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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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