Plus One Accountancy Model Question Paper 2

Kerala Plus One Accountancy Model Question Paper 2

Time Allowed: 2 hours
Cool off time: 15 Minutes
Maximum Marks: 60

Answer all questions from question numbers 1 to 9. Each carry one score.
Plus One Accountancy Model Question Papers Paper 2

Question 1.
Credit purchase is calculated by preparing……….
Plus One Accountancy Model Question Papers Paper 2.1
a. Total Debtors account
b. Total Creditors account
c. Bills Receivable account
d. Bills Payable account

Question 2.
Under which one of the following can the asset of ‘Debtors’ be well placed?
Plus One Accountancy Model Question Papers Paper 2.2
a. Real asset
b. Fixed asset
c. Current asset
d. Human asset.

Question 3.
The drawer of a bill of exchange is always the………
Plus One Accountancy Model Question Papers Paper 2.3
a. Debtor
b. Endorser
c. Creditor
d. Proprietor

Question 4.
Introduction of the latest technologies may be one of the causes for_________
Plus One Accountancy Model Question Papers Paper 2.4<
a. Depletion
b. Amortisation
c. Appreciation
d. Depreciation

Question 5.
What will be the effect on the trial balance if Rs 500 is received as interest and correctly entered in the cash book, but posted to the debit side of interest account?
Plus One Accountancy Model Question Papers Paper 2.5

Question 6.
A bill dated August 1, 2012, is payable two months after date. If the due date is a public holiday, what will be the date of maturity of the bill?
Plus One Accountancy Model Question Papers Paper 2.6

Question 7.
When the debit of income and expenditure is more than its credit, it leaves a………
Plus One Accountancy Model Question Papers Paper 2.7
a. profit
b. surplus
c. deficit
d. loss

Question 8.
A ____ is a person to whom business owes money.
Plus One Accountancy Model Question Papers Paper 2.8
a. Debtor
b. Creditor
c. Investor
d. Borrower

Question 9.
Furniture bought on credit is wrongly re­corded in the cash book. It is an exam-pie of an error of ………..
Plus One Accountancy Model Question Papers Paper 2.9
a. Error of principle
b. Error of compensation
c. Error of commission
d. Error of omission

Answer any five from question numbers 10 to 15. Each carries two scores.
Plus One Accountancy Model Question Papers Paper 2.10
Question 10.
The trial balance is a statement prepared to check the arithmetical accuracy of business.
a. Name any two types of errors which can­ not be disclosed through this state­ment.
b. Rectify the following errors.

  1. Office furniture purchased for Rs. 5000 was posted to purchase acco­unt.
  2. Cash sales Rs. 2000 was posted as Rs. 200.
  3. Goods withdrew by the proprietor for personal use Rs. 1000 was not recorded in the books

Plus One Accountancy Model Question Papers Paper 2.11
Plus One Accountancy Model Question Papers Paper 2.12

Question 11.
Every transaction has two aspects which will be recorded in the books of accounts.
a. Identify and explain the accounting concept referred to above, by giving suitable examples.
b. Narrate a transaction which affects only the asset side of an accounting equation
Plus One Accountancy Model Question Papers Paper 2.13

Question 12.
The following errors are noticed in the books of accounts of a trader at the time of prepara­tion of a Trial Balance.
Plus One Accountancy Model Question Papers Paper 2.14
a. Sales book was overcast by Rs 300
b. Salary paid Rs 1500 was wrongly debited to Wages account.
c. Goods sold to Kavitha worth Rs 2000 were completely omitted to be reco­rded.
d. Rent amounting to Rs 1200 was recei­ved but debited to Rent account as Rs 120.

    1. Pass the rectification entries for the above.
    2. Identifying the compensating error from the above.

Plus One Accountancy Model Question Papers Paper 2.15
Plus One Accountancy Model Question Papers Paper 2.16

Question 13.
Which assumption of accounting states that the capital supplied by the proprietor is a li­ability to the business? Describe it in one or two sentences.
Plus One Accountancy Model Question Papers Paper 2.17

Question 14.
Jaya Brothers is a sole trader who invested Rs 10000 on 01-01-2012 in his business and the same was found at Rs 18000 at the end of the accounting year. He also withdrew Rs 6000 for his private use. Ascertain his profit for the year.
Plus One Accountancy Model Question Papers Paper 2.18

Question 15.
Unni purchased goods for Rs 9818 and the trader allowed a discount of Rs 18 at the time of purchase.
a. Identify the type of discount
b. Mention the other, types of discounts available and differentiate them with the one stated above.
Plus One Accountancy Model Question Papers Paper 2.19

Answer any three from question numbers 16 to 19. Each carries three scores.
Plus One Accountancy Model Question Papers Paper 2.20

Question 16.
Kannan and Sona acquired a machine for Rs.1,80,000 on 10th Oct 2012 and spend Rs. 20000 for its installation. The firm write-off depre­ciation at the rate of 10% p.a. on original cost every year. Draw up machinery account for the first 3 years given that the books of accounts close on March 31 st every year.
Plus One Accountancy Model Question Papers Paper 2.21

Question 17.
Prepare a Bank Reconciliation Statement on behalf of Lalu shoe mart as on 31 -03-2013.

  • Balance as per cash book as on 31­03-2013 was Rs 3000.
  • A cheque worth Rs 2000 issued for rent, so far not presented to a bank
  • Interest credited to passbook was only 1200
  • Chinnu, one of our customers, cred­ited Rs 4000 to our bank directly.
  • Bank charges of Rs 200 were not cr­edited to the cash book so far.

Plus One Accountancy Model Question Papers Paper 2.23
Plus One Accountancy Model Question Papers Paper 2.24

Question 18.
Noel, the sole trader bought a building for Rs. 1,00,000 on01/01/2009.
Further, he constructed another building which was completed on 01 /01 /2010. He spent Rs 2,00,000 for this.
Depreciation was charged at the end of every year on 31st December on the diminishing balance method @10%. Draw the building account till 2012.
Plus One Accountancy Model Question Papers Paper 2.25

Question 19.
On 1st January 2012, Rajan sold goods to Suresh for Rs 25000 and drew upon him a bill of exchange for 2 months. Suresh accepted the bill and returned it to Rajan. He then endorsed the bill to Manoj, who discounted the bill with the bank on 15-01 -2012 for cash Rs 24750. The bill was dishonored on the due date. Show the journal entries in the books of Rajan and Suresh.
Plus One Accountancy Model Question Papers Paper 2.26
Plus One Accountancy Model Question Papers Paper 2.27

Answer any two from question numbers 20 to 22. Each carries four scores.
Plus One Accountancy Model Question Papers Paper 2.28
Question 20.
On 1st January 2015, Arya sold goods to await for Rs. 10000 and drew a bill of exchange for 3 months. Adwaith accepted the bill. In 7th Feb 2015 Arya discounted the bill with her bank for Rs. 9800. But on the date of maturity of the bill, Adwaith was unable to make the payment. Pass the journal entries in the books of Arya.

Plus One Accountancy Model Question Papers Paper 2.29

Question 21.
On 1st July 2012, a firm purchased a plant worth Rs 40,000. The firm writes-off depreciation @ 10% on the original cost. The accounts are closed on 31st December every year. If the plant is sold for Rs 35000 on 1st July 2013, prepare the plant account up to this date.

Plus One Accountancy Model Question Papers Paper 2.30

Question 22.
Ali purchased goods for Rs 30000 from Stephen on 1st January 2015. A bill was drawn for three months which was accepted by the drawee and returned to Stephen. On the same day, the bill was discounted with the bank @12%. Pass the entries in the
books of the drawer and drawee.
Plus One Accountancy Model Question Papers Paper 2.31
Plus One Accountancy Model Question Papers Paper 2.32

Answer question numbers 23 and 24. Each car­ries five scores.

Question 23.
Prepare a double column cash book on behalf of a cloth merchant from the information given below.
Plus One Accountancy Model Question Papers Paper 2.33
Plus One Accountancy Model Question Papers Paper 2.34

Question 24.
Noel, the sole trader bought a building for Rs. 1,00,000 on01/01/2009.
Further, he constructed another building which was completed on 01 /01 /2010. He spent Rs 2,00,000 for this.
Depreciation was charged at the end of every year on 31st December on the diminishing balance method @10%. Draw the building account till 2012.
Plus One Accountancy Model Question Papers Paper 2.35

Answer any one from question numbers 25 and 26 A question carries six scores.
Plus One Accountancy Model Question Papers Paper 2.36
Plus One Accountancy Model Question Papers Paper 2.37
Question 25.
Mention the difference between double en­try and single entry system.
Plus One Accountancy Model Question Papers Paper 2.38

Question 26.
Find the sale of Binesh from the following information provided by him for the year ending 31 st March 2013.
Plus One Accountancy Model Question Papers Paper 2.39

Answer question number 27, which carries eight scores.
Question 27.
From the following Trial balance, prep­are the Trading and Profit and Loss account for the year ended 31st Dece­mber 2012 and a Balance sheet as on that date considering the adjus­tments given.
Plus One Accountancy Model Question Papers Paper 2.40
Plus One Accountancy Model Question Papers Paper 2.41
Adjustments required:
(a) The closing stock was valued at Rs 18000.
(b) Insurance prepaid Rs 200.
(c) Salary outstanding Rs 3000.
(d) Rs 500 written off as further bad debts
(e) Provide 10% on debtors against bad and doubtful debts.
(f) Depreciate furniture @10%

Answer

Answer 1.
Total Creditors account

Answer 2.
Current asset

Answer 3.
Creditor

Answer 4.
Depreciation (Obsolescence)

Answer 5.
A liability

Answer 6.
The expense for the business

Answer 7.
Procedure

Answer 8.
Creditor

Answer 9.
Error of principle

Answer 10.
a. Errors of Principle, Compensating errors
Plus One Accountancy Model Question Papers Paper 2.42

Answer 11.
a. Duality concept/Double entry concept
According to the duality concept, every business transaction has two aspects

  • a debit aspect (giving aspect) and
  • a credit aspect (receiving aspect).

Eg: Purchased goods for cash
Debit aspect – Purchases
Credit aspect – Cash
b.

  • Purchased machinery for cash
  •  Sold furniture for cash etc.

Answer 12.
Plus One Accountancy Model Question Papers Paper 2.43
Plus One Accountancy Model Question Papers Paper 2.44

Answer 13.
A business entity or Accounting entity. According to this concept, the business unit has a separate entity apart from its owners. Thus the proprietor and his dealings with the business should be regarded as a transaction.

Answer 14.
Statement of Profit / Loss for the year ended 31-12-2012
Plus One Accountancy Model Question Papers Paper 2.45

Answer 15.

Trade discount Cash discount
1) It is allowed by the seller to the purchaser 1) It is allowed by the creditor to the debtor
2) The purpose is to encourage bulk purchases 2) The purpose is to encourage prompt payment
3) It is not shown in the books of accounts 3) It is shown in the books of accounts

Answer 16.
Plus One Accountancy Model Question Papers Paper 2.46

Answer 17.
Bank Reconciliation Statement as on 31-03-2013
Plus One Accountancy Model Question Papers Paper 2.47

 

Answer 18.
Plus One Accountancy Model Question Papers Paper 2.48

Answer 19.
Plus One Accountancy Model Question Papers Paper 2.49
Plus One Accountancy Model Question Papers Paper 2.50
Plus One Accountancy Model Question Papers Paper 2.51

Answer 20.
Plus One Accountancy Model Question Papers Paper 2.52

Answer 21.
Plus One Accountancy Model Question Papers Paper 2.53

Answer 22.
In the books of Drawer (Stephen)
Plus One Accountancy Model Question Papers Paper 2.54

Answer
23.
Plus One Accountancy Model Question Papers Paper 2.55

Answer 24.
Plus One Accountancy Model Question Papers Paper 2.56

Answer 25.
The following are the difference between the double-entry system and single entry system.

Single Entry System Double Entry System

(1) Dual aspects of transactions are not recorded.

(2) As trial balance is not prepared, arithmetical accuracy can’t be checked.

(3) Only an estimate of profit can be made.

(4) The balance sheet cannot be prepared to ascertain the financial position

(5) This system is suitable for a sole trader who has a few transactions

(1) Dual aspects of every transaction are recorded.

(2) The trial balance is prepared to check the
arithmetical accuracy.

(3) Actual net profit can be calculated

(4) The balance sheet can be prepared to ascertain the financial position

(5) This is suitable for all types of business enterprises.

Answer 26.
Plus One Accountancy Model Question Papers Paper 2.57
Answer 27.
Trading and Profit and Loss Account for the year ended 31-12-2012
Plus One Accountancy Model Question Papers Paper 2.58
Plus One Accountancy Model Question Papers Paper 2.59

Plus One Accountancy Previous Year Question Papers and Answers