Kerala Plus One Accountancy Model Question Paper 1
Time Allowed: 2 hours
Cool off time: 15 Minutes
Maximum Marks: 60
Answer all questions from question 1-5 which carries score 1 each.
Rajeev received an order for 100 Churidars of र 250 per Churidar from Krishna Textiles. But the accountant did not record the item in the books. Point out the accounting concept guided the accountant.
A loan can be treated as a short loan if the period is
b. More than two years
c. Less than one-year
d. than one year
Did Sam sell goods worth? 15000 on 10-03-2016 to Dinesh and drew a bill for two months. Calculate the maturity date if Dinesh accepted it
Identify the key attribute from the following:
a. Name of the student
b. Admission number
d. Date of birth
SQL stands for
a. Structured Question Language
b Standard Question Language
c. Structuared Query Language
d. Standard Query Language
Fill in the blanks with suitable examples.
The following is the error committed in the book of a car Manufacturing company
Wages A/c Dr
(Being wages paid for the construction of building)
- Show the rectification error
- Identify the types of error involved
Prepare a statement showing the accounting equation on the basis of following transactions.
1. Nihara started a business with cash र 5,00,000
2. Purchased goods from Nirmal for र 60,000
3. Paid into Bank र 75,000
4. Sold goods to Abi costing र 80,000 for र1,00,000
Show the Debit or Credit of the following items.
a. Increase in the value of Fixed asset
b. Increase the amount of withdrawals from the business for private affairs
c. Decrease the value of debtors
An amount transferred from one account to another account is treated a contra entry. Write two more examples of contra entry.
Briefly explain the following terms:
a. Single Entry
b. Accrual System
Answer any five from question numbers 13 to 18. Each carries two scores.
From the following transactions of M/s Sujith and Sons for the month of April 2017. Prepare Purchase Day Book.
April 52017 purchased credit from M/s Rahul Mills.
100 pieces of long cloths @ र 90/piece 50 pieces of shirting @ र 150/piece.
April 8, 2017, Purchased for cash from M/s Niranjan Mills.
50 pieces of suiting @ र 180/piece.
April 152017 purchased goods on credit from Sunil Mills.
20 pieces of coatings @ र 1200/piece.
10 pieces of shirtings 150/piece.
April 20, 2017, purchased credit from Laneesh T.raders
60 typewriter र@ 500 each.
Identify the type of errors on the basis of the following narrations:
Find out the profit of the business from the given information:
Capital at the beginning of the year र 6,50,000
Capital at the end of the year र 5,00,000
Drawings made during the year र 2,75,000
Additional Capital introduced र 50,000
List out the three distinct advantages of computerised accounting over manual accounting
What is a Query in computerised accounting?
Balance sheet differs from the statement of affairs. Write three points to support the above statement
Answer any three from question numbers 19 to 22. Each carries four scores.
Gopal cashier of star traders advanced र 2,000 as imprest amount to Ramesh on 1 -1 -2017 the petty cashier of the firm. Could you help Ramesh to record the following items?
Soorya Traders purchased machinery for र 1,50,000 on 1 -1 -2012. The further purchased machinery on 1-7-2013 for र 80000. Prepare Machinery Account for three years considering that the firm writes off depreciation at the rate of 10 % on original cost every year.
Hari in a discussion agrees that financial statements are the most reliable accounting report to exhibits the profitability of the firm. Do you agree? why?
Write journal entries for the following transactions:
a. Did business start with cash र 1,00,000
b. Purchased goods from Manu र 40,000
c. Purchased furniture र 1,50,000
d. Paid cash to Manu in full settlement
Answer question numbers 23 and 25. Each carries five scores.
Prepare a bank reconciliation statement.
a. Overdraft is shown as perc ash book 31-12-2017 र 20,000.
b. Bank charges debited in the passbook
c. Interest on overdraft र 760.
d. Cheque issued but not encashed र 4,300.
e. Interest on investment collected by the Bank and credited in the passbook र 120.
f. Cheque paid into Bank but not cleared before 31-12-2017? 2,200.
Sojan sold goods for? 50,000 to Sreejithon 14-2017. Sojan drew a bill of exchange upon Sreejith for the same amount for three months. Sreejith accepted the bill and resumed into Sojan. Sojan endorsed the bill to George. The bill is dishonored on the due date. Show the journal entries in the books of Sojan.
Answer any one from question numbers 25 and 26. A question carries six scores.
List out five situations which lead discrepancies in the pass book balance and cash book balance.
Answer the following questions which carry 8 scores.
The following balances are extracted from the Trail Balances of.KBros. Prepare Trading and Profit and Loss A/c on the year ending 31 st March 2017.
1. Closing stock र 10000
2. Provide 5% provision on doubtful debts.
3. Wages र 300 and salary र 500 are outstanding.
4. Depreciation on plant and Machinery 5%, Building 10%.
Full disclosure concept.
This principle requires that all material and relevant facts concerning financial performance of an enterprise must be fully and completely disclosed in the financial statement.
Less than one year
Structured Query Language
a. Building A/c
To Wages A/c
An error of principle when a transaction is recorded in contravention of accounting principles.
Assets = Liability ± Capital
Asset = Cash + Debtors + Stock
= 425000+100000 + (-20000) = 505000
Assct=L+C=445000+ 60000= 505000
a. Cash deposited into bank
b. withdrew cash from a bank
Single entry accounting system is a method of book keeping relying on a one-sided accounting entry to maintain financial information.
Under the accrual system basis of accounting, expenses are matched with the related revenue and are reported when the expenses occur, not when
the cash is paid.
The result of accrual accounting is an income statement that better measures ta specific time period.
Error of principles
When a transaction is recorded in contravention of accounting principles. It is called the error of principles.
Error of commission
There are tire error which is committed due to wrong posting; of transactions, wrong totaling or wrong balancing of the accounts, the wrong casting of subsidiary books etc. These errors are clerical nature and most of the errors of commission effect in the trail balance.
|Manual accounting||Computerized Accounting|
|a. Human intervention is more||a. Human intervention is less|
|b. Alteration and additions in transactions are not easy||b. Alteration and additions are easy|
|c. It requires more time||c. It requires less time|
|d. It requires more workers||d. It requires less workers|
|e. Closing entries are necessary||e. Closing entries are not necessary|
|f. It has narrow scope||f. It has a wider scope|
A query is basic tools that access provides for retrieving information from the database. It is used to review, add, change or delete data from the database. It allows. taking information from single or multiple tables to obtain the data required. Different types of queries are Selected queries, Parameter queries, Crosstab queries, Action queries, Union query, and Pass-through query.
|Basis||Statement of affairs||Balance sheet|
|Reliability||It is less reliable as it is prepared from an incomplete record||It is more reliable as it is prepared from double entry|
|Objective||It is prepared to ascertain the capital on a given date||It is prepared to ascertain the financial position on a given date|
|Omission||omission of asset and liability
cannot be discovered easily
|omission of asset and liabilities can be traced easily|
Yes, I agree with the statement. Financial statements are more reliable accounting reports to exhibits the profitability of the firm. Trading and Profit and Loss Account, Balance sheet are the two important financial statements. Trading and Profit and Loss Account also known as income statements show the financial performance of the business in the form of Profit of Losses for a particular period. The balance sheet shows the financial position of the business for a particular date.
The various situations which lead to discrepancies in pass book and cash book balances are:
- Cheque issued or drawn to creditors but not paid by Bank.
- Amount deposited directly into the Bank.
- Expenses paid by the Bank
- Bank charges
- Cheque deposited for collection but not yet collected and credited by the bank.
- Interest on deposits