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CBSE Class 12 Sample / Model Paper 2021 : Accountancy (with Marking Scheme / Solutions)

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Sample Paper Accountancy (2020-21) General Instructions: 1. This question paper comprises two Parts A and B. There are 32 questions in the question paper. All questions are compulsory. 2. Part A is compulsory for all candidates. 3. Part B has two options i.e. (1) Analysis of Financial Statements and (2) Computerized Accounting. You have to attempt only one of the given options. 4. Question nos. 1 to 13 and 23 to 29 are very short answer type questions carrying 1 mark each. 5. Question nos. 14 and 30 are short answer type I questions carrying 3 marks each. 6. Question nos. 15 to 18 and 31 are short answer type II questions carrying 4 marks each. 7. Question nos. 19, 20 and 32 are long answer type I questions carrying 6 marks each. 8. Question nos. 21 and 22 are long answer type II questions carrying 8 marks each. 9. There is no overall choice. However, an internal choice has been provided in 2 questions of three marks, 2 questions of four marks and 2 questions of eight marks. Sample Paper Accountancy (2020-21) 1 Part- A (Accounting for Not for Profit organizations, Partnership firms and Companies) Which of the following items is not dealt through Profit and Loss Appropriation Account? a. I te est o Pa t e s Loa . Pa t e s Sala . I te est o Pa t e s Capital d. Partner's Commission 1 2 For which of the following situations, the old profit sharing ratio of partners is used at the time of admission of a new partner? a. When new partner brings only a part of his share of goodwill. b. When new partner is not able to bring his share of goodwill. c. When, at the time of admission, goodwill already appears in the balance sheet. d. When new partner brings his share of goodwill in cash. 1 3 Reserve Capital is not a part of: (a) Authorized Capital (b) Subscribed capital 1 4 (c) Unsubscribed capital (d) Issued Share Capital Spo ts Sta Cha ita le lu has i o e of ` , a d defi it de ited to apital fu d of ` , 20, then expenditure for the year 2019-20 is: (A) ` 11,700 (B) ` 4,300 (C) ` 20,300 (D) None of these fo the ea - 1 5 At the time of dissolution of partnership firm, journal entry for the settlement of loan advanced by the firm to a partner would be: a Bank A/c Dr. To Loan to Partner A/c b Loan to partner A/c Dr. To Bank A/c c Realization A/c Dr. To Loan to Partner A/c d None of these 1 6 A company forfeited 4,000 shares of `10 each on which application money of `3 has been paid. Out of these 2,000 shares were reissued as fully paid up and `4,000 has been transferred to capital reserve. Calculate the rate at which these shares were reissued. a. `10 Per share b. ` 9 Per share c. `11 Per share d. `8 Per share 1 Sample Paper Accountancy (2020-21) 7 O the asis of the follo i g data, ho u h fi al pa e t ill e ade to a pa t e o fi s dissolutio ? C edit ala e of apital a ou t of the pa t e as ` , . Sha e of loss o ealizatio a ou ted to ` , . Fi s liability taken over by him was for `8,000. a. `32,000 b. `48,000 c. `40,000 d. `52,000 1 8 Arun and Vijay are partners in a firm sharing profits and losses in the ratio of 5:1. Balance Sheet (Extract) Liabilities ` Assets 1 ` Machinery 40,000 If value of machinery in the balance sheet is undervalued by 20%, then at what value will machinery be shown in new balance sheet: (a) ` 44,000 (b) `48,000 (c) ` 32,000 (d) `50,000 9 Rex, Tex and Flex are partners in a firm in the ratio of 5:3:2. As per their partnership agreement, the share of deceased partner is to be calculated on the basis of profits and turnover of previous accounting year. Tex expired on 31st December 2019. Turnover till the date of death was `18,00,000. Their profits and turnover for the year 2018-19 amounted to `4,00,000 and `20,00,000 respectively. 1 An amount of `____________will be given to his executors as his share of profits till the date of death. 10 Retirement or death of a partner will create a situation for the continuing partners, which is known as: A. Dissolution of Partnership B. Dissolution of partnership firm C. Winding up of business D. None of the above 1 11 A, B and C are partners. C expired on 18th December 2019 and as per agreement surviving partners A and B directed the accountant to prepare financial statements as on 18th December 2019 and accordingly the share of profits of C (deceased partner) was calculated as `12,00,000. Which account will be de ited to t a sfe C s sha e of profits: a. Profit and Loss Suspense Account. b. Profit and loss Appropriation Account. c. Profit and loss Account. d. None of the above. 1 12 E, F and G are partners sharing profits in the ratio of 3:3:2. As per the partnership agreement, G is to get a minimum amount of `80,000 as his share of profits every year and any deficiency on this account is to be personally borne by E. The net profit for the year ended 31st March, 2020 amounted to `3,12 ,000. Calculate the amount of deficiency to be borne by E? a. `1,000 b. `4,000 c. `8,000 1 Sample Paper Accountancy (2020-21) d. `2,000 13 Pick the odd one out: a. Rent to partner. b. Ma age s Co issio . c. I te est o Pa t e s Loa . d. I te est o Pa t e s apital. 1 14 From the following information, calculate the amount to be charged to Income and Expenditure Account for 'Sports material consumed' for the year 2019-20. 3 Particulars Amount (`) Stock of Sports material (01-04-2019) 60000 Amount paid to creditors (during 2019-20) 3,00,000 Creditors for Sports Materials (01-04-2019) 1,00,000 Creditors for Sports Materials (31-03-2020) 80000 Sports Material sold During the year (Book Value Rs.35,000) 15000 Cash Purchases of Sports Material (During the Year 2019-20) There was zero stock at the end of financial year 2019-20. 1,30,000 Or Calculate the amount of Subscription to be credited to Income and Expenditure account for the year 2019-20. Particulars Amount (`) Amount received during the year ( including ` 20,000 for 2018-19 , `30,000 for 2020-21 and `10,000 for 2021-22) Subscription received in advance as on 01-04-2019 (including `15,000 for 2020-21) Subscription in arrears as on 01-04-2019 7,80,000 35000 40000 50000 Subscription in arrears as on 31-03-2020 Out of subscription in arrears on 01-04-2019, `15,000 are no longer recoverable. 15 Rohit, Raman and Raina are partners in a firm. Their capital accounts on 1st April, 2019, stood at `2,00,000, `1,20,000 and `1,60,000 respectively. Each partner withdrew `15,000 during the financial year 2019-20. As per the provisions of their partnership deed: (a) Interest on capital was to be allowed @ 5% per annum. (b) Interest on drawings was to be charged @ 4% per annum. (c) Profits and losses were to be shared in the ratio 5:4:1. The net profit of `72,000 for the year ended 31st March 2020, was divided equally amongst the partners without providing for the terms of the deed. You are required to pass a single adjustment entry to rectify the error (Show workings clearly). Or 4 Sample Paper Accountancy (2020-21) A&B are partners in the ratio of 3:2. The firm maintains fluctuating capital accounts and the balance of the same as on 31-03-2020 amounted to `1,60,000 and `1,40,000 for A and B respectively. Their drawings during the year were `30,000 each. As per partnership deed interest on capital @10% p.a. on opening capitals had been provided to them. Calculate opening capitals of partners given that their profits were `90,000. Show your workings clearly. 16 From the following information complete Journal entries. Date 4 Particulars L.F. Share Capital A/c Dr. Securities Premium Reserve A/c Dr. To Share Forfeiture A/c To Calls in Arrears A/c (Being___?___shares forfeited for non-payment of `_?___ including premium of `2 per share) Bank A/c Dr. Share Forfeiture A/c Dr. To Share Capital A/c (Being_?___shares reissued at `9 per share as fully paid) Share forfeiture A/c Dr. To Capital Reserve A/c (Being forfeiture money transferred to capital reserve) Dr. Date Particulars To Share Capital A/c To Capital reserve A/c To Balance c/d Share forfeiture A/c Amount Date ? 600 600 1500 Debit (`) Credit (`) ? 1000 ? 3,500 ? ? ? 600 600 Particulars By Share Capital A/c Cr. Amount 1500 1500 (Face value of share is `10 each) 17 Pass necessary journal entries in the following cases on the dissolution of a partnership firm of partners X, Y, A and B: (i) Realization expenses of ` 5,000 were to borne by X, a partner. However, it was paid by Y. (ii) Investments costing ` 25,000 (comprising 1000 shares), had been written off from the books completely. These shares are valued at ` 20 each and were divided amongst the partners. (iii) Y s loa of ` , settled at ` , . (iv) Machinery (book value ` 6,00,000) was given to creditor at a discount of 20%. 4 Sample Paper Accountancy (2020-21) 18 Ajay, Binod and Chandra entered into partnership on 1st April 2019 with a capital of `3,00,000, `2,00,000 and 4 `1,00,000 respectively. In addition to capital Chandra has advanced a loan of `1,00,000. Since they had no agreement to guide them, they faced following issues during and at the end of the year. 1. Ajay wanted interest on capital to be provided @8% pa but Binod and Chandra did not agree. 2. Chandra wanted that interest on loan be paid to him @ 10% pa but Ajay and Binod wanted to pay @ 5% pa. 3. Ajay and Binod demanded to share profits in the ratio of their capital contribution, Chandra is not in agreement with this proposal. 4. Binod, being working partner, demands a lump sum payment of `40,000 as remuneration for which other others partners are not in agreement. You are required to suggest and help them resolve these issues. 19 From the following Receipts and Payments Account of Krish Fitness and wellness Club for the year ended 31st March 2020, prepare Income and Expenditure Account. Receipts and Payments Account Dr. For the year ending 31st March, 2020 Cr. Receipts Amount Payments Amount To Balance b/d 85,000 By Doctors and Coaches Honorarium 25,000 To Subscription 68,500 By Medicines 15,500 To Entrance Fees 25,000 By Medical Equipment 30,000 To Life Membership Fees 30,000 By General Expenses To Donations for tournament fund 20,000 By Furniture (Book Value `15,000) To Miscellaneous Receipts 8,000 20,000 By Newspaper To Sale of old Medical equipment 8,000 5,000 By Rent, Rates and Taxes 15,000 By Tournament expenses 5,000 60,000 77,000 By Balance c/d 248500 248500 Additional Information: Following opening balances appeared in the books on 1st April, 2019. (a) Tournament fund ` 15,000. (b) Medical Equipment `1,50,000. (c) Outstanding Subscription was ` 8,000 and Advance Subscription `5,000 (for 2019-20). During the year 2019-20 Depreciation on medical equipment was ` 25,000. There were 600 members each paying an annual subscription of `100. 20 i) Neeraj Ltd. took over business of Ajay enterprises on 1-04-2020. The details of the agreement regarding the assets and liabilities to be taken over are: Particulars Building Plant and Machinery Stock 6 Book Value (`) 20,00,000 12,00,000 4,00,000 Agreed Value (`) 35,00,000 8,00,000 4,00,000 6 Sample Paper Accountancy (2020-21) Trade receivables Creditors Outstanding Expenses 5,00,000 2,00,000 50,000 4,00,000 3,00,000 1,00,000 It was decided to pay for purchase consideration as `7, 00,000 through Cheque and balance by issue of 2,00,000, 9% Debentures of `20 each at a premium of 25%. Journalize. ii) On April 1, 2019 Z Ltd. issued, 10,000, 8% Debentures of `100 each at premium of 5%, to be redeemable at a premium of 10%, after 5 years. The entire amount was payable on application. The issue was oversubscribed to the extent of 10,000 debentures and the allotment was made proportionately to all the applicants. The securities premium amount has not been utilized for any other purpose during the year. Give journal entries for the issue of debentures and writing off loss on issue of debentures. 21 Sunaina and Tamanna are partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st March, 2020 stood as follows: Balance Sheet Liabilities Amount (`) Assets Amount (`) Capital Accounts: Plant & Machinery 1,20,000 Sunaina 60,000 Land and Building 1,40,000 Tamanna 80,000 1,40,000 Debtors 1,90,000 Current Accounts: Less: Provision for Sunaina 10,000 Doubtful debts (40,000) 1,50,000 Tamanna 30,000 40,000 Stock 40,000 General Reserve 1,20,000 Cash 30,000 Wo k e s Co pe satio Rese e 50,000 Goodwill 20,000 Creditors 1,50,000 5,00,000 5,00,000 They agreed to admit Pranav into partnership for 1/5th share of profits on 1st April, 2020, on the following terms: (a) All Debtors are good. (b) Value of land and building to be increased to `1,80,000. (c) Value of plant and machinery to be reduced by `20,000. d The lia ilit agai st Wo k e s Co pe satio Fu d is dete i ed at `20,000 which is to be paid later in the year. (e) Mr. Anil, to whom `40,000 were payable (already included in above creditors), drew a bill of exchange for 3 months which was duly accepted. (f) Pranav to bring in capital of `1,00,000 and `10,000 as premium for goodwill in cash. Journalize. Or Krish, Vrish and Peter are partners sharing profits in the ratio of 3:2:1. Vrish retired from the firm. On that date the Balance Sheet of the firm was as follows : Balance Sheet as on March 31, 2020 Liabilities Creditors General Reserve (`) 15,000 Bank 12,000 Furniture Assets (`) 7,600 41,000 8 Sample Paper Accountancy (2020-21) Bills Payable Outstanding Salary Provision for Legal Damages Capitals Krish Vrish Peter 12,000 Stock 2,200 Premises 6,000 Debtors 6,000 Less: Provision for Doubtful Debts 400 46,000 30,000 20,000 1,43,200 9,000 80,000 5,600 1,43,200 Additional Information : Premises to be appreciated by 20%, Stock to be depreciated by 10% and Provision for doubtful debts was to be maintained @5% on Debtors. Further, provision for legal damages is to be increased by ` 1,200 and furniture to be brought up to ` 45,000. Goodwill of the firm is valued at ` 42,000. ` , f o V ish s Capital account be transferred to his loan account and balance to be paid through bank; if required, necessary loan may be obtained from bank. New profit sharing ratio of Krish and Peter is decided to be 5:1. Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet. 22 Zocon Ltd. issued a prospectus inviting applications for 5,00,000 equity shares of `10 each issued at a premium of 10% payable as: `3 on Application `5 on Allotment (including premium) and `3 on call. Applications were received for 6, 60,000 shares. Allotment was made as follows: (a) Applicants of 4, 00,000 shares were allotted in full. (b) Applicants of 2, 00,000 shares were allotted 50% on pro rata basis. (c) Applicants of 60,000 shares were issued letters of regret. A shareholder to whom 500 shares were allotted under category (a) paid full amount on shares allotted to him along with allotment money. Another shareholder to whom 1,000 shares were allotted under category (b) failed to pay the amount due on allotment. His shares were immediately forfeited. These shares were then reissued at `14 per share as `7 paid up. Call has not yet been made. Journalise. Or X Ltd. has offered 50000 equity shares of `100 each at a premium of `20, payable as follows: Application `50 Allotment `40 (including premium) and balance on first and final call. The bank account of the company has received `35, 00,000 on account of share application money. X Ltd. decided to allot shares to all the applicants on Pro Rata basis. The balance in calls in arrears account at the time of allotment and first and final call amounted to `1, 00,000 and `1, 50,000 respectively. These shares were forfeited and re-issued at `90 per share as fully paid up. Journalize. Part B (Analysis of Financial statements) 8 Sample Paper Accountancy (2020-21) 23 Balance Sheet (Extract) Equity and liabilities 12% Debentures Equity and Liabities 1 31-3-2019 31-3-2020 2,00,000 1,60,000 Additional Information: Interest on debentures is paid on half yearly basis on 30th September and 31st March each year. Debentures were redeemed on 30th September 2019. How much amount (related to above information) will be shown in Financing Activity for Cash Flow Statement prepared on 31st March 2020? A. Outflow `40,000. B. Inflow `42,600. C. Outflow `61,600. D. Outflow `64,000 24 What will be the Current ratio of a company whose Net Working Capital is Zero? 1 25 Which of the following is not a part of Finance Cost (in statement of profit and loss)? (a) Bank Charges (b) Interest Paid on Debentures (c) Interest Paid on Public Deposits (d) Loss on Issue of Debentures 1 26 Which of the following is not an investing cash flow? A. Purchase of marketable securities for `25,000 cash. B. Sale of land for `28,000 cash. C. Sale of 2,500 shares (held as investment) for `15 each. D. Purchase of equipment for `500 cash. 1 27 Proposed dividend is a _______________liability. 1 28 The ___________ may indicate that the firm is experiencing stock outs and lost sales. a. Average payment period b. Inventory turnover ratio c. Average collection period d. Quick ratio 1 29 Current ratio of Vidur Pvt. Ltd. is 3:2. Accountant wants to maintain it at 2:1. Following options are available. (i) He can repay Bills Payable (ii) He can purchase goods on credit (iii) He can take short term loan 1 Choose the correct option (a) Only (i) is correct (c) Only (i) and (iii) are correct (b) Only (ii) is correct (d) Only (ii) and (iii) are correct 30 Calculate proprietary ratio, if Total assets to Debt ratio is 2:1. Debt is `5,00,000. Equity shares capital is 0.5 times of debt. Preference Shares capital is 25% of equity share capital. Net profit before tax is `10,00,000 and rate of tax is 40%. Or F o the follo i g i fo atio , al ulate I te est Co e age Ratio. Profit after interest and tax `7,50,000 3 Sample Paper Accountancy (2020-21) Rate of income tax 25% 9 % Debentures `8,00,000 31 Prepare a comparative Statement of Profit and Loss from the following: Particulars Revenue From operations Cost of materials Consumed Other Expenses Tax rate 4 31.03.19 (`) 20,00,000 10,00,000 --nil-50% 31.03.20 (`) 25,00,000 13,00,000 1,20,000 50% Or From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet of R Ltd. (as at 31st March, 2020). Particulars Note no. 31.3.2020 (`) I EQUITY AND LIABILITIES 1. Sha eholde s Fu ds: a. Share Capital b. Reserve and Surplus 2. Current Liabilities: a. Trade Payable Total II ASSETS 1. Non-Current Assets: a. Fixed Assets: i. Tangible Assets ii. Intangible Assets 2. Current Assets a. Inventories b. Trade Receivables c. Cash and Cash Equivalents Total 31.3.2019 (`) 2,50,000 80,000 2,00,000 60,000 70,000 4,00,000 40,000 3,00,000 1,60,000 20,000 1,20,000 30,000 80,000 1,20,000 20,000 4,00,000 30,000 1,00,000 20,000 3,00,000 32 Prepare Cash Flow Statement on the basis of information given in the Balance Sheets of Relga Ltd. as at 31st March, 2019 and 31st March, 2020: Particulars I. Equity and Liabilities 1. Shareholder s Funds (a) Share Capital (b) Reserves and Surplus 2. Non-current Liabilities Long-term Borrowings 3. Current Liabilities (a) Trade Payables (b) Other Current Liabilities Note No. 31st March 2019 31st March 2020 1 2,00,000 50,000 2,50,000 70,000 2 1,00,000 80,000 3 4 60,000 25,000 1,60,000 20,000 6 Sample Paper Accountancy (2020-21) Total II. 1. 2. Assets Non-current Assets (a) Fixed Assets (i) Tangible Assets (ii) Intangible Assets (b) Long-term Loans and Advances Current Assets (a) Inventories (b) Trade Receivables (c) Cash and Cash Equivalents Total 5 6 4,35,000 5,80,000 1,50,000 10,000 1,00,000 2,00,000 2,000 1,30,000 70,000 40,000 65,000 90,000 60,000 98,000 4,35,000 5,80,000 Note to Accounts Particulars 1. 2. 3. 4. 5. 6. Reserves and Surplus General Reserve Long-term Borrowings 12% Debentures Trade Payables Creditors Bills Payable Other Current Liabilities Outstanding Expenses Tangible Fixed Assets Machinery Less: Provision for Depreciation Intangible Fixed Assets Goodwill 31st March 2019 31st March 2020 50,000 70,000 1,00,000 80,000 40,000 20,000 60,000 1,00,000 60,000 1,60,000 25,000 20,000 2,00,000 (50,000) 1,50,000 2,60,000 (60,000) 2,00,000 10,000 2,000 Additional Information: 1. During the year a piece of machinery with a book value of ` 30,000; provision for depreciation on it ` 10,000 was sold at a loss of 50% on book value. 2. Debentures were redeemed on 31st March 2020. Part B (Computerised Accounting) 23 What is ea t P i a Ke ? 24 Computerised Accounting system takes (i) __________ as inputs which are processed through (ii) ___________to generate reports. 1 25 A cell reference that holds either row or column constant when the formula or function is copied to another location is known as : (A) Absolute cell reference 1 1 Sample Paper Accountancy (2020-21) (B) (C) (D) Ranges Relative cell reference Mixed cell reference 26 The data is classified for creating groups of accounts in the heads of : (A) Assets, Liabilities and Capital (B) Assets, O e s e uit , Re e ue a d E pe ses (C) Assets, Capital, Liabilities, Revenue and Expenses (D) Capital, Revenue and Expenses 1 27 A1 : E2 in Excel refers to : (A) Column on Excel sheet (B) Row on Excel sheet (C) Column between start and end points of Excel sheet (D) Alphabets between A to E on Excel sheet. 1 28 Name the data element in accounting transaction. 1 29 Which of the following is not a limitation of Computerised Accounting system? (A) Data may be lost or corrupted due to power interruptions. (B) Data is prone to hacking. (C) Data is not made available to everybody. (D) Unprogrammed and un-specified reports cannot be generated. 1 30 E plai Null Values a d Co ple Att i utes . 3 OR Explain any three types of vouchers used for entry in Tally software with the help of examples. 31 Q. E plai Se ue tial a d M e o i odes. 4 Or What is meant by a graph? Explain any three of its advantages. 32 Identify the error that appears when there are invalid numeric values in a formula or function. How can this error be rectified? Explain. 6 Marking Scheme - Sample Paper Accountancy (2020-21) Part- A (Accounting for Not for Profit organizations, Partnership firms and Companies) 1 Answer: Inte est eston onPa Pa tne tne s sLoan Loan Answer: a.a.Inte 1 2 Answer: c. When, at the time of admission, goodwill already appears in the balance sheet. 1 1 3 Answer: (c) Unsubscribed capital 1 4 5 6 Answer: (C) ` 20,300 Answer: a. a Bank A/c To Loan to Partner A/c Answer: b. `9 Per share 7 8 Answer: b. `48,000 Solution: (d) `50,000 1 1 9 Answer: `1,08,000 1 1 Dr. 1 10 Solution : A. Dissolution of Partnership 1 11 Answer: 1 12 Solution: 13 Answer: b. Profit and loss Appropriation account. d. `2,000 1 d. Inte est on Pa tne s capital. 14 Solution: Dr. Particulars To Bank/Cash A/c 1 3 Creditors for Sports Materials A/c Amount Particulars 300000 By Balance b/d By Vendors (Credit purchase of sports material) To Balance C/d 80000 380000 Cr. Amount 100000 280000 380000 Table for calculation of Sports Material Consumed: Credit Purchase of Sports Material Add: Cash Purchase of Sports material Add: Stock of Sports material (01-04-2019) Less: Book Value Of sports material sold during the year Sports material consumed during the year (Amount t/f to Income and Expenditure account) *Calculation of Sports material consumed by alternative methods should be accepted. Or 280000 130000 60000 (35000) 435000 (1+2=3 marks) Marking Scheme - Sample Paper Accountancy (2020-21) Solution: Dr. Particulars To Balance b/d ( arrears in Beginning) To Income and Expenditure A/c To Balance C/d (advance at end) Subscription A/c Amount Particulars 40000 By Balance b/d (advance in beginning) 785000 By Receipts and payments A/c 55000 By Income and Expenditure A/c By Balance C/d (arrears at end) Cr. Amount 35000 780000 15000 50000 880000 880000 15 Solution: 4 Journal Date 31.3.20 Particulars Raina's Capital A/c To Rohit s capital A/c To Raman's Capital A/c (Being adjustment entry passed) L.F. Debit (`) 11,410 Dr. Credit (`) 10,150 1,260 Adjustment Table Particulars Rohit 1. Interest on Capital Raman Raina Firm 10,000 6,000 8,000 (24,000) 2. Interest on Drawings 3. Profit Wrongly Distributed in equal ratio (300) (24,000) (300) (24,000) (300) (24,000) 900 72,000 Total (14,300) (18,300) (16300) (48,900) Distribution of profit in the ratio of 5:4:1 24450 19560 4890 48900 Net Effect 10,150 1,260 (11410) (1.5+2.5 = 4 marks) Or Solution: Calculation of Opening Capital Particulars Closing Capital Add: Drawings Less: Profits Less: Interest on Capital Opening Capital A B 1,60,000 30,000 (37,800) 1,52,200 13,836 1,38,364 1,40,000 30,000 (25,200) 1,44,800 13,164 1,31,636 Marking Scheme - Sample Paper Accountancy (2020-21) Workings: Total Closing Capital (of A and B) = 1,60,000 + 1,40,000 = Add: Total Drawings (of A and B) = Less: Profits (including interest on Capital)= Total Capital in the beginning of the year = `3,00,000 `60,000 (`90,000) 2,70,000 Interest on Capital = 10% of 2,70,000 = `27,000 Divisible profits = 90,000 - 27,000 = `63,000 (2+2 = 4 marks) 16 Solution: Date Dr. Date 4 Particulars L.F. Debit (`) Share Capital A/c Dr. Securities Premium Reserve A/c Dr. To Share Forfeiture A/c To Calls in Arrears A/c (Being 500_shares forfeited for non-payment of `_7_per share including premium of `2 per share). 4,000 1,000 Bank A/c Dr. Share Forfeiture A/c Dr. To Share Capital A/c (Being_300 _1/2_shares reissued at `9 per share as fully paid). 2,700 1/2 300 1/2 Share forfeiture A/c Dr. To Capital Reserve A/c (Being forfeiture money transferred to capital reserve) 600 Particulars To Share Capital A/c To Capital reserve A/c To Balance c/d Share forfeiture A/c Amount Date 300 1/2 600 600 1500 Credit (`) 1/2 1,500 1/2 3,500 3000 1/2 600 Particulars By Share Capital A/c Cr. Amount 1500 1500 Marking Scheme - Sample Paper Accountancy (2020-21) 17 Solution: 4 Journal S.no. Particulars (i) X s Capital A/c Dr. To Y s Capital A/c (Being Realization expenses of `. 5,000 were to be borne by X, whereas, paid by Y.) X s Capital A/c D Y s Capital A/c Dr A s Capital A/c D B s Capital A/c D To Realization A/c (Investments taken over by all partners ) (ii) (iii) (iv) L.F. Y s Loan A/c Dr. To Bank A/c To Realization A/c Y s loan of ` 0,000 settled at ` 8,000 No Entry Debit (`) Credit (`) 5,000 5,000 5,000 5,000 5,000 5,000 20,000 50,000 48,000 2,000 (1 x 4 = 4) 18 Answer: 4 1. In the absence of Partnership deed, the provisions of partnership act 1932 will apply according to which no interest on capital is payable. 2. In the absence of partnership deed, the provisions of partnership act 1932 will apply according to which interest on loan by partner will be paid @6% pa. 3. In the absence of partnership deed, the provisions of partnership act 1932 will apply according to which profits will be shared equally. 4. In the absence of partnership deed, the provisions of partnership act 1932 will be applicable according to which no salary/remuneration is payable to any partner. (1 x 4= 4) 19 6 Solution: Dr. Income & Expenditure A/c for the year ending 31st March, 2020 Expenditure To Loss on Sale of Medical Equipment To Doctors and Coaches Honorarium To Medicine Consumed To Depreciation on Medical Equipment Amount 10,000 25,000 15,500 25,000 Income By Subscription 1/2 By Entrance Fees 1/2 By Miscellaneous Receipts 1/2 By Deficit (excess of expenditure over Cr. Amount 60,000 25,000 15,000 21,500 income) 1/2 To General Expenses To Newspaper To Rent, Rates & Taxes To Tournament Expenses 8,000 8,000 5,000 25,000 1,21,500 1,21,500 Marking Scheme - Sample Paper Accountancy (2020-21) 20 Solution: i) Date 6 Journal of Neeraj Ltd. Particulars L.F. Building A/c Plant & Machinery A/c Stock A/c Trade Receivables A/c Goodwill A/c To Creditors A/c To Outstanding Expenses A/c To Ajay Enterprises A/c Debit (`) Dr. Dr. Dr. Dr. Dr. Credit(`) 35,00,000 8,00,000 4,00,000 4,00,000 10,00,000 3,00,000 1,00,000 57,00,000 (Being assets and liabilities of business taken over, recorded at agreed value) Ajay Enterprises A/c To Bank A/c To 9% Debentures A/c To Securities Premium Reserve A/c 57,00,000 Dr. 7,00,000 40,00,000 10,00,000 (Being purchase consideration paid to Ajay enterprises) (1.5+1.5 = 3 marks) ii) Journal of Z Ltd. Date Particulars 2019 Bank A/c To Debenture Application and Allotment A/c Apr-01 (Being application money received on 20,000 8% debentures) Debenture Application and Allotment A/c Apr-01 Loss on Issue of Debentures A/c L.F . Dr. Debit (`) 21,00,000 Credit (`) 21,00,000 Dr. Dr. 21,00,000 1,00,000 To 8% Debentures A/c To Securities Premium Reserve A/c To Premium on Redemption of Debentures A/c To Bank A/c 10,00,000 50,000 1,00,000 10,50,000 (Being debentures allotted and the balance refunded) 2020 Securities Premium Reserve A/c Mar-31 Statement of Profit and Loss A/c To Loss on Issue of Debentures A/c (Being loss on Issue of Debentures written off) Dr. Dr. 50,000 50,000 1,00,000 (0.5+1.5+1 = 3 marks) Marking Scheme - Sample Paper Accountancy (2020-21) 21 Solution: 8 Journal Date 1 Ap il 20 st Particulars Revaluation A/c To Plant and Machinery A/c L.F. Dr. Debit 20000 Credit 0.5 20000 (Being plant and machinery revalued) 1st Ap il 20 Land and Building A/c Provision for Doubtful debts A/c To Revaluation A/c Dr. Dr. 40000 40000 1 80000 (Being land and building revalued and provision for doubtful debts written back) 1st Ap il 20 Creditors A/c To Bills Payable A/c Dr. 40000 1 40000 (Being Bills accepted from Mr. Anil) 1st Ap il 20 Revaluation A/c To Sunaina's current A/c To Tamanna's current A/c Dr. 60000 1 36000 24000 (Being profit on revaluation credited to partners current account) 1st Ap il 20 Sunaina's current A/c Tamanna's current A/c To Goodwill A/c Dr. Dr. 12000 8000 0.5 20000 (Being Goodwill written off) 1st Ap il 20 Cash A/c To Pranav's Capital A/c To Premium for Goodwill A/c Dr. 110000 1 100000 10000 (Being capital and premium brought in by new partner) 1st Ap il 20 Premium for Goodwill A/c To Sunaina's current A/c To Tamanna's current A/c Dr. 10000 1.5 6000 4000 (Being Premium distributed among sacrificing partners) 1st Ap il 20 General Reserve A/c To Sunaina's current A/c To Tamanna's current A/c Dr. 120000 0.5 72000 48000 (Being reserve distributed among old partners) 1st Ap il 20 Workmen Compensation Reserve A/c To Claim for workmen compensation To Sunaina's current A/c To Tamanna's current A/c (Being provision for workmen compensation provided and balance reserve distributed among old partners) Or Solution: Dr. 50000 1 20000 18000 12000 Marking Scheme - Sample Paper Accountancy (2020-21) Revaluation A/c Dr. Particulars (`) To Stock To Provision for legal damages To Capital A/c. (Profit) Krish 9,000 Vrish 6,000 Peter 3,000 Cr. Particulars (`) 16,000 100 4,000 900 By Premises 1,200 By Provision for Doubtful Debts By Furniture 18,000 20,100 20,100 Partners Capital Accounts Dr. Particulars To Vrish s Capital A/c To Vrish s Loan A/c To Bank A/c Krish Vrish Peter 14,000 26,000 28,000 To Balance c/d 47,000 61,000 Liabilities Creditors Bank Loan Bills Payable Outstanding Salary Provision For Legal Damages Vrish s Loan A/c Capitals Krish Peter Particulars By Balance b/d. By General Reserve A/c By Revaluation A/c By Krish s Capital A/c Cr. Krish Vrish 46,000 30,000 6,000 4,000 9,000 6,000 14,000 Peter 20,000 2,000 3,000 25,000 54,000 25,000 61,000 54,000 25,000 Balance Sheet of Krish and Peter (As at 1st April 2020) Amount (`) Assets Amount (`) 15,000 Furniture 45,000 20,400 Stock 8,100 12,000 Premises 96,000 2,200 Debtors 6,000 7,200 Less: Provision for Doubtful Debts 300 5,700 26,000 47,000 25,000 1,54,800 1,54,800 (2.5+3+2.5) Marking Scheme - Sample Paper Accountancy (2020-21) 22 Solution: Journal (0.5+1+1+2+1.5+1+1 = 8 marks) S.No. Particulars 1. Bank A/c To Equity Share Application A/c (Being application money received) 2. L.F. 4. 5. 6. 7. Credit (`) 19,80,000 Equity Share Application A/c To Equity Share capital A/c To Equity Share Allotment A/c To Bank A/c (Being Shares allotted and balance refunded) Equity Share Allotment A/c To Equity Share capital A/c To Securities Premium Reserve A/c (Being Share allotment money including premium due) Bank A/c Calls in Arrears A/c To Equity Share Allotment A/c To Calls in Advance A/c (Being allotment money received) Equity Share Capital A/c Securities premium Reserve A/c To Shares Forfeited A/c To Calls In Arrears A/c (Being 1000 shares forfeited for non-payment of allotment including premium.) Bank A/c To Share Capital A/c To Securities Premium Reserve A/c (Being forfeited shares reissued at ` 14 per share) Shares Forfeited A/c To Capital Reserve A/c ( Being share forfeited money transferred to Capital Reserve account) 3. Debit (`) 19,80,000 Dr. 8 Dr. 19,80,000 15,00,000 3,00,000 1,80,000 Dr. 25,00,000 20,00,000 5,00,000 Dr. Dr. 21,99,500 2,000 22,00,000 1,500 Dr. Dr. 7,000 1,000 6,000 2,000 Dr. 14,000 7,000 7,000 Dr. 6,000 6,000 Or Journal S.No. 1 2 Particulars Bank A/c To Equity Share Application A/c (Being application money received) Equity Share Application A/c To Equity Share capital A/c To Equity Share Allotment A/c (Being Shares allotted on proportionate basis and excess amount received on application adjusted towards allotment) L.F. Dr. Dr. Debit (`) Credit (`) 35,00,000 35,00,000 35,00,000 25,00,000 10,00,000 Marking Scheme - Sample Paper Accountancy (2020-21) 3 4 5 6 7 8 9 Equity Share Allotment A/c To Equity Share capital A/c To Securities Premium Reserve A/c (Being Share allotment money including premium due) Bank A/c Calls in Arrears A/c To Equity Share Allotment A/c (Being allotment money received ,except for 5,000 shares) Equity Share First and Final call A/c To Equity Share capital A/c (Being share first and final call money due) Bank A/c Calls in Arrears A/c To Equity Share First and Final call A/c (Being first and final call money received ,except for 5,000 shares) Equity Share Capital A/c Securities premium Reserve A/c To Shares Forfeited A/c To Calls In Arrears A/c (Being 5000 shares forfeited for non-payment of allotment money and first and final call money) Bank A/c Shares Forfeited A/c To Share Capital A/c (Being forfeited shares reissued at ` 90 per share, as fully paid up) Shares Forfeited A/c To Capital Reserve A/c (Being share forfeited money transferred to Capital Reserve) Dr. 20,00,000 10,00,000 10,00,000 Dr. Dr. 9,00,000 1,00,000 10,00,000 Dr. 15,00,000 15,00,000 Dr. Dr. 13,50,000 1,50,000 15,00,000 Dr. Dr. 5,00,000 1,00,000 3,50,000 2,50,000 Dr. Dr. 4,50,000 50,000 5,00,000 Dr. 3,00,000 3,00,000 (0.5+1+1+1+1+1+1+1+0.5) Marking Scheme - Sample Paper Accountancy (2020-21) Part B (Analysis of Financial statements) 23 Answer: 24 25 26 27 28 29 30 C. Outflow `61,600. 1 Answer: 1:1 Answer: (a) Bank Charges Answer: A. Purchase of marketable securities for `25,000 cash. Answer: Contingent Solution: b. Inventory turnover ratio Answer: (a) Only (i) is correct Solution: Proprietary Ratio = Proprietor's Fund /Total Assets (1/2) 1 1 1 1 1 1 3 Total Assets = Debts 2 = `5,00,000 2 = `10,00,000 (1) P op ieto s Funds = E uity Share Capital + Preference Share Capital + Surplus = (5,00,000 0.5) + (5,00,000 0.5 25%) + (10,00,000 40% of 10,00,000) = 2,50,000 + 62,500 + 6,00,000 (1) = `9,12,500 Proprietary Ratio = 9,12,500 / 10,00,000 = 0.912 : 1 (1/2) Or Solution: Interest coverage Ratio = Profit before Interest and Tax / Interest on Long term Debts Profit after Interest and Tax = `7,50,000 + Tax = `2,50,000 Profit before Tax = `10,00,000 (1) + Interest on debenture = `72,000 = `10,72,000 (1) Interest coverage Ratio = 10,72,000 = 14.89 times 72,000 (1/2) (1/2) Marking Scheme - Sample Paper Accountancy (2020-21) 31 Solution: 4 Comparative Statement of Profit and Loss for the years ended March 31, 2019 and 2020 Particulars Note 2018-19 2019-20 Absolute Percentage No. Change Change I. Revenue From operations 20,00,0000 25,00,000 5,00,000 25.00 II. Total revenue Less: Expenses III. Cost of material Consumed IV. Other Expenses Total expenses V. Profit before tax (II IV) Less: Tax @ 50% VI. Profit after Tax 20,00,000 25,00,000 5,00,000 25.00 10,00,000 ------10,00,000 10,00,000 5,00,000 5,00,000 13,00,000 1,20,000 14,20,000 10,80,000 5,40,000 5,40,000 3,00,000 1,20,000 4,20,000 80,000 40,000 40,000 30.00 -----42.00 8.00 8.00 8.00 Or Solution: Common Size Balance sheet of R Ltd. (as at 31-03-19 and 31-03-2020) Absolute Absolute As a % of Balance Sheet Amount Amount Total 31.3.2019 (`) 31.3.2020 (`) 31.3.2019 (%) 31.3.2020 (%) Particulars Note no. I EQUITY AND LIABILITIES 1. Shareholder s Funds: a. Share Capital 2,00,000 2,50,000 66.67 62.5 b. Reserves and Surplus 60,000 80,000 20 20 2.Current Liabilities: a. Trade Payable 40,000 70,000 13.33 17.5 3,00,000 4,00,000 Total 100 100 II ASSETS 1. Non-Current Assets: a. Fixed Assets: 1,20,000 1,60,000 40 40 i. Tangible Assets 30,000 20,000 10 5 ii. Intangible Assets 2. Current Assets a. Inventories 30,000 80,000 10 20 b. Trade Receivables 1,00,000 1,20,000 33.33 30 c. Cash and Cash Equivalents 20,000 20,000 6.67 5 Total 3,00,000 4,00,000 100 100 32 Solution: 6 Cash flow Statement of Relga Ltd. (As per As-3 revised) Particulars Operating Activities Profit before Tax and Extra-ordinary items Non-Operating and Non-cash items Loss on Sale of Machinery Depreciation Charged on Machinery Goodwill amortized Details (`) 20,000 15,000 20,000 8,000 Amount(`) Marking Scheme - Sample Paper Accountancy (2020-21) Interest on Debentures Operating profit before changes in working capital Changes in working Capital Increase in creditors Increase in Bills Payable Decrease in outstanding expenses Increase in inventories Increase in trade receivables Cash inflow from operating activities Investing Activities Sale of Machinery Purchase of Machinery Loans advanced Cash used in investing activities Financing Activities Issue of shares Debentures Redeemed Interest on Debentures Cash from financing activities Net Cash inflow during the year Add: opening Cash and cash equivalents Closing Cash and Cash equivalents 12,000 75,000 20,000 80,000 (5,000) (20,000) (20,000) 1,30,000 15,000 (1,00,000) (30,000) (1,15,000) 50,000 (20,000) (12,000) 18,000 33,000 65,000 98,000 Dr Particulars To Balance b/d To Bank A/c (balancing figure) Machinery A/c Amount Particulars 2,00,000 By Bank A/c 1,00,000 By Profit &Loss A/c By Provision for Depreciation A/c By Balance c/d 3,00,000 Cr Amount 15,000 15,000 10,000 2,60,000 3,00,000 Dr Particulars To Machinery A/c Provision for Depreciation A/c Amount Particulars 10,000 By Balance b/d By Depreciation A/c (balancing 60,000 figure) 70,000 Cr Amount 50,000 To Balance c/d 20,000 70,000 Part B (Computerised Accounting) 23 Answer: Primary key is a key in the relational database that is unique for each record. It consists of minimum possible one or more than one attributes of a table such as telephone number with area code. 24 Answer: Computerised Accounting system takes (i) Accounting transactions as inputs which are processed through (ii) Accounting software to generate reports. 25 Answer: (a) Absolute cell reference. 1 26 Answer: (C ) Assets, Capital, Liabilities, Revenue and Expenses 1 1 1 Marking Scheme - Sample Paper Accountancy (2020-21) 27 Answer: (c) Column between start and end points of Excel sheet. 28 Answer: A data element is the smallest named unit of data in the information system. In accounting, a transaction consists of four data elements, such as name of the account, accounting code, date of transaction and amount. 29 Answer: (c) Data is not made available to everybody. 1 30 Answer: Null Values: Absence of data item is represented by a special value called null value. There are three situations which may require the use of null value. When particular attribute does not apply to an entity. Value of an attribute is unknown although it exist. Unknown because it does not exist. Complex Attributes : These are composite and multivalue attributes which may be nested (or grouped) to constitute complex ones. The parenthesis { } are used for showing grouping of components of composite attributes. The braces { } are used for showing the multivalue attributes. OR 3 1 1 Answer: Types of vouchers (any three) (i) Contra voucher: Used for fund transfer between cash and Bank A/c only. This voucher is used if cash is withdrawn from Bank for office or deposited in the Bank from office. (ii) Receipt Voucher: All the inflow of money is recorded through receipt voucher. Such receipts may be towards any income such as receipts from Debtors, loan/advance taken or refund of loan/advance etc. (iii) Payment Voucher: All outflow of money is recorded through payment voucher such payments may be towards any purchases, Expenses, due to creditors, loan/advance etc. (iv) Journal Voucher: It is an adjustment voucher, normally used for non-cash transactions like adjustment between ledgers. 31 Answer: Sequential codes These are the codes in which code numbers and/or letters are assigned in a consecutive order. These codes are applied primarily to source documents such as cheques, invoices etc. This facilitates document searches. This process enables either identification of missing codes (numbers) relating to a particular document or to trace a relevant document on the basis of the codes. Mnemonic codes These codes consist of alphabets or abbreviations as symbols to codify a piece of information. SJ for sales journal, HQ for Headquarters are examples of mnemonic codes. Or Answer: A Graph is a pictorial presentation of data which has at least two dimensional relationships. Three advantages: 1. Graphs help to explore 2. Graphs help to present 3. Graphs help to convince 4 Marking Scheme - Sample Paper Accountancy (2020-21) (with suitable explanation) 32 Answer: The error is #NUM! Error. The steps to correct it are: 1. Optionally, click the cell that displays the error, click the button that appears and then click show calculation steps. 2. Review the following causes and solutions: Using an unacceptable argument in the function that requires a numeric argument. Make sure that the arguments used in the function are numbers. Using a worksheet function that iterates, such as IRR or RATE, and the function cannot find the result. Use a different starting value for the worksheet function. 3. Then click the Microsoft button >Excel option and then click the formulas category. 6

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