MARKING SCHEME

CSSC EXAMINATION 2025-26

CLASS – 12
ACCOUNTANCY (055) - SET -I
1. c) Radha invested additional capital (1)
OR
a) Both Assertion and Reason are true and Reason (R ) is the correct explanation of
Assertion (A ).
2. c) X ₹49,250 Y ₹ 38,250 Z ₹ 40,000 (1)
3. b) Private Placement
Or
d) ₹ 28 (1)
4. C) Bank A/c Debit ₹9,90,000 and debenture application and allotment Credit ₹9,90,000
OR
b) ₹22,00,000 (1)
5. a) ₹ 4,75,000 (1)
6. a) ₹1,00,000 (1)
7. (b)Interest on Capitals X-Rs.46,000 ,Y-Rs.36,600 ,Z-Rs.27,000. (1)
8. D) 3:1 OR C) 23:13 (1)
9. c) ₹ 1,28,750 (1)
10. b) ₹ 1,20,000 Or c) X will be credited by ₹ 12,000 (1)
11. b) ₹4,500 ₹ 9,000 And ₹ 9,000 (1)
12. d) ₹ 60,000 (1)
13. a) ₹ 40,000 (1)
14. c) ₹ Rs. 40000 from Securities premium & Rs. 20,000 from Balance in Statement of
P/L Account (1)
15. d) No profit no loss (1)
16. a) ₹90,000 will be provided as workmen compensation claim out of the Reserve and the
balance ₹ 30,000 will be distributed amongst partners in old ratio. (1)
[Link] (sacrifice) 3/10 Arjun (Gain) -2/10 Divya (Gain) -1/10
Date Particulars L.F Amount ₹ Amount ₹
Sagar’s capital A/c Dr. 25,000
Arjun’s Capital A/c Dr. 15,000
Divya’s Capital A/c Dr. 10,000
To Profit & Loss a/c 50,000
(Undistributed loss transferred to
partner’s capital A/c in old ratio)
Investment Fluctuation fund A/c Dr. 40,000
To Investment A/c 20,000
To Sagar’s capital A/c 10,000
To Arjun’s capital A/c 6,000
To Divya’s capital A/c 4,000
(Fall in the value of investment
Adjusted through investment
fluctuation reserve and surplus
transferred to partner’s capital A/c)
Arjus’s Capital A/c Dr. 60,000
Divya’s capital A/c Dr. 30,000
To Sagar’s Capital A/c 90,000
 (Adjustment made for Goodwill due
to change in profit sharing ratio)
(1+1+1= 3)

OR
Date Particulars L.F ₹ ₹
A’s Capital a/c Dr. 2,500
B’s Capital a/c Dr. 2,000
C’s Capital a/c Dr. 500
To Revaluation a/c 5,000
(being loss om revaluation debited to
partner’s capital account)
C’s Capital a/c Dr. 28,000
To A’s capital a/c 20,000
To B’s capital a/c 8,000
(being adjustment entry made for
goodwill)
General Reserve a/c Dr. 20,000
To A’s capital a/c 10,000
To B’s capital a/c 8,000
To C’s capital a/c 2,000
(being General reserve distributed among
the partners)
Working note:
A = 5/30 (sacrifice) B = 2/30(sacrifice) c= (7/30)Gain (1+1+1=3)
18. Dr. Partner’s Capital Account Cr.
Particulars Madan Sundar Particulars Madan Sundar
₹ ₹ ₹ ₹
To balance b/d 20,000 By balance b/d 40,000 --
To Profit & Loss A/c 5,000 5,000 By General 3,500 3,500
To Real;isation 1,000 -- Reserve
a/c(expenses) By Realisation a/c
To Realisation -- 2,000 (unrecorded 3,000
(unrecorded asset) liabililty)
To Realisation (loss) 30,000 30,000 By bank (amount 53,500
To bank a/c(payment) 10,500 ---- brought) ([Link])
46,500 57,000 46,500 57,000

Dr. Madan’s Loan Account Cr.

Particulars ₹ Particulars ₹
To bank a/c (payment) 27,500 By balance b/d 25,000
By interest on loan a/c 2,500
27,500 27,500

(2+1=3)
19.
Date Particulars L.F Amount (Dr.) ₹ Amount(Cr.) ₹
2023 Equipments a/c Dr. 60,00,000
Oct 1 To Lodhi Ltd., 60,00,000
(Equipments purchased)
Lodhi Ltd., a/c Dr. 60,00,000
Loss on issue of Debentures a/c Dr. 4,00,000
To Bank a/c 10,00,000
 To 7% Debentures A/c 40,00,000
To Securities Premium a/c 10,00,000
To Premium on redemption of 4,00,000
debentures a/c
( Cheque issued for ₹10,00,000 and
40,000 7% Debentures of ₹100 each
issued to Lodhi Ltd., @25% premium
redeemable at 10% premium)
2024 Securities Premium A/c 4,00,000
March Dr. 4,00,000
31 To Loss on issue of Debentures a/c
(Loss on issue of Debentures written
off from Securities premium)
(1+1+1=3)
20. Gaining Ratio 1:3
Sita’s share of Goodwill:
Total of last three years profit = ₹1,05,000 +₹30,000 + ₹84,000 = ₹2,19,000
Sita’s share in last three years profit = 2,19,000 X 4/8 = 1,09,000
Sita’s share of Goodwill = ₹ 1,09,000 X 50/100 = ₹ 54,750 (1)
JOURNAL ENTRIES
Date Particulars L.F Amount(Dr.) ₹ Amount(Cr.) ₹
2024 Building A/c Dr. 80,000
Feb To Revaluation A/c 80,000
29 Increase in the value of Building)
Revaluation A/c Dr. 80,000
To Sita’s Capital A/c 40,000
To Reeta’s Capital A/c 30,000
To Geeta’s Capital A/c 10,000
(Transfer of profits on revaluation to
partners’ capital accounts in their old
profit sharing ratio)
Reeta’s capital A/c Dr. 13,688
Geeta’s capital A/c Dr. 41,062
To Sita’s capital A/c 54,750
(Sita’s share goodwill adjusted in the
capital accounts of gaining partners
in their gaining ratio of 1:3)

(2)
21. Extract of Balance sheet of Vivek Ltd.,
As at 31st March 2023
Particulars Note No. 31st March 2023 31st March 2022
I EQUITY AND LIABILITIES ₹ ₹
1. Shareholders Fund
(a) Share capital 1 6,77,000
(2)
Notes to Accounts:
1. Share capital:
Authorised Share capital:
1,00,000 Equity shares of ₹10 each 10,00,000
---------------
Issued share capital:
90,000 equity shares of ₹10 each 9,00,000
 --------------
Subscribed but not fully paid up:
84,500 equity shares of ₹10 each
₹8 called up 6,76,000
Less: Calls in arrears(1000 x 2) 2,000
-------------
6,74,000
Add: Share Forfeited A/C 3,000
-------------- 6,77,000 (2)

22.
Date Particulars L.F Amount ₹ Amount₹
Eliza A/c Dr. 6,250
Madhur A/c Dr. 300
To David A/c 6,550
(Adjustment for interest on
Drawings and interest on capital
And wrong distribution of profit)

Adjustment table + entry 2 +2 = 4

23. Journal in the books of Vinod Fabrics Ltd., 6 marks
Date Particulars L.F Amount Amount (Cr.)
(Dr.) ₹
₹
Bank A/c Dr. 10,50,000
To Equity Share Application A/c 10,50,000
(Being Application money
received)

Equity share Application a/c Dr. 10,50,000

To Equity Share Capital A/c 6,00,000
To Equity Share Allotment 75,000
A/c 3,00,000
To Securities Premium 75,000
To Bank
(Being share application money
adjusted)
Equity Share Allotment A/c Dr. 9,00,000
To Equity Share Capital A/c 9,00,000
(Being Allotment due)
Bank A/c Dr. 7,83,750
To Equity Share Allotment A/c 7,83,750
(Being allotment received)
Equity Share First & Final Call 18,00,000
A/c Dr. 15,00,000
To Equity Share Capital A/c 3,00,000
To Securities Premium A/c
(Being call due)
Bank A/c Dr. 17,10,000
To Equity Share First & Final 17,10,000
Call A/c
(Being call money received
Equity Share Capital A/c Dr. 1,50,000
Securities Premium Reserve A/c 15,000
Dr. 41,250
To Equity Share Allotment A/c 90,000
To Equity Share First & Final 33,750
Call A/c
To Share Forfeiture A/c
 (Being shares forfeited)
Bank A/c Dr. 82,500
To Equity Share Capital A/c 75,000
To Securities Premium Reserve 7,500
A/c
(Being reissue of forfeited shares)
Share Forfeiture A/c Dr. 16,875
To Capital Reserve 16,875
(Being gain on forfeiture
transferred to capital reserve)

OR
Journal in the books of Vishal Ltd.,
Date Particulars L.F Amount(Dr.) Amount (Cr.)
₹ ₹
Bank A/c Dr. 3,75,000
To Equity Share Application A/c 3,75,000
(Being Application money
received)
Equity Share Application A/c Dr. 3,75,000
To Equity Share Capital A/c 2,50,000
To Equity Share Allotment A/c 1,25,000
(Being share application money
adjusted)
Equity Share Allotment A/c Dr. 3,50,000
To Equity Share Capital A/c 1,00,000
To Security Premium Reserve A/c 2,50,000
(Being Allotment due)
Bank A/c Dr. 2,22,300
To Equity Share Allotment A/c 2,22,300
(Being allotment received)
Equity Share First & Final Call A/c 1,50,000
Dr. 1,50,000
To Equity Share Capital A/c
(Being call due)
Bank A/c Dr. 1,48,200
To Equity Share First & Final Call 1,48,200
A/c
(Being call money received
Equity Share Capital A/c Dr. 6,000
Securities Premium Reserve A/c 2,700
Dr. 2,700
To Equity Share Allotment A/c 1,800
To Equity Share First & Final Call 4,200
A/c
To Share Forfeiture A/c
(Being 600 shares forfeited
Bank A/c Dr. 2,880
Share Forfeiture A/c Dr. 720
To Equity Share Capital A/c 3,600
(Being reissue of forfeited shares)
Share Forfeiture A/c Dr. 1,800
To Capital Reserve 1,800
(Being gain on forfeiture
transferred to capital reserve)
24. 6 Marks
Dr. Revaluation Account Cr.
Particulars ₹ ₹ Particulars ₹ ₹
To claim for damages 1,000 By creditors 4,000
To Stock 18,000 By rev loss
To Patents 6,000 A 10,500
B 7,000
C 3,500 21,000
Total 25,000 Total 25,000

Dr. Partner’s Capital Account Cr.

Particulars A B C D Particulars A B C D
₹ ₹ ₹ ₹ ₹ ₹ ₹ ₹
To rev. 10,500 7,500 3,500 By Balance 60,000 60,000 50,000
Loss b/d
To 7,500 5,000 2,500 Be 6,000 4,000 2,000
Goodwill Reserves
To Bal. c/d 77,000 61,000 46,000 60,000 By bank 20,000
O/D
By Bank 60,000
By 9,000 9,000
[Link]
Goodwill
95,000 73,000 52,000 60,000 95,000 73,000 52,000 60,000
To cash 11,000 6,000 By bal b/d 77,000 61,000 46,000 60,000
To bal c/d 90,000 50,000 40,000 60,000 By cash 13,000
90,000 61,000 46,000 60,000 90,000 61,000 46,000 60,000

Balance Sheet as at 31st March 2023

Liabilities ₹ ₹ Assets ₹ ₹
Sundry creditors 32,000 Cash 88,000
Claim for damages 1,000 Sundry Debtors 50,000
Capital Accounts: Less: [Link] 5,500 44,500
A 90,000 Stock 42,000
B 50,000 Fixed Assets 98,500
C 40,000
D 60,000
Total 2,73,000 Total 2,73,000

OR
Dr. Revaluation Account Cr.
Particulars ₹ ₹ Particulars ₹ ₹
To [Link] Doubtful 975 By Stock 2,500
debts
To Machinery 1,750 By Buildings 2,250
To Motor Van 600
To Profit transferred to:
Anu 570
Kushi 570
Neethu 285 1,425
4,750 4,750

Dr. Capital Accounts Cr.

 Particulars Anu Kushi
Neethu Particulars Anu Kushi Neethu
₹ ₹₹ ₹ ₹ ₹
To Kushi’s cap 1,800 1,800 By balance b/d 12,500 15,000 20,000
To Kushi’s loan 21,570 By General 2,400 2,400 1,200
a/c Reserve
To Balance c/d 13,670 19,685 By Revaluation 570 570 285
A/c
By Anu’s capital 1,800
By Neethu’s 1,800
capital
15,470 21,570 21,485 15,470 21,570 21,485

To Neethu’s 6,343 By balance b/d 13,670 19,685

current A/c
To balance c/d 20,013 13,342 By Anu’s 6,343
current A/c
20,013 13,342 6,343 19,685

Balance sheet ( After Kushi’s Retirement)

LIABILITIES ₹ ₹ ASSETS ₹ ₹
Bills payable 2,000 Bank 1,250
Creditors 10,000 Debtors 8,000
Kushi’s loan 21,570 Less: [Link] D. 1,225 6,775
Debts
Neethu’s Current A/c 8,567 Stock 15,000
Capital A/c Machinery 15,750
Anu 20,013 Motor Van 3,400
Neethu 13,342 33,355 Buildings 24,750
Anu’s current A/c 8,567
75,492 75,492

25. Dr. Vimal’s Current Account Cr.

Date Particulars ₹ Date Particulars ₹
To Vimal’s 1,02,000 By interest on capital
capital A/c (1,50,000 x 10/100) 15,000
To Akshay’s current A/c 30,000
To Jayanth’s current A/c 30,000
By Profit and Loss
Appropriation A/c 27,000
1,02,000 1,02,000
Dr. Vimal’s Capital Account Cr.
Particulars Amount (₹) Particulars Amount (₹)
To Vimal’s Executor’s A/c 2,52,000 By Balance b/d 1,50,000
By Vimal’s Current A/c 1,02,000
2,52,000 2,52,000

Dr. Vimal’s Executor’s Account Cr.

Date Particulars Amt.₹ Date Particulars Amt ₹
31.3.22 To balance c/d 2,52,000 31.3.22 By Vimal’s Capital 2,52,000
A/c
2,52,000 2,52,000
31.3.23 To cash 1.4.22 By balance b/d 2,52,000
(1,26,000+25,000) 1,51,200 31.3.23
 31.3.23 To balance c/d 1,26,000 By interest 25,200
A/c(2,52,000 x
2,77,200 10/100) 2,77,200

31.3.24 To cash 01.4.23 1,26,000

A/c(1,26,000+ 1,38,600 31.3.24 By balance b/d
12,600) By interest 12,600
A/c(₹1,26,000 x
1,38,600 10/100) 1,38,600

Working Note:
1. Vimal’s share of goodwill of ₹ 60,000 to be adjusted between Akshay and Jayanth in
their gaining ratio of 1:1
2. Vimal’s share of profit = 1,50,000 – 15,000 = ₹ 1,35,000
₹ 1,35,000 x 1/5 = ₹ 27,000
( Vimal’s share of profit will be adjusted through Profit & loss Appropriation A/c and
not through profit & Loss Suspense A/c as Vimal died at the end of the year. 6 Marks
26. i) a) ₹ 6,00,000
ii) b) ₹ 12
iii) a) ₹ 24,000
iv) b) 2,07,000 shares
v) a) Securities premium ₹ 2,87,500; Capital Reserve ₹52,000
vi) b) ₹ 20,85,000 6X1=6
PART – B
(Analysis of financial statement)

27. c) Statement 1 is true and Statement 2 is false (1)

28. d) Issue of Equity shares of ₹ 2,00,000 OR a) 9 times (1)
29. a) Cash used in investing Activities ₹ 6,00,000 OR b) ₹ 2,69,150 (1)
30. d) Subtracted under Operating Activities and inflow under investing Activities as Extra
ordinary items (1)
31.
[Link] Items Major head Sub- head
1. Accrued income Current Assets Other current assets
2 Current maturities of long term Current liabilities Short-term Borrowings
debts
3 Premium on redemption of Non-current Other long term liabilities
debentures Liabilities
4 Patents Non- current assets Property plant and
Equipment and intangible
assets – Intangible assets
5 Capital Advances Non- current asset Long term loans and
advances
6 Capital Work-in-Progress Non-current Assets Property plant and
Equipment and intangible
assets – Capital work-in-
progress
6X½=3
32Complete the Comparative Statement Profit and Loss based on the information given
Particulars Note 31.3.2023 31.3.2024 Absolute %
No. change Change
₹ ₹
Revenue from Operation 15,00,000 22,50,000 7,50,000 50%
Less: Employee benefit 6,00,000 7,50,000 1,50,000 25%
Expenses
3,00,000 4,50,000 1,50,000 50%
Less : Other Expenses
Profit before tax 6,00,000 10,50,000 4,50,000 75%
Less: Tax @ 30% 1,80,000 3,15,000 1,35,000 75%
Profit after tax 4,20,000 7,35,000 3,15,000 75%

OR 3 Marks
R LTD.,
COMMON SIZE BALANCE SHEET
As at 31st March , 2019 and 2020
Particulars Note Absolute Amounts Percentage of
No. Balance sheet Total

31.03.201931.03.2020 31.3.2019 31.3.2020

₹ ₹ (%) (%)
I EQUITY AND LIABILITIES

1. Shareholder’s funds

a) Share capital 2,00,000 2,50,000 66.67 62.50

b) Reserves and 60,000 80,000 20.00 20.00
Surplus

2. Current Liabilities
40,000 70,000 13.33 17.50
Trade Payables
3,00,000 4,00,000 100.00 100.00
TOTAL

II ASSETS

1. Non-current Assets

a) Property, plant and

Equipment and
Intangible Assets:

i) Property ,Plant and

Equipment 1,20,000 1,60,000 40.00 40.00

ii) Intangible Assets 30,000 20,000 10.00 5.00

2. Current Assets

a) Inventories 30,000 80,000 10.00 20.00

b) Trade Receivables 1,00,000 1,20,000 33.33 30.00
 c) Cash and Cash 20,000 20,000 6.67 5.00
equivalent

TOTAL 3,00,000 4,00,000 100.00 100.00

33.(i) Decrease - No change in shareholders’ fund but total asset will increase by
₹2,00,000
(ii) no change - No change in total assets and shareholder’s funds.
(iii) Decrease - Both Shareholder’s fund and total assets are decreased by same
Amount.
(iv) Increase - Shareholder’s funds and total assets both are increased
OR
Total Asset to Debt Ratio = Total Assets / Long term debts
Total Assets = Investment + Land+ Trade Receivables + Cash and Cash Equivalent
₹1,20,000 + ₹ 10,00,000+₹3,00,000+₹ 1,80,000 = 16,00,000
Long term Debts = Capital employed - Equity share capital – Capital Reserve + Surplus
(balance in statement of profit and loss)
₹22,50,000 - ₹10,50,000-₹2,60,000 +(₹35,000) = ₹ 9,75,000
₹ 16,00,000 / ₹ 9,75,000 = 1.64 : 1 4 Marks

IN THE BOOKS OF MNM LTD.,

Cash flow statement
For the year ending 31st March 2024

Particulars Details(₹) Amount(₹)

A. Cash Flow from Operating
activities:
Net Profit before Tax (44,000)
Add: Depreciation 25,000
Add: Interest on loan 7,500
Operating profit before working (11,500)
capital changes
Add: Decrease in Trade Receivable 14,000
Decrease in other current assets 4,000
Less: Decrease in Trade payable (14,000)
Increase in inventories (7,000)
Cash generated from operating activity (14,500)
Less: Tax paid (53,000)
Net cash used in Operating Activity (67,500)
B. Cash Flow from Investing
Activity
Purchase of Fixed Assets (1,69,000)
Net cash used in Investing Activity (1,69,000)
c. Cash Flow from Financing Activity:
Proceeds from issue of shares 2,00,000
Raising of long term loans 20,000
Interest on loan paid (7,500)
Cash flow from Financing Activity 2,12,500
Net Decrease in cash and cash equivalent (24,000)
Add: Opening balance of cash and cash 49,000
equivalent
Closing balance of Cash and Cash 25,000
equivalent
Working Note:
Interest on loan: ₹
60,000 X 10% 6,000
20,000 X 10% for 9 months 1,500
---------
7,500
----------
Calculation of Profit before Tax
Net profit for the year (95,000)
Add: Provision for tax 51,000
---------------
Net profit before Tax (44,000)
-----------------
Dr. Provision for Tax Account Cr.
Particulars ₹ Particulars ₹
To Bank 53,000 By balance b/d 70,000
To balance c/d 68,000 By Statement of P & L 51,000
([Link])
1,21,000 1,21,000

6 Marks

******************