Page 1
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2015 Solution
SECTION A
1. Answer :
The correct answer is option (b).
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally
among the partners.
2. Answer :
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission
of a partner, if the new partner contributes some amount towards his share of goodwill, then such
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It
cannot be shown as an asset in the books of the firm until such goodwill is purchased.
3. Answer :
The correct answer is option (b).
When a partner retires, the balance of accumulated profits and losses is transferred among all the
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited
(being a loss) to the capital accounts of Hari, Ram and Sharma equally.
4. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Profit and Loss Suspense A/c Dr. 2,350
-------- To Verma’s Capital A/c 2,350
(Being Verma’s share of profit dispensed through his capital
Account)
5. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
6. Answer :
The correct answer is option (c)
Details `
Amount due on allotment (95,000 ?4) 3,80,000
Less : Allotment not received on 500 shares 2,000
Add : First and final call money received on 750 shares (750 ? 3) 2,250
Net Amount Received on Allotment 3,80,250
7. Answer :
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by
the company:
a. To issue fully paid bonus shares to the members.
b. To write-off preliminary expenses of the company.
c. To buy-back its own shares or other securities.
Page 2
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2015 Solution
SECTION A
1. Answer :
The correct answer is option (b).
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally
among the partners.
2. Answer :
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission
of a partner, if the new partner contributes some amount towards his share of goodwill, then such
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It
cannot be shown as an asset in the books of the firm until such goodwill is purchased.
3. Answer :
The correct answer is option (b).
When a partner retires, the balance of accumulated profits and losses is transferred among all the
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited
(being a loss) to the capital accounts of Hari, Ram and Sharma equally.
4. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Profit and Loss Suspense A/c Dr. 2,350
-------- To Verma’s Capital A/c 2,350
(Being Verma’s share of profit dispensed through his capital
Account)
5. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
6. Answer :
The correct answer is option (c)
Details `
Amount due on allotment (95,000 ?4) 3,80,000
Less : Allotment not received on 500 shares 2,000
Add : First and final call money received on 750 shares (750 ? 3) 2,250
Net Amount Received on Allotment 3,80,250
7. Answer :
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by
the company:
a. To issue fully paid bonus shares to the members.
b. To write-off preliminary expenses of the company.
c. To buy-back its own shares or other securities.
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
8. Answer :
Profit and Loss Appropriation Account
for the year ended March 2014
Dr. Cr.
Particulars ` Particulars `
To Interest on Capital A/c By Profit and Loss A/c 7,800
Jay 4,800
Vijay 3,000 7,800
7,800 7,800
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the
extent of available profits i.e. 7,800.
9. Answer :
Balance Sheet Extract
Particulars
Note
No
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 4,97,500
b. Reserve and Surplus 2 2,50,000
Total 7,47,500
II. Assets
2. Current Assets
a) Cash and Equivalents 3 7,47,500
Total 7,47,500
Page 3
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2015 Solution
SECTION A
1. Answer :
The correct answer is option (b).
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally
among the partners.
2. Answer :
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission
of a partner, if the new partner contributes some amount towards his share of goodwill, then such
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It
cannot be shown as an asset in the books of the firm until such goodwill is purchased.
3. Answer :
The correct answer is option (b).
When a partner retires, the balance of accumulated profits and losses is transferred among all the
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited
(being a loss) to the capital accounts of Hari, Ram and Sharma equally.
4. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Profit and Loss Suspense A/c Dr. 2,350
-------- To Verma’s Capital A/c 2,350
(Being Verma’s share of profit dispensed through his capital
Account)
5. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
6. Answer :
The correct answer is option (c)
Details `
Amount due on allotment (95,000 ?4) 3,80,000
Less : Allotment not received on 500 shares 2,000
Add : First and final call money received on 750 shares (750 ? 3) 2,250
Net Amount Received on Allotment 3,80,250
7. Answer :
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by
the company:
a. To issue fully paid bonus shares to the members.
b. To write-off preliminary expenses of the company.
c. To buy-back its own shares or other securities.
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
8. Answer :
Profit and Loss Appropriation Account
for the year ended March 2014
Dr. Cr.
Particulars ` Particulars `
To Interest on Capital A/c By Profit and Loss A/c 7,800
Jay 4,800
Vijay 3,000 7,800
7,800 7,800
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the
extent of available profits i.e. 7,800.
9. Answer :
Balance Sheet Extract
Particulars
Note
No
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 4,97,500
b. Reserve and Surplus 2 2,50,000
Total 7,47,500
II. Assets
2. Current Assets
a) Cash and Equivalents 3 7,47,500
Total 7,47,500
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
Note No Particulars `
1. Share Capital
Authorised Share Capital
1,00,000 shares of 10 each 10,00,000
Issued Share Capital
50,000 Equity Shares of 10 each 5,00,000
Subscribed Called-up and Paid up Share Capital
50,000 Shares of 10 each 5,00,000
Less : Calls – in – arrears (500 shares of 5) 2,500 4,97,500
2. Reserve and Surplus
Securities Premium 2,50,000
3. Cash and Cash Equivalents
Cash at Bank 7,47,500
10. Answer :
Journal
In the books of Sangam Woolens Ltd
Date Particulars L.F.
Dr.
`
Cr.
`
Machinery A/c Dr. 5,00,000
-------- To Vendor 5,00,000
(Being machinery purchased)
Vendor Dr. 5,00,000
-------- To Equity Share Capital 4,00,000
-------- To 9% Debentures A/c 1,00,000
(Being issued 40,000 equity shares and 1,000 debentures to
the vendor)
Values involved in the above scenario
(i) Creation for employment opportunities
(ii) Working for social welfare
11. Answer :
Dev’s Capital Account
Dr. Cr.
Particulars ` Particulars `
To Drawings A/c 15,000 By Balance b/d 77,000
To Profit and Loss A/c 22,800 By Interest on Capital A/c 2,310
To Dev’s Executors A/c 51,935 By Profit and Loss Suspense A/c 10,425
89,735 89,735
Page 4
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2015 Solution
SECTION A
1. Answer :
The correct answer is option (b).
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally
among the partners.
2. Answer :
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission
of a partner, if the new partner contributes some amount towards his share of goodwill, then such
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It
cannot be shown as an asset in the books of the firm until such goodwill is purchased.
3. Answer :
The correct answer is option (b).
When a partner retires, the balance of accumulated profits and losses is transferred among all the
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited
(being a loss) to the capital accounts of Hari, Ram and Sharma equally.
4. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Profit and Loss Suspense A/c Dr. 2,350
-------- To Verma’s Capital A/c 2,350
(Being Verma’s share of profit dispensed through his capital
Account)
5. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
6. Answer :
The correct answer is option (c)
Details `
Amount due on allotment (95,000 ?4) 3,80,000
Less : Allotment not received on 500 shares 2,000
Add : First and final call money received on 750 shares (750 ? 3) 2,250
Net Amount Received on Allotment 3,80,250
7. Answer :
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by
the company:
a. To issue fully paid bonus shares to the members.
b. To write-off preliminary expenses of the company.
c. To buy-back its own shares or other securities.
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
8. Answer :
Profit and Loss Appropriation Account
for the year ended March 2014
Dr. Cr.
Particulars ` Particulars `
To Interest on Capital A/c By Profit and Loss A/c 7,800
Jay 4,800
Vijay 3,000 7,800
7,800 7,800
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the
extent of available profits i.e. 7,800.
9. Answer :
Balance Sheet Extract
Particulars
Note
No
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 4,97,500
b. Reserve and Surplus 2 2,50,000
Total 7,47,500
II. Assets
2. Current Assets
a) Cash and Equivalents 3 7,47,500
Total 7,47,500
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
Note No Particulars `
1. Share Capital
Authorised Share Capital
1,00,000 shares of 10 each 10,00,000
Issued Share Capital
50,000 Equity Shares of 10 each 5,00,000
Subscribed Called-up and Paid up Share Capital
50,000 Shares of 10 each 5,00,000
Less : Calls – in – arrears (500 shares of 5) 2,500 4,97,500
2. Reserve and Surplus
Securities Premium 2,50,000
3. Cash and Cash Equivalents
Cash at Bank 7,47,500
10. Answer :
Journal
In the books of Sangam Woolens Ltd
Date Particulars L.F.
Dr.
`
Cr.
`
Machinery A/c Dr. 5,00,000
-------- To Vendor 5,00,000
(Being machinery purchased)
Vendor Dr. 5,00,000
-------- To Equity Share Capital 4,00,000
-------- To 9% Debentures A/c 1,00,000
(Being issued 40,000 equity shares and 1,000 debentures to
the vendor)
Values involved in the above scenario
(i) Creation for employment opportunities
(ii) Working for social welfare
11. Answer :
Dev’s Capital Account
Dr. Cr.
Particulars ` Particulars `
To Drawings A/c 15,000 By Balance b/d 77,000
To Profit and Loss A/c 22,800 By Interest on Capital A/c 2,310
To Dev’s Executors A/c 51,935 By Profit and Loss Suspense A/c 10,425
89,735 89,735
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
: Calculation of Interest on Capital
12 3
77,000 2,310
100 12
: Calculation of Share of Profit
2,04,000 1,80,000 90,000 57,000
Average Profits = 1,04,250
4
3
Dev's Share = 1,04,250
12
? ? ?
? ? ?
?
?
Working Notes :
WN1
WN 2
2
10,425
5
: Calculation of Share of Debit balance in P&L A/c
2
57,000 22,800
5
??
??
WN 3
12. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Gupta’s Capital A/c Dr. 1,20,000
--------- To Kumar’s Capital A/c 60,000
--------- To Kavita’s Capital A/c 60,000
(Being goodwill adjusted at the time of change in profit
sharing ratio)
Working Note:
WN 1 Calculation of Gaining Ratio
Old Ratio = 1:1:1
New Ratio = 1:2:1
Gaining Ratio = New Ratio – Old Ratio
1 1 3 4 1
Kumar = (sacrifice)
4 3 12 12
2 1 6 4 2
Gupta = (Gain)
4 3 12 12
1 1 3 4 1
Kavita = (Sacrifice)
4 3 12 12
?
? ? ? ?
?
? ? ?
?
? ? ? ?
Only Gupta is gaining, Kumar and Kavita are sacrificing in the ratio of 1:1.
Calculation of Goodwill of the firm
Sum of years of profit
Average Profit =
Number of years
4,00,000 4,80,000 7,33,000 33,000 2,20,000
=
5
=
? ? ? ?
WN2
18,00,000
3,60,000
5
?
Goodwill is calculated on the basis of two years purchase of last 5 years average profit
Goodwill = 2 ? Average Profit
= 2 ? 3, 60,000 = 7, 20,000
1
Amount of goodwill to be adjusted = 7,20,000 60,000
12
??
Page 5
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2015 Solution
SECTION A
1. Answer :
The correct answer is option (b).
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally
among the partners.
2. Answer :
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission
of a partner, if the new partner contributes some amount towards his share of goodwill, then such
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It
cannot be shown as an asset in the books of the firm until such goodwill is purchased.
3. Answer :
The correct answer is option (b).
When a partner retires, the balance of accumulated profits and losses is transferred among all the
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited
(being a loss) to the capital accounts of Hari, Ram and Sharma equally.
4. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Profit and Loss Suspense A/c Dr. 2,350
-------- To Verma’s Capital A/c 2,350
(Being Verma’s share of profit dispensed through his capital
Account)
5. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
6. Answer :
The correct answer is option (c)
Details `
Amount due on allotment (95,000 ?4) 3,80,000
Less : Allotment not received on 500 shares 2,000
Add : First and final call money received on 750 shares (750 ? 3) 2,250
Net Amount Received on Allotment 3,80,250
7. Answer :
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by
the company:
a. To issue fully paid bonus shares to the members.
b. To write-off preliminary expenses of the company.
c. To buy-back its own shares or other securities.
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
8. Answer :
Profit and Loss Appropriation Account
for the year ended March 2014
Dr. Cr.
Particulars ` Particulars `
To Interest on Capital A/c By Profit and Loss A/c 7,800
Jay 4,800
Vijay 3,000 7,800
7,800 7,800
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the
extent of available profits i.e. 7,800.
9. Answer :
Balance Sheet Extract
Particulars
Note
No
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 4,97,500
b. Reserve and Surplus 2 2,50,000
Total 7,47,500
II. Assets
2. Current Assets
a) Cash and Equivalents 3 7,47,500
Total 7,47,500
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
Note No Particulars `
1. Share Capital
Authorised Share Capital
1,00,000 shares of 10 each 10,00,000
Issued Share Capital
50,000 Equity Shares of 10 each 5,00,000
Subscribed Called-up and Paid up Share Capital
50,000 Shares of 10 each 5,00,000
Less : Calls – in – arrears (500 shares of 5) 2,500 4,97,500
2. Reserve and Surplus
Securities Premium 2,50,000
3. Cash and Cash Equivalents
Cash at Bank 7,47,500
10. Answer :
Journal
In the books of Sangam Woolens Ltd
Date Particulars L.F.
Dr.
`
Cr.
`
Machinery A/c Dr. 5,00,000
-------- To Vendor 5,00,000
(Being machinery purchased)
Vendor Dr. 5,00,000
-------- To Equity Share Capital 4,00,000
-------- To 9% Debentures A/c 1,00,000
(Being issued 40,000 equity shares and 1,000 debentures to
the vendor)
Values involved in the above scenario
(i) Creation for employment opportunities
(ii) Working for social welfare
11. Answer :
Dev’s Capital Account
Dr. Cr.
Particulars ` Particulars `
To Drawings A/c 15,000 By Balance b/d 77,000
To Profit and Loss A/c 22,800 By Interest on Capital A/c 2,310
To Dev’s Executors A/c 51,935 By Profit and Loss Suspense A/c 10,425
89,735 89,735
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
: Calculation of Interest on Capital
12 3
77,000 2,310
100 12
: Calculation of Share of Profit
2,04,000 1,80,000 90,000 57,000
Average Profits = 1,04,250
4
3
Dev's Share = 1,04,250
12
? ? ?
? ? ?
?
?
Working Notes :
WN1
WN 2
2
10,425
5
: Calculation of Share of Debit balance in P&L A/c
2
57,000 22,800
5
??
??
WN 3
12. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Gupta’s Capital A/c Dr. 1,20,000
--------- To Kumar’s Capital A/c 60,000
--------- To Kavita’s Capital A/c 60,000
(Being goodwill adjusted at the time of change in profit
sharing ratio)
Working Note:
WN 1 Calculation of Gaining Ratio
Old Ratio = 1:1:1
New Ratio = 1:2:1
Gaining Ratio = New Ratio – Old Ratio
1 1 3 4 1
Kumar = (sacrifice)
4 3 12 12
2 1 6 4 2
Gupta = (Gain)
4 3 12 12
1 1 3 4 1
Kavita = (Sacrifice)
4 3 12 12
?
? ? ? ?
?
? ? ?
?
? ? ? ?
Only Gupta is gaining, Kumar and Kavita are sacrificing in the ratio of 1:1.
Calculation of Goodwill of the firm
Sum of years of profit
Average Profit =
Number of years
4,00,000 4,80,000 7,33,000 33,000 2,20,000
=
5
=
? ? ? ?
WN2
18,00,000
3,60,000
5
?
Goodwill is calculated on the basis of two years purchase of last 5 years average profit
Goodwill = 2 ? Average Profit
= 2 ? 3, 60,000 = 7, 20,000
1
Amount of goodwill to be adjusted = 7,20,000 60,000
12
??
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2015 Solution
13. Answer :
(i) Calculation of New Profit sharing Ratio of Sahil, Charu and Tanu for the year 2012 – 13
Old Ratio of Sahil and Charu = 4:3
Tanu was admitted for 1/5
th
share, which was acquired by her equally from Sahil and Charu
1 1 1
Sahil =
5 2 10
1 1 1
Charu =
5 2 10
SacrificingShare
??
??
New Profit Share = Old Ratio – Sacrificing Share
4 1 40 7 33
Sahil =
7 10 70 70
3 1 30 7 23
Charu =
7 10 70 70
1 1 2 14
Tanu =
10 10 10 70
or
?
? ? ?
?
? ? ?
??
Therefore, New Profit Sharing Ratio of Sahil, Charu and Tanu = 33:23:14
(ii) Calculation of New Profit Sharing Ratio of Sahil, Charu, Tanu and Puneet
Old Ratio of Sahil, Charu and Tanu = 33:23:14
Puneet was admitted for 1/7
th
share, which he acquired from Sahil and Charu in the ratio of 7:3
1 7 7
Sahil =
7 10 10
1 3 3
Charu =
7 10 70
SacrificingShare
??
??
New Profit Share = Old Share Sacrificing Share
33 7 26
Sahil =
70 70 70
23 3 20
Charu =
70 70 70
14
Tanu =
70
7 3 10
Puneet =
70 70 70
?
??
??
??
Therefore, New Profit Sharing Ratio of Sahil, Charu Tanu and Puneet = 26:20:14:10
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