Kerala Plus Two Accountancy Model Question Paper 1
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.
- Your 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 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.
Answer all questions from 1 to 3. Each carries 1 score.
Question 1:
In the debit side of the receipt and Payments account of a club showed a pavilion fund of Rs. 10,000. While preparing the final accounts of that club, pavilion fund should be shown on ………….
a. Asset side of balance sheet
b. Liability side of balance sheet
c. Debit side of income and expenditure account
d. Credit side of income and expenditure account
Question 2:
P, Q and R are partner in a firm sharing profits and losses in the ratio of 3:2:1. R retired from the business. Gaining ratio of P and Q will be
a. 2 : 1
b. 3 : 1
c. 3 : 2
d. 1 : 1
Question 3:
On dissolution of a firm the loss on realisation is transferred to
a. Debit side of partner’s capital account
b. Credit side of partner’s capital account
c. Debit side of bank account
d. Credit side of bank account
Question 4:
A and B are Partners in a firm sharing profits and losses in the ratio of 2 : 1. They admitted C into the firm for 1/4,h share in future profits. The new profit sharing ratio will be
a. 1 : 1 : 1
b. 2 : 2 : l
c. 2 : 1 : 4
d. 2 : 1 : 1
Question 5:
Receipts and payments account of a not for profit organisation is similar to ……….. of a business organisation
a. Profit & loss account
b. Cash book
c. Balance sheet
d. All of the above
Answer any 3 questions from 6 to 9, each carries ‘2’ scores.
Question 6:
Akhil, a partner withdrew Rs. 4,000 each on the last day of every month throughout an accounting year. Calculate his total interest on drawing at 12% p.a.
Question 7:
State any two circumstances under which a partnership firm will be dissolved.
Question 8:
Name the accounts to be prepared on dissolution of a firm, except cash/bank account.
Question 9:
State any two feamres of not for profit organisation
Answer any 3 questions from 6 to 9, each carries ‘2’ scores.
Question 10:
Arathy and Aswathy are partners in a firm. They admitted Anjaly in to the firm for 1/4th share in future profits. As per partnership deed Anjali should bring Rs.70,000 as her capital and Rs.20,000 as her share of goodwill. At the time of Admission of Anjaly, the balance sheet of Arathy and Aswathy showed goodwill of Rs. 15,000.
Pass Journal entry for the above transactions.
Question 11:
Following information was given by Adithya Hospital for the year ending 31.3.2017.
| 1.4.16 Rs. | 31.3.17 Rs | |
| Stock of medicines Creditors for suppliess of medicines | 3.000 5.000 |
8,000 6,000 |
The total amount paid for medicine during the year was Rs.70,000
Calculate total amount of medicine to be debited in the income and expenditure account of the hospital for the year ending 31.3.2017.
Answer all questions from 12 to 13, each carries ‘4’ scores.
Question 12:
State any four items appear on the credit side of a deceased partners capital account.
Question 13:
Bindhu, Sindhu and athira are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31.3.2017, Sindhu retired from the business. On that date goodwill of the firm was valued at Rs. 80,000. Bindhu and Athira decided to continue in the business in the ratio of 1 : 1
Pass journal entry for the Sindhu’s share of goodwill.
Answer any 2 questions from 14 to 16. Each question carries ‘5’ scores.
Question 14:
Ancy, Jancy and Bincy are partners in a firm sharing profit and losses in the ratio of 2 : 1 : 1. They dissolved the firm on 31.3.2017. On dissolution following were some of the trans-action taken place after the assets and liabilities are transferred to realisation account.
a. Creditors were settled at 10% less than book value (Book value was Rs.40,000)
b. Stock was taken over by Ancy at Rs.38,000
c. Realisation expenses amounted to Rs.3,000′
d. Total assets realised Rs. 1,30,000
e. There was an unrecorded computer which was sold for Rs. 12,000
Pass journal entries for the above transactions.
Question 15:
Rajan, Sojan and Jojan are partnersin a firm in the ratio of 3:2:1. Their capital balances as on 1.1.2016 were Rs. 70,000, Rs. 60,000 and – 50,000 respectively. According to the partnership deed;
a. All the partners are entitled to get interest on capital at 10% p.a
b. Sojan is to get a salary of Rs.3,000 per month.
c. Interest of drawing is to be charged at 15% p.a, irrespective of the period of withdrawal.
Their drawings for the year 2016 were Rs.20,000, Rs. 10,000 and Rs. 10,000 respectively. During the year 2016. The firm earned a net profit of Rs.60,000 after making all appropriations (divisible profit)
Prepare capital accounts of partners under fluctuating capital method.
Question 16:
Following is the Receipts and payments account of a club for the year ending 31.3.2017.
Additional information
a. The club had loo members each paying an annual subscription of Rs.250/-
b. Subscription received included Rs.2,000 relating to the year 2015 – 16.
c. Depreciate library books at 10% p.a.
d. 2/3 of entrance fee is to be treated as mcorne.
Prepare income and expenditure account of the club for the year ending 3 1.3.2017
Answer the following. It carries 8 score
Question 17:
Manu and Sanu are partners in firm sharing profits and losses in the proportion of their capital. Their balance sheet as on 31.3.2017 was as follows.
They admitted Tinu into the firm on the above date for 1/4 th share in future profits on the following terms.
- Tinu should bring Rs. 1,10,000 as his capital and Rs.24,000 as his share of goodwill.
- There was an unrecorded liability of Rs.2,000 to be brought into record relating to repairs.
- Provision for doubtful debts is to be provided at 10% on debtors.
- The stock was revalued at Rs. 52,000.
- Plant and machinary is to be depreciated at 10%p.a.
Prepare revaluation account. capital accounts of partners and new. Balance sheet of the firm.
PART – B
Computerised Accounting
Answer all questions from 1 to 3. Each carries 1 score.
Question 1:
PRTN, SRTN are used for coding purchase return and sales return respectively. This is an example of ……….. code.
a. Block code
b. Mnemonic code
c. Sequantial code
d. All of the above
Question 2:
Which among the following is used to interact with database.
a. Table
b.Forms
c. Queries
d. Reports
Question 3:
From the following find odd one out
a. Hard ware
b. Soft ware
c. People
d. Malware (virus)
Answer any 2 questions from 4 to 6. Each carries 2 score.
Question 4:
State any two uses of spreadsheet in business application.
Question 5:
State any two classification of functions available in spread sheet.
Question 6:
Name the spread sheet function used to compute depreciation.
Answer any 3 questions from 7 to 10. Each carries 3 score.
Question 7:
Briefly explain the account groups available in Tally/Gnukhata
Question 8:
State reason for the following errors commonly found in spreadsheet.
Question 9:
How will you create a company in Tally/ gnukhata
Question 10:
State any three advantages of using graphs and charts.
Pass Journal entry for the above transactions.
Answer the following question which carries 4 score.
Question 11:
Write a short note on the following
a. Queries
b. Forms
Answers
Answer 1:
b
Answer 2:
b
Answer 3:
Debit side of partners capital A/C
Answer 4:
4. 2 : 1 : 1
C’s share in future profit = \(\frac { 1 }{ 4 }\)
Answer 5:
Cash book
Answer 6:
Drawings = 4000 x 12 =48000
Interest P.A= 12%
Interest on drawings = 48000 x 12/100= 5670
Answer 7:
Change in profit sharing ratio among partners.
Admission of a new partner
Retirement of a partner, where atleast two partners are available after retirement.
Answer 8:
Realisation A/C
Capital Account of Partner
Answer 9:
The main objective, of not – for-profit organisation is to provide service & not to earn profit.
They do not prepare trading & p/L A/C. Instead they prepare a revenue statement called income & expenditure A/C” and a balance sheet at the end of each accounting period.
Answer 10:
We assume that Arathy & Aswathy shared their Goodwill equally.
Answer 11:
Answer 12:
Interest on capital
Goodwill
P/L suspense A/C
Joint life policy Reserve & profits.
Answer 13:
Calculation of gaining ratio .
Gaining ratio = new ratio – old ratio
Answer 14:
Answer 15:
Answer 16:
Answer 17:
Stock= 58000-52000= 60(x)
Doubt=30000x 10/100=3000
Plant&mean=70000x 10/100
PART – B
Computerized Accounting
Answer 1:
Mnemonic code
Answer 2:
Queries
Answer 3:
People
Answer 4:
PAYROLL ACCOUNTING:
Every employee is paid salary on a pre-determined date within the framework of employee contract and related personnel policy in force from time to time in an organisation. The computation of salary payment is based on the number of days an employee has worked, rate per grade of pay, rate of applied allowances and deductions to be made therefrom.
ASSET ACCOUNTING:
In this section, we shall be discussing the computation of the amount of depreciation to be charged on assets.
Assets are resources of the organisation, which can be classified into fixed and current assets. Fixed assets are long-term assets and provide productive capability to the firm. The examples of fixed assets are land, building, plant & machinery, etc. It includes both tangible and intangible assets. Tangible assets are physical in nature, which have form, shape and size. Intangible assets are resources capable of adding value but do not have a physical dimension such as patents, copyrights, trade mark, etc. The depreciation on fixed assets is provided to recognise the cost of the asset consumed during an accounting period since the life of such assets extends beyond single . accounting year. Usually, depreciation is not
provided on free hold land.
Answer 5:
- Date and Time Function
- Mathematical Function
- Text manipulation Function
- Logical Function
- Look Up and Reference Function
- Financial Function
Answer 6:
- Sin function – Straight Line Depreciation
- Db function – Declining Balance Depreciation
- Ddb and Vdb functions – Double Declining Balance Depreciation
- Syd function – Sum-of-Years’ Digits Depreciation
Answer 7:
Group of Account is a method of organising the large number of ledger accounts into sequential arrangement for recording and summarisation of accounting data. In accounting software the pre defined groups and these existing groups cannot be altered. In the account groups there are 28 predefined groups, out of these groups 15 are primary groups and 13 are sub groups
- Primary Group: It is a basic grouping of the set of sub-groups into major account heads according to their listing in balance’- sheet and profit and loss account.
- Sub-Group: A sub-group is a set of accounts opened in the ledger of recording of related transactions.
Answer 8:
a. #DIV/0! Error
This error occurs when a number is divided by zero (0). 1. Optionally, click ‘ the cell that displays the error, click the button that appears, and then click Show Calculation Steps if it is appears. Reasons a. Entering a formula that contains explicit division by zero (0) – for example, = 5/0.
b. #N/A error
This error occurs when a value is not available to a function or formula.
c. #REF! error
Error This error occurs when a cell reference (cell reference: The set of coordinates that a cell occupies on a worksheet. For example, the reference of the cell that appears at the inter-section of column B and row 3 is B3.) is not valid. 1.
Answer 9:
In order to create a Company by using Gateway of Tally,
Initiate the following steps:
Click on the option, then you click on To create a Company profile in Tally, click Create Company at Company info menu to get Company Creation screen.
i.e., Gate way of tally → Company → creation → create company
Short cut for company creation is Alt + F3, C
In the Company Creation screen the user should fill the necessary information. Such as,
- COMPANY NAME: Enter the Name of the Company at Name field. This name is displayed at all company selection lists and internal documents.
- COMPANY MAILING ADDRESS: Enter the Name of the Company at Name field (same as Company Name) which is printed in all External documents.
- COMPANY ADDRESS: Enter the Complete mailing address line by line which is mentioned in internal and external document of the company.
- I.T. NUMBER: Enter the Income Tax number allotted by Income Tax Department
- ACCOUNTING MODULE: To maintain Financial Accounts only, at Maintain field. Select Accounts Only.
- FINANCIAL YEAR: At the Financial year field; entered the Beginning and closing date of the financial year.
- SAVING THE COMPANY PROFILE: Finally, Tally ask for your confirmation to save the Company Profile. Tally Save the Company Profile in data bank.
Answer 10:
Help to Explore: Many times we would like to see if there is a relationship between variables. Suppose, that we wanted to determine if there is a relationship between a country’s GNP and the infant mortality rate, between age and between genders. It may be quicker and easier to create a chart immediately to see the possible relationship of variables to one another, rather than paging through raw data.
- Help to Present: We want to provide information in as little time as possible. Graphing plays a key role. It seems that there is no longer any time to sit and read a newspaper in order to find out what is going on. However, newspapers, such as The Economics Times and India Today magazines (which were early users of charting techniques), seem to understand this phenomena and provide graphs to convey and sum up ideas that they are making in their articles.
- Help to Convince: The same way that a graph can be used to present and explore different characteristics of data, it can also be used to convince. Graphs have the ability to take large amounts of information and make them into exhibitions that are easily used to persuade.
Answer 11:
Query: Queries are used to find and retrieve specific information of interest stored in tables. A query is a basic tool that Access provides for retrieving information from the databse. 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.
Form: Forms are screen that allow viewing, adding, and updating the data stored in the tables. A form is used to enter, edit, or display data in database. That is, a form is a different view of the database. Form can be designed for effective retrieval of data through automated searches.