Teachers recommend solving Kerala Syllabus Plus One Accountancy Previous Year Question Papers and Answers Pdf Board Model Paper 2022 to improve time management during exams.
Kerala Plus One Accountancy Board Model Paper 2022 with Answers
Time: 2 Hours
Maximum Score: 60
Answer any 8 questions from 1 to 9. Each carries 1 score. (8 × 1 = 8)
Question 1.
Land and Buildings is an example of _____________
(a) Current Assets
(b) Fixed Assets
(c) Fictitious Assets
(d) Intangible Assets
Answer:
(b) Fixed Assets
Question 2.
The act of transferring an entry or item from a book of original entry to the proper account in a ledger is known as _____________
(a) Journalising
(b) Posting
(c) Balancing
(d) Accounting
Answer:
(b) Posting
Question 3.
Purchase of furniture on predict will be recorded in which of the following special journals?
(a) Cash Book
(b) Purchase Book
(c) Sales Book
(d) Journal Proper
Answer:
(d) Journal Proper
Question 4.
Cash sales of ₹ Rs. 1,200 is wrongly recorded as Rs. 2,100. It is an example of _____________ error.
(a) Compensating Error
(b) Error of Principle
(c) Error of Omission
(d) Error of Commission
Answer:
(d) Error of Commission
Question 5.
Writing off the cost of intangible assets like patents, copyrights, goodwill, etc. is termed as
(a) Depreciation
(b) Depletion
(c) Amortisation
(d) Fluctuation
Answer:
(c) Amortisation
Question 6.
The Statement prepared to ascertain the financial position of a business is
(a) Trading Account
(b) Profit and Loss Account
(c) Trial Balance
(d) Balance Sheet
Answer:
(d) Balance Sheet
Question 7.
Rent received in advance is
(a) an asset
(b) a liability
(c) an expense
(d) an income
Answer:
(b) a liability
Question 8.
Under single entry system, credit purchase of goods during the year can be ascertained by preparing
(a) Total creditors account
(b) Total debtor’s account
(c) Cash account
(d) Statement of affairs
Answer:
(a) Total creditors account
Question 9.
A set of programs used to work hardware is called
(a) Software
(b) User
(c) Data
(d) Connectivity
Answer:
(a) Software
II. Answer any 4 questions from 10 to 15. Each carries 2 scores. (4 × 2 = 8)
Question 10.
Classify the following users of accounting information into internal and external users.
(a) Finance Manager
(b) Chairman
(c) Bank
(d) SEBI
Answer:
Internal Users – Finance Manager and Chairman
External Users – Bank and SEBI
Question 11.
Briefly explain any one of the accounting concepts given below:
(a) Money Measurement Concept
(b) Matching Concept
Answer:
(a) Money Measurement Concept: According to this concept, transactions that can be measured in terms of money or money’s worth are recorded in the books of accounts. The qualitative aspects of the business like the efficiency of management, favorable location, quality of products, sales policy, etc. are important for the business, but they cannot be recorded in the books of accounts because they cannot be evaluated in terms of money.
(b) Matching Concept: Under this concept, all the expenses of an accounting year should be matched with the revenue of the appropriate accounting period to determine true profit/loss for the accounting period. It follows from this that the revenue and expenses incurred to earn this revenue must belong to the same accounting period.
Question 12.
Explain the ‘Bank Reconciliation Statement’.
Answer:
Bank Reconciliation Statement (BRS): BRS is a statement prepared to reconcile the bank balance as per the cash book with the balance as per the passbook or bank statement. This statement will show the reasons for the disagreement between the cash book and the passbook. It is prepared by the account holder debtor or businessman of a bank.
Question 13.
(a) What do you mean by ‘days of grace’ in Bill of Exchange?
(b) Arun draws a bill of exchange on 1st October 2021 for 3 months. Calculate the due date of the bill.
Answer:
(A) Days of Grace: Three extra days over the nominal due date legally given to the acceptor of a bill of exchange to make payment are called days of grace.
(B) Bill drawn on 1-10-2021
Maturity date = 1-10-2021 to 1-01-2022 + 3 days of grace = 4th January 2022
Question 14.
What is meant by marshaling Assets and Liabilities?
Answer:
‘Marshalling’ denotes the order in which the assets and liabilities are shown in the Balance Sheet.
Marshaling can be done in any of the following two ways:
- In the order of liquidity
- In the order of permanence
Question 15.
Briefly explain the components of computer hardware.
Answer:
Components of Computer Hardware consists of Input Devices, CPU, and Output Devices.
Examples of Input Devices: keyboard, Mouse, joystick, bar code reader web cam, MICR, touch screen, voice sensors, etc.
Examples of Output Devices are monitors, printers, plotters, and speakers.
III. Answer any 3 questions from 16 to 19. Each carries 3 scores. (3 × 3 = 9)
Question 16.
Briefly explain any three Qualitative Characteristics of Accounting Information.
Answer:
Qualitative Characteristics of Accounting Information:
- Reliability: Accounting information must be reliable. Reliable information should be free from error and bias and verifiable.
- Relevance: Information should be relevant and must be available in time.
- Understandability: Relevant Accounting information must be capable of being understood by all its users.
- Comparability: Comparability means that the users should be able to compare the accounting information of an enterprise of the period either with that of other periods (Intra-firm comparison) or with the accounting information of other enterprises (Inter-firm comparison).
- Timeliness: Information must be available timely. If not, it loses its ability to influence decisions.
Question 17.
Fill in the blanks as per the hint given:
Hint:
(a) Increase in an asset – Debit
(b) Decrease in a Liability -?
(c) Increase in income -?
(d) Increase in an expense -?
Answer:
(a) Increase in an asset – Debit
(b) Decrease in Liability – Debit
(c) Increase in Income – Credit
(d) Increase in expenses – Debit
Question 18.
Record the following transactions in a Sales Day Book of Excel Woods Furniture.
01.06.2021 Sold to Kamal Traders as per Invoice No. 94:
10 Chairs @ 400 each.
5 Tables @ Rs. 3,000 each.
Trade discount @ 10%.
15.06.2021 Sold to Raja Traders as per Invoice No. 95:
3 Dining tables @ Rs. 8,000 each.
Trade discount @ 5%.
Answer:
Question 19.
Find out the amount of profit from the given details under the capital comparison method.
Capital at the beginning of the year (April 01, 2021) – Rs. 60,000
Capital at the end of the year (March 31, 2022) – Rs. 1,00,000
Additional Capital introduced by the proprietor during the year – Rs. 25,000
Withdrawals by the proprietor during the year – Rs. 15,000
Answer:
IV. Answer any 3 questions from 20 to 23. Each carries 4 scores. (3 × 4 = 12)
Question 20.
Match the following:
| A | B |
| (a) Business Entity Concept | (1) Assets = Liabilities + Capital |
| (b) Dual Aspect Concept | (2) Business has an indefinite life |
| (c) Going Concern Concept | (3) Policy of Playing Safe |
| (d) Conservatism Concept | (4) The owner is treated as a Creditor |
Answer:
| A | B |
| (a) Business Entity | (4) The owner is treated as a creditor |
| (b) Dual Aspect | (1) Assets = Liabilities + Capital |
| (c) Going Concern Concept | (2) Business has indefinite Life |
| (d) Conservatism Concept | (3) Policy of Playing Safe |
Question 21.
(a) Explain the term Depreciation.
(b) State any three causes of Depreciation.
Answer:
Depreciation: Depreciation means decrease in the value of assets due to wear and tear, passage of time or obsolescence.
The main causes of the depreciation of assets are:
- Wear and Tear due to Use or Passage of Time.
- Expiration of Legal Rights.
- Obsolescence is another factor leading to the depreciation of fixed assets.
- The decline in the usefulness of the asset may be caused by abnormal factors such as accidents due to fire, earthquakes, floods, etc.
Question 22.
On 1st April, 2021, Varghese sold goods on credit to Rajeev for Rs. 5,000. On the same day Varghese draws a bill of exchange for three months and the same Was accepted by Rajeev and returned. On 4th April, he discounted the bill with his bankers for Rs. 4,800. Pass necessary journal entries in the books of Varghese to record the above transactions.
Answer:
Question 23.
Pass adjusting entries for the following.
Salary outstanding ₹ 2,400.
The commission received in advance ₹ 650.
Answer:
V. Answer any three questions from 24 to 28. Each carries 5 score. (3 × 5 = 15)
Question 24.
Record the following transactions in the Journal of Marvel Traders.
Answer:
Question 25.
From the following information prepare a bank reconciliation statement of M/s. Riya Traders on May 31, 2021.
1. Bank balance as per cash book on May 31, 2021, ₹ 25,000.
2. A cheque issued but not presented for payment ₹ 2,850.
3. Cheque deposited into the bank, but not collected and credited ₹ 2,000.
4. Amount directly deposited by a customer into the bank ₹ 1,000.
5. Bank charges debited by the bank ₹ 350.
Answer:
Bank Reconciliation Statement as of 31-05-2021
Question 26.
Prepare a trial balance as of 31st March 2021 Mr. Anil from the following details:
Account Head
Capital – ₹ 30,000
Machinery – ₹ 27,500
Purchases – ₹ 37,000
Sales – ₹ 53,500
Debtors – ₹ 12,800
Creditors – ₹ 7,300
Cash – ₹ 4,700
Rent paid – ₹ 4,000
Interest received – ₹ 1,200
Wages paid – ₹ 6,000
Answer:
Trial Balance as of 31-03-2021
Question 27.
Calculate the cost of goods sold and gross profit/gross loss from the following information.
Items
Opening Stock – Rs. 6,000
Purchases – Rs. 24,000
Closing Stock – Rs. 8,700
Wages – Rs. 6,700
Sales – Rs. 48,000
Answer:
Cost of Goods Sold = Opening Stock + Net Purchase + Direct Expenses – Closing Stock
Net Purchase = Purchase – Purchase Return
Cost of Goods Sold = (6,000 + 24,000 + 6,700) – 8,700)
= 36,700 – 8,700
= 28,000
Profit = Sales – Cost of Goods Sold
= 48,000 – 28,000
= 20,000
Question 28.
(a) What is a Computerised Accounting System?
(b) Write any four merits of the computerized accounting system.
Answer:
Computerised accounting is the process of entering business transactions and generating financial statements and reports with the help of computers.
In simple words, accounting with the help of computers is called computerised accounting.
The following are the merits of a Computerised Accounting System:
- Speed
- Accuracy
- Reliability
- Up-to-date information
- Legibility
- Efficiency
- Quality Reports
VI. Answer any one question from 29 to 30. Carries an 8 score. (1 × 8 = 8)
Question 29.
Prepare a double-column cash book from the following transactions of M/s. Tharun Associates for January 2021.
Answer:
Double Column Cash Book
Question 30.
From the following Trial Balance, you are required to prepare trading and Profit and Loss Account for the year ending March 31, 2021, and Balance sheet on that date.
Adjustments:
1. Closing stock valued ₹ 16,000.
2. Wages due but not paid ₹ 2,300.
3. Insurance premium paid in advance ₹ 1,200.
4. Interest due but not received ₹ 200.
5. Depreciate furniture by 10%.
Answer:
Trading and Profit and Loss Account for the Year ended 31-03-2021
Balance Sheet as of 31-03-21
