NAVODAYA VIDYALAYA SAMITI

PRE-BOARD EXAM-I

CLASS-XII
ACCOUNTANCY- MARKING SCHEME

Q. MARKS
NO.
1. (d) ₹12,500 1

2. (a) Both A and R are true and R is the correct explanation of A. 1

3. (d) 300 shares 1

OR
(b) ₹1,00,000

4. (a) No effect on Moon 1

OR

(a)₹26,267 for Partner B and C and ₹26,266 for Partner A

5. (c)Capital Ratio 1

6. (c) Bank A/c Debit ₹9,90,000 and debenture application and allotment Credit ₹9,90,000 1
OR
(b) 22,00,000
7. (d)Assertion is false, reason is true 1

8. (d)P ₹42,000; Q ₹28,000; R ₹20,000 1

OR
(b)A Rs. 24,000 B Rs. 32,000 C Rs. 16,000

9. (c) (i), (ii) and (iii) 1

10. (b) Share Capital A/c Dr. 1,600 1

Securities Premium Reserve A/c Dr. 800
To Share forfeited A/c 1200
To Calls in Arrears A/c 1200

11. (b) ₹10,000 1

12. (c)3:3:1 1

13. (d) 5,80,000 1

OR
(c) ₹60,000
14. (b) ₹48,000 1

15. (b) ₹300 1

16. (a) Debit Pinku’s Current A/c ₹11,410; Credit Rinku’s Current A/c ₹10,150 and 1
Tinku’s Current A/c ₹1,260

17. 1
Arun’s Sacrifice – 1/10 Varun’s Gain – 4/10

Arun’s Capital A/c Dr. 45,000

Karun’s Capital A/c Dr. 27,000
1
Varun’s Capital A/c Dr. 18,000
To Goodwill A/c 90,000

Varun’s Capital A/c Dr. 96,000

To Arun’s Capital A/c 24,000
1
To Karun’s Capital A/c 72,000
18. Profit and Loss A/c Dr. 48,000 1
To Profit and Loss Appropriation A/c 48,000
Profit and Loss Appropriation A/c Dr. 48,000
To Rahul’s Capital A/c 24,000
1
To Amit’s Capital A/c 16,000
To Gaurav’s Capital A/c 8,000
Rahul’s Capital A/c Dr. 1,200
Amit’s Capital A/c Dr. 800
1
To Gaurav’s Capital A/c 2,000
OR
Rajeev’s Current A/c Dr. 3,200
3
To Bhawani’s Current A/c 3,200
19. Bank A/c Dr. 37,50,000 1
To Share Application and Allotment, A/c 37,50,000
Share Application and Allotment, A/c Dr. 37,50,000
To Share Capital A/c 15,00,000
2
To Securities Premium A/c 7,50,000
To Bank A/c 15,00,000
 OR
Sundry Assets A/c Dr. 9,40,000
To Liabilities A/c 1,40,000
To Sukesh Ltd. A/c 7,80,000
2
To Capital Reserve A/c 20,000
Sukesh Ltd. A/c Dr. 7,80,000
To 14% Debentures A/c 6,50,000
1
To Securities Premium A/c 1,30,000

No. of Debentures Issued 7,80,000/120 = 6,500 debentures

20. Goodwill = 20,000 x 3.5 = 70,000 3
Avg. profit = 1,00,000/5= 20,000
21. Authorized capital- 2,00,000 equity shares of ₹0 each- 20,00,000 4
Issued Capital- 1,60,000 eq. shares of ₹10 each- 16,00,000
Subscribed & fully paid up – 15,60,000
Subscribed & not fully paid up-20,000
Amount of Share Capital to be shown in the balance Sheet ₹15,80,000

22. (i) Realisation A/c Dr. 20,000 1

To Cash A/c 20,000
(ii) Bank A/c Dr. 2,500
1
To Realisation A/c 2,500
(iii) Partner’s Loan A/c Dr. 90,000
1
Realisation A/c Dr. 9,000
To Bank A/c 99,000
(iv) Realisation A/c Dr. 5,000
1
To Rakesh 5,000

23. 6
DATE PARTICULARS LF DEBIT CREDIT
Bank A/c Dr. 10,50,000
To Equity Share Application A/c 10,50,000
(Being Application money received)
Equity Share Application A/c Dr. 10,50,000
To Equity Share Capital A/c 6,00,000
To Equity Share Allotment A/c 75,000
To Securities Premium 3,00,000
To Bank 75,000
(Being share application money adjusted)
Equity Share Allotment A/c Dr. 9,00,000
To Equity Share Capital A/c 9,00,000
(Being Allotment due)
Bank A/c Dr.
7,83,750
To Equity Share Allotment A/c 7,83,750
(Being allotment received)
Equity Share First & Final Call A/c Dr. 18,00,000
To Equity Share Capital A/c
15,00,000
To Securities Premium A/c
3,00,000
(Being call due)
Bank A/c Dr. 17,10,000
To Equity Share First & Final Call A/c
17,10,000
(Being call money received)

Equity Share Capital A/c Dr.

1,50,000
Securities Premium Reserve A/c Dr. 15,000
To Equity Share Allotment A/c
41,250
To Equity Share First & Final Call A/c
90,000
To Share Forfeiture A/c
33,750
(Being shares forfeited)
Bank A/c Dr.
82,500
To Equity Share Capital A/c
75,000
To Securities Premium Reserve A/c
7,500
(Being reissue of forfeited shares)
Share Forfeiture A/c Dr.
16,875
To Capital Reserve
16,875
(Being gain on forfeiture transferred to
capital reserve)
 OR

DATE PARTICULARS LF DEBIT CREDIT

Bank A/c Dr. 3,75,000
To Equity Share Application A/c 3,75,000
(Being Application money received)
Equity Share Application A/c Dr. 3,75,000
To Equity Share Capital A/c 2,50,000
To Equity Share Allotment A/c 1,25,000
(Being share application money adjusted)
Equity Share Allotment A/c Dr. 3,50,000
To Equity Share Capital A/c 1,00,000
To Security Premium Reserve A/c 2,50,000
(Being Allotment due)
Bank A/c Dr. 2,22,300
To Equity Share Allotment A/c 2,22,300
(Being allotment received)
Equity Share First & Final Call A/c Dr.
1,50,000
To Equity Share Capital A/c 1,50,000
(Being call due)
Bank A/c Dr. 1,48,200
To Equity Share First & Final Call A/c 1,48,200
(Being call money received)
6,000
Equity Share Capital A/c Dr.
2,700
Securities Premium Reserve A/c Dr.
To Equity Share Allotment A/c 2,700
To Equity Share First & Final Call A/c 1,800
To Share Forfeiture A/c 4,200
(Being 600 shares forfeited)
2,880
Bank A/c Dr.
720
Share Forfeiture A/c Dr.
To Equity Share Capital A/c 3,600
(Being reissue of forfeited shares)
1,800
 Share Forfeiture A/c Dr.
To Capital Reserve 1,800
(Being gain on forfeiture transferred to
capital reserve)
24. Sol. New ratio 9:6:5 6
Profit on Revaluation: ₹40,000 (Anshul: ₹24,000 & Shiksha:
₹16,000)
Adjusted Capital Balances: Anshu: ₹5,40,000; Shiksha: ₹3,60,000;
Geeta: ₹3,00,000
Transfer to Current A/c: Anshul ₹1,46,000 (Dr.) & Shiksha
₹1,44,000 (Dr.)
OR

New & Gaining Ratio: A:C 3:2

Profit on Revaluation: ₹1,20,000 (A: ₹36,000; B ₹60,000 & ₹24,000)
B’s Loan- ₹4,30,000
A’s Capital ₹2,58,000; B’s Capital ₹72,000 (before capital adjustment)
A’s Capital ₹3,00,000; B’s Capital ₹2,00,000 (after capital adjustment)
Transfer to current A/c A-₹42,000; B- ₹1,28,000
Balance Sheet- 9,90,000
25. 6
Particulars ₹ Particulars ₹

Drawings 30,000 Bal. b/d 1,60,000

Interest on 2,400 Salary 4,000
drawings Interest on 3,200
‘He’s’ executor’s 1,38,800 Capital
A/c P/L Suspense A/c 4,000

1,71,200 1,71,200

26.

DATE PARTICULARS LF DEBIT CREDIT

1-4-2022 Machinery A/c Dr. 2,00,000
To TMT ltd. 2,00,000
(Purchased Machinery)
TMT Ltd. Dr. 2,00,000
Discount on Issue of Debenture A/c Dr. 10,000
Loss on Issue of Debentures A/c Dr. 8,000
To Bank A/c 50,000
To 12% Debentures A/c 1,60,000
To Premium on redemption of Debentures 8,000
A/c
(Purchase consideration paid)
30-09- Debenture Interest A/c Dr. 9,600
2022 To Debenture holder’s A/c 9,600
(interest due)
Debenture holder’s A/c Dr. 9,600
To Bank A/c 9,600
(interest paid)
9,600
Debenture Interest A/c Dr.
31-3-23 Debenture holder’s A/c 9,600
(interest due)
Debenture holder’s A/c Dr. 9,600
Bank A/c 9,600
(interest paid)
19,200
Statement of P/L A/c Dr.
To Debenture Interest A/c
19,200
(Int. transferred to P/L A/c)
Securities Premium A/c Dr. 5,000
13,000
Statement of P/L A/c Dr.
To Loss on Issue of Deb. A/c
8,000
To Discount on Issue of Deb. A/c 10,000
(Loss on issue of deb. Written off)
27. (c)Not Change 1
OR
(c)Inter-firm comparison

28. (a) ₹22,500 1

29. (c)Statement-I is true, Statement-II is false 1

OR
(a) Cash used in Investing Activities ₹6,00,000

30. (c)Net cash flow from financing activities ₹50,000 1

31. 3
PARTICULARS MAJOR HEAD SUB-HEAD
Demand Deposits with Current Assets Cash & Cash Equivalents
Bank
Investments in Debentures Non- Current Assets Non-Current Investments
Bank Overdraft Current Liabilities Short-term Borrowings

32. (i) Decline 3

(ii) Improve
(iii) No change

33. 4
Particulars Note 2021-22 2022-23 Absolute Percentag
No. (₹) (₹) Change e Change
(₹) (%)
Revenue from 25,00,000 40,00,000 15,00,000 60
Operations

Less: Expenses

Employee Benefit
1,25,000 2,00,000 75,000 60
Expenses
5,90,000 6,80,000 90,000 15.25
Other Expenses
Total Expenses 7,15,000 8,80,000 1,65,000 23.08

Profit before tax 17,85,000 31,20,000 13,35,000 74.79

 (I-II)
Less: Tax @35% (6,24,750) (10,92,000) 4,67,250 74.79

Profit after tax 11,60,250 20,28,000 8,67,750 74.79

OR
Particulars Note 31.03.2023 % of Balance
No. Sheet
I. EQUITY AND LIABILITIES
1. Shareholder’s Fund
(a) Share Capital 30,50,000 76.25
(b) Reserve and Surplus 2,80,000 7.00
2. Current Liabilities
(a) Trade Payables 6,70,000 16.75
Total 40,00,000 100
II. ASSETS
1. Non – Current Assets
(a) Property, Plant and
Equipment and Intangible Assets 16,00,000 40.00
(i) Property, Plant and 2,00,000 5.00
Equipment
(ii) Intangible Assets 8,00,000 20.00
2. Current Assets 12,00,000 30.00
(a) Inventories 2,00,000 5.00
(b) Trade Receivable
(c) Cash and Cash Equivalent
Total 40,00,000 100
34. I- CASH USED IN OPERATING ACTIVITIES: (200) 6
II- CASH FLOW FROM INVESTING ACTIVITIES (1000-200) 800
III- CASH FLOW FROM FINANCING ACTIVITIES 1,700
Net Increase in cash & cash equivalent 2,300
Add:Opening bal.of cash & cash equivalent 1,200
Closing bal. of cash & cash equivalents 3,500