CBSE Accountancy Past year paper Delhi (Set - 2) Solution - 2015, Class 12 | Additional Study Material for Commerce PDF Download

 Page 1


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
2. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
3. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
4. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
5. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
6. Answer: 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
Page 2


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
2. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
3. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
4. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
5. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
6. Answer: 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. 7,800. 
9. Answer : 
Balance Sheet Extract 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
1. Shareholder’s Funds   
 a. Share Capital 1 10,00,000 
 b. Reserve and Surplus 2 3,000 
Total  10,03,000 
   
II. Assets   
2. Current Assets   
 a. Cash and Equivalents 3 10,03,000 
   
Total  10,03,000 
 
 
 
 
Note No Particulars  ` 
1. Share  Capital   
Page 3


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
2. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
3. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
4. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
5. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
6. Answer: 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. 7,800. 
9. Answer : 
Balance Sheet Extract 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
1. Shareholder’s Funds   
 a. Share Capital 1 10,00,000 
 b. Reserve and Surplus 2 3,000 
Total  10,03,000 
   
II. Assets   
2. Current Assets   
 a. Cash and Equivalents 3 10,03,000 
   
Total  10,03,000 
 
 
 
 
Note No Particulars  ` 
1. Share  Capital   
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
 Authorised Share Capital   
  5,00,000 shares of `10 each  50,00,000 
 Issued Share Capital   
  1,00,000 Equity Shares of `10 each  10,00,000 
 Subscribed Called-up and Paid up Share Capital   
  1,00,000 Shares of `10 each  10,00,000 
    
2. Reserve and Surplus   
 Capital Reserve  3,000 
    
3. Cash and Cash Equivalents   
 Cash at Bank  10,03,000 
    
 
10. Answer : 
Journal 
In the books of Sangam Woolens Ltd 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Machinery A/c Dr.  5,00,000  
 -------- To Vendor A/c    5,00,000 
 (Being machinery purchased)     
      
 Vendor A/c Dr.  5,00,000  
 -------- To Equity Share Capital    4,00,000 
 -------- To 9% Debentures A/c    1,00,000 
 (Being issued 40,000 equity shares and 1,000 debentures to 
the vendor) 
    
      
Values involved in the above scenario 
(i) Employment opportunities 
(ii) Working for social welfare 
 
11. Answer: 
 
Momita’s Capital Account 
Dr.   Cr. 
Particulars ` Particulars ` 
To Drawings A/c 10,000 By Balance b/d 60,000 
To Interest on Drawings A/c 300 By Interest on Capital A/c 1,800 
To Executors A/c 83,000 By Profit and Loss Suspense A/c 4,500 
  By Vikas’s Capital A/c 13,500 
  By Gagan’s Capital A/c 13,500 
 93,300  93,300 
    
 
Working Notes: 
WN1 Calculation of Interest on Momita’s Capital 
66
Interest on Capital = 60,000 1,800
100 12
? ? ? 
WN2 Calculation of Momita’s Share in Profit 
 
Page 4


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
2. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
3. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
4. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
5. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
6. Answer: 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. 7,800. 
9. Answer : 
Balance Sheet Extract 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
1. Shareholder’s Funds   
 a. Share Capital 1 10,00,000 
 b. Reserve and Surplus 2 3,000 
Total  10,03,000 
   
II. Assets   
2. Current Assets   
 a. Cash and Equivalents 3 10,03,000 
   
Total  10,03,000 
 
 
 
 
Note No Particulars  ` 
1. Share  Capital   
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
 Authorised Share Capital   
  5,00,000 shares of `10 each  50,00,000 
 Issued Share Capital   
  1,00,000 Equity Shares of `10 each  10,00,000 
 Subscribed Called-up and Paid up Share Capital   
  1,00,000 Shares of `10 each  10,00,000 
    
2. Reserve and Surplus   
 Capital Reserve  3,000 
    
3. Cash and Cash Equivalents   
 Cash at Bank  10,03,000 
    
 
10. Answer : 
Journal 
In the books of Sangam Woolens Ltd 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Machinery A/c Dr.  5,00,000  
 -------- To Vendor A/c    5,00,000 
 (Being machinery purchased)     
      
 Vendor A/c Dr.  5,00,000  
 -------- To Equity Share Capital    4,00,000 
 -------- To 9% Debentures A/c    1,00,000 
 (Being issued 40,000 equity shares and 1,000 debentures to 
the vendor) 
    
      
Values involved in the above scenario 
(i) Employment opportunities 
(ii) Working for social welfare 
 
11. Answer: 
 
Momita’s Capital Account 
Dr.   Cr. 
Particulars ` Particulars ` 
To Drawings A/c 10,000 By Balance b/d 60,000 
To Interest on Drawings A/c 300 By Interest on Capital A/c 1,800 
To Executors A/c 83,000 By Profit and Loss Suspense A/c 4,500 
  By Vikas’s Capital A/c 13,500 
  By Gagan’s Capital A/c 13,500 
 93,300  93,300 
    
 
Working Notes: 
WN1 Calculation of Interest on Momita’s Capital 
66
Interest on Capital = 60,000 1,800
100 12
? ? ? 
WN2 Calculation of Momita’s Share in Profit 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
30,000 50,000 60,000 40,000
Average Profit = 45,000
4
16
Share of Momita in profits = 45,000 4,500
5 12
? ? ?
?
? ? ?
 
WN 3 Adjustment of Goodwill 
Average Profit = 45,000 
Goodwill of the firm = Average Profit ? Number of years purchase 
                                           = 45,000 ? 3 = 1, 35,000 
1
Momita's Share of Goodwill = 1,35,000 27,000
5
1
Vikas will pay = 27,000 13,500
2
1
Gagan will pay = 27,000 13,500
2
??
??
??
 
12. Answer: 
 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Gupta’s Capital A/c Dr.  1,20,000  
 --------- To Kumar’s Capital A/c    60,000 
 --------- To Kavita’s Capital A/c    60,000 
 (Being goodwill adjusted at the time of change in profit 
sharing ratio) 
    
 
Working Note: 
WN 1 Calculation of Gaining Ratio 
Old Ratio = 1:1:1 
New Ratio = 1:2:1 
Gaining Ratio = New Ratio – Old Ratio 
1 1 3 4 1
Kumar = (sacrifice)
4 3 12 12
2 1 6 4 2
Gupta = (Gain)
4 3 12 12
1 1 3 4 1
Kavita = (Sacrifice)
4 3 12 12
?
? ? ? ?
?
? ? ?
?
? ? ? ?
 
Only Gupta is gaining, Kumar and Kavita are sacrificing in the ratio of 1:1 
 
 Calculation of Goodwill of the firm
Sum of years of profit
Average Profit = 
Number of years
4,00,000 4,80,000 7,33,000 33,000 2,20,000
                              =
5
                               = 
? ? ? ?
WN2
18,00,000
3,60,000
5
?
 
Goodwill is calculated on the basis of two years purchase of last 5 years average profit 
Goodwill = 2 ? Average Profit 
                  = 2 ? 3, 60,000 = 7, 20,000 
1
Amount of goodwill to be adjusted = 7,20,000 60,000
12
?? 
Page 5


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
2. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
3. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
4. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
5. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
6. Answer: 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. 7,800. 
9. Answer : 
Balance Sheet Extract 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
1. Shareholder’s Funds   
 a. Share Capital 1 10,00,000 
 b. Reserve and Surplus 2 3,000 
Total  10,03,000 
   
II. Assets   
2. Current Assets   
 a. Cash and Equivalents 3 10,03,000 
   
Total  10,03,000 
 
 
 
 
Note No Particulars  ` 
1. Share  Capital   
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
 Authorised Share Capital   
  5,00,000 shares of `10 each  50,00,000 
 Issued Share Capital   
  1,00,000 Equity Shares of `10 each  10,00,000 
 Subscribed Called-up and Paid up Share Capital   
  1,00,000 Shares of `10 each  10,00,000 
    
2. Reserve and Surplus   
 Capital Reserve  3,000 
    
3. Cash and Cash Equivalents   
 Cash at Bank  10,03,000 
    
 
10. Answer : 
Journal 
In the books of Sangam Woolens Ltd 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Machinery A/c Dr.  5,00,000  
 -------- To Vendor A/c    5,00,000 
 (Being machinery purchased)     
      
 Vendor A/c Dr.  5,00,000  
 -------- To Equity Share Capital    4,00,000 
 -------- To 9% Debentures A/c    1,00,000 
 (Being issued 40,000 equity shares and 1,000 debentures to 
the vendor) 
    
      
Values involved in the above scenario 
(i) Employment opportunities 
(ii) Working for social welfare 
 
11. Answer: 
 
Momita’s Capital Account 
Dr.   Cr. 
Particulars ` Particulars ` 
To Drawings A/c 10,000 By Balance b/d 60,000 
To Interest on Drawings A/c 300 By Interest on Capital A/c 1,800 
To Executors A/c 83,000 By Profit and Loss Suspense A/c 4,500 
  By Vikas’s Capital A/c 13,500 
  By Gagan’s Capital A/c 13,500 
 93,300  93,300 
    
 
Working Notes: 
WN1 Calculation of Interest on Momita’s Capital 
66
Interest on Capital = 60,000 1,800
100 12
? ? ? 
WN2 Calculation of Momita’s Share in Profit 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
30,000 50,000 60,000 40,000
Average Profit = 45,000
4
16
Share of Momita in profits = 45,000 4,500
5 12
? ? ?
?
? ? ?
 
WN 3 Adjustment of Goodwill 
Average Profit = 45,000 
Goodwill of the firm = Average Profit ? Number of years purchase 
                                           = 45,000 ? 3 = 1, 35,000 
1
Momita's Share of Goodwill = 1,35,000 27,000
5
1
Vikas will pay = 27,000 13,500
2
1
Gagan will pay = 27,000 13,500
2
??
??
??
 
12. Answer: 
 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Gupta’s Capital A/c Dr.  1,20,000  
 --------- To Kumar’s Capital A/c    60,000 
 --------- To Kavita’s Capital A/c    60,000 
 (Being goodwill adjusted at the time of change in profit 
sharing ratio) 
    
 
Working Note: 
WN 1 Calculation of Gaining Ratio 
Old Ratio = 1:1:1 
New Ratio = 1:2:1 
Gaining Ratio = New Ratio – Old Ratio 
1 1 3 4 1
Kumar = (sacrifice)
4 3 12 12
2 1 6 4 2
Gupta = (Gain)
4 3 12 12
1 1 3 4 1
Kavita = (Sacrifice)
4 3 12 12
?
? ? ? ?
?
? ? ?
?
? ? ? ?
 
Only Gupta is gaining, Kumar and Kavita are sacrificing in the ratio of 1:1 
 
 Calculation of Goodwill of the firm
Sum of years of profit
Average Profit = 
Number of years
4,00,000 4,80,000 7,33,000 33,000 2,20,000
                              =
5
                               = 
? ? ? ?
WN2
18,00,000
3,60,000
5
?
 
Goodwill is calculated on the basis of two years purchase of last 5 years average profit 
Goodwill = 2 ? Average Profit 
                  = 2 ? 3, 60,000 = 7, 20,000 
1
Amount of goodwill to be adjusted = 7,20,000 60,000
12
?? 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2015 Solution 
 
     
13. Answer : 
 
9% Debentures A/c 
Dr.       Cr. 
Date Particulars J.F. ` Date Particulars J.F. ` 
2008-09 To Balance c/d  6,00,000 2008-09 By Debenture Application A/c  5,40,000 
     By Loss on Issue of Debentures A/c  60,000 
   6,00,000    6,00,000 
        
2009-10 To Balance c/d  6,00,000 2009-10 By Balance b/d  6,00,000 
   6,00,000    6,00,000 
        
2010-11 To Debenture holder’s A/c  1,00,000 2010-11 By Balance b/d  6,00,000 
 To Balance c/d  5,00,000     
   6,00,000    6,00,000 
        
2011-12 To Debenture holder’s A/c  1,00,000 2011-12 By Balance b/d  5,00,000 
 To Balance c/d  4,00,000     
   5,00,000    5,00,000 
        
2012-13 To Debenture holder’s A/c  2,00,000 2012-13 By Balance b/d  4,00,000 
 To Balance c/d  2,00,000     
   4,00,000    4,00,000 
        
2013-14 To Debenture holder’s A/c  2,00,000 2013-14 By Balance b/d  2,00,000 
        
   2,00,000    2,00,000 
        
 
14. Answer : 
Realisation Account 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Stock A/c  10,000 By Provision for Bad debts A/c  5,000 
To Debtors A/c  25,000 By Sundry Creditors A/c  16,600 
To Plant and Machinery A/c  40,000 By Bills Payables A/c  3,400 
   By Mortgage Loan A/c  15,000 
To Bank A/c   By Bank A/c   
 Sundry Creditors 16,000   Stock 6,700  
 Bills Payables 3,400   Debtors 12,500  
 Mortgage Loan 15,000 34,400  Plant and Machinery 36,000 55,200 
   By Bank A/c 
(unrecorded assets realised) 
 6,220 
To Bank A/c (outstanding 
repairs) 
 400 By Loan transferred to :   
    Bora’s Capital A/c 5,000  
To Bank A/c (exp)  620  Singh’s Capital A/c 3,000  
    Ibrahim’s Capital A/c 1,000 9,000 
      
  1,10,420   1,10,420 
      
 
Partner’s Capital Account 
Dr. Cr.