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 Page 1


 
Accountancy – Class XII 
Marking Scheme (2019-20) 
 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 Balance Sheet of ___ NPO. as on ____ Date 
 
                 Liabilities Amount  (?)           Assets Amount (?) 
Tournament Fund    80,000  
Less: Tournament  
expenses                    14000 
                                    _______ 
  
 
 
66,000 
  
 
     
   (1) 
2 (c) 6% p.a.        
(1) 
3 iii. for the debts of the firm to the third parties;  
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital 
    
     
(1) 
 
4 b) ? 45,000       
(1) 
5 7 ½ months        
(1) 
6 
Date Particulars L.F.   Debit (?) Credit (?) 
2018 
April,1 
 
Ankit’s capital A/c                    Dr 
Unnati Capital A/c                   Dr 
Aryan’s Capital A/c                 Dr 
     To Profit and Loss A/c 
(Being Profit and Loss debit  
balance distributed at time of 
change in profit sharing ratio)  
  
30,250 
18,150 
12,100 
 
  
 
 
60,500 
 
Journal       
 
 
 
 
 (1) 
7 Total Capital as per C’s Share    (4,00,000 X (5/1))                         20,00,000 
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000)                      14,00,000 
                                                                                                            ________ 
Value of firm’s Goodwill                                                                    6,00,000          
                                                                                                             ======= 
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000 
 
    
     
 
 
(1/2) 
 
 
(1/2) 
8 
Date Particulars L.F Dr Amount 
(?) 
Dr Amount 
(?) 
2018 
Nov,2 
 
 
Profit and Loss Suspense    A/c      Dr. 
     To Kavleen’s Capital A/c   
(Being Kavleen’s share of profit up to the 
date of her death transferred to her 
capital account)   
  
9,375 
 
 
9,375 
Journal 
                                                 
 
 
 
 
       
(1) 
9 Journal  
Page 2


 
Accountancy – Class XII 
Marking Scheme (2019-20) 
 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 Balance Sheet of ___ NPO. as on ____ Date 
 
                 Liabilities Amount  (?)           Assets Amount (?) 
Tournament Fund    80,000  
Less: Tournament  
expenses                    14000 
                                    _______ 
  
 
 
66,000 
  
 
     
   (1) 
2 (c) 6% p.a.        
(1) 
3 iii. for the debts of the firm to the third parties;  
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital 
    
     
(1) 
 
4 b) ? 45,000       
(1) 
5 7 ½ months        
(1) 
6 
Date Particulars L.F.   Debit (?) Credit (?) 
2018 
April,1 
 
Ankit’s capital A/c                    Dr 
Unnati Capital A/c                   Dr 
Aryan’s Capital A/c                 Dr 
     To Profit and Loss A/c 
(Being Profit and Loss debit  
balance distributed at time of 
change in profit sharing ratio)  
  
30,250 
18,150 
12,100 
 
  
 
 
60,500 
 
Journal       
 
 
 
 
 (1) 
7 Total Capital as per C’s Share    (4,00,000 X (5/1))                         20,00,000 
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000)                      14,00,000 
                                                                                                            ________ 
Value of firm’s Goodwill                                                                    6,00,000          
                                                                                                             ======= 
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000 
 
    
     
 
 
(1/2) 
 
 
(1/2) 
8 
Date Particulars L.F Dr Amount 
(?) 
Dr Amount 
(?) 
2018 
Nov,2 
 
 
Profit and Loss Suspense    A/c      Dr. 
     To Kavleen’s Capital A/c   
(Being Kavleen’s share of profit up to the 
date of her death transferred to her 
capital account)   
  
9,375 
 
 
9,375 
Journal 
                                                 
 
 
 
 
       
(1) 
9 Journal  
 
Date Particulars L.F Dr 
Amount 
(?) 
Dr Amount 
(?) 
2019 
April,
1 
 Investment Fluctuation Reserve A/c             Dr.                                                
        To Investment A/c 
        To A’s capital A/c 
         To B’s Capital A/c 
(Being the transfer of excess  Investment 
Fluctuation reserve to partner’s capital account in 
old profit sharing ratio)   
 60,000          
  20,000 
  24,000 
  16,000 
 
 
 
       
 
 
 
 
(1) 
10 because the claim of the partner against the firm is increased by the amount  of liability 
assumed. 
     
(1) 
11 
C’s Share acquired from A and B each  =  
1
5
 X 
1
2
= 
1
10
 
A’s Share  = 
3
5
 - 
1
10
 = 
5
10
 
B’s Share  = 
2
5
 - 
1
10
 = 
3
10
 
New Profit Sharing ratio of A: B: C is 5:3: 2 
Yes, new profit sharing ratio is 5:3:2 
     
 
 
 
 
1 
12 b) ? 2,50,000 (1) 
13 Reserve Capital   
(1) 
14 a) Statement Showing Expenditure on Medicine consumed during the year ending 
31
st
 March,2019:- 
Particulars Amount (?) 
Amount paid for medicines during the year 
Add: Opening Stock of medicines 
Less: Closing stock of medicines 
Less: Opening Creditors 
Add: Closing creditors                              
 
Medicine consumed during the year 
 
2,00,000 
50,000 
(95,000) 
(20,000) 
10,000  
______ 
1,45,000 
---------- 
 
 
 
Or 
Basis of distinction Income and Expenditure Receipt and Payment Account 
Nature It is like as profit and loss account, hence 
is a nominal account. 
It is the summary of the cash 
book, hence a real account.  
Nature of Items It records items of Revenue and expense 
nature only. 
It records receipts and payment 
of cash and bank. 
Period  Items in Income and Expenditure 
account relate to the current period. 
Receipts and payments items may 
relate to preceding and 
succeeding periods. 
 
 
 
 
 
 
 
½ X 
6 
 
 
 
 
 
 
 
 
 
1 
 
1 
 
 
1 
 
Page 3


 
Accountancy – Class XII 
Marking Scheme (2019-20) 
 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 Balance Sheet of ___ NPO. as on ____ Date 
 
                 Liabilities Amount  (?)           Assets Amount (?) 
Tournament Fund    80,000  
Less: Tournament  
expenses                    14000 
                                    _______ 
  
 
 
66,000 
  
 
     
   (1) 
2 (c) 6% p.a.        
(1) 
3 iii. for the debts of the firm to the third parties;  
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital 
    
     
(1) 
 
4 b) ? 45,000       
(1) 
5 7 ½ months        
(1) 
6 
Date Particulars L.F.   Debit (?) Credit (?) 
2018 
April,1 
 
Ankit’s capital A/c                    Dr 
Unnati Capital A/c                   Dr 
Aryan’s Capital A/c                 Dr 
     To Profit and Loss A/c 
(Being Profit and Loss debit  
balance distributed at time of 
change in profit sharing ratio)  
  
30,250 
18,150 
12,100 
 
  
 
 
60,500 
 
Journal       
 
 
 
 
 (1) 
7 Total Capital as per C’s Share    (4,00,000 X (5/1))                         20,00,000 
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000)                      14,00,000 
                                                                                                            ________ 
Value of firm’s Goodwill                                                                    6,00,000          
                                                                                                             ======= 
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000 
 
    
     
 
 
(1/2) 
 
 
(1/2) 
8 
Date Particulars L.F Dr Amount 
(?) 
Dr Amount 
(?) 
2018 
Nov,2 
 
 
Profit and Loss Suspense    A/c      Dr. 
     To Kavleen’s Capital A/c   
(Being Kavleen’s share of profit up to the 
date of her death transferred to her 
capital account)   
  
9,375 
 
 
9,375 
Journal 
                                                 
 
 
 
 
       
(1) 
9 Journal  
 
Date Particulars L.F Dr 
Amount 
(?) 
Dr Amount 
(?) 
2019 
April,
1 
 Investment Fluctuation Reserve A/c             Dr.                                                
        To Investment A/c 
        To A’s capital A/c 
         To B’s Capital A/c 
(Being the transfer of excess  Investment 
Fluctuation reserve to partner’s capital account in 
old profit sharing ratio)   
 60,000          
  20,000 
  24,000 
  16,000 
 
 
 
       
 
 
 
 
(1) 
10 because the claim of the partner against the firm is increased by the amount  of liability 
assumed. 
     
(1) 
11 
C’s Share acquired from A and B each  =  
1
5
 X 
1
2
= 
1
10
 
A’s Share  = 
3
5
 - 
1
10
 = 
5
10
 
B’s Share  = 
2
5
 - 
1
10
 = 
3
10
 
New Profit Sharing ratio of A: B: C is 5:3: 2 
Yes, new profit sharing ratio is 5:3:2 
     
 
 
 
 
1 
12 b) ? 2,50,000 (1) 
13 Reserve Capital   
(1) 
14 a) Statement Showing Expenditure on Medicine consumed during the year ending 
31
st
 March,2019:- 
Particulars Amount (?) 
Amount paid for medicines during the year 
Add: Opening Stock of medicines 
Less: Closing stock of medicines 
Less: Opening Creditors 
Add: Closing creditors                              
 
Medicine consumed during the year 
 
2,00,000 
50,000 
(95,000) 
(20,000) 
10,000  
______ 
1,45,000 
---------- 
 
 
 
Or 
Basis of distinction Income and Expenditure Receipt and Payment Account 
Nature It is like as profit and loss account, hence 
is a nominal account. 
It is the summary of the cash 
book, hence a real account.  
Nature of Items It records items of Revenue and expense 
nature only. 
It records receipts and payment 
of cash and bank. 
Period  Items in Income and Expenditure 
account relate to the current period. 
Receipts and payments items may 
relate to preceding and 
succeeding periods. 
 
 
 
 
 
 
 
½ X 
6 
 
 
 
 
 
 
 
 
 
1 
 
1 
 
 
1 
 
15 Journal 
Date Particulars L.F Dr Amount 
(?) 
Dr Amount 
(?) 
September 30, 
2019 
Ana’s Capital A/c                                                                   Dr 
Pranjal’s Capital A/c                                                              Dr 
               To Danish’s Capital A/c  
(Being Danish’s share of goodwill adjusted in capital Accounts 
of Ana and Pranjal 
 18,000 
12,000 
 
 
30,000 
September 30, 
2019 
Profit and Loss Suspense A/c                                                Dr 
                To Danish’s Capital A/c             
(Being Danish’s share of profit up to date of his death 
transferred to his capital account) 
 5,400  
5,400 
September 30, 
2019 
Danish’s Capital A/c                                                              Dr 
                 To Danish’s Executor’s A/c  
(Being amount due to Danish transferred to his executor’s 
account) 
 5,35,400  
5,35,400 
 
Working Notes:-  
Sales = 2,00,000 +  20% of 2,00,000  
          = 2,00,000 +40,000 
Profit % = 10% - 1% = 9% 
Danish’s Share of Profit =? 2,40,000 X 9/100 X 5/10 X 6/12 = ? 5,400 
  
 
 
(1) 
 
 
(1) 
 
 
(1) 
 
 
 
 
(1) 
 
16 
Date Particulars  L.F. Dr Amount 
(?) 
Dr Amount 
(?) 
     2018 
March,31  
 
 
Maanika’s capital A/c    Dr. 
 Bhavi’s Capital A/c        Dr.  
     To Komal’s Capital A/c 
(Being the deficiency of 
komal met by Maanika and  
Bhavi)        
  
2,40,000 
1,60,000 
 
 
 
   4,00,000 
 
Journal 
 
 
 
 
 
 
 
 
 
 
                                                    
Dr                                                Profit and Loss Appropriation  A/c                                                                Cr 
                                                    For the year ended 31
st
 March, 2018 
 
            Particulars           Amount (?) Particulars Amount (?) 
 To Net Loss 
(Profit and Loss A/c) 
 
 
 
 
 
 
           22,00,000 
 
 
 
 
 
__________________ 
           22,00,000 
================ 
By Loss transferred to  
Maanika’s capital a/c 
Bhavi’s capital a/c 
Komal’s Capital a/c 
 
12,00,000  
8,00,000  
2,00,000 
 
 
_________ 
22,00,000 
========== 
 
Working note: 
Loss of the firm : 22,00,000 
Komal’s share of loss =22,00,000 X1/11 = 2,00,000 
Guaranteed minimum profit=2,00,000 
OR 
 
Firm’s Particular’s Alia’s Bhanu’s Chand’s 
Dr Cr  Dr Cr Dr Cr Dr Cr 
 80,000 Profits Given 30,000  30,000  20,000  
40,000  Salary  18,000  4,000  18,000 
40,000  Profit to be credited   15,000  15,000  10,000 
 
 
 
 
 
 
(2) 
 
 
 
 
 
 
 
 
 
 
(1 ½  
 
 
 
 
 
 
 
 
½  
 
Page 4


 
Accountancy – Class XII 
Marking Scheme (2019-20) 
 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 Balance Sheet of ___ NPO. as on ____ Date 
 
                 Liabilities Amount  (?)           Assets Amount (?) 
Tournament Fund    80,000  
Less: Tournament  
expenses                    14000 
                                    _______ 
  
 
 
66,000 
  
 
     
   (1) 
2 (c) 6% p.a.        
(1) 
3 iii. for the debts of the firm to the third parties;  
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital 
    
     
(1) 
 
4 b) ? 45,000       
(1) 
5 7 ½ months        
(1) 
6 
Date Particulars L.F.   Debit (?) Credit (?) 
2018 
April,1 
 
Ankit’s capital A/c                    Dr 
Unnati Capital A/c                   Dr 
Aryan’s Capital A/c                 Dr 
     To Profit and Loss A/c 
(Being Profit and Loss debit  
balance distributed at time of 
change in profit sharing ratio)  
  
30,250 
18,150 
12,100 
 
  
 
 
60,500 
 
Journal       
 
 
 
 
 (1) 
7 Total Capital as per C’s Share    (4,00,000 X (5/1))                         20,00,000 
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000)                      14,00,000 
                                                                                                            ________ 
Value of firm’s Goodwill                                                                    6,00,000          
                                                                                                             ======= 
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000 
 
    
     
 
 
(1/2) 
 
 
(1/2) 
8 
Date Particulars L.F Dr Amount 
(?) 
Dr Amount 
(?) 
2018 
Nov,2 
 
 
Profit and Loss Suspense    A/c      Dr. 
     To Kavleen’s Capital A/c   
(Being Kavleen’s share of profit up to the 
date of her death transferred to her 
capital account)   
  
9,375 
 
 
9,375 
Journal 
                                                 
 
 
 
 
       
(1) 
9 Journal  
 
Date Particulars L.F Dr 
Amount 
(?) 
Dr Amount 
(?) 
2019 
April,
1 
 Investment Fluctuation Reserve A/c             Dr.                                                
        To Investment A/c 
        To A’s capital A/c 
         To B’s Capital A/c 
(Being the transfer of excess  Investment 
Fluctuation reserve to partner’s capital account in 
old profit sharing ratio)   
 60,000          
  20,000 
  24,000 
  16,000 
 
 
 
       
 
 
 
 
(1) 
10 because the claim of the partner against the firm is increased by the amount  of liability 
assumed. 
     
(1) 
11 
C’s Share acquired from A and B each  =  
1
5
 X 
1
2
= 
1
10
 
A’s Share  = 
3
5
 - 
1
10
 = 
5
10
 
B’s Share  = 
2
5
 - 
1
10
 = 
3
10
 
New Profit Sharing ratio of A: B: C is 5:3: 2 
Yes, new profit sharing ratio is 5:3:2 
     
 
 
 
 
1 
12 b) ? 2,50,000 (1) 
13 Reserve Capital   
(1) 
14 a) Statement Showing Expenditure on Medicine consumed during the year ending 
31
st
 March,2019:- 
Particulars Amount (?) 
Amount paid for medicines during the year 
Add: Opening Stock of medicines 
Less: Closing stock of medicines 
Less: Opening Creditors 
Add: Closing creditors                              
 
Medicine consumed during the year 
 
2,00,000 
50,000 
(95,000) 
(20,000) 
10,000  
______ 
1,45,000 
---------- 
 
 
 
Or 
Basis of distinction Income and Expenditure Receipt and Payment Account 
Nature It is like as profit and loss account, hence 
is a nominal account. 
It is the summary of the cash 
book, hence a real account.  
Nature of Items It records items of Revenue and expense 
nature only. 
It records receipts and payment 
of cash and bank. 
Period  Items in Income and Expenditure 
account relate to the current period. 
Receipts and payments items may 
relate to preceding and 
succeeding periods. 
 
 
 
 
 
 
 
½ X 
6 
 
 
 
 
 
 
 
 
 
1 
 
1 
 
 
1 
 
15 Journal 
Date Particulars L.F Dr Amount 
(?) 
Dr Amount 
(?) 
September 30, 
2019 
Ana’s Capital A/c                                                                   Dr 
Pranjal’s Capital A/c                                                              Dr 
               To Danish’s Capital A/c  
(Being Danish’s share of goodwill adjusted in capital Accounts 
of Ana and Pranjal 
 18,000 
12,000 
 
 
30,000 
September 30, 
2019 
Profit and Loss Suspense A/c                                                Dr 
                To Danish’s Capital A/c             
(Being Danish’s share of profit up to date of his death 
transferred to his capital account) 
 5,400  
5,400 
September 30, 
2019 
Danish’s Capital A/c                                                              Dr 
                 To Danish’s Executor’s A/c  
(Being amount due to Danish transferred to his executor’s 
account) 
 5,35,400  
5,35,400 
 
Working Notes:-  
Sales = 2,00,000 +  20% of 2,00,000  
          = 2,00,000 +40,000 
Profit % = 10% - 1% = 9% 
Danish’s Share of Profit =? 2,40,000 X 9/100 X 5/10 X 6/12 = ? 5,400 
  
 
 
(1) 
 
 
(1) 
 
 
(1) 
 
 
 
 
(1) 
 
16 
Date Particulars  L.F. Dr Amount 
(?) 
Dr Amount 
(?) 
     2018 
March,31  
 
 
Maanika’s capital A/c    Dr. 
 Bhavi’s Capital A/c        Dr.  
     To Komal’s Capital A/c 
(Being the deficiency of 
komal met by Maanika and  
Bhavi)        
  
2,40,000 
1,60,000 
 
 
 
   4,00,000 
 
Journal 
 
 
 
 
 
 
 
 
 
 
                                                    
Dr                                                Profit and Loss Appropriation  A/c                                                                Cr 
                                                    For the year ended 31
st
 March, 2018 
 
            Particulars           Amount (?) Particulars Amount (?) 
 To Net Loss 
(Profit and Loss A/c) 
 
 
 
 
 
 
           22,00,000 
 
 
 
 
 
__________________ 
           22,00,000 
================ 
By Loss transferred to  
Maanika’s capital a/c 
Bhavi’s capital a/c 
Komal’s Capital a/c 
 
12,00,000  
8,00,000  
2,00,000 
 
 
_________ 
22,00,000 
========== 
 
Working note: 
Loss of the firm : 22,00,000 
Komal’s share of loss =22,00,000 X1/11 = 2,00,000 
Guaranteed minimum profit=2,00,000 
OR 
 
Firm’s Particular’s Alia’s Bhanu’s Chand’s 
Dr Cr  Dr Cr Dr Cr Dr Cr 
 80,000 Profits Given 30,000  30,000  20,000  
40,000  Salary  18,000  4,000  18,000 
40,000  Profit to be credited   15,000  15,000  10,000 
 
 
 
 
 
 
(2) 
 
 
 
 
 
 
 
 
 
 
(1 ½  
 
 
 
 
 
 
 
 
½  
 
   30,000 33,000 30,000 19,000 20,000 28,000 
 
RECTIFYING  JOURNAL ENTRY 
Date Particulars L.F. Amount  
( ?) 
Amount 
 (?) 
31
st
 March, 2017 
Bhanu’s Capital A/c                      Dr 
          To Chand’s Capital A/c                       
          To Alia’s Capital A/c 
(Being Salary, profit share incorrectly 
distributed, now adjusted) 
 11,000 
 
 
3,000 
           8,000 
 
 
 
 
17 Extract of Balance Sheet of Bliss Products Ltd. 
As at ____  
Particulars No
te 
No
. 
Amount 
Current 
Year 
Amount  
Previous 
Year 
I. EQUITY AND LIABILITIES 
1. Shareholder’s Fund 
a. Share Capital 
 
 
1 
 
 
39,70,000 
 
 
Notes to Accounts: 
Note 
No. 
Particulars Amount (?) 
1 Share Capital 
      Authorized Capital 
90,000 Equity shares of ? 100 each 
 
90,00,000 
 Issued Capital  
50,000 Equity shares of ? 100 each 
 
50,00,000 
 Subscribed Capital  
Subscribed and Fully Paid Capital 
39,000 Equity shares of ? 100 each                   39,00,000 
Add: Forfeited Shares (1,000 of ? 70 each)            70,000 
 
 
 
 
39,70,000 
 
 
 
 
 
 
 
 
 
 
½  
 
 
 
 
 
1 
 
 
1  
 
 
 
1½  
18 Journal 
Date Particulars L.F. Amount  
( ?) 
Amount 
 (?) 
 Realization A/c                                  Dr 
          To K’s Capital A/c                       
 (Being wife’s loan discharged by the 
partner) 
 6,000 
 
 
6,000 
            
 Realization A/c                                  Dr 
          To Bank A/c                       
 (Being balance creditor’s paid at a 
discount of 10% after part payment 
through furniture) 
 27,000  
27,000 
 
   (4) 
 
Page 5


 
Accountancy – Class XII 
Marking Scheme (2019-20) 
 
 PART A 
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 
 
1 Balance Sheet of ___ NPO. as on ____ Date 
 
                 Liabilities Amount  (?)           Assets Amount (?) 
Tournament Fund    80,000  
Less: Tournament  
expenses                    14000 
                                    _______ 
  
 
 
66,000 
  
 
     
   (1) 
2 (c) 6% p.a.        
(1) 
3 iii. for the debts of the firm to the third parties;  
i. to each partner proportionately what is due to him/her from the firm for advances as 
distinguished from capital (i.e. partner’ loan);  
ii. to each partner proportionately what is due to him on account of capital 
    
     
(1) 
 
4 b) ? 45,000       
(1) 
5 7 ½ months        
(1) 
6 
Date Particulars L.F.   Debit (?) Credit (?) 
2018 
April,1 
 
Ankit’s capital A/c                    Dr 
Unnati Capital A/c                   Dr 
Aryan’s Capital A/c                 Dr 
     To Profit and Loss A/c 
(Being Profit and Loss debit  
balance distributed at time of 
change in profit sharing ratio)  
  
30,250 
18,150 
12,100 
 
  
 
 
60,500 
 
Journal       
 
 
 
 
 (1) 
7 Total Capital as per C’s Share    (4,00,000 X (5/1))                         20,00,000 
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000)                      14,00,000 
                                                                                                            ________ 
Value of firm’s Goodwill                                                                    6,00,000          
                                                                                                             ======= 
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000 
 
    
     
 
 
(1/2) 
 
 
(1/2) 
8 
Date Particulars L.F Dr Amount 
(?) 
Dr Amount 
(?) 
2018 
Nov,2 
 
 
Profit and Loss Suspense    A/c      Dr. 
     To Kavleen’s Capital A/c   
(Being Kavleen’s share of profit up to the 
date of her death transferred to her 
capital account)   
  
9,375 
 
 
9,375 
Journal 
                                                 
 
 
 
 
       
(1) 
9 Journal  
 
Date Particulars L.F Dr 
Amount 
(?) 
Dr Amount 
(?) 
2019 
April,
1 
 Investment Fluctuation Reserve A/c             Dr.                                                
        To Investment A/c 
        To A’s capital A/c 
         To B’s Capital A/c 
(Being the transfer of excess  Investment 
Fluctuation reserve to partner’s capital account in 
old profit sharing ratio)   
 60,000          
  20,000 
  24,000 
  16,000 
 
 
 
       
 
 
 
 
(1) 
10 because the claim of the partner against the firm is increased by the amount  of liability 
assumed. 
     
(1) 
11 
C’s Share acquired from A and B each  =  
1
5
 X 
1
2
= 
1
10
 
A’s Share  = 
3
5
 - 
1
10
 = 
5
10
 
B’s Share  = 
2
5
 - 
1
10
 = 
3
10
 
New Profit Sharing ratio of A: B: C is 5:3: 2 
Yes, new profit sharing ratio is 5:3:2 
     
 
 
 
 
1 
12 b) ? 2,50,000 (1) 
13 Reserve Capital   
(1) 
14 a) Statement Showing Expenditure on Medicine consumed during the year ending 
31
st
 March,2019:- 
Particulars Amount (?) 
Amount paid for medicines during the year 
Add: Opening Stock of medicines 
Less: Closing stock of medicines 
Less: Opening Creditors 
Add: Closing creditors                              
 
Medicine consumed during the year 
 
2,00,000 
50,000 
(95,000) 
(20,000) 
10,000  
______ 
1,45,000 
---------- 
 
 
 
Or 
Basis of distinction Income and Expenditure Receipt and Payment Account 
Nature It is like as profit and loss account, hence 
is a nominal account. 
It is the summary of the cash 
book, hence a real account.  
Nature of Items It records items of Revenue and expense 
nature only. 
It records receipts and payment 
of cash and bank. 
Period  Items in Income and Expenditure 
account relate to the current period. 
Receipts and payments items may 
relate to preceding and 
succeeding periods. 
 
 
 
 
 
 
 
½ X 
6 
 
 
 
 
 
 
 
 
 
1 
 
1 
 
 
1 
 
15 Journal 
Date Particulars L.F Dr Amount 
(?) 
Dr Amount 
(?) 
September 30, 
2019 
Ana’s Capital A/c                                                                   Dr 
Pranjal’s Capital A/c                                                              Dr 
               To Danish’s Capital A/c  
(Being Danish’s share of goodwill adjusted in capital Accounts 
of Ana and Pranjal 
 18,000 
12,000 
 
 
30,000 
September 30, 
2019 
Profit and Loss Suspense A/c                                                Dr 
                To Danish’s Capital A/c             
(Being Danish’s share of profit up to date of his death 
transferred to his capital account) 
 5,400  
5,400 
September 30, 
2019 
Danish’s Capital A/c                                                              Dr 
                 To Danish’s Executor’s A/c  
(Being amount due to Danish transferred to his executor’s 
account) 
 5,35,400  
5,35,400 
 
Working Notes:-  
Sales = 2,00,000 +  20% of 2,00,000  
          = 2,00,000 +40,000 
Profit % = 10% - 1% = 9% 
Danish’s Share of Profit =? 2,40,000 X 9/100 X 5/10 X 6/12 = ? 5,400 
  
 
 
(1) 
 
 
(1) 
 
 
(1) 
 
 
 
 
(1) 
 
16 
Date Particulars  L.F. Dr Amount 
(?) 
Dr Amount 
(?) 
     2018 
March,31  
 
 
Maanika’s capital A/c    Dr. 
 Bhavi’s Capital A/c        Dr.  
     To Komal’s Capital A/c 
(Being the deficiency of 
komal met by Maanika and  
Bhavi)        
  
2,40,000 
1,60,000 
 
 
 
   4,00,000 
 
Journal 
 
 
 
 
 
 
 
 
 
 
                                                    
Dr                                                Profit and Loss Appropriation  A/c                                                                Cr 
                                                    For the year ended 31
st
 March, 2018 
 
            Particulars           Amount (?) Particulars Amount (?) 
 To Net Loss 
(Profit and Loss A/c) 
 
 
 
 
 
 
           22,00,000 
 
 
 
 
 
__________________ 
           22,00,000 
================ 
By Loss transferred to  
Maanika’s capital a/c 
Bhavi’s capital a/c 
Komal’s Capital a/c 
 
12,00,000  
8,00,000  
2,00,000 
 
 
_________ 
22,00,000 
========== 
 
Working note: 
Loss of the firm : 22,00,000 
Komal’s share of loss =22,00,000 X1/11 = 2,00,000 
Guaranteed minimum profit=2,00,000 
OR 
 
Firm’s Particular’s Alia’s Bhanu’s Chand’s 
Dr Cr  Dr Cr Dr Cr Dr Cr 
 80,000 Profits Given 30,000  30,000  20,000  
40,000  Salary  18,000  4,000  18,000 
40,000  Profit to be credited   15,000  15,000  10,000 
 
 
 
 
 
 
(2) 
 
 
 
 
 
 
 
 
 
 
(1 ½  
 
 
 
 
 
 
 
 
½  
 
   30,000 33,000 30,000 19,000 20,000 28,000 
 
RECTIFYING  JOURNAL ENTRY 
Date Particulars L.F. Amount  
( ?) 
Amount 
 (?) 
31
st
 March, 2017 
Bhanu’s Capital A/c                      Dr 
          To Chand’s Capital A/c                       
          To Alia’s Capital A/c 
(Being Salary, profit share incorrectly 
distributed, now adjusted) 
 11,000 
 
 
3,000 
           8,000 
 
 
 
 
17 Extract of Balance Sheet of Bliss Products Ltd. 
As at ____  
Particulars No
te 
No
. 
Amount 
Current 
Year 
Amount  
Previous 
Year 
I. EQUITY AND LIABILITIES 
1. Shareholder’s Fund 
a. Share Capital 
 
 
1 
 
 
39,70,000 
 
 
Notes to Accounts: 
Note 
No. 
Particulars Amount (?) 
1 Share Capital 
      Authorized Capital 
90,000 Equity shares of ? 100 each 
 
90,00,000 
 Issued Capital  
50,000 Equity shares of ? 100 each 
 
50,00,000 
 Subscribed Capital  
Subscribed and Fully Paid Capital 
39,000 Equity shares of ? 100 each                   39,00,000 
Add: Forfeited Shares (1,000 of ? 70 each)            70,000 
 
 
 
 
39,70,000 
 
 
 
 
 
 
 
 
 
 
½  
 
 
 
 
 
1 
 
 
1  
 
 
 
1½  
18 Journal 
Date Particulars L.F. Amount  
( ?) 
Amount 
 (?) 
 Realization A/c                                  Dr 
          To K’s Capital A/c                       
 (Being wife’s loan discharged by the 
partner) 
 6,000 
 
 
6,000 
            
 Realization A/c                                  Dr 
          To Bank A/c                       
 (Being balance creditor’s paid at a 
discount of 10% after part payment 
through furniture) 
 27,000  
27,000 
 
   (4) 
 
 K’s Capital Account                          Dr 
         To Realization A/c  
(Being  unrecorded machine taken over 
by a partner) 
 3,000  
3,000 
 R’s Capital A/c                                 Dr 
K’s Capital A/c                                 Dr 
S’s Capital A/c                                  Dr 
          To Profit and Loss A/c  
( being debit balance of Profit and Loss 
distributed amongst partners) 
 5,000 
5,000 
5,000 
 
 
 
15,000 
 
19  
Dr.                                                        Income and Expenditure Account                                                Cr 
                                                             For the year ended 31
st
 March,2019                                                
Expenditure  Amount (?) Income  Amount (?) 
To Advertisement 
To Rent, Rates and Taxes  
To Repairs  
To Printing and Stationery 
To Telephone expenses 
To Depreciation on furniture 
(70000x15/100x9/12) 
 To excess of Income over 
expenditure  
 
 
13,100 
14,000 
15,000 
16,000 
1,000 
7,875 
 
34,425 
_________ 
1,01,400 
======== 
By Donations 
By Proceeds from 
Charity show 
By Subscription 
By Entrance fees 
By Interest on 
investments 
 
20,000 
 
16,200 
52,000      
6,000 
7,200 
 
 
_____ 
1,01,400 
===== 
 
Dr                                                                 Subscription Account                                                               Cr 
Particulars Amount (?) Particulars Amount (?) 
To Subscription in arrears in the 
beginning  
6,000 By Subscription in advance at 
end 
4,000 
To Income and Expenditure 52,000 By Receipts and Payments 52,000 
To Subscription in advance at end 5,000 By Subscription in arrears at end 7,000 
 63,000  63,000 
 
 
 
 
 
 
 
 
 
(½ X 
10) = 5 
+   1 
(subs) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20 
 
 
a) 
 
 
 
 
 
 
 
 
 
 
 
Journal 
Date Particulars L.F              Amount 
(?) 
Amount 
(?) 
 Bank A/c                                                          Dr. 
         To Deb Application and Allotment A/c  
(Being the application money received) 
 1,05,000  
1,05,000 
 Debenture  Application and Allotment  A/c   Dr 
Loss on Issue of Debenture A/c                      Dr 
       To 12% Debenture A/c 
       To Security Premium Reserve   
       To Premium on Redemption A/c  
(Being 1,000 debentures issued at a premium of 
5% and redeemable at 2% premium)   
 
 1,05,000 
2,000 
 
 
 
100000 
5000 
2000 
 Vendor A/c                                                      Dr  
Discount on issue of Debenture A/c 
     To 12% Debenture  
(Being  Debentures issued to vendors at a 
 9,00,000 
1,00,000 
 
 
10,00,000 
 
 
 
[2] 
 
 
[2] 
 
 
 
[2] 
 
 
 
[2] 
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FAQs on CBSE Marking Scheme with Solution Accountancy (2019-20) - Sample Papers for Class 12 Commerce

1. What is the CBSE marking scheme for Accountancy Class 12?
Ans. The CBSE marking scheme for Accountancy Class 12 is a set of guidelines provided by the Central Board of Secondary Education (CBSE) to evaluate and allocate marks to students' answers in the Accountancy exam. It specifies the distribution of marks for each question, the weightage assigned to different sections, and the criteria for grading the answers.
2. How can I obtain the CBSE Marking Scheme for Accountancy Class 12 for the year 2019-20?
Ans. The CBSE Marking Scheme for Accountancy Class 12 for the year 2019-20 can be obtained from the official website of CBSE (www.cbse.nic.in). The board usually releases the marking scheme along with the question paper and answer key after the completion of the exam. Students can download it in PDF format and refer to it to understand the marking criteria.
3. Are solutions provided along with the CBSE Marking Scheme for Accountancy Class 12?
Ans. Yes, solutions are provided along with the CBSE Marking Scheme for Accountancy Class 12. The solutions help students understand the step-by-step approach to solving the questions and provide a reference for the expected answers. It also includes explanations and relevant concepts to support the solutions.
4. How can the CBSE Marking Scheme for Accountancy Class 12 help in exam preparation?
Ans. The CBSE Marking Scheme for Accountancy Class 12 is a valuable resource for exam preparation. By understanding the marking scheme, students can get insights into the weightage of different topics and the distribution of marks. It helps them prioritize topics and allocate time accordingly. Moreover, by practicing with the marking scheme, students can gauge the expected answers and improve their writing skills to score better in the exam.
5. Can the CBSE Marking Scheme for Accountancy Class 12 be used for self-evaluation?
Ans. Yes, the CBSE Marking Scheme for Accountancy Class 12 can be used for self-evaluation. Students can compare their answers with the solutions provided in the marking scheme to identify any mistakes, understand the correct approach, and rectify their errors. It enables students to assess their preparation level and make necessary improvements before the actual exam.
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