के न्द्रीय विद्यालय संगठन, जयपुर संभाग

Kendriya Vidyalaya Sangathan, Jaipur Region

3rd Practice Set for Board Exam 2024-25
SET:03
कक्षा / Class: XII विषय/Subject: Accountancy
समय/Time: 3 घण्टे / Hours पूर्ााक / Max. Marks:80

Marking Scheme

S. No. Questions Marks

PART: A (Accounting for Partnership Firms and Companies)
1 (B) Interest on Loan will be given @6% p.a. (1)
2 (A) Both Assertion and reason are true and reason is correct explanation of (1)
assertion
3 (D) Employees Stock Option Plan (ESOP) (1)
OR
(a) ₹ 10,00,000
4 (C) With the consent of all old partners (1)
OR
(D) None of the Above
5 (B) ₹ 20,000 (1)
6 (D) ₹ 5,400 (1)
OR
(A)₹ 300
7 (A) ₹ 1,50,000 (1)
8 (D) Assertion is false, Reason is true (1)
OR
(A) Nil
9 (A) Rs.2,550 =30,000 x 12 x 8.5 (1)
100 12
10 C 11400 (1)

11 (C)Equal share of profits and losses (1)

12 (C) 10% and 12% (1)

13 (A)Rs. 1,60,000 (1)

14 (D) Revaluation A/c Cr. by Rs. 8,000 and R’s Capital A/c Dr. by Rs.32,000 (1)
15 Answer A X ₹20,000; Y ₹20,000 (1)
OR
(D) 3:2
16 (B) 23 : 13 : 12 (1)
17 (i)Vidhi Loan A/c Dr. 20,0000 (3)
Realisation A/c Dr. 1,500
To Bank A/c 21,500

Page 1 of 8
 (ii) Realisation A/c Dr. 65,000
To Bank A/c 65,000

(iii)Lata Capital Dr. 8,000

To Bank A/c 8,000
18 Ganesh : Mahesh : Kartik (3)
Old Ratio 3 : 2 : 1
New Raio 7 : - : 5
Gaining Ratio 1 : - 4

(i)Ganesh Cap. A/c Dr. 4,000

Kartik Cap. A/c Dr. 16,000
To Mahesh A/c 20,000

(ii)Mashesh A/c Dr. 4,50,000

To Bank A/c 4,50,000
OR

Answer:
₹ 93600x1/3=31200 share of Sarita goodwill.

19 (i)Bank A/c. Dr 16,00,000 (3)

To 12%Deb App & Allot A/c 16,00,000

(ii) 12%Deb App & Allot A/c Dr. 16,00,000

Loss on Issue of Deb. A/c Dr. 2,00,000
To 12% Debenture A/c 10,00,000
To Premium on Redemption A/c 2,00,000
To Bank A/c 6,00,000

OR
(i)Building A/c Dr. 4,50,000
Machinery A/c Dr. 2,70,000
To Liabilities A/c 50,000
To Nishant Ltd. 6,00,000
To Capital Reserve A/c 70,000

(ii) Nishant Ltd. A/c Dr. 6,00,000

To Equity Share Capital A/c 500,000
To Sec. Premium a/c 100,000
No of Deb= 6,00,000
200+40= 240 =2500 Shares
20 Date Particulars Debit Credit (3)
(i) Investment Fluctuation Reserve A/c Dr 90,000
To P capital A/c 54,000
To Q capital A/c 9,000
To R capital A/c 27,000
(Being Invest. Fluctuation Reserve distributed)

Investment A/c Dr 180,000

To Revaluation A/c 180,000
(Being Increase in investment recorded)

Page 2 of 8
 Revaluation A/c Dr 180,000
To P capital A/c 108,000
To Q capital A/c 18,000
To R capital A/c 54,000
(Being Gain on revaluation transferred to
partners)
(ii) Investment Fluctuation Reserve A/c Dr 90,000
To P capital A/c 36,000
To Q capital A/c 6,000
To R capital A/c 18,000
To Investment A/c 30,000
(Being decrease in investment recorded and
balance
Invest. Fluctuation Reserve distributed)
(iIi) Investment Fluctuation Reserve A/c Dr 90,000
Revaluation A/c Dr 60,000
To Investment A/c 1,50,000
(Being decrease in investment recorded)

P capital A/c Dr 90,000

Q capital A/c Dr 15,000
R capital A/c Dr 45,000
To Revaluation A/c 150000
(Being Loss on revaluation distributed among
the partners)

21 Balance Sheet as at …….. (4)

Note to Current Previous Year
Acc Year
EQUITY AND LIABILITIES
Shareholder’s Funds 1983000
I Share Capital 1
Notes to Accounts:
I Share Capital:
Authorised Share Capital:
5,00,000 shares of Rs.10 each 50,00,000
Issued Capital:
2,00,000 shares of Rs.10 each 20,00,000
Subscribed and fully paid up capital
1,97,000 Shares of Rs. 10 each 19,70,000
Subscribed but not fully paid up Capital
1000 Shares of Rs.10 each 10,000
Calls in Arrear 1000 x 3 3,000 7,000
Add Share Forfeiture: 2000 x 3 6,000

19,83,000
22 B’s Executor A/c (4)

To Goodwill 12,000 By balance b/d 25,000

To B’s Executor A/c 48,800 By Reserve 10,000
By Profit &Loss Suspense 1800
By A’s Capital A/c(Goodwill) 12,000
Page 3 of 8
 By C’s Capital A/c 12,000
60,800 60,800
23 (6)
(i) Bank A/c Dr. 6,50,000
To Share Application A/c 6,50,000

(ii)Share Application A/c Dr. 6,50,000

To Share Capital A/c 1,60,000
To Security Premium A/c 2,40,000
To Share Allotment A/c 2,50,000

(iii) Share Allotment A/c Dr. 6,40,000

To Share Capital A/c 6,40,000

(iv) Bank A/c Dr. 3,92,200

To Share Allotment A/c 3,92,200
6,40,000 – 2,40,000 – 7,800

(v) Share Capital A/c Dr. 16,000

To Calls in Arrear A/c 7,800
To Share Forfeiture A/c 8,200

(vi)Bank A/c Dr. 12,800

Share Forfeture A/c Dr. 3,200
To Share Capital A/c 16,000

(vii) Share Forfeiture A/c Dr. 5,000

To Capital Reserve A/c 5,000
OR
Journal (In the books of Akshat Ltd.)
Particulars Amount Amount (Cr.)
(Dr.)
Sundry Assets A/c Dr. 6,00,000
Goodwill A/c Dr. 10,000
To Sundry Liabilities A/c 60,000
To Vijay Ltd. 5,50,000
(For sundry assets purchased and
liabilities taken over)
Vijay Ltd. Dr. 5,50,000
Loss on issue of Deb. A/c Dr. 27,500
To 8% Debentures A/c 5,50,000
To Premium on Redemption A/c 27,500
(5500, 8% Debentures issued at par, redeemable
at premium as fully paid for assets purchased)
Securities Premium A/c Dr. 25,000
Statement of Profit & Loss A/c Dr. 2500
To Loss on Issue of Debentures A/c 27500
(Loss on issue written off against security
premium reserve)
Journal (Digvijay Ltd.)
Particulars Amount Amount
(Dr.) (Cr.)
Bank A/c Dr. 5,00,000
Page 4 of 8
 To Bank Loan A/c 5,00,000
(Loan taken from ICICI Bank)
Debenture Suspense A/c Dr. 6,00,000
To 12% Debentures A/c 6,00,000
(6,000 12% Debentures issued as
collateral security against the loan
taken from Bank))
Balance Sheet (Digvijay Ltd.)
Particulars Amount(CY Amount
) (₹) (PY) (₹)

I. EQUITY & LIABILITIES

Non-Current Liabilities
1) Long Term Borrowings
a) Loan from ICICI 5,00,000
b) 12% Debentures 6,00,000
Less: Debenture Suspense 6,00,000 NIL

24 Answer (6)
Dr. Revaluation A/c Cr.
Particulars Amt. Particulars Amt.
To Bad debts 2000 By Loss Trs. To
To patents 9000 partner’s Capital

Digvijay capital 4400

Brijesh capital 4400
Parakaram capital 2200
11000 11000

OR

Dr. Profit and loss appropriation Account Cr

Particulars Amt Particulars Amt

Page 5 of 8
 To Interest on Capital A/c By Net Profit (P&L A/C) 150000
A= 5000
B= 4000
C= 3000 12000
To Salary
A= 2100
B= 2000 4100
To Reserve 10000
To comm. To C 29500
To partners Capital A/c
A=47200
B=28320
C=18880 94400
150000 150000

Dr. Partner’s Capital A/c Cr.

Particulars A B C Particulars A B C
To Drawings 6000 6000 6000 By B/D 100,000 80,000 60,000
To balance c/d 148300 108320 105380 By IOC 5000 4000 3000
By salary 2100 2000 -
A/c
By Com. A/c - ---- 29500
By P&L App. 47200 28320
A/c 18880

154300 114320 111380 154300 114320 111380

25 Realisation A/c (6)
To Stock 24,000 By Trade Creditors 42,000
To Debtors 19,000 By Emp Provident Fund 60,000
To Furniture 40,000 By Mrs. Ashish Loan 9,000
To Plant 2,10,000 By Invest Fluc Reserve 4,000
To Investment 32,000 By Ashish
To Ashish Furniture 38,000
Mrs. Ashish Loan 9,000 By Kanav
To Kanav (Real Remun) 12,000 Stock 7,680
To Bank (Emp Prov Fund) 60,000 By Bank
To Profit Transferred to Debtors 18,500
Ashish 12012 Plant 2,31,000
Kanav 8008 20020 Stock 15,840 2,65,340
4,26020 4,26,020
26 (A) . (6)
1) (c) 4,00,000 (4+2)
2) (d) None of these
3) (c) ₹ 5,04,000
4 (b) ₹ 4,56,000

(B) .

1) (b) Private Placement

2) (c) ESOP
Part: B (Analysis of Financial Statements)
27 (B)Operating Cycle 18 Months and Payment Period 16 Months (1)
Page 6 of 8
 OR
(B) 120000
28 (D) 2 : 1 (1)

29 (D)Interest on Investment (1)

OR
(D)Goods Sold

30 (A)Rs.36,000 as Outflow only (1)

31 (3)
Bank Overdraft Current Liabilities Short Term Borrowings
Public Deposit Non Current Liabilities Long Term Borrowings
Mining Rights Non Current Assets Property. Plant &Eq.
Share Forfeited Shareholders funds Share Capital
Calls in Advance Current Assets Other Current Assets
Govt. Bonds. Non Current Liabilities Long Term Borrowings
32 (3)
Comparative Statement of Profit and Loss
2022-23 2023-24 Inc/Dec %
Revenue from Operation 60,00,000 80,00,000 20,00,000 33.33
Employees Benefit Exp 6,00,000 8,00,000 2,00,000 33.33
Other Exp. 12,00,000 10,00,000 (2,00,000) 16.67
Total Exp. 18,00,000 18,00,000 - 0
Profit before Tax 42,00,000 62,00,000 20,00,000 47.61
Tax 16,80,000 24,80,000 8,00,000 47.61
Profit After Tax 25,20,000 37,20,000 12,00,000 47.61
33 (4)
Net Profit after Tax = Rs. 60,000
Tax Rate = 40%
Net Profit before tax = Net profit after tax × 100/ (100 − Tax rate)
= Rs. 60,000 × 100/(100 − 40)
= Rs. 1,00,000
Interest on Long-term Debt = 15% of Rs. 10,00,000 = Rs. 1,50,000
Net profit before interest and tax = Net profit before tax + Interest
= Rs. 1,00,000 + Rs. 1,50,000 = Rs. 2,50,000
Interest Coverage Ratio = Net Profit before Interest and Tax/Interest on
long-term debt
= Rs. 2,50,000/Rs. 1,50,000
= 1.67 times

OR

STR = Cost of Goods Sold 2,40,000 / 5 = 48,000

Average Inventory
Revenue = 3,00,000 GP on Cost= 25% then
Cost of Goods Sold = 3,00,000 x 100 = 2,40,000
125
Let Op Inventory be x then Clos. Inventory 2x + x
Avg Inventory = x + (2x + x) =2x
2
Then 2x = 48000 and x =24,000
Closing Inventory = (24,000 x 2) + 24,000 = 72,000
Page 7 of 8
34 Cash flow Statement: (6)
Cash from Operating Activities
Net Profit Before Tax 6,60,000

Add Non Cash and Non-Operating Exp.

Depreciation 40,000
Goodwill Written off 80,000 1,20,000
7,80,000
Change in Working Capital
Add: Trade Payables 40,000 40,000
Less: 8,20,000
Inventory (2,10,000)
Trade Receivables (1,20,000) (3,30,000)
4,90,000
Less Tax Paid (1,50,000) (1,50,000)
Net Cash inflow from Operating Activities 3,40,000

Profit before Tax and Dividend:

Net Profit: 2,00,000
Add Provision for Tax 2,50,000
Proposed Dividend 2,10,000
6,60,000

--------------------------------

Page 8 of 8