Answer all questions from question numbers 1 to 8. Each carry 1 score. (8 \u00d7 1 = 8)<\/span><\/p>\nQuestion 1.
\nState the accounting concept, if a business charges depreciation underwritten down value method and it follows the same method and it follows the same method in the subsequent years.
\nAnswer:
\nConsistency Principle<\/p>\n
Question 2.
\nWhich one of the following events is NOT a business transaction?
\na) Furniture purchased for cash
\nb) Goods are ordered for next month.
\nc) 10% of debtors are created as bad.
\nd) Salary outstanding to the employee
\nAnswer:
\nb) Goods are ordered for next month.<\/p>\n
Question 3.
\nComputer purchased from Mr. X on credit is recorded in the ……..
\na) Purchase book
\nb) Journal proper
\nc) Cashbook
\nd) Sales book
\nAnswer:
\na) Purchase book \/ b) Journal proper<\/p>\n
Question 4.
\nAs per business entity concept owner of the business is …………..
\na) Supplier
\nb) creditor
\nc) debtor
\nd) borrower
\nAnswer:
\nb) creditor<\/p>\n
Question 5.
\nFind the odd one and state the reason
\na) Mouse
\nb) Monitor
\nc) Keyboard
\nd) Pen drive
\nAnswer:
\nb) Monitor, it is an output device<\/p>\n
Question 6.
\nFind the entity from the following
\na) Employee
\nb) Employee ID
\nc) Employee name
\nd) Age
\nAnswer:
\na) Employee<\/p>\n
Question 7.
\nIncome receivable is ………..
\na) an asset
\nb) a liability
\nc) a profit
\nd) a loss
\nAnswer:
\na) an asset<\/p>\n
Question 8.
\nDifferent entities are related to simplify the data storage is termed as ………..
\nAnswer:
\nRelationship \/ ER model \/ Entity Relationship<\/p>\n
Answer any 5 questions from question numbers 9 to 14. Each carries 2 scores. (5 \u00d7 2 = 10)<\/span><\/p>\nQuestion 9.
\nClassify the following items as Revenue, Expense, Gain and Profit.
\na) Profit on sale of investment
\nb) Interest received
\nc) Goods sold at above cost
\nd) Depreciation
\nAnswer:
\na) Profit on sale of investment – Gain
\nb) Interest received – Revenue
\nc) Goods sold at above cost – Profit
\nd) Depreciation – Expense<\/p>\n
Question 10.
\nArun constructed a building for \u20b9 5,00,000 for his new business concern. After 2 years the market value of the building is enhanced to \u20b9 8,00,000.
\na) If you are the accountant, which amount appear in the books?
\nb) What is the accounting principle support your recording?
\nAnswer:
\na) \u20b9 5,00,000
\nb) Historical cost Principle or Cost Principle<\/p>\n
Question 11.
\nCashbook is both a Journal and Ledger. Justify your views.
\nAnswer:
\nCashbook is basically a Journal because all entries relating to cash are first made in the cash book. But at the same time, it serves the purpose of a ledger since it is drawn in the form of an account.<\/p>\n
Question 12.
\nWrite the name of the correct computer components in the given box.
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-1.png\")
\nAnswer:
\na) Input
\nb) Output
\nc) Memory unit
\nd) Control unit<\/p>\n
Question 13.
\nIdentify the limitations of CAS from the following.
\na) Disruptions
\nb) Scalability
\nC) Staff opposition
\nd) Legibility
\nAnswer:
\na) Disruptions, c) Staff opposition<\/p>\n
Question 14.
\nPoint out any two differences between \u2018Provision\u2019 and \u2018Reserve\u2019.
\nAnswer:
\na) Reserve is an appropriation of profit. But provision is a charge against profit.
\nb) Reserve is created for meeting unknown liability whereas provision is created for meeting known liability.<\/p>\n
Answer any 4 questions from question numbers 15 to 19. Each carries 3 scores. (4 \u00d7 3 = 12)<\/span><\/p>\nQuestion 15.
\nShow the effect of following transactions on Asset, Liabilities and Capital based on accounting equation.
\na) Started a business with cash \u20b9 1,50,000
\nb) Rent received \u20b9 5,000
\nc) Purchased goods on credit from Rema \u20b9 2,000
\nd) Paid cash to household expenses \u20b9 4,000.
\ne) Sold goods for cash (cost 10,000) \u20b9 13,000
\nf) Deposited into bank \u20b9 25,000
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-2.png\")
\nNote:
\nTransactions ‘e’ and \u2018f\u2019 are excluded.<\/p>\n
Question 16.
\nCalculate gross profit from the balances taken from the books of Usha for the year ending 31st<\/sup> March 2017.<\/p>\n\n\n\n| Opening stock<\/td>\n | \u20b9 1,00,000<\/td>\n<\/tr>\n |
\n| Net sales during the year<\/td>\n | \u20b9 15,00,000<\/td>\n<\/tr>\n |
\n| Net purchases during the year<\/td>\n | \u20b9 9,00,000<\/td>\n<\/tr>\n |
\n| Closing stock<\/td>\n | \u20b9 1,50,000<\/td>\n<\/tr>\n |
\n| Direct expenses<\/td>\n | \u20b9 80,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Answer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-3.png\") <\/p>\n Question 17.
\nFrom the following information, calculate the capital at the beginning<\/p>\n \n\n\n| Capital at the end of the year<\/td>\n | \u20b9 6,00,000<\/td>\n<\/tr>\n | \n| Drawings made during the year<\/td>\n | \u20b9 50,000<\/td>\n<\/tr>\n | \n| Fresh capital introduced<\/td>\n | \u20b9 1,00,000<\/td>\n<\/tr>\n | \n| Profit of the current year<\/td>\n | \u20b9 1,20,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Answer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-4.png\") <\/p>\n Question 18.
\nExplain briefly about \u2018Accounting Reports\u2019.
\nAnswer:
\nAccounting reports are compilation of financial information that are derived from the accounting records of a business firm. These statements includes the following reports:<\/p>\n \n- Income statement<\/li>\n
- Balance sheet<\/li>\n
- Cash Flow statement<\/li>\n<\/ol>\n
Accounting reports are physical form of accounting information. It helps in decision making.<\/p>\n Question 19.
\nWhat are the following terms stand for?
\na) GAAP
\nb) IFRS
\nc) ICAI
\nAnswer:
\na) GAAP – Generally Accepted Accounting Principles
\nb) IFRS – International Financial Reporting Standards
\nc) ICAI – The Institute of Chartered Accountants of India<\/p>\n Answer any 3 questions from question numbers 20 to 23. Each carries 4 scores. (3 \u00d7 4 = 12)<\/span><\/p>\nQuestion 20.
\nGive narrations for the following journal entry.
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-5.png\")
\nAnswer:
\na) Goods withdrawn for personal use for \u20b9 5000
\nb) Introduced stock into the business
\nc) Paid cheque to Rejitha amounted to \u20b9 20,000
\nd) Sales account is closed.<\/p>\n Question 21.
\nRecord the following transactions in a double column cash book.
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-6.png\")
\nAnswer:
\nCash Book
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-7.png\") <\/p>\n Question 22.
\nChandra Traders purchased a Motor Van on 01-01-2013 for \u20b9 6,00,000. The firm writes off depreciation at the rate of 10% p.a. on written down value method. Draw up Motor Van account for the first three years.
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-8.png\") <\/p>\n Question 23.
\nIdentify the debit and credit aspects from the following transaction.
\na) Insurance premium paid in advance
\nb) Discount allowed to Mr.Anandu
\nc) Goods taken for personal use
\nd) Depreciation written off on Machinery.
\nAnswer:
\na) Insurance premium A\/c – Debit
\nCash – Credit
\nb) Discount Allowed A\/c – Debit
\nMr. Anandu A\/c – Credit
\nc) Drawings A\/c – Debit
\nPurchase A\/c – Credit
\nd) Depreciation A\/c – Debit
\nMachinery A\/c – Credit<\/p>\n Answer any 2 questions from question numbers 24 to 27. Each carries 5 scores. (2 \u00d7 5 = 10)<\/span><\/p>\nQuestion 24.
\nThe cash book shows a debit balance of 10,800. On comparing the cash book with passbook the following discrepancies were found. Help them to reconcile the same.
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-9.png\")
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-10.png\") <\/p>\n Question 25.
\nHelp Ramu a friend of you to prepare a Trial Balance with the following items.
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-11.png\")
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-12.png\") <\/p>\n Question 26.
\nRectify the following errors.
\na) Credit sales to Mohan \u20b9 1,200 was not recorded
\nb) Rent paid \u20b9 6,000 was posted to Ramu (LandLond) personal account.
\nc) Cash sales \u20b9 2,000 were posted as \u20b9 200
\nd) Sales book overcast by \u20b9 3,000
\ne) Purchases book under cast by \u20b9 4,000
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-13.png\") <\/p>\n Question 27.
\nAroop sold goods to Salini on January, 1st<\/sup> 2017 for \u20b9 40,000 and drew upon her a bill of exchange for three months. Salini accepted the bill and returned to Aroop. Aroop discounted the bill by an interest of 8% p.a. on 02-01 -2017. On the due date, the bill was dishonored. Record the necessary entries in the books of Aroop.
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-14.png\") <\/p>\nAnswer question number 28, which carries 8 scores. (1 \u00d7 8 = 8)<\/span><\/p>\nQuestion 28.
\nFrom the following Trial Balance of M\/s. Goutham and Son\u2019s as on 31st<\/sup> december, 2016 prepare a Trading and Profit and Loss account and Balance Sheet.
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-15.png\")
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-16.png\")
\nAdjustments
\na) Closing Stock \u20b9 12,300
\nb) Outstanding wages 200 and salary \u20b9 100
\nc) Accrued commission \u20b9 300
\nd) Credate 5% provision for bad and doubtful debts.
\ne) Charge 10% depreciation on Machinery
\nAnswer:
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-17.png\")
\n![\"Plus](\"https:\/\/www.aplustopper.com\/wp-content\/uploads\/2018\/12\/Plus-One-Accountancy-Improvement-Question-Paper-Say-2018-18.png\") <\/p>\n | |