{"id":15021,"date":"2019-12-26T15:32:44","date_gmt":"2019-12-26T10:02:44","guid":{"rendered":"https:\/\/kseebsolutions.guru\/?p=15021"},"modified":"2021-07-02T15:35:00","modified_gmt":"2021-07-02T10:05:00","slug":"2nd-puc-accountancy-model-question-paper-4","status":"publish","type":"post","link":"https:\/\/kseebsolutions.guru\/2nd-puc-accountancy-model-question-paper-4\/","title":{"rendered":"2nd PUC Accountancy Model Question Paper 4 with Answers"},"content":{"rendered":"

Students can Download 2nd PUC Accountancy Model Question Paper 4 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 4 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.
    \nMention one characteristic of Non-profit organisation.
    \nAnswer:
    \nNon profit organisation established for service to specific group or public at large. Example : Educational institution, hospital etc.<\/p>\n

    Question 2.
    \nState the two methods of capital accounts maintained by partnership.
    \nAnswer:<\/p>\n

      \n
    1. Fixed capital a\/c<\/li>\n
    2. Fluctuating capital method.<\/li>\n<\/ol>\n

      Question 3.
      \nWhat is Sacrifice ratio?
      \nAnswer:
      \nSacrifice ratio is the ratio sacrificed by the old partners to the new partner.<\/p>\n

      Question 4.
      \nHow is the gain ratio calculated on retirement of a partner?
      \nAnswer:
      \nGain ratio = New ratio – old ratio<\/p>\n

      Question 5.
      \nWhat is share?
      \nAnswer:
      \nAccording to Indian Companies Act, 1956 as \u201cAshare is the share in the share capital of the company\u201d.<\/p>\n

      Question 6.
      \nName two types of Financial Statements.
      \nAnswer:<\/p>\n

        \n
      1. Income Statement<\/li>\n
      2. Position Statement<\/li>\n<\/ol>\n

        \"KSEEB<\/p>\n

        Question 7.
        \nState any two objectives of Financial Statement Analysis?
        \nAnswer:<\/p>\n

          \n
        1. To know or judge the financial position of the concern.<\/li>\n
        2. To find the profitability of the firm.<\/li>\n<\/ol>\n

          Question 8.
          \nWhat are the various types of ratios?
          \nAnswer:<\/p>\n

            \n
          1. Liquidity ratio<\/li>\n
          2. Solvency ratio<\/li>\n
          3. Turnover ratio<\/li>\n
          4. Profitability ratio.<\/li>\n<\/ol>\n

            Question 9.
            \nMention any two types of debentures.
            \nAnswer:
            \nThe different types of debentures are :<\/p>\n

              \n
            1. Secured debenture<\/li>\n
            2. Redeemable debentures.<\/li>\n<\/ol>\n

              Question 10.
              \nWhat is cash flow statement?
              \nAnswer:
              \nIt is a type of financial statement. It provides information about the historical change in cash and cash equivalents of an enterprises.<\/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.
              \nWhat are non-profit organizations?
              \nAnswer:
              \nNon profit organisations are those organisations which are formed to render social service and not for making profits, such as promotion of education, sports and games, science and technology etc.,<\/p>\n

              Question 12.
              \nWhat is fixed capital system?
              \nAnswer:
              \nUnder the fixed capital method, the capitals of the partners are fixed, unless there is an additional capital or withdrawal of capital.<\/p>\n

              \"KSEEB<\/p>\n

              Question 13.
              \nGive the meaning of goodwill.
              \nAnswer:
              \nGoodwill is the value of good name or reputation of a business which attracts more customers and helps the firm to earn more profits.<\/p>\n

              Question 14.
              \nWhat is realization account?
              \nAnswer:
              \nRealisation Account is an account prepared at the time of dissolution of a firm to find the P\/L on the realisation of Assets and payment of Liabilities.<\/p>\n

              Question 15.
              \nState any two types of debentures.
              \nAnswer:<\/p>\n

                \n
              1. Registered debentures<\/li>\n
              2. Unregistered debentures.<\/li>\n<\/ol>\n

                Question 16.
                \nWrite any two assets which are shown in fixed assets.
                \nAnswer:
                \nBuilding, machinery.<\/p>\n

                Question 17.
                \nWhat is Trend Analysis?
                \nAnswer:
                \nIt is a financial statement analysis method that determines the direction upwards or downwards and involves computation of percentage relationship that each statement items bear to the same item in the base year.<\/p>\n

                Question 18.
                \nWhat are the objectives of preparing cash flow statement?
                \nAnswer:
                \nThe important objectives for preparing Cash Flow Statement are as follows:<\/p>\n

                  \n
                1. The most important objective is to fulfill by preparing Cash Flow Statement is to ascertain the gross inflows and outflows of cash and cash equivalents from various activities.<\/li>\n
                2. Secondly, Cash Flow Statement helps in analysing various reasons responsible for change in the cash balances during an accounting year.<\/li>\n<\/ol>\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.
                  \nAshok and Darshan commenced their business with capital investments of \u20b9 80,000 and \u20b9 60,000 respectively. On 01-04-2013, they agreed to share profits and losses in the ratio of 3 : 2 for the year ending 31st March 2014. They earned a profit of \u20b9 24,000 before allowing:
                  \na) Interest on capital at 6% p.a.
                  \nb) Annual Salary to Darshan \u20b9 5,000.
                  \nc) Interest on drawings, Ashok \u20b9 1,500 and Darshan \u20b9 1,000.
                  \nd) Partners drawings, Ashok \u20b9 15,000 and Darshan \u20b9 10,000
                  \nYou are required to prepare Profit and Loss Appropriation Account of the firm.
                  \nAnswer:
                  \n\"2nd<\/p>\n

                  Question 20.
                  \nA and B were partners in a firm sharing profits in 3 : 2 ratio. They admitted C for 3\/7 share which he took 2\/7 from A and 1\/7 from B. Calculate new profit sharing ratio?
                  \nAnswer:
                  \nOld Ratio = 3: 2 or \\(\\frac{3}{5}: \\frac{2}{5}\\)
                  \nC Admitted for \\(\\frac{3}{7}\\)th<\/sup> share in the new firm
                  \nA\u2019s sacrifice = \\(\\frac{2}{7}\\) => B\u2019s sacrifice = \\(\\frac{1}{7}\\)
                  \nNew Ratio = Old Ratio – Sacrificing Ratio
                  \n\\(A=\\frac{3}{5}-\\frac{2}{7}=\\frac{21-10}{35}=\\frac{11}{35}\\)
                  \n\\(B=\\frac{2}{5}-\\frac{1}{7}=\\frac{14-5}{35}=\\frac{9}{35}\\)
                  \nA: B : C
                  \nNew ratio = \\(\\frac{11}{35}: \\frac{9}{35}: \\frac{15}{35}\\)<\/p>\n

                  \"KSEEB<\/p>\n

                  Question 21.
                  \nA, B and C are the partners sharing profits and losses in the ratio of 2 : 2 : 1. Their capitals on 01-04-2012 were \u20b9 25,000. \u20b9 15,000 and \u20b9 12,500 respectively.
                  \n\u2018A\u2019 died on 10-01-2012 and the partnership deed provided the following:
                  \na) Salary to \u2018A\u2019 at \u20b9 200 p.,
                  \nb) Interest on capital at 5% p.a.
                  \nc) His share of goodwill, the goodwill of the firm is valued at \u20b9 12,500.
                  \nd) His share in accrued profit upto the date of death amounted to \u20b9 3,500.
                  \nPrepare A\u2019s capital account.
                  \nAnswer:
                  \nA: B : C = 2 : 2 : 1 ; \\(\\frac{2}{5}\\), \\(\\frac{2}{5}\\) and \\(\\frac{1}{5}\\). A died on 1 – 10 – 12 (6 month\u2019s interest). A\u2019s Share = \\(\\frac{2}{5}\\)
                  \n\"2nd<\/p>\n

                  Question 22.
                  \nY Ltd. issued 2,000,6% debentures of \u20b9 100 each payable as follows: \u20b9 25 on application; \u20b9 50 on allotment and \u20b9 25 on first and final call.
                  \nAnswer:
                  \n\"2nd<\/p>\n

                  Question 23.
                  \nFrom the following information prepare the balance sheet of Gitanjali Ltd. Invntories \u20b9 14,00,000; Equity Share Capital \u20b9 20,00,000; Plant and Machinery \u20b9 10,00, 000; Preference Share Capital \u20b9 12,00,000; Debenture Redemption Reserve \u20b9 6,00,000; Outstanding Eipenses \u20b9 3,00,000; Proposed-Dividend \u20b9 5,00,000; Land and Building \u20b9 20,00,000; Current Investment \u20b9 8,00,000; Cash. Equivalent \u20b9 10,00,000; Short term loan from Zaveri Ltd. (A Subsidiary Company of Twilight Ltd.) \u20b9 4,00,000; Public Deposits \u20b9 12,00,000.
                  \nAnswer:
                  \n\"2nd
                  \n\"2nd<\/p>\n

                  Question 24.
                  \nCalculate current ratio and Quick ratio from the following information:
                  \nStock – \u20b9 25,000
                  \nDebtors Z – \u20b9 20,000
                  \nBills receivable – \u20b9 5,000
                  \nAdvance tax – \u20b9 2,000
                  \nCash – \u20b9 15,000
                  \nCreditors – \u20b9 30,000
                  \nBills payable – \u20b9 20,000
                  \nBank overdraft – \u20b9 2,000
                  \nAnswer:
                  \n\"2nd<\/p>\n

                  \"KSEEB<\/p>\n

                  Question 25.
                  \nThe following is the Profit and Loss Account of Yamua Limited:
                  \nStatement of Profit and Loss of Yamuna Ltd., for the Year ended March 31, 2015
                  \n\"2nd
                  \nAdditional information:
                  \n(i) Trade receivables decrease by \u20b9 30,000 during the year.
                  \n(ii) Prepared expenses increase by \u20b9 5,000 during the year.
                  \n(iii) Trade payables increase by \u20b9 15,000 during the year.
                  \n(iv) Outstanding Expenses payable increased by \u20b9 3,000 during the year.
                  \n(v) Other expenses included depreciation of \u20b9 25,000.
                  \nCompute net cash from operations for the year ended March 31, 2014 by the indirect method.
                  \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.
                  \nFollowing is the Balance Sheet and Receipts and Payments Account of Vickey sports club.
                  \n\"2nd
                  \nAdjustments: a) 0\/s subscription \u20b9 1,800.
                  \nb) 0\/s rent 900 and legal charges due \u20b9 150.
                  \nc) Donations are to be capitalised
                  \nd) Depreciate sports materials by \u20b9 4,000 and furniture by \u20b9 600.
                  \nPrepare: a) Income and expenditure account.
                  \nb) Balance Sheet.
                  \nAnswer:
                  \n\"2nd
                  \n\"2nd<\/p>\n

                  Question 27.
                  \nDaya, Ka\u2019vya and Maya were partners, sharing profits and losses in the ratio of 5:2:1 respectively. Their balance sheet as on 3 1-3-2013 was as under.
                  \n\"2nd
                  \nMaya retired. The following adjustments arc to be made.
                  \na) Stock is revalued at \u20b9 28,000.
                  \nb) Reserve for doubtful debts to be brought upto 10%on debtors
                  \nc) Machinery and motor car depreciated by 5% and 10% respectively.
                  \nd) Outstanding rent to be provided for \u20b9 1,100.
                  \ne) Goodwill of the firm was raised for \u20b9 35,000 and it has to be retained in the books. Prepare:
                  \ni) Revaluation A\/c
                  \nii) Partners\u2019 capital account
                  \niii) New balance sheet of the firm.
                  \nAnswer:
                  \n\"2nd
                  \n\"2nd<\/p>\n

                  Question 28.
                  \nDeepika and Archana are partners in a firm sharing profits and losses equally. Their balance sheet as on 31-3-2014 was as follows:
                  \nBalance Sheet as on 31-3-2014
                  \n\"2nd
                  \nOn the given date, they decided to dissolve the partnership firm on the following terms:
                  \na) The assets realized as follows:
                  \nDebtors – \u20b9 11,000
                  \nBills receivable – \u20b9 7,500
                  \nStock – \u20b9 30,000
                  \nBuilding – \u20b9 20,000
                  \nVehicle – \u20b9 10,000
                  \nb) Archana took over bills payable at – \u20b9 4,000, and other liabilities paid in full
                  \nc) Dissolution expenses paid – \u20b9 1,000.
                  \nPrepare:
                  \ni) Realisa lion A\/c
                  \nii) Partners capital A\/c
                  \niii) Bank A\/c
                  \nAnswer:
                  \n\"2nd<\/p>\n

                  \"KSEEB<\/p>\n

                  Question 29.
                  \nMandya Sugar Co. Ltd. issued 20,000 equity shares of? 10 each at a premium of ? 2 per share. The amount was payable as follows:
                  \n(a) \u20b9 2 on application
                  \n(b) \u20b9 5 on Allotment (including premium)
                  \n(c) \u20b9 2 on first call and
                  \n(d) \u20b9 3 on final call.
                  \nAll the shares were subscribed and the money duly received except on final call for 1000 equity shares. The Directors forfeited these shares and re-issued them as fully paid at’ 8 per share. Pass the necessary Journal Entries for issue, forfeiture and re-issue.
                  \nAnswer:
                  \nIssue of shares
                  \n\"2nd
                  \n\"2nd
                  \n\"2nd<\/p>\n

                  Question 30.
                  \nB. Ltd. issued 1,000, 12% debentures of \u20b9 100 each on April 01, 2014 at a discount of 5% redeemable at a premium of 10%. Give journal entries relating to the issue of debentures and debentures interest for the Period ending March 31, 2015 assuming that interest is paid half- yearly on September 30 and March 31 and tax deducted at source is 10%.
                  \nAnswer:
                  \n\"2nd
                  \n\"2nd<\/p>\n

                  Question 31.
                  \nFrom the following information, prepare comparative position statement (Balance sheet)
                  \n\"2nd
                  \nAnswer:
                  \n\"2nd
                  \n\"2nd<\/p>\n

                  Question 32.
                  \nFrom the following information, calculate the following ratios:
                  \ni) Liquid Ratio
                  \nii) Inventory turnover ratios
                  \niii) Return on investment
                  \n\"2nd
                  \nAnswer:
                  \n\"2nd
                  \nQuick Assets = Cash + Debtors
                  \n= 40,000 + 1,00,000= 1 ,40,000
                  \nCurrent Liabilities = Creditors + Outstanding Expenses
                  \n= 1,90,000 + 70,000 = 2,60,000
                  \nQuick Ratio = \\(\\frac{1,40,000}{2,60,000}\\) = 7:13 = 0.54:1<\/p>\n

                  (ii)
                  \n\"2nd
                  \n\"2nd
                  \nCapital Employed = Equity Share Capital + Profit and Loss
                  \n= 2,00,000 + 1,40,000 = 3.40,000 .
                  \nReturn on Investment = \\(\\frac{1,40,000}{3,40,000} \\times 100=41.17 \\%\\)<\/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:
                  \n(a) Interest on capital
                  \n(b) Interest on drawings
                  \n(c) Interest on loan
                  \n(d) Distribution of profit or losses
                  \n(e) Salary to partner.
                  \nAnswer:
                  \n(a) No
                  \n(b) No
                  \n(c) 6% P.a
                  \n(d) Equally
                  \n(e) No.<\/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

                  \"KSEEB<\/p>\n

                  Question 35.
                  \nClassify the following into capital and revenue items.
                  \n(a) Legacies
                  \n(b) Subscriptions
                  \n(c) Life membership fees
                  \n(d) Special donations
                  \n(e) Sale of old newspaper.
                  \nAnswer:
                  \n(a) Capital
                  \n(b) Revenue
                  \n(c) Capital
                  \n(d) Capital
                  \n(e) Revenue<\/p>\n","protected":false},"excerpt":{"rendered":"

                  Students can Download 2nd PUC Accountancy Model Question Paper 4 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 4 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\/15021"}],"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=15021"}],"version-history":[{"count":0,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/posts\/15021\/revisions"}],"wp:attachment":[{"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/media?parent=15021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/categories?post=15021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kseebsolutions.guru\/wp-json\/wp\/v2\/tags?post=15021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}