Teachers recommend solving Kerala Syllabus Plus Two Accountancy Previous Year Question Papers and Answers Pdf Board Model Paper 2022 to improve time management during exams.
Kerala Plus Two Accountancy Board Model Paper 2022 with Answers
Time: 2 Hours
Maximum Score: 60
Section – I
(Accountancy) (40 Scores)
Part – I
A. Answer any 4 questions from 1 to 6. Each carries 1 Score. (4 × 1 = 4)
Question 1.
In a not-for-profit organization, the annual surplus or deficit is ascertained by preparing:
(a) Receipts and Payments a/c
(b) Income and Expenditure a/c
(c) Trial Balance
(d) Balance Sheet
Answer:
(b) Income and Expenditure A/c
Question 2.
In the absence of an agreement, partners are legally entitled to get:
(a) Interest on capital
(b) Salary
(c) Commission
(d) Interest on Loan
Answer:
(d) Interest on Loan
Question 3.
Which among the following events led to the reconstruction of a partnership firm?
(a) Admission of a partner
(b) Retirement of a partner
(c) Death of a partner
(d) All of these
Answer:
(d) All of these
Question 4.
The ratio in which the continuing partners have acquired the share from the retiring partner is called:
(a) Sacrificing ratio
(b) Gaining ratio
(c) New ratio
(d) Old ratio
Answer:
(b) Gaining ratio
Question 5.
The loss on revaluation at the time of retirement of a partner should be debited to:
(a) All Partners Capital Accounts
(b) Continuing partners Capital Accounts
(c) Retiring partner’s Capital Account
(d) None of these
Answer:
(a) All Partners Capital Accounts
Question 6.
When the business of an existing firm becomes illegal, it will lead to:
(a) Dissolution by Agreement
(b) Dissolution by Court
(c) Compulsory dissolution
(d) Dissolution by Notice
Answer:
(c) Compulsory dissolution
B. Answer all questions from 7 to 9. Each carries 1 Score. (3 × 1 = 3)
Question 7.
The donation received by a club for the creation of a book bank should be treated as:
(a) Capital Receipt
(b) Revenue Receipt
(c) Capital Payments
(d) Revenue Payments
Answer:
(a) Capital Receipt
Question 8.
Interest on opening balance of the capital accounts of partners is calculated for a period of:
(a) 6 months
(b) 5.5 months
(c) 6.5 months
(d) 12 months
Answer:
(d) 12 months
Question 9.
Goodwill of a firm should be ascertained at the time of:
(a) Sale of any fixed assets
(b) Opening a bank account
(c) Change in profit sharing ratio
(d) Payment of outside liabilities
Answer:
(c) Change in profit sharing ratio
Part – II
A. Answer the following question, which carries 2 scores. (1 × 2 = 2)
Question 10.
List out any two features of the Receipts and payments account maintained by a not-for-profit organisation.
Answer:
Features of Receipts and Payment Account are as follows:
- It is a real account.
- It is a summary of the cash book.
- It is prepared at the end of an accounting year based on the cash book.
- It is debited with all cash receipts and credited with all cash payments.
- It is prepared on a cash basis (records only actual cash receipts and payments).
- It records all receipts and payments of the current year, previous and succeeding years.
- It records all receipts and payments, whether they are of capital and revenue nature.
B. Answer any 1 question from 11 to 12. Carries 2 scores. (1 × 2 = 2)
Question 11.
Anil and Baiju are partners in a firm, sharing profits in the ratio of 3 : 2. They admitted Suku as a new partner with \(\frac{1}{4}\) share in profits. At that time, goodwill appears in the books at ₹ 10,000. Pass the journal entry for writing off the existing amount of goodwill.
Answer:
Journal entry to write off existing goodwill:-
Anil’s Capital A/c Dr 6,000
Biju’s Capital A/c Dr 4,000
To Goodwill A/c 10,000
(Existing goodwill written off in their old ratio)
Question 12.
Distinguish between Revaluation Account and Realisation Account prepared by the partnership firms.
Answer:
Differences between Revaluation Account and Realization Account.
| Revaluation Account | Realization Account |
| 1. Prepared to ascertain the variation in the values of the assets and liabilities of the firm. | 1. Prepared to ascertain the net profit or loss on the sale of assets or discharge of liabilities. |
| 2. Prepared at the time of reconstitution. | 2. Prepared at the time of dissolution. |
| 3. Firm continues even after its preparation. | 3. Firm dissolved after its preparation. |
| 4. It comprises of only those assets and liabilities which are revalued. | 4. It comprises all the assets and liabilities. |
Part – III
A. Answer any 3 questions from 13 to 16. Each carries 3 scores. (3 × 3 = 9)
Question 13.
Calculate the amount of subscription to be credited to the income and Expenditure Account of a Sports Club, for the year ended March 2021:
(a) Subscription received during 2020-2021 – ₹ 54,000
(b) Subscription outstanding as on 01.04.2020 – ₹ 6,000
(c) Subscription outstanding as on 31.03.2021 – ₹ 8,000
(d) Subscription received in advance as on 31.03.2021 – ₹ 4,000
Answer:
Calculation of the amount of subscription to be credited to the income and expenditure account:
Question 14.
A, B and C are equal partners in a firm. They made the following during this year:
(a) ‘A’ withdrew ₹ 3,000 per month at the beginning of every month.
(b) ‘B’ withdrew ₹ 3,000 per month at the end of every month.
(c) ‘C’ withdrew ₹ 3,000 per month at the middle of every month.
Calculate the annual interest on drawings to be charged from A, B, and C. The partnership deed provides for 9% interest on drawing per annum.
Answer:
Calculation of Interest on drawings:
(a) ‘A’ withdrew Rs.3,000 per month at the beginning of every month.
3000 × 12 × \(\frac{6.5}{12}\) × 9% = 1755
(b) ‘B’ withdrew Rs.3,000 per month at the end of every month.
3000 × 12 × \(\frac{5.5}{12}\) × 9% = 1485
(c) ‘c’ withdrew Rs.3,000 per month at the middle of every month.
3000 × 12 × \(\frac{6}{12}\) × 9% =1620
Question 15.
Ajith and Balu are partners in a firm sharing profits in the ratio of 3 : 2. They admit Dinu as a new partner for \(\frac{1}{5}\) share in the future profits, which he gets equally from Ajith and Balu. Calculate the new profits sharing ratio.
Answer:
Calculation of New profit sharing ratio:
Old ratio of Ajith & Balu = 3 : 2
Dinu’s Share = \(\frac{1}{5}\) which he acquires equally, i.e \(\frac{1}{10}\) from Ajith and \(\frac{1}{10}\) from Balu.
Ajith’s new share = Old share – Ajith’s share acquired by Dinu
\(\frac{3}{5}-\frac{1}{10}=\frac{6-1}{10}=\frac{5}{10}\)
Balu’s new share = Old share – Balu’s share acquired by Dinu
\(\frac{3}{5}-\frac{1}{10}=\frac{6-1}{10}=\frac{5}{10}\)
Dinu’s share = \(\frac{1}{5}\) or \(\frac{2}{10}\)
So new ratio of Ajith, Balu and Dinu = 5 : 3 : 2
Question 16.
A and B are partners in a firm sharing profits in the ratio of 3 : 2. They decided to dissolve the firm on 31.03.2021. On that date the firm has assets of ₹ 1,20,000 and outside liabilities of ₹ 80,000.
Prepare the Realisation Account by considering the following details:
(a) Assets were realized for ₹ 1,50,000
(b) Outside liabilities were fully paid, except creditors of ₹ 2,000.
(c) Realisation expenses’paid by the firm ₹ 1,000.
Answer:
Realisation Account
B. Answer the following question, which carries 3 scores. (1 × 3 = 3)
Question 17.
Divya and Reshma sharing profits and losses in 2 : 1 ratio. They admit Sheeba as a new partner for \(\frac{1}{4}\) share in profits with a guarantee that her share of profits shall be at least ₹ 70,000. The net profits of the firm for the year ending March 31, 2021 were ₹ 1,60,000. Prepare the Profit and Loss Appropriation Account.
Answer:
Guaranteed partner is Sheeba
Sheeba’s guaranteed profit = ₹ 70,000
Profit sharing ratio between Divya and Reshma = 2 : 1
Firm’s profit = ₹ 1,60,000
Divya’s share of profit = 1,60,000 × \(\frac{2}{4}\) = ₹ 80,000
Reshma’s share of profit = 1,60,000 × \(\frac{1}{4}\) = ₹ 40,000
Sheebas’s share of profit = 1,60,000 × \(\frac{1}{4}\) = ₹ 40,000
Sheeba’s guaranteed share of profit = ₹ 70,000
Deficiency in Sheeba’s share = ₹ 30,000 (70,000 – 40,000), it should be shared by Divya and Reshma in their ratio (2 : 1 ).
Deficiency met by Divya = 30,000 × \(\frac{2}{3}\) = ₹ 20,000
Deficiency met by Reshma = 30,000 × \(\frac{1}{3}\) = ₹ 10,000
Profit & Loss Appropriation Account
Part – IV
Answer any 2 questions from 18 to 20. Each carries 4 scores. (2 × 4 = 8)
Question 18.
Distinguish between Fixed Capital method and Fluctuating Capital method of maintaining the capital account of partners.
Answer:
Difference between Fixed Capital Method and Fluctuating Method.
| Fixed Capital Method | Fluctuating Method |
| 1. Under this method, two accounts are maintained, ie, capital a/c and current a/c. | 1. Only one account is maintained, ie, capital a/c. |
| 2. Usually, the amount of capital remains the same year after year. | 2. The balance of the capital account fluctuates from year to year. |
| 3. All adjustments are recorded in a separate current account. | 3. All adjustments are recorded in the capital account itself. |
| 4. Both the current a/c and the capital a/c are shown in the Balance Sheet. | 4. Only the capital a/c appears in the Balance Sheet. |
| 5. It should be specifically mentioned in the deed. | 5. It is not necessary. |
Question 19.
In a partnership firm, the amount of capital invested in the business was ₹ 5,00,000 and the profits for the last five years were:
| Year | ₹ |
| 2016-17 | 40,000 |
| 2017-18 | 50,000 |
| 2018-19 | 55,000 |
| 2019-20 | 70,000 |
| 2020-21 | 85,000 |
The normal rate of return of this category of business is 10% p.a. Calculate the value of Goodwill based on 3 years purchase of the super profits of the business.
Answer:
Calculation of Goodwill:
Goodwill = Super profit × 3 year’s purchase
Average Profit = \(\frac{40,000+50,000+55,000+70,000+85,0000}{5}\)
= \(\frac{3,00,000}{ 5}\)
= 60,000
Normal Profit = Capital employed × Normal Rate of Return/100
= 5,00,000 × \(\frac{10}{100}\)
= 50,000
Super profit = Actual Profit – Normal Profit
= 60,000 – 50,000
= 10,000
Goodwill = 10,000 × 3 = 30,000
Question 20.
X, Y and Z are partners sharing profits in the ratio of 3 : 2 : 1. At the time of ‘X’s retirement, the Balance Sheet General Reserve of ₹ 90,000 and Accumulated loss of ₹ 60,000. Pass journal entries to deal with these appearing in the Balance Sheet.
Answer:
Accounting treatment for General Reserve & Accumulated Loss:
(a) General ReserveA/c Dr 90000
To X’s Capital A/c 45000
To Y’s Capital A/c 30000
To Z’s Capital A/c 15000
(General reserve distributed among all the partners in their old ratio)
(b) X’s Capital A/c Dr 30000
Y’s Capital A/c Dr 20000
Z’s Capital A/c Dr 10000
To Profit & Loss A/c 60000
(Accumulated loss distributed among all the partners)
It is the amount paid to the person who is not a regular employee of the institution. It is a revenue expenditure and it should be shown on the expenditure side of the income and expenditure account.
B. Answer any 1 Question from 21 to 22. Carries 4 scores. (1 × 4 = 4)
Question 21.
Explain the accounting treatment of the following items in the financial statements of a not-for-profit organisation:
(a) Legacies
(b) Life membership fees
(c) Sale of periodicals
(d) Payment of Honorarium
Answer:
(a) Legacies: It is the amount received as per the will of a deceased person. It is a capital fund and should be shown on the receipt side of the receipts and payment account and should be added to the capital fund in the balance sheet.
(b) Life membership fees: Some members prefer to pay lump sum amount as life membership fee instead of paying periodic subscription. Such amount is treated as capital receipt and added directly to the capital fund in the balance sheet.
(c) Sale of periodicals: It is an item of recurring nature (revenue receipts) and shown as the income side of the income and expenditure account.
(d) Payment of Honorarium: It is the amount paid to the person who is not a regular employee of the institution. It is a revenue expenditure and it should be shown on the expenditure side of the income and expenditure account.
Question 22.
A and B are partners sharing profits in the ratio of 2 : 1. ‘C’ is admitted into the firm for \(\frac{1}{4}\) share of profits. He brings ₹ 40,000 in respect of this capital. The Capitals of A and B after all the adjustments were ₹ 90,000 and ₹ 30,000 respectively. They agreed to bring their capitals in the new profit sharing ratio (i.e, 2 : 1 : 1). Calculate the new capitals of A and B and pass necessary journal entries for the adjustment of the capitals through cash.
Answer:
Total capital of the new firm based on C’s capital = 40,000 × \(\frac{4}{1}\) = Rs. 1,60,000
New ratio of A, B and C = 2 : 1 : 1
A’s new capital = 1,60,000 × \(\frac{2}{4}\) = 80,000
B’s new capital = 1,60,000 × \(\frac{1}{4}\) = 40,000
C’s capital = 1,60,000 × \(\frac{1}{4}\) = 40,000
Adjusted capital of A = 90,000
Adjusted capital of B = 30,000
Surplus of A’s capital = 90,000 – 80,000 = 10,000
Shortage of B’s capital = 40,000 – 30,000 = 10,000
Journal Entries:
In case of A
A’s Capital A/c Dr 10,000
To Cash A/c 10,000
(Excess capital withdrawn)
In case of B
Cash A/c Dr 10,000
To B’s Capital A/c 10,000
(Additional capital introduced)
Part – V
Answer any 1 question from 23 to 24. Carries 5 scores. (1 × 5 = 5)
Question 23.
From the given receipts and payments of an Arts Club, prepare the Income and Expenditure Account for the year ending March 31, 2021.
Cash Receipts during the year:
Subscriptions – ₹ 32,000
Rent of hall – ₹ 6,000
Sale of investments – ₹14,000
Cash Payments during the year:
Salary – ₹ 18,000
Rent – ₹ 22,000
Electricity – ₹ 4,000
Stationery – ₹ 2,000
Adjustments:
(a) Prepaid salary – ₹ 3,000
(b) Subscriptions outstanding on 31.03.2021 – ₹ 4,000
(c) Rent outstanding – ₹ 2,000
Answer:
Income and Expenditure Account
Question 24.
A flash and Basith were equal partners in a firm. They decided to admit Sreesiv as a new partner with \(\frac{1}{3}\) share in the business profits. Their assets and liabilities at the time of admission of the new partner were:
They agreed on the following conditions at the time of admission of the new partner:
(a) Value of stock is reduced by 10%
(b) Land and buildings appreciated by 10%
(c) Creditors of ₹ 1,000 may be written off.
(d) Unrecorded investment of ₹ 5,000 should be taken into account.
Prepare the Revaluation Account on admission of Sreesiv.
Answer:
Revaluation A/c
Section – II
Computerised Accounting (20 Scores)
A. Answer any 2 questions from 25 to 28. Each carries 1 score. (2 × 1 = 2)
Question 25.
In a retail business firm, the code 501 – 599 is given for washing powders. It is an example of:
(a) Sequential codes
(b) Block codes
(c) Mnemonic codes
(d) Numeric codes
Answer:
(b) Block codes
Question 26.
Libre office Calc is a ________________ software.
(a) Presentation
(b) Database
(c) Text document
(d) Spreadsheet
Answer:
(d) Spreadsheet
Question 27.
Which function in LibreOffice Calc displays the current system date?
(a) TODAY
(b) NOW
(c) DATE
(d) YEAR
Answer:t
(a) TODAY
Question 28.
Which of the following is a system generated ledger account in GNU Khata?
(a) Cash Account
(b) Bank Account
(c) Profit and Loss Account
(d) All of these
Answer:
(c) Profit and Loss Account
B. Answer any 1 question from 29 to 30. Carries 1 score. (1 × 1 = 1)
Question 29.
__________________ function in spreadsheet is used for calculating the Equated Monthly Instalment of a bank loan.
(a) PMT
(b) SLN
(c) DB
(d) PV
Answer:
(a) PMT
Question 30.
The ‘depth axis’ in a ‘3D’ chart is called ________________
(a) X axis
(b) Y axis
(c) Z axis
(d) XY axis
Answer:
(c) Z axis
Part – VII
A. Answer any 3 questions from 31 to 34. Each carries 2 scores.
Question 31.
Write short notes on the following components of LibreOffice Calc:
(a) Cell
(b) Range
Answer:
(a) Cell – The intersection of a row and a column is called a cell.
(b) Range – Range is a group of adjacent cells that forms a rectangular area.
Question 32.
Give the syntax of the following functions in a spreadsheet used for asset accounting.
(a) SLN
(b) DB
Answer:
(a) syntax – =SLN (cost, salvage, life)
(b) syntax – =DB (cost, salvage, life, period, month)
Question 33.
Explain the following elements of a chart or graph.
(a) Plot Area
(b) Legend
Answer:
(a) Plot area – It is the total space that is enclosed by a chart.
(b) Legend – It is an identifier of a piece of information shown in the chart.
Question 34.
Name the four parts shown in the ‘Table Design Window’ that appeared at the time of creating tables in design view.
Answer:
(1) Field Name
(2) Field Type
(3) Description
(4) Field Properties
B. Answer any 1 question from 35 to 36. Each carries 2 scores. (1 × 2 = 2)
Question 35.
Briefly explain about any two security features commonly available in Computerised Accounting Systems.
Answer:
Data Audit: It enables one to know as to who and what changes have been made in the original data there by helping and fixing the responsibility of the person who has manipulated the data and ensures data integrity.
Data Vault: Software provides additional security through data encryption. Encryption means scrambling the data to make its interpretation impossible. Encryption converts readable data into an unreadable format. The encrypted data is commonly known as Ciphertext.
Question 36.
Give the path for performing the following actions in GNU Khata:
(a) Deleting Ledger Accounts
(b) View Trial Balance
Answer:
(a) Deleting a Ledger Account
To delete a ledger account, select Edit Account from the Master menu. Select the ledger account – we want to delete, click on the Delete Button, and confirm the deletion. System generated account and the ledger account already used in voucher cannot be deleted.
(b) Display Trial Balance
Step 1: Click on the Report tab from the menu bar
Step 2: Select Trial balance from the menu
Step 3: Enter From date and To date
Step 4: Select the Trial Balance Type
Step 5: Click on View button to View the Trial Balance
Report → Trial Balance → View
Part – VIII
A. Answer any 2 questions from 37 to 39. Each carries 3 scores. (2 × 3 = 6)
Question 37.
List out the merits of Computerised Accounting over Manual Accounting.
Answer:
Advantages of Computerised Accounting System (CAS)
1. Financial reports can be prepared in time.
2. Alterations and additions in transactions are easy and give the changed result in all books of accounts instantly.
3. It ensures effective control over the system.
4. Economy in the processing of accounting data.
Question 38.
Briefly explain the three types of spreadsheet cell references used in LibreOffice Calc.
Answer:
Types of Cell References
- Relative Cell References: By default cell reference is relative; which means that as a formula or function is copied and pasted to other cells, the cell references in the formula or function change to reflect the new location.
- Absolute Cell Reference: The absolute cell reference consist of the column letter and row number surrounded by dollar ($) signs. Eg $A$5. An absolute cell reference is used when we want a cell reference to stay fixed on a specific cell.
- Mixed Cell Reference: It is a combination of relative and absolute cell references that holds either row or column constant when the formula or function is copied to another location.
Question 39.
Explain the purpose of the following types of vouchers, by specifying its shortcut keys, used in GNU Khata.
(a) Payments
(b) Purchases
(c) Contra
Answer:
(a) Payment Voucher – For recording cash and bank payments (F5).
(b) Purchase Voucher – For recording cash and credit purchases (F7).
(c) Contra Voucher – For recording cash and bank (contra) transactions (F8).
B. Answer the following questions, which carry 3 scores. (2 × 3 = 6)
Question 40.
State the purpose for which the following functions used in LibreOffice Calc:
(a) CONCATENATE
(b) RATE
(c) NPV
Answer:
(a) CONCATENATE – This function is used to combine several text strings in different cells into one string.
(b) RATE – This function returns the interest rate per period of an annuity.
(c) NPV – This function calculates the net present value of an investment by using a discount rate and a series of future payments and incomes.