1st PUC Accountancy Model Question Paper 3 with Answers

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Karnataka 1st PUC Accountancy Model Question Paper 3 with Answers

Time: 3.15 Hours
Max Marks: 100

Instructions:

  1. All sub-questions of section – A should be answered continuously at one place.
  2. Provide Working notes wherever necessary.
  3. 15 minutes of extra time have been allotted for the candidates to read the questions
  4. 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.
What is Transaction?
Answer:
Transaction means an event, activity or dealing involving the exchange of money Or money’s worth between the persons.

Question 2.
IFRS refers to
(a) Indian Financial reporting standards
(b) International Financial record system
(c) International financial reporting standards
(d) None of the above
Answer:
IFRS = Indian Financial Reporting Standards.

Question 3.
Journal is a book of _______ .
Answer:
Primary book.

Question 4.
Cash account is a real account, (State True / False).
Answer:
True

KSEEB Solutions

Question 5.
Trial balance is,
(a) An account
(b) A statement
(c) A subsidiary book
(d) A principal book
Answer:
(b) A statement

Question 6.
State one feature of bill of exchange.
Answer:
Feature of bill of exchange:

  • It must be in writing.
  • It is an order to make payment and not a request to pay.
  • The order must be unconditional.

Question 7.
What is Bail debts?
Answer:
Bad debts refers to the amount that the firm has not been able to recover, from its Debtors , it is the loss.

Question 8.
W hat is statement of affairs?
Answer:
Statement of affairs is a statement of assets and liabilities of a business concern, it is Prepared under incomplete records. To find out the opening capital and closing capital.

Question 9.
Write an one type of software.
Answer:
Type of software

  1. System software
  2. Application software
  3. Utility programmes.

Question 10.
Write any one advantages of ready – to – use accounting software.
Answer:
Advantages of ready to use accounting software

  1. It is cost effective.
  2. The software being available off the shelf saves time to be invested in customised.

Section – B

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

Question 11.
What is voucher?
Answer:
The documentary evidence in support of a transaction is known as voucher Ex: If we by goods for a cash we get cash memo / Invoice / bill

Question 12.
State any two Accounting Concepts.
Answer:
Accounting concepts

  1. Cost concept
  2. Accrual concept
  3. Dual aspect concept
  4. Matching concept

Question 13.
State any two categories of accounts.
Answer:
Categories of accounts

  1.  Personal account
  2. Real account
  3. Nominal account

KSEEB Solutions

Question 14.
W hat are contra entries?
Answer:
Entries made on both, the debit and the credit side of double column cash book to record a single transaction are called contra entries.
Ex: Open a bank account; cash withdrawn from Bank for office use.

Question 15.
What is Hank reconciliation statement?
Answer:
Bank reconciliation statement is a statement which is prepared to reconcile the difference between the bank balance as per the cash book and bank balance as per the passbook.

Question 16.
What is a suspense account?
Answer:
Suspense account is a temporary account to which the difference in the trial balance is transfered.

Question 17.
Give the meaning of Depreciation?
Answer:
Depreciation is a permanent, continuous and gradual decline in the book value of fixed assets due to usage or passage of time, etc.,

KSEEB Solutions

Question 18.
Give two examples for revenue expenditure.
Answer:
Examples for revenue expenditure:

  • Subscription to newspaper
  • Salary’ paid
  • Rent paid
  • Depreciation of fixed assets
  • Interest paid

Section – C

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

Question 19.
Prepare the accounting Equation from the following transactions.
(a) Started business with cash Rs. 1,00,000
(b) Purchased office furniture on credit from Prakash Rs. 50,000
(c) Cash deposited Rs.10,000 in to the Bank.
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 1

Question 20.
Enter the following transactions in a single column cash hook for the month of March 2018, and balance the same.
2018 March 01 – Cash in hand Rs.24,000
2018 March 04 – Cash received from Ynni Rs.6000
2018 March 08 – Purchased goods from Rani for cash Rs.4,000
2018 March 10 – Paid Insurance Rs.2,000
2018 March 15 – Sold goods for cash Rs.8.000
2018 March 18 – Paid Rent Rs.500
2018 March 22 – Purchased Stationery Rs. 4.500
2018 March 25 – Received commission Rs. 1,000
2018 March 27 – Paid Salaries Rs. 2,000
2018 March 31 – Paid to postage Rs. 400
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 2

KSEEB Solutions

Question 21.
Prepare Purchases book from the following transactions:
2019 Jan 01- Purchased goods from Sudha for Rs.8,000/- on account.
2019 Jan 08 – Bought goods from Prakash for Rs.4,000/- on credit at 10% store for cash.
2019 Jan 12 -Purchase one Printer for Rs.8,000 from new computer store for cash
2019 Jan 21 – Bought goods from Anu Rs.35,000/-
2019 Jan 25 – Purchased goods from Ramesh Rs.8,000/-
2019 Jan 28 – Purchased goods from Nataraj for Rs. 2,900/-
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 3

Note: Printer Purchased from new computers on 12/1/19 will not appear in purchase book It will appear in journal proper.

Question 22.
From the following particulars given below, prepare a Trial Balance as on 31-3-2018:

Particulars Balance Rs.
1. Purchases 95,000
2. Sales 1,36,000
3. Bank loan 20,000
4. Machinery 50,000
5. Cash 46,000
6. Capital 1,00,000
7. Debtors 80,000
8. Creditors 17,000
9. Bills Receivable 4,000
10. Bills Payable 2,000

Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 4

Question 23.
Prepare Profits & Loss of Kakcsh for flic \ear ending 31March 2018
Cross profit ……………….. Rs. 1,30.000
Kent and faxes ……………….. Rs. 3,000
Insurance ……………….. Rs. 1,000
Bad debts ……………….. Rs. 1.500
Audit fees ……………….. Rs.. 400
Salaries ……………….. Rs. 45.000
Printing and Stationery ……………….. Rs. 1,000
Depreciation on furniture ……………….. Rs. 2,000
Discount Received ……………….. Rs. 4,500
Interest Received ……………….. Rs. 1,500
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 5

KSEEB Solutions

Question 24.
From the following information calculate the amount paid to creditors.

Sundry creditors as on 01-04-2017 ……………….. Rs. 1,80,000
Discount earned ……………….. Rs. 6,000
Returns outwards ……………….. Rs. 7,000
Bills accepted ……………….. Rs. 1,50,000
Credit Purchase ……………….. Rs. 2,00,000
Sundry creditors as on 31 – 03 – 2018 ……………….. Rs. 1,90,000
Answer:

1st PUC Accountancy Model Question Paper 3 with Answers - 6
1st PUC Accountancy Model Question Paper 3 with Answers - 7

Question 25.
Distinguish between a manual anil computerized accounting system.
Answer:

  1. Accounting, by definition is the process of identifying recording classifying and summarising * financial transactions to produce the financial records / reports for their ultimate analysis.
  2. Identifying: based on application of accounting principles is common to both manual and computerized system.
  3. Recording : Recording of financial transaction in manual accounting system in through books of original entries while the data contest of such transaction is stored in a well designed accounting.
  4. Classification : In manual accounting system transaction recorded in the books of original entry or further classified by posting in to ledger accounting. In computerized acing no such data duplication is made to cause classification of transaction.
  5. Summerising : Transaction are summarized to produce trial balance in manual accounting and In computerized accounting the originally stored data.

Section – D

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

Question 26.
Journalise the following transactions in the hooks ofSindhu.
2018 March 01 Started business with cash Us.75.000/- and Machinery Us.25.000/-
2018 March 03 Opened a account with C auara Dank Us.30.000/-
2018 March 07 Bought goods from Madhu on C redit Rs. 15.000/
2018 March 08 Uclurued defective goods to Madhu Us.3,000/-
2018 March 12 Issued a cheque to Basava Us.10.000/-
2018 March 15 Sold goods to Amar Us. 60.000/-
2018 March 20 Ucccived cash from Amar Us. 58.000 in full settlement of his account.
2018 March 25 Commission Ucccivcd by Cheque Us.1.000
2018 March 28 Cash drawn for personal use Us. 1.650
2018 March 30 Salary paid to manager Us. 1,000
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 8
1st PUC Accountancy Model Question Paper 3 with Answers - 9

Question 27.
Enter the following transactions in the double column cash book and balance it.
1-4-2018 Cash balance Rs. 30,000 bank balance Rs. 15,000
5-4-2018 Paid into bank Rs. 5,000
8-4-2018 Purchased good by cheque Rs.4,000
10-4-2018 Rent paid Rs.2,500 ,
12-4-2018 Machinery purchased for cash Rs 2,500
15-4-2018 Goods sold for cash Rs. 1,250
20-4-2018 Commission Received from Harsha Rs.2,200
28-4-2018 Drawn from Bank for office use Rs. 1,200
30-4-2018 Cash drawn for personal use Rs.150
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 10

Question 28.
From the following particulars of Mr. Vinod, Prepare Bank Reconciliation Statement as on 30″‘ June 2018.
(a) Bank balance as per cash book ₹ 30,000
(b) Cheque issued, but not presented ₹ 6,000
(c) Bank charges debited only in pass book ₹ 200
(d) Interest credited only in pass book ₹ 1,000
(e) Cheque deposited into Bank, but not collected by the bank ₹ 3,000
(f) Electricity bill paid by bank as per standing order ₹ 500
(g) Direct deposit by a customer to bank account ₹ 1,200
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 11

KSEEB Solutions

Question 29.
From the following particulars, prepare Machinery a/c, and Depreciation a/c for 3 years. Depreciation is to be charged at 10% p.a under Diminishing method. Account are closed on 31-03-2018 every year.
(a) Machine ‘X’ brought on 01-04-2015 for Us. 50.000
(b) Machine ‘Y’ brought on 01-07-2016 for Rs. 30,000
(c) Machine ‘X‘ was sold on 31-12-2017 for Ks. 38.000
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 12
1st PUC Accountancy Model Question Paper 3 with Answers - 13

Question 30.
On 01-01-2018 Arun sold goods to Bharath for Rs. 20000 and drew a three monthly bills on Bharath for the amount. Bharath accepted it and returned it to Arun. Bharath honoured his acceptance on maturity. Record the necessary journal entries in the books of Arun and Bharath.
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 14
1st PUC Accountancy Model Question Paper 3 with Answers - 15

Question 31.
From the following trial balance extracted from the books of Mr. Raghu as on 31-03¬18. Prepare trading and profit and loss account and balance sheet as on that date
1st PUC Accountancy Model Question Paper 3 with Answers - 16
Adjustments:
(1) Stock as on 31-3-2018 Rs.40,000
(2) Outstanding salary Rs.2,000
(3) Write of Bad debts at 5% on debtors.
(4) Depreciation on Furniture at 10% p.a
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 17
1st PUC Accountancy Model Question Paper 3 with Answers - 18

KSEEB Solutions

Question 32.
Manoj keeps his books under accounts from incomplete records. Following are the information available from this books.
1st PUC Accountancy Model Question Paper 3 with Answers - 19
During the year the with drawn Rs.5,000 for his personal use, Additional capital introduced during the year Rs.l0,000
(a) Furniture is to be depreciated at 10% p.a
(b) Provision for doubtful to be created at 5% on debtors.
(c) Outstanding salary Rs. 1,000
(d) Commission earned but not received Rs.2,000 Prepare
(1) Statement of Affairs P and LA/c
(2) Revised statement of offers as on 31-03-2018
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 20
1st PUC Accountancy Model Question Paper 3 with Answers - 21

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:
1st PUC Accountancy Model Question Paper 3 with Answers - 22
Question 34.
Prepare a Trading Account with five imaginary figures
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 23

KSEEB Solutions

Question 35.
Draw a Block Diagram of Main components of computers
Answer:
1st PUC Accountancy Model Question Paper 3 with Answers - 24