· 67/2 1 p.t.o. narjmwu h$mos >h$mo cÎma-nwpñvh$m ho$ _wi-n¥ð >na adí` {bio§ &...

$: · 67/2 1 P.T.O. narjmWu H$moS >H$mo CÎma-nwpñVH$m Ho$ _wI-n¥ð >na Adí` {bIo§ & Candidates must write the Code on the title page of the answer-book. Series SGN H$
67/2 1 P.T.O.

narjmWu H$moS >H$mo CÎma-nwpñVH$m Ho$ _wI-n¥ð >na Adí` {bIo§ & Candidates must write the Code on the

title page of the answer-book.

Series SGN H$moS> Z§. Code No.

amob Z§. Roll No.

boImemñÌ

ACCOUNTANCY

{ZYm©[aV g_` : 3 KÊQ>o A{YH$V_ A§H$ : 80

Time allowed : 3 hours Maximum Marks : 80

H¥$n`m Om±M H$a b| {H$ Bg àíZ-nÌ _o§ _w{ÐV n¥ð> 27 h¢ & àíZ-nÌ _| Xm{hZo hmW H$s Amoa {XE JE H$moS >Zå~a H$mo N>mÌ CÎma-nwpñVH$m Ho$ _wI-n¥ð> na

{bI| &

H¥$n`m Om±M H$a b| {H$ Bg àíZ-nÌ _| 23 àíZ h¢ & H¥$n`m àíZ H$m CÎma {bIZm ewê$ H$aZo go nhbo, àíZ H$m H«$_m§H$ Adí` {bI| &

Bg àíZ-nÌ H$mo n‹T>Zo Ho$ {bE 15 {_ZQ >H$m g_` {X`m J`m h¡ & àíZ-nÌ H$m {dVaU nydm©• _| 10.15 ~Oo {H$`m OmEJm & 10.15 ~Oo go 10.30 ~Oo VH$ N>mÌ Ho$db àíZ-nÌ H$mo n‹T>|Jo Am¡a Bg Ad{Y Ho$ Xm¡amZ do CÎma-nwpñVH$m na H$moB© CÎma Zht {bI|Jo &

Please check that this question paper contains 27 printed pages.

Code number given on the right hand side of the question paper should be

written on the title page of the answer-book by the candidate.

Please check that this question paper contains 23 questions.

Please write down the Serial Number of the question before

attempting it.

15 minute time has been allotted to read this question paper. The question

paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the

students will read the question paper only and will not write any answer on

the answer-book during this period.

SET-2

67/2

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gm_mÝ` {ZX}e : (i) `h àíZ-nÌ Xmo IÊS>m| _| {d^º$ h¡ – H$ Am¡a I & (ii) IÊS> H$ g^r Ho$ {bE A{Zdm`© h¡ & (iii) IÊS> I Ho$ Xmo {dH$ën h¢ - {dÎmr` {ddaUm| H$m {díbofU VWm A{^H${bÌ boIm§H$Z & (iv) IÊS> I go Ho$db EH$ hr {dH$ën Ho$ àíZm| Ho$ CÎma {b{IE & (v) {H$gr àíZ Ho$ g^r IÊS>m| Ho$ CÎma EH$ hr ñWmZ na {bIo OmZo Mm{hE & General Instructions :

(i) This question paper contains two parts – A and B.

(ii) Part A is compulsory for all.

(iii) Part B has two options – Analysis of Financial Statements and

Computerised Accounting.

(iv) Attempt only one option of Part B.

(v) All parts of a question should be attempted at one place.

IÊS> H$ (gmPoXmar \$_m] VWm H$ån{Z`m| Ho$ {bE boIm§H$Z)

PART A

(Accounting for Partnership Firms and Companies)

1. ZrVy, _rVy VWm Q>rQy> EH$ \$_© Ho$ gmPoXma Wo & 1 OZdar, 2018 H$mo _rVy Zo AdH$me J«hU {H$`m & _rVy Ho$ AdH$me J«hU H$aZo na \$_© H$s »`m{V H$m _yë`m§H$Z < 4,20,000 {H$`m J`m &

_rVy Ho$ AdH$me J«hU H$aZo na »`m{V Ho$ boIm§H$Z Ho$ {bE Amdí`H$ amoµOZm_Mm à{dpîQ> H$s{OE & 1 Neetu, Meetu and Teetu were partners in a firm. On 1st January, 2018,

Meetu retired. On Meetu’s retirement the goodwill of the firm was valued at < 4,20,000.

Pass necessary journal entry for the treatment of goodwill on Meetu’s retirement.

2. A{_V VWm ~rZm EH$ \$_© Ho$ gmPoXma Wo VWm 3 : 1 Ho$ AZwnmV _| bm^-hm{Z ~m±Q>Vo Wo &

CÝhm|Zo bm^ Ho$ 6

1 ^mJ Ho$ {bE M_Z H$mo EH$ Z`m gmPoXma ~Zm`m & M_Z Zo AnZo ^mJ

H$m 5

2 ^mJ A{_V go àmá {H$`m &

M_Z Zo ~rZm go {H$VZm ^mJ àmá {H$`m ? 1

Amit and Beena were partners in a firm sharing profits and losses in the

ratio of 3 : 1. Chaman was admitted as a new partner for 6

1 th share in

the profits. Chaman acquired 5

2 th of his share from Amit.

How much share did Chaman acquire from Beena ?



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67/2 3 P.T.O.

3. Š`m ‘g§{MV ny±Or’, ‘A-A{^XÎm ny±Or’ AWdm ‘A`m{MV ny±Or’ H$m ^mJ h¡ ? 1 Is ‘Reserve Capital’ a part of ‘Unsubscribed Capital’ or ‘Uncalled

Capital’ ?

4. ‘G$UnÌm| H$m g§nmpíd©H$ à{V^y{V Ho$ ê$n _| {ZJ©_Z’ H$m AW© ~VmBE & 1 Give the meaning of ‘Debentures issued as Collateral Security’.

5. n[agån{Îm`m| VWm Xo`VmAm| Ho$ {ZnQ>mZ Ho$ AmYma na ‘gmPoXmar Ho$ {dKQ>Z’ VWm ‘gmPoXmar \$_© Ho$ {dKQ>Z’ _| AÝV^©oX H$s{OE & 1

Distinguish between ‘Dissolution of partnership’ and ‘Dissolution of

partnership firm’ on the basis of settlement of assets and liabilities.

6. [aVoe VWm {hVoe ~MnZ Ho$ XmoñV h¢ & [aVoe EH$ nam_e©XmVm h¡ O~{H$ {hVoe EH$ dmñVwH$ma h¡ & CÝhm|Zo ~am~a am{e H$m A§eXmZ H$aHo$ < 2 H$amo‹S> _| EH$ ^dZ IarXm & EH$ df© níMmV² CÝhm|Zo Cgo < 3 H$amo‹S> _| ~oM {X`m Am¡a bm^m| H$mo ~am~a-~am~a ~m±Q> {b`m & Š`m do gmPoXmar _| ì`dgm` H$a aho h¢ ? AnZo CÎma Ho$ g_W©Z _| H$maU Xr{OE & 1

Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas

Hitesh is an architect. They contributed equal amounts and purchased a

building for < 2 crores. After a year, they sold it for < 3 crores and

shared the profits equally. Are they doing the business in partnership ?

Give reason in support of your answer.

7. ‘A§e’ H$m Š`m AW© h¡ ? ‘nydm©{YH$mar A§em|’ d ‘g_Vm A§em|’ _| H$moB© Xmo A§Va Xr{OE & 3 What is meant by a ‘Share’ ? Give any two differences between

‘Preference Shares’ and ‘Equity Shares’.

8. O`ÝV, H$m{V©H$ VWm brZm EH$ \$_© Ho$ gmPoXma Wo VWm 5 : 2 : 3 Ho$ AZwnmV _| bm^-hm{Z ~m±Q>Vo Wo & H$m{V©H$ H$m XohmÝV hmo J`m VWm O`ÝV Ed§ brZm Zo ì`dgm` H$mo Mmby aIZo H$m {ZU©` {H$`m & CZH$m A{Ybm^ AZwnmV 2 : 3 Wm &

O`ÝV VWm brZm Ho$ ZE bm^ gh^mOZ AZwnmV H$s JUZm H$s{OE & 3

Jayant, Kartik and Leena were partners in a firm sharing profits and

losses in the ratio of 5 : 2 : 3. Kartik died and Jayant and Leena decided

to continue the business. Their gaining ratio was 2 : 3.

Calculate the new profit sharing ratio of Jayant and Leena.



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9. dr.Ho$. {b{_Q>oS> H$s nwñVH$m| _| [aº$ N>mo‹S>r JB© {ZåZ{b{IV amoµOZm_Mm à{dpîQ>`m| H$mo nyam H$s{OE : 3

dr.Ho$. {b{_Q>oS> amoµOZm_Mm

{V{W {ddaU ~.n¥.g§.

Zm_ am{e

<

O_m am{e

<

2018 ........................................ Zm_ ..........

\$adar 01 ........................................ ..........

(ñd`§ Ho$ 500, < 100 àË`oH$ Ho$ 9% G$UnÌm| H$m H«$` < 97 àË`oH$ na VwaÝV aÔ H$aZo hoVw {H$`m J`m)

\$adar 01 ........................................ Zm_ ..........

........................................

........................................

..........

..........

(ñd`§ Ho$ G$UnÌm| H$mo aÔ {H$`m J`m)

.......... ........................................ Zm_ ..........

........................................

(.............................................)

..........

Complete the following journal entries left blank in the books of VK Ltd. :

VK Ltd.

Journal

Date Particulars L.F.

Debit

Amount

<

Credit

Amount

<

2018 ............................... Dr ..........

February 01 ............................... ..........

(Purchased own 500, 9%

debentures of < 100 each at

< 97 each for immediate

cancellation)

February 01 ............................... Dr ..........

...............................

...............................

..........

..........

(Cancelled own debentures)

.......... ............................... Dr ..........

...............................

(...................................)

..........



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67/2 5 P.T.O.

10. EH$ Q´>H$ {d{Z_m©U H$ånZr EZ.Ho$. {b{_Q>oS> < 1,00,00,000 H$s A{YH¥$V n±yOr Ho$ gmW

n§OrH¥$V h¡ Omo < 100 àË`oH$ Ho$ g_Vm A§em| _| {d^º$ h¡ & H$ånZr H$s A{^XÎm VWm àXÎm

ny±Or < 50,00,000 h¡ & H$ånZr Zo amOñWmZ Ho$ Pmbmdm‹S> {Obo _| {d{eîQ> `mo½`Vm dmbo

~ƒm| H$mo à{ejU XooZo Ho$ {bE VH$ZrH$s {dÚmb` ImobZo H$m {ZU©` {b`m & `h BZH$mo

AnZr {d{^Þ {d{Z_m©U BH$mB`m| _| VWm Amgnmg Ho$ joÌ Ho$ CÚmoJm| _| amoµOJma CnbãY

H$amZo H$s `moOZm ~Zm ahr h¡ &

Bg n[a`moOZm H$s ny±OrJV Amdí`H$VmAm| H$mo nyam H$aZo Ho$ {bE H$ånZr Zo OZVm H$mo {ZJ©_Z

hoVw 20,000 A§em| H$m àñVmd {H$`m & g^r A§e nyU© ê$n go A{^XÎm VWm nyU© àXÎm hmo JE &

H$ånZr A{Y{Z`_, 2013 H$s AZwgyMr III Ho$ àmdYmZm| Ho$ AZwgma H$ånZr Ho$ pñW{V {ddaU

_| A§e ny±Or H$mo àX{e©V H$s{OE &

Eogo {H$Ýht Xmo _yë`m| H$s nhMmZ ^r H$s{OE {OZH$mo H$ånZr gåào{fV H$aZm MmhVr h¡ & 3

NK Ltd., a truck manufacturing company, is registered with an

authorised capital of < 1,00,00,000 divided into equity shares of < 100

each. The subscribed and paid up capital of the company is < 50,00,000.

The company decided to open technical schools in the Jhalawar district of

Rajasthan to train the specially abled children of the area. It is planning

to provide them employment in its various production units and

industries in the neighbourhood area.

To meet the capital expenditure requirements of the project, the company

offered 20,000 shares to the public for subscription. The shares were fully

subscribed and paid.

Present the share capital in the Balance Sheet of the company as per the

provisions of Schedule III of the Companies Act, 2013.

Also identify any two values that the company wants to communicate.



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11. Amem VWm A{X{V EH$ \$_© _| gmPoXma h¢ VWm 3 : 2 Ho$ AZwnmV _| bm^-hm{Z ~m±Q>Vo h¢ &

CÝhm|Zo amKd H$mo gmPoXma Ho$ ê$n _| \$_© Ho$ bm^m| _| 4

1 ^mJ Ho$ {bE àdoe {X`m & amKd

AnZr ny±Or Ho$ ê$n _| < 6,00,000 VWm AnZo {hñgo H$s »`m{V ZJX bm`m & \$_© H$s

»`m{V H$m _yë`m§H$Z {nN>bo Mma dfm] Ho$ Am¡gV bm^ Ho$ Xmo dfm] Ho$ H«$` Ho$ AmYma na

{H$`m J`m & EH$ \$_© Ho$ {nN>bo Mma dfm] H$m bm^ {ZåZ àH$ma go Wm :

df© bm^ (<) 2013 – 14 3,50,000

2014 – 15 4,75,000

2015 – 16 6,70,000

2016 – 17 7,45,000

{ZåZ{b{IV A{V[aŠV gyMZm Xr JB© h¡ : (i) »`m{V _yë`m§H$Z Ho$ {bE < 56,250 à~ÝYH$s` bmJV Ho$ dm{f©H$ à^ma H$mo ^r

gpå_{bV {H$`m OmZm h¡ & (ii) 31 _mM©, 2017 H$mo g_mßV hþE df© H$m ApÝV_ ñQ>m°H$ < 15,000 A{YH$ Am§H$m

J`m & H$m`©H$mar {Q>ßn{U`m| H$mo ñnîQ> ê$n go Xem©Vo hþE amKd Ho$ àdoe na Amdí`H$ amoµOZm_Mm

à{dpîQ>`m± H$s{OE & 4

Asha and Aditi are partners in a firm sharing profits and losses in the

ratio of 3 : 2. They admit Raghav as a partner for 4

1 th share in the profits

of the firm. Raghav brings < 6,00,000 as his capital and his share of

goodwill in cash. Goodwill of the firm is to be valued at two years’

purchase of average profits of the last four years.

The profits of the firm during the last four years are given below :

Year Profit (<)

2013 – 14 3,50,000

2014 – 15 4,75,000

2015 – 16 6,70,000

2016 – 17 7,45,000

The following additional information is given :

(i) To cover management cost an annual charge of < 56,250 should be

made for the purpose of valuation of goodwill.

(ii) The closing stock for the year ended 31.3.2017 was overvalued by

< 15,000. Pass necessary journal entries on Raghav’s admission showing the working notes clearly.



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67/2 7 P.T.O.

12. ~Zdmar, {JaYmar VWm _wamar EH$ \$_© Ho$ gmPoXma h¢ VWm 4 : 5 : 6 Ho$ AZwnmV _| bm^-hm{Z

~m±Q>Vo h¢ & 31 _mM©, 2014 H$mo {JaYmar Zo AdH$me J«hU {H$`m & Bg {V{W H$mo ~Zdmar,

{JaYmar VWm _wamar H$s ny±Or g^r Amdí`H$ g_m`moOZm| go nyd© H«$_e: < 2,00,000,

< 1,00,000 VWm < 50,000 Wt & {JaYmar Ho$ AdH$me J«hU H$aZo na \$_© H$s »`m{V H$m

_yë` < 1,14,000 Am§H$m J`m & n[agån{Îm`m| Ho$ nwZ_y©ë`m§H$Z Ed§ Xo`VmAm| Ho$ nwZ{Z©Ym©aU

H$m n[aUm_ < 6,000 H$m bm^ Wm & \$_© H$s nwñVH$m| _| gm_mÝ` g§M` < 30,000 H$m

Wm &

{JaYmar H$mo Xo` am{e CgHo$ G$U ImVo _| hñVmÝV[aV H$a Xr JB© & ~Zdmar VWm _wamar,

{JaYmar H$mo < 75,000 à{V df© H$s Xmo dm{f©H$ {H$ñVm| _| {Og_| àW_ Xmo dfm] H$s ~H$m`m

eof am{e na 10% dm{f©H$ ã`mO gpå_{bV hmoJm, VWm eof am{e H$m ^wJVmZ ã`mO g{hV

Vrgao df© H$aZo H$mo gh_V hþE & \$_© à{V df© AnZr nwñVH|$ 31 _mM© H$mo ~ÝX H$aVr h¡ &

H$m ©H$mar {Q>ßn{U`m| H$mo ñnîQ> ê$n go Xem©Vo hþE {JaYmar H$m G$U ImVm V¡`ma H$s{OE O~

VH$ CgH$m nyU© ^wJVmZ hmo & 4

Banwari, Girdhari and Murari are partners in a firm sharing profits and

losses in the ratio of 4 : 5 : 6. On 31st March, 2014, Girdhari retired. On

that date the capitals of Banwari, Girdhari and Murari before the

necessary adjustments stood at < 2,00,000, < 1,00,000 and < 50,000

respectively. On Girdhari’s retirement, goodwill of the firm was valued at

< 1,14,000. Revaluation of assets and re-assessment of liabilities resulted

in a profit of < 6,000. General Reserve stood in the books of the firm at

< 30,000.

The amount payable to Girdhari was transferred to his loan account.

Banwari and Murari agreed to pay Girdhari two yearly instalments of

< 75,000 each including interest @ 10% p.a. on the outstanding balance

during the first two years and the balance including interest in the third

year. The firm closes its books on 31st March every year.

Prepare Girdhari’s loan account till it is finally paid showing the working

notes clearly.



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13. 1 Aà¡b, 2014 H$mo Ho$.Ho$. {b{_Q>oS> Zo < 1,000 àË`oH$ Ho$ 5,000, 10% G$UnÌm| H$mo 6%

Ho$ ~Å>o na {ZJ©{_V H$aZo Ho$ {bE AmdoXZ Am_pÝÌV {H$E & BZ G$UnÌm| H$m emoYZ VrZ dfm]

Ho$ AÝV _| 10% Ho$ àr{_`_ na H$aZm Wm & 6,000 G$UnÌm| Ho$ {bE AmdoXZ àmßV hþE

VWm g^r AmdoXH$m| H$mo AmZwnm{VH$ AmYma na G$UnÌm| H$m Am~§Q>Z H$a {X`m J`m & AmdoXZ

na àmßV A{V[aŠV am{e dmng H$a Xr JB© &

31.3.2016 H$mo {ZXoeH$m| Zo Ý`yZV_ am{e G$UnÌ emoYZ g§M` _| hñVmÝV[aV H$aZo H$m

{ZU©` {b`m & 1.4.2016 H$mo H$ånZr Zo H$ånZr A{Y{Z`_, 2013 Ho$ àmdYmZm| Ho$ AZwgma

Amdí`H$ am{e 9% ~¢H$ gmd{Y O_m _| {d{Z`mo{OV {H$E & ~¢H$ Ûmam ã`mO na 10%

dm{f©H$ H$s Xa go òmoV na H$a KQ>m`m J`m &

G$UnÌm| Ho$ {ZJ©_Z Ed§ emoYZ Ho$ {bE Amdí`H$ amoµOZm_Mm à{dpîQ>`m± H$s{OE & G$UnÌm| Ho$

{ZJ©_Z na hm{Z H$mo An{b{IV H$aZo Ed§ G$UnÌm| na ã`mO Ho$ ^wJVmZ gå~pÝYV à{dpîQ>`m±

Zht H$aZr h¢ & 6 6

On 1st April, 2014, KK Ltd. invited applications for issuing 5,000 10%

debentures of < 1,000 each at a discount of 6%. These debentures were

repayable at the end of 3rd year at a premium of 10%. Applications for

6,000 debentures were received and the debentures were allotted on

pro-rata basis to all the applicants. Excess money received with

applications was refunded.

The directors decided to transfer the minimum amount to Debenture

Redemption Reserve on 31.3.2016. On 1.4.2016, the company invested

the necessary amount in 9% bank fixed deposit as per the provisions of

the Companies Act, 2013. Tax was deducted at source by bank on interest

@ 10% p.a.

Pass the necessary journal entries for issue and redemption of

debentures. Ignore entries relating to writing off loss on issue of

debentures and interest paid on debentures.



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67/2 9 P.T.O.

14. àUd, H$aZ VWm ahr_ EH$ \$_© Ho$ gmPoXma Wo VWm 2 : 2 : 1 Ho$ AZwnmV _| bm^-hm{Z ~m±Q>Vo

Wo & 31 _mM©, 2017 H$mo CZH$m pñW{V {ddaU {ZåZ àH$ma go Wm :

31.3.2017 H$mo àUd, H$aZ VWm ahr_ H$m pñW{V {ddaU

Xo`VmE± am{e < n[agån{Îm`m± am{e <

boZXma 3,00,000 ñWm`r n[agån{Îm`m± 4,50,000

gm_mÝ` g§M` 1,50,000 ñQ>m°H$ 1,50,000

ny±Or : XoZXma 2,00,000

àUd 2,00,000 ~¢H$ 1,50,000

H$aZ 2,00,000

ahr_ 1,00,000 5,00,000

9,50,000 9,50,000

12.6.2017 H$mo H$aZ H$s _¥Ë`w hmo JB© & gmPoXmar g§boI Ho$ AZwgma _¥VH$ gmPoXma Ho$ d¡Y

{ZînmXH$m| H$mo {ZåZ Xo` Wm :

(i) CgHo$ n±yOr ImVo H$m eof &

(ii) n±yOr na 12% à{V df© ã`mO &

(iii) »`m{V H$m ^mJ & H$aZ H$s _¥Ë`w na \$_© H$s »`m{V H$m _yë`m§H$Z < 60,000 {H$`m

J`m &

(iv) _¥Ë`w H$s {V{W VH$ \$_© Ho$ bm^ _| CgH$m ^mJ, {OgH$s JUZm \$_© Ho$ {nN>bo df©

Ho$ bm^ Ho$ AmYma na H$s OmEJr & 31.3.2017 H$mo g_mßV hþE df© _| \$_© H$m

bm^ < 5,00,000 Wm &

H$aZ Ho$ {ZînmXH$m| H$mo àñVwV H$aZo Ho$ {bE CgH$m ny±Or ImVm V¡`ma H$s{OE & 6



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67/2 10

Pranav, Karan and Rahim were partners in a firm sharing profits and

losses in the ratio of 2 : 2 : 1. On 31st March, 2017 their Balance Sheet

was as follows :

Balance Sheet of Pranav, Karan and Rahim as on 31.3.2017

Liabilities Amount

< Assets

Amount <

Creditors 3,00,000 Fixed Assets 4,50,000

General Reserve 1,50,000 Stock 1,50,000

Capitals Debtors 2,00,000

Pranav 2,00,000 Bank 1,50,000

Karan 2,00,000

Rahim 1,00,000 5,00,000

9,50,000 9,50,000

Karan died on 12.6.2017. According to the partnership deed, the legal

representatives of the deceased partner were entitled to the following :

(i) Balance in his Capital Account.

(ii) Interest on Capital @ 12% p.a.

(iii) Share of goodwill. Goodwill of the firm on Karan’s death was

valued at < 60,000.

(iv) Share in the profits of the firm till the date of his death, calculated

on the basis of last year’s profit. The profit of the firm for the year

ended 31.3.2017 was < 5,00,000.

Prepare Karan’s Capital Account to be presented to his representatives.



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67/2 11 P.T.O.

15. MÝXa VWm Xm{_Zr EH$ \$_© Ho$ gmPoXma Wo VWm bm^-hm{Z ~am~a ~m±Q>Vo Wo & 31 _mM©,

2017 H$mo CZH$m pñW{V {ddaU {ZåZ àH$ma go Wm :

31.3.2017 H$mo MÝXa VWm Xm{_Zr H$m pñW{V {ddaU

Xo`VmE± am{e <

n[agån{Îm`m± am{e <

{d{dY boZXma 1,04,000 ~¢H$ _| amoH$‹S> 30,000

ny±Or : àmß` {~b 45,000

MÝXa 2,50,000 XoZXma 75,000

Xm{_Zr 2,16,000 4,66,000 \$ZuMa 1,10,000

^y{_ VWm ^dZ 3,10,000

5,70,000 5,70,000

1.4.2017 H$mo CÝhm|Zo bm^ Ho$ 3

1 ^mJ Ho$ {bE E{bZm H$mo {ZåZ eVm] na EH$ Z`m gmPoXma

~Zm`m :

(i) E{bZm AnZr n±yOr Ho$ {bE < 3,00,000 VWm »`m{V àr{_`_ Ho$ AnZo ^mJ Ho$

{bE < 50,000 bmEJr, {OgHo$ AmYo H$m MÝXa VWm Xm{_Zr AmhaU H$a b|Jo &

(ii) < 5,000 Ho$ XoZXmam| H$m boIm Zht {H$`m J`m Wm &

(iii) \$ZuMa H$mo 10% H$_ {H$`m OmEJm VWm àmß` {~bm| d XoZXmam| na Sy>~V Ed§ g§{X½Y

G$Um| Ho$ {bE 5% H$m àmdYmZ {H$`m OmEJm &

(iv) ^y{_ VWm ^dZ Ho$ _yë` _| 20% H$s ~‹T>moVar H$s OmEJr &

(v) \$_© Ho$ {déÕ j{Vny{V© H$m EH$ Xmdm Wm, BgHo$ {bE < 8,000 H$s EH$ Xo`Vm H$m

g¥OZ {H$`m OmEJm &

nwZ_y©ë`m§H$Z ImVm VWm gmPoXmam| Ho$ ny±Or ImVo V¡`ma H$s{OE & 6



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67/2 12

Chander and Damini were partners in a firm sharing profits and losses

equally. On 31st March, 2017 their Balance Sheet was as follows :

Balance Sheet of Chander and Damini as on 31.3.2017

Liabilities Amount

< Assets

Amount <

Sundry Creditors 1,04,000 Cash at Bank 30,000

Capitals Bills Receivable 45,000

Chander 2,50,000 Debtors 75,000

Damini 2,16,000 4,66,000 Furniture 1,10,000

Land and Building 3,10,000

5,70,000 5,70,000

On 1.4.2017, they admitted Elina as a new partner for 3

1 rd share in the

profits on the following conditions :

(i) Elina will bring < 3,00,000 as her capital and < 50,000 as her

share of goodwill premium, half of which will be withdrawn by

Chander and Damini.

(ii) Debtors to the extent of < 5,000 were unrecorded.

(iii) Furniture will be reduced by 10% and 5% provision for bad and

doubtful debts will be created on bills receivables and debtors.

(iv) Value of land and building will be appreciated by 20%.

(v) There being a claim against the firm for damages, a liability to the

extent of < 8,000 will be created for the same.

Prepare Revaluation Account and Partners’ Capital Accounts.



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67/2 13 P.T.O.

16. EŠg. {b{_Q>oS> Zo < 10 àË`oH$ Ho$ 50,000 g_Vm A§em| Ho$ {ZJ©_Z Ho$ {bE AmdoXZ Am_pÝÌV {H$E & am{e H$m ^wJVmZ {ZåZ àH$ma go H$aZm Wm :

AmdoXZ na : < 2 à{V A§e

Am~§Q>Z na : < 2 à{V A§e

àW_ `mMZm na : < 3 à{V A§e

Xÿgar VWm ApÝV_ `mMZm na : eof am{e

70,000 A§em| Ho$ {bE AmdoXZ àmßV hþE & 10,000 A§em| Ho$ {bE AmdoXZm| H$mo aÔ H$a {X`m J`m VWm AmdoXZ am{e dmng H$a Xr JB© &

eof A§eYmaH$m| H$mo AmZwnm{VH$ AmYma na A§em| H$m Am~§Q>Z H$a {X`m J`m VWm AmdoXZm| Ho$ gmW àmßV Am{YŠ` am{e H$mo, `{X H$moB© Wr, Am~§Q>Z VWm `mMZm na Xo` am{e _| hñVmÝV[aV H$a {X`m J`m &

Jmonmb, {OgZo 600 A§em| Ho$ {bE AmdoXZ {H$`m Wm, Zo AnZr g_ñV A§e am{e H$m ^wJVmZ AmdoXZ Ho$ gmW H$a {X`m & Kmof, {OgZo 6,000 A§em| Ho$ {bE AmdoXZ {H$`m Wm, Am~§Q>Z am{e H$m wJVmZ H$aZo _| Ag\$b ahm VWm CgHo$ A§em| H$m Vwa§V haU H$a {b`m J`m & haU {H$E JE BZ A§em| H$m < 20,000 _| gwëVmZ H$mo < 4 à{V A§e àXÎm nwZ: {ZJ©_Z H$a {X`m J`m & àW_ `mMZm am{e VWm Xÿgar VWm ApÝV_ `mMZm am{e `WmdV² _m±Jr JB© Ed§ àmßV hmo JB© &

EŠg. {b{_Q>oS> H$s nwñVH$m| _| Cn w©ŠV boZXoZm| Ho$ {bE Amdí`H$ amo µOZm_Mm à{dpîQ>`m± H$s{OE & Ohm± Amdí`H$ hmo A{J«_-`mMZm ImVm VWm AXÎm-`mMZm ImVm Imo{bE & 8

AWdm

‘A’ {b{_Q>oS> Zo < 10 àË`oH$ Ho$ 1,00,000 A§em| H$mo < 1 à{V A§e Ho$ àr{_`_ na

{ZJ©{_V H$aZo hoVw AmdoXZ Am_pÝÌV {H$E & am{e H$m ^wJVmZ {ZåZ àH$ma go H$aZm Wm :

AmdoXZ na : < 3 à{V A§e

Am~§Q>Z na : < 3 à{V A§e (àr{_`_ g{hV)

àW_ `mMZm na : < 3 à{V A§e

Xÿgar VWm ApÝV_ `mMZm na : eof am{e

1,60,000 A§em| Ho$ {bE AmdoXZ àmßV hþE & Am~§Q>Z {ZåZ{b{IV AmYma na {H$`m J`m :

(i) 90,000 A§em| Ho$ AmdoXH$m| H$mo : 40,000 A§e

(ii) 50,000 A§em| Ho$ AmdoXH$m| H$mo : 40,000 A§e

(iii) 20,000 A§em| Ho$ AmdoXH$m| H$mo : nyao A§e



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67/2 14

AmdoXZ na àmßV A{V[aŠV YZam{e H$m g_m`moOZ Am~§Q>Z Ed§ `mMZmAm| na Xo` am{e _| {H$`m OmEJm &

EH$ A§eYmar, [af^, {OgZo 1,500 A§em| Ho$ {bE AmdoXZ {H$`m Wm VWm Omo loUr (ii) go gå~ÝY aIVm Wm, Zo Am~§Q>Z, àW_ VWm Xÿgar Ed§ A§{V_ `mMZm am{e H$m ^wJVmZ Zht {H$`m &

EH$ AÝ` A§eYmar, gwYm, {OgZo 1,800 A§em| Ho$ {bE AmdoXZ {H$`m Wm VWm Omo loUr (i) go gå~pÝYV Wr, Zo àW_ VWm Xÿgar Ed§ A§{V_ `mMZm am{e H$m ^wJVmZ Zht {H$`m &

[af^ VWm gwYm Ho$ g^r A§em| H$m haU H$a {b`m J`m VWm ~mX _| CÝh| < 7 à{V A§e nyU© àXÎm nwZ:{ZJ©{_V H$a {X`m J`m &

‘A’ {b{_Q>oS> H$s nwñVH$m| _| Amdí`H$ amoµOZm_Mm à{dpîQ>`m± H$s{OE & Ohm± Amdí`H$ hmo AXÎm-`mMZm ImVm VWm A{J«_-`mMZm ImVm Imo{bE & 8 X Ltd. invited applications for issuing 50,000 equity shares of < 10 each. The amount was payable as follows :

On Application : < 2 per share

On Allotment : < 2 per share

On First Call : < 3 per share

On Second and Final Call : Balance amount

Applications for 70,000 shares were received. Applications for 10,000

shares were rejected and the application money was refunded.

Shares were allotted to the remaining applicants on a pro-rata basis and

excess money received with applications was transferred towards sums

due on allotment and calls, if any.

Gopal, who applied for 600 shares, paid his entire share money with

application. Ghosh, who had applied for 6,000 shares, failed to pay the

allotment money and his shares were immediately forfeited. These forfeited shares were re-issued to Sultan for < 20,000; < 4 per share paid

up. The first call money and the second and final call money was called

and duly received.

Pass necessary journal entries for the above transactions in the books of

X Ltd. Open Calls-in-Advance Account and Calls-in-Arrears Account

wherever necessary.

OR

A Ltd. invited applications for issuing 1,00,000 shares of < 10 each at a

premium of < 1 per share. The amount was payable as follows :

On Application : < 3 per share

On Allotment : < 3 per share (including premium)

On First Call : < 3 per share

On Second and Final Call : Balance amount



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67/2 15 P.T.O.

Applications for 1,60,000 shares were received. Allotment was made on

the following basis :

(i) To applicants for 90,000 shares : 40,000 shares

(ii) To applicants for 50,000 shares : 40,000 shares

(iii) To applicants for 20,000 shares : full shares

Excess money paid on application is to be adjusted against the amount

due on allotment and calls.

Rishabh, a shareholder, who applied for 1,500 shares and belonged to

category (ii), did not pay allotment, first and second and final call money.

Another shareholder, Sudha, who applied for 1,800 shares and belonged

to category (i), did not pay the first and second and final call money.

All the shares of Rishabh and Sudha were forfeited and were

subsequently re-issued at < 7 per share fully paid.

Pass the necessary journal entries in the books of A Ltd. Open

Calls-in-Arrears Account and Calls-in-Advance Account wherever

required.

17. g¥OZ, a_Z VWm _ZZ EH$ \$_© Ho$ gmPoXma Wo VWm 2 : 2 : 1 Ho$ AZwnmV _| bm^-hm{Z ~m±Q>Vo Wo & 31 _mM©, 2017 H$mo CZH$m pñW{V {ddaU {ZåZ àH$ma go Wm :

31.3.2017 H$mo g¥OZ, a_Z VWm _ZZ H$m pñW{V {ddaU

Xo`VmE± am{e

< gån{Îm`m±

am{e

<

ny±Or : n±yOr : _ZZ 10,000

g¥OZ 2,00,000 ßbm§Q> 2,20,000

a_Z 1,50,000 3,50,000 {Zdoe 70,000

boZXma 75,000 ñQ>m°H$ 50,000

Xo` {~b 40,000 XoZXma 60,000

AXÎm doVZ 35,000 ~¢H$ 10,000

bm^-hm{Z ImVm 80,000

5,00,000 5,00,000

Cn w©º$ {V{W H$mo CÝhm|Zo \$_© H$m {dKQ>Z H$aZo H$m {ZU©` {b`m &



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67/2 16

(i) g¥OZ H$mo n[agån{Îm`m| H$mo dgyb H$aZo VWm Xo`VmAm| H$m ^wJVmZ H$aZo Ho$ {bE {Z wŠV {H$`m J`m & g¥OZ H$mo n[agån{Îm`m| H$s {~H«$s (amoH$‹S> H$mo N>mo‹S>H$a) H$m 5% H$_reZ àmßV hmoJm VWm Cgo {dKQ>Z ì`` ^r dhZ H$aZo hm|Jo &

(ii) n[agån{Îm`m| H$s dgybr {ZåZ àH$ma go H$s JB© :

(<)

ßbm§Q> 85,000

ñQ>m°H$ 33,000

XoZXma 47,000 (iii) {Zdoem| H$s nwñVH$ _yë` Ho$ 95% na dgybr H$s JB© & (iv) \$_© H$mo nyd© _| àmdYmZ Zht {H$E JE < 7,500 Ho$ AXÎm _aå_V {~b H$m ^wJVmZ

H$aZm n‹S>m & (v) ~¢H$ go ~Å>o na ^wZmE JE < 15,000 Ho$ àmß` {~bm| H$s EH$ AmH$pñ_H$ Xo`Vm H$m

^wJVmZ H$aZm n‹S>m & (vi) {dKQ>Z ì`` < 3,000 Wo {OgH$m ^wJVmZ g¥OZ Ûmam {H$`m J`m &

dgybr ImVm, gmPoXmam| Ho$ ny±Or ImVo VWm ~¢H$ ImVm V¡`ma H$s{OE & 8

AWdm

_mobr, ^mobm VWm amO EH$ \$_© Ho$ gmPoXma Wo VWm 3 : 3 : 4 Ho$ AZwnmV _| bm^-hm{Z ~m±Q>Vo Wo & CZHo$ gmPoXmar g§boI _| {ZåZ{b{IV H$m àmdYmZ Wm :

(i) ny±Or na 5% à{V df© ã`mO &

(ii) AmhaU na 12% à{V df© ã`mO &

(iii) gmPoXma Ho$ G$U na 6% à{V df© ã`mO &

(iv) _mobr H$mo < 4,000 dm{f©H$ doVZ; ^mobm H$mo bm^-hm{Z ImVo Ûmam àX{e©V ewÕ bm^ na 10% H$_reZ VWm amO H$mo gmPoXmar g§boI _| {H$E JE àmdYmZm| Ho$ g_m`moOZm| Ho$ níMmV² < 1,50,000 bm^ H$s Jma§Q>r &

CZH$s ñWm`r ny±Or Wr, _mobr : < 5,00,000; ^mobm : < 8,00,000 VWm amO : < 4,00,000. 1 Aà¡b, 2016 H$mo ^mobm Zo \$_© H$mo < 1,00,000 H$m G$U {X`m & ^mobm Ho$ G$U na ã`mO bJmZo go$ nyd© 31 _mM©, 2017 H$mo g_mßV hmoZo dmbo df© Ho$ {bE \$_© H$m ewÕ bm^ < 3,06,000 Wm &

31 _mM©, 2017 H$mo g_mßV hþE df© Ho$ {bE _mobr, ^mobm VWm amO H$m bm^-hm{Z {d{Z`moOZ ImVm VWm gmPoXmam| Ho$ Mmby ImVo V¡`ma H$s{OE & df© _| ^mobm Zo à{V _mh Ho$ AÝV _| < 5,000, _mobr Zo àË`oH$ {V_mhr Ho$ AÝV _| < 10,000 VWm amO Zo àË`oH$ N>: _mh Ho$ AÝV _| < 40,000 H$m AmhaU {H$`m & 8



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67/2 17 P.T.O.

Srijan, Raman and Manan were partners in a firm sharing profits and

losses in the ratio of 2 : 2 : 1. On 31st March, 2017 their Balance Sheet

was as follows :

Balance Sheet of Srijan, Raman and Manan as on 31.3.2017

Liabilities Amount

< Assets

Amount <

Capitals : Capital : Manan 10,000

Srijan 2,00,000 Plant 2,20,000

Raman 1,50,000 3,50,000 Investments 70,000

Creditors 75,000 Stock 50,000

Bills Payable 40,000 Debtors 60,000

Outstanding Salary 35,000 Bank 10,000

Profit and Loss

Account 80,000

5,00,000 5,00,000

On the above date they decided to dissolve the firm.

(i) Srijan was appointed to realise the assets and discharge the

liabilities. Srijan was to receive 5% commission on sale of assets

(except cash) and was to bear all expenses of realisation.

(ii) Assets were realised as follows :

(<)

Plant 85,000

Stock 33,000

Debtors 47,000

(iii) Investments were realised at 95% of the book value.

(iv) The firm had to pay < 7,500 for an outstanding repair bill not

provided for earlier.

(v) A contingent liability in respect of bills receivable, discounted with

the bank had also materialised and had to be discharged for

< 15,000.

(vi) Expenses of realisation amounting to < 3,000 were paid by Srijan.

Prepare Realisation Account, Partners’ Capital Accounts and Bank

Account.

OR



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67/2 18

Moli, Bhola and Raj were partners in a firm sharing profits and losses in

the ratio of 3 : 3 : 4. Their partnership deed provided for the following :

(i) Interest on capital @ 5% p.a.

(ii) Interest on drawing @ 12% p.a.

(iii) Interest on partners’ loan @ 6% p.a.

(iv) Moli was allowed an annual salary of < 4,000; Bhola was allowed a

commission of 10% of net profit as shown by Profit and Loss Account

and Raj was guaranteed a profit of < 1,50,000 after making all the

adjustments as provided in the partnership agreement.

Their fixed capitals were Moli : < 5,00,000; Bhola : < 8,00,000 and

Raj : < 4,00,000. On 1st April, 2016 Bhola extended a loan of < 1,00,000

to the firm. The net profit of the firm for the year ended 31st March, 2017

before interest on Bhola’s loan was < 3,06,000.

Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for

the year ended 31st March, 2017 and their Current Accounts assuming

that Bhola withdrew < 5,000 at the end of each month, Moli withdrew

< 10,000 at the end of each quarter and Raj withdrew < 40,000 at the

end of each half year.

IÊS> I

({dÎmr` {ddaUm| H$m {díbofU)

PART B

(Analysis of Financial Statements)

18. EH$ {dÎmr` H$ånZr Ûmam ‘àmßV ã`mO VWm ^wJVmZ {H$E JE ã`mO’ H$mo amoH$‹S> àdmh {ddaU ~ZmVo g_` H$m¡Z-gr J{V{d{Y _mZm OmEJm ? 1 ‘Interest received and paid’ is considered as which type of activity by a

finance company while preparing a Cash Flow Statement ?

19. amoH$‹S> àdmh {ddaU V¡`ma H$aZo Ho$ àmW{_H$ CÔoí` H$m C„oI H$s{OE & 1 State the primary objective of preparing a Cash Flow Statement.



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67/2 19 P.T.O.

20. Oo. S>ãë`y. {b{_Q>oS>, EH$ H$ånZr, JrµOa {d{Z_m©U H$a ahr Wr & XrK©H$mbrZ {dñVmarH$aU

bú` Ho$ EH$ ^mJ Ho$ ê$n _| H$ånZr Zo J«m_rU joÌm| _| gwAdga H$s nhMmZ H$m {ZU©`

{b`m & àmapå^H$ `moOZm h[a`mUm Ho$ {^dmZr Jm±d _| bmJy H$s JB© & M±y{H$ Jm±d _| {~Obr

H$s ny{V© {Z`{_V Zht Wr, AV: H$ånZr Zo {ZU©` {b`m {H$ gm¡a D$Om© go MbZo dmbo JrµOam|

H$m {Z_m©U {H$`m OmE & Ho$ÝÐr` Q>r_ {Og_| joÌr` à~ÝYH$, boImH$ma VWm {dnUZ à~ÝYH$

Wo, _w»` H$m`m©b` go br JB© VWm eof H$_©Mm[a`m| H$m M`Z Jm±d d CgHo$ Amg-nmg Ho$

joÌm| go {H$`m J`m &

{dÎmr` {ddaUm| H$s V¡`mar Ho$ g_` H$ånZr H$m boImH$ma ~r_ma hmo J`m VWm H$ånZr Zo Xmo

_hrZo Ho$ {bE Jm±d go EH$ AñWm`r H${ZîR> boImH$ma H$s {Z w{º$ H$a br &

H${ZîR> boImH$ma Ûmam V¡`ma {H$E JE pñW{V {ddaU _| {ZåZ{b{IV _Xm| H$mo CZHo$ g_j

{XE JE _w»` erf©H$m| d Cn-erf©H$m| Ho$ AÝVJ©V Xem©`m J`m h¡ Omo {H$ H$ånZr A{Y{Z`_,

2013 H$s AZwgyMr III Ho$ AZwê$n Zht h¡ &

_X _w»` erf©H$/Cnerf©H$ IwXam Am¡µOma ì`mnm[aH$ àmß` M¡H$ hñVo Mmby {Zdoe

~¢H$m| go Amd{YH$ G$U AÝ` XrK©-Ad{Y Xo`VmE± H$åß`yQ>a gm°âQ>do`a _yV© ñWm`r n[agån{V`m±

Eogo Xmo _yë`m| H$s nhMmZ H$s{OE {OÝh| H$ånZr g_mO H$mo gåào{fV H$aZm MmhVr h¡ & gmW hr Cn w©º$ _Xm| H$mo H$ånZr A{Y{Z`_, 2013 H$s AZwgyMr III Ho$ AZwgma ghr _w»` erf©H$m| Ed§ Cn-erf©H$m| Ho$ AÝVJ©V àñVwV H$s{OE & 4

JW Ltd. was a company manufacturing geysers. As a part of its long term

goal for expansion, the company decided to identify the opportunity in

rural areas. Initial plan was rolled out for Bhiwani village in Haryana.

Since the village did not have regular supply of electricity, the company

decided to manufacture solar geysers. The core team consisting of the

Regional Manager, Accountant and the Marketing Manager was taken

from the Head Office and the remaining employees were selected from

the village and neighbourhood areas.

At the time of preparation of financial statements, the accountant of the

company fell sick and the company deputed a junior accountant

temporarily from the village for two months.



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67/2 20

The Balance Sheet prepared by the junior accountant showed the

following items against the Major Heads and Sub-heads mentioned which

were not as per Schedule III of the Companies Act, 2013.

Item Major Head/Sub-Head

Loose Tools Trade Receivables

Cheques in Hand Current Investments

Term Loan from Bank Other Long-term Liabilities

Computer Software Tangible Fixed Assets

Identify any two values that the company wants to communicate to the

society. Also present the above items under the correct major heads and

sub-heads as per Schedule III of the Companies Act, 2013.

21. {ZåZ{b{IV gyMZm go Ho$.Oo. {b{_Q>oS> H$m gm_mÝ` AmH$ma pñW{V {ddaU V¡`ma H$s{OE : 4

{ddaU ZmoQ> g§.

31.3.2017 <

31.3.2016

<

I – g_Vm Ed§ Xo`VmE± :

1. A§eYmaH$$ {Z{Y`m± 8,00,000 4,00,000

2. AMb Xo`VmE± 5,00,000 2,00,000

3. Mmby Xo`VmE± 3,00,000 2,00,000

Hw$b 16,00,000 8,00,000

II – n[agån{Îm`m± :

1. AMb n[agån{Îm`m± 10,00,000 5,00,000

2. Mmby n[agån{Îm`m± 6,00,000 3,00,000

Hw$b 16,00,000 8,00,000



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67/2 21 P.T.O.

Prepare a common size Balance Sheet of KJ Ltd. from the following

information :

Particulars Note

No.

31.3.2017 <

31.3.2016

<

I – Equity and Liabilities :

1. Shareholder’s Funds 8,00,000 4,00,000

2. Non-Current Liabilities 5,00,000 2,00,000

3. Current Liabilities 3,00,000 2,00,000

Total 16,00,000 8,00,000

II – Assets :

1. Non-Current Assets 10,00,000 5,00,000

2. Current Assets 6,00,000 3,00,000

Total 16,00,000 8,00,000

22. Hw$ÝXZ {b{_Q>oS> H$s nwñVH$m| go àmßV {ZåZ{b{IV gyMZm go 2015 − 16 VWm 2016 − 17

dfm] Ho$ {bE ñQ>m°H$ AmdV© AZwnmV H$s JUZm H$s{OE : 4

2015 − 16

<

2016 − 17

<

31 _mM© H$mo BÝdoÝQ´>r (ñQ>m°H$) 7,00,000 17,00,000

àMmbZ go AmJ_ 50,00,000 75,00,000

(gH$b bm^ àMmbZ go AmJ_ H$s bmJV na 25% h¡) df© 2015 − 16 _| BÝdoÝQ´>r (ñQ>m°H$) _| < 2,00,000 H$s ~‹T>moVar hþB © &

From the following information obtained from the books of Kundan Ltd.,

calculate the inventory turnover ratio for the years 2015 − 16 and

2016 – 17 :

2015 − 16

<

2016 − 17

<

Inventory on 31st March 7,00,000 17,00,000

Revenue from operations 50,00,000 75,00,000

(Gross profit is 25% on cost of revenue from operations)

In the year 2015 − 16, inventory increased by < 2,00,000.



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67/2 22

23. 31.3.2017 H$mo Oo.dmB©. {b{_Q>oS> Ho$ {ZåZ{b{IV pñW{V {ddaU go amoH$‹S> àdmh {ddaU V ¡`ma

H$s{OE : 6

31.3.2017 H$mo Oo.dmB©. {b{_Q>oS> H$m pñW{V {ddaU

{ddaU ZmoQ> g§.

31.3.2017

<

31.3.2016

<

I – g_Vm Ed§ Xo`VmE± :

1. A§eYmar$ {Z{Y`m± :

(A) A§e ny±Or 5,00,000 5,00,000

(~) g§M` Ed§ Am{YŠ` 1 1,00,000 (25,000)

2. AMb Xo`VmE± :

XrK©H$mbrZ G$U 2 2,50,000 1,50,000

3. Mmby Xo`VmE± :

(A) bKwH$mbrZ G$U 3 1,50,000 1,00,000

(~) bKwH$mbrZ àmdYmZ 4 2,00,000 1,25,000

Hw$b 12,00,000 8,50,000

II – n[agån{Îm`m± :

1. AMb n[agån{Îm`m± :

(A) ñWm`r n[agån{Îm`m± :

(i) _yV© 5 6,00,000 4,50,000

2. Mmby n[agån{Îm`m± :

(A) ì`mnm[aH$ àmß` 2,75,000 2,25,000

(~) amoH$‹S> Ed§ amoH$‹S> Vwë` 1,25,000 75,000

(g) bKwH$mbrZ G$U Ed§ A{J«_ 2,00,000 1,00,000

Hw$b 12,00,000 8,50,000



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67/2 23 P.T.O.

ImVm| Ho$ ZmoQ²>g :

ZmoQ> g§.

{ddaU 31.3.2017

<

31.3.2016

<

1. g§M` Ed§ Am{YŠ` :

(Am{YŠ` bm^-hm{Z {ddaU H$m eof)

1,00,000

(25,000)

1,00,000 (25,000)

2.

XrK©H$mbrZ G$U :

10% G$UnÌ

2,50,000

1,50,000

2,50,000 1,50,000

3.

bKwH$mbrZ G$U :

~¢H$ A{Y{dH$f©

1,50,000

1,00,000

1,50,000 1,00,000

4.

bKwH$mbrZ àmdYmZ : (i) àñVm{dV bm^m§e

75,000

50,000

(ii) H$a àmdYmZ 1,25,000 75,000

2,00,000 1,25,000

5.

_yV© n[agån{Îm`m± :

_erZar

EH${ÌV (g§{MV) _yë`õmg

7,37,500

(1,37,500)

5,25,000

(75,000)

6,00,000 4,50,000

A{V[aº$ gyMZm :

31.3.2017 H$mo < 1,00,000, 10% G$UnÌm| H$m {ZJ©_Z {H$`m J`m &



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67/2 24

From the following Balance Sheet of JY Ltd. as at 31st March 2017,

prepare a Cash Flow Statement :

Balance Sheet of JY Ltd. as at 31.3.2017

Particulars Note

No.

31.3.2017 <

31.3.2016

<

I – Equity and Liabilities :

1. Shareholder’s Funds :

(a) Share Capital 5,00,000 5,00,000

(b) Reserves and Surplus 1 1,00,000 (25,000)

2. Non-Current Liabilities :

Long-term Borrowings 2 2,50,000 1,50,000

3. Current Liabilities :

(a) Short-term Borrowings 3 1,50,000 1,00,000

(b) Short-term Provisions 4 2,00,000 1,25,000

Total 12,00,000 8,50,000

II – Assets :

1. Non-Current Assets :

(a) Fixed Assets :

(i) Tangible 5 6,00,000 4,50,000

2. Current Assets :

(a) Trade Receivables 2,75,000 2,25,000

(b) Cash and Cash Equivalents 1,25,000 75,000

(c) Short-term Loans and Advances 2,00,000 1,00,000

Total 12,00,000 8,50,000



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67/2 25 P.T.O.

Notes to Accounts :

Note

No. Particulars

31.3.2017

<

31.3.2016

<

1.

Reserves and Surplus :

(Surplus, i.e., Balance in the

Statement of Profit and Loss)

1,00,000

(25,000)

1,00,000 (25,000)

2.

Long-term Borrowings :

10% Debentures

2,50,000

1,50,000

2,50,000 1,50,000

3.

Short-term Borrowings :

Bank Overdraft

1,50,000

1,00,000

1,50,000 1,00,000

4.

Short-term Provisions :

(i) Proposed Dividend

(ii) Provision for Tax

75,000

1,25,000

50,000

75,000

2,00,000 1,25,000

5.

Tangible Assets :

Machinery

Accumulated Depreciation

7,37,500

(1,37,500)

5,25,000

(75,000)

6,00,000 4,50,000

Additional Information :

< 1,00,000, 10% debentures were issued on 31.3.2017.



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67/2 26

IÊS> I

(A{^H${bÌ boIm§H$Z)

PART B

(Computerised Accounting)

18. ‘g§J«{hV’ VWm ‘ì`wËnÞ’ {deofVm H$m AW© EH$ CXmhaU XoH$a g_PmBE & 1 Give an example to explain the meaning of ‘stored’ and ‘derived’

attribute.

19. H$åß`yQ>a H$m Cn`moJ {H$g àH$ma à{V`moJr VrúUVm VWm ì`dgm` H$s bm^àXVm H$mo ~‹T>mVm h¡ ? 1

How does the usage of computer sharpen the competitive edge and

enhance the profitability of a business ?

20. H$åß`yQ>arH¥$V boIm§H$Z VÝÌ H$s Mma gr_mE± Xr{OE & 4

Give four limitations of computerised accounting system.

21. Cg _yë` H$m Zm_ ~VmBE Omo Am±H$‹S>m| H$s AZwnpñW{V H$m ÚmoVH$ h¡ & CZ n[apñW{V`m| H$m ^r CëboI H$s{OE Ohm± BZ _yë`m| Ho$ Cn`moJ H$s Amdí`H$Vm hmo gH$Vr h¡ & 4 Name the value which represents absence of data. Also state the

situations which may require the use of these values.

22. S>oñH$Q>m°n S>oQ>m~og VWm gd©a S>oQ>m~og _| AÝV^}X H$s{OE & 4

Differentiate between desktop database and server database.

23. E.~r.gr. {b{_Q>oS> Xmo ZJam| ~¢Jbyê$ VWm _¢Jbyê$ _| H$m`© g§MmbZ H$aVr h¡ & ~¢Jbyê$ _| J¥h {H$am`m ^Îmm < 5,000 h¡ VWm _¢Jbyê$ _| < 4,000 h¡ & _h±JmB© ^Îmo H$s JUZm _yb doVZ na {ZåZ àH$ma go H$aZr h¡ :

_yb doVZ H$m 15% `{X _yb doVZ < 15,000 go H$_ h¡ & _yb doVZ H$m 10% `{X _yb doVZ < 15,000 go A{YH$ h¡ &

_mZH$ {XZm| H$s g§»`m EH$ _hrZo _| 30 {XZ boZr h¡ & EŠgob H$m à`moJ H$aVo hþE {ZåZ{b{IV am{e H$s JUZm H$s{OE : 6

(i) lr _hoe, Omo ~¢Jbyê$ _| H$m`©aV h¡, H$m gH$b doVZ & lr _hoe Zo 3 {XZ {~Zm doVZ H$m AdH$me {b`m h¡ VWm CZH$m _yb doVZ < 25,000 h¡ &

(ii) lr a§OZ, Omo _¢Jbyê$ _| H$m`©aV h¡, H$m gH$b doVZ & lr a§OZ H$m _yb doVZ < 14,000 h¡ &



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67/2 27 P.T.O.

ABC Ltd. operates in two cities Bengaluru and Mangaluru. House

Rent Allowance for Bengaluru is < 5,000 and for Mangaluru is < 4,000.

Dearness Allowance is calculated on Basic Pay as follows :

15% of Basic Pay if basic pay is less than < 15,000.

10% of Basic Pay if basic pay is greater than < 15,000.

Standard number of days are taken as 30 days in a month.

Calculate the amount using Excel :

(i) Gross Salary of Mr. Mahesh, who is working in Bengaluru. He

has availed leave without pay for 3 days and his Basic Pay is

< 25,000.

(ii) Gross Salary of Mr. Ranjan, who is working in Mangaluru. Basic

Pay of Mr. Ranjan is < 14,000.

00



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- Strictly Confidential : (For Internal and Restricted Use Only)

Senior School Certificate Examination March -2017-18

Marking Scheme – Accountancy 67/1,67/2,67/3 General Instructions:-

1. Evaluation is to be done as per instructions provided in the Marking Scheme. It should not be done according to one's own

interpretation or any other consideration. Marking-Scheme should be strictly adhered to and religiously followed. 2. The Head-Examiner has to go through the first five answer scripts evaluated by each evaluator to ensure that evaluation has

been carried out as per the instructions given in the Marking Scheme. The remaining answer scripts meant for evaluation shall be given only after ensuring that there is no significant variation in the marking of individual evaluators.

3. If a question has parts, please award marks on the right hand side for each part. Marks awarded for different parts of the

question should then be totalled up and written in the left hand margin and encircled. 4. If a question does not have any parts, marks must be awarded in the left hand margin and encircled. 5. If a student has attempted an extra question, answer of the question deserving more marks should be retained and other

answer scored out. 6. No marks to be deducted for the cumulative effect of an error. It should be penalized only once. 7. Deductions up to 25% of the marks must be made if the student has not drawn formats of the Journal and Ledger and has not

given the narrations. 8. A full scale of marks 1-80 has to be used. Please do not hesitate to award full marks if the answer deserves it. 9. No marks are to be deducted or awarded for writing / not writing ‘TO and BY’ while preparing Journal and Ledger accounts. 10. In theory questions, credit is to be given for the content and not for the format. 11. Every Examiner should stay up to sufficiently reasonable time normally 5-6 hours every day and evaluate 20-25 answer

books. 12. Avoid the following common types of errors committed by the Examiners in the past-.

Ø Leaving answer or part thereof unassessed in an answer script Ø Giving more marks for an answer than assigned to it or deviation from the marking scheme. Ø Wrong transference of marks from the inside pages of the answer book to the title page. Ø Wrong question wise totaling on the title page. Ø Wrong totaling of marks of the two columns on the title page Ø Wrong grand total Ø Marks in words and figures not tallying Ø Wrong transference to marks from the answer book to award list Ø Answers marked as correct but marks not awarded. Ø Half or a part of answer marked correct and the rest as wrong but no marks awarded.

13. While evaluating the answer scripts if the answer is found to be totally incorrect, it should be marked as (x) and awarded

zero(0) Marks. 14. Any unassessed portion, non-carrying over of marks to the title page or totaling error detected by the candidate shall damage

the prestige of all the personnel engaged in the evaluation work as also of the Board. Hence in order to uphold the prestige of all concerned, It is again reiterated that the instructions be followed meticulously and judiciously.

15. The Examiners should acquaint themselves with the guidelines given in the Guidelines for Spot Evaluation before starting the

actual evaluation.

16. Every Examiner shall also ensure that all the answers are evaluated, marks carried over to the title page, correctly totaled and written in figures and words.

17. As per orders of the Hon’ble Supreme Court, the candidates would now be permitted to obtain photocopy of the Answer Book on request on payment of the prescribed fee. All examiners/Head Examiners are once again reminded that they must ensure that evaluation is carried out strictly as per value points for each answer as give in the Marking Scheme.



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Q. Set No. Marking Scheme 2017-‐18 Accountancy (055)

Expected Answers / Value points

Distribution of marks 67/

1 67/2

67/3

1 2 4 Q. Amit and Beena were … acquire from Beena? Ans. Share of profit acquired by Chaman from Aman= 1/6 x 2/5 = 2/30 Therefore, share of profit acquired by Chaman from Beena = 1/6 -‐2/30 =3/30 = 1/10

OR

Share of profit acquired by Chaman from Beena= 3/5 x 1/6 = 3/30 = 1/10

=1 Mark

2 1 6 Q. Neetu, Meetu…Meetu’s retirement. Ans.

Books of the firm Journal

Date Particulars LF Dr (` ) Cr (` ) 2018 Jan.1

Neetu’s capital A/c Teetu’s Capital A/c To Meetu’s Capital A/c (Being Meetu’s share of goodwill credited in her capital account by debiting Neetu’s and Teetu’s capital account in the gaining ratio)

70,000 70,000

1,40,000

=1 Mark

3 5 1 Q. Distinguish between …liabilities. Ans. Basis Dissolution of partnership Dissolution of a

partnership firm Settlement of assets and liabilities

Assets and liabilities are revalued and new balance sheet is drawn

Assets are sold and liabilities are paid off

=1 Mark

4 6 3 Q. Ritesh and Hitesh… your answer. Ans. No, they are not doing business in partnership because they are not involved in doing sale and purchase of land/ plot on a regular basis/ Mere co-‐ownership of a property does not amount to partnership.

½ mark for

writing ‘No’ +

½ mark for the



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reason =1 Mark

5 3 2 Q. Is Reserve Capital a part of ‘Unsubscribed Capital’ or ‘Uncalled Capital’? Ans. Reserve Capital is a part of Uncalled Capital.

=1 Mark

6 4 5 Q. Give the meaning of ‘Debentures issued as Collateral security’. Ans. When the company issues debentures to the lenders as an additonal/ secondary security, in addition to other assets already pledged/ some primary security. Such issue of debentures is called debentures issued as a collateral security.

=1 Mark

7 8 9 Q. Jayant, Kartik and Leena…..New profit sharing ratio of Jayant and Leena. Ans. Jayant’s gain= 2/5 x 2/10 = 4/50 ½ Leena’s gain = 3/5 x 2/10 =6/50 ½ Jayant’s new share= 5/10 + 4/50=29/50 ½ Leena’s new share = 3/10 + 6/50 = 21/50 ½ New profit sharing ratio of Jayant and Leena = 29:21 or 29/50:21/50 1

½ + ½ + 1 +1 =3

Marks

8 7 8 Q. What is meant by a ‘Share’? Give any two differences between ‘Preference Shares’ and ‘Equity Shares’. Ans. A share refers to the unit into which the total share capital of the company is divided.

OR

A share means a share in the share capital of the company and includes stock. Differences between ‘Preference Shares’ and ‘Equity Shares’: (i) Preference Shares are shares which carry a prefrential right at the time of payment of dividend and at the time of repayment of capital. (ii) Equity shares are shares which do not carry a prefrential right at the time of payment of dividend and at the time of repayment of capital.

OR

1

2



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Differences between ‘Preference Shares’ and ‘Equity Shares’: (Any two)

Preference Shares

Equity Shares

(i) Share which enjoys preferential right at the time of payment of dividend/ Dividend is paid on preference shares before it is paid on equity shares.

Shares which do not enjoy preferential right at the time of payment of dividend/ Dividend is paid on equity shares after it is paid on preference shares.

(ii) Enjoy preferential right at the time of repayment of capital.

Do not enjoy preferential right at the time of repayment of capital.

(iii) Rate of dividend may be fixed. Rate of dividend is proposed every year by the directors and approved by the shareholders.

(iv) Preference shares may be converted into equity shares if the terms of issue provide for it.

Equity shares are not convertible.

(v) Preference shareholders have voting rights in special circumstances.

Equity shareholders have voting rights in all circumstances.

(vi) Preference shareholders do not have the right to participate in the management of the company.

Equity shareholders have the right to participate in the management of the company.

(vii) Arrears on cumulative preference shares are paid before dividend is paid on equity shares.

If dividend is not declared during the year, it is not accumulated to be paid the coming years.

.

1 x 2 =

2 marks =

1+2 =

3 Marks

9 10 7 Q. NK Ltd., a truck manufacturing…. Two values that the company wants to communicate. Ans.

Balance Sheet of NK Ltd. As at ....................(As per revised schedule III)

Particulars Note No. Amount ` Current year

EQUITY & LIABILITIES I Shareholders’ funds :

a) Share Capital

1

70,00,000

½



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Notes to Accounts :

Particulars ` 1. Share Capital Authorised Capital : 1,00,000 equity shares of ` 100 each

Issued Capital 70,000 equity shares of ` 100 each

Subscribed Capital Subscribed and fully paid 70,000 shares of ` 100 each

1,00,00,000

70,00,000

70,00,000

Values (Any two): (i) Concern for the specially abled. (ii) Creation of job opportunities. (iii) Development of backward regions. (Or any other suitable value)

½ ½

½

½ + ½

=3 Marks

10 9 10 Q. Complete the following…VK Ltd.: Ans.

VK Ltd. Journal

Date Particulars LF Dr. Amt (` )

Cr. Amt (` )

2018 Feb 01

Own Debentures A/c Dr. To Bank A/c (Purchased own 500, 9% debentures of ₹ 100 each at ₹ 97 each for immediate cancellation)

48,500 48,500

Feb 01

9% Debentures A/c Dr. To Own Debentures A/c To Profit on redemption of Debentures A/c/ Gain on cancellation of Debentures A/c (Cancelled own debentures)

50,000 48,500 1,500

Feb 01

Profit on redemption of Debentures A/c / Gain on cancellation of Debentures A/c Dr. To Capital reserve A/c (Profit on redemption transferred to capital reserve)

1,500

1,500

1

1 1 =

3 Marks



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11 12 11 Q. Banwari, Girdhari…loan account till it is finally paid showing the working notes clearly. Ans. Dr. Girdhari’s Loan Account Cr.

Date Particulars Amount (`)

Date Particulars Amount (`)

2015 Mar.31 Mar.31 2016 Mar.31 Mar.31 2017 Mar.31

To Bank A/c ½ To balance c/d To Bank A/c ½ To balance c/d To Bank A/c ½

75,000

90,000

1,65,000

75,000

24,000 99,000

26,400

26,400

2014 Apr.1 2015 Mar.31 2015 Apr.1 2016 Mar.31 2016 Apr.1 2017 Mar.31

By Girdhari’s Capital A/c By Interest A/c ½ By balance b/d By Interest A/c ½ By balance b/d By Interest A/c ½

1,50,000

15,000

1,65,000

90,000

9,000 99,000

24,000

2,400 26,400

Working Notes: Calculation of amount payable to Girdhari: ` Girdhari’s Capital 1,00,000 Share of goodwill 38,000 Share of Revaluation profit 2,000 Share of General reserve 10,000 1,50,000

(WORKING NOTES MAY BE SHOWN IN ANY FORM)

1 1 1 1 =

4 marks

12 11 12 Q. Asha and Aditi are partners……working notes clearly. Ans.

Journal Date Particulars LF Dr. Amount

(` ) Cr. Amount

(` ) Bank A/c Dr.

To Raghav’s Capital A/c To Premium for goodwill A/c (Being capital and premium brought in by Raghav)

8,50,000 6,00,000 2,50,000

Premium for goodwill A/c Dr. To Asha’s Capital A/c To Aditi’s Capital A/c (Being premium for goodwill credited to the capital acounts of Asha and Aditi in the sacrificing ratio)

2,50,000 1,50,000 1,00,000

1 1



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Working Notes: Calculation of goodwill: Profits 2013-‐14 `3,50,000 – `56,250 = `2,93,750 2014-‐15 `4,75,000 – `56,250 = `4,18,750 2015-‐16 `6,70,000 – `56,250 = `6,13,750 2016-‐17 `7,45,000 – `56,250 -‐ `15,000 = `6,73,750 Goodwill of the firm = `2,93,750 + `4,18,750 + `6,13, 750 + `6,73,750 x 2 = `10,00,000 4 Raghav’s share of goodwill = ¼ x `10,00,000 = `2,50,000

OR Calculation of goodwill: Total Profits of four years = `3,50,000 + `4,75,000 + `6,70,000 + `7,30,000 = `22,25,000 Average Profits = ` 5,56,250 – ` 56,250 = ` 5,00,000 Goodwill of the firm = ` 5,00,000 x 2 = `10,00,000 Raghav’s share of goodwill = ¼ x `10,00,000 = `2,50,000

2

=

1+1+2 =

4 Marks

13 14 15 Q.Pranav, Karan and Rahim….his representatives. Ans. Dr. Karan’s Capital A/c Cr. Particulars Amt

(` ) Particulars Amt

(` ) To Karan’s Executors’ A/c 1 (Balancing figure)

3,28,800

By Balance b/d By Interest on Capital A/c 1 By P & L Suspense A/c 1 By Pranav’s Capital A/c 1 By Rahim’s Capital A/c 1 By General Reserve A/c 1

2,00,000

4,800

40,000

16,000

8,000

60,000

3,28,800 3,28,800

1+1+1+ 1+1+1

= 6 Marks



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Working Notes: Interest on Capital = 12/100 x 73/365 x `2,00,000 = `4,800 Share of Profits = 2/5 x 5,00,000 x 73/365 = `40,000 Share of goodwill = 2/5 X `60,000 = `24,000 Share of General Reserve = 2/5 x `1,50,000 = `60,000

14 15 13 Q. Chander and Damini …Partners’ Capital Accounts. Ans.

Revaluation A/c Dr Cr Particulars Amount

(` ) Particulars Amount

(` ) To Furniture A/c ½ To Provision for doubtful debts on debtors A/c ½ To provision for doubtful debts on B/R A/c ½ To Claim for damages A/c ½ To profit transferred to Partners’ Capital A/cs Chander 20,875 Damini 20,875

11,000

4,000

2,250

8,000

41,750

By Debtors A/c ½ By Land and building A/c ½

5,000

62,000

67,000 67,000 IF AN EXAMINEE HAS COMBINED PROVISION FOR DOUBTFUL DEBTS ON DEBTORS AND BILLS RECEIVABLE AND SHOWS ₹6,250 FOR THE SAME IN THE REVALUATION A/C, FULL CREDIT MAY BE GIVEN

Partners’ Capital Accounts Dr Cr Particulars Chander

(`) Damini (`)

Elina (`)

Particulars Chander (`)

Damini (`)

Elina (`)

To Bank A/c ½ To Balance c/d ½

12,500

2,83,375

12,500

2,49,375

-‐

3,00,000

By Balance b/d ½ By Bank A/c ½ By premium for goodwill A/c ½ By Revaluation A/c ½

2,50,000

-‐

25,000

20,875

2,16,000

-‐

25,000

20,875

-‐

3,00,000

-‐ -‐

2,95,875 2,61,875 3,00,000 2,95,875 2,61,875 3,00,000

3

3



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6 Marks 15 13 14 Q. On 1st April 2014, KK Ltd. invited applications…interest paid on debentures.

Ans.

KK Ltd. Journal

Date Particulars LF Dr. (` )

Cr. (` )

2014 Apr 1

Bank A/c Dr. To Debenture Application & Allotment A/c (Being application money received on 6,000 debentures)

56,40,000 56,40,000

Apr 1 Debenture Application & Allotment A/c Dr. Discount on Issue of Debentures A/c Dr. Loss on Issue of Debentures A/c Dr. To 10% Debentures A/c To Premium on Redemption of Debentures A/c To Bank A/c (Being transfer of application money to debenture account issued at discount of 6%, redeemable at premium of 10%, balance refunded)

Or

Debenture Application & Allotment A/c Dr. Loss on Issue of Debentures A/c Dr. To 10% Debentures A/c To Premium on Redemption of Debentures A/c To Bank A/c (Being transfer of application money to debenture account issued at discount of 6%, redeemable at premium of 10%, balance refunded)

56,40,000 3,00,000 5,00,000

56,40,000 8,00,000

50,00,000 5,00,000 9,40,000

50,00,000 5,00,000 9,40,000

2016 Mar 31

Surplus in Statement of Profit and Loss Dr. To Debenture Redemption Reserve A/c (Being Debenture Redemption Reserve created equal to 25% of the face value of debentures)

12,50,000 12,50,000

2016 Apr 1

Debenture Redemption Investments A/c Dr To Bank A/c (Being Debenture Redemption Investments purchased equal to 15% of face value of debentures)

7,50,000 7,50,000

2017 Mar 31

Bank A/c Dr. TDS Collected/ TDS receivable A/c Dr. To Interest on Debenture Redemption Investments A/c

60,750 6,750

67,500

1

1

1/2

1/2

1



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(Being interest received on Debenture Redemption Investments and tax deducted at source @ 10%)

,, Bank A/c Dr. To Debenture Redemption Investments A/c (Being Debenture Redemption Investments sold)

7,50,000 7,50,000

,, 10% Debentures A/c Dr. Premium on Redemption of Debentures A/c Dr. To Debenture holders A/c (Being Debentures due for redemption at a premium of 10%)

50,00,000 5,00,000

55,00,000

,, Debenture holders A/c Dr. To Bank A/c (Being Debenture holders paid)

55,00,000 55,00,000

,, Debenture Redemption Reserve A/c Dr. To General Reserve A/c (Being Debenture Redemption Reserve transferred to general reserve)

12,50,000 12,50,000

.

1/2

1/2

1/2

1/2

=

6 Marks 16 17 16

OR Q. Srijan, Raman and Manan….and Bank Account. Ans. Dr. Realisation A/c Cr.

Particulars Amount (`)

Particulars Amount (`)

To sundry assets: ½ Plant 2,20,000 Investments 70,000 Stock 50,000 Debtors 60,000 To Bank A/c: ½ Creditors 75,000 Bills Payable 40,000 Outsanding expenses 7,500 Contingent liability 15,000 Outstanding salary 35,000 To Srijan’s Capital A/c ½ -‐commission

4,00,000

1,72,500

11,575

By sundry liabilities: ½ Creditors 75,000 Bills Payable 40,000 Outstanding salary 35,000 By Bank A/c: ½ Plant 85,000 Stock 33,000 Debtors 47,000 Investments 66,500 By Loss transferred to Partners’ Capital A/c: ½ Srijan 81,030 Raman 81,030 Manan 40,515

1,50,000

2,31,500

2,02,575

5,84,075 5,84,075

3



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Dr. Partners’ Capital A/c Cr.

Particulars Srijan (`)

Raman (`)

Manan (`)

Particulars Srijan (`)

Raman (`)

Manan (`)

To Balance b/d ½ To Profit and Loss A/c ½ To Realisation A/c To Bank A/c ½

-‐-‐-‐

32,000

81,030

98,545

-‐-‐-‐

32,000

81,030

36,970

10,000

16,000

40,515

-‐-‐-‐

By Balance b/d ½ By Realisation A/c By Bank A/c ½

2,00,000

11,575

-‐-‐

1,50,000

-‐-‐-‐

-‐-‐

-‐-‐-‐

-‐-‐

66,515

2,11,575 1,50,000 66,515 2,11,575 1,50,000 66,515

Dr. Bank A/c Cr.

Liabilities Amt (`) Assets Amt (`) To Balance b/d To Realisation A/c ½ To Manan’s capital A/c ½

10,000

2,31,500

66,515

By Realisation A/c ½ By Srijan’s capital A/c ½ By Raman’s capital A/c ½

1,72,500

98,545

36,970

3,08,015 3,08,015 .

2 ½

2 ½ =

8 marks

16 OR

17 OR

16 Q. Moli, Bhola and Raj….at the end of each half year. Dr. Profit and Losss Appropriation A/c for the year ended 31st March 2017 Cr.

Particulars Amount (` )

Particulars Amount (` )

To Interest on Capital: 1 Moli’s Current A/c 25,000 Bhola’s Current A/c40,000 Raj’s Current A/c 20,000 To Salary: ½ Moli’s Current A/c To Commisssion: Bhola’s Current A/c ½ To profits transferred to: 1 Moli’s Current A/c 56,550 Less guarantee (37,300) Bhola’s Current A/c 56,550 Less guarantee (37,300) Raj’s Current A/c 75,400 Add: from Moli 37,300 Add: from Bhola 37,300

85,000

4,000

30,000

19,250

19,250

1,50,000

By Profit and Loss A/c 1 (3,06,000 – 6,000) By Interest on Drawings: 1 Moli’s Current A/c 1,800 Bhola’s Current A/c 3,300 Raj’s Current A/c 2,400

3,00,000

7,500

3,07,500 3,07,500

5



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Dr. Partner’s Current Accounts Cr. Particulars Moli

(` ) Bhola (` )

Raj (` )

Particulars Moli (` )

Bhola (` )

Raj (` )

To Drawings A/c ½ To Interest on Drawings A/c ½ To Balance c/d ½

40,000

1,800

6,450

60,000

3,300

25,950

80,000

2,400

87,600

By Interest on capital A/c By Salary A/c ½ By Commission A/c ½ By P&L Appropriation A/c-‐share of profit ½

25,000

4,000 -‐

19,250

40,000 -‐

30,000

19,250

20,000 -‐ -‐

1,50,000

48,250 89,250 1,70,000 48,250 89,250 1,70,000 .

3 =

8 Marks

17 16 17 OR

Q. X Ltd. invited applications…..wherever necessary. Ans.

X Ltd. Journal

Date Particulars LF Dr. Amt (` )

Cr. Amt (` )

Bank A/c Dr. To Equity Share Application A/c (Being application money received on 70,000 shares @ ₹2 per share, one applicant paying the full amount on 600 shares)

1,44,800 1,44,800

Equity Share Application A/c Dr. To Equity Share Capital A/c To Equity Share Allotment A/c To Bank A/c To Calls in advance A/c (Being application money transferred to share capital, share allotment, calls in advance and the balance refunded)

1,44,800 1,00,000 20,800 21,000 3,000

Equity Share Allotment A/c Dr. To Equity Share Capital A/c (Being share allotment money due on 50,000 share @ ₹2 per share)

1,00,000 1,00,000

1 1

1/2 1



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Bank A/c Dr. Calls in Arrears A/c Dr. To Equity Share Allotment A/c (Being allotment money received except on 5,000 shares)

71,200 8,000

79,200

Equity Share Capital A/c Dr. To Share Forfeiture A/c To Calls in arrears A/c (Being 5,000 shares forfeited for no payment of allotment money )

20,000 12,000 8,000

Bank A/c Dr. To Equity Share Capital A/c (Being 5,000 shares forfeited reissued for 20,000, ₹4 per share paid up)

20,000 20,000

Share Forfeiture A/c Dr. To Capital Reserve A/c (Being gain on reissue of forfeited shares transferred to capital reserve)

12,000 12,000

Equity Share First call A/c Dr. To Equity Share Capital A/c (Being first call money due on 50,000 shares @ ₹3 per share)

1,50,000 1,50,000

Bank A/c Dr. Calls in advance A/c Dr. To Equity Share First Call A/c (Being first call money received, advance received earlier adjusted)

1,48,500 1,500

1,50,000

Equity Share Second & Final call A/c Dr. To Equity Share Capital A/c (Being second call due on 50,000 shares @ ₹3 per share)

1,50,000 1,50,000

Bank A/c Dr. Calls in advance A/c Dr. To Equity share second and final call A/c (Being second and final call received and advance received earlier adjusted)

1,48,500 1,500

1,50,000

.

1 1 ½ ½ ½

½ ½ =

8 Marks

17 OR

16 OR

17 Q. A Ltd........................... wherever required. Ans.



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A Ltd. Journal

Date

Particulars LF Dr. Amt (` )

Cr. Amt (` )

(i) Bank A/c Dr. To Equity Share Application A/c (Being application money received on 1,60,000 shares @ ₹3 per share)

4,80,000

4,80,000

(ii) Equity Share Application A/c Dr. To Equity Share Capital A/c To Equity Share Allotment A/c To Calls in Advance A/c (Being application money transferred to share capital, share allotment, calls in advance)

4,80,000

3,00,000 1,50,000 30,000

(iii) Equity Share Allotment A/c Dr. To Equity Share Capital A/c To Securities Premium Reserve A/c (Being share allotment money due on 1,00,000 shares @ ₹3 per share including premium)

3,00,000

2,00,000 1,00,000

(iv) Bank A/c Dr. Calls in arrears A/c Dr. To Equity share allotment a/c (Being amount received on allotment except on 1,200 shares)

1,47,300

2,700

1,50,000

(v) Equity share first call A/c Dr. To Equity share Capital A/c (Being First call money due on 1,00,000 shares ₹3 per share)

3,00,000

3,00,000

(vi) Bank A/c Dr. Calls in arrears A/c Dr. Calls in advance A/c Dr. To Equity Share first call A/c (Being money received on first call except on 2,000 shares and advance received earlier adjusted)

2,64,600

5,400 30,000

3,00,000

(vii) Equity Share second and final call A/c Dr. To Equity Share Capital A/c (Being share second and final call money due on 1,00,000 share ₹2 per share)

2,00,000

2,00,000

½

1

1/2 1

1/2 1



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(viii) Bank A/c Dr. Calls in arrears A/c Dr. To Equity Share second and final call A/c (Being share second and final call money received except on 2,000 shares)

1,96,000

4,000

2,00,000

(ix) Equity Share capital A/c Dr. Securities Premium Reserve A/c Dr. To Share Forfeiture A/c To Calls in arrears A/c (Being 1,200 shares forfeited for non payment of allotment and call money) (x) Equity Share capital A/c Dr. To Share Forfeiture A/c To Calls in arrears A/c (Being 800 shares forfeited for non payment of call money)

OR

Combined forfeiture entry (for ix) and (x) Equity Share capital A/c Dr. Securities Premium Reserve A/c Dr. To Share Forfeiture A/c To Calls in arrears A/c (Being 2,000 shares forfeited for non payment of allotment and call money)

12,000 1,200

8,000

20,000 1,200

4,500 8,700

4,600 3,400

9,100

12,100

(xi) Bank A/c Dr. Share Forfeiture A/c To Equity Share capital A/c (Being 2,000 forfeited shares reissued @ ₹ 7 per share

14,000 6,000

20,000

(xii) Shares Forfeiture A/c Dr. To Capital Reserve A/c (Being gain on reissue of forfeited shares transferred to capital reserve account)

3,100

3,100

1/2

1/2

1 ½

1/2

1/2 =

8 Marks

PART B

(Financial Statements Analysis)

18 19 18 Q. State the primary….Statement. Ans. The primary objective of Cash Flow Statement is to provide useful information about cash flows (inflows and outflows) of an enterprise during a particular period under operating, investing and financing activities.

1 Mark



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19 18 19 Q. ‘Interest received and paid….Cash Flow Statement’? Ans. Interest received -‐ Operating activity. Interest paid -‐ Operating activity.

OR Interest received and paid – Operating activity.

½ ½

OR

1 Mark

20 21 22 Q. Prepare a Common Size….information: Ans. COMMON SIZE BALANCE SHEET AS AT 31st March 2017

Particulars Note No.

Absolute Amounts (i) (ii)

Percentage of Total (iii) (iv)

31.3.16(`) 31.3.17(`) 31.3.16(`) 31.3.17(`) EQUITY AND LIABILITIES (1) Shareholders Funds (2) Non Current Liabilities (3) Current Liabilities

4,00,000 2,00,000 2,00,000

8,00,000 5,00,000 3,00,000

50 25 25

50.00 31.25 18.75

Total 8,00,000 16,00,000 100 100

ASSETS (1) Non Current Assets (2) Current Assets

5,00,000 3,00,000

10,00,000 6,00,000

62.5 37.5

62.5 37.5

Total 8,00,000 16,00,000 100 100

In case the examinee has prepared only columns (i) and (ii) in the correct order, one mark may be awarded.

1 1 1

½ ½ =

4 Marks

21 22 20 Q. From the following…inventory increased by `2,00,000. Ans. Inventory turnover ratio = Cost of Revenue from operations Average inventory 2015-‐16 Cost of Revenue from operations= `50,00,000 -‐`10,00,000 = `40,00,000 Average inventory = Opening inventory + Closing inventory 2 = `5,00,000 + `7,00,000

1

1/2 +

1/2



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2 = `6,00,000 Inventory turnover ratio = `40,00,000/`6,00,000 = 6.67 times 2016-‐17 Cost of Revenue from operations= `75,00,000 -‐ `15,00,000 = `60,00,000 Average inventory = Opening inventory + Closing inventory 2 = `7,00,000 + `17,00,000 2 = `12,00,000 Inventory turnover ratio = `60,00,000/`12,00,000 = 5 times

+

1/2 +

1/2 +

1/2 +

1/2

=4 Marks

22 20 21 Q. JW Ltd. was a company….Companies Act 2013. Ans. Values (Any two): (i) Development of rural areas. (ii) Sensitivity towards the environment. (iii) Generation of employment.

(Or any other suitable value)

Item

Heads Sub-‐heads

Loose Tools Current assets

Inventories

Cheques in hand Current assets

Cash and Cash Equivalents

Term loan from Bank Non Current Liabilities

Long Term Borrowings

Computer Software Non Current Assets

Fixed Assets-‐ Intangible Assets

.

1 x 2=2

½ x 4=2 =

4 Marks

23 23 23 Q. Following is the........................ Cash Flow Statement.



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Ans. JY Ltd.

Cash flow statement For the year ended 31st March 2017

Particulars Details (` ) Amount (` ) A. Cash Flows from Operating Activities:

Net Profit before tax & extraordinary items (WN)

Add: Non cash and non-‐operating charges Depreciation on machinery Interest on debentures Operating profit before working capital changes Less: Increase in Current Assets Increase in Trade Receivables Cash Flows from Operations Less Tax paid Net Cash generated from Operating Activities B. Cash flows from Investing Activities : Purchase of machinery Loans and advances given Net Cash used in investing activities C. Cash flows from Financing Activities: Issue of Debentures Interest paid on debentures Dividend paid Bank overdraft raised Net Cash flows from financing activities Net increase in cash & cash equivalents (A+B+C) Add: Opening balance of cash & cash equivalents Closing Balance of cash & cash equivalents

3,25,000

62,500 15,000

4,02,500

(50,000) 3,52,500 (75,000)

(2,12,500) (1,00,000)

1,00,000 (15,000) (50,000) 50,000

2,77,500

(3,12,500)

85,000 50,000 75,000

1,25,000 Working Notes: Calculation of Net profit before tax: ₹ Net Profit for the year 1,25,000 Add Proposed dividend 75,000 Add Provision for tax 1,25,000 3,25,000 FULL CREDIT IS TO BE GIVEN IF AN EXAMINEE HAS TAKEN ‘SHORT TERM LOANS AND ADVANCES’ AS INCREASE IN CURRENT ASSETS UNDER OPERATING ACTIVITIES. In that case, CASH FROM OPERATIONS = ₹2,52,000 CASH GENERATED FROM OPERATING ACTIVITIES = ₹1,77,500 CASH USED IN INVESTING ACTIVITIES = ₹2,12,500

2

1

1

1

1 =

6 Marks



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PART B (Computerized Accounting )

18 Q. How does the usage.....................profitability of a business? Ans. The quick, accurate and timely access to the information, helps decision making fast and correct, hence it helps the business to earn better.

=1 Mark

19 Q. Give an example.....................................and ‘derived’ attribute. Ans. The information which is stored e.g. date of birth of a person is an example of stored attribute where as when his/her age is calculated automatically is derived attribute.

=1 Mark

20 Q. Name the value......................................use of these values. Ans. The value is called “Null value” The three situations in which these can be used are

1. When a particular attribute does not apply to an entry. 2. Value of an attribute is unknown. 3. Unknown because it does not exit.

= 4 Marks

21 Q. Differentiate between ............................................server database. Ans. (Any four)

1. Application : Desktop database can be used by a single user server data base can be used by many users at the same time.

2. Additional provision for reliability : Desktop database Doesn’t present this but these provisions are available in server based database.

3. Cost : Desktop database tend to cost less than the server database. 4. Flexibility regarding the performance in front end applications : It is not present in

desktop database but server database provide this flexibility. 5. Suitability : Desktop database are suitable for small/home offices and server

database are more suitable for large business organisations.

=4 Marks

22 Q. Give four limitations................................... accounting system. Ans. Following are the limitations of computerised accounting softwares :

1. Faster obsolescence of technology necessitates investment in shorter period of time.

2. Data may be lost or corrupted due to power interruptions. 3. Data are prone to hacking. 4. Un-‐programmed and un-‐specified reports cannot be granted .

=4

Marks

23 Q. ABC Ltd. operates.........................calculate the amount using Excel: Ans. Gross salary of Mr. Mahesh and Ranjan Basic pay of Mahesh Column A1 = 25000 Basic pay of Ranjan column A2 = 14000 Basic pay earned for Mahesh column B1 = A1* 27/30 = 22500 Basic pay earned for Ranjan column B2 = A2 = 14000 HRA for Mahesh Column C1 = 5000 HRA for Ranjan Column C2 = 4000

3



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DA for Mahesh Column D1 = IF (A1>15000, 10/100*B1, 15/100*B1) DA for Ranjan Column D2 = IF (A2 > 15000, 10/100*B2, 5/100*B2) D1 = 2250 D2 = 2100 Gross salary for Mahesh = Column E1 = SUM (B1,C1,D1) Gross salary for Ranjan = Column E2 = SUM (B2,C2,D2) Mr. Mahesh’s Salary E1 = 22500 + 5000 + 2250 = `29750 Mr. Ranjan’s Salary E2 = 14000 + 4000 + 2100 = `20100

3

3 + 3 = 6 Marks



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