{"id":14909,"date":"2019-12-26T11:36:51","date_gmt":"2019-12-26T06:06:51","guid":{"rendered":"https:\/\/kseebsolutions.guru\/?p=14909"},"modified":"2021-07-02T15:35:02","modified_gmt":"2021-07-02T10:05:02","slug":"2nd-puc-accountancy-model-question-paper-3","status":"publish","type":"post","link":"https:\/\/kseebsolutions.guru\/2nd-puc-accountancy-model-question-paper-3\/","title":{"rendered":"2nd PUC Accountancy Model Question Paper 3 with Answers"},"content":{"rendered":"

Students can Download 2nd PUC Accountancy Model Question Paper 3 with Answers, Karnataka 2nd PUC Accountancy Model Question Papers with Answers<\/a> helps you to revise the complete Karnataka State Board Syllabus and score more marks in your examinations.<\/p>\n

Karnataka 2nd PUC Accountancy Model Question Paper 3 with Answers<\/h2>\n

Time: 3 Hrs 15 Min
\nMax. Marks: 100<\/p>\n

Instructions: –<\/p>\n

    \n
  1. All sub questions of Section – A should be answered continuously at one place.<\/li>\n
  2. Provide working notes wherever necessary.<\/li>\n
  3. 15 minutes extra time has been allotted for the candidates to read the questions.<\/li>\n
  4. Figures in the right hand margin indicates full marks.<\/li>\n<\/ol>\n

    Section – A<\/span><\/p>\n

    I. Answer any Eight questions, each question carries One mark : ( 8 x 1 = 08)<\/span><\/p>\n

    Question 1.
    \nWhat is non-profit organization?
    \nAnswer:
    \nIt is the organization that are for used for the welfare of the society and not for. profit earning.<\/p>\n

    Question 2.
    \nThe minimum number of partners in a partnership is
    \n(a) 10
    \n(b) 20
    \n(c) 1
    \n(d) 2
    \nAnswer:
    \n(d) 2<\/p>\n

    Question 3.
    \nState any one reason for admitting a partner.
    \nAnswer:<\/p>\n

      \n
    1. To increase the capital<\/li>\n
    2. To expand the business.<\/li>\n<\/ol>\n

      Question 4.
      \nWrite any two circumstances for the retirement of a partner.
      \nAnswer:<\/p>\n

        \n
      1. Old age of the partner.<\/li>\n
      2. Insolvency of that partner.<\/li>\n<\/ol>\n

        \"KSEEB<\/p>\n

        Question 5.
        \nState any two types of Joint Stock Company.
        \nAnswer:<\/p>\n

          \n
        1. Public company<\/li>\n
        2. Private company.<\/li>\n<\/ol>\n

          Question 6.
          \nWhat is \u2018Capital Reserve\u2019?
          \nAnswer:
          \nCapital Reserve is a reserve that is created out of capital profits i.e. gains or profits arising from other than the normal activities of business operations i.e. activities other than sale or purchase of goods and services. This reserve is utilised to meet future capital losses, if any, and to issue bonus shares. It cannot be distributed as dividend among the shareholders.<\/p>\n

          Question 7.
          \nMention the techniques of Financial Statement Analysis.
          \nAnswer:<\/p>\n

            \n
          1. Comparative statements<\/li>\n
          2. Common size statements<\/li>\n
          3. Trend and ratio analysis.<\/li>\n<\/ol>\n

            Question 8.
            \nWhat do you mean by ratio analysis?
            \nAnswer:
            \nIt is a simple arithmetical expression of the relationship of one number to another. It is indicated as the quotient of two numbers and can be expressed as a fraction, proportion, percentage on as a number of items.<\/p>\n

            Question 9.
            \nWhat are the uses of securities premium?
            \nAnswer:
            \nAs per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by the company for the following activities:<\/p>\n

            Question 10.
            \nCash flow statement prepared as per standard issued by ICAI.
            \n(a) AS1
            \n(b) AS2
            \n(c)AS3
            \n(d)AS4
            \nAnswer:
            \n(C) AS3<\/p>\n

            \"KSEEB<\/p>\n

            Section – B<\/span><\/p>\n

            II. Answer any Five questions, each question carries Two marks : ( 5 x 2 = 10 )<\/span><\/p>\n

            Question 11.
            \nGive two example for capital receipts and payment in non-trading concern.
            \nAnswer:
            \nCapital receipts – endowment fund, lagacies.
            \nCapital payment – fixed assets purchases, investment.<\/p>\n

            Question 12.
            \nWhat is meant by fixed capital system?
            \nAnswer:
            \nIn this system the capital of the partners remains constant or unaltered unless additional capital is invested or capital itself is withdrawn by mutual agreement.<\/p>\n

            Question 13.
            \nWhat is Sacrifice Ratio?
            \nAnswer:
            \nIt is a ratio sacrificed by the old partners to the new partner.<\/p>\n

            Question 14
            \nGive the journal entry to close partners loan account on Dissolution of Firm.
            \nAnswer:
            \nPartners Loan A\/c Dr.
            \nTo Cash\/Bank A\/c
            \n[Being Partner Loan A\/c closed]<\/p>\n

            Question 15.
            \nWhat is oversubscription?
            \nAnswer:
            \nWhen the public apply for more shares than those offered to them, it is said to be oversubscription of shares.<\/p>\n

            Question 16.
            \nGive the meaning of Interim Dividend. ,
            \nAnswer:
            \nIt is the dividend paid by the company in between Annual General body meetings.<\/p>\n

            \"KSEEB<\/p>\n

            Question 17.
            \nState any two uses of Financial Statement Analysis.
            \nAnswer:<\/p>\n

              \n
            1. It is useful to the Finance Manager to make constant reviews of the actual financial operations of the firm.<\/li>\n
            2. It helps the lenders who provide long term finance to the business enterprises.<\/li>\n<\/ol>\n

              Question 18.
              \nWhat is Cash Flow Statement?
              \nAnswer:
              \nA Cash Flow Statement is a statement showing inflows and outflows of cash and cash equivalents from operating, investing and financing activities of a company during a particular period. It explains the reasons of receipts and payments in cash and change in cash balances during an accounting year in a company.<\/p>\n

              Section – C<\/span><\/p>\n

              III. Answer any Four questions, each question carries Six marks : ( 4 x 6 = 24 )<\/span><\/p>\n

              Question 19.
              \nPratham and Chethan are partners sharing profits and losses in the ratio of 3:2. On 1-4-2013 they had capital of \u20b9 60,000 and \u20b9 40,000 respectively.
              \nAccording to their partnership deed, they are entitled to the following:
              \n(a) Interest on capital at 6% p.a.
              \n(b) Interest on Drawings at 5% p.a.
              \n(c) Chethan is allowed a salary of \u20b9 500 p.m. for first 6 months and for the remaining period f \u20b9 1000 p.m.
              \n(d) Their drawings during the year Pratham \u20b9 8,000 and Chethan \u20b9 10,000. Interest on the same \u20b9 400 and \u20b9 500 respectively.
              \nThe profits for the year before makihg the above adjustments was \u20b9 24,100.
              \nProfit and loss appropriation for the year ending 31-3-2014
              \nAnswer:
              \n\"2nd<\/p>\n

              Question 20.
              \nRamesh and Suresh are partners sharing profits and losses in the ratio of 3:2. They admit Satish into the partnership with \\(\\frac { 1 }{ 5 }\\)th<\/sup> share. Calculate the new profit sharing ratio of all the partners.
              \nAnswer:
              \nTotal share of the firm = 1
              \nSatish\u2019s share \\(\\frac { 1 }{ 5 }\\)
              \nRemaining Share = \\(1-\\frac{1}{5}=\\frac{4}{5}\\)
              \nNew profit sharing ratio of the partners
              \nRamesh: \\(\\frac{4}{5} \\times \\frac{3}{5}=\\frac{12}{25}\\)
              \nSuresh: \\(\\frac{4}{5} \\times \\frac{2}{5}=\\frac{8}{25}\\)
              \nSatish: \\(\\frac{1}{5} \\times \\frac{5}{5}=\\frac{5}{25}\\)
              \nRamesh : Suresh : Satish is 12:8:5<\/p>\n

              \"KSEEB<\/p>\n

              Question 21.
              \nAnil, Sunil and Rahul are the partners sharing profits and losses in the ratio of 3:2:1. Their capitals as on 1-4-2014 were \u20b9 70,000, \u20b9 90,000 and \u20b9 60,000 respectively.
              \nAnil died on 31-12-2014 and the partnership deed provided the following:
              \n(a) Interest on Anil\u2019s capital at 8% p.a.
              \n(b) Anil\u2019s salary \u20b9 2,000 p.m.
              \n(c) His share of accrued profit upto the date of death based on previous year\u2019s profit. Firm\u2019s profit for 2013-2014 was \u20b9 24,000.
              \n(d) His share of Good will was \u20b9 12,000
              \nAscertain the amount payable to Anil\u2019s executor by preparing Anil\u2019s Capital A\/c. Ans. Anil\u2019s Capital A\/c
              \nAnswer:
              \n\"2nd<\/p>\n

              Question 22.
              \nABC Ltd. issues Rs.10,000,12% debentures of Rs.100 each payable Rs.30 on application and remaining amount on allotment. The public applied for 9,000 debentures which were fully allotted, and all the relevant allotment money duly received. Give journal entries in the books of ABC Ltd.
              \nAnswer:
              \n\"2nd
              \n\"2nd<\/p>\n

              Question 23.
              \nKarnataka Co. Ltd. had the following Assets and Liabilities as on 31-3-20 14:
              \nCurrent Assets \u20b9 2,40,000
              \nCurrent liabilities \u20b9 60,000
              \nQuick Assets \u20b9 1,20,000
              \nCalculate: (I) Current Ratio (ii) Quick Ratio.
              \nAnswer:
              \n\"2nd<\/p>\n

              Question 24.
              \nShow the following items \u00a1n the Balance sheet as per the provisions of the companies Act, 1956 in (Revised) Schedule VI:
              \n\"2nd
              \nAnswer:
              \n\"2nd
              \n\"2nd<\/p>\n

              Question 25.
              \nAnand Ltd., arrived at a net income of \u20b9 5,00,000 for the year ended March 31,2014. Depreciation for the year was \u20b9 2,00,000. There was a profit of \u20b9 50,000 on assets sold which was transferred to Statement of Profit and Loss account. Trade Receivables increased during the year \u20b9 40,000 and Trade Payables also increased by \u20b9 60,000. Compute the cash flow from operation activities by the indirect approach.
              \nAnswer:
              \n\"2nd<\/p>\n

              Section – D<\/span><\/p>\n

              VI. Answer any Four questions, each question carries Twelve marks : ( 4 x 12 = 48 )<\/span><\/p>\n

              Question 26.
              \nA company issues the following debentures:
              \n1. 10,000 2% debentures of \u20b9 100 each at par but redeemable at premium of 5% after 5 . years;
              \n2. 10,000,12% debentures Qf \u20b9 100 each at a discount of 10% but redeemable at par after 5 years;
              \n3. 5,000,12% debentures of \u20b9 1000 each at a premium of 5% but redeemable at par after 5 years;
              \n4. 1,000,12% debentures of \u20b9 100 each issued to a supplier of machinery costing ? 95,000.
              \n5. The debentures are repayable after 5 years; and 300,12% debentures of \u20b9 100 each ns a collateral security to a bank which has advanced a loan of \u20b9 25,000 to the company for a period of 5 years.
              \n6. Pass the journal entries to record the: (a) issue of debentures; and (b) repayment of debentures after the given period.
              \nAnswer:
              \nEntires
              \n\"2nd
              \n\"2nd
              \n\"2nd<\/p>\n

              \"KSEEB<\/p>\n

              Question 27.
              \nSrlkanth, Girish and Manju are partners sharing profits and losses equally. Their balance sheet as on 31-3-2014 was as follows:
              \n\"2nd
              \nManju retired on 1-4-2014 from the business and the following adjustments are ta
              \na) Goodwill of the firm is created \u20b9 18,000 (Ret PBLas).
              \nb) Maintain provision for doubtful debts at 5% on Debtors.
              \nc) Increase stock by \u20b9 4,000.
              \nd) Depreciate Machinery and Furniture by 10% each.
              \nPrepare:
              \nI) Revaluation A\/c
              \nii) Goodwill A\/c
              \niii) All the partner\u2019s capital A\/c
              \niv) Balance Sheet as on 1-4-2014
              \nAnswer:
              \n\"2nd
              \n\"2nd<\/p>\n

              Question 28.
              \nGirija and Sudha are partners sharing profits and losses in the ratio of 3:2. They dissolved their firm on 31-3-2014.
              \n\"2nd
              \nThe details available are:
              \na) Assets realised as follows:
              \nDebtors \u20b9 22
              \nFurniture \u20b9 14,000
              \nBuildings \u20b9 40,00
              \nStock \u20b9 16,000
              \nMotor car \u20b9 25,000
              \nb) Investment is taken over by Girija at Book value.
              \nc) Computer is taken over by Sudha at 10% less.
              \nd) All liabilities are paid in full
              \ne) Realisation on Expenses \u20b9 2,500
              \nPrepare:
              \nI) Realisation A\/c
              \nii) Partners capital k\/c
              \niii) Bank AJc
              \nAnswer:
              \n\"2nd<\/p>\n

              Question 29.
              \nVarsha Co. Ltd. issued 10,000 Preference Shares at \u20b9 100 each at a premium of \u20b9 5 per share payable as follows:
              \n\u20b9 10 on Application
              \n\u20b9 45 on Allotment (including premium)
              \n\u20b9 30 on First call \u20b9 20 on Final call
              \nAll the shares were subscribed and the money duly received except on final call for 500 shares. The Directors forfeited these shares and re-issued at \u20b9 90 each fully paid.
              \nPass the necessary Journal Entries related to the above information.
              \nAnswer:
              \n\"2nd
              \n\"2nd<\/p>\n

              Question 30.
              \nFrom the following Balance Sheet of Narayan Industries Ltd., compute the trend percentage using 31-3-2011 as the base year.
              \n\"2nd
              \nAnswer:
              \n\"2nd<\/p>\n

              \"KSEEB<\/p>\n

              Question 31.
              \nFollowing is the Balance Sheet and Rcceipts and Payments Account of Bengaluru Education Society.
              \n\"2nd
              \n\"2nd
              \nAdjustments: a) 0\/S subscription for 31-3-2014 \u20b9 5,000.
              \nb) 0\/S Salary for 31-3-2014 \u20b9 600.
              \nc) Half of the Entrance fee is to be capitalised.
              \nd) Depreciate Furniture at 10\u00b0\/e and Books at 30%.
              \nPrepare:
              \nI) Income and Expenditure A\/c for the year ending 31-3-2014.
              \nii) Balance Sheet.
              \nAnswer:
              \n\"2nd<\/p>\n

              Question 32.
              \nFrom the following information calculate:
              \n(i) Gross Profit Ratio
              \n(ii) inventory Turnover Ratio
              \n(iii) Current Ratio
              \n(iv) Liquid Ratio
              \n(y) Net Profit Ratio
              \n(vi) Working Capital Ratio:
              \nRevenue from Operations – \u20b9 15,20,000
              \nNet Profit – \u20b9 3,60,000
              \nCost of Revenue from Operations – \u20b9 19,20,000
              \nLong-term Debts\u00a0 – \u20b9 9,00,000
              \nTrade Payablcs \u20b9 1,00,000
              \nAverage Inventory – \u20b9 8,00,000
              \nCurrent Assets – \u20b9 7,60,000
              \nFixed Assets – \u20b9 14,40,000
              \nCurrent Liabilities – \u20b9 6,00,000
              \nNet Profit before Interest and Tax – \u20b9 8,00,000
              \nAnswer:
              \n\"2nd<\/p>\n

              Section – E<\/span>
              \n(Practical Oriented Questions)<\/span><\/p>\n

              V. Answer any Two questions, each question carries Five marks : ( 2 x 5 = 10 )<\/span><\/p>\n

              Question 33.
              \nHow do you treat the following in the absence of partnership deed?
              \na) Interest on capital
              \nb) Interest on drawings
              \nc) Interest on loan
              \nd) Distribution of profit or losses
              \ne) Salary to partner.
              \nAnswer:
              \na) Interest on capital – Nil
              \nb) Interest on drawings- Nil
              \nc) Interest on loan – 6% P.a
              \nd) Distribution of profit or losses – Equally
              \ne) Salary to partner – Nil<\/p>\n

              \"KSEEB<\/p>\n

              Question 34.
              \nWrite the pro-forma of Vertical Balance Sheet of the Joint Stock Company with appropriate . heads.
              \nAnswer:
              \n\"2nd<\/p>\n

              Question 35.
              \nPrepare comparative income statement of profit and loss with five imaginary figures
              \nAnswer:
              \nComparative Statement of profit and loss for the year ended March 31, 2014, and 2015.
              \n\"2nd<\/p>\n","protected":false},"excerpt":{"rendered":"

              Students can Download 2nd PUC Accountancy Model Question Paper 3 with Answers, Karnataka 2nd PUC Accountancy Model Question Papers with Answers helps you to revise the complete Karnataka State Board Syllabus and score more marks in your examinations. Karnataka 2nd PUC Accountancy Model Question Paper 3 with Answers Time: 3 Hrs 15 Min Max. Marks: …<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[82],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts\/14909"}],"collection":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/comments?post=14909"}],"version-history":[{"count":0,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts\/14909\/revisions"}],"wp:attachment":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/media?parent=14909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/categories?post=14909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/tags?post=14909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}