Page 1
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2017 Solutions
SECTION A
1. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
P’s Current A/c Dr. 6,000
-------- To Q’s Current A/c 6,000
(Being interest on capital, now adjusted)
Working Note:
Statement Showing Adjustment
P Q Total
Interest on capital@12% 24,000 36,000 (60,000)
Less: Profit wrongly distributed to the extent of interest amount (30,000) (30,000) 60,000
Net Effect (Profit sharing) (6,000) 6,000 NIL
2. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Bank A/c Dr. 57,000
-----To Debenture Application and Allotment A/c 57,000
(Being application and Allotment Money received on 600
Debentures)
Debenture Application & Allotment A/c Dr. 57,000
Discount on Issue of Debentures A/c Dr. 2,500
-----To 12% Debentures A/c 50,000
-----To Bank A/c 9,500
(Being application and Allotment Money transferred to
Debentures Account)
3. Answer :
The maximum amount of discount at which the shares can be re-issued is `5,000 (i.e., the credit balance in
Share Forfeiture Account)
4. Answer :
Page 2
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2017 Solutions
SECTION A
1. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
P’s Current A/c Dr. 6,000
-------- To Q’s Current A/c 6,000
(Being interest on capital, now adjusted)
Working Note:
Statement Showing Adjustment
P Q Total
Interest on capital@12% 24,000 36,000 (60,000)
Less: Profit wrongly distributed to the extent of interest amount (30,000) (30,000) 60,000
Net Effect (Profit sharing) (6,000) 6,000 NIL
2. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Bank A/c Dr. 57,000
-----To Debenture Application and Allotment A/c 57,000
(Being application and Allotment Money received on 600
Debentures)
Debenture Application & Allotment A/c Dr. 57,000
Discount on Issue of Debentures A/c Dr. 2,500
-----To 12% Debentures A/c 50,000
-----To Bank A/c 9,500
(Being application and Allotment Money transferred to
Debentures Account)
3. Answer :
The maximum amount of discount at which the shares can be re-issued is `5,000 (i.e., the credit balance in
Share Forfeiture Account)
4. Answer :
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
The following persons other than Minor, cannot be admitted to a Partnership
a) Persons of Unsound Mind
b) Persons disqualified by any Law
5. Answer :
Basis Fixed Capital Account Fluctuating Capital Account
Credit Balance Fixed Capital Account always
shows a credit balance as all the
adjustments related to interest on
capital, interest on drawings,
salary, etc. are made through
Partners’ Current Account.
Fluctuating capital account can
have both debit and credit
balances as all the adjustments of
interest on capital, interest on
drawings, salary, etc. are made
through the same account.
6. Answer :
B’s share of Sacrifice is calculated below.
B’s Sacrifice Old Share – New Share
32
B’s Sacrifice
88
1
B’s Sacrifice
8
?
??
?
7. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Kavi’s Capital A/c Dr. 81,000
-------- To Ravi’s Capital A/c 18,000
-------- To Kumar’s Capital A/c 18,000
-------- To Guru’s Capital A/c 45,000
(Being new goodwill adjusted)
Working Note:
Page 3
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2017 Solutions
SECTION A
1. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
P’s Current A/c Dr. 6,000
-------- To Q’s Current A/c 6,000
(Being interest on capital, now adjusted)
Working Note:
Statement Showing Adjustment
P Q Total
Interest on capital@12% 24,000 36,000 (60,000)
Less: Profit wrongly distributed to the extent of interest amount (30,000) (30,000) 60,000
Net Effect (Profit sharing) (6,000) 6,000 NIL
2. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Bank A/c Dr. 57,000
-----To Debenture Application and Allotment A/c 57,000
(Being application and Allotment Money received on 600
Debentures)
Debenture Application & Allotment A/c Dr. 57,000
Discount on Issue of Debentures A/c Dr. 2,500
-----To 12% Debentures A/c 50,000
-----To Bank A/c 9,500
(Being application and Allotment Money transferred to
Debentures Account)
3. Answer :
The maximum amount of discount at which the shares can be re-issued is `5,000 (i.e., the credit balance in
Share Forfeiture Account)
4. Answer :
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
The following persons other than Minor, cannot be admitted to a Partnership
a) Persons of Unsound Mind
b) Persons disqualified by any Law
5. Answer :
Basis Fixed Capital Account Fluctuating Capital Account
Credit Balance Fixed Capital Account always
shows a credit balance as all the
adjustments related to interest on
capital, interest on drawings,
salary, etc. are made through
Partners’ Current Account.
Fluctuating capital account can
have both debit and credit
balances as all the adjustments of
interest on capital, interest on
drawings, salary, etc. are made
through the same account.
6. Answer :
B’s share of Sacrifice is calculated below.
B’s Sacrifice Old Share – New Share
32
B’s Sacrifice
88
1
B’s Sacrifice
8
?
??
?
7. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Kavi’s Capital A/c Dr. 81,000
-------- To Ravi’s Capital A/c 18,000
-------- To Kumar’s Capital A/c 18,000
-------- To Guru’s Capital A/c 45,000
(Being new goodwill adjusted)
Working Note:
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
?
?
?
?
?
?
?
??
??
?
?
??
Gaining Ratio = New Ratio - Old Ratio
33
=
58
24 15
40
9
40
12
=
58
8 10
40
2
( sacrificing)
40
1
Ka
2
58
8 10
40
2
(
vi
R
sac
av
rificing)
40
i
Kumar
Goodwill Valued = 3,60,000
9
Kavi 3,60,000 81,000
40
2
Ravi 3,60,000 18,000
40
2
Kumar 3,60,000 18,000
40
1
Guru 3,60,000 45,000.
8
? ? ?
? ? ?
? ? ?
? ? ?
``
``
``
``
8. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Machinery A/c Dr. 1,78,000
-------- To Nisha Ltd. A/c (1,10,000 + 18,000 + 50,000) 1,78,000
(Being Purchase machinery from Nisha Ltd.)
Nisha Ltd. A/c (1,10,000 + 18,000 + 50,000) Dr. 1,78,000
Discount on Issue of Debentures A/c (200 ? 10) Dr. 2,000
-------- To Equity Share Capital A/c(10,000 ? `10) 1,00,000
-------- To Securities Premium A/c (10,000 ? `1) 10,000
-------- To 9% Debentures A/c (200 ? `100) 20,000
-------- To Bills Payable A/c 50,000
(Being issued 10,000 equity share of `10 each at a premium of 10%,
issued 2,00 9% Debentures of `100 at a discount of 10% and balance
Page 4
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2017 Solutions
SECTION A
1. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
P’s Current A/c Dr. 6,000
-------- To Q’s Current A/c 6,000
(Being interest on capital, now adjusted)
Working Note:
Statement Showing Adjustment
P Q Total
Interest on capital@12% 24,000 36,000 (60,000)
Less: Profit wrongly distributed to the extent of interest amount (30,000) (30,000) 60,000
Net Effect (Profit sharing) (6,000) 6,000 NIL
2. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Bank A/c Dr. 57,000
-----To Debenture Application and Allotment A/c 57,000
(Being application and Allotment Money received on 600
Debentures)
Debenture Application & Allotment A/c Dr. 57,000
Discount on Issue of Debentures A/c Dr. 2,500
-----To 12% Debentures A/c 50,000
-----To Bank A/c 9,500
(Being application and Allotment Money transferred to
Debentures Account)
3. Answer :
The maximum amount of discount at which the shares can be re-issued is `5,000 (i.e., the credit balance in
Share Forfeiture Account)
4. Answer :
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
The following persons other than Minor, cannot be admitted to a Partnership
a) Persons of Unsound Mind
b) Persons disqualified by any Law
5. Answer :
Basis Fixed Capital Account Fluctuating Capital Account
Credit Balance Fixed Capital Account always
shows a credit balance as all the
adjustments related to interest on
capital, interest on drawings,
salary, etc. are made through
Partners’ Current Account.
Fluctuating capital account can
have both debit and credit
balances as all the adjustments of
interest on capital, interest on
drawings, salary, etc. are made
through the same account.
6. Answer :
B’s share of Sacrifice is calculated below.
B’s Sacrifice Old Share – New Share
32
B’s Sacrifice
88
1
B’s Sacrifice
8
?
??
?
7. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Kavi’s Capital A/c Dr. 81,000
-------- To Ravi’s Capital A/c 18,000
-------- To Kumar’s Capital A/c 18,000
-------- To Guru’s Capital A/c 45,000
(Being new goodwill adjusted)
Working Note:
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
?
?
?
?
?
?
?
??
??
?
?
??
Gaining Ratio = New Ratio - Old Ratio
33
=
58
24 15
40
9
40
12
=
58
8 10
40
2
( sacrificing)
40
1
Ka
2
58
8 10
40
2
(
vi
R
sac
av
rificing)
40
i
Kumar
Goodwill Valued = 3,60,000
9
Kavi 3,60,000 81,000
40
2
Ravi 3,60,000 18,000
40
2
Kumar 3,60,000 18,000
40
1
Guru 3,60,000 45,000.
8
? ? ?
? ? ?
? ? ?
? ? ?
``
``
``
``
8. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Machinery A/c Dr. 1,78,000
-------- To Nisha Ltd. A/c (1,10,000 + 18,000 + 50,000) 1,78,000
(Being Purchase machinery from Nisha Ltd.)
Nisha Ltd. A/c (1,10,000 + 18,000 + 50,000) Dr. 1,78,000
Discount on Issue of Debentures A/c (200 ? 10) Dr. 2,000
-------- To Equity Share Capital A/c(10,000 ? `10) 1,00,000
-------- To Securities Premium A/c (10,000 ? `1) 10,000
-------- To 9% Debentures A/c (200 ? `100) 20,000
-------- To Bills Payable A/c 50,000
(Being issued 10,000 equity share of `10 each at a premium of 10%,
issued 2,00 9% Debentures of `100 at a discount of 10% and balance
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
by issuing a bills of exchange account)
9. Answer :
Balance Sheet
Particulars
Note
No.
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 6,09,96,000
b. Reserve and Surplus
2. Non-Current Liabilities
Long Term Borrowings 2 1,00,00,000
Total
Notes to Accounts:
Note No Particulars `
1. Share Capital
Authorised Share Capital
1,00,00,000 Equity Shares of `10 each 10,00,00,000
Issued, Subscribed, Called-up and Paid up Share
Capital
61,00,000 Equity Shares of `10 each fully called
up
6,10,00,000
Less: Calls in Arrears (2,000×`2) (4,000) 6,09,96,000
2. Non Current Liabilities
Long Term Borrowings 1,00,00,000
Values Involved:
1. Balanced Regional Growth
2. Providing Employment Opportunities
Page 5
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2017 Solutions
SECTION A
1. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
P’s Current A/c Dr. 6,000
-------- To Q’s Current A/c 6,000
(Being interest on capital, now adjusted)
Working Note:
Statement Showing Adjustment
P Q Total
Interest on capital@12% 24,000 36,000 (60,000)
Less: Profit wrongly distributed to the extent of interest amount (30,000) (30,000) 60,000
Net Effect (Profit sharing) (6,000) 6,000 NIL
2. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Bank A/c Dr. 57,000
-----To Debenture Application and Allotment A/c 57,000
(Being application and Allotment Money received on 600
Debentures)
Debenture Application & Allotment A/c Dr. 57,000
Discount on Issue of Debentures A/c Dr. 2,500
-----To 12% Debentures A/c 50,000
-----To Bank A/c 9,500
(Being application and Allotment Money transferred to
Debentures Account)
3. Answer :
The maximum amount of discount at which the shares can be re-issued is `5,000 (i.e., the credit balance in
Share Forfeiture Account)
4. Answer :
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
The following persons other than Minor, cannot be admitted to a Partnership
a) Persons of Unsound Mind
b) Persons disqualified by any Law
5. Answer :
Basis Fixed Capital Account Fluctuating Capital Account
Credit Balance Fixed Capital Account always
shows a credit balance as all the
adjustments related to interest on
capital, interest on drawings,
salary, etc. are made through
Partners’ Current Account.
Fluctuating capital account can
have both debit and credit
balances as all the adjustments of
interest on capital, interest on
drawings, salary, etc. are made
through the same account.
6. Answer :
B’s share of Sacrifice is calculated below.
B’s Sacrifice Old Share – New Share
32
B’s Sacrifice
88
1
B’s Sacrifice
8
?
??
?
7. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Kavi’s Capital A/c Dr. 81,000
-------- To Ravi’s Capital A/c 18,000
-------- To Kumar’s Capital A/c 18,000
-------- To Guru’s Capital A/c 45,000
(Being new goodwill adjusted)
Working Note:
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
?
?
?
?
?
?
?
??
??
?
?
??
Gaining Ratio = New Ratio - Old Ratio
33
=
58
24 15
40
9
40
12
=
58
8 10
40
2
( sacrificing)
40
1
Ka
2
58
8 10
40
2
(
vi
R
sac
av
rificing)
40
i
Kumar
Goodwill Valued = 3,60,000
9
Kavi 3,60,000 81,000
40
2
Ravi 3,60,000 18,000
40
2
Kumar 3,60,000 18,000
40
1
Guru 3,60,000 45,000.
8
? ? ?
? ? ?
? ? ?
? ? ?
``
``
``
``
8. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Machinery A/c Dr. 1,78,000
-------- To Nisha Ltd. A/c (1,10,000 + 18,000 + 50,000) 1,78,000
(Being Purchase machinery from Nisha Ltd.)
Nisha Ltd. A/c (1,10,000 + 18,000 + 50,000) Dr. 1,78,000
Discount on Issue of Debentures A/c (200 ? 10) Dr. 2,000
-------- To Equity Share Capital A/c(10,000 ? `10) 1,00,000
-------- To Securities Premium A/c (10,000 ? `1) 10,000
-------- To 9% Debentures A/c (200 ? `100) 20,000
-------- To Bills Payable A/c 50,000
(Being issued 10,000 equity share of `10 each at a premium of 10%,
issued 2,00 9% Debentures of `100 at a discount of 10% and balance
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
by issuing a bills of exchange account)
9. Answer :
Balance Sheet
Particulars
Note
No.
`
I. Equity and Liabilities
1. Shareholder’s Funds
a. Share Capital 1 6,09,96,000
b. Reserve and Surplus
2. Non-Current Liabilities
Long Term Borrowings 2 1,00,00,000
Total
Notes to Accounts:
Note No Particulars `
1. Share Capital
Authorised Share Capital
1,00,00,000 Equity Shares of `10 each 10,00,00,000
Issued, Subscribed, Called-up and Paid up Share
Capital
61,00,000 Equity Shares of `10 each fully called
up
6,10,00,000
Less: Calls in Arrears (2,000×`2) (4,000) 6,09,96,000
2. Non Current Liabilities
Long Term Borrowings 1,00,00,000
Values Involved:
1. Balanced Regional Growth
2. Providing Employment Opportunities
CBSE XII | Accountancy
All India Board Paper Set 3 – 2017 Solution
10. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
9% Debentures A/c Dr. 50,000
-------- To Debenture holder’s A/c (500 × `100) 50,000
(Being 500, 9%Debenture due for redemption.)
Debenture holder’s A/c Dr. 50,000
-------- To Equity Share Capital A/c (400 ? `100) 40,000
-------- To Securities Premium A/c (400 ? `25) 10,000
(Being 500, 9% Debentures redeemed by converting into 400 equity
shares of `100 each issued at a Premium of `25.)
Securities Premium A/c Dr. 3,000
-------- To Discount on Issued of Debentures A/c (50,000 ? 6%) 3,000
(Being Discount on issue of Debentures written off against balance in
Securities Premium Account.)
Working Note:
Amount Paybale
No. of Equity Share
Issued Price
50,000
125
No. of Equity Share 400 share.
?
?
?
11. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Cash A/c Dr. 4,00,000
-----To Tina’s Capital A/c 4,00,000
(Being capital Brought by Tina in cash)
Tina’s Current A/c Dr. 50,000
-----To Neha’s Current A/c 50,000
(Being hidden goodwill adjusted through current
account)
Working Note:
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