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XII ACCOUNTANCY SET-2 Marking Scheme Ist Pre Board 2023-24-1
XII ACCOUNTANCY SET-2 Marking Scheme Ist Pre Board 2023-24-1
22. a.Dr. Realisation a/c by ₹5,000 and Credit Bank A/c by ₹5,000 4
b. Dr. Realisation A/c by ₹1,000 and credit X’s Capital A/c by ₹1,000.
c. Dr. Realisation A/c by ₹1,000 and credit X’s Capital A/c by ₹1,000.
Dr. X’s Capital A/c by ₹800 and credit bank A/c by ₹.800
d. Dr. Realisation A/c by ₹1,500 and credit bank A/c by ₹1,500.
e. Dr. X’s Loan A/c by ₹50,000; Credit Realisation A/c by ₹28,000 and Credit bank A/c by
₹22,000.
f. Dr. Y’s Loan A/c by ₹.65,000; Credit Realisation A/c by ₹40,000 and Credit bank A/c by
₹25,000.
23. 6
Dat Particulars L. Debit Credit Amount
e F Amount (₹)
(₹)
Bank A/c Dr. 4,80,000
To Equity Share Application A/c 4,80,000
(Application money received on 2,40,000 shares)
Equity Share Application A/c Dr. 4,80,000
To Equity Share Capital A/c 3,00,000
To Bank A/c 1,80,000
(Application money transferred to Equity share
capital A/c and money refunded on rejected
applications)
Equity Share Allotment A/c Dr. 9,00,000
To Equity Share Capital A/c 4,50,000
To Securities Premium A/c/ 4,50,000
Securities Premium Reserve A/c
(Amount due on allotment @₹6 per share
including premium @₹3 per share
Bank A/c Dr. 9,00,000
To Equity Share Allotment A/c 9,00,000
(Allotment money received)
Equity Share First Call A/c Dr. 4,50,000
To Equity Share Capital A/c 4,50,000
(Amount due on first and final call @ ₹3 per
share
Bank A/c Dr. 4,38,000
To Equity Share first call A/c 4,38,000
(First and final call money received except that of
4,000 shares)
Or
Bank A/c Dr. 4,38,000
Calls in Arrears A/c Dr. 12,000
To Equity Share first call A/c 4,50,000
(First call money received except that of 4,000
shares
Equity Share Second Call A/c Dr. 3,00,000
To Equity Share Capital A/c 3,00,000
(Amount due on second call @₹2 per share)
Bank A/c Dr. 2,92,000
To Equity Share Second Call A/c 2,92,000
(Second call money received except that of 4,000
shares)
Or 2,92,000
Bank A/c Dr. 8,000
Calls in Arrears A/c Dr. 3,00,000
To Equity Share second call A/c
(Second call money received except that of 4,000
shares)
OR
Q. (b) Pass necessary journal entries………..
Ans. (i) Books of Ashima Ltd.
JournaL
Dat Particulars L. Debit Credit
e F Amount Amount
(₹) (₹)
Share Capital A/c Dr. 1,60,000
To Share Allotment A/c
To Share First Call A/c 60,000
To Forfeited Shares A/c 60,000
(Forfeiture of 20,000 shares for non payment of 40,000
allotment and first call money)
Or 1,60,000
Share Capital A/c Dr. 1,20,000
To Calls in Arrears A/c 40,000
To Forfeited Shares A/c
(Forfeiture of 20,000 shares for non payment of
allotment and first call money)
Bank A/c Dr. 28,000
Forfeited Shares A/c Dr. 4,000
To Share Capital A/c 32,000
(4,000 shares reissued for ₹7 per share, ₹8 paid
up)
Forfeited Shares A/c Dr. 4,000
To Capital Reserve A/c 4,000
(Balance in Forfeited Shares A/c transferred to
Capital Reserve)
II IN THE BOOKS OF GAURAV LTD.
Share Capital A/c Dr. 40,000
Securities Premium A/c/ Dr. 4,000
To Calls in Arrears A/c 32,000
To Forfeited Shares A/c 12,000
(Forfeiture of 4,000 shares on which only
application money was received
Bank A/c Dr. 11,000
To Share Capital A/c 10,000
To Securities Premium A/c 1,000
(500 shares reissued for ₹11 per share, fully paid
up
Forfeited Shares A/c Dr. 3,000
To Capital Reserve A/c 3,000
(Balance in Forfeited Shares A/c transferred to
Capital Reserve)
24. 6
97,750 97,750
Shyam’s Executor’s Account
85,150
85,150
(5+1=6 marks)
PART-B
27. (d) Acquiring of raw material for processing and its realisation into Cash & Cash equivalents. 1
OR
(d) An income statement indicates the financial position of an enterprise for an accounting
period.
28. (a) ₹ 6,00,000 1
29. (i) ₹ 88,000 1
Or
Net cash from financing activities Rs.50,000
30. (a) Both A and R are true and R is the correct explanation of A 1
31. Items. Major Heads - 3
Subhead
i. Cheques in hand. Current Assets-Cash & Cash
Equivalents
ii Loose tools. Current Assets -
Inventories
iii Securities Premium Reserve. Shareholderfund- Reserves
& Surplus
iv Long term Investments with maturity. Non current assets-Current
Investment
period less than six months
v Building Non Current Assets-Property
plant&equipment-
Tangible Assets
vi. Livestock. Non Current Assets-Property Plant &
Equipment
Tangible Assets
32. i) Credit Revenue = X 3
Cash Revenue = 40X/100
40X/100 + X= ₹ 8,40,000
X = ₹ 6,00,000
Credit Revenue from Operations = ₹ 6,00,000
Receivables Turnover Ratio=Net Credit Revenue from Operations/ Average Trade
Receivables
₹ 6,00,000/(₹ 1,20,000 + ₹ 2,00,000) / 2 = 3.75
(ii) Interest Coverage Ratio = Net Profit before Interest and Tax /Interest Obligation
Interest Coverage Ratio = ₹ 7,82,000
Net Profit before Interest and Tax = ₹ 7,82,000
Interest Obligation = ₹ 72,000
₹ 7,82,000/72,000 = 10.86 times
33. Comparative Statement of Profit & Loss 4
Particular 2021-2022 (₹) 2022-2023 (₹) Absolute Proportionate
Change Change (in %)
(in ₹)
A. Revenue from operations 1600000 2000000 400000 25
B. Add: Other Income 300000 440000 140000 46.67
C. Total Revenue (A+B) 1900000 2440000 540000 28.42
D. Less: Cost of materials 600000 800000 200000 33.33
consumed
Change in inventories of finished 200000 400000 200000 100
goods and work in progress
Other Expenses 160000 300000 140000 87.5
Total Expenses 960000 1500000 540000 56.25
E. Profits before Tax (C-D) 940000 940000 ----- -----
F. Tax Rate 282000 282000 ----- -----
G. Profits after Tax (E-F) 658000 658000 ----- -----
34. Dr. Machinery A/c Cr. 6
Particulars Amount Particulars Amount
(₹) (₹)
To Balance b/d 13,00,000 By Accumulated 1,80,000
To Bank A/c (purchase 4,20,000 Depreciation A/c
By Bank A/c (sale) 1,00,000
By Statement of P/L (loss) 40,000
By Balance c/d 14,00,000
17,20,000 17,20,000