Page 1
ACCOUNTANCY (055)
CLASS XII (2024-25)
MARKING SCHEME
PART A
(Accounting for Partnership Firms and Companies)
S.No. Question Marks
Part A :- Accounting for Partnership Firms and Companies
1. B- ? 1,20,000 1
2. D - A is false but R is true 1
3. C - Subscribed
OR
B 5 %
1
4. A -
Bad Debts A/c Dr.
To Debtors A/c
Prov. for Doubtful Debts A/c Dr.
To Bad Debts A/c
15,000
15,000
15,000
15,000
OR
C - Gain ? 16,000, ? 2,00,000
1
5. C - 12 % 1
6. B- ? 4,800; ? 2,700; ? 2,100
Or
B -? 12,000
1
7. D - 1st May 2024 1
8. A - Realisation Account will be credited by ? 60,000
OR
C- ? 60,000 will be credited to Realisation Account and will be even paid off. Balance ? 40,000
will be distributed amongst partners
1
9. B - Teeka will be credited by ? 4,200 1
10. B - ? 1,60,000 1
11. D - Both B and C 1
12. C - All are correct 1
13. B - ? 60,000 1
14. D - Deferred Revenue Expenditure ? 50,000 and Profit and Loss (Dr.) ? 80,000 1
15. A - ? 2,25,000
OR
B - ? 67,500
1
16. A - 6:5:5 1
17. Assets realised = ? 1,08,000
Commission @ 2% = 2,160
Amount payable to other partners = 1,16,000 – 31,340 = 84,660
10% of amount payable = 8,466
3
Page 2
ACCOUNTANCY (055)
CLASS XII (2024-25)
MARKING SCHEME
PART A
(Accounting for Partnership Firms and Companies)
S.No. Question Marks
Part A :- Accounting for Partnership Firms and Companies
1. B- ? 1,20,000 1
2. D - A is false but R is true 1
3. C - Subscribed
OR
B 5 %
1
4. A -
Bad Debts A/c Dr.
To Debtors A/c
Prov. for Doubtful Debts A/c Dr.
To Bad Debts A/c
15,000
15,000
15,000
15,000
OR
C - Gain ? 16,000, ? 2,00,000
1
5. C - 12 % 1
6. B- ? 4,800; ? 2,700; ? 2,100
Or
B -? 12,000
1
7. D - 1st May 2024 1
8. A - Realisation Account will be credited by ? 60,000
OR
C- ? 60,000 will be credited to Realisation Account and will be even paid off. Balance ? 40,000
will be distributed amongst partners
1
9. B - Teeka will be credited by ? 4,200 1
10. B - ? 1,60,000 1
11. D - Both B and C 1
12. C - All are correct 1
13. B - ? 60,000 1
14. D - Deferred Revenue Expenditure ? 50,000 and Profit and Loss (Dr.) ? 80,000 1
15. A - ? 2,25,000
OR
B - ? 67,500
1
16. A - 6:5:5 1
17. Assets realised = ? 1,08,000
Commission @ 2% = 2,160
Amount payable to other partners = 1,16,000 – 31,340 = 84,660
10% of amount payable = 8,466
3
Total Commission = 2,160 + 8,460 = ? 10,626
Date Particulars Debit (?) Credit (?)
(i) Realisation A/c Dr.
To Rusting’s Capital Account
(Being remuneration payable to partner)
10,626
10,626
18. (i) Share in the subsequent profits attributable to the use of his balance.
? 42,250 x 20,500
?1,80,000
= ? 4,812
(ii) Interest @ 6% p.a. on the use of his balance = ? 42,250 x 6/12 x 6/100 = ? 1,267.50
C should exercise option (i) since the amount payable to him under this option is more as
compared to the amount payable to him under option (ii).
Or
Capital of Firm = 1,40,000+20,000 (Reserve) = ?1,60,000
Normal Profit = 1,60,000 x 12/100 = ?19,200
Average Profit = ?30,000
Super Profit = Average Profit-Normal Profit = 30,000-19,200 = ?10,800
Goodwill = 4 (Super Profit) = 4 (10,800) = ?43,200
Saurabh's share of Goodwill = 1/3 of 43,200= ?14,400.
3
19.
Journal
Date Particulars Debit Credit
Assets A/c Dr 40,00,000
To Liabilities A/c 6,50,000
To Ginny Ltd. A/c 32,00,000
To Capital Reserve A/c 1,50,000
(Being Business taken over and capital reserve recorded)
Ginny Limited A/c Dr 32,00,000
Loss on Issue of Debentures A/c Dr 4,50,000
To 8% Debentures A/c 30,00,000
To Premium on redemption of Debentures 1,50,000
To Bank A/c 5,00,000
(Being purchased consideration discharged)
3
Page 3
ACCOUNTANCY (055)
CLASS XII (2024-25)
MARKING SCHEME
PART A
(Accounting for Partnership Firms and Companies)
S.No. Question Marks
Part A :- Accounting for Partnership Firms and Companies
1. B- ? 1,20,000 1
2. D - A is false but R is true 1
3. C - Subscribed
OR
B 5 %
1
4. A -
Bad Debts A/c Dr.
To Debtors A/c
Prov. for Doubtful Debts A/c Dr.
To Bad Debts A/c
15,000
15,000
15,000
15,000
OR
C - Gain ? 16,000, ? 2,00,000
1
5. C - 12 % 1
6. B- ? 4,800; ? 2,700; ? 2,100
Or
B -? 12,000
1
7. D - 1st May 2024 1
8. A - Realisation Account will be credited by ? 60,000
OR
C- ? 60,000 will be credited to Realisation Account and will be even paid off. Balance ? 40,000
will be distributed amongst partners
1
9. B - Teeka will be credited by ? 4,200 1
10. B - ? 1,60,000 1
11. D - Both B and C 1
12. C - All are correct 1
13. B - ? 60,000 1
14. D - Deferred Revenue Expenditure ? 50,000 and Profit and Loss (Dr.) ? 80,000 1
15. A - ? 2,25,000
OR
B - ? 67,500
1
16. A - 6:5:5 1
17. Assets realised = ? 1,08,000
Commission @ 2% = 2,160
Amount payable to other partners = 1,16,000 – 31,340 = 84,660
10% of amount payable = 8,466
3
Total Commission = 2,160 + 8,460 = ? 10,626
Date Particulars Debit (?) Credit (?)
(i) Realisation A/c Dr.
To Rusting’s Capital Account
(Being remuneration payable to partner)
10,626
10,626
18. (i) Share in the subsequent profits attributable to the use of his balance.
? 42,250 x 20,500
?1,80,000
= ? 4,812
(ii) Interest @ 6% p.a. on the use of his balance = ? 42,250 x 6/12 x 6/100 = ? 1,267.50
C should exercise option (i) since the amount payable to him under this option is more as
compared to the amount payable to him under option (ii).
Or
Capital of Firm = 1,40,000+20,000 (Reserve) = ?1,60,000
Normal Profit = 1,60,000 x 12/100 = ?19,200
Average Profit = ?30,000
Super Profit = Average Profit-Normal Profit = 30,000-19,200 = ?10,800
Goodwill = 4 (Super Profit) = 4 (10,800) = ?43,200
Saurabh's share of Goodwill = 1/3 of 43,200= ?14,400.
3
19.
Journal
Date Particulars Debit Credit
Assets A/c Dr 40,00,000
To Liabilities A/c 6,50,000
To Ginny Ltd. A/c 32,00,000
To Capital Reserve A/c 1,50,000
(Being Business taken over and capital reserve recorded)
Ginny Limited A/c Dr 32,00,000
Loss on Issue of Debentures A/c Dr 4,50,000
To 8% Debentures A/c 30,00,000
To Premium on redemption of Debentures 1,50,000
To Bank A/c 5,00,000
(Being purchased consideration discharged)
3
Or
Journal
Date Particulars Debit Credit
Share Capital A/c Dr 56,000
To Shares Forfeited A/c 40,000
To Calls in arrears A/c 16,000
(Being Shares forfeited)
Bank A/c Dr 10,000
Shares Forfeited A/c Dr 25,000
To Share Capital A/c 35,000
(Being 5000 shares reissued at discount)
20.
Journal
Date Particulars Debit Credit
(i) Investment Fluctuation Reserve A/c Dr 1,00,000
To Bat’s capital A/c 50,000
To Cat’s capital A/c 30,000
To Rat’s capital A/c 20,000
(Being Invest. Fluctuation Reserve distributed)
Investment A/c Dr 80,000
To Revaluation A/c 80,000
(Being Increase in investment recorded)
Revaluation A/c Dr 80,000
To Bat capital A/c 40,000
To Cat capital A/c 24,000
To Rat capital A/c 16,000
(Being Gain on revaluation transferred to partners)
(ii) Investment Fluctuation Reserve A/c Dr 1,00,000
To Bat’s capital A/c 40,000
To Cat’s capital A/c 24,000
To Rat’s capital A/c 16,000
To Investment A/c 20,000
(Being decrease in investment recorded and balance
Invest. Fluctuation Reserve distributed)
(iIi) Investment Fluctuation Reserve A/c Dr 1,00,000
Revaluation A/c Dr 10,000
To Investment A/c 1,10,000
(Being decrease in investment recorded)
3
Page 4
ACCOUNTANCY (055)
CLASS XII (2024-25)
MARKING SCHEME
PART A
(Accounting for Partnership Firms and Companies)
S.No. Question Marks
Part A :- Accounting for Partnership Firms and Companies
1. B- ? 1,20,000 1
2. D - A is false but R is true 1
3. C - Subscribed
OR
B 5 %
1
4. A -
Bad Debts A/c Dr.
To Debtors A/c
Prov. for Doubtful Debts A/c Dr.
To Bad Debts A/c
15,000
15,000
15,000
15,000
OR
C - Gain ? 16,000, ? 2,00,000
1
5. C - 12 % 1
6. B- ? 4,800; ? 2,700; ? 2,100
Or
B -? 12,000
1
7. D - 1st May 2024 1
8. A - Realisation Account will be credited by ? 60,000
OR
C- ? 60,000 will be credited to Realisation Account and will be even paid off. Balance ? 40,000
will be distributed amongst partners
1
9. B - Teeka will be credited by ? 4,200 1
10. B - ? 1,60,000 1
11. D - Both B and C 1
12. C - All are correct 1
13. B - ? 60,000 1
14. D - Deferred Revenue Expenditure ? 50,000 and Profit and Loss (Dr.) ? 80,000 1
15. A - ? 2,25,000
OR
B - ? 67,500
1
16. A - 6:5:5 1
17. Assets realised = ? 1,08,000
Commission @ 2% = 2,160
Amount payable to other partners = 1,16,000 – 31,340 = 84,660
10% of amount payable = 8,466
3
Total Commission = 2,160 + 8,460 = ? 10,626
Date Particulars Debit (?) Credit (?)
(i) Realisation A/c Dr.
To Rusting’s Capital Account
(Being remuneration payable to partner)
10,626
10,626
18. (i) Share in the subsequent profits attributable to the use of his balance.
? 42,250 x 20,500
?1,80,000
= ? 4,812
(ii) Interest @ 6% p.a. on the use of his balance = ? 42,250 x 6/12 x 6/100 = ? 1,267.50
C should exercise option (i) since the amount payable to him under this option is more as
compared to the amount payable to him under option (ii).
Or
Capital of Firm = 1,40,000+20,000 (Reserve) = ?1,60,000
Normal Profit = 1,60,000 x 12/100 = ?19,200
Average Profit = ?30,000
Super Profit = Average Profit-Normal Profit = 30,000-19,200 = ?10,800
Goodwill = 4 (Super Profit) = 4 (10,800) = ?43,200
Saurabh's share of Goodwill = 1/3 of 43,200= ?14,400.
3
19.
Journal
Date Particulars Debit Credit
Assets A/c Dr 40,00,000
To Liabilities A/c 6,50,000
To Ginny Ltd. A/c 32,00,000
To Capital Reserve A/c 1,50,000
(Being Business taken over and capital reserve recorded)
Ginny Limited A/c Dr 32,00,000
Loss on Issue of Debentures A/c Dr 4,50,000
To 8% Debentures A/c 30,00,000
To Premium on redemption of Debentures 1,50,000
To Bank A/c 5,00,000
(Being purchased consideration discharged)
3
Or
Journal
Date Particulars Debit Credit
Share Capital A/c Dr 56,000
To Shares Forfeited A/c 40,000
To Calls in arrears A/c 16,000
(Being Shares forfeited)
Bank A/c Dr 10,000
Shares Forfeited A/c Dr 25,000
To Share Capital A/c 35,000
(Being 5000 shares reissued at discount)
20.
Journal
Date Particulars Debit Credit
(i) Investment Fluctuation Reserve A/c Dr 1,00,000
To Bat’s capital A/c 50,000
To Cat’s capital A/c 30,000
To Rat’s capital A/c 20,000
(Being Invest. Fluctuation Reserve distributed)
Investment A/c Dr 80,000
To Revaluation A/c 80,000
(Being Increase in investment recorded)
Revaluation A/c Dr 80,000
To Bat capital A/c 40,000
To Cat capital A/c 24,000
To Rat capital A/c 16,000
(Being Gain on revaluation transferred to partners)
(ii) Investment Fluctuation Reserve A/c Dr 1,00,000
To Bat’s capital A/c 40,000
To Cat’s capital A/c 24,000
To Rat’s capital A/c 16,000
To Investment A/c 20,000
(Being decrease in investment recorded and balance
Invest. Fluctuation Reserve distributed)
(iIi) Investment Fluctuation Reserve A/c Dr 1,00,000
Revaluation A/c Dr 10,000
To Investment A/c 1,10,000
(Being decrease in investment recorded)
3
Bat’s capital A/c Dr 5,000
Cat’s capital A/c Dr 3,000
Rat’s capital A/c Dr 2,000
To Revaluation A/c 10,000
(Being Loss on revaluation distributed among the
partners)
21.
Journal
Date Particulars Debit Credit
Share capital A/c Dr 45,000
To Forfeited shares A/c 27,000
To share final call A/c 18,000
(Being 4500 shares forfeited)
Bank A/c Dr 22,500
Forfeited shares A/c Dr 22,500
To Share Capital A/c 45,000
(Being 4500 shares reissued)
Forfeited share A/c Dr 4,500
To Capital reserve A/c 4,500
(Being balance of share forfeiture transferred to
Capital reserve)
Dr. Share Forfeiture A/c Cr.
Particulars Amount Particulars Amount
To Share Capital A/c 22,500 By Share Capital 27,000
To Capital Reserve A/c 4,500
27,000 27,000
4
Page 5
ACCOUNTANCY (055)
CLASS XII (2024-25)
MARKING SCHEME
PART A
(Accounting for Partnership Firms and Companies)
S.No. Question Marks
Part A :- Accounting for Partnership Firms and Companies
1. B- ? 1,20,000 1
2. D - A is false but R is true 1
3. C - Subscribed
OR
B 5 %
1
4. A -
Bad Debts A/c Dr.
To Debtors A/c
Prov. for Doubtful Debts A/c Dr.
To Bad Debts A/c
15,000
15,000
15,000
15,000
OR
C - Gain ? 16,000, ? 2,00,000
1
5. C - 12 % 1
6. B- ? 4,800; ? 2,700; ? 2,100
Or
B -? 12,000
1
7. D - 1st May 2024 1
8. A - Realisation Account will be credited by ? 60,000
OR
C- ? 60,000 will be credited to Realisation Account and will be even paid off. Balance ? 40,000
will be distributed amongst partners
1
9. B - Teeka will be credited by ? 4,200 1
10. B - ? 1,60,000 1
11. D - Both B and C 1
12. C - All are correct 1
13. B - ? 60,000 1
14. D - Deferred Revenue Expenditure ? 50,000 and Profit and Loss (Dr.) ? 80,000 1
15. A - ? 2,25,000
OR
B - ? 67,500
1
16. A - 6:5:5 1
17. Assets realised = ? 1,08,000
Commission @ 2% = 2,160
Amount payable to other partners = 1,16,000 – 31,340 = 84,660
10% of amount payable = 8,466
3
Total Commission = 2,160 + 8,460 = ? 10,626
Date Particulars Debit (?) Credit (?)
(i) Realisation A/c Dr.
To Rusting’s Capital Account
(Being remuneration payable to partner)
10,626
10,626
18. (i) Share in the subsequent profits attributable to the use of his balance.
? 42,250 x 20,500
?1,80,000
= ? 4,812
(ii) Interest @ 6% p.a. on the use of his balance = ? 42,250 x 6/12 x 6/100 = ? 1,267.50
C should exercise option (i) since the amount payable to him under this option is more as
compared to the amount payable to him under option (ii).
Or
Capital of Firm = 1,40,000+20,000 (Reserve) = ?1,60,000
Normal Profit = 1,60,000 x 12/100 = ?19,200
Average Profit = ?30,000
Super Profit = Average Profit-Normal Profit = 30,000-19,200 = ?10,800
Goodwill = 4 (Super Profit) = 4 (10,800) = ?43,200
Saurabh's share of Goodwill = 1/3 of 43,200= ?14,400.
3
19.
Journal
Date Particulars Debit Credit
Assets A/c Dr 40,00,000
To Liabilities A/c 6,50,000
To Ginny Ltd. A/c 32,00,000
To Capital Reserve A/c 1,50,000
(Being Business taken over and capital reserve recorded)
Ginny Limited A/c Dr 32,00,000
Loss on Issue of Debentures A/c Dr 4,50,000
To 8% Debentures A/c 30,00,000
To Premium on redemption of Debentures 1,50,000
To Bank A/c 5,00,000
(Being purchased consideration discharged)
3
Or
Journal
Date Particulars Debit Credit
Share Capital A/c Dr 56,000
To Shares Forfeited A/c 40,000
To Calls in arrears A/c 16,000
(Being Shares forfeited)
Bank A/c Dr 10,000
Shares Forfeited A/c Dr 25,000
To Share Capital A/c 35,000
(Being 5000 shares reissued at discount)
20.
Journal
Date Particulars Debit Credit
(i) Investment Fluctuation Reserve A/c Dr 1,00,000
To Bat’s capital A/c 50,000
To Cat’s capital A/c 30,000
To Rat’s capital A/c 20,000
(Being Invest. Fluctuation Reserve distributed)
Investment A/c Dr 80,000
To Revaluation A/c 80,000
(Being Increase in investment recorded)
Revaluation A/c Dr 80,000
To Bat capital A/c 40,000
To Cat capital A/c 24,000
To Rat capital A/c 16,000
(Being Gain on revaluation transferred to partners)
(ii) Investment Fluctuation Reserve A/c Dr 1,00,000
To Bat’s capital A/c 40,000
To Cat’s capital A/c 24,000
To Rat’s capital A/c 16,000
To Investment A/c 20,000
(Being decrease in investment recorded and balance
Invest. Fluctuation Reserve distributed)
(iIi) Investment Fluctuation Reserve A/c Dr 1,00,000
Revaluation A/c Dr 10,000
To Investment A/c 1,10,000
(Being decrease in investment recorded)
3
Bat’s capital A/c Dr 5,000
Cat’s capital A/c Dr 3,000
Rat’s capital A/c Dr 2,000
To Revaluation A/c 10,000
(Being Loss on revaluation distributed among the
partners)
21.
Journal
Date Particulars Debit Credit
Share capital A/c Dr 45,000
To Forfeited shares A/c 27,000
To share final call A/c 18,000
(Being 4500 shares forfeited)
Bank A/c Dr 22,500
Forfeited shares A/c Dr 22,500
To Share Capital A/c 45,000
(Being 4500 shares reissued)
Forfeited share A/c Dr 4,500
To Capital reserve A/c 4,500
(Being balance of share forfeiture transferred to
Capital reserve)
Dr. Share Forfeiture A/c Cr.
Particulars Amount Particulars Amount
To Share Capital A/c 22,500 By Share Capital 27,000
To Capital Reserve A/c 4,500
27,000 27,000
4
22.
Journal
Date Particulars Debit Credit
1.10.2023 Y's Capital A/c Dr 15,60,000
To Y's Executors A/c 15,60,000
(Being balance in capital transferred to
executors account)
1.10.2023 Y's Executors A/c Dr 3,60,000
To Banks A/c 3,60,000
(Being payment made to the executor)
31.12.2023 Interest A/c Dr 18,000
To Y's Executor's A/c 18,000
(Being Interest due)
31.12.2023 Y's Executors A/c Dr 3,18,000
To Banks A/c 3,18,000
(Being payment made to the executor)
31.03.2024 Interest A/c Dr 13,500
To Y's Executor's A/c 13,500
(Being Interest due)
31.03.2024 Y's Executors A/c Dr 3,13,500
To Banks A/c 3,13,500
(Being payment made to the executor)
4
23.
Journal
Date Particulars Debit Credit
Bank A/c Dr 22,50,000
To Share Application and allotment A/c 22,50,000
(Being Application and allotment money
received)
Share Application and allotment A/c Dr 22,50,000
To Equity Share Capital A/c
18,00,000
To Share First call A/c
3,00,000
To Bank A/c 1,50,000
(Being application and allotment money
adjusted and excess refunded)
6
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