CBSE Accountancy Past year paper All India (Set - 2) Solution - 2017, Class 12 | Additional Study Material for Commerce PDF Download

 Page 1


  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
CBSE 
Class XII Accountancy 
All India Board Paper Set 2– 2017 Solutions 
 
  SECTION A 
1. Answer :  
The following persons other than Minor, cannot be admitted to a Partnership 
a) Persons of Unsound Mind 
b) Persons disqualified by any Law 
 
2. 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 
 
3. 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) 
  
  
      
 
 
 
4. 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 
 
 
Page 2


  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
CBSE 
Class XII Accountancy 
All India Board Paper Set 2– 2017 Solutions 
 
  SECTION A 
1. Answer :  
The following persons other than Minor, cannot be admitted to a Partnership 
a) Persons of Unsound Mind 
b) Persons disqualified by any Law 
 
2. 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 
 
3. 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) 
  
  
      
 
 
 
4. 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 
 
 
  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
 
5. 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
?
??
?
 
 
6. 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. 
 
 
 
7. 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: 
Page 3


  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
CBSE 
Class XII Accountancy 
All India Board Paper Set 2– 2017 Solutions 
 
  SECTION A 
1. Answer :  
The following persons other than Minor, cannot be admitted to a Partnership 
a) Persons of Unsound Mind 
b) Persons disqualified by any Law 
 
2. 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 
 
3. 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) 
  
  
      
 
 
 
4. 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 
 
 
  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
 
5. 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
?
??
?
 
 
6. 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. 
 
 
 
7. 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: 
  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
1. Balanced Regional Growth 
2. Providing Employment Opportunities 
 
 
 
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 
by issuing a bills of exchange account) 
    
      
 
 
 
 
 
9. 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 4


  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
CBSE 
Class XII Accountancy 
All India Board Paper Set 2– 2017 Solutions 
 
  SECTION A 
1. Answer :  
The following persons other than Minor, cannot be admitted to a Partnership 
a) Persons of Unsound Mind 
b) Persons disqualified by any Law 
 
2. 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 
 
3. 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) 
  
  
      
 
 
 
4. 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 
 
 
  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
 
5. 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
?
??
?
 
 
6. 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. 
 
 
 
7. 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: 
  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
1. Balanced Regional Growth 
2. Providing Employment Opportunities 
 
 
 
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 
by issuing a bills of exchange account) 
    
      
 
 
 
 
 
9. 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 2 – 2017 Solution 
 
     
10. 
?
?
?
?
?
?
?
??
??
?
?
??
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
 
11. 
 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
? ? ?
? ? ?
? ? ?
? ? ?
``
``
``
``
 
 
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.) 
    
      
Page 5


  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
CBSE 
Class XII Accountancy 
All India Board Paper Set 2– 2017 Solutions 
 
  SECTION A 
1. Answer :  
The following persons other than Minor, cannot be admitted to a Partnership 
a) Persons of Unsound Mind 
b) Persons disqualified by any Law 
 
2. 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 
 
3. 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) 
  
  
      
 
 
 
4. 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 
 
 
  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
 
5. 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
?
??
?
 
 
6. 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. 
 
 
 
7. 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: 
  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
1. Balanced Regional Growth 
2. Providing Employment Opportunities 
 
 
 
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 
by issuing a bills of exchange account) 
    
      
 
 
 
 
 
9. 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 2 – 2017 Solution 
 
     
10. 
?
?
?
?
?
?
?
??
??
?
?
??
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
 
11. 
 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
? ? ?
? ? ?
? ? ?
? ? ?
``
``
``
``
 
 
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.) 
    
      
  
 
CBSE XII  |  Accountancy 
All India Board Paper Set 2 – 2017 Solution 
 
     
Working Note:  
Amount Paybale
No. of Equity Share  
Issued Price
50,000
                                     
125
No. of Equity Share 400 share.
?
?
?
 
 
 
11. Answer : 
 
Ashok Capital Account 
Dr.     Cr. 
Date Particulars ` Date Particulars ` 
2016   2016   
Dec 31 To  Drawing A/c 15,000 April 1 By  balance b/d 90,000 
Dec 31 To Interest on Drawing A/c 1,500 Dec 31 By Interest on Capital A/c 8,100 
Dec 31 To Ashok Executor’s A/c 3,01,600 Dec 31 By Profit and Loss Suspense 
A/c 
40,000 
   Dec 31 By Babu’s Capital A/c 90,000 
   Dec 31 By Chetan’s Capital A/c 90,000 
      
 3,18,100   3,18,100 
 
 
12. 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)