Answer Key for Accountancy
Pre-Board Examination Class -
XII Commerce
Q. Answers Ma
No rks
.
Part- A
(Accounting for Partnership Firms and Companies)
1 b) 11/28 1
2 d) Assertion (A) is not correct but Reason (R) is correct. 1
3 a) Purchase Consideration 1
OR
c) Goodwill Account
4 a) ₹10,00,000 1
OR
c) Super profit divided by the normal rate of return
5 c) ₹ 48,000 1
6 b) Loss on issue will be debited by ₹ 35,000 1
OR
c) ₹40,000
7 c) 48 1
8 c) ₹ 40,000 1
OR
d) Interest on Partner’s Capital.
9 c) ₹3,15,000 (5,00,000-5,000-1,80,000) 1
10 b) Charu ₹90,000 and Dushyant ₹90,000 1
Hint (Profit 3,15,000 + IOD 5,000 -IOC 1,40,000=1,80,000)
11 a) (i) b; (ii) a; (iii) d; (iv) c. 1
12 c) It can be used for writing off capital losses 1
13 c) ₹ 1,800 1
14 b) ₹ 27,500 1
15 b) ₹1,950 1
OR
a) ₹ 50,000
16 d) ₹2,000 1
, 17 Date Particulars L/f ₹ ₹ 3
1 A’s Capital A/c Dr. 24,000
C’s Capital A/c Dr. 24,000
To B’s Capital A/c 48,000
2 P & L Suspense A/c Dr. 16,000
To B’s Capital A/c 16,000
3 B’s Capital A/c Dr. 4,64,000
To B’s Executor A/c 4,64,000
Working note:
1) Goodwill of the firm = ₹80,000×1.5 year=
1,20,000 B’s share in Goodwill = ₹1,20,000 ×2/5
=48,000
2) Profit = growth 4% in current year
Profit = ₹ 5,00,000×24/100 ×2/5×4/12= 16,000
18 Date Particulars L/ ₹ ₹ 3
f
2018 Interest on Capital A/c 1,44,000
31 March To E’s Current A/c 36,000
i) To F’s Current A/c 48,000
To G’s Current A/c 60,000
( Int on capital credited to partner’s current
A/c)
ii) Profit & Loss A/c 1,44,000
To Interest on Capital A/c 1,44,000
(Int. on Capital Debited to P&L a/c)
iii) E’s Current A/c 10,200
F’s Current A/c 10,200
G’s Current A/c 13,600
To Profit & Loss A/c 34,000
(Net loss transfer t current account)
OR
Journal Entry
Date Particulars L/ ₹ ₹
f
2018 To Kumar’s Current A/c 11,100
31 March To Raja’s Current A/c 11,100
i)
Table Showing Adjustment
Particulars A B Total
Interest on Capital 81,000 36,000 1,71,000
Salary 50,000 36,000 86,000
Total Amount Paid (cr) 1,31,000 72,000 2,03,000
Division of firm’s loss 2,03,000 in the ratio 7:3 1,42,100 60,000 2,03,000
Net Effect 11,100 (Dr.) 11,100 (Cr.)
Pre-Board Examination Class -
XII Commerce
Q. Answers Ma
No rks
.
Part- A
(Accounting for Partnership Firms and Companies)
1 b) 11/28 1
2 d) Assertion (A) is not correct but Reason (R) is correct. 1
3 a) Purchase Consideration 1
OR
c) Goodwill Account
4 a) ₹10,00,000 1
OR
c) Super profit divided by the normal rate of return
5 c) ₹ 48,000 1
6 b) Loss on issue will be debited by ₹ 35,000 1
OR
c) ₹40,000
7 c) 48 1
8 c) ₹ 40,000 1
OR
d) Interest on Partner’s Capital.
9 c) ₹3,15,000 (5,00,000-5,000-1,80,000) 1
10 b) Charu ₹90,000 and Dushyant ₹90,000 1
Hint (Profit 3,15,000 + IOD 5,000 -IOC 1,40,000=1,80,000)
11 a) (i) b; (ii) a; (iii) d; (iv) c. 1
12 c) It can be used for writing off capital losses 1
13 c) ₹ 1,800 1
14 b) ₹ 27,500 1
15 b) ₹1,950 1
OR
a) ₹ 50,000
16 d) ₹2,000 1
, 17 Date Particulars L/f ₹ ₹ 3
1 A’s Capital A/c Dr. 24,000
C’s Capital A/c Dr. 24,000
To B’s Capital A/c 48,000
2 P & L Suspense A/c Dr. 16,000
To B’s Capital A/c 16,000
3 B’s Capital A/c Dr. 4,64,000
To B’s Executor A/c 4,64,000
Working note:
1) Goodwill of the firm = ₹80,000×1.5 year=
1,20,000 B’s share in Goodwill = ₹1,20,000 ×2/5
=48,000
2) Profit = growth 4% in current year
Profit = ₹ 5,00,000×24/100 ×2/5×4/12= 16,000
18 Date Particulars L/ ₹ ₹ 3
f
2018 Interest on Capital A/c 1,44,000
31 March To E’s Current A/c 36,000
i) To F’s Current A/c 48,000
To G’s Current A/c 60,000
( Int on capital credited to partner’s current
A/c)
ii) Profit & Loss A/c 1,44,000
To Interest on Capital A/c 1,44,000
(Int. on Capital Debited to P&L a/c)
iii) E’s Current A/c 10,200
F’s Current A/c 10,200
G’s Current A/c 13,600
To Profit & Loss A/c 34,000
(Net loss transfer t current account)
OR
Journal Entry
Date Particulars L/ ₹ ₹
f
2018 To Kumar’s Current A/c 11,100
31 March To Raja’s Current A/c 11,100
i)
Table Showing Adjustment
Particulars A B Total
Interest on Capital 81,000 36,000 1,71,000
Salary 50,000 36,000 86,000
Total Amount Paid (cr) 1,31,000 72,000 2,03,000
Division of firm’s loss 2,03,000 in the ratio 7:3 1,42,100 60,000 2,03,000
Net Effect 11,100 (Dr.) 11,100 (Cr.)
