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Karnataka 1st PUC Accountancy Model Question Paper 5 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.
The process of accounting starts with _________ .
Answer:
Identifying.
Question 2.
During life time of an entity accounting produce financial statements in accordance with which basic accounting concept.
(a) Conservatism
(b) Matching
(c) Accounting period
(d) None of the above.
Answer:
(c) Accounting period.
Question 3.
The process of recording transactions in journal is called __________.
Answer:
Journalising. .
Question 4.
Double column cash book records
(a) All transactions
(b) Cash and bank transactions
(c) Only cash transactions
(d) Only credit transactions
Answer:
(b) Cash and bank transactions.
Question 5.
Trial Balance is a statement – state – True or False.
Answer:
True
Question 6.
Who is Drawer?
Answer:
Drawer is the person, who draws the bill of exchange.
Question 7.
Give an example for outstanding expenses.
Answer:
Outstanding rent, Outstanding salary.
Question 8.
State the meaning of incomplete records:
Answer:
Accounting records which are not kept according to double entry system are known as incomplete records.
Question 9.
Expand C.P.U.
Answer:
Central Processing unit.
Question 10.
What is Data?
Answer:
Data refers to the information, which gives clear information about particular concept.
Section – B
II. Answer any FIVE of the follow ing questions. Each carries TWO marks: ( 5 x 2 = 10 )
Question 11.
Mention the branches of accounting?
Answer:
- Financial Accounting
- Cost Accounting
- Management Accounting.
Question 12.
Write the meaning of Double Entry System?
Answer:
The system of recording the two fold effect of every transaction in the books of accounts is called double entry system.
Question 13.
State the rule for Debit and Credit of Liabilities Account.
Answer:
Debit – Decreases in liability.
Credit – Increases in Liability
Question 14.
Give the meaning of Bank reconciliation statement.
Answer:
Bank Reconciliation statement is a statement which is prepared to reconcile the difference between the bank balance as per cash book and bank balance as per the pass book.
Question 15.
Name any two types of errors?
Answer:
- Errors of commission
- Errors of omission
Question 16.
State any two causes of depreciation.
Answer:
- Wear and tear due to use
- Passage of time.
Question 17.
Why trading account is prepared?
Answer:
Trading account is an account which ascertains the result of trading is either gross profit or gross loss.
Question 18.
What is Management Information System?
Answer:
Every accounting system is a part of accounting information system which inturn is a part of the broader system i.e., the management information system.
Section – C
III. Answer any FOUR of the following questions. Each carries SIX marks : ( 4 x 6 = 24 )
Question 19.
Classify the following Accounts into Assets, Liabilities, Capital, Revenue and Expenses.
| (a) Building A/c. | (b) Purchases A/c. |
| (c) Bills Payable A/c. | (d) Drawings A/c. |
| (e) Salary A/c. | (f) Sales A/c. |
| (g) Computer A/c. | (h) Discount Allowed A/c. |
| (i) Creditors A/c. | (j) Cash A/c. |
| (k) Interest on Investments A/c. | (l) Outstanding Rent A/c. |
Answer:
Question 20.
From the following transactions prepare Analytical Petty Cash Book.
| 01-01-2017 | Received Cash from Cashier ₹ 1,000 |
| 05-01-2017 | Cartage ₹ 180 |
| 10-01-2017 | Bought Stationery ₹ 220 |
| 14-01-2017 | Printing charges paid ₹ 150 |
| 28-01-2017 | Wages paid ₹ 250 |
Answer:
Question 21.
Prepare single column cash book from the following information.
| 01-04-2017 | Cash in hand ₹ 12,000 |
| 05-04-2017 | Cash received from Sonu ₹ 4.000 |
| 15-04-2017 | Bought goods ₹ 8,000 |
| 28-04-2017 | Paid salary ₹ 2,000 |
| 30-04-2017 | Rent paid ₹ 1,000 |
Answer:
Question 22.
From the follow ing Ledger Balances prepare the Trial Balance as on 31-03-2017.
| Ledger Accounts | Amount (₹) |
| Capital | 1,00,000 |
| Purchases | 1,70,000 |
| Buildings | 50*000 |
| Drawings | . 10,000 |
| Commission Received | 15,000. |
| Sales | 1,80,000 |
| Salaries | 25,000 |
| Furniture | 30,000 |
| Creditors | 45,000 |
| Cash | 20.000 |
| Debtors | 85,000 |
| Bank Loan | 50.000 |
Answer:
Question 23.
Compute the cost of goods sold for the year 2017.
| Particulars | Amount (₹) |
| Sales | 10,00,000 |
| Purchases | 7,50,000 |
| Wages | 50,000 |
| Stock on 01-04-2016 | 1,50,000 |
| Stock on 31-03-2017 | 2,00,000 |
Answer:
COGS = Opening Stock + Purchases + Direct Expenses – Closing Stock
Question 24.
Find out the Credit Sales by preparing total Debtors Account.
| Particulars | Amount (₹) |
| Debtors on 01-04-2016 | 50,000 |
| Debtors on 31-03-2017 | 70,000 |
| Cash received from debtors | 60,000 |
| Discount allowed | 1,000 |
| Bad debts | 3,000 |
Answer:
Question 25.
Write the differences between Manual Accounting System and Computerised Accounting System.
Answer:
1. Identifying: The identification of transactions, based on application of accounting principles is common in both.
2. Recording: The recording of financial transactions, in manual accounting system to through books of original entries while the data content of such transactions is stored in a well designed accounting data base in computerized accounting system.
3. Classification: In manual accounting system, transaction recorded in the books of original entry are further classified by posting into ledger A/c. In computerized accounting no such data duplication is made to cause classification of transactions.
4. Summarising: The transactions are summarized to produce trial balance in manual accounting system. However, in a computerized accounting, the originally stored transactions data are processed chairs out.
Section – D
IV. Answer any Four of the following questions in the books of Mr.Grean. ( 4 x 12 = 48 )
Question 26.
Journalise the follow ing transactions in the books of Mr. Grean.
Answer:
Question 27.
Prepare proper subsidiary books from the following transactions.
| 2017 June | 01 | Goods sold to Tara. ₹ 5,000 |
| 05 | Bought goods from Ravi. ₹ 7,500 | |
| 07 | Purchased goods from Anil Traders. ₹ 15,200 | |
| 10 | Return goods to Ravi ₹ 800 | |
| 14 | Sold to Anu ₹ 4,200 | |
| 15 | Returned to Anil Traders ₹ 1,200 | |
| 20 | Purchased goods from Kunal at 5% Trade Discount ₹ 10,000 | |
| 22 | Sold goods to Amit ₹ 5,600 | |
| 24 | Amit returned goods. ₹ 900 | |
| 26 | Return outwords to Kunal ₹ 400 | |
| 28 | Goods bought from Sunil ₹ 6,100 | |
| 30 | Return inwards from Anu ₹ 300. |
Answer:
Question 28.
From the following information, prepare Bank Reconciliation Statement for the month of March 2017.
Cash book shows a Bank balance ₹ 15,600.
(a) Cheque deposited into the bank but not eredited ₹ 6.000.
(b) Cheque issued but not yet presented for payment ₹ 3.000.
(c) Interest credited by the Bank ₹ 800.
(d) Insurance premium paid by the Hank ₹ 4,000.
(e) Bank charges debited only in Pass Book ₹ 200.
(f) Direct Deposit by a customer ₹ 800.
Answer:
Question 29.
Ganga Ltd., Purchased Machine “X’ on 01-04-2013 for ₹ 2,50,000 and spent ₹ 50,000 on its erection.
On 01-10-2014 Machine ‘Y’ purchased for ₹ 1,50,000.
On 30-09-2015 Machine ‘X’ sold for ₹ 2,00,000. Depreciation was charged at 10% p.a. on straight line method.
Accounts are closed each year on 31-03-2015. Show the Machinery Account Depreciation Account for 3 years.
Answer:
Question 30.
On 1st July 2017 Ram sold goods to Anand worth ₹ 10,000. On the same day Ram drew a hill of exchange on Anand for the amount payable after 3 months. Anand accepted and returned it to Ram. The bill is duly paid on maturity. Record these transactions in the books of Ram and Anand.
Answer:
Question 31.
from the following balances and adjustments prepare Trading. Profit and Loss account and a Balance Sheet as on 31-03-2017.
Adjustments:
(a) Stock on 31-03-2017 ₹ 50,000.
(b) Salary outstanding ₹ 1,000.
(c) Bad debts written off at 5% on Debtors.
(d) Depreciate machinery and furniture at 10% p.a.
Answer:
Question 33.
Write the Accounting Equation for each item and find the missing figure.
Answer:
(a) A = 1,50,000
L = 90,000
A = L+C
1,50,000 = 90,000 + C
C = 60,000
(b) A = 1,35,000
L = ?
C = 67,500
A = L + C
1,35,000 = L + 67,500
L = 67,500
(c) L = 36,000
C = 84,000
A = ?
A = L + C
= 36.000 + 84,000
A = 1,20,000
Question 34.
Prepare plant account for two years with imaginary figures under written Down Value Method.
Answer:
Question 35.
Draw a Block diagram of main Components of Computer. Ans: Main Components of Computer
Answer:
