (100000 x 5000
31 + 5000) --------- 31 7.5/100 x 8/12) ---------
144333 144333
====== ======

Working notes:
WN-1 Calculation of goodwill
The average profits of the last three years were ₹ 55,000
Goodwill of the Firm = ₹ 55,000×2=1,10,000
Share of Saumith is in Goodwill = 1,10,000 × 4/10 = 44,000
Goodwill Share of Saumith is in Goodwill will be compensated by Rowan and
Kempe in 2:4
Rowan = 44,000 × 2/6 = 14,667
Kempe = 44,000 × 4/6 = 29,333
WN-2 Interest on capital was to be provided @ 5% p.a.
Saumith’ s Interest on Capital = 80,000×5×4/100×12= 1,333

WN-3 Calculation of Saumith’ s share of Profit

Sales for the year ended 31st March, 2020 = ₹ 4,50,000
The profit for the year ended 31st March, 2020 = ₹ 1,25,000.
Sales from 1st April to 31st July, 2020 = ₹ 2,70,000
Saumith’ s Share of Profit = 125000/450000*270000*4/10= 30000

26.
(i) Number of Debentures to be issued = 52,50,000/105 = 50,000 1
(ii)
In the Books of Crafty Apparel Ltd

14
 1

1
PART B (OPTION I)
27. (C) Other Current Assets OR (A) increase current ratio 1
28. (B) ₹20,000 1
29. (A)Cash used (Payment) in Investing Activities ₹8,000 1
OR
(B) ₹ 1,80,000
30. (B) ₹90000 1
31. S.
Item Major Head Sub-head
No.

Current
(i) Bank Overdraft Short-term Borrowings
Liabilities

Shareholders'
(ii) Subsidy Reserve Reserves and Surplus
Funds

Capital Redemption Shareholders'

(iii) Reserves and Surplus ½ x
Reserve Funds
6

Property, Plant and

Non-current Equipment
(iv) Mining Rights
Assets (Fixed Assets)- =3
Intangibles Assets

Debit Balance in the

Shareholders' Reserves and Surplus
(v) Statement of Profit and
Funds (as negative amount)
Loss

15
 Property, Plant and
Non-current Equipment
(vi) Patents
Assets (Fixed Assets)-
Intangibles Assets
32. Objectives
Current ratio – to check the short term solvency/ financial soundness of 1
business.
Debt – Equity ratio – to assess the long term financial soundness of the 1
business.
Trade receivable turnover ratio – efficiency in collection of amount from due 1
from trade receivables.
33. Return on Investment = EBIT / Capital Employed x 100 =
15,00,000/1,20,00,000 x 100 = 12.5% Capital Employed = 12% Preference
Share Capital + Equity Share Capital + Reserves and Surplus + 15% Debentures
+ 10% Bank Loan 2
= 30,00,000 + 40,00,000 + 10,00,000 + 20,00,000 + 20,00,000 = ₹ 1,20,00,000
EBIT = Profits after Tax + Tax + Interest
= 6,00,000 + 4,00,000 + 5,00,000 = ₹ 15,00,000
Net Assets Turnover ratio = Revenue from Operations/Capital Employed 2
= 3,60,00,000/1,20,00,000 = 3 times

OR Or
(i) Ratio will improve. Reason – Capital Employed will decrease and Debt will
remain same
(ii) Ratio will remain same. Reason – Both Debt and Capital Employed will
remain same.
(iii) Ratio will decline. Reason – Debt will decrease but Capital Employed will 1x4
remain same.
(iv) Ratio will decline. Reason – Capital Employed will increase but Debt will
remain same.

34.

16
 2

PART B (OPTION II)

27. a) PMT (rate, nper, pv, [fv], [type]) OR a) Design, Layout, Format 1
28. d) =AND (C4<10, D4,100) 1
29. a) SUM and AVERAGE OR c) [Home] 1
30. (b) Financial 1
31. Types of Accounting Vouchers (i) Contra Vouchers (ii) Payments Vouchers (iii) 3
Receipt Vouchers
32. The points to be considered before making investment in a database: (any 3
three)
(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

17
 purposes?
(vi) What level of hardware and operating system is available?
33. Features of computerized accounting system: (i) Simple and integrated. (ii) 4
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 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

18