SAHODAYA SCHOOL COMPLEX KOCHI

MODEL EXAMINATION 2024-

2025ANSWER KEY
Std : XII ACCOUNTANCY (055) Max. Marks: 80
Time: 3hrs

1 d) 1,34,000 1
2 c) 37500 1
3 (d) 1
4 c) Rs 350 Or 1
b) 6,60,000

5 c) 15000 OR 1
b) 12000 and 8000

6 c) 11,000 1
OR
c) Assertion (A) is correct but the reason (R) is not correct.
7 d) Rs 1,600 1
8 b) Dr P’s capital a/c and Q’s capital a/c by Rs 9,600 and Rs 2400 1
respectively; Cr R’s capital a/c by Rs 12,000.
Or
b) 10% p.a

9 a) Rs 1,00,000 1
10 b) Rs 625 1
11 b)Interest on partner’s capital 1
12 b) Rs 5 1
13 c) Rs 5,85,000. 1
14 d) Rs 40,000 1
15 b) P’s Capital a/c Dr 900 1
To Q’s Capital a/c 300
To R’s Capital a/c 600
OR
d) Sanjay’s Capital a/c Dr 25,200
To Shyam’s Capital a/c 25,200

16 d) Rs 45,000 1
17 Dolly’s capital 3
 To Dolly’s executor 2,06,200 By Bala b/d 2,00,000
a/c By P&L Suspense 200
By Fiza 3750
By Hena 2250
2,06,200 2,06,200
Journal entry:
Fiza’s Capital a/c Dr
3750
Hena’s capital a/c Dr
2250
To Dolly’s capital a/c 6000
Calculation:
G/W of the firm = Rs 30,000
Dolly’s share in G/W 30000 x 2/10 = 6000
Fiza contribution 6000x5/8 = 3750
Hena’s contribution 6000 x 3/8 = 2,250

18 Profit and loss appropriation account for the year ended 31.3.2019 Amount 3

To Aditi’s Capital a/c (1/2) 2,40,000 By Profit and Loss a/c 7,40,000
(Salary) (8,00,000-60,000) (1)
To Shruthi’s Capital (1/2) 3,00,000
( Commission)
To Profit Transferred to:
Aditi’s Capital a/c 80,000
Shruthi’s Capital a/c 1,20,000 2,00,000
(1)
7,40,000 7,40,000

OR

Anand Bhanu Chinchu

Salary (credited) 18,000 4,000 18000
Excess profit to be 15,000 15,000 10,000
debited
(18000+4000+18000=40000)
3000(cr) 11000(Dr) 8000(cr)
Rectifying entry:
Bhanu’s capital a/c Dr 11000
To Anand capital a/c 3000
To Chinchu capital a/c 8000
19 Equity Share capital a/c (6000 x 8) Dr 4,800 3
To Calls in arrears a/c (600 x 3) 1,800
To Share forfeited a/c (600 x 5) 3,000

Bank a/c (300x 10) Dr 3,000

To Equity share capital a/c 3,000

Share forfeited a/c Dr 1,500

To Capital Reserve a/c 1,500
 OR
Equipments a/c Dr 60,00,000
To Lodhi sports equipments 60,00,000

Lodhi sports Equipment a/c Dr 60,00,000

Loss on issue of Debenture a/c Dr 4,00,000
To Bank a/c 10,00,000
To 7% Debenture a/c 40,00,000
To Securities Premium Reserve a/c 10,00,000
To Premium on redemption of Debenture 4,00,000

Securities Premium a/c Dr 4,00,000

To Loss on issue of Debenture 4,00,000
20 Av. Profit = 2,44,000+3,00,000+(40,000)+4,20,000 = 2,31,000 3
4
Super profit = 2,31,000- 2,16,000(12,00,000 x 18/100) = 15000
Goodwill = 15000 x 3 = 45000
Calculation of gain / loss of
partners Old ratio – new ratio
Ramesh = 3/6-2/6 = 1/6 (sacrifice)
Sumesh = 2/6-3/6 = -1/6 (gain)
Mahesh = 1/6-1/6 =0
Journal entry
Sumesh capital a/c (450000x1/6) Dr 7,500
To Ramesh Capital a/c 7,500
21 Raj Ltd BalanceSheet as at …. (1 Mark) 4
Particulars Note No: Amount
1. Equity and Liabilities
Shareholders’ Fund
Share Capital 1 5,74,000

Note to Accounts: (3 Mark)

Particulars Amount
1. Share Capital
Authorised capital
2,00,000 shares of 10 20,00,000
each Issued Capital
60,000 shares of 10 each 6,00,000
Subscribed Capital
Subscribed and fully paid-up
56,000 shares of Rs 10 each 5,60,000
Add Forfeited shares (2000 x 7) 14000 5,74,000
22 Partners Capital a/c 4
Moon Sun Moon Sun
To Bala b/d 20000 By Bala b/d 40,000
To Profit & loss 5000 5000 By G/R 3500 3500
To Real. Exp 1000 By Real.(un.re.liab) 3000
 To By Bank (b/f) 53500
Real.un.rec.asset 2000
To Real.loss 30000 30000
To Bank (b/f) 10500
46500 57000 46500 57000
Moon’s loan a/c
Particulars Amount Particulars Amount
To Bank 27500 By Bala b/d By 25000
Int. on loan 2500

27500 27500
23 Particulars Amount (Dr) Amount (Cr) 6
Bank a/c Dr 12,50,000
To Eq. Share Appl. 12,50,000
Eq.Share Appl. a/c Dr 12,50,000
To Eq.Share Capital a/c (2,00,000 x 3) 6,00,000
To Sec premium reserve a/c (2,00,000x2) 4,00,000
To Eq. Share Allot a/c ( 40,000 x 5) 2,00,000
To Bank a/c (10,000 x 5) 50,000
Equity Share allot. a/c Dr 6,00,000
To Equity share capital ( 2,00,000 x 3) 6,00,000
Bank a/c Dr 3,88,000
Calls – in-arrears a/c Dr 12,000
To Equity Share Allot. 4,00,000
Equity share First & Final call a/c Dr 8,00,000
To Equity share Capital (2,00,000 x 4) 8,00,000
Bank a/c Dr 7,76,000
Calls-in-arrear a/c Dr(6000 x 4) 24,000
To Equity share first & final call (200000x4) 8,00,000
Equity Share Capital a/c Dr(6000 x 10) 60,000
To Share forfeited a/c 24000
To Calls-in-arrears a/c(12000+24000) 36000
Bank a/c Dr (3000 x 16) 48,000
To Equity Share Capital (3000 x 10) 30,000
To Securities Premium a/c (3000 x 6) 18,000
Share Forfeited a/c Dr 12000
To Capital Reserve a/c (24000/6000 x 3000) 12000
Share applied : Share allotted
2,40,000 2,00,000
6 : 5
Allotted shares of Naveen = 7200/6 x 5 = 6000
shares Total application received = 7200 x 5 = 36000
Less : Actual appl. Money 6000 x 5 = 30000
Excess application 6000
Allotment due 6000 x 3 = 18000
Less Excess appli. Money (6000)
Call in arrear for allotment 12000
 OR
Cashbook
Particulars Amount Particulars Amount
To Share applications 30000 BY Share application 6000
To Share allotment 25480
To Share first call 29400
To Share capitak 1600
To Sec prem reserve 200 By Bala c/d 80,680

86680 86680

Journal entry:
Share Application a/c Dr 24000
To Share capital 20000
To Share allotment 4000
Share allotment a/c Dr 30000
TO Share capital 30000
Share capital a/c Dr 1000
To share allotment a/c 520
To Forfeited shares a/c 480
Share first call a/c Dr 29400
To Share capital 29400
Forfeited shares a/c Dr 480
To Capital Reserve 480
24 Particulars Amount (Dr) Amount (Cr) 6
Revaluation a/c Dr 3,400
To Prov.for Drs 400
To Furniture 3000
Gautham’s Capital a/c Dr 1360
Rahul’s Capital a/c Dr 2040
To Revaluation a/c 3400
(Reva. Loss debited)
Gautham’s capital a/c Dr 22000
To Furniture a/c 22000
General Reserve a/c Dr 10000
To Gautham capital a/c 4000
To Rahul’s capital a/c 6000
Gautham’s Capital a/c Dr 4000
Rahul’s Capital a/c Dr 6000
To Goodwill a/c 10000
Cash a/c Dr 50000
To Karim’s Capital a/c 40,000
To Premium for G/W 10000
(cash brought by Karim for capital & G/w)
Gautham’s capital a/c Dr 5000
Premium for G/W a/c Dr 10000
To Rahul’s capital a/c 15000
 (Rahul sacrificing partner was
compensated by Karim and Gautham for
his gain of 1/10) Total firm’s G/W =
based on Karim’s share
10000 x 10/2 = 50000
OR Revaluation A/c
Particulars Amount Particulars Amount
To Stock 500 By Land & Building 5000
To Prov, for Drs 150
To O/S legal charges 750
To Rev profit
X 1500
Y 1200
Z 900 3600
5000 5000

Capital Accounts
Particulars X Y Z Particulars X Y Z
To Y’s capital 1350 4050 By Bala b/d 25000 20000 15000
To Y’s Loan a/c 26600 By Rev. 1500 1200 900
To Bank By X’s Capit 1350
1150 (G/W)
ByZ’s
capital 4050
(G/W)
To Bala c/d BY Bank
12150
24000 24000

25150 24000 25150 24000

25 (i) (3 Mark) 6
Date Particulars Amount Amount
Bank a/c Dr (6000 x 94) 5,64,000
To Debenture application & 5,64,000
allotment
Debenture appl & allott a/c Dr 5,64,000
Loss on issue of debenture a/c Dr 60,000
To 10% Debenture a/c 6,00,000
To Premium on redemption 24,000

Securities premium reserve a/c Dr 40000

Statement of Profit & Loss 20000
(60000- 40000) Dr 60000
To loss on issue of debenture

(ii) (3 Mark)
Date Particulars Amount Amount
 Sundry assets a/c Dr 8,40,000
To Sundry liabilities 80,000
To Captal reserve 40,000
To Raj Ltd 7,20,000
Raj Ltd a/c Dr 7,20,000
Discount on issue of deb. a/c Dr 80,000
To 10% Debenture a/c 8,00,000
Securities premium reserve a/c Dr 80,000
To Discount on issue of debenture 80,000
Working note:
No : of Debentures = 720000/90 = 8000 debentures
26 C’s Capital a/c 6

Particulars Amount Particulars Amount

To Drawings a/c 5000 By Bala b/d 37,000

To Goodwill a/c 1000 By Revaluation a/c 3000
To Profit & loss a/c 15000 By A’s capital a/c 4,375
To Profit & Loss 1000 By B’s capital a/c 2625
suspense a/c By Investment 700
To Advertisement 200 Fluctuation Reserve
Ependiture a/c
Loan to C a/c 41000 By Work men 700
compensation reserve

By C’s Executor(b/f) 14,800

63200 63200
C’s Executor
Particulars Amount a/c
Particulars Amount
To C’s Capital a/c 14,800 By Bank a/c 14800

14800 14800

Revaluation a/c
Particulars Amount Particulars Amount
To Machinery 3,200 By Patents 17000
To Revaluation gain: By Investment 1200
A 7500
B 4500
C 3000 15000
18200 18200
C’s Share of G/W
Firms GiW = 101000+14000+16000-75000 x 2.5 = 35000
4
C’s share = 35000 x 2/10 = 7000, to be paid by A & B in 5:3 ratio ie A will
contribute 4375 and B will contribute 2625
 C’s Share of Profit
Av Profit = 14000+16000+(75000) = (15000)
3
C’s Share = (15000) x 4/12 x 2/10 = (1000)

27 b) Other current liabilities OR 1

c) 30% ( G/P = 20,00,000-14,00,000 = 6,00,000)
G/P Ratio = 600000/2000000 x100
28 b) (i) D, (ii) C, (iii) B 1

29 a) Rs 82,000 OR 1
b) Rs 28,800 Purchase of Investment 15200 , Sale of investment (44000)
30 c) Issue of new shares for cash. 1
31 Items Major Head Sub-Head 3
Shares in listed Non- Current Assets Non- Current
companies Investment
Accrued Income Current Assets Other current assets
Office Equipments Property, plant and Property, plant and
Equipments and Equipments
Intangible assets
Provision for tax Current Liabilities Short term provisions
Capital Reserve Share Holders’ Funds Reserves and Surplus
Provident fund Current Liabilities Other current
payable liabilities
32 (a) Equity = Equity share holders’ fund + Pref. share 3
capital 120000 + 80000 = 2,00,000
Long-term debt = Capital employed –
Equity 600000-200000 = 400000
Debt Equity ratio = 400000/200000= 2:1
(b) Let Revenue from operation = 100; Gross profit = 20; Cost = 100-
20=80 If Cost is 80, then revenue from operation is 100
If cost is Rs 3,20,000, then revenue from
operation = 320000 x 100/80= 4,00,000
Working Capital Turnover ratio= 400000/20000 = 20 Times.
33 COMMON-SIZE STATEMENT OF PROFIT AND LOSS 4
For the year ended 31st March 2019 and
2020
Particulars 31stMarch 31stMarch Absolute %
2020 2021 change change
I Revenue 20,00,000 25,00,000 100 100
from
Operations

II Expenses: 17,00,000 20,00,000 85 80

(a) Employmen
t benefit
expenses
 (b) Other
Expenses 4,00,000 6,00,000 20 24

Total expenses 21,00,000 26,00,000 105 104

III Net profit (1,00,000) (1,00,000) (5) (4)

before tax ( I-II)
IV Less: Tax
@50% - - - -

V Net Profit after (1,00,000) (1,00,000) (5) (4)

tax

OR
Particulars 2022 2023 Change %
change
I. Equity and Liabilitie
1. Shareholders’ Funds
(a) Share Capital:
Equity Share Capital 5,00,000 10,00,000 50,000 100
(b) Reserves and Surplus 1,00,000 1,00,000 … …
2. Non- current liabilities
Long- term borrowings 3,00,000 2,00,000 (1,00,000) 33.33
3. Current Liabilities
Trade payables 1,00,000 2,00,000 1,00.000 100
Total 10,00,000 15,00,000 5,00,000 50
II. Assets
1. Non- Current Assets
(a) Property, Plant and
Equipment & Intangible
assets:
(i) Property, plant and 4,00,000 8,00,000 4,00,000 100
equipment
(ii) Intangible assets 2,00,000 2,00,000 … …
(b) Non- Current 2,00,000 2,00,000 … …
Investments
2. Current Assets:
(a) Inventories 1,50,000 2,50,000 1,00,000 66.67
(b) Cash and Cash 50,000 50,000 …. …
Equivalents
Total 10,00,000 15,00,000 5,00,000 50
34 Provision for Tax a/c 6
Particulars Amount Particulars Amount
To Bank a/c 20,000 By Bala b/d 30,000
 By Statement of P&L 50,000
To Bala c/d 60,000 (Bal.Fig.)
80,000 80,000
Machinery A/C
Particulars Amount Particulars Amount
To Bala b/d 10,00,000 By Accu. Depre. a/c 20,000
ToBank (purchase b/f) 8,10,000 By Bank (Sales) 18,000
By Statement of P&L 12,000

By Bala c/d 17,60,000

18,10,000 18,10,000
Accumulated Depre. A/C

Particulars Amount Particulars Amount

To Machinery a/c 20,000 By Bala b/d 1,00,000
By Depre. a/c (b/f) 80,000
To Balance c/d 1,60,000
1,80,00 1,80,000
0
Calculation of N/P before tax and extraordinary items:
Net profit during the year 1,00,000
Add: Provision for tax made during the year 50,000
1,50,000
Cash Flow Statement
Particulars Amount
1.Cash Flow from Operating Activity:
N/P before tax and Extraordinary items 1,50,000
Adjustment for Non-cash and Non-operating
items:
Add: Depreciation 80,000
Interest on Debentures 50,000
Goodwill amortized 60,000
Loss on Sale of Machinery 12,000 2,02,000
Operating profit before W.C changes 3,52,000
Add: Decrease in C.A, Increase in C.L
Trade Payables 40,000 40,000
Less : Increase in C.A, Decrease in C.L
Inventories (50,000)
Trade Receivables (2,00,000) (2,50,000)
Cash generated from operations 1,42,000
Less Tax paid (20,000)
Cash flow from Operating Activities 1,22,000