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Karnataka 1st PUC Accountancy Model Question Paper 3 with Answers
Time: 3.15 minutes
Max. Marks: 100
SECTION – A
I. Answer any 8 questions each carry 1 mark. (1 × 8 = 08)
What is accounting concepts?
Accounting concepts means assumptions upon which accounting is based and recorded.
Shares is the example for……..
Revenue or income.
Write the meaning of representative person.
The person who represents the artificial person called representative person. Example: Debtors account, creditors account, capital account.
What is trade discount?
Trade discount is a reduction in the catalogue price or invoice price of the goods sold.
Write the principles of preparation of trial balance.
The principle of preparation of trial balance is debit entry have automatic credit on some other account.
Mention the different types of acceptance.
1. General acceptance: If the drawee of the bills accepts the bill without any condition then it is called general acceptance.
2. Qualified acceptance: If the drawee of the bill accepts the bill by adding some conditions called qualified acceptance of bills.
What is profit and loss appropriation a/c?
The financial statement prepared at the period and to show how the profit of a company appropriate or the internal profit of the company allocation called ‘profit and loss appropriation’ account.
If opening capital is ‘60,000, drawings ‘5,000, additional capital ‘10,000, closing capital ‘90,000, what will be the profit earned?
Profit = Closing capital + Drawings – (Additional capital + Opening capital)
Profit = 90,000 + 5,000 – (10,000 + 60,000) Profit = 25,000.
State any two units of CPU.
Two unite of CPU are:
- Arithmetic and Logic Unit (ALU)
- Memory unit
- Control unit
Mention the different types of software.
The different types of software are:
- Operating system
- Utility program
- Application software
- Language processors
- System software
- Connectivity software.
SECTION – B
II. Answer any 5 questions each carries 2 marks. (2 × 5 = 10)
Who are External users of accounting information?
External users of accounting informations are
- Suppliers & creditors
- Common man or society
Write any four concepts of accounting.
- Money measurement concepts
- Dual concepts
- Business entity concept
- Continuity concept.
Write the rule of Nominal a/c.
The nominal a/c rule is – “DEBIT ALL EXPENSES AND LOSSES CREDIT ALL INCOMES AND GAINS”
What is bank overdraft?
It is a current a/c. Where bank provide opportunity to withdraw more than deposit called (B.O.D.) Bank Over Draft.
Write the meaning of one side error. Give example.
Any errors affects only one side, either debit or credit aspects of transaction it is called one side error.
Example: Pasting Rs. 500 as Rs. 50.
Mention the statements prepared under final accounts.
The Financial statements prepared under final accounts are:
- Trading account
- Profit and Loss a/c
- Profit and loss appropriation a/c
- Balance sheet
What is meant by Accounting Package?
Accounting Package means a collection of programs which process accounting information or data to provide required results in the form of financial statements to users.
What is Reserve?
Reserve is an appropriation of profit retained to meet unknown liabilities or contingencies.
SECTION – C
III. Answer any 4 questions each carries 6 marks. (6 × 4 = 24)
How is a computer needful?
The following facts makes computer needful:
- Performs complex and repetitive calculations.
- Computer works with greater speed and accuracy.
- Capacity to store large volumes of data.
- Stored information can be retrained immediately.
- It does not get tired or bored.
What is petty cash book? Write the advantages of petty cash book?
Petty cash book is used for recording payments of small expenses, which are of smaller denominations such as postage, stationery, conveyance, refreshment, etc. person who maintains petty cash book is known as petty cashier and these small expenses are termed as petty expenses.
It is prepared by the below given two methods:
1. Ordinary system:
Under this system, a certain sum of money is given to the petty cashier for the payment of petty expenses. After spending the whole amount, the accounts are submitted by the petty cashier to the main cashier.
2. Imprest system:
Under this system, a fixed sum of money is given to the petty cashier in the beginning of a period to meet the petty expenses to be incurred in that period. At the end of the period, the amount spent by petty cashier is reimbursed. So, the petty cashier has the same fixed amount of money in the beginning of the next period.
Advantages of petty cash book
1. Simple method:
Recording of transactions in a petty cash book is easy. In an analytical petty cash book, there exists separate heads for different petty expenses, which makes recording much easier. Recording in a petty cash book does not require formal knowledge of accounting principles and techniques.
2. Time saving:
Recording in petty cash book saves time and efforts of the chief cashier.
3. Efficient control:
At the end of a period, petty cash book is audited by the main cashier, so frauds and errors are less probable.
4. Convenient handling:
Recording in petty cash book is convenient, as entries are to be recorded under separate heads, which makes posting easier and quicker.
Give any five advantages of a Journal.
Advantages of a Journal are :
- It provides date wise record of ail the transaction. This facilitates quick and easy reference of any transaction.
- It provides complete record of all the transactions at one place.
- By providing narration to each entry , journal helps to understand the purpose and nature of the entry.
- Maintenance of journal, besides ledger helps to avoid mistakes or errors in the books of accounts.
- It is useful in rectification of errors.
Pass Journal Entries for rectifying the following errors (without opening suspense A/c)
- ₹ 2,000 received from a tenant has been credited to tenant’s account.
- ₹ 800 tuition fees of ward paid by the proprietor has been recorded as office expenses.
- ₹ 500 spent on the repairs of furniture has been debited to furniture account,
- Credit purchases from Ramesh ₹ 1,000 has been recorded in sales book.
- ₹ 5,000 paid to an employee as salary debited to his personal account.
Given below are some transactions of Shri Das. Use Accounting equations to show their effect on his assets, liabilities, and Capital:
- Started business with cash ₹ 60,000
- Purchased furniture for each ₹ 3,000
- Purchased goods on credit from Ramesh ₹ 6,000
- Withdrew for personal use ₹ 1,000
- Sold goods costing ₹ 3,000 for ₹ 4,000
Explain the special features of accounts from incomplete records.
Special features of accounts from incomplete records are:
- Both the aspect of each and every transactions are not recorded.
- Under this system all kinds of accounts are maintained.
- It is simple and easy method of book keeping.
- It is less costly.
- It is not very supportive to find out exact profit of the business concern.
- Not possible to find out correct profit or loss of a concern.
Enter the following transaction in Sales Return Book :
July 5. Returned goods by Indian Glass-ware Company
200 Glass cups at ₹ 10 per up
100 Juice cups at ₹ 20 per cup
Less Trade discount at 10%
20. Returned by Hindustan Deptt. Stores
150 Coffee cups at ₹ 10 per cup
25 plates at ₹ 20 per plate
Less trade discount at 10%
SECTION – D
IV. Answer any 4 questions each carries 12 mark. (12 × 4 = 48)
On 1st January, 2014, X sold goods worth ₹ 5,000 to Y and drew a bill on Y at three months for the amount. Y accepted the bill and returned it to Z who endorsed the bill one month after the acceptance in favour of Z in settlement of his debt for ₹ 5,100. The bill is honoured on maturity. Pass the necessary journal entries in the books of X, Y, and Z.
On 31st December, 2013, the following Trial Balance was extracted from the books of a merchant.
Prepare Trading and Profit and Loss Account for the year ended 31st December, 2013 and Balance Sheet as on the date after making adjustments of the following:
- Depreciate Land and Buildings at 2 \(1 / 2\)% and Motor Vehicles at 20%
- Salaries outstanding ₹ 700.
- Prepaid Insurance ₹ 200.
- Provision for Bad Debts is to be maintained at 5% on Sundry Debtors.
- Stock in hand on 31st December, 2013 was valued at ₹ 7,000.
Jayalakshmi has not kept her books under Double-entry System and asks you to prepare a statement showing her profits for the year ended 31st December, 2013 and a Revised Statement of Affairs as on that date. Her financial position was as follows:
During the year, Jayalakshmi’s drawings amounted to ₹ 8,000 and she has invested ₹ 5,000 at par on 1-7-2013 in 12% Debenture, which is to be now treated as a business asset. The interest on the same is still due. Depreciate furniture by ₹ 500.
Journalize the following transactions and post them to various ledger accounts:
Prepare a Bank Reconciliation Statement from the following Particulars.
Enter the following transactions in the subsidiary books of Soundarya Saree Shop.
Aug. 1. Purchased from Pathi Silk Kendra
100 Printed Sarees at ₹ 250 each
5. Purchased from NSR & Company
200 Kanchi Sarees at ₹ 1,000 each
7. Sold to Kumar on account
50 Printed Sarees at ₹ 300 each
100 Kanchi Sarees at 1,250 each
8. Claimed for damages from Pathi Silk Kendra ₹ 500
9. Returned damaged goods to NSR & Company
5 Kanchi Sarees
12. Purchased from Sudarshan Silks
150 Mysore Silk at ₹ 250 each
100 Handloom Sarees at ₹ 750 each
Less trade discount at 10%
15. Sold to Kala on account
20 Printed Sarees at ₹ 300 each
25 Kanchi Sarees at ₹ 1,300 each
20 Mysore Silk Saree at ₹ 300 each
Less trade discount at 5%
20. Sold to Kusum Sarees
40 Handloom Sarees at ₹ 1,000 each
21. Kumar returned
10 Printed Sarees
20 Kanchi Sarees
25. Returned to Sudarshan’s Silk
25 Mysore Silk
27. Returned from Kusum Sarees
10 Handloom Sarees
30. Purchased from Nandi Silk
400 Nandhi brand Sarees at ₹ 500 each
Purchase Returns Book
X Ltd. acquired a lease for 5 years on 1st April, 2008 at a cost of ₹ 30,000. It was decided to depreciate it under the annuity method at 5% interest. Annuity table shows that at 5%, Re. 1 over 5 years is equivalent to Re. 0.230975.
Write up the Lease A/c and Depreciation A/c for 5 years ending 31.03.2013.
Calculation of Depreciation = 30,000 × 0.230975
SECTION – E
V. Answer any 2 questions each carry 5 mark. (5 × 2 = 10)
Prepare a Statement of Affairs using imaginary figures.
Statement of Affairs
Write the Accounting Equation and find out the missing figures:
1. Assets = Capital + Liabilities
₹ 3,40,000 = ₹ 3,20,000 + ₹ 20,000
2. Liabilities = Assets – Capital
₹ 2,00,000 = ₹ 3,50,000 – ₹ 1,50,000
3. Capital = Asset – Liabilities
₹ 1,75,000 – ₹ 2,00,000 – ₹ 25,000
Draft a specimen of the Balance sheet with imaginary figures.