Kerala Plus Two Accountancy Question Paper March 2022 with Answers

Reviewing Kerala Syllabus Plus Two Accountancy Previous Year Question Papers and Answers Pdf March 2022 helps in understanding answer patterns.

Kerala Plus Two Accountancy Previous Year Question Paper March 2022

Time: 2 Hours
Total 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.
Excess of expenditure over revenue of a not-for-profit organisation is called:
(a) Surplus
(b) Deficit
(c) Profit
(d) Loss
Answer:
(b) Deficit

Question 2.
Which among the following account is prepared at the time of dissolution of a partnership firm?
(a) Profit and Loss Appropriation Account
(b) Profit and Loss Adjustment Account
(c) Revaluation Account
(d) Realisation Account
Answer:
(d) Realisation Account

Question 3.
The proportion in which existing partner surrender their share of profit in favour of newly admitted partner is called:
(a) Sacrificing ratio
(b) Gaining ratio
(c) Old ratio
(d) New ratio
Answer:
(a) Sacrificing Ratio

Question 4.
On retirement of a partner, the amount of General Reserve is transferred to all partner’s capital account in:
(a) New Profit Sharing Ratio
(b) Capital Ratio
(c) Old Profit Sharing Ratio
Answer:
(c) Old Profit Sharing Ratio

Question 5.
Under fixed capital method of maintaining capital accounts, yearly adjustment are transferred to partner’s _________________
(a) Capital Account
(b) CurrentAccount
(c) Loan Account
(d) Cash Account
Answer:
(b) Current Account

Question 6.
Anil, Biju and Chithra were partners Sharing profit and losses in the ratio of 5 : 4 : 3. Biju retired from the firm. Gaining ratio of the remaining partners will be:
(a) 5 : 4
(b) 5 : 3
(c) 4 : 3
(d) Equal
Answer:
(b) 5 : 3

B. Answer all questions from 7 to 9. Each carries 1 Score. (3 × 1 = 3)

Question 7.
Which among the following is a revenue receipt?
(a) General Donation
(b) Donation for building
(c) Life Membership Fees
(d) Sale of fixed assets
Answer:
(a) General Donation

Question 8.
Arun and Babu are partners in a firm sharing profit and losses in the ratio of 3 : 2. They admitted Chandu as a partner for \(\frac{1}{6}\) share with a guaranteed minimum profit of Rs. 15,000. The Net Profit of the firm for the year ending 31st March, 2021 was Rs. 60,000. Chandu’s share of profit will be:
(a) Rs. 10,000
(b) Rs. 15,000
(c) Rs. 20,000
(d) Rs. 30,000
Answer:
(b) Rs. 15,000

Question 9.
The capitalized value of Average profit of a business is Rs. 5,00,000 and value of net assets of the business is Rs. 4,20,000. The Goodwill of the business under capitalization method will be
(a) Rs. 5,00,000
(b) Rs. 4,20,000
(c) Rs. 80,000
(d) Rs. 9,20,000
Answer:
(c) Rs.80,000

Part – II

A. Answer the following question, which carries 2 scores. (1 × 2 = 2)

Question 10.
Write any two features of a Not-for-profit organisation.
Answer:
Features of Not-for-profit organisations:

• Their main objective is to render service, and they are not expected to earn profit.
• These organisations are generally organized as charitable trusts/societies.
• The managing committee manages them.
• They do not usually engage in trading activities.
• They are not expected to earn profit.

B. Answer any 1 question from 11 to 12. Carries 2 scores. (1 × 2 = 2)

Question 11.
State any two circumstances under which goodwill of a partnership firm is valued.
Answer:
Need for valuation of Goodwill may arise in the following situations:

• Change in profit sharing ratio between partners
• Admission of a new partner
• Retirement of a partner
• Death of a partner
• Amalgamation of two firms

Question 12.
Select the suitable account from brackets for the following:
(Realisation, Bank, Partners, Capital)
(a) On dissolution of the firm, capital accounts of partners are closed by transferring the capital balance to _________________ Account.
(b) The accumulated loss appearing in the balance sheet is closed by transferring to _________________ Account.
Answer:
(a) Bank Account
(b) Partner’s Capital Account

Part – III

A. Answer any 3 questions from 13 to 16. Each carries 3 scores. (3 × 3 = 9)

Question 13.
Mr. Rajeev, a partner in a firm, withdrew Rs. 2,000 each every month from the firm. Calculate the amount of interest on drawings @ 8% per annum, assuming that he withdraws the amount:
(a) at the beginning of each month.
(b) at the end of each month.
Answer:
Calculation of Interest on drawings:
Total Drawings = 2000 × 12 = 24,000
Interest on drawings = Total drawings × \(\frac{Rate}{100}\) × Average Period
(a) Interest on Drawings of Rajeev (beginning of each month) = 24,000 × \(\frac{8}{100}\) × \(\frac{6.5}{12}\) = 1040
(b) Interest On Drawings of Rajeev (End of each month) = 24,000 × \(\frac{8}{100}\) × \(\frac{5.5}{12}\) = 880

Question 14.
Write any three differences between Receipt and Payments Account and Income and Expenditure Account.
Answer:

Receipts and Payments Account	Income and Expenditure Account
1. It is a real account.	1. It is a nominal account.
2. It is a summary of the cash book.	2. It is like a profit and loss account.
3. It records both revenue and capital items.	3. It records only revenue items.
4. It records receipts and payments related to the previous years, the current year, and the succeeding years.	4. It records only relating to the current accounting year.

Question 15.
Smitha and Varghese are partners sharing profits in the ratio of 2 : 1. They admitted Soorya as a new partner for \(\frac{1}{4}\) share in the future profits of the firm. Calculate new profit sharing ratio of Smitha, Varghese, and Soorya.
Answer:
Calculation of new profit sharing Ratio:
New profit sharing Ratio = Balance shares × Old ratio
Old ratio of Smitha and Varghese = 2 : 1
Soorya’s Share = \(\frac{1}{4}\)
Balance share = 1 – \(\frac{1}{4}\) = \(\frac{3}{4}\)
Smitha’s new share = \(\frac{3}{4}\) × \(\frac{2}{3}\) = \(\frac{2}{3}\)
Varghese’s new share = \(\frac{3}{4}\) × \(\frac{1}{3}\) = \(\frac{3}{12}\)
Soorya’s share = \(\frac{1}{4}\) or \(\frac{3}{12}\)
The new ratio between Smitha, Varghese and Soorya = 6 : 3 : 3 or 2 : 1 : 1

Question 16.
Write the three differences between dissolution of partnership and dissolution of firm.
Answer:
Differences 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.
4. Intervention of the court	No intervention of the court.	Court can intervene.
5. Closure of business	The business is not closed.	The business of the firm is closed.

B. Answer the following question, which carries 3 scores. (1 × 3 = 3)

Question 17.
Jeeja and Rekha are partners in a firm. Their capital balances as on 1.4.2020 were Jeeja ₹ 1,50,000 and Rekha ₹ 2,00,000. On 1.10.2020 Jeeja introduced additional capital of ₹ 50,000. Calculate the interest on capital @ 10% per annum assuming that they closes their books of account on 31st March every year.
Answer:
Calculation of Interest on Capital:
Incase of Jeeja:
Interest on capital for full year = 1,50,000 × 10% = 15,000
Interest on additional capital for 6 months = 50,000 × 10% × \(\frac{6}{12}\) = 2,500
Total Interest on capital of Jeeja = 15,000 + 2,500 = 17,500
In case of Reaha:
Total Interest on capital of Rekha = 2,00,000 × 10% = 20,000

Part – IV

A. Answer any 2 questions from 18 to 20. Each carries 4 scores. (2 × 4 = 8)

Question 18.
A firm’s profits for the last four years were ₹ 30,000, ₹ 40,000, ₹ 50,000 and ₹ 60,000. Calculate the value of the firm’s goodwill based on the two years’ purchase of the average profits for the last four years.
Answer:
Calculation of Goodwill under Average Profit Method.
Goodwill = Average Profit × No. of the Year’s Purchase
Average profit = \(\frac{30,000+40,000+50,000+60,000}{4}\)
= \(\frac{1,80,000}{4}\)
= 45,000
Goodwill of the firm = 45,000 × 2 = 90,000

Question 19.
Complete the following table about the provisions applicable in the absence of partnership deed based on the hint given:

Hint: Interest on Capital	No.
(a) Sharing of Profits and Losses	______________
(b) Interest on drawings	______________
(c) Interest on loan from a partner	______________
(d) Remuneration to partner	______________

Answer:
a. Sharing of Profit and Loss – Equally
b. Interest on Drawings – No
c. Interest on loan from partner – 6%
d. Remuneration to partner – No

Question 20.
Anila, Kamla and Vimla are partners in a firm. Anila retired from the firm on 1st April, 2017. On that date, Rs. 2,00,000 becomes due to her and the amount was transferred to her Loan Amount. Remaining partners promised to pay the amount due to her in four equal annual instalments together with interest @ 8% per annum. Prepare Anila’s Loan Account till the loan is closed.
Answer:
Amount due to Anila = 2,00,000
Equal annual instalments = \(\frac{2,00,000}{4}\) = 50,000
Anila’s Loan Account

B. Answer any 1 Question from 21 to 22. Carries 4 scores. (1 × 4 = 4)

Question 21.
From the following details ascertain the amount of salary to be debited to Income and Expenditure Account:
Salary paid during 2020-21 – Rs. 30,000
Salary outstanding on 31.03.2021 – Rs. 3,200
Salary outstanding on 31.03.2020 – Rs. 1,600
Salary paid in advance on 31.03.2021 – Rs. 800
Answer:

Question 22.
A firm’s profits for the last three years and their respective weights are given below:

Year	Profit (₹)	Weight
2019	70,000	1
2020	1,00,000	2
2021	1,10,000	3

Calculate the value of the firm’s goodwill based on the two-year purchase of the weighted average profits for the last three years.
Answer:
Calculation of Goodwill

Weighted Average Profit = \(\frac{\text { Sum of Product }}{\text { Total weights }}\)
= \(\frac{6,00,000}{6}\)
= 1,00,000
Value of Goodwill = Weighted average profit × No. of the year purchase
Goodwill = 1,00,000 × 2 = 2,00,000

Part – V

Answer any 1 question from 23 to 24. Carries 5 scores. (1 × 5 = 5)

Question 23.
The Receipts and Payments Account of Navodaya Library is given below. Prepare Income and Expenditure Account for the year ended 31st March, 2021.
Receipts and Payments account for the year ended 03.03.2021

Additional Information:
(1) Subscription outstanding as on 31.03.2021 amounts to Rs. 1,500.
(2) Provide depreciation @ 10% on furniture.
Answer:
Income and Expenditure A/c for the year ended 31.3.2021.

Note: Membership fees is treated as capital receipt and it is added to the capital fund in the Balance Sheet.

Question 24.
Devika and Krishna are equal partners in a firm. Their balance sheet as on March 31, 2021 is given below:
Balance Sheet as on 31.3.2021

They agreed to admit Amala into the firm with \(\frac{1}{4}\) share in future profits. They decided to revalue their assets at the time of admission.
1. Stock is to be revalued at Rs. 35,000.
2. Furniture is to be depreciated by 10%.
3. Machinery is to be revalued at Rs. 1,00,000.
4. A provision for doubtful debts is to be created on debtors at 5%. Prepare Revaluation account.
Answer:
Revaluation Account

Section – II
(Computerised Accounting) (20 Scores)

A. Answer any 2 questions from 25 to 28. Each carries 1 score. (2 × 1 = 2)

Question 25.
Range of numbers are used for codification in:
(a) Sequential codes
(b) Block codes
(c) Mnemonic codes
(d) Alpha Numeric codes
Answer:
(b) Block codes

Question 26.
Pre-defined formulae in the spreadsheet are called:
(a) Functions
(b) Cell reference
(c) Valups
(d) Operator
Answer:
(a) Functions

Question 27.
Identify the function which displays the current system date.
(a) TODAY
(b) NOW
(c) DATE
(d) DATEVALUE
Answer:
(a) TODAY

Question 28.
Which of the following voucher is used to make rectification entries?
(a) Purchase Voucher
(b) Sales Voucher
(c) Receipt Voucher
(d) Journal Voucher
Answer:
(d) Journal Voucher

B. Answer any 1 question from 29 to 30. Carries 1 score. (1 × 1 = 1)

Question 29.
Identify the function used for EMI (Equated Monthly Installment) calculation while preparing a Loan Repayment Schedule in LibreOffice Calc.
(a) PMT
(b) FV
(c) PV
(d) NPV
Answer:
(a) PMT

Question 30.
Identify the chart that displays data in rings.
(a) Bar Chart
(b) Column Chart
(c) Area Chart
(d) Donut Chart
Answer:
(d) Donut Chart

Part – VII

A. Answer any 3 questions from 31 to 34. Each carries 2 scores.

Question 31.
Identify the relevant functions in LibreOffice Calc used for the following purposes:
(a) To count the cells that contain numbers only.
(b) To count all types of data in a range of cells.
Answer:
(a) COUNT
(b) COUNTA

Question 32.
What is DBMS? Give a suitable example for it.
Answer:
DBMS – Database Management System
Examples: LibreOffice Base, MS Access

Question 33.
List out any two advantages of preparing Graphs and Charts.
Answer:

• It helps to create visual appeal.
• It helps to read the data easily.

Question 34.
List out any two system generated ledger accounts in GNU Khata.
Answer:

• Closing stock
• Opening stock
• Profit & Loss A/c
• Stock at the beginning

B. Answer any 1 question from 35 to 36. Each carries 2 scores. (1 × 2 = 2)

Question 35.
Briefly explain any two security features of Computerised Accounting System.
Answer:

1. Data Audit: It enables one to know as to who and what changes have been made in the original data, thereby helping and fixing the responsibility of the person who has manipulated the data and ensuring data integrity.
2. 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.
State the accounting groups of the following accounts in GNUKhata:
(a) Cash in hand
(b) Machinery
Answer:
(a) Cash in hand – Current Assets
(b) Machinery – Fixed Assets

Part – VIII

A. Answer any 2 questions from 37 to 39. Each carries 3 scores. (2 × 3 = 6)

Question 37.
Explain the three features of the computerised accounting system.
Answer:
Salient Features of Computerised Accounting System (CAS)

• Simple and Integrated: A computerized accounting system is designed to integrate all the business operations such as sales, finance, purchase, etc.
• Accuracy and Speed: Computerised Accounting system provides data entry forms for fast and accurate data entry of the transactions.
• Scalability: The system can cope easily with the increase in the volume of business transactions. The software can be used for any size and type of organisation.

Question 38.
Briefly explain any two Logical functions in LibreOffice Calc.
Answer:
1. IF(): This function is used to test a condition.
When the condition is TRUE, then the first action is taken. When it is FALSE, then the second action is taken.
Syntax = IF (Test, Then value, Otherwise value)

2. NESTED IF()
LibreOffice Calc allows to include one function inside another function. It is called nesting of functions. The IF function can be nested, when you have multiple conditions to meet.
Syntax: =IF (Test_1, Then value_1, IF(Test_2, Then value _2, IF (……..)))

3. AND(): This function gives only a TRUE or FALSE answer.
Syntax: =AND (Logical value 1, Logical value 2, …..)

Question 39.
Explain the purposes of using the following voucher types in GHUKhata:
(a) Receipt Voucher
(b) Payment Voucher
(c) Contra Voucher
Answer:
(a) Receipt Voucher – For recording cash and bank receipts.
(b) Payment Voucher – For recording cash and bank payments.
(c) Contra Voucher – For recording cash bank (contra) transactions.

B. Answer the following questions, which carry 3 scores. (2 × 3 = 6)

Question 40.
Match the following items in Column – A with Column – B:

A	B
(a) TEXT	To calculate the accrued interest on the investment
(b) ACCRINT	To search certain values from a table
(c) LOOKUP	To convert a number into a text

Answer:
(a) TEXT – To convert a number into a text.
(b) ACCRINT – To calculate the accrued interest on investment.
(c) LOOKUP – To search certain values from a Table.