Accountancy Model Question Paper www.pue.kar.nic.in : Karnataka Pre University / PU

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Document Described : Accountancy Question Paper, Karnataka Question Paper

ACCOUNTANCY
Time : 3 Hours 15 Minutes ] [ Max. Marks : 100

SECTION – A :
Answer any eight questions, each carrying two marks. 8 × 2 = 16
1. Mention two merits of single entry system.
2. What is partnership deed ?
3. What is Goodwill ?

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4. Write the Journal entry for transferring the liabilities to the Realisation Account.
5. Give the meaning of forfeiture of shares.
6. Under what heading do you show the following in company Balance Sheet?
a) Loans to employees
b) Proposed dividend.
7. What is depreciation ?
8. Which are the Final accounts of a Non-trading concern ?
9. Mention two types of computer files.
10. What is Computerised Accounting ?

SECTION – B :
Answer any three questions, each carrying six marks. 3 × 6 = 18
11. Ramesh & Suresh are partners sharing profits and losses in the ratio of
5: 3. Their capitals as on 01. 01. 2008 were Rs. 80,000 and Rs. 60,000 respectively. They earned a profit of Rs. 18,900 as on 31. 12. 2008 before allowing the following :
a) Interest on capital at 5% p.a.
b) Annual salary payable to Ramesh Rs. 6,000.
c) Their drawings being Rs. 5,000 and Rs. 6,000 respectively.
Interest on the same Rs. 200 and Rs. 300 respectively. Prepare Profit & Loss Appropriation Account.
14. ABC Company Limited issued 1000, 9% debentures of Rs. 500 each at a premium of Rs. 50 each. The amount payable as follows :
On Application Rs. 100
On Allotment Rs. 350 ( including premium )
On First and Final call Rs. 100.
All the money was duly received.
Pass Journal entries in the books of company.
15. Mention the six differences between Manual Accounting and Computerised
Accounting.

SECTION – C :
Answer any four of the following questions, each carrying fourteen marks : 4 × 14 = 56
16. Srivinayaka, a retailer who kept his books under single entry system,
provides the following information :
Particulars 01. 01. 2008 31. 12. 2008
Rs. Rs.
Cash in hand 25,000 35,000
Debtors 35,000 45,000
Stock 14,000 24,000
Creditors 18,000 12,000
Bills payable 8,000 6,000
Bills receivable 4,000 2,000
Bank Balance — 10,000
Furniture 12,000 12,000
Machinery 20,000 20,000
Motor Car ( 01. 05. 2008 ) — 30,000

Drawings : In cash Rs. 1,000 p.m.
Son's college fee Rs. 6,000.
He sold his private assets for Rs. 12,000 and invested into business.

Adjustments :
a) Allow interest on opening capital only at 6% p.a.
b) Depreciate motor car at 10% p.a.
c) Write off Furniture by Rs. 500.
d) Bad debts provided Rs. 1,000.
e) Outstanding electricity charges Rs. 1,200.
f) Interest earned but not received Rs. 2,000.

Prepare : i) Statement of Affairs
ii) Statement of profit or loss
iii) Revised Statement of Affairs as on 31. 12. 2008.

17. Suresh and Satish are partners sharing profits and losses in the ratio of
3: 2. Their Balance Sheet as on 31. 12. 2008 was as follows :
Balance Sheet as on 31. 12. 2008
Liabilities Rs. Assets Rs.
Capital: Buildings 50,000
Suresh 40,000 Plant / Machinery 20,000
Satish 30,000 70,000 Furniture 12,000
General Reserve 10,000 Stock 10,000
Bills payable 13,500 Debtors 18,500
Creditors 42,000 Cash 20,000
Profit and Loss A/c 5,000
1,35,500 1,35,500
On 01. 01. 2009 they admit Girish as a partner for 14 th share on the following terms :
a) He brought Rs. 40,000 in cash for capital.
b) Goodwill of the firm raised at Rs. 18,000 ( retain in the business )
c) Appreciate Buildings by 20%.
d) Depreciate Plant/Machinery by 10%.
e) Bad debts Rs. 500. Further create RBDD at 5% on Debtors.
f) Outstanding salary Rs. 500.
g) Rent paid in advance Rs. 600.

Prepare :
i) Revaluation A/c
ii) All the partners' Capital A/c
iii) Balance Sheet as on 01. 01. 2009.
18. Anand, Chethan and Vijay are partners sharing profits and losses in the ratio of 2: 2 : 1. Their Balance Sheet on 31. 12. 2008 was as follows :
Balance Sheet as on 31. 12. 2008
Liabilities Rs. Assets Rs.
Creditors 15,000 Cash in hand 21,000
Anand's loan 5,000 Debtors 26,000
Bills payable 10,000 – RBDD 1,000 25,000
Bank loan 8,000 Bills receivable 5,000
Reserve Fund 12,000 Investment 18,000
Profit & Loss A/c 10,000 Machinery 25,000
Capital : Furniture 16,000
Anand 20,000
Chethan 20,000
Vijay 10,000 50,000
1,10,000 1,10,000
On the above date firm dissolved subject to the following conditions :
a) Assets Realised: Debtors Rs. 24,000
Bills Receivable Rs. 4,000
Investment Rs. 15,000
Machinery Rs. 22,000
b) Chethan took the Furniture for Rs. 10,000.
c) Creditors and Bills payable are paid at a discount of 5%.
d) Bank loan paid in full.
e) Unrecorded Investment realised Rs. 4,000.
f) Dissolution expenses Rs. 2,250.

Prepare : i) Realisation Account
ii) Partners' Capital Account
iii) Cash Account.
Code No. 30 14
19. From the following information prepare Machinery Account and
Depreciation Account for four years in the books of Mr. Pratham :
a) Machine No. 1 purchased on 01. 01. 2002 Rs. 30,000.
b) Machine No. 2 purchased on 01. 08. 2003 Rs. 20,000.
c) Machine No. 1 sold on 01. 07. 2004 for Rs. 18,800.
Depreciation charged at 12% p.a. under original cost method.
21. Following is the Trial Balance of Varsha Company Limited as on 31. 12. 2008 :
Trial Balance as on 31. 12. 2008
Particulars Debit Credit
Rs. Rs.
Share Capital ( 10,000
equity shares of Rs. 10 each ) — 1,00,000
Stock ( 01-01-2008 ) 20,000 —
Purchases / Sales 1,25,000 1,75,000
Returns 5,000 8,000
Carriage on purchases 2,000 —
Salary 12,000 —
Debtors / Creditors 32,000 20,000
Reserve Fund — 18,000
10% Debentures — 90,000
Interest on Debentures 9,000 —
Cash in hand 18,000 —
Investment 32,000 —
Provision for Taxation — 17,500
Dividend 8,000 —
Preliminary expenses 6,000 —
Goodwill 20,000 —
P/L Appropriation A/c — 18,000
Unsecured loan — 5,000
Power and Fuel 2,000 —
Wages 4,000 —
Rent 5,000 2,500
Reserve for bad debts — 5,000
Buildings 54,000 —
Furniture 25,000 —
Machinery 80,000 —
4,59,000 4,59,000

Adjustments :
a) Closing stock as on 31. 12. 2008 Rs. 90,000
b) Depreciate Building and Machinery at 10%
c) Reserve for bad debts at 5%
d) Transfer Rs. 16,000 to Reserve Fund
e) Outstanding salary Rs. 1,800
f) Write off 13 of preliminary expenses.

SECTION – D : ( Practical Oriented Questions )
Answer any two of the following questions. Each question carries five marks : 2 × 5 = 10
22. Prepare opening Statement of Affairs with five imaginary figures to find out opening capital.
23. How do you treat the following in the the absence of partnership deed ?
a) Interest on capital
b) Interest on drawings
c) Interest on loan
d) Distribution of profit or loss
e) Salary to partner.
24. Classify the following into Capital & Revenue :
a) Legacies
b) Purchase of computer
c) Subscription
d) Honorarium
e) Printing and Stationery.

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