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Karnataka 1st PUC Accountancy Model Question Paper 4 with Answers
Time: 3.15 minutes
Max. Marks: 100
SECTION – A
I. Answer any eight questions. Each question carries one mark. (8 × 1 = 8)
Accounting begins with the identification of transactions and ends with the preparation of Statements.
A concept that a business enterprise will not be sold or liquidated in the near future is known as:
(a) Going Concern.
(b) Economic Entity.
(c) Monetary Unit.
(d) None of the above.
(a) Going Concern.
The process of recording transactions in Journal is called
Ledger records transactions in
(a) Chronological order.
(b) Analytical order.
(c)Both a and b above.
(d)None of the above.
(a) Chronological order.
Trial Balance is a Statement. (State True or False)
A bill is drawn a 1/04/2017 for 3 months. Find out the date of Maturity.
The maturity date of Bill is 4-6-2017.
How do you treat interest on capital while preparing Profit and loss account?
How do you treat interest on capital is debited to profit and loss account
Why the Statement of Affairs is prepared?
To find out capital i.e. both opening as well a/c losing capital.
Accounting information system.
Give an example for Accounting Software.
SECTION – B
II. Answer any five questions. Each question carries two marks. (5 × 2= 10)
“The art of recording classifying and summarising in a significant manner and in terms of money transactions event which are, in part atleast, of a financial character and interpreting the results there of “American certificed public accountants”.
What is Double Entry System?
The system of making two sides in the books of each contracting party for recording a transactions completely called double entry system.
State the Rules of Debit and Credit of Assets Account.
Debit what comes in credit what goes out.
Why the Bank Reconciliation Statement is prepared?
To reconcile, two Balance i.e., Balance as per cash book, Balance as per pass book.
Purchase of Machinery for 25,000 has been entered in the Purchases Book. Give the Rectifying Entry.
Machinery a/c Dr 25000
To purchase a/c 25000
(Being machinery purchased on credit wrongly entered in purchase book know rectified)
Name any two example of ‘Provision’.
- Provision for depreciation
- Provision for taxation.
Give an example for Closing Entry.
Trading a/c Dr XXX
To opening stock a/c XXX
(Being opening stock a/c closed by transferring to debit side of trading account)
What are the functional components of Computer System?
- Input unit
- Untral processing unit
- Output unit
SECTION – C
III. Answer any four questions. Each question carries six marks. (4 × 6 = 24)
Classify the following Accounts into Assets, Liabilities, Capital, Revenue/Gains & Expenses/Losses:
Cash a/c – Asset – Real A/c
Purchase a/c – Asset – Real A/c
Computer a/c – liability – personal a/c
Building a/c – Asset – Real a/c
Salary a/c – Expenses – Nominal A/c
Interestion investment a/c – Income – nominal a/c
Sales -a/c Assets – Real a/c
Liability- personal a/c
Assets – personal a/c
Enter the following transactions in an Analytical Petty Cash Book:
From the following transactions, prepare Purchases Book:
From the following ledger balances, prepare the Trial Balance as on 31/03/2017:
Compute cost of goods sold for the year 2017:
Calculation of cost of goods sold for the year 2017:
Cost of goods sold = opening stock + Purchased + Direct expenses – closing stock
= 30,000 + 1,50,000 + (10,000 + 10,000) – 40,000
= 30,000 + 1,50,000 + 20,000 – 40,000
= 2,00,000 – 40,000
Cost of goods sold = ₹ 1,60,000
Note: Direct expenses includes both wages as well as carriage inwards.
Find out the Credit Sales by preparing Total Debtors A/c:
Distinguish between Manual Accounting System and Computerised Accounting System.
SECTION – D
IV. Answer any four questions. Each question carries twelve marks. (4 × 12 = 48)
Journalise the following transactions in the books of Shri Ganesh:
From the following transactions, prepare Double Column Cash Book.
From the following information, prepare Bank Reconciliation
On 01/04/2013, Santosh Company Ltd. purchased a Plant costing ₹ 85,000 and spent ₹ 15,000 for its erection. On 31/03/2015, the Plant was sold ₹ 75,000. On 01/04/2015, a new Plant was purchased for ₹ 50,000. The firm charges depreciation @ 10% PA under Straight Line Method. Accounts are closed on 31st March every year.
Prepare 1. Plant A/c and
2. Provision for Depreciation Ale for the first 4 years.
On 01/04/2017, Prakash drew a Bill on Suresh for ₹ 50,000 payable after 3 months. Suresh accepted the Bill and returned it to Prakash. On the same date, Prakash endorsed the Bill to Ramesh: on the above date, the Bill is discounted by Ramesh @12% pa. On the due date the Bill is honoured.
Pass the Journal Entries in the books of Prakash, Suresh, and Ramesh.
Note: No Journal entry in the books of endorser (Prakash) when the bill is honoured at the date of maturity.
From the following ledger balances and adjustments, prepare Trading Ale, Profit and Loss A/c and Balance Sheet.
- Closing Stock was valued at ₹4,000.
- Depreciate furniture by 10% pa. and building by 15% pa.
- Bad Debts written off ₹500.
- Salary Outstanding ₹1,000
Anand keeps his books under Single Entry System: From the following information, prepare Statement of Profit and loss and Revised Statement of Affairs as on 31/03/2017.
During the year, Anand withdrew ₹10,000 for his personal use and introduced a further capital of ₹7,500.
- Depreciate Machinery by 10% pa & Furniture by 12% pa.
- Provide for Bad and Doubtful Debts @5% on Sundry Debtors
- Prepaid Insurance ₹500.
- Legal Expenses due but not paid ₹1,000.
SECTION – E
(Practical Oriented Questions)
V. Answer any two questions. Each question carries five marks. (2 × 5 = 10)
Write the Accounting Equation for each item and find the missing figure:
a. Assets = Liabilities + Capital
1,00,000 = 60,000 + Capital
Capital = 100000 – 60000
Capital = ₹ 40,000
Formula to find out capital:
Capital = Assets – liabilities
b. Formula to find out liability
Assets – Capital = Liability
90,000 – 45,000 = 45,000
Liability = ₹ 45,000
c. Formula to find out assets
Assets = Liabilities + capital
= 24,000 + 56,000
Assets = ₹80,000
Prepare Machinery Ale for two years with imaginary figures under. Written Down Value Method.
Write the accounting equations and find out the missing figures
a. Assets – Liabilities = Capital
₹ 50,000 – ₹ 30,000 = ₹ 20,000
b. Asset = liabilities + Capital
₹ 45000 = ₹ 25,000 + ₹ 20,000
c. Liabilities = Assets – Capital
₹ 24,000 = ₹ 40,000 – ₹ 16,000