Teachers recommend solving Kerala Syllabus Plus Two Accountancy Previous Year Question Papers and Answers Pdf Board Model Paper 2023 to improve time management during exams.
Kerala Plus Two Accountancy Board Model Paper 2023 with Answers
Time: 2 Hours
Maximum Score: 60
Part – A
(Accounting) (40 Scores)
I. Answer any 4 questions from 1 to 5. Each carries 1 score. (4 × 1 = 4)
Question 1.
Find the odd one:
(a) Interest on Capital
(b) Interest on Drawings
(c) Partner’s Commission
(d) Partner’s Salary
Answer:
(b) Interest on Drawings
Question 2.
On admission of a partner, Profit and Loss Account (Dr. Balance) shows:
(a) Accumulated Profit
(b) Revaluation Loss
(c) Reserve
(d) Accumulated Loss
Answer:
(d) Accumulated Loss
Question 3.
The profit and loss on revaluation is transferred to the old partners’ capital account in
(a) Old Ratio
(b) In the ratio of Capital
(c) New Ratio
(d) Sacrificing Ratio
Answer:
(a) Old Ratio
Question 4.
The business of the firm is terminated at the time of
(a) Dissolution of Partnership
(b) Retirement of a Partner
(c) Death of a Partner
(d) Dissolution of Firm
Answer:
(d) Dissolution of Firm
Question 5.
On Dissolution of a firm, the profit on realisation is transferred to _________________
(a) Debit side of partners capital account
(b) Credit side of partner’s capital account
(c) Debit side of cash account
(d) Credit side of cash account
Answer:
(b) Credit side of partner’s capital account
II. Answer all questions from 6 to 7. Each carries 2 scores. (2 × 2 = 4)
Question 6.
Anil and Sunil are partners in a firm with equal profit sharing ratio. Sunil drew regularly ₹ 2,000 at the end of every month. Calculate interest at 10% p.a. for the year ended 31st December, 2021.
Answer:
Calculation of Interest on drawings:
Withdrew Rs.2,000 per month at the end of every month = 24000 × \(\frac{10}{100}\) × \(\frac{5.5}{12}\) = Rs.1100
Question 7.
What do you mean by ‘Gaining Ratio’?
Answer:
The ratio in which the remaining partners share the profit of a retiring or deceased partner is called the gaining ratio.
Gaining Ratio = New Ratio – Old Ratio
III. Answer any 2 questions from 8 to 10. Each carries 3 scores.
Question 8.
Distinguish between Fixed Capital Method and Fluctuating Capital Method.
Answer:
Difference between Fixed Capital Method and Fluctuating Method
| Fixed Capital Method | Fluctuating Method |
| 1. Under this method, two accounts are maintained, i.e, capital a/c and current a/c. | 1. Only one account is maintained, i.e, 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 9.
Profits of Das Agency for the three years were:
| Year | Profits (₹) |
| 2015 | 25,000 |
| 2016 | 35,000 |
| 2017 | 60,000 |
Calculate the value of Goodwill based on 2 years’ purchase of average profit.
Answer:
Goodwill Average Profit × No. of Years’ Purchase
Average Profit = \(\frac{25000+35000+60000}{3}\) = Rs. 40,000
Goodwill = 40,000 × 2 = Rs. 80,000
Question 10.
Distinguish between Dissolution of Partnership and Dissolution of Firm.
Answer:
Difference between Dissolution of Partnership and Dissolution of Firm
| Basis of Difference | Dissolution of Partnership | Dissolution of Firm |
| 1. Settlement of accounts | Assets and Liabilities are revalued | Assets are realised and liabilities are paid off |
| 2. Closing of books | Books of accounts are not closed | Books are closed |
| 3. Preparation of Balance Sheet | A New Balance Sheet is prepared soon after the Dissolution | New Balance Sheet is not prepared |
IV. Answer all questions from 11 to 12. Each carries 4 scores. (2 × 4 = 8)
Question 11.
General Reserve ₹ 30,000 and Profit and Loss Account (Debit Balance) ₹ 10,000 appearing in the Balance sheet of partners Gireesh and FySal on the admission of Suresh is to be adjusted. Give the journal entries assuming that Gireesh and Fysal are equal partners.
Answer:
Question 12.
Anju, Manju and Renju are partners in a firm. Manju retires from the firm. On the date of retirement ₹ 60,000 is due to her. Anju and Renju promise to repay the amount in three equal installments at the end of every year. Prepare Manju’s Loan Account, if they agreed to pay in three equal yearly installments together with interest @ 10% p.a.
Answer:
Manju’s Loan A/c
Note: Instalment = \(\frac{60,000}{3}\) = 20,000
V. Answer all the questions from 13 to 14. Each carries 5 scores: (2 × 5 = 10)
Question 13.
Sachin and Rahul commenced business as partners on 1st January, 2022. Sachin contributed ₹ 1,00,000 and Rahul contributed ₹ 50,000 as their share of capital. The partners decided to share profits and losses in the ratio of 2 : 1. Sachin was entitled to a salary of ₹ 1,000 per month. Interest on capital was to be provided @ 6% p.a. The Drawings of Sachin and Rahul for the year ending 31st December, 2022 were ₹ 15,000 and ₹ 25,000 respectively. The profits of the firm after providing for Sachin’s salary and interest on capital were ₹ 36,000. Prepare partners’ capital accounts when capitals are fluctuating.
Answer:
Partner’s Capital A/c
Question 14.
Hameed, Gopalan and George are equal partners in a firm. Gopalan died on 1st March, 2021. The books of account reveal the following:
General Reserve – ₹ 21,000
Gopalan’s Capital – ₹ 50,000
P/L A/c (Cr) – ₹ 18,000
Gopalan’s Drawings – ₹ 10,000
Value of Goodwill – ₹ 36,000
Prepare Gopalan’s capital account to find out the amount due to his legal heirs.
Answer:
Gopalan’s Capital A/c
V. Answer any one question from 15 to 16. Carries 8 scores. (1 × 8 = 8)
Question 15.
Given below is the Balance Sheet of Vijay and Sanjay who are sharing profits in the ratio of 3 : 2 as on 31st March, 2021.
Balance Sheet as on March 31, 2021
Ajay is admitted as a new partner on the above date on the following terms:
(a) Ajay will bring ₹ 30,000 for his capital and necessary amount of Goodwill in cash for \(\frac{2}{7}\) share in future profits. The Goodwill of the firm has been valued at ₹ 1,40,000.
(b) Stock revalued at ₹ 72,000
(c) Plant and Machinery reduced by 10%.
(d) Create provision for bad debts @ 10% on debtors.
Prepare Revaluation Account, Partners Capital Account and the New Balance Sheet.
Answer:
Revaluation A/c
Partner’s Capital A/c
Ajay’s share of goodwill = 140000 × \(\frac{2}{7}\) = 40,000
Sacrificing Ratio = 3 : 2
Balance Sheet
Question 16.
Arun, Bhaskarand, and Christy are partners sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as on 31st March, 2021 was as follows:
Balance Sheet as on 31st March, 2021
The firm was dissolved on that date. Prepare Realisation Account with the following information:
(a) Building realised for ₹ 1,50,000, Bill Receivable Realised for ₹ 75,000, Stock realised for ₹ 50,000, Machinery realised for ₹ 35,000 and Furniture ₹ 40,000.
(b) Bank Loan was settled for ₹ 80,000.
(c) Creditors and Bill payable were settled at 10% discount.
(d) Realisation expense ₹ 1,500.
Answer:
Realisation A/c
Section – II
(Computerised Accounting) (20 Scores)
VII. Answer any 3 questions from 17 to 20. Each carries 1 score. (3 × 1 = 3)
Question 17.
Pick out the odd one out.
(a) Password Security
(b) Data Audit
(c) Data Vault
(d) Data Bank
Answer:
(d) Data Bank
Question 18.
Which command reverses the last action performed in the worksheet?
(a) Cut
(b) Redo
(c) Undo
(d) Paste
Answer:
(c) Undo
Question 19.
Libre Office Calc is a _________________ program.
(a) Word Processor
(b) Browser
(c) Calculator
(d) Spreadsheet
Answer:
(d) Spreadsheet
Question 20.
Which among the following is free and open source software for Accounting?
(a) GNUKhata
(b) Tally
(c) PeechTree
(d) Dac Easy
Answer:
(a) GNUKhata
VIII. Answer the question 21 which carries 2 scores. (1 × 2 = 2)
Question 21.
What is Primary Key?
Answer:
Primary key is a unique key which identifies a row in a table. A primary key comprises a single column or set of columns.
IX. Answer all the questions from 22 to 23. Each carries 3 scores.
Question 22.
What are the features of Charts?
Answer:
- Chart is a graphical representation of data.
- They are a visual representation of numerical data.
- Charts can be read more quickly than the raw data.
Question 23.
Give the cell address or range reference in the following situation:
(a) Cell at 10th column and 6th row.
(b) Cell at 20th column and 10th row.
(c) Range starting from 5th column 10th row and spread till 12th column and 16th row.
Answer:
(a) J6
(b) T10
(c) E10:L16
X. Answer the question 24 which carries 4 scores. (1 × 4 = 4)
Question 24.
Explain the four advantages of a Computerised Accounting System.
Answer:
- Financial reports can be prepared in time.
- Alterations and additions in transactions are easy and give the changed result in all books of accounts instantly.
- It ensures effective control over the system.
- Economy in the processing of accounting data.
XI. Answer any one question from 25 to 26. Carries 5 scores. (1 × 5 = 5)
Question 25.
Explain the procedure to be followed while preparing the Payroll statement.
Answer:
Preparation of payroll statement
Step 1: Calculation of Total earnings
- Earnings include Basic Pay, Grade Pay, Dearness Pay, Dearness allowance, House Rent allowance, Transport Allowance, etc.
- Enter the above headings in the cells A1, B1, C1, D1, E1 respectively.
- Enter the amounts in A2, B2, C2, D2 etc. respectively.
- To get the total earnings, use the given formula.
- Total earnings = Σ(A2 + B2 + C2 + D2 +……..)
Step 2: Calculation of Total Deductions
- Deductions include Professional Tax, Provident Fund, Tax deducted at source, Loan recovery, etc.
- Enter the above headings in the cells A3, B3, C3, D3 etc.
- Enter the amounts in A4, B4, C4, D4 respectively.
- To get the total deductions, use the given formula
- Total deductions = Σ(A4 + B4 + C4 + D4 +………..)
Step 3: Calculation of Net Salary
Use the given formula to find out Net Salary.
Net Salary = Total Earnings – Total Deductions
Question 26.
Explain the procedure to be followed while preparing Cash Book in GNU Khata.
Answer:
Procedure:
Step 1: Create a New organisation with imaginary data – Profit making
Step 2: Creation of Ledger Accounts
Master Menu → Create Account
Group – Current Assets
Sub Group – Cash
Account – Cash in hand
Enter the opening cash balance.
Step 3: Display ledger account
Report → Ledger → Cash in hand → View