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Karnataka 1st PUC Accountancy Previous Year Question Paper March 2019 (North)
Time: 3.15 minutes
Max. Marks: 100
- All sub-questions of section – A should be answered continuously at one place.
- Provide Working notes wherever necessary.
- 15 minutes of extra time have been allotted for the candidates to read the questions
- Figures in the right hand margin indicate full marks.
I. Answer any EIGHT of the following questions. Each carries ONE mark: ( 8 × 1 = 8 )
Accounting begins with the identification of transactions and ends with the preparation
of _________ statements.
Accounting equation is based on
(a) Cost concept
(b) Separate entity concept
(c) Dual Aspect concept
(d) Accrual concept
Dual Aspect concept.
The process of transferring journal entry to individual accounts is called _________.
Goods purchased on cash are recorded in this
(a) Purchases Book
(b) Sales Book
(c) Cash Book
(d) Purchases Returns book
(c) Cash book.
Trial balance is a statement (State True/False).
State any one feature of Bills of Exchange.
- It must be in writing
- It is an order to make payment.
Give an example for Fixed Assets.
Building a/c or Machinery a/c.
Give the meaning of Adjusted Closing Capital.
Adjusted closing capital = (Closing capital + drawings – additional capital).
Management Information System.
Write any one type of Accounting Software
- Business Accounts(or)
Section – B
II. Answer any Five of the following questions. Each carries TWO marks: ( 5 × 2 = 10 )
It is the art of recording, classifying and summarising in a significant manner and in terms of money transactions and events which are in part atleast of financial character and interpreting the results thereof.
State any two differences between single entry and double entry system of book keeping
Single Entry System:
- It is an unscientific method.
- It is incomplete system of accounting
Double Entry System:
- It is a scientific method.
- It is complete system of accounting
Write the rules of debit and credit of Liabilities accounting
- Rules for Debit & Credit of liabilities a/c
- Debit decreases.
- Credit increases.
What is Bank Reconciliation statement?
It is a statement showing the difference between Cashbook balance and pass book balance are found out and suitable adjustments are made to reconcile each other.
Give any two examples for errors of commission.
- Credit Sales to Mohan ₹ 10,000 were recorded as ₹ 1,000 in the sales book
- Credit purchases from ₹ Kiran 5,000 were recorded as ₹ 500 in the purchase book.
Name any two types of reserves.
- General Reserve
- Capital Reserve
- Revenue Reserve
What is capital expenditure?
Capital expenditure is an expenditure in which benefit of expenditure extends more than one accounting period. It is non recurring in nature.
What do you mean by report?
Report is a document in written / printed form which presents information in an organized manner to the management for decision making.
Section – C
III. Answer any FOUR of the following questions. Each carries SIX marks : ( 4 × 6 = 24 )
Classify the following accounts into Assets. Liabilities, Capital, Revenue/Gains and – Expenses/Losses.
a) Drawings A/c
b) Sales A/c
c) Purchases A/c
d) Cash A/c
e) Salaries A/c
f) Buildings A/c
g) Machinery A/c
h) Creditors A/c
i) Purchases Return A/c
j) Bills receivable A/c
k) O/S wages A/c
l) Interest on Investment A/c
a) Capital A/c – Drawings A/c
b) Revenue A/c – Sales A/c
c) Expenses A/c – Purchases A/c
d) Assets A/c – Cash A/c
e) Expenses A/c – Salaries A/c
f) Assets A/c – Buildings A/c
g) Assets A/c – Machinery A/c
h) Liabilities A/c – Creditors A/c
i) Expenses A/c – Purchase return A/c
j) Assets A/c – Bills Receivable
k) Liabilities A/c – O/S Wages
l) Revenue A/c – Interest on Investment
Enter the following transactions in an Analytical Petty Cash Book:
|01-04-2018||Received cash from main cashier ₹ 1,000|
|06-04-2018||Paid for postage stamps ₹ 240|
|12-04-2018||Purchased stationery ₹ 220|
|18-04-2018||Taxi Hire charges paid ₹ 140|
|26-04-2018||Paid for printing ₹ 300|
From the following transactions prepare sales book for the month February 2018 in the books of Priyanka Traders.
|Feb. 05||Sold 4 bags of Wheat flour at ₹ 500 each to Ashoka Hotel.|
|Feb. 12||Sold 2 boxes of spices at ₹ 800 per box to Amar on account.|
|Feb. 18||Vikas bought from us 5 kg. coffee powder at ₹ 700 per kg trade discount at 8%.|
|Feb. 20||Sold to Hema 5 kgs of sugar at ₹ 35 per kg for cash.|
|Feb. 28||Sold 4 bags of rice at ₹ 3,000 per bag to Rajesh.|
From the following ledger balance, prepare the Trial Balanee as on 31st March 2018.
|3.||Bank Loan A/c||20,000|
|9.||Bills Receivable A/c||4,000|
|10.||Bills Payable A/c||2,000|
Compute cost of goods sold for the year 2017.
|Stock on 01-04-2016
Stock on 31-03-2017
Purchases during the year
Sales during the year
Cost of goods sold = opening stock + purchases + direct expenses – closing stock
Find out the Credit Sales by preparing Total Debtors Account.
|Opening balance of Debtors||35,000|
|Closing balance of Debtors||42,000|
|Cash received from Debtors||50,000|
|Discount to customers||3,000|
Briefly explain any Six advantages of computerised Accounting system.
- Real time user-interface
Section – D
IV. Answer any FOUR of the following questions. Each carries TWELVE marks: ( 4 × 12 = 48 )
Journalise the following transactions in the hooks of Shri Naresh
|April – 01||Started business with cash ₹ 1,00,000|
|April – 03||Cash paid into hank ₹ 30,000|
|April – 06||Cash purchases ₹ 30,000|
|April – 10||Sold goods to Mohan ₹ 20,000|
|April – 13||Goods returned from Mohan ₹ 3,000|
|April-15||Received commission ₹ 2,000|
|April – 18||Drew from hank for personal use ₹ 3,000|
|April – 20||Cash received from Mohan in full settlement of his account ₹ 16,500|
|April – 26||Paid Rent by cheque ₹ 4,000|
|April – 28||Purchased furniture from Kishor ₹ 10,000|
|April – 30||Paid for salary ₹ 5,000|
Record the following transactions in Two-column Cash Book of Mr. Sagar and balance it.
|May – 01||Bank balance ₹ 50,000|
|May – 01||Cash balance ₹ 10,000|
|May – 02||Paid insurance premium by cheque ₹ 8,000|
|May – 05||Cash sales ₹ 25,000|
|May – 08||Cash purchases ₹ 18,000|
|May – 10||Cash deposited into Bank ₹ 19,000|
|May – 12||Telephone Bill paid by cheque ₹ 2,500|
|May – 15||Withdrawn cash from bank for personal use ₹ 5,000|
|May – 16||Cash withdrawn from bank for office use ₹ 10,000|
|May – 20||Received a cheque from Anand ₹ 10,500 and deposited into bank|
|May- 24||Cartage paid in cash ₹ 1,500|
|May – 30||A cheque received from Kumar ₹ 5,000|
From the following information prepare Bank Reconciliation Statement as on December 31, 2017.
a) Bank balance as per cash book ₹ 20,000
b) Cheque issued but not presented for payment prior to Dec. 31, 2017 ₹ 4,000
c) Interest on investment collected by the bank and credited in the passbook only ₹ 2,000.
d) Bank charges debited in the passbook only ₹ 100.
e) Cheque paid into bank, but not cleared before December 31,-2017 ₹ 3,000.
f) Interest credited in the passbook only ₹ 400
On 01-01-2014 a firm purchased Machinery Costing ₹ 80,000. On 01-07-2016, it sold the machinery for ₹ 60,000 and on the same date a new machine was purchased for ₹ 20,000. Depreciation was charged annually at 10% pa. on Straight Line Method.
Accounts are closed on 31st March every year. Show the Machinery account and Depreciation Account for first Four years.
Calculation of profit or loss on sale of Machinery
Machinery purchased on 1.1.2014
Costing ₹ 80,000
Depreciation charged for
On 01-04-2015 Sadhana drew a bill nil Savitlia for ₹ 50,000 payable after 3 months. Savitha accepted the bill and returned it to Sadhana. On the same date, Sadhana – endorsed the bill to Kumar. On the above date, the bill is discounted by Kumar at 12% p.a. on the due date the bill is honoured.
Pass the Journal Entries in the books of Sadhana. Savitha and Kumar.
From the following Ledger balances and adjustments, prepare Trading and Profit and Loss A/c and a Balance Sheet.
1) Stock as on 31st March 2018, was ₹ 10,000.
2) Insurance prepaid ₹ 100.
3) O/S salaries ₹ 200.
4) Depreciate buildings by 5% p.a.
5) Provide PBD at 5% p.a. on debtors.
Sonali keeps her hooks under single entry system. From the following information, prepare statement of Profit and Loss and a Revised Statement of Affairs as on 31st March 2018.
During the year Sonali withdrew ₹ 500 per month from the business for her private use and also used goods worth ₹ 1,000 for household purpose. She had brought in ₹ 5,000 as additional capital during the year.
1) Furniture is to be depreciated by 10% p.a.
2) Provide Interest on Capital at 5% p.a. on opening capital only.
3) PBD is to be created at 5% p.a. on debtors.
4) Commission Receivable ₹ 1,200
Section – E
V. Answer any TWO of the following questions. Each carries FIVE marks: ( 2 × 5 = 10 )
Write the accounting Equation for each item and find out the missing figures
(a) Capital = Assets – Liabilities
= 150,000-60,000 = 90,000
(b) Liabilities = Assets – Capital
= 1,00,000-55,000 = 45,000
(c) Assets = Liabilities + Capital
= 34,000 + 46,000 = 80,000
Prepare a Machinery Account for two years with imaginary figures under written down value method.
Prepare a Specimen of Promissory Note.