1st PUC Accountancy Model Question Paper 1 with Answers

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Karnataka 1st PUC Accountancy Model Question Paper 1 with Answers

Time: 3.15 Hours
Max Marks: 100

Instructions:

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.

Part -A

I. Answer any EIGHT of the following questions. Each carries ONE mark: ( 8 × 1 = 8 )

Question 1.
Identified and measured economic events should be recorded in _____ order.
Answer:
Chronological order.

Question 2.
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] Monitory unit
[d] None of the above
Answer:
[a] Going concern.

Question 3.
Increase in asset is debited and decrease in asset is credited. (True/False)
Answer:
True

Question 4.
Goods purchased on cash are recorded in the ______.
[a] Purchase book
[b] Sales book
[c] Cashbook
[d] Purchase return book
Answer:
[c] Cash book.

Question 5.
State any one object of preparation of Trial Balance.
Answer:
Trial balance is a statement.

Question 6.
A person who endorses the promissory’ note in favour of another known as ______.
Answer:
Endorsee

Question 7.
Give an example of direct expenses of a trading concern.
Answer:
Cleaning charges is an example of direct expenses of a trading concern.

Question 8.
State any one feature of incomplete records.
Answer:
It is incomplete and unsystematic method of recording transactions.

Question 9.
Name any one limitation of a computer system.
Answer:

Cannot detect error in logic.
Cannot take its own decision.

Question 10.
Expand TPS.
Answer:
TPS – Transaction Processing System.

Section – B

II. Answer any FIVE of the following questions. Each carries TWO marks: ( 5 × 2 = 10 )

Question 11.
What is Accounting?
Answer:
According to American Accounting Association (AAA). “Accounting is the process of identifying, measuring and communicating the economic information to permit infonned judgment and decision by users of information.”

Question 12.
State any two Accounting concepts.
Answer:

Business entity concept
Going concern concept.

Question 13.
Write the meaning of Voucher.
Answer:
The documentary evidence in support of a transaction is known as voucher.

Question 14.
Give the meaning of Bank Reconciliation Statement.
Answer:
Bank reconciliation statement is a statement which is prepared to respectively reconcile the difference between the bank balance as per the cash book and the bank balance as per the pass book.

Question 15.
What do you mean by errors of commission?
Answer:
Errors committed while recording. Posting on totaling of transactions or balancing of accounts in the books of accounts are called errors of commission.

Question 16.
Name any two examples of Reserves.
Answer:
General reserves. Capital Reserves.

Question 17.
Who is called Drawee?
Answer:
Drawee is the person on whom the bill of exchange is drawn.

Question 18.
State any tw o components of Computer.
Answer:
The two components of computer are:

Main memory
Input devices

Section – C

III. Answer any FOUR of the following questions. Each carries SIX marks : ( 4 × 6 = 24 )

Question 19.
Classify the following accounts into Assets, Liabilities Capital, income and Expenses account.

a] Machinery Account	b] Drawings Account
c] Motor car Account	d] Purchase Account
e] Wages Account	f] Interest on Investment Account
g] Capital Account	h] Bills Payable Account
I] Bills Receivable Account	J] Creditors Accounts
k] Bank Loan Account	l] Sales Account

Answer:

Question 20.
Enter the following transactions in Simple Cash Book for December 2017.

2017 December 01	Cash in hand Rs. 7750
2017 December 06	Paid to Sonu Rs. 45
2017 December 08	Purchased goods Rs. 600 on credit
2017 December 15	Received cash from Prakash Rs. 960
2017 December 20	Cash Sales Rs. 500.
2017 December 25	Paid to S. Kumar Rs. 1200
2017 December 30	Paid rent Rs. 600

Answer:

Note: The transaction 8.12.17 will not appear in cash book as the transaction is on credit basis.

Question 21.
From the following particulars, prepare Analytical Petty Cash Book under Imprest System 2015 October.

2015 October 01	Received from the head cashier Rs. 1500.
2015 October 04	Paid travelling expenses to manager Rs. 200.
2015 October 07	Paid telephone bill Rs. 100.
2015 October 11	Paid for stationery Rs. 75.
2015 October 18	Bought office files and paper Rs. 125.

Answer:

Question 22.
From the following Ledger Balances prepare the Trial Balance as on 31-12-2016

Ledger Accounts	Amount (₹)
1. Stock (1-1-2016)	35,000
2. Purchases	60.000
3. Sales	80.000
4. Capital	90.000
5. Drawings	10.000
6. Debtors	35,000
7. Creditors	4,000
8. Investments	36,000
9. Legal charges	4,000
10. Cash in hand	5.000
11. Bills Payable	16.000
12. Bills Receivables	5,000

Answer:

Question 23.
Prepare a trading account of Miss Devi for the year ended 31^st Dec. 2017

Particulars	Amount (₹)
Opening Stock	60,000
Purchases	1,60,000
Purchase Returns	10,000
Sales	2,70,000
Wages	10,000

Answer:
Closing stock was valued at ₹ 30,000

Question 24.
From the following given information, prepare Total Debtors Account.
Debtors as on April 01,2017, Rs. 1,00,000
Debtors as on March 31,2018, Rs. 1,40,000.
Cash received from debtors, Rs. 1,20,000.
Discount allowed, Rs. 2000.
Bills receivable, Rs. 60,000.
Bad debts, Rs. 6000.
Answer:

Question 25.
Briefly explain about types of software.
Answer:
The types of software are:

Operating system: An integrated set of specialized program are meant to manage the resources of a computer and also to operate is called operating system.
Utility Programmes: These are set of computer programmes designed to perform certain supporting operations, such as to format a disk, duplicate a disk etc.
Application software: These are user oriented programme and developed for performing certain specified tasks such as accounting, inventory etc.
System software: These are set of programmes which uses internal functions as reading data from input devices to processed data to output devices.
Connectivity software: These are set of programmes which control a connection between a computer and a service of computer is able to communicate and share the resource and other connected computer.

Section – D

IV. Answer any FOUR of the following questions. Each carries TWELVE marks: ( 4 × 12 = 48 )

Question 26.
Journalise the following transaction in the books Rao

01-6-2018	Rao commenced business with cash Rs. 30,000.
03-6-2018	Bought furniture worth Rs. 1000 for Office use.
06-6-2018	Cash purchases Rs. 700.
10-6-2018	Paid for advertisement Rs. 450.
11-6-2018	Sold goods on credit to Anitha Rs. 750.
14-6-2018	Withdraw cash Rs. 1000 and goods worth Rs. 2000 for personal use.
17-6-2018	Paid for printing Rs. 150.
20-6-2018	Received commission Rs. 800.
25-6-2018	Cash Sales Rs. 2400.
26-6-2018	Received cash from Anitha Rs. 700 in full settlement of her account of Rs. 750.

Answer:

Question 27.
Prepare necessary subsidiary books of M/s Sun Traders:

2016 September 05	Bought from Chandra and traders goods of the list price of Rs. 10,000 at a trade discount at 5%.
2016 September 06	Sold to Mangala and traders half of the above goods at list price.
2016 September 12	Purchased goods from Guru and traders for Rs. 2500.
2016 September 14	Sent a debit note to Chandra and traders for goods returned Rs.500.
2016 September 15	Shukra and traders supplied goods to us for Rs. 4000 at a discount ! of 20%.
2016 September 20	Sent credit note to Mangala and traders goods worth Rs. 150.
2016 September 21	Dispatched goods to Sliani and traders for Rs. 8000.
2016 September 25	Received hack the damaged goods from Shani for Rs. 500.
2016 September 27	Rahu bought from us goods Rs. 2500.
2016 September 30	Purchased goods from Subramanya and traders Rs. 1000. 2016 September 31
2016 September 31	Sold goods to Ganesh for Rs. 2000.
2016 September 31	Returned goods from us to Subramanya Rs. 50 for overcharge

Answer:

Question 28.
Prepare Bank Reconciliation Statement from the following particulars as on 30-06-2014.
(a) Bank balance as per pass book Rs. 30,000.
(b) Cheques of Rs. 2000, Rs. 4000 and Rs. 10.000 were issued prior to the above date but the cheque for Its 4000 onl\ has been presented before that date.
(c) Cheques remitted into bank Its. 15,000 but not credited in pass hook.
(d) A wrong debit of Rs 2,500 and a wrong credit of Rs. 2000 appear in the passbook.
(e) Interest and dividend collected by the bank Rs. 10,000.
(f) bank charges debited in passbook Rs. 1200.
Answer:

Question 29.
Mr. Ravi purchased a machinery for Rs 1,00,000 on 1-4-2014. On 1-7-2014 another machine!} was purchased for Rs 50,000. On 1-4-2017 the machine which was purchased on 1-7-2014 was sold for Rs 40,000. It was decided to depreciate the machine at 10% p.a. under original cost method.
Prepare 1. Machinery Account 2. Depreciation Account for four years.
Answer:

Calculation of profit or loss on sale of Machinery :

Question 30.
Sandesh sold goods Rs 30,000 to Srushti on Jan 01, 2018 and immediately drew bill on Srushti for three month for the same amount, Srushti accepted the bill and returned it to Sandesh. On March 04, 201 8, Srushti retired her acceptance under rebate of 8% p.a. Pass journal entries in the books of both the parties.
Answer:

Question 31.
From the following balances ami adjustments prepare Trading, Profit and Loss account and a Balance Sheet as on 31-03-2014.

Adjustments:

Closing Stock Rs 84.000
Salary unpaid Rs 2,000.
Create reserve for had debts at 10% p.a.
Depreciation on Buildings at 10% p.a.

Answer:

Question 32.
Miss Kavitha keeps her books on incomplete records of book-keeping. She gives you the foil owing information. ‘

During the year she drew Us 15,000 for personal purpose and on 01-10-2017 introduced additional capital Ks 20,000 into business.