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Answer Key – (Unofficial) – by Ajith Kanthi Wayanad

Class 12 – Accountancy CA – March 2024 – Qn Code: SY – 550
PART – A (ACCOUNTING – 40 Score)
1 Score – All Questions from 1 to 4
1 a) Current A/c
2 c) Old Ratio
3 c) Executor’s Loan A/c
4 a) 3:2
2 Score - Any 3 Questions from 5 to 8
5 a) Profit sharing ratio – Equal
b) Interest on loan – 6%pa
6 Rights of a new partner
1. Right to share the assets of the partnership firm
2. Right to share the profits of the partnership firm
7 Loss to be paid: i) first out of profits,
ii) next out of capital
8 Treatment of Goodwill on admission of a partner:
Cash Account Dr 115000
To Sachu’s Capital A/c 75000
To Goodwill A/c 40000
(Amount brought in by the new partner as capital & goodwill)

Goodwill Account Dr 40000

To Aswin’s Capital A/c 25000
To Neha’s Capital A/c 15000
(Goodwill transferred to the old partners’ capital account in their sacrificing ratio – 5:3)

3 Score - All Questions from 9 to 12

9 Difference between Fixed Capital and Fluctuating Capital Methods
FIXED CAPTIAL METHOD FLUCTUATING CAPITAL METHOD
1. Two accounts are maintained, ie, capital a/c 1. Only one account ie, capital a/c is prepared.
and current a/c
2. Usually, the amount of capital remains the 2. The amount of capital is fluctuating
same year after year.
3. Adjustments like interest on capital, 3. Adjustments are made in the capital a/c itself.
drawings, interest on drawings, etc. are made in
the current a/c
4. Both the current a/c and the capital a/c are 4. Only the capital a/c appears in the Balance
appeared in the Balance Sheet Sheet.
5. It should be specifically mentioned in the 6. It is not necessary.
deed.
(Any 3)

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10 Calculation of Goodwill:
Super Profit = Average Profit – Normal Profit.
Normal Profit = Capital Employed x Normal Rate of Return / 100
Goodwill = Super Profit x Number of year’s
Average Profit = (20000+40000+50000+70000) / 4 = 45000
Normal Profit = 200000 x 10% = 20000
:. Super Profit = 45000 – 20000 = 25000
:. Goodwill = 25000 x 4 = 100000
11 Journal Entries:
a) Reserve A/c Dr 3000
To A’s Capital A/c 1000
To B’s Capital A/c 1000
To C’s Capital A/c 1000
(The amount of reserve transferred to all partners in their profit sharing ratio)

b) A’s Capital A/c Dr 2000

B’s Capital A/c Dr 2000
C’s Capital A/c Dr 2000
To Profit & Loss A/c 6000
(Share of Loss transferred to all partners in their profit sharing ratio)

12 Differences between Dissolution of partnership and Dissolution of a firm:

DISSOLUTION OF
BASIS DISSOLUTION OF FIRM
PARTNERSHIP
Economic relation between the Partnership between all the partners
1. Meaning
partners change of a firm comes to an end.
The business of the firm is
2. Termination The business is not terminated
completely closed.
3. Court’s Court may intervene and order for
No court intervention
intervention dissolution of firm.
Assets are sold, liabilities are paid off
Assets and liabilities are revalued
4. Settlement and balance utilized towards
and new balance sheet is prepared
settlement of partners.
5. Closure of Books Books of accounts are not closed All books of accounts are closed.
6. Settlement of Assets are sold and liabilities are paid
Assets and liabilities are revalued
Assets and Liabilities off.
(any 3)

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5 Score - All Questions from 13 to 14

13 Calculation of Interest on Capital:
Amal Bimal
Interest for the first 4 months 40000 x 6% x 4/12 800
30000 x 6% x 4/12 600

Interest for the next 5 months 60000 x 6% 5/12 1500

(Amal 40000+20000 = 60000) 60000 x 6% 5/12 1500
(Bimal 30000+30000 = 60000)

Interest for the last 3 months after

withdrawal
(Amal 60000 - 10000 = 50000) 50000 x 6% 3/12 750
(Bimal 60000 - 0 = 60000) 60000 x 6% 3/12 900

:. Total Interest for the year 3050 3000

14 A’s Loan Account
Date Particulars Amount Date Particulars Amount
st st
1 Year To Cash (20000+6000) 26000 1 Year By A’s Capital A/c 60000
To Balance c/d 40000 By Interest on Loan (10%) 6000
66000 66000
2nd Year To Cash (20000+4000) nd
24000 2 Year By Balance b/d 40000
To Balance c/d 20000 By Interest on Loan 4000
44000 44000
3rd Year To Cash (20000+2000) rd
22000 3 Year By Balance b/d 20000
By Interest on Loan 2000
22000 22000

8 Score - Any 1Question from 15 to 16

15 Revaluation A/c
Particulars Amount Particulars Amount
Stock 5600 Investment (Unrecorded) 8000
Provision for doubtful debts 2000
Partners’ Capital A/c (3:2)
Arjun 240
Bineesh 160 400
8000 8000
Partners’ Capital A/c
Particulars Arjun Bineesh Vimal Particulars Arjun Bineesh Vimal
Cash 7200 4800 Balance b/d 25000 20000 ---
Reserve (3:2) 4800 3200
Cash 35000
Balance c/d 30040 23360 35000 Goodwill (3:2) 7200 4800
Revaluation A/c 240 160

37240 28160 35000 37240 28160 35000

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Balance Sheet (After Admission)
Liabilities Amount Assets Amount
Creditors 67000 Cash in hand (4000+35000) 39000
Capital A/c Sundry Debtors 40000
Arjun 30040 Less: Provision 2000 38000
Bineesh 23360 Stock (56000 – 5600) 50400
Vimal 35000 88400 Land and Buildings 20000
Investment 8000
155400 155400

16 Dissolution of Partnership Firm:

Realisation A/c
Particulars Amount Particulars Amount
To Stock 25000 By Creditors 60000
To Furniture 20000 By Mrs. A’s Loan A/c 6000
To Bank (Creditors 60000-1000) 59000 By Bank (Stock) 23000
To Bank (Realization Exp) 1000 By Bank (Furniture) 24000
To Bank (Mrs. A’s Loan) 6000
To Partners’ Capital A/c (Profit)
A 1200
B 800 2000
110000 113000

Partners’ Capital A/c

Particulars A B Particulars A B
To Profit & Loss A/c 900 600 By Balance b/d 18000 12000
(Accumulated Loss) By Realisation A/c 1200 800

To Bank A/c (Final settlement 18300 12200

to partners)
19200 12800 19200 12800
Bank A/c (Cash A/c)
Particulars Amount Particulars Amount
To Balance b/d 53500 By Realisation A/c (Creditors) 59000
To Realisation A/c (Stock) 23000 By Realisation A/c (Realsn. Exp) 1000
To Realisation A/c (Furniture) 24000 By Realisation A/c (Mrs. A’s Loan) 6000
By B’s Loan A/c 4000
ByPartners’ Capital A/c – A - 18300 30500
B - 12200
100500 100500

Note: In this question Bank balance is given in the balance sheet, hence Bank A/c is prepared instead of
Cash A/c

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PART – B (COMPUTERISED ACCOUNTING – 20 Score)

1 Score – All Questions from 17 to 19

17 b) NOW Function
18 c) Mnemonic codes
19 b) Journal

2 Score – Any 4Questions from 20 to 24

20 a) COUNTBLANK
B) CONCATENATE
21 a) Chart Area
b) Legend
22 Steps to Create Chart: Data Entry - Data Selection - Insert – Chart – Chart Type - Finish.

23 Deleting Ledger Accounts in GNUKhata – Select Edit Account from Master menu - Select the ledger
Account to be deleted, click on Delete Button and confirm the deletion.
24 a) Tables – Tables allows a database designer to create the data tables with their respective field names,
data types and its properties. It is used to store the data.

b) Queries – This component is used to retrieve filtered data and information from the table and to
include computation fields.

3 Score – Any 3 Questions from 25 to 28

25 Accounting Information System (AIS)

1. Cash and Bank Sub system – It deals with the receipts and payments of cash. Both physical cash
and electronic fund cash.
2. Sales and Accounts Receivable sub system – it deals with recording of sales, maintaining of sales
ledger and receivables.
3. Inventory sub system – it deals with recording of different items purchased and issued
specifying the price, quantity and date. (or any other 3 with explanation)
26 Payroll Components:
Earnings Deductions
Basic Pay TDS
HRA PF
DA Professional Tax
27 Features of GNUKhata
a) It is a free and open source accounting software
b) It is based on double entry book keeping
c) Comprehensive financial reports are available like Ledgers, Trial balance, Profit and loss Account,
Balance sheet etc.
d) Source document can be attached along with the voucher entry.
e) Export and import of data from Spread sheet is possible.
f) Password security and data audit facility provided. (any 3)

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28 a) COUNTIF : This function is used to count the number of cells that meet a criteria. The criteria can be a
number, expression, cell reference, or text string. For example, you can use a number like 32, a
comparison like ">32", a cell like B44, or a word like "apples".

Syntax: =Countif(Range,Criteria) Eg: =Countif(A1:A10,”>=90”)

b) PMT: This function calculates the constant periodic payment required to pay off a loan or investment,
with a constant interest rate, over a specified period. (To calculate EMI of a loan)

Syntax: =PMT( rate, nper, pv, fv, type)

c) SUMIF: This function adds all numbers in a range of cells, only if it meets the given criteria.

Syntax: =Sumif(Range,Criteria,Sum_range)

Prepared by:
Ajith Kanthi @ Ajith P P
SKMJ HSS Kalpetta
Wayanad – Kerala
Ph: 9446162771

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