Teachers recommend solving Kerala Syllabus Plus One Accountancy Previous Year Question Papers and Answers Pdf September 2021 to improve time management during exams.
Kerala Plus One Accountancy Previous Year Question Paper September 2021
Time: 2 Hours
Maximum Score: 60
I. Answer all questions from 1 to 7. Each carries 1 Score. (7 × 1 = 7)
Question 1.
Cash or other assets invested by the owner in the business is _____________
(a) Fixed Asset
(b) Capital
(c) Current Asset
(d) None of these
Answer:
(b) Capital
Question 2.
Credit sales of goods are recorded in the day book.
(a) Cash book
(b) Petty Cash book
(c) Sales book
(d) Journal proper
Answer:
(c) Sales book
Question 3.
Overdraft means _____________ balance of Cash book.
(a) Debit
(b) Credit
(c) Both (a) and (b)
(d) None of these
Answer:
(b) Credit
Question 4.
Depreciation is charged on
(a) Current Assets
(b) Fixed Assets
(c) Current and Fixed Assets
(d) None of these
Answer:
(b) Fixed Assets
Question 5.
A Trial balance is prepared to
(a) Assertain the arithmetical accuracy of Ledger Accounts
(b) Locating Errors
(c) Help in the preparation of Final Accounts
(d) All of the above
Answer:
(d) All of the above
Question 6.
A Bill of Exchange is drawn by
(a) Debtor
(b) Creditor
(c) Cashier
(d) Buyer
Answer:
(b) Creditor
Question 7.
Find the odd one.
(a) Cost of Training
(b) Staff Opposition
(c) System Failure
(d) Quality Reports
Answer:
(d) Quality Reports
III. Answer any 4 questions from 8 to 15, each carries 2 scores. (4 × 2 = 8)
Question 8.
Match the following:
| (a) A person who owes money to an enterprise | (i) Profit |
| (b) Withdrawal of money or goods by the owner from the business | (ii) Assets |
| (c) Excess of revenue over expenses | (iii) Drawings |
| (d) Economic resources of an enterprise | (iv) Debtor |
Answer:
| (a) A person who owes money to an enterprise | (i) Debtor |
| (b) Withdrawal of money or goods by the owner from the business | (ii) Drawings |
| (c) Excess of revenue over expenses | (iii) Profit |
| (d) Economic resources of an enterprise | (iv) Assets |
Question 9.
Identify the accounting concepts.
(a) A business is separate from its owner
(b) Assets = Liabilities + Capital
Answer:
(a) Accounting entity concept/Business entity concept.
(b) Duality Principle/Dual Aspects concept.
Question 10.
Complete the table as per the hint.
| (a) Asset increase | Debit |
| (b) Income increases | _______________ |
| (c) Expenses increases | _______________ |
Answer:
| (a) Asset increase | Debit |
| (b) Income increases | Credit |
| (c) Expenses increases | Debit |
Question 11.
Write a short note on:
(a) Contra Entry
(b) Debit Note
Answer:
(a) Contra Entry – When a transaction is recorded on both sides of the cash book but in different columns, such entry is called contra entry.
(b) Debit Note – It is the source document for recording purchase return book.
Question 12.
Complete the series from the items given in the brackets.
I. Revenue Expenditure – _____________
II. Capital Expenditure – _____________
III. Revenue Receipts – _____________
IV. Capital Receipts – _____________
(Bank Loan, Machinery, Salary, Rent received)
Answer:
I. Revenue expenditure – Salary
II. Capital Expenditure – Machinery
III. Revenue Receipts – Rent Received
IV. Capital Receipts – Bank Loan
Question 13.
Write any two examples for
(a) Hardware
(b) Software
Answer:
(a) Hardware – Keyboard, Mouse, Monitor, Processor
(b) Software – Windows or Linux, Ms-Excel, Ms-Word
Question 14.
Fill in the blanks.
(a) _____________ A/c Dr. ₹ 2,000
To furniture A/c ₹ 2,000
(Furniture depreciated by ₹ 2,000)
(b) Rent A/c Dr. ₹ 5,000
To _____________ A/c ₹ 5,000
(Rent outstanding ₹ 5,000)
Answer:
Question 15.
On which side of the Balance Sheet are the following items shown?
(a) Accrued interest
(b) Salary outstanding
Answer:
(a) Accrued interest – Assets side
(b) Salary outstanding – Liability side
IV. Answer any 2 questions from 16 to 20. Each carries 3 scores. (2 × 3 = 6)
Question 16.
Briefly explain any 3 qualitative characteristics of accounting.
Answer:
The following are the qualitative characteristics of accounting.
- Reliability – Accounting information will be reliable.
- Relevance – Information should be relevant and must be available in time.
- Timeliness – Information must be available timely.
- Understandability – Relevant Accounting information must be capable of being understood by all its users.
Question 17.
What does the following journal entry mean?
Answer:
(a) Cash withdrawn for personal use Rs. 2000.
(b) Babu, a debtor deposited cash into the bank a/c Rs. 5000.
(c) Cash sales of Rs. 10,000.
Question 18.
Write any three needs for charging depreciation on assets.
Answer:
Need for charging depreciation:
- To ascertain the true results of the business.
- To present a true balance sheet.
- To ascertain the accurate cost of production.
- To avoid excess payment of income tax.
- To fulfill legal requirements.
Question 19.
Calculate the maturity date of the following bills.
(a) Drawn on January 10th for three months
(b) Drawn on July 1st for four months
(c) Drawn on June 12th for two months
Answer:
(a) Drawn on January 10th for 3 months.
Maturity date – April 13
(b) Drawn on July 1st for four months.
Maturity date – November 4
(c) Drawn on June 12th for two months.
July 12th and August 12th + 3 days of grace = 15th August.
Here, August 14th is the maturity date, because August 15th is a public holiday. If the date of maturity of a bill is on a public holiday then the bill will mature on the previous day.
Question 20.
Calculate the cost of goods sold from the given information.
Answer:
Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses – Closing Stock
= (50,000 + 1,30,000 + 20,000) – 70,000
= 1,30,000
V. Answer any 2 questions from 21 to 25. Each carries 4 scores. (2 × 4 = 8)
Question 21.
Accounting has certain objectives for the business. Explain.
Answer:
Objectives of Accounting:
The following are the important objectives of accounting.
- Keeping records of business transactions.
- Ascertainment of Profit or Loss.
- Ascertainment of the financial position of business enterprises.
- Providing meaningful information to different groups of people having an interest in the business.
Question 22.
Write 4 differences between ‘Journal’ and ‘Ledger’.
Answer:
Differences between Journal and Ledges
| Journal | Ledger |
| 1. Book of primary or initial entry. | 1. Book of secondary entry. |
| 2. Transactions are entered in the order of their occurrence. | 2. Entries are recorded in an analytical order. |
| 3. The process of entering transactions is called journalizing. | 3. The process of recording is called posting. |
| 4. Balancing is not done in the books of original entry. | 4. All ledger accounts are balanced. |
Question 23.
Identify the transactions from the given Cash Book.
Answer:
(a) 01.01.2021 – Opening balance of cash Rs. 40,000
(b) 02.01.2021 – Cash purchases Rs. 30,000
(c) 20.01.2021 – Cash received from Rakesh Rs. 50,000
(d) 31.01.2021 – Salary paid Rs. 10,000
Question 24.
Calculate the profit during the year from the given information.
Answer:
Statement of Profit or Loss
Question 25.
1. What do you mean by prepaid expenses?
2. Calculate the amount of insurance premium shown in the Profit and Loss a/c if the insurance premium paid is ₹ 5,000 and the Insurance prepaid is ₹ 1,000 as of the end of the year.
Answer:
1. Prepaid expense: Those expenses which have been paid in advance, Whose benefit will be available in the future, are called unexpired or prepaid expenses.
2. Amount of Insurance Premium to be shown in profit and loss A/c is (5000 – 1000) = Rs. 4,000.
VI. Answer any 3 questions from 26 to 31. Each carries 5 scores. (3 × 5 = 15)
Question 26.
From the following transaction prepare sales book.
Jan. 1, 2021 – Sold to Babu 7 tables @ ₹ 3,000 per table
Jan. 8, 2021 – Sold Mini 5 wooden chair @ ₹ 4,000 per chair
Jan. 10, 2021 – Sold Sreejith 4 Dining table @ ₹ 7,000 per table
Jan. 20, 2021 – Sold Salini 8 Computer table @ ₹ 2,500 per table
Jan. 30, 2021 – Sold Ramu 2 Dressing table @ ₹ 4,000 per table
Answer:
Sales Day Book
Question 27.
What are the various reasons for the difference between the balance as per Cash Book and Pass Book?
Answer:
The reasons for the difference between balance as per cash book and passbooks. Several reasons contribute to the disagreement of the balance as shown by the cash book and pass book. They are as under:
1. Cheques issued but not presented for payment:
When the trader issues a cheque, he credits its amount immediately in his cash book. The same will be entered in the passbook only on presenting the cheque and making payment by the bank. If the cheque is not presented for payment before the date of preparation of the bank reconciliation statement, the balance as per Pass Book will be more than the balance as per Cash Book.
2. Cheque paid in for collection but not collected:
On depositing cheques into the bank for collection, the trader debits the same amount in I the bank account. The bank credits the amount in the passbook only to get the amount collected. Such uncleared cheques make the cash book balance to be more than the passbook balance.
3. Direct payment by a customer to the bank:
Customers of the trader occasionally make some payments directly into the trader’s bank account. The trader may come to know of an only later. But the banker gives immediate credit to the trader on receipt of the amount. If it remains unrecorded in the cash book, the balance as per the passbook will be more than the balance as per the cash book.
4. Interest on deposit credited by the banker:
At regular intervals, banks allow interest on the deposit balance of the trader and credit the amount in the passbook. The same usually remains unrecorded in the cash book. In such a case, the passbook balance will be more than the cash book balance.
5. Interest, dividend, rent, etc. collected by the bank:
The bank collects interest, dividends, rent etc. on behalf of the customer and credits the same to his account. The trader comes to know of it only on a later date. If such collection remains unrecorded in the cash book, the passbook balance will be more than the cash book balance.
6. Payment made on behalf of the customer:
The banker makes payments for rent, insurance, etc., for the customer as per standing instructions. The banker debits the trader’s account with such payments. The trader comes to know of it only later. Due to such payments that remain unrecorded in the cash book, the balance as per the passbook will be less than the balance as per the cash book.
7. Bank charges as per Pass Book:
Bank charges and commissions for the collection of cheques, bills, etc., are debited in the passbook. The corresponding credits are often not given in the cash book. As these items are not entered in the cash book, its balance will be more than that of the passbook.
Question 28.
Prepare Trial Balance from the given Ledger balances.
Answer:
Trial Balance
Question 29.
Write the features of a Computerised Accounting System.
Answer:
Features of computerized accounting system:
- High Speed
- Accuracy
- Reliability
- Efficiency
- Automated Document Production
- Quality Reports
Question 30.
Find the amount of sales from the given information.
Answer:
∴ Cost of Goods Sold = Open Stock + Purchases + Wages – Closing Stock
= 2500 + 13000 + 2000 – 15000
= 2500
∴ Sales = Cost of Goods Sold + Gross Profit
= 2500 + 20,000
= 22,500
Alternatively, the amount of sales can be calculated by preparing trading A/c.
Question 31.
What are the adjustment entries for the following?
(a) Wages outstanding ₹ 2,000
(b) Depreciation of Machinery ₹ 5,000
(c) Rent received in advance ₹ 3,000
(d) Salary prepaid ₹ 7,000
(e) Interest receivable ₹ 4,000
Answer:
VII. Answer any 2 questions from 32 to 35. Each carries 8 scores. (2 × 8 = 16)
Question 32.
(a) Give the full form of GAAP.
(b) Write the meaning of GAAP.
(c) Identify the relevant principles and concepts associated with the following:
1. The quality of manpower is not recorded in the books of accounts.
2. For every debit there is an equal credit.
3. Treatment of Outstanding salary.
4. Businesses have got indefinite life.
5. Stock is valued at cost price or market price whichever is less.
Answer:
(a) GAAP – Generally Accepted Accounting Principles
(b) Meaning – GAAP refers to the rules or guidelines adopted for recording and reporting business transactions to bring uniformity in the preparation and presentation of financial statements.
(c) 1. Money measurement assumption or concept
2. Duality Principle
3. Matching principle
4. Going concern concept
5. Conservatism or prudence principle
Question 33.
Prepare a journal for the following transactions:
Answer:
Journal
Question 34.
Prepare a Petty Cash Book from the following.
Answer:
Petty Cash Book
Question 35.
Prepare Trading and Profit and Loss A/c and Sheet from the given details.
Answer:
Trading & Profit and Loss A/c
Balance sheet as on _____________
