Plus One Accountancy Previous Year Question Paper 2017

Kerala Plus One Accountancy Previous Year Question Paper 2017

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

General Instructions to Candidates

• There is a ‘cool off time of 15 minutes in addition to the writing time of 2 hrs.
• You are not allowed to write your answers nor to discuss anything with others during the ‘cool off time’.
• Use the ‘cool off time’ to get familiar with the questions and to plan your answers.
• Read questions carefully before you answering.
• All questions are compulsory and the only internal choice is allowed.
• When you select a question, all the sub-questions must be answered from the same question itself.
• Calculations, figures, and graphs should be shown in the answer sheet itself.
• Malayalam version of the questions is also provided.
• Give equations wherever necessary.
• Electronic devices except non-programmable calculators are not allowed in the Examination Hall.

Question 1.
Vinod took a loan of र 1,00,000 from Canara Bank. Identify the debtor in the above transaction

Question 2.
Writing off the cost of intangible assets is te­rmed as …………..
a. depreciation
b. depletion
c. amortization
d. obsolescence

Question 3.
Which one of the following is NOT a feature of Ready-to-use accounting software?
a. It is suited to small organizations.
b. A volume of accounting transactions is very low
c. Cost of installation is high.
d. A number of users is limited.

Question 4.
Classify the following assets under appropri­ate heads.

a. Cash
b. Machinery
c. Land
d. Stock

Question 5.
“A Balance Sheet is more reliable than state­ment of affairs”. Explain.

Question 6.
Classify the following into input devices and output devices.
a. Keyboard
b. Printer,
c. Mouse
d. Monitor

Question 7.
Give any two limitations of computerized ac­counting systems.

Question 8.
a. Write a suitable entity for the attributes given below
Account Code,
Account Name
b. Also, identify the key attribute to that en­tity.

Question 9.
a. Mention the name of the reserve that is created out of revenue profits.
b. How does it differ from capital reserve?

Question 10.
Opening stock र 18,000
Purchases र 22,000
Wages र  5,000
Closing stock र 15,000
a. Ascertain cost of goods sold.
b. How is gross profit, if sales are? 37,500

Question 11.
Write any two data types in MS-Access with suitable examples.

Question 12.
Match the following

A		B
a.	Closing stock valued at cost or market price whichever is less	i	Objectivity Principle
b.	Every transaction will have two aspects	ii.	Money measurement concept
c.	All business events not recorded in the accounting	iii.	Dual aspect concept
d.	Accounting information should be free from bias	iv.	Principle of conserva­tism

Question 13.

• Started business with cash र 85,000 and stock र 15,000.
• Sold goods for cash र 10,000.

a. Prove that the accounting equation is sat­isfied in the above transactions.
b. Also, pass the journal entries to record the above transactions

Question 14.
Purchases day book was undercast by र 3,000.
Wages paid र 500 in connection with pur­chase of machinery has been debited to wages account.
a. Identify the type of errors committed in the above transactions.
b. Pass the entries to rectify it.

Question 15.
On 1st January. 2016 Arun drew a 3 months bill upon Varan for र 6000. On 3rd January 2016, Arun discounted the bill with his banker @ 6% per annum. The bill was honored on the due date.
a. Identify the drawer in the above bill.
b. Record the necessary journal entries in the books of Arun and Varan.

Question 16.
The cashbook of Manu showed a debit bal­ance of र 18,000. On comparing cash book with Passbook, the following differences were noted.
a. Cheque issued but not yet presented for payment र 4,000.
b. Bank charges debited in the passbook र 500.
c. Cheques sent to the bank for collection but not yet collected र 3,000.
d. Rent collected and credited by the bank र 3,500.

1. 1. Name the statement Manu will prepare in order to reconcile balance as per cash book with passbook,
   2. Prepare that statement to reconcile it.

Question 17.
Sethu a dealer in books had the following tran­sactions for the month of June 2016.
a. Purchased books on credit from Himalaya Publishers:
100 copies of Accountancy Text for Class
@ र 150 per text.
80 copies of Business Studies Text for Cla­ss XI
@ र 120 per text.

b. Purchased books on credit from Saradhi Books:
90 copies of Accountancy Text for Class
@ र 180 per text
75 copies of Business Studies Text for Cla­ss XII @ र140 per text Trade discount allowed 5%.

c. Returned to Saradhi Books :
8 copies of Accountancy Text for Class XII
@ र 180pertext.
15 copies of Business studies Text for Cla­ss XII
@ र140 per text.

1. Record the above transactions in the ap­propriate daybooks.
2. Identify the source document for recording the transaction no. (c) above.

Question 18.
The following is the Trial Balance of Kiran, a trader as on 31 st December 2016.

Additional information:
a. The closing stock was valued at ? 10,000.
b. Carriage outstanding? 500.
c. The commission received in advance? 700.
d. Provide 5% of debtors for bad debts.
Prepare Trading and Profit and Loss account for the year ended 31 st December 2016 and a Balance Sheet as on that date.

Answers

Answer 1.
Vinod-Debtor

Answer 2.
amortization

Answer 3.
c. Cost of installation is high.

Answer 4.
Current Assets – Cash, Stock
Fixed Assets – Land, Machinery

Answer 5.

• In the Balance sheet, the balance of assets,
• The balance sheet is prepared under the double entry system. A statement of affairs is pre­pared from incomplete records.

Answer 6.
Input devices: Keyboard, Mouse
Output devices Printer,’Monitor

Answer 7.
Limitations of CAS:

• The high cost of training
• Staff opposition
• Discretion
• System failure
• Breach of security
• Inability to check unanticipated errors
• ill effect or health

Answer 8.
a. Entity – Account
b. Key Attribute – Account code\code

Answer 9.
a.Revenue Reserve/General Reserve
b. Difference between capital Reserve and General Reserve:

1. Capital Reserve created out of Capital pro¬fit, Revenue Reserve created out of Rev¬enue profit
2. Capital Reserve – For compliance of legal requirements
   Revenue Reserve – Strengthen financial position
3. Capital Reserve – cannot be utilised for .dis¬tribution of dividend
   Revenue Reserve – Can be utilised for dis¬tribution of dividend

Answer 10.
a. Cost of goods sold = Opening stock + Net
purchases + Direct exp – closing stock Cost of goods sold
= 18000 + 22000 + 5000-15000 = 30,000 b. Gross Profit = Cost of goods sold – Net sales = 37500-30000 = 7500

Answer 11.
a. Text – It can be a name
b. Date/time: -Birthdate

Answer 12.
a. a-Principle of Conservatism(iv)
b. b – Dual aspect concept (iii)
c. c – Money measurement (ii)
d. d – Objectivity principle (i)

Answer 13.
a. Assets = Liability + capital
Cash + Stock

1. 1. 85000+15000 = 0 + 1,00,000
   2. 10,000-10,000=0+0
      95000 + 5000 = 0+1,00,000

Answer 14.
a. i. The error of commission/be sided Error
ii. The error of principle/two-sided Error

Answer 15.

Answer 16.

Answer 17.

b.Debit Note

Answer 18.

Plus One Accountancy Previous Year Question Papers and Answers