2024-2025

2ND 33% REVISION EXAMINATION

Class: XII (Com) Marks : 80
Date: 19-10-2024 ACCOUNTANCY(055) Time: 3 Hrs
MARKING SCHEME
SECTION – A (20x1=20)
Choose the Correct Answer:
1. (b) ₹ 48,000
2. (d) Realisation Account by ₹ 4,300.
3. (c) ₹ 12,000
4. (c) Cash Account by ₹ 9,900
5. (d) ₹ 30,000 (Loss)
6. (a) Gain ₹ 95,000
7. (a) ₹ 4
8. (b) ₹ 9,000
9. (d) Nil
10. (d) ₹ 4,950
11. (b) ₹ 4, 20,000
12. (d) ₹ 2,100
13. (a) ₹ 40
14. (c) ₹ 2, 00,000
15. (c) ₹ 1, 00,000
16. (b) 5,000
17. (d) ₹ 40,000
18. (c) ₹ 4, 00,000
19. (c) Debited by ₹ 20, 00,000
20. (b) ₹ 110
SECTION – B (6 x 3 = 18)

21. Soln:-
JOURNAL
Date Particulars L.F Dr.(₹) Cr.(₹)
(a) Realisation A/c ...Dr. 600
To Mohan's Capital A/c 600
(Expenses of realisation paid by Mohan on behalf of
the firm)
(b) Realisation A/c ...Dr. 20,000
To Mohan's Capital A/c 20,000
(Partner Mohan is allowed salary for processing the
job of dissolution)
 (c) No entry will be passed because as liability (Creditor)
is settled against asset (Motor Car) without any
cash/bank transaction. Both, creditor and Motor Car,
are already transferred to Realisation Account.
3 x 1 =3
(Or)
Soln:-
JOURNAL
Date Particulars L.F Dr.(₹) Cr.(₹)
(a) Jinu's Capital A/c ...Dr. 10,000
To Bank A/c 10,000
(Expenses of Realisation paid, but to be borne by Jinu,
a partner)
(b) Realisation A/c ...Dr. 25,000
To Saravanan's Capital A/c 25,000
(Remuneration allowed to Saravanan, a partner for
meeting all expenses of dissolution)
(c) (i) Realisation A/c ...Dr. 20,000
To Someswar's Capital A/c 20,000
(Remuneration due to Someswar)
(ii) Someswar's Capital A/c ...Dr. 5,000
To Bank A/c 5,000
(Realisation expenses paid on behalf of Someswar)
Notes: (a) In this case, though expenses incurred are on account of Realisation but, since
these expenses are to be borne by Jinu, a partner, therefore, Jinu’s Capital A/c is debited
instead of Realisation A/c.
𝟑
4 x 𝟒= 3
22. Soln:-
JOURNAL
Date Particulars L.F Dr.(₹) Cr.(₹)
(a) Realisation A/c ...Dr. 40,000
To Cash A/c 40,000
(Cash paid to Creditors)
(b) No Entry
(c) Cash A/c ...Dr. 30,000
To Realisation A/c 30,000
(Cash paid by creditors to the firm
3 x 1 =3
23. Soln:-
JOURNAL
Date Particulars L.F Dr.(₹) Cr.(₹)
Cash A/c ...Dr. 2, 94,000
To Realisation A/c 2, 94,000
(Land and Building sold through broker, paid 2% of
realisable value as commission to broker
3 x 1 =3
 Alternate Treatment:
JOURNAL
Date Particulars L.F Dr.(₹) Cr.(₹)
Cash A/c ...Dr. 3, 00,000
To Realisation A/c 3, 00,000
(Land and Building sold)
Realisation A/c ...Dr. 6,000
To Cash A/c 6,000
(Brokerage @ 2% paid)

24. Soln:-
JOURNAL OF YASH LTD.
Date Particulars L.F Dr.(₹) Cr.(₹)
Bank A/c ...Dr. 4,40,000
To Shares Application and Allotment A/c 4,40,000
(Application money received on issue of shares)
Shares Application and Allotment A/c ...Dr. 4,40,000
To Bank A/c 4,40,000
(Application money refunded as minimum
subscription of 90% of issue not received)
𝟏
2 x 𝟏 𝟐= 3
25. Soln:-
JOURNAL OF SANGAM MARBLES LTD
Date Particulars L.F Dr.(₹) Cr.(₹)
Bank A/c ...Dr. 1,87,500
To Shares Application A/c 1,87,500
(Application money received on issue of shares)
Shares Application A/c ...Dr. 1,87,500
To Bank A/c 1,87,500
(Application money refunded as minimum
subscription of 90% (63,000 shares )of issue not
received)
𝟏
2 x 𝟏 𝟐= 3
26. Soln:-
JOURNAL OF RAMA LTD
Date Particulars L.F Dr.(₹) Cr.(₹)
Land and Building A/c ...Dr. 50,00,000
Furniture A/c ...Dr. 10,00,000
Stock A/c ...Dr. 5,00,000
Goodwill A/c (Balancing Figure) ...Dr. 2,00,000
To Creditors A/c 7,00,000
To Krishna A/c 60,00,000
(Assets and liabilities taken over)
Krishna Ltd. ...Dr. 60,00,000
To 12% Debentures A/c 50,00,000
 To Securities Premium A/c 10,00,000
(Purchase consideration discharged by issuing
50,000, 12% Debentures at a premium)
Working Note:
₹ 60,00,000
Number of Debentures Issued = = 50,000 Debentures
₹ 120
𝟏
2 x 1 𝟐= 3
(Or)
Soln:-
In the Books of Sakshi Ltd.
JOURNAL
Date Particulars L.F Dr.(₹) Cr.(₹)
2018 Bank A/c ...Dr. 94,000
April To Debenture Application and Allotment A/c 94,000
1 (Application money received on 1,000, 11%
Debentures)
Debenture Application and Allotment A/c ...Dr. 94,000
Loss on Issuer of Debentures A/c ...Dr. 11,000
To 11% Debentures A/c 1,00,000
To Premium on Redemption of Debentures A/c 5,000
(Allotment of 11% Debentures at a discount,
redeemable at a premium)
Or
Debenture Application and Allotment A/c ...Dr. 94,000
Discount on Issue of Debentures A/c ...Dr. 6,000
Loss on Issue of Debentures A/c ...Dr. 5,000
To 11% Debentures A/c 1,00,000
To Premium on Redemption of Debentures Account 5,000
(Allotment of 11% Debentures at a discount,
redeemable at a premium)

𝟏
2 x 𝟏 𝟐= 3
SECTION – C (3 x 4 = 12)

27. Soln:-
Dr. REALISATION ACCOUNT Cr.
Particulars ₹ Particulars ₹
To Sundary Assets: By Sundry Liabilities
Machinery 3,20,000 Sundry Creditors 1,00,000
Invesments 3,00,000 Bills Payable 2,00,000 3,00,000
Stock 2,00,000 By Bank A/c (Assets Realised):
Debtors 1,00,000 9,20,000 Machinery 10,000
Investments 2,90,000
To Bank A/c Stock 1,80,000
Realisation Expenses 10,000 Debtors
Bills Payable 2,00,000 2,10,000 (₹1,00,000 – ₹ 20,000) 80,000 5,60,000
By Loss transferred to:
C’s Captial A/c
 (₹ 2,70,000 × 3/5) 1,62,000
D’s Captial A/c
(₹ 2,70,000 × 1/5) 54,000
E’s Captial A/c
(₹ 2,70,000 × 1/5) 54,000 2,70,000

11,30,000 11,30,000
(4)
(Or)
Soln:-
Dr. REALISATION ACCOUNT Cr.
Particulars ₹ Particulars ₹
To Debtors 2,40,000 By Creditors 1,70,000
To Stock A/c 1,30,000 By Ramesh’s Capital A/c 55,000
To Furniture A/c 2,00,000 (Stock: 50% of ₹1,30,000 –
To Machinery A/c 9,30,000 ₹10,000)
To Bank A/c (Liabilities Paid): By Umesh’s Capital A/c 50,000
Creditors 1,70,000 (Furniture)
Outstanding Bill for By Bank A/c (Assets
Repairs 1,40,000 3,10,000 Realised):
Stock (Balance Stock) 65,000
Debtors 2,40,000
Machinery 4,50,000 7,55,000
By Loss transferred to:
Ramesh’s Capital
A/c 5,46,000
Umesh’s Capital
A/c 2,34,000 7,80,000
18,10,000 18,10,000
(4)
28. Soln:-
Books of Sandesh Ltd.
JOURNAL
Date Particulars L.F Dr.(₹) Cr.(₹)
Share Capital A/c ...Dr. 21,000
To Shares Forfeited A/c 15,000
To Calls-in-Arrears A/c 6,000
(3,000 shares forfeited for non-payment of first call money)
Bank A/c ...Dr. 20,000
To Share Capital A/c 20,000
(2,000 shares re-issued @ ₹10 per share)
Shares Forfeited A/c ...Dr. 10,000
To Capital Reserve A/c 10,000
(Gain on re-issue of forfeited shares transferred to capital reserve)
(4)
(Or)
 Soln:-
Books of Sanjana Ltd.
JOURNAL
Date Particulars L.F Dr.(₹) Cr.(₹)
(i) Share Capital A/c ...Dr. 50,000
To Shares Forfeited A/c 18,000
To Calls-in-Arrears A/c (WN) 32,000
(5,000 shares forfeited for non-payment of allotment and call
money)
(ii) Bank A/c ...Dr. 36,000
To Share Capital A/c 30,000
To Securities Premium A/c 6,000
(3,000 shares re-issued @ ₹12 per share)
(iii) Shares Forfeited A/c ...Dr. 10,800
To Capital Reserve A/c 10,800
(Gain on re-issue of forfeited shares transferred to capital
reserve)
(4)
29. Soln:-
AN EXTRACT OF BALANCE SHEET OF ‘X’ LTD. as at
Particulars Note No. (₹)
I. EQUITY AND LIABILITIES
Non-current Liabilities
Long-term Borrowings 1 3,00,000
Note to Accounts
Particulars (₹)
1. Long-term Borrowings
Loan from IDBI 3,00,000
(Secured by issue of 4,000, 9% Debentures of ₹100 each as a
Collateral security)
(4)
SECTION – D (5 x 6 = 30)

30. Soln:-
JOURNAL
Date Particulars L.F Dr.(₹) Cr.(₹)
(i) Realisation A/c ...Dr. 12,05,000
To Fixed Assets A/c 7,10,000
To Stock A/c 3,00,000
To Sundry Debtors A/c 1,95,000
(Assets transferred to Realisation A/c)
(ii) Creditors A/c ...Dr. 2,00,000
Provision for Bad Debts A/c ...Dr. 5,000
To Realisation A/c 2,05,000
(Liabilities transferred to Realisation A/c)
 (iii) Bank A/c ...Dr. 11,49,000
To Realisation A/c 11,49,000
(Assets realised)
(iv) Realisation A/c ...Dr. 2,04,000
To Bank A/c 2,04,000
(Realisation Expensed and Creditors paid in full
settlement)
Or
(a) Realisation A/c ...Dr. 1,85,000
To Bank A/c 1,85,000
(Creditors paid in full settlement)
(a) Realisation A/c ...Dr. 19,000
To Bank A/c 19,000
(Realisation expenses paid)
(v) A’s Capital A/c ...Dr. 22,000
B’s Capital A/c ...Dr. 22,000
C’s Capital A/c ...Dr. 11,000
To Realisation A/c 55,000
(Loss on realisation debited to Partner’s Capital
Accounts)
(vi) A’s Capital A/c ...Dr. 7,28,000
B’s Capital A/c ...Dr. 2,78,000
C’s Capital A/c ...Dr. 2,39,000
To Bank A/c 12,45,000
(Partner’s Capital Accounts settled on dissolution)
6 x 1 =6
31. Soln:-
Dr. REALISATION ACCOUNT Cr.
Particulars ₹ Particulars ₹
To Sundry Assets A/c (WN 1) 16,30,000 By Sundry Liabilities A/c:
To Cash A/c Creditors 2,00,000
Creditors (₹2,00,000 – Bills Payable 60,000
₹1,000) 1,99,000 Others 3,40,000 6,00,000
Bills Payable 59,000
Others 3,40,000 5,98,000
By Workmen Compensation
To Cash A/c – Workmen Reserve A/c (Note) 40,000
Compensation By Casj A/c (Assets Realised) 14,00,000
Claim (Note) 40,000 BY Loss transferred to:
To Cash A/c (Realisation Expenses) 30,000 Mike’s Capital A/c
(3/5) 1,54,800
Ajay’s Capital A/c
(2/5) 1,03,200 2,58,000
22,98,000 22,98,000
 (b)
Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Mike Ajay Particulars Mike Ajay
₹ ₹ ₹ ₹
To Realisation A/c (Loss) 1,54,800 1,03,200 By Balance b/d 6,00,000 4,00,000
To Cash A/c (Final By Workmen
Payment) 4,81,200 3,20,800 Compensation
Reserve A/c 36,000 24,000
6,36,000 4,24,000 6,36,000 4,24,000

Note: Workmen’s Compensation Reserve to the extent of liability (i.e., ₹40,000) is

transferred to the credit side of Realisation Account and balance (i.e., ₹1, 00,000 - ₹40,000
= ₹60,000) is transferred to Partners’ Capital Accounts in their profit-sharing ratio.
2x3=6
32. Soln:-
JOURNAL OF X LTD
Date Particulars L.F Debit Credit
Bank A/c (1,20,000 × ₹ 3) ...Dr. 3,60,000
To Equity Share Application A/c 3,60,000
(Application money received)
Equity Share Application A/c …Dr. 3,60,000
To Equity Share Capital A/c (50,000 × ₹ 3) 1,50,000
To Equity Share Allotment A/c (50,000 × ₹ 3) 1,50,000
To Bank A/c (20,000 × ₹ 3) 60,000
(Application money adjusted) (WN 2)
Equity Share Allotment A/c …Dr. 1,50,000
To Equity Share Capital A/c (50,000 × ₹ 2) 1,00,000
To Securities Premium A/c (50,000 × ₹ 1) 50,000
(Allotment money due)
Equity Shares First and Final Call A/c (50,000 × ₹ 5) Dr. 2,50,000
To Equity Share Capital A/c 2,50,000
(Call money due )
Bank A/c ...Dr. 2,37,500
Calls in Arrests A/c (2,500 × ₹ 5) ...Dr. 12,500
To Equity share First and Final Call A/c 2,50,000
(Call money received except on 2,500 shares )
Equity Share Capital A/c (2,500 × ₹ 10) ...Dr. 25,000
To Calls in Arrests A/c (2,500 × ₹ 5) 12,500
To Forfeited Shares A/c (2,500 × ₹ 5) 12,500
(Forfeited of 2,500 shares for non-payment of call money)
Bank A/c …Dr. 60,000
To Share Capital A/c (2,500 × ₹ 10) 25,000
To Securities Premium A/c (2,500 × ₹ 14) 35,000
(2,500 shares reissued for ₹ 60,000 fully paid-up )
Forfeited Shares A/c ...Dr. 12,500
To Capital Reserve A/c 12,500
(Gain on reissue of 2,500 shares transferred to Capital
Reserve)
Working Notes:
50,000
1. No. of shares allotted to defaulting shareholders = 1,20,000 × 6,000 = 2,500 shares.
2. Total allotment is adjusted from excess application money.
(6)
(Or)
Soln:-
Journal Entries
Date Particulars L.F Debit Credit
Bank A/c ...Dr. 18,000
To share Application A/c 18,000
(Application money received)
Share Application A/c …Dr. 18,000
To share capital A/c 10,000
To Bank A/c 3,000
To share Allotment A/c 5,000
(Application money transferred to share capital)
Share Allotment A/c …Dr. 25,000
To Share Capital A/c 20,000
To Securities Premium 5,000
(Allotment money due)
Bank A/c ...Dr. 18,000
Calls in Arrears A/c ...Dr. 2,000
To Share Allotment A/c 20,000
(Allotment received )
Share First call A/c …Dr. 40,000
To share Capital A/c 40,000
(First call due)
Bank A/c …Dr. 36,000
Calls in Arrests A/c …Dr. 4,000
To share First call A/c 40,000
(1 Call received )
st

Share Capital A/c …Dr. 7,000

Securities Premium A/c …Dr. 500
To Forfeited shares A/c 1,500
To Calls in Arrears A/c 6,000
(Forfeiture of shares)
Bank A/c …Dr. 6,000
Forfeited Shares A/c …Dr. 1,000
To Share Capital A/c 7,000
(Reissue of Forfeited Shares)
Forfeited Shares A/c …Dr. 500
To Capital Reserve A/c 500
(Profit on Forfeited transformed to Capital Reserve)
(6)
33. Soln:-
In the Books of Salem Ltd.
JOURNAL
Date Particulars L.F Debit Credit
Bank A/c ...Dr. 12,00,000 12,00,000
To Equity Shares Application A/c (Application
Money received on 3,00,000 shares ₹ 4 per share)
Equity Shares Application A/c ...Dr. 12,00,000 4,80,000
To Equity Share Capital A/c (2,40,000 × ₹2) 4,80,000
To Securities Premium A/c (2,40,000 × ₹2) 2,40,000
To Equity Shares Allotment A/c (60,000 × ₹4)
(Application money transferred to share capital,
securities premium and share allotment
Equity Shares Allotment A/c ...Dr. 9,60,000 9,60,000
To Equity Share Capital A/c
(Allotment money due on 2,40,000 equity shares @
₹ 4 per share)
Bank A/c ...Dr. 7,02,000
Calls-in-Arrears A/c 18,000
To Equity Shares Allotment A/c 7,20,000
(Allotment money received) (WN 1 and WN 2)
Equity Shares First and Final Call A/c ...Dr. 14,04,000
To Equity Share Capital A/c 9,60,000
To Securities Premium A/c 4,80,000
(First call money due on 2,40,000 shares @6 per
share)
Bank A/c ...Dr. 14,04,000
Calls-in-Arrears A/c (6,000×6) 36,000
To Equity Shares First and Final Call A/c 14,40,000
(First and Final call money received)
Share Capital A/c (6,000x10) ...Dr. 60,000
Securities Premium A/c (6,000×₹2) To Calls-in- 12,000
Arrears A/c 54,000
To Forfeited Shares A/c 18,000
(6,000 shares forfeited for non-payment of allotment
and first and final call)
Bank A/c ...Dr. 26,400
To Equity Share Capital A/c 24,000
To Securities Premium A/c (2,400 shares reissued 2,400
for 11 per share fully paid)
Forfeited Shares A/c ...Dr. 7,200
To Capital Reserve A/c 7,200
(Gain on reissue of forfeited shares transferred to
Capital Reserve) (WN 3)
Working Notes:
2,40,000
1. No of shares allotted to Yazhini (₹ 7,500 x )= 6,000 shares.
3,00,000
2. Calculation of the amount due but not received on allotment from Yazhini: ₹
 A. Application money received on shares applied (7,500×₹ 4) 30,000
B. Money due on shares allotted (6,000×₹ 4) 24,000
C. Excess Application money adjusted on allotment (A - B) 6,000
D. Allotment money due on shares allotted (6,000 × ₹ 4) 24,000
E. Allotment money due but not received = ₹ 24,000 − ₹6,000 (C) 18,000
3. Calculation of gain on Reissue to be transferred to Capital Reserve:
Amount Forfeited [₹ 30,000 − ₹ 12,000 (Securities Premium] 18,000
2,400
Amount forfeited on Reissued Shares (18,000 x ) 7,200
6000
Less: Loss on reissue Nil
Transferred to Capital Reserve 7,200
(6)
34. Soln:-
JOURNAL
Date Particulars L.F Debit Credit
(i) Bank A/c …Dr. 100
To Debentures Application and Allotment A/c 100
(Receipt debentures application money)
Debentures Application and Allotment A/c …Dr. 100
To 10% Debentures A/c 100
(Issue of 10% Debentures at par)
(ii) Bank A/c …Dr. 95
To Debentures Application and Allotment A/c 95
(Debentures application money received)
Debentures Application and Allotment A/c …Dr. 95
Discount on Issue of Debentures A/c …Dr. 5
To 10% Debentures A/c 100
(Issue of 10% Debentures at 5% discount)
(iii) Bank A/c …Dr. 105
To Debentures Application and Allotment A/c 105
(Debentures application money received)
Debentures Application and Allotment A/c …Dr. 105
To 10% Debentures A/c 100
To Securities Premium A/c 5
(Issue of 10% Debentures at 5% premium)
(iv) Bank A/c …Dr. 100
To Debentures Application and Allotment A/c 100
(Receipt of Debentures application money)
Debentures Application and Allotment A/c …Dr. 100
Loss on Issue of Debentures A/c …Dr. 5
To 10% Debentures A/c 100
To Premium on Redemption of Debentures A/c 5
(Issue of 10% Debentures at par and redeemable at 5%
premium)
(v) Bank A/c …Dr. 95
To Debentures Application and Allotment A/c 95
(Debentures application money received)
Debentures Application and Allotment A/c …Dr. 95
Loss on Issue of Debentures A/c …Dr. 10
 To 10% Debentures A/c 100
To Premium on Redemption of Debentures A/c 5
(Issue of 10% Debentures at 5% discount and
redeemable at 5% premium)
(vi) Bank A/c …Dr. 105
To Debentures Application and Allotment A/c 105
(Debentures application money received)
Debentures Application and Allotment A/c …Dr. 105
Loss on Issue of Debentures A/c …Dr. 10
To 10% Debentures A/c Dr 100
To Securities Premium A/c 5
To Premium on Redemption of Debentures A/c 10
(Issue of 10% Debentures at 5% premium and
redeemable at 10% premium
(6)
(Or)
Soln:-
JOURNAL
Date Particulars L.F Debit Credit
2023 Sundry Assets A/c ...Dr. 4,30,000
Oct 1 Goodwill A/c (Balancing Figure) ….Dr. 40,000
To Sundry Liabilities A/c 90,000
To Greg Ltd. 3,80,0000
(Assets and liabilities of Greg Ltd. taken over for a
consideration of ₹ 3,80,000)
Oct 1 Greg Ltd. ...Dr. 3,80,333
Discount on Issue of Debentures A/c ...Dr. 20,000
To 10% Debentures A/c 4,00,000
(4,000: 10% Debentures of ₹ 100 each issued at a
discount of 10% Oct. to Greg Ltd.)
Oct 1 Bank A/c …Dr. 4,50,000
To Bank Loan A/c 4,50,000
(Loan taken from Bank)
Oct 1 Debentures Suspense A/c …Dr. 5,00,000
To 11 Debentures A/c 5,00,000
(5,000, 11% Debentures of 100 each issued as
collateral security)

Oct 1 1 Bank A/c ...Dr. 5,00,000

To Debentures Application and Allotment A/c 5,00,000
(Application Money received for 5,000 debentures)
Oct 1 Debentures Application and Allotment A/c ...Dr. 5,00,000
Loss on Issue of Debentures A/c ...Dr. 25,000
To 12% Debentures A/c 5,00,000
To Premium on Redemption of Debentures A/c 25,000
(5,000, 12% Debentures issued at par and redeemable
at 5% premium)
2024 Debentures Interest A/c ...Dr. 50,000
March To Debenture holders' A/c 50,000
31 (Interest due on Debentures for the half year ended
31st March, 2024) (Note 2)
March Debenture holders' A/c ...Dr. 50,000
31 To Bank A/c 50,000
(Interest paid to debenture holders)
March Statement of Profit & Loss (Finance Cost) ...Dr. 50,000
31 To Debentures' Interest A/c 50,000
(Transfer of Debentures' interest to Statement of
Profit & Loss)
March Securities Premium A/c ...Dr. 45,000
31 To Discount on Issue of Debentures A/c 20,000
To Loss on Issue of Debentures A/c 25,000
(Discount and Loss on Issue of Debentures written
off)