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Karnataka 1st PUC Accountancy Model Question Paper 4 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.
_____________ are the internal users of an organisation.
Answer:
Owners / Managers are the internal users of an organisation.
Question 2.
Expand GAAP.
Answer:
Generally Accepted Accounting Principles.
Question 3.
What is Journal?
Answer:
Journal is the book where-in all the transactions are first recorded in the order of dates in as and when they take place.
Question 4.
Name any one ty pe of subsidiary book.
Answer:
Purchase book, Purchase return book, Sales book, Sales return book.
Question 5.
T rial Balance is __________ .
(a) An account
(b) A statement
(c) A subsidiary book
(d) A principal book
Answer:
(b) A statement
Question 6.
A Bill of Exchange must be in writing (State True / False).
Answer:
True
Question 7.
Profit and loss account shows _________ .
Answer:
Income and expenses or profit or loss.
Question 8.
Why statement of alfairs is prepared?
Answer:
Statement of affairs is prepared to know the value of assets and liabilities of a business on a given date.
Question 9.
Which of the following is not an input device used in digital computers.
(a) key board
(b) Mouse
(c) Modem
(d) Touch pad
Answer:
(d) Touch pad
Question 10.
Give an example for Accounting Software.
Answer:
Tally, ERP Accounting.
Section – B
II. Answer any FIVE of the following questions. Each carries TWO marks: ( 5 × 2 = 10 )
Question 11.
Define Accounting.
Answer:
According to American Accounting Association [AAA] “Accounting is the process of identifying, measuring and communicating economic information to permit informed judgment and decision by users of information.”
Question 12.
State any two Accounting concepts.
Answer:
Two accounting concepts are:
- Business entity concept
- Cost concept
Question 13.
Give the meaning of Narration.
Answer:
Narration is a brief description (explanation) of a transaction which is given below the Journal entry.
Question 14.
What is Bank 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 the bank balance as per the pass book.
Question 15.
Mention any two types of errors of omission.
Answer:
Two types of errors of omission are:
- Errors of partial ommission.
- Errors of partial commission.
Question 16.
State any two causes of Depreciation.
Answer:
- Ware and tear due to use.
- Passage of time.
Question 17.
Give two examples of current assets.
Answer:
- Bills receivable
- Stock (inventory).
Question 18.
Write any two elements of computer system.
Answer:
- Hardware
- Software.
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, Revenue / Gains and Expenses / Losses.
Answer:
Question 20.
Prepare an Analytical petty Cash hook from the following transactions.
| 2018 | Rs. |
| Jan. 01 Received cash from Main Cashier | 500 |
| Jan. 05 PaId cartage on goods | 150 |
| Jan. 08 Postage stamp | 50 |
| Jan. 20 Stationery purchased | 200 |
| Jan. 30 Auto fare | 40 |
Answer:
Question 21.
Enter the following transaction, in purchases book
| Feb. 01 | Purchased from Mandya Sugar mill, Mandya. |
| Feb. 10 | 4 quintals of sugar @ Rs. 3,000 per qnt. |
| Feb. 15 | Bought from Bharath Rice mill, Raichur. 5 quintals of Rice @ Rs. 2000 per qnt. |
| Feb. 20 | Bought from Rahul Traders, Belgaum 2 quintals of Wheat @ Rs. 2500 per qnt. |
| Feb. 28 | Purchased from Kalaburgi Dali mill, Kalaburgi 1 quintal of Dali @ Rs. 5000 per qnt. |
| Feb. 01 | Purchased from Tata Tea Suppliers. 10 Kgs of Tea powder @ Rs. 200 per Kg. |
Answer:
Question 22.
From the follow ing particulars given below prepare a Trial Balance as on 31-03-2018.
| Accounts Title | Amount (Rs). |
| 1. Opening Stock | 18,000 |
| 2. Capital | 1,21,000 |
| 3. Buildings | 40,000 |
| 4. Plant and Machinery | 30,000 |
| 5. C arriage | 2,000 |
| 6. Sales | 80,000 |
| 7. Purchases | 60,000 |
| 8. Sales Return | 2,000 |
| 9. Furniture | 50.000 |
| 10. Interest received | 1.000 |
Answer:
Question 23.
From the following balances obtained from the records of ABC Ltd. Prepare the Trading A/e for the year ending 31-03-2018.
| Particulars | Rs. |
| Opening Stock | 2 ,00,000 |
| Purchases for the year | 20,00,000 |
| Sates for the year | 35,00,000 |
| Carriage Inwards | 1,00000 |
| Closing stock is valued | 5,00,000 |
Answer:
Question 24.
From the following information, prepare total creditors A/e and lind out the missing figure.
| Particulars | Rs. |
| Creditors 01-04-2017 | 15,000 |
| Total Purchase | 75,000 |
| Cash Purchase | 3,000 |
| Discount received | 2,000 |
| Cash paid to creditors | 50,000 |
| Return to suppliers | 4,000 |
| Creditors 31-03-2018 | ? |
Answer:
Question 25.
Explain any three advantages and any three limitations of computerised accounting system.
Answer:
Advantages of computerized accounting system:
- Speed
- Accuracy
- Reliability
- Efficiency
Limitations of computerized accounting system:
- Cost of training
- Staff opposition
- System failure
- Disruption
Section – D
IV. Answer any FOUR of the following questions. Each carries TWELVE marks: ( 4 × 12 = 48 )
Question 26.
Journalise the following transactions in the hooks of M/’s. R.K. Traders.
| Rs. | ||
| 2018 | Started business with cash | 90,000 |
| Jan. 01 | Furniture | 10,000 |
| Jan. 03 | Open a bank account with SBI | 20,000 |
| Jan. 06 | Purchased goods from Ramesh | 30,000 |
| Jan. 09 | Sold goods to Rahul for cash | 15,000 |
| Jan. 10 | Cash purchases | 10.000 |
| Jan. 12 | Sold goods to Mohan | 20,000 |
| Jan. 15 | Received commission | 1,000 |
| Jan. 20 | Drew from Bank for personal use | 5,000 |
| Jan. 22 | Cash received from Mohan | 20,000 |
| Jan. 25 | Paid Rent by cheque | 5,000 |
| Jan. 30 | Paid for salary | 4.000 |
Answer:
Question 27.
Enter the following transactions in Double Column (‘ash hook:
| 2018 | Rs. | |
| Jan. 01 | Commenced business with cash | 50,000 |
| Jan. 03 | Opened a hank account with ICICI Bank | 30,000 |
| Jan. 05 | Purchased goods for cash | 10,000 |
| Jan. 10 | Purchased office machine for cash | 5,000 |
| Jan. 15 | Sold goods to Rohan and received cheque | 7,000 |
| Jan. 18 | Cash sales | 8,000 |
| Jan. 20 | Rohan’s cheque deposited in to bank | 500 |
| Jan. 22 | Paid cartage hv cheque | 2,000 |
| Jan. 25 | Cash withdrawn for personal use | 1,000 |
| Jan. 30 | Paid Rent by cheque | 1,000 |
Answer:
Question 28.
From the Following particulars of VIr. Vinod, prepare Bank Reconciliation statement as on 31.3.2018
a. Bank balance as per cash Book Ks. 50,000
b. Cheque issued, but not presented for payment Rs. 6,000
c. Dividend on shares collected bv the Bank and credited in the pass book onlv Rs. 8,000.
d. Bank charges debited in the pass book only Rs. 400.
e. A cheque deposited into bank, but not collected by the bank Rs. 5,000
f. Interest credited in the pass book only Rs. 500
g. Insurance premium paid directly by the bank understanding advice Rs. 1,000.
Answer:
Question 29.
Following are the particulars related to RK Co. Ltd., prepare Machinery Account and Depreciation Account for three years. Charging depreciation at 10% pa. on 31’1 March every year under straight line method.
(a) Machine ‘.V purchased on 1-04-2014 for Rs. 50.000 and spent further cost of Us. 10,000 for installations.
(b) Machine ‘Y’ purchased on 30-06-2016 at cost of Ks. 40,000.
(c) Machine ‘X’ sold on 30-09-2016 for Rs. 42,500.
Answer:
Question 30.
On 1st August 201S Raja sold goods to Rani for Rs. 10,000 on credit and drew a three months hill. Rani accepted it and returned it to Raja. And on the same day Raja endorsed the bill over to Mantri. On the due date the bill was met.
Show the Journal entries in the books of all parties.
Answer:
Question 31.
From the following Ledger balance of M/s. Abhishek Brothers, you are required to prepare Trading and profit and Loss account for the year ending March 31,20IS and Balance sheet as on that date.
Answer:
Question 32.
Mr. Arun kept his books of account under incomplete records, lie provides the following information.
During the year he withdrew ₹ 9.000 for personal use. On 01-10-2017 he introduced ?
15.000 as additional capital
Adjustments:
(1) Depreciate furniture by 20% p.a.
(2) Appreciate buildings by 15% p.a.
(3) Allow interest on capital at 6% p.a.
(4) Create reserve for doubtful debts at 5% on debtors.
(5) Out standing salary ₹ 4,500.
Prepare:
(i) Statement of affairs
(ii) Statement of profit or loss.
(iii) Revised statement of affairs.
Answer:
Section – E
(Practical Oriented Questions)
V. Answer any TWO of the following questions. Each carries FIVE marks ( 2 × 5 = 10 )
Question 33.
Write the accounting equations and find out the missing
Answer:
(a) Assets – 2,00,000
Capital – ?
Liabilities – 90,000
Assets = Liabilities + Capital
2,00,000 = 90,000 + Capital
2,00,000 – 90,000 = Capital
Capita = 1,10,000
(b) Assets = ?
Liabilities = 40,000
Capital = 50,000
Assets = Liabilities + Capital
Assets = 40,000 + 50,000
Assets = 90,000
(c) Assets = 60,000
Capital = 10,000
Liabilities = ?
Assets = Liabilities + Capital
60,000- 10,000 = Liabilities
Liabilities = 50,000
Question 34.
Prepare a machinery account for 2 years with imaginary figures underwritten down
Answer:
Question 35.
Prepare a specimen of Promissory Note.
Answer:
