Kerala Plus One Accountancy Improvement Question Paper 2018
Time Allowed: 2 hours
Cool off time: 15 Minutes
Maximum Marks: 60
Answer all questions from question 1 to 8. Each carry 1 score.
State the accounting concept, if a business charges depreciation underwritten down value method and it follows the same method in the subsequent years.
Which one of the following events is NOT a business transaction?
a. Furniture purchased for cash
b. Goods are ordered for next month
c. 10% of debtors are treated as bad.
d. Salary outstanding to the employee
Computer purchased from Mr.X on credit is recorded in the ……………..
a. Purchase book
b. Journal proper
c. Cash book
d. Sales book
As per business entity concept owner of the business is
Find the odd one and state the reason
d. Pen drive
Find the “entity” from the following.
c. Employee name
Income receivable is………………….
a. an asset
b. a liability
d. a loss
Different entities are related to simplifying the data storage is termed as………….
Answer any five from question numbers 9 to 14, Each carries two scores.
Classify the following items as Revenue, Expense, Gain and Profit.
a. Profit on sale of investment
b. Interest received
c. Goods sold at above cost
Arun constructed a building for Rs.5,00,000 for his new business concept. After 2 years the market value of the building is enhanced toRs.8,00,000
a. If you are the accountant, which amount appear in the books?
b. What is the accounting principle support your recording?
Cash book is both a Journal and Ledger. Justify your views.
Write the name of the correct computer components in the given box.
Identify the limitations of CAS from the following
c. Staff opposition
Point out any two differences between ‘Provision’ and Reserve’
Answer any 4 questions from question numbers 15 to 19. Each carries 3 scores.
Show the effect of following transactions on Asset, Liabilities, and Capital based on the accounting equation.
- Started a business with cash र15000
- Rent received र 5000
- Purchased goods on credit from Rema र2000
- Paid cash to household expenses र 4000
- Sold goods for cash (cost 10000) र13000
- Deposited into bank र 25000
Calculate gross profit from the balances taken from the books of Usha for the year ending 31st March 2017
From the following information, calculate the capital at the beginning.
Explain briefly about ‘Accounting Reports’.
What are the following terms stand for?
Answer any 3 questions from question numbers 20 to 23. Each carries 4 scores.
Give narrations for die following journal entry.
Record the following transactions in a double column cash book
Chandra Traders purchased a Motor Van on 01-01-2013 for र 6,00,000. The firm writes off depreciation at the rate of 10% p.a on written down value method. Draw up Motor Van account for the first three years
Identify the debit and credit aspects from the following transaction.
- Insurance premium paid in advance
- Discount allowed Mr. Anandu
- Goods were taken for personal use
- Depreciation is written off on Machinery
Answer any 2 questions from question numbers 24 to 27. Each carries 5 scores.
The cash book shows a debit balance of Rs. 10, 800. on comparing the cash book with passbook the following discrepancies were found. Help them to reconcile the same.
Help Ramu a friend of you to prepare a Trial
Balance with the following items.
Rectify the following errors
a. Credit sales to Mohan र 1200 was not recorded
b. Rent paid र 6000 was posted to Ramu (Laird Lord) personal account
c. Cash sales र 2000 were posted as र 200
d. Sales book overcast by र 3000
e. Purchases book under cast by र 4000
Aroop sold goods to Salini on January, 1st 2017 for र 40000 and drew upon her a bill of exchange for three months. Salini accepted the bill and returned to Aroop. Aroop discounted the bill by an interest of 8% p.a on 02-01-2017. On the due date, the bill was dishonored. Record the entries in the books of Aroop
Answer question number 28, which carries 8 scores.
From the following Trial Balance of M/s. Goutham and Son’s as on 31 st December 2016 prepare a Trading and Profit & Loss Account and Balance sheet.
a. Closing Stock र 12,300
b. Outstanding wages र 200 and salary र 100
c. Accrued commission र 300
d. Create 5% provision for bad and doubtful debts.
e. Charge 10% depreciation on Machinery.
Goods are ordered for next month
Journal proper / Purchase book
Monitor [Output component]
Pen drive [Storage device ]
Relationship/ER Model/Entity Relationship
Profit on sale of investment – Gain
Interest Received – Revenue
Goods sold at above cost – Profit
Depreciation – Expense
b. Historical cost concept/Cost principle
1. Cash transactions are recorded directly from source documents
2. Cash and bank balance can be determined. Thus there is no need for preparing cash a/c or bank a/c.
c. Memory unit
d. Control unit
b. Staff opposition
|1. It is charged against profit||1. It is an appropriation of profit|
|2. Created to meet the specific liability||2.Made of strengthening financial position|
|3. It reduces net profit||3. It reduces divisible profit|
Gross Profit = Net sales – Cost of goods sold
Cost of goods sold = Opening stock + Net purchases + Direct expenses – Closing stock
CGS = 100000 + 900000 + 80000-150000
GP= 150000-930000 = 570000
Accounting report is a collection of related information. It is a physical form of accounting information. It helps in decision making.
a. GAAP – Generally Accepted Accounting Principles
b. IFRS – International Financial Reporting Standards
c. ICAI – Institute of Chartered Accounting of India.
- Goods are withdrawn for Personal use
- Introduced stock into the business
- Paid cheque to Rejitha
- Sales A/C closed
Insurance paid in advance A/C – Debit
Insurance – Credit
Discount allowed A/C – Debit
Mr. Anandu A/C – Credit
Drawings A/C – Debit
Purchases A/C – Credit
Depreciation A/C – Debit
Machinery A/C – Credit