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 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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