BANGALORE SAHODAYA SCHOOLS COMPLEX ASSOCIATION
(BSSCA)
PRE-BOARD EXAMINATION (2022-2023)
Date: 13th January,2023 Max. Marks: 80
Subject: ACCOUNTANCY (055) Time: 3 Hours
SET 1 MARKING SCHEME
1. (C) Cr. X by ₹45,000; Cr. Y by ₹30,000; Cr. Z by ₹15,000 1mark
2. (b) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct
explanation of Assertion (A) 1mark
3. (a) Rs 100000 and Rs.400000 or (a) Rs 52000 and Rs 60000 respectively. 1mark
4. (b) 47,500 Or (c) 7,000 1mark
5. (b) 72,000 Remuneration of Z= Salary + Commission 1mark
=96000+5/105(135000-96000)
=96000+60000=156000
6. (a) 4,92,000 Or (a) 3,52,000 1mark
7. (c) Subscribed but not fully paid up 1mark
8. (c)Capital account of old partners. Or (c) Sacrificing Ratio 1mark
9. (c) will be allowed and it will increase the amount of loss Interest on capital is allowed
being a charge against profit. In this case even if the firm has incurred loss, interest will
be allowed on capitals. 1mark
10. (c) will be allowed @ 6% p.a. and debited to Profit and Loss Account, which will
increase the amount of loss Interest on Loan by Akhil will be allowed @6% being a
charge against profit. 1mark
11.(a) Debited to Revaluation A/c 1mark
12.(c) Rs. 105000 1mark
13.(b) Issuing Partly paid Bonus shares to Shareholders. 1mark
14.(b) Rs. 54000 (9000x6/1) 1mark
15.(b) equal profit share OR(d) Not entitled to Interest on their capital. 1mark
16.(a) When the business of the firm is declared illegal 1mark
17.
Calculation of Sita's Share of Goodwill
Total profits of the firm for 3 years (= 1,05,000+30,000 + 84,000) =Rs. 219000
Sita's share in three Years' profit (= 2,19,000 × 4/8) = Rs. 109500
Sita's share of Goodwill (= 1,09,500 x 50%) = Rs. 54750
It is to be adjusted between Reeta and Geeta in their gaining ratio of 1:3.
Page 1 of 15
, JOURNAL ENTRIES
Date 28.02.12 Building A/c 80000
To Revaluation A/c 80000
(Being increase in the value of building recorded)
28.02.12 Revaluation A/c 80000
To Sita's Capital A/c 40000
To Reeta's Capital A/c 30000
To Geeta's Capital A/c 10000
(Being profit on revaluation transferred to all partners in their old ratio of 4:3:1)
28.02.12 Reeta's Capital A/c 13688
Geeta's Capital A/c 41062
To Sita's Capital A/c 54750
(Being Sita's share of goodwill adjusted in the capital accounts of Reeta and Geeta in their
gaining ratio of 1:3)
Working Notes:
1. Calculation of Gaining Ratio:
Reeta Gain (NS-OS) =½-3/8=1/8
Geeta’s Share (NS-OS) =½-1/8=3/8
Gaining Ratio: 1: 3
3 marks
18.
PROFIT AND LOSS APPROPRIATION ACCOUNT
for the year ended 31st December, 2018
Dr. Cr.
Particulars ₹ Particulars ₹
To Interest on Capital: By Net Profit (as per Profit 1,12,000
A (10% of 80,000) - 8,000 and Loss A/c
B (10% of 50,000) - 5,000
C (10% of 40,000) - 4,000 17,000
To B's Salary A/c 10,000 By A's Capital A/c (WN:1) 8,000
To C's Commission A/c 4,000
To Profit transferred to:
A's Capital A/c - 44,500
B's Capital A/c - 26,700
C's Capital A/c - 17,800 89,000
1,20,000 1,20,000
Working Note:
1. A has personally guaranteed that the firm would earn a minimum profit of ₹1,20,000.
However, actual profits earned by firm are just ₹1,12,000. So, the deficiency of ₹8,000 (=
1,20,000 -1,12,000) will be debited to A's Capital A/c and credited to Profit and Loss
Appropriation A/c.
3 marks
OR
Page 2 of 15
(BSSCA)
PRE-BOARD EXAMINATION (2022-2023)
Date: 13th January,2023 Max. Marks: 80
Subject: ACCOUNTANCY (055) Time: 3 Hours
SET 1 MARKING SCHEME
1. (C) Cr. X by ₹45,000; Cr. Y by ₹30,000; Cr. Z by ₹15,000 1mark
2. (b) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct
explanation of Assertion (A) 1mark
3. (a) Rs 100000 and Rs.400000 or (a) Rs 52000 and Rs 60000 respectively. 1mark
4. (b) 47,500 Or (c) 7,000 1mark
5. (b) 72,000 Remuneration of Z= Salary + Commission 1mark
=96000+5/105(135000-96000)
=96000+60000=156000
6. (a) 4,92,000 Or (a) 3,52,000 1mark
7. (c) Subscribed but not fully paid up 1mark
8. (c)Capital account of old partners. Or (c) Sacrificing Ratio 1mark
9. (c) will be allowed and it will increase the amount of loss Interest on capital is allowed
being a charge against profit. In this case even if the firm has incurred loss, interest will
be allowed on capitals. 1mark
10. (c) will be allowed @ 6% p.a. and debited to Profit and Loss Account, which will
increase the amount of loss Interest on Loan by Akhil will be allowed @6% being a
charge against profit. 1mark
11.(a) Debited to Revaluation A/c 1mark
12.(c) Rs. 105000 1mark
13.(b) Issuing Partly paid Bonus shares to Shareholders. 1mark
14.(b) Rs. 54000 (9000x6/1) 1mark
15.(b) equal profit share OR(d) Not entitled to Interest on their capital. 1mark
16.(a) When the business of the firm is declared illegal 1mark
17.
Calculation of Sita's Share of Goodwill
Total profits of the firm for 3 years (= 1,05,000+30,000 + 84,000) =Rs. 219000
Sita's share in three Years' profit (= 2,19,000 × 4/8) = Rs. 109500
Sita's share of Goodwill (= 1,09,500 x 50%) = Rs. 54750
It is to be adjusted between Reeta and Geeta in their gaining ratio of 1:3.
Page 1 of 15
, JOURNAL ENTRIES
Date 28.02.12 Building A/c 80000
To Revaluation A/c 80000
(Being increase in the value of building recorded)
28.02.12 Revaluation A/c 80000
To Sita's Capital A/c 40000
To Reeta's Capital A/c 30000
To Geeta's Capital A/c 10000
(Being profit on revaluation transferred to all partners in their old ratio of 4:3:1)
28.02.12 Reeta's Capital A/c 13688
Geeta's Capital A/c 41062
To Sita's Capital A/c 54750
(Being Sita's share of goodwill adjusted in the capital accounts of Reeta and Geeta in their
gaining ratio of 1:3)
Working Notes:
1. Calculation of Gaining Ratio:
Reeta Gain (NS-OS) =½-3/8=1/8
Geeta’s Share (NS-OS) =½-1/8=3/8
Gaining Ratio: 1: 3
3 marks
18.
PROFIT AND LOSS APPROPRIATION ACCOUNT
for the year ended 31st December, 2018
Dr. Cr.
Particulars ₹ Particulars ₹
To Interest on Capital: By Net Profit (as per Profit 1,12,000
A (10% of 80,000) - 8,000 and Loss A/c
B (10% of 50,000) - 5,000
C (10% of 40,000) - 4,000 17,000
To B's Salary A/c 10,000 By A's Capital A/c (WN:1) 8,000
To C's Commission A/c 4,000
To Profit transferred to:
A's Capital A/c - 44,500
B's Capital A/c - 26,700
C's Capital A/c - 17,800 89,000
1,20,000 1,20,000
Working Note:
1. A has personally guaranteed that the firm would earn a minimum profit of ₹1,20,000.
However, actual profits earned by firm are just ₹1,12,000. So, the deficiency of ₹8,000 (=
1,20,000 -1,12,000) will be debited to A's Capital A/c and credited to Profit and Loss
Appropriation A/c.
3 marks
OR
Page 2 of 15
