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Karnataka 1st PUC Accountancy Model Question Paper 2 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.
Define Accounting.
Answer:
According to American accounting association “Accounting is the process of identifying measuring and communicating economic information to permit informed judgment and decisions by users of the information”.
Question 2.
What is money measurement concept?
Answer:
Money measurement concept states that only those events that can be expressed in monetary terms are recorded in books of accounts.
Question 3.
State any one accounting equation?
Answer:
Assets = Liabilities + Capital
Question 4.
Goods sold for cash are recorded in the
(a) Purchase Book
(b) Sales Book
(c) Cash Book
(d) Purchase Return Book
Answer:
(c) Cash Book
Question 5.
When is suspense account opened?
Answer:
Suspense a/c is opened when there is a need to transfer difference in trial balance.
Question 6.
Promissory’ Note is written by creditor/Debtor/Endorser.
Answer:
Debtor
Question 7.
State any one method of depreciation.
Answer:
Straight line method ; Written down value method.
Question 8.
What is bad debts?
Answer:
Bad Debts refers to the amount that the firm has not been able to recover from its debtors it
Question 9.
Opening capital is prepared by ascertaining ______ statement of affairs
Answer:
Opening
Question 10.
Computerized accounting system offer online facility to store and process the transaction data (True/False)
Ans:
True
Section – B
II. Answer any FIVE of the following questions. Each carries TWO marks: ( 5 x 2 = 10 )
Question 11.
Give any two examples of Revenue Expenditures?
Answer:
Rein paid. Salary paid.
Question 12.
Write any two different types of transactions.
Answer:
Debit and Credit.
Question 13.
The process of recording transactions in Journal is called ________
(a) Posting
(b) Journalising
(c) Tallying
(d) Casting
Answer:
(b) Journalising.
Question 14.
Why is Bank Reconciliation Statement prepared?
Answer:
Bank Reconciliation Statement is a statement which is prepared to reconciliation the difference between the bank balance as per cash book balance and pass book balance.
Question 15.
Cost of Machinery Rs 1,00.000 estimated life of machinery 4 years scrap value of machinery Rs.40,000 Calculate amount of depreciation.
Answer:
Question 16.
State any two examples of Error of omission.
Answer:
- Credit sales to Manohar Rs.2,000 was not entered in sales book.
- Credit purchase from Sujay Rs.5,000 was not entered in purchase book.
Question 17.
What is Balance Sheet?
Answer:
Balance sheet is a statement of Asset and Liabilities of a business concern at a given date at shows financial position of business.
Question 18.
Expand TPS.
Answer:
Transaction Process System.
Section – C
III. Answer any FOUR of the following questions. Each carries SIXmarks: (4 x 6 = 24 )
Question 19.
Classify the following into Asset, Liabilities, Capital, Expenditure and Income:
(a) Cash A/c
(b) Purchase a/c
(c) Building A/c
(d) Sales A/c
(e) Bank loan A/c
(f) Computer A/c
(g) Capital A/c
(h) Salary A/c
(i) Interest received A/c
(j) Creditors A/c
(k) Rent paid A/c
(l) Drawing A/c
Answer:
(a) Asset A/c
(b) Expenses A/c
(c) Asset A/c
(d) Income A/c
(e) Liability’A/c
(f) Asset A/c
(g) Capital A/c
(h) Expenses A/c
(i) Income A/c
(j) Liability A/c
(k) Expenses A/c
(l) Capital A/c
Question 20.
Enter the following transactions in a analytical petty cash Book.
Answer:
Question 21.
From the following particulars prepare purchase book.
Answer:
1st PUC Accountancy Model Question Paper 2 with Answers – 5
Question 22.
Prepare the balance from the following ledger balances as on 31.03.2017
| Ledger | Amount in Rs |
| Drawings | 5,000 |
| Building | 20,000 |
| General expenses | 2,000 |
| Sales | 1,57,000 |
| Creditors | 2,500 |
| Bad debts | 1,000 |
| Stock (01.04.2016) | 18,000 |
| Purchases | 36,000 |
| Capital | 50,000 |
| Bank over draft | 20,000 |
| Bills payable | 37,000 |
Answer:
Question 23.
From the following balances prepare the trading account for the vear ending 31st March 2017
| Particulars | Amount in Rs |
| Opening Stock | 3,00,000 |
| Purchases for the year | 1,00,000 |
| Sales for the year | 3,50,000 |
| Carriage inward | 10,000 |
| Closing Stock | 2,00,000 |
Answer:
Question 24.
From the following information calculate credit purchases by preparing total creditors account.
| Particulars | Amount in Rs |
| Creditors 1st Jan 2017 | 3,00,000 |
| Purchases for the year | 1,00,000 |
| Sales for the year | 3,50,000 |
| Carriage inward | 10,000 |
| Closing Stock | 2,00,000 |
Answer:
Question 25.
Write any six limitations of computerized accounting system.
Answer:
- Heavy cost of installation: Computer needs replacing a software needs to updated from time to time with availability of new version
- Cost of Training : This requires special training and cost is incurred to train the soft personal specialists.
- Fear of unemployment: The staff fears redundancy and show less interest to computers
- System failure: The danger of a system crashing due to some failure in hardware and lead to a subsequent loss of work
- Time consuming: In order to avoid work at the time of system failure there is a need for providing backup arrangements which is time consuming process
- Health dangers: More use of computers lead to many health problems such as headache, eyestrain muscular complaints etc.
Section – D
IV. Answer any FOUR of the following questions. Each carries TWELVE marks: ( 4 x 12=48 )
Question 26.
Answer:
Question 27.
Record the following transaction in double column cash book:
Answer:
Question 28.
From the following particulars prepare Bank Reconciliation Statement:
| No Particulars | Amount (Rs) |
| 1. Bank balance as per pass book | 75,000 |
| 2. Cheque issued but not cashed | 8,000 |
| 3. Interest on investment collected by bank and credited in pass book | 6,000 |
| 4. Bank charges debited in Pass Book | 500 |
| 5. Cheque paid into bank but not cleared | 7,000 |
| 6. Interest credited into pass book | 1,000 |
| 7. Electricity bill paid bv the bank as per standing instruction | 800 |
Answer:
Question 29.
M/s Patel and company acquired a Machinery For Us.5.00,000/- on 1.4.2013 On 1.4.2015 it purchased another machinery For Us. 1.50.000/- On 30.09.2015 it sold the machinery which was purchased oil 1.4.2013 for Us 3,90,000/- depreciation is charged @- 10% p.a under written down value method. Prepare machinery account and depreciation account for 4 years.
Answer:
Question 30.
On 1st June 2018 Ram sold goods to Anand worth Rs.5,000/- on the same day Ram drew a bill of exchange on Anand for the amount payable. After three months Anand accepted and returned it to Ram. The bill is duly paid on maturity. Record the transactions in the books of Ram and Anand.
Answer:
Question 31.
From the following Ledger Balance and adjustments. Prepare Trading Account and Loss Account and Balance Sheet.
Adjustments:
1. Closing stock was valued at Rs.4,000/-
2. Depreciate Furniture by 10%, Building by 15% p.a
3. Bad debts written off Rs.500/-
4. Salary outstanding Rs. 1000/-
5. Provided P.D.D 5% on debtors.
Answer:
Question 32.
Mr. Ramesh started business on 01.012016 with opening capital of Rs. 45,000/- on 01.07.2016 he invested Rs.15,000/- as additional capital. He used Rs. 18,000/- for his personal use. His financial position on 31.12.2016 was as follows:
| Particulars | Amount (Rs) |
| Stock of goods | 26,000 |
| Sundry debtors | 16,000 |
| Furniture | 6,000 |
| Gash at Bank | 6,000 |
| Cash in hand | 600 |
| Bills receivable | 15,000 |
| Plant and machinery | 20,000 |
| Sundry creditors | 16,000 |
| Loan from Menaka | 6,000 |
Adjustments:
1. Depreciate furniture by Rs.600/-
2. Depreciate plant and machinery by 10% p.a
3. Outstanding Rent Rs. 1,000
4. Allow interest on capital at 5% p.a
Answer:
Prepare statement of Profit and Loss and revised statement of affairs.
Section – E
(Practical Oriented Questions)
V. Answer any TWO of the following questions. Each carries FIVE marks: ( 2 x 5=10 )
Question 33.
Draw a diagram of Accounting Process
Answer:
Question 34.
Draft a specimen of “Dehit voucher’
Answer:
Question 35.
Draw a Block Diagram of main components of computers
Answer:
