Plus One Accountancy Model Question Papers Paper 3 are part of Plus One Accountancy Previous Year Question Papers and Answers. Here we have given Plus One Accountancy Model Question Papers
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Plus One Accountancy Model Question Papers
Time Allowed: 2 hours
Cool off time: 15 Minutes
Maximum Marks: 60
Answer all questions from question numbers 1 to 9. Each carries one score.
The fact that a business is separated and distinguished from its owner is best exemplified by the concept.
a. money measurement
b. going concern
c. business entity
In every organization, a large number of small payments of repetitive nature are there. To record these as a separate cash book is maintained is called petty cash book. Name the person who prepares this book.
Consider the following fields of MS Access
No Voucher Name
Here, ‘voucher’ stands for_____
Furniture bought on credit is the wrong recorded in the cash book. It is an exam-pie of an error of….
Name any two internal users of accounting information of your choice.
Income tax paid by the sole trader from the business is treated as____
d. None of these
Arun sold goods on credit for Rs. 1000 to Amal. Who is the debtor in this transactions?
……………is used as a source document for recording purchase return.
Complete the series based on the hint given:
Hint: Intangible asset – goodwill
- Fictitious asset -________
- Liquid asset – __________
Answer any five from question numbers 10 to 15. Each carries two scores.
Prepare a cash book from the following transactions of grace enterprises for the month of December 2010.
Computerised accounting has some advantages over manual accounting. List out any four such advantages.
|Date||Details of transactions||Amount|
|Dec 1||Cash in hand||15000|
|Cash at bank||10000|
|Dec 8||Purchased goods for cash||5000|
|Dec 15||Sold goods for cash||7000|
|Dec18||Cash deposited into bank||4000|
|Dec 20||Paid rent||500|
|Dec 25||Withdraw cash for personal use||250|
|Dec28||Purchased goods and pay
ment made by cheque
|Dec 29||Received commission||200|
Computerised accounting has some advantages over manual accounting. List out any four such advantages.
Jaya Brothers is a sole trader who invested Rs 10000 on 01-01-2012 in his business and the accounting year. He also withdrew Rs 6000 for his private use. Ascertain his profit for the year.
Given below is an extract taken from the Trial Balance of a trader as on 31 -12-2012
|Bad debts||Rs 1000|
|Provision for bad debts||Rs 900|
a. Further bad debts to be written off this year were Rs 100.
b. 10% is reserved for further bad debts
How much amount has to be debited to the Profit and Loss account?
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.
Consider the following information from the books of Mr. Sidique.
a. Profit for the year Rs. 60000
b. Additional capital introduced by him Rs. 50000
c. Drawings by him this year Rs.30000
d. Capital at the end of the year Rs.200000
Find the capital contributed by him at the beginning of the year.
Answer any three from question numbers 16 to 19 Each carries three scores.
M.S. Brothers carry on business as cloth dealers. From the following, write their purchase book for January 2010
Purchased on credit from Ambika Mills, 100 meters long cloth @ Rs 30 per meter and 50 meters shirting @ 50 per meter.
Purchased for cash from Aravind Mills, 50 meters [email protected] Rs 40 per meter
Purchased on credit from India Textile Mills, 120 meters suiting @ Rs 100 perimeter and 100 meters shirting @ 60 per meter.
Purchased laser printer on credit from Bharath Company Ltd. for Rs 12000
0n January 31, 2013, the passbook of Miss Reshmi showed a credit balance of Rs 15000. On verifying the passbook with the cash book, the following was observed.
1. Ascertain the cash book balance as on the above date.
2. Give any two causes of differences between a cash book and a passbook other than the four stated above.
0n 1st July 2011, Mrs. Kavitha sold goods to Mrs. Molly for Rs 10000 and drew 2 months bill for that amount which was duly accepted. On 5th July 2011, Mrs. Kavitha discounted the same with the bank for Rs 8500. On the due date, the bill was dishonored and noting charges of 150 was paid by the bank. Show the journal entries in the books of both the parties.
Prasad kept his books under single entry system. His position as on 31 -12-2012 was as follows.
His capital account shows a credit balance of Rs 54000 as on 01-01-2012. He introduced
an additional capital of Rs 5000 during the financial year. He withdrew Rs 10000 for
personal purpose. Ascertain his profit for the yearended3l-12-20l2.
Answer any two from question number 20 to 22. Each carries four scores.
On 01 /01 /2013, A sold goods to B for Rs 2000 and on the same day, ‘A’ drew upon ‘B’ a bill of Rs 2000 for three months. On 06/01/2013, the bill has been discounted and received Rs 1800. On the due date, the bill has been dishonored.
Draw up the journal in the drawer’s book.
What would be the entry have been had the banker spent Rs 100 for noting the bill?
Give journal entries for the following transactions.
1. Ram started a business with cash Rs. 80,000/- Building Rs. 1,50,000/Machinery Rs. 1,20,000/- and stock of goods Rs. 50,000/-
2. He purchased goods for Rs. 70,000 of which he paid Rs. 50,000 in cash and balance on credit from Mohan
The following is the trial balance of Ammu Associates for the year ending 31st December, 2014 and other information relating are given to you. Find the working result of business and also show the financial position of them for the year.
- Closing stock is valued at Rs. 25000
- Salary of an employee is not paid Rs.500
- Further bad debt incurred Rs. 200
- Provision for bad debt is created at 5% on debtors.
Answer question numbers 23 and 24. Each carries five scores.
Some transactions relating to business are given below:
- Prepare a suitable cashbook from the above.
- Identify a special Journal where goods withdrawn by the proprietor for personal use worth Rs 200 will be recorded
The following balances are taken from the books of Mr. Biswas. After making the following adjustments, prepare the Trading and Profit and Loss accounts for the year ended 31 st March 2014 and a Balance Sheet as on that date.
Answer any one from question numbers 25 and 26. A question carries six scores.
Compute the cost of goods sold and gross profit with the help of the following information.
Prepare the financial statements of Rajeevan Stores for the year 2012-13 from the information given below.
(a) The closing stock was valued at Rs 7000.
(b) Wages yet to be paid Rs 300.
(c) Rent includes advance payments of Rs 600 for the next year.
(d) Bad debts are written off Rs 400.
(e) Depreciate building at 10% per annum.
Answer question number 27, which carries eight scores.
What do you mean by accounting, branches of accounting and explain the features of accounting?
Preliminary expenses / Profit and loss (Debit balance)
Double column cash book
1. Speed: A computer is able to process data at a very high speed than that of a human being.
2. Accuracy: gree of exactness with which computation are made and operations are performed.
3. Diligence: Computers can work for long hours without any laxity and monotony.
4. Versatility: Computers have the ability to perform a variety of task, simple as well as complex. It can be used in any area of application – business, industry, statistical, technological etc.
Statement of Profit / Loss for the year ended
|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|
(a) Interest, dividend etc collected by the bank
(b) Direct payment by the bank on behalf of the customer.
(c) Interest credited by the bank.
(d) Dishonor of cheques/bill.
In the books of Mrs. Kavitha
In the books of Drawer (A)
Cost of goods sold = opening stock + Purchase + Direct = Expenses – closing stock
=60000 + (30000-2000) + 50000 + 10000-80000
= 60000 + 298000 + 60000 – 80000 = 338000
Gross profit = Sales (Net) – Cost of goods sold = (400000 – 3000) – 338000 = 59000
Meaning and Definition of Accounting According to the American Institute of Certified public Accountants [AICPA], “Accounting is an art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part, at least, of a financial character and interpreting the result thereof’.
Branches of Accounting
In order to satisfy the needs of the different people interested in accounting information, various branches of accounting have developed. They are:
1. Financial Accounting: It is the original form of accounting. The purpose of this form of accounting is to record transactions in the books of accounts and to prepare the financial statements and interpreting the results.
2. Cost Accounting: This branch of accounting deals with the process of ascertainment of cost with the help of this system, the cost of product or services can be ascertained and controlled. It is more helpful to the management of the business.
3. Management Accounting: It is concerned with the use of financial and cost accounting information to managers for making business decisions.
Identification: It means determining and identifying events that are to be recorded in business. The business transactions and other economic events, therefore, be evaluated for deciding whether it has to record in the accounts
Measurement: It means quantification of business transactions into financial terms by using monetary units (Rupees). If an event cannot be monetarily expressed, it is not considered for recording.
Recording: Once the economic events are identified and measured, they are recorded in the books of accounts in chronological order.
Communication: The summarised accounting information has to be communicated in a proper form to the internal as well as external users.
Objectives of Accounting:
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