1st PUC Accountancy Model Question Paper 6 with Answers

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Karnataka 1st PUC Accountancy Model Question Paper 6 with Answers

Time: 3.15 minutes
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.

Section – A

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

Question 1.
Recording is made in a _________ Order.
Answer:
Chronological

Question 2.
A business in a separate entity from its owners for accounting (Stale true or false)
Answer:
True

Question 3.
What is Journal?
Answer:
Journal is a basic book of original entry in this book transaction is made in Chronological order.

Question 4.
What is balancing of an account?
Answer:
Balancing of an account is the process of finding out the difference between the Total of the debit side and credit side of an account.

Question 5.
What do you mean by Compensating error?
Answer:
When two or more errors are committed in such a way that the net effect of these on the debits and credits of account is nil.

Question 6.
Bills of exchange are covered under:
(a) Indian Contract Act, 1872
(b) Negotiable Instrument Act, 1981
(c) Sale of Goods Act, 1930
(d) Companies Act, 1956
Answer:
(b) Negotiable Instrument Act, 1981

Question 7.
Closing stock is values at _________.
(a) Cost price
(b) Market price
(c) Sales price
(d) Cost price or Market price whichever is less
Answer:
(d) Cost price or market price whichever is less.

Question 8.
Incomplete records are popularly know as _________ Entry system
Answer:
Single

Question 9.
Expand CPU.
Answer:
CPU = Central Processing Unit.

Question 10.
State any one accounting package.
Answer:
Tally ERP.

Section – B

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

Question 11.
State any two users of accounting.
Answer:
Two users of accounting information are.

1. Investors
2. Creditors

Question 12.
What do you mean by accounting concepts?
Answer:
Accounting concepts refers to the necessary assumption and ideas which are Fundamental to accounting practice.

Question 13.
Mention any two features of Ledger.
Answer:
Two features of ledger are:

1. It is a book of final entry.
2. It is the principal book of accounts.

Question 14.
What is Bank reconciliation statement?
Answer:
Bank reconciliation statement is a statement which is prepared to reconcile the difference between bank balance as per passbook and bank balance of cash book.

Question 15.
State any two methods of preparing Trial balance.
Answer:

1. Total method
2. Balance method

Question 16.
Machinery purchased for Rs. 12,000 has a estimated life of 10 years and the scrap value is Rs. 2,000 find out the annual depreciation if straight line method is adopted.
Answer:

Question 17.
State any two objectives of preparing financial statements.
Answer:

1. To present a true and fair view of the financial performance of business.
2. To present a true and fair view of the financial position of business.

Question 18.
State any two elements of Computer.
Answer:

1. Hardware
2. Software

Section – C

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

Question 19.
Prepare accounting equation from the following
(a) Ramesh started business with cash 2,50,000
(b) He purchased Furniture for cash 35,000
(c) He paid commission 2,000
(d) He purchased goods on credit 40,000
(e) He sold goods (costing Rs,20,000) for cash 26,000
(f) He paid salary to workers 2,000
Answer:

Question 20.
Enter the following transactions in an Analytical petty cash Book under imprest System

Answer:

Question 21.
Enter the following transactions in the sales book 2016:
Sept 01 Sold to Arun and co 20 bags of rice @Rs.5,000/-per bag.
Sept 10 Mohan bought from us 10 bags of sugar of Rs 3,000/- per bag at 5% trade discount.
Sept 15 Sold to Raju 2 bags of Wheat at Rs.2,000/- per bag for cash.
Sept 20 Sold to Bombay refreshments 5 bags of wheat flour at Ks. 700/- per bag at 10% discount.
Sept 25 Rahul bought from us 8kg Tea powder at Rs. 800/- per kg.
Answer:

Question 22.
Rectify the following errors.
a) An amount of Rs 1.000 spent repairs to machinery has been debited to machinery account.
b) An amount of Rs. 2,000 with drawn by the proprietor has been debited to office expenses account.
c) A sum of Rs.3,000 received from Radha has been credited to Sudha.
d) An amount paid towards salary of Rs.4,000 has been debited to Rent account.
e) Extension to building Rs.50,000 has been debited to repairs account.
f) Furniture purchased for Rs.10.000 has been debited to purchases account.
Answer:

Question 23.
From the following particulars, prepare Trading A/c of Amitab Traders for the year ending 31 March 2015.

Particulars	Amount
Stock as on 01-04-2014 Sales during the year Purchases Wages paid Closing stock on 31-3-2015	10,000 75,000 70,000 5,000 25,000

Answer:

Question 24.
From the following information, find out cash received from Debtors.
Debtors as on 01/04/2015 – ₹ 17.000
Debtors as on 31/03/2016 – ₹ 25.500
Credit sales during the year – ₹ 95,000
Bills accepted by customers – ₹ 15.000
Sales returns – ₹ 2,000
Answer:

Question 25.
Explain any six advantages of computerized accounting system.
Answer:
Advantages of computerised accounting system

1. A speed – accounting data is processed faster by using a computerised accounting system than it is achieved through manual efforts.
2. Accuracy the possibility of errors is eliminated in a computerized accounting system is less because the primary accounting data is entered once for all subsequent usage and process in preparing.
3. Upto date information the accounting records in a computerised accounting system are updated accounting as and when accounting data is entered & stored.
4. Legibility the date displayed on computer monitor is Legible.
5. Efficiency the computer – based accounting system ensure better use of resources and time.
6. Storage and retrieval the computerised accounting system allows the users to store date in a manner that does not require a large number of physical space.

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 books of Shri Bharat:

Answer:

Question 27.
Enter the following transactions in Double Column Cash Book M/s Ambica Traders for the month of July, 2016.


Answer:

Question 28.
From the following particulars, prepare bank Reconciliation statement as on 31-03-2017.

Answer:

Question 29.
On 01/04/2013 Tata Co. Ltd., purchased a Machinery ‘A’ costing Rs. 1,00,000 on 30/09/2015 the Machinery A was sold for Rs.80,000. On same date a new Machinery ‘B’ was purchased for Rs.50,000. The firm charges depreciation @10% p.a under Diminishing Balance Method accounts are closed on 31^st March every year.
Prepare : 1. Machinery A/c and 2. Depreciation A/c for first 4 years.
Answer:

Question 30.
Anaml sold goods to Sadananda on credit Ks.30,000 and drew a 3 months bill on sadananda. And lie accepted the bill and returned it to Anand. On the same day. the bill was.cndorscd to Swami. On the due Date, the hill was dishonoured and the noting charges paid by swami Rs.200.
Pass the necessary Journal Entries in the books of Anand. Sadananda and Swami.
Answer:

Question 31.
From the following Trial balance, prepare trading and profit and loss account or the year ending 31-03-2017 and Balance Sheet as on that date.

Adjustments:
1. C losing Stock was valued at Rs.20,000
2. Insurance prepaid to the extent of Rs.200
3. Outstanding salary Rs.400
4. Depreciate Building by 5%
5. Provide P.D.D at 5% on Debtors.
Answer:

Question 32.
Mr. Aniket kep this books under incomplete records. He provides you the following information.

During the year he withdrew Cash Rs. 13,000 and goods worth Rs. 7,000 for his personal use. He has also introduced Rs. 12,000 as an additional capital on 01-07-2015.
Adjustments:
1. Appreciate Building by 20%
2. Provide for Bad and Doubtful debts at 5% on Debtors
3. Allow interest on capital at 12% p.a
4. Depreciate Machinery by Rs.3,000
5. Salary due but not paid Rs. 1,000
Prepare:-
1. Statement of Affairs
2. Statement of profit or loss
3.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.
Draw a Block diagram of main components of Computer.
Answer:

Question 34.
Prepare a Trial Balance with 10 imaginary figures.
Answer:

Question 35.
Draw a Block diagram of main components of Computer.
Answer: