Page 1
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 3– 2015 Solution
SECTION A
1. 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.
2. 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)
3. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
4. 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
5. 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.
6. 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.
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.
8. Answer :
Page 2
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 3– 2015 Solution
SECTION A
1. 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.
2. 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)
3. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
4. 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
5. 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.
6. 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.
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.
8. Answer :
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
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
Sun Pharma India Ltd.
Particulars
Note
No
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 49,90,000
b. Reserve and Surplus 2 20,00,000
Total 69,90,000
II. Assets
2. Current Assets
a. Cash and Equivalents 3 69,90,000
Total 69,90,000
Note
No
Particulars `
Page 3
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 3– 2015 Solution
SECTION A
1. 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.
2. 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)
3. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
4. 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
5. 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.
6. 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.
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.
8. Answer :
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
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
Sun Pharma India Ltd.
Particulars
Note
No
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 49,90,000
b. Reserve and Surplus 2 20,00,000
Total 69,90,000
II. Assets
2. Current Assets
a. Cash and Equivalents 3 69,90,000
Total 69,90,000
Note
No
Particulars `
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
1. Share Capital
Authorised Share Capital
1,00,000 shares of 100 each 1,00,00,000
Issued Share Capital
50,000 Equity Shares of 100 each 50,00,000
Subscribed Called-up and Paid up Share Capital
49,500 Shares of 100 each 49,50,000
Add : Shares Forfeited (500 shares ? 80) 40,000 49,90,000
2. Reserve and Surplus
Securities Premium (50,000 ? 40) 20,00,000
3. Cash and Cash Equivalents
Cash at Bank 69,90,000
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 A/c 5,00,000
(Being machinery purchased)
Vendor A/c 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) Employment opportunities.
(ii) Working for social welfare.
11. Answer :
Honey’s Capital Account
Dr. Cr.
Particular ` Particular `
To Executor A/c 81,350 By Balance b/d 30,000
By Interest on Capital A/c 1,350
By Profit and Loss Suspense A/c 40,000
By General Reserve A/c 10,000
81,350 81,350
Page 4
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 3– 2015 Solution
SECTION A
1. 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.
2. 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)
3. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
4. 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
5. 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.
6. 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.
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.
8. Answer :
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
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
Sun Pharma India Ltd.
Particulars
Note
No
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 49,90,000
b. Reserve and Surplus 2 20,00,000
Total 69,90,000
II. Assets
2. Current Assets
a. Cash and Equivalents 3 69,90,000
Total 69,90,000
Note
No
Particulars `
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
1. Share Capital
Authorised Share Capital
1,00,000 shares of 100 each 1,00,00,000
Issued Share Capital
50,000 Equity Shares of 100 each 50,00,000
Subscribed Called-up and Paid up Share Capital
49,500 Shares of 100 each 49,50,000
Add : Shares Forfeited (500 shares ? 80) 40,000 49,90,000
2. Reserve and Surplus
Securities Premium (50,000 ? 40) 20,00,000
3. Cash and Cash Equivalents
Cash at Bank 69,90,000
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 A/c 5,00,000
(Being machinery purchased)
Vendor A/c 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) Employment opportunities.
(ii) Working for social welfare.
11. Answer :
Honey’s Capital Account
Dr. Cr.
Particular ` Particular `
To Executor A/c 81,350 By Balance b/d 30,000
By Interest on Capital A/c 1,350
By Profit and Loss Suspense A/c 40,000
By General Reserve A/c 10,000
81,350 81,350
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
Working Notes :
WN1 : Calculation of Interest on Honey's Capital
69
Interest on Capital = 30,000 1,350
100 12
WN2 : Calculation of Honey's Share of Profit
Rate of Profit
Profits = Sales
100
=
? ? ?
?
20
6,00,000 1,20,000
100
1
Honey's Share in Profits = 1,20,000 40,000
3
WN3 : Calculation of Honey's Share in General Reserve
1
Honey's Share in General Reserve = 30,000 10,000
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
=
? ? ? ?
WN 2
18,00,000
3,60,000
5
?
Goodwill is calculated on the basis of two years purchase of last 5 years average profit
Page 5
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 3– 2015 Solution
SECTION A
1. 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.
2. 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)
3. Answer :
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares.
4. 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
5. 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.
6. 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.
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.
8. Answer :
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
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
Sun Pharma India Ltd.
Particulars
Note
No
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 49,90,000
b. Reserve and Surplus 2 20,00,000
Total 69,90,000
II. Assets
2. Current Assets
a. Cash and Equivalents 3 69,90,000
Total 69,90,000
Note
No
Particulars `
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
1. Share Capital
Authorised Share Capital
1,00,000 shares of 100 each 1,00,00,000
Issued Share Capital
50,000 Equity Shares of 100 each 50,00,000
Subscribed Called-up and Paid up Share Capital
49,500 Shares of 100 each 49,50,000
Add : Shares Forfeited (500 shares ? 80) 40,000 49,90,000
2. Reserve and Surplus
Securities Premium (50,000 ? 40) 20,00,000
3. Cash and Cash Equivalents
Cash at Bank 69,90,000
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 A/c 5,00,000
(Being machinery purchased)
Vendor A/c 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) Employment opportunities.
(ii) Working for social welfare.
11. Answer :
Honey’s Capital Account
Dr. Cr.
Particular ` Particular `
To Executor A/c 81,350 By Balance b/d 30,000
By Interest on Capital A/c 1,350
By Profit and Loss Suspense A/c 40,000
By General Reserve A/c 10,000
81,350 81,350
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
Working Notes :
WN1 : Calculation of Interest on Honey's Capital
69
Interest on Capital = 30,000 1,350
100 12
WN2 : Calculation of Honey's Share of Profit
Rate of Profit
Profits = Sales
100
=
? ? ?
?
20
6,00,000 1,20,000
100
1
Honey's Share in Profits = 1,20,000 40,000
3
WN3 : Calculation of Honey's Share in General Reserve
1
Honey's Share in General Reserve = 30,000 10,000
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
=
? ? ? ?
WN 2
18,00,000
3,60,000
5
?
Goodwill is calculated on the basis of two years purchase of last 5 years average profit
CBSE XII | Accountancy
Delhi Board Paper Set 3 – 2015 Solution
Goodwill = 2 ? Average Profit
= 2 ? 3, 60,000 = 7, 20,000
1
Amount of goodwill to be adjusted = 7,20,000 60,000
12
??
13. Answer :
Realisation Account
Dr. Cr.
Particulars ` Particulars `
To Stock A/c 10,000 By Provision for Bad debts A/c 5,000
To Debtors A/c 25,000 By Sundry Creditors A/c 16,600
To Plant and Machinery A/c 40,000 By Bills Payables A/c 3,400
By Mortgage Loan A/c 15,000
To Bank A/c By Bank A/c
Sundry Creditors 16,000 Stock 6,700
Bills Payables 3,400 Debtors 12,500
Mortgage Loan 15,000 34,400 Plant and Machinery 36,000 55,200
By Bank A/c (unrecorded assets realised) 6,220
To Bank A/c (outstanding
repairs)
400 By Loan transferred to :
Bora’s Capital A/c 5,000
To Bank A/c (exp) 620 Singh’s Capital A/c 3,000
Ibrahim’s Capital A/c 1,000 9,000
1,10,420 1,10,420
Partner’s Capital Account
Dr. Cr.
Particulars Bora Singh Ibrahim Particulars Bora Singh Ibrahim
To Realisation A/c 5,000 3,000 1,000 By Balance b/d 22,000 18,000 10,000
To Bank A/c 19,500 16,500 9,500 By General Reserve A/c 2,500 1,500 500
24,500 19,500 10,500 24,500 19,500 10,500
Bank Account
Dr. Cr.
Particulars ` Particulars `
To Balance b/d 19,500 By Realisation A/c (liabilities) 34,400
To Realisation A/c (assets
realized)
55,200 By Realisation A/c
(outstanding repairs)
400
To Realisation A/c
(unrecorded assets realized)
6,200 By Realisation A/c (exp) 620
By Partner’s Capital A/c
Bora 19,500
Singh 16,500
Ibrahim 9,500 45,500
80,920 80,920
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