Plus One Accountancy Previous Year Question Paper 1
Question Paper 2018
Answer all questions from question number 1 to 9. Each carries score.
Question 1.
Notebooks purchased by a stationery shop comes under……..
a. Assets
b. Income
c. Purchases
d. Liabilities
Question 2.
Fill in the blank.
………….A/c Dr.
To Thomas & Co.A/c
(Purchased Machinery from Thomas & Co.)
a. Purchase
b. Cash
c. Machinery
d. Goods
Question 3.
Ramesh, a dealer of Television, sold old furniture to Rafeeque for Rs. 3,000 on credit. Identify the day book to record this transaction.
a. Purchase day book
b. Journal proper
c. Sales day book
d. Cash book
Question 4.
Bank Reconciliation Statement is prepared by…..
a. Bank
b. Depositor
c. Creditor
d. Debtor
Question 5.
Rent paid Rs.4,500 was entered in cash book as Rs. 5,400. This is an error of…..
a. Principle
b. Omission
c. Compensating error
d. Commission
Question 6.
…………….reserve is not shown in the Balance Sheet.
a. Secret
b. General
c. Revenue
d. Capital
Question 7.
James sold goods for Rs. 10,000 to Rajeev and a promissory note was prepared for a period of 2 months and endorsed to Raheem. Who is the drawer of the promissory note?
a. James
b. Rajeev
c. Raheem
d. None of these
Question 8
……………….. account is prepared by a trader, who does not maintain the double entry system of accounting, to find out the value of credit purchase.
a. Total creditors
b. Total debtors
c. Bills receivable
d. Bills payable
Question 9.
Find the odd one out.
a. Keyboard
b. Mouse
c. MICR
d. Printer
Answer any five from question numbers 10 to 15 Each carries two scores.
Question 10.
Identify the accounting principles related to the following:
a. Purchased 10 kg of raw materials for Rs. 5,000 was entered in the books of account asRs. 5,000.
b. Assets of a business are always equal to the claims of owners and outsiders.
Question 11.
Rectify the following errors.
a. Sold goods for Rs. 7,000 to Sangi & Co., entered in Purchase day book.
b. Rent paid Rs. 4,000 debited to Landlord. account.
Question 12.
Insurance premium of Rs. 6,000 was paid for a period of one year on 1st April 2015. How the transaction will be treated while preparing financial statements for the year ending 31st December 2015?
Question 13.
Write any two features of using computers in accounting.
Question 14.
Match the column A with column B.
Question15.
Write the name of any two attributes of the entity employee in an organization.
Answer any three from question numbers 16 to 19. Each carries three scores.
Question 16.
In a business organization, goods are known in different names. Write the names used for the goods in the following cases.
a. Goods remaining unused at the end of the year.
b. Goods returned by the buyer due to breakage in transit.
c. Goods sold for cash and credit.
Question 17.
Royal Furniture received an order for making a dining table on 10th May 2017 and they complete the work on 15th July 2017. The dining table was delivered to the customer on 20th July 2017 and received the payment on 25th July 2017. On which date this transaction will be recorded in the books of the Royal Furniture? Why?
Question 18.
A Trial Balance is given below. Rewrite it, if there is any mistake.
Question 19.
Write a short note on a key attribute with an example.
Answer any two from question numbers 20 to 22 Each carries four scores.
Question 20.
Prepare Minerva Traders A/c from the following information for the month of December 2017.
Question 21.
Compute the cost of goods sold and gross profit with the help of the following information.
Question 22.
From the following particulars, find out total purchases.
Answer question numbers 23 and 24. Each carries five scores.
Question 23.
Prepare a Bank Reconciliation Statement as on 31st December, 2017.
Question 24.
On 4th May 2014, Rajan sold goods to Kabheer for Rs. 25,000. Kabheer paid Rs. 5,000 immediately in cash and accepted a bill drawn by Rajan for the balance amount for a period of 2 months. On maturity date, Kabheer requested Rajan to cancel the old bill and to draw a new bill upon him for a period of 3 months. He also agreed to pay interest at 6% p.a.in cash. Rajan to cancel the old bill and to draw a new bill upon him for a period of 3 months. He also agreed to pay interest at 6% p.a. in cash. Rajan agreed and cancelled the old bill and drew a new bill. The new bill was accepted and met by Kabheer on the due date. Pass the journal entries in the books of Rajan.
Question 25.
Prepare a double column cash book from the following transactions for the month of January 20l8.
Question 26.
On 1st July 2014 M/s. Golden Stores purchased a second-hand plant for Rs. 85,000, spent Rs. 10,000 for its overhauling and Rs. 5,000 for installation. Another plant was purchased on 1st January 2016 for
Rs. 50,000. It was decided to charge depreciation at 10% on original cost, On July 1st, 2016, the plant purchased on 1st July 2014 was sold for Rs. 75,000. Prepare a plant account up to 31st December 2017.
Answer question number 27, which carries eight scores
Question 27.
The following is the Trial Balance extracted from the books of Arya Traders for the year ended 31st March 2017.
Additional information:
- The closing stock was valued at Rs. 45,000.
- Salaries paid only up to 31st January 2017.
- Insurance prepaid Rs. 800.
- 10% p.a. on debtors.
- Depreciate building at 5% p.a. and furniture at 10% p.a. Prepare Trading and Profit & Loss account for the year ended 31st March 2017 and a Balance Sheet as on that date.
Answer
Answer 1.
a. Purchase
Answer 2.
c. Machinery
Answer 3.
b. Journal proper
Answer 4.
b. Depositor.
Answer 5.
d. Commission.
Answer 6.
a. Secret
Answer 7.
b. Rajeev
Answer 8.
a. Total creditors
Answer 9.
d. Printers
Answer 10.
a. Money measurement concept
b.Dual Aspect / Duality principle
or Accounting equivalent concept
Answer 11.
Answer 12.
Answer 13.
Features in computers in accounting
1. Online input and storage of data, speed, accuracy.
2. Printout of purchase and sales invoices, the codification of accounts, grouping of, accounts, instant reports etc.
Answer 14.
a.Data processing – covert data into information
b. Front-end interface – Link between user and software
c. Reporting system – Pinal output
d. Back-end database – Data storage system.
Answer 15.
Employee ID, Employee Name, Employee Age, Employee sex, Employee Department etc.
Answer 16.
a. Closing stock: It is the amt of inventory that business still has on hand at the end of reporting period.
b. Sales return or Return Inward: Return of goods by the customer ( solid earlier) to the business.
c. Sales: IT is the revenue or income earned by a business through the sale of goods and services.
Answer 17.
Revenue Recognition Concept (Realisation Concept)
The concept says that the revenue for a business transaction should be included in the accounting records at the time when the title of goods passes from seller to buyer, unearned or unrealised revenue should not be taken into account.
Answer 18.
Trial Balance As on 31st March 2017
Answer 19.
Attributes are characteristics of entities that further describes the entity such as height, weight, date of birth, name, ID etc.
The different types of attributes are:
- Simple or Atomic attributes: Attributes that cannot be further subdivided into smaller parts.
Eg: height of a person - Composite attributes: Attribute that can be subdivided into smaller subparts.
Eg: Name into First Name, Middle, - Single-valued attribute: An attribute with a single value for an entity.
Eg: Age has an only single value - Multi-valued attribute: An attribute with multiple values.
Eg: Educational qualifications - Stored attribute: A basic attribute that contains some stored value is called a stored attribute.
Eg: From the date of birth age is derived. - Derived attribute: The attribute derived from a stored attribute is called derived attributes
Eg: From the date of birth age is derived and age is called derived attributes. - Complex attribute: A multi-valued attribute may be nested or grouped within parentheses ( ) or curly braces { } to constitute a complex
Answer 20.
Answer 21.
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
Answer 22.
Total purchases = Cash purchase + credit purchase. Cash purchase = 47000 Credit purchase
Answer 23.
Answer 24.
Answer 25.
Answer 26.
Answer 27.
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