Plus One Accountancy Improvement Question Paper 2018

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.
Plus One Accountancy Improvement Question Papers 2018
Question 1.
State the accounting concept, if a business charges depreciation underwritten down value method and it follows the same method in the subsequent years.
Plus One Accountancy Improvement Question Papers 2018 1

Question 2.
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
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Question 3.
Computer purchased from Mr.X on credit is recorded in the ……………..
a. Purchase book
b. Journal proper
c. Cash book
d. Sales book
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Question 4.
As per business entity concept owner of the business is
a. supplier
b. creditor
c. debtor
d. borrower
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Question 5.
Find the odd one and state the reason
a. Mouse
b. Monitor
c. Keyboard
d. Pen drive
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Question 6.
Find the “entity” from the following.
a. Employee
b. Employee
c. Employee name
d. Age
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Question 7.
Income receivable is………………….
a. an asset
b. a liability
c. profit
d. a loss
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Question 8.
Different entities are related to simplifying the data storage is termed as………….
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Answer any five from question numbers 9 to 14, Each carries two scores.
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Question 9.
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
d. Depreciation
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Question 10.
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?
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Question 11.
Cash book is both a Journal and Ledger. Justify your views.
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Question 12.
Write the name of the correct computer com­ponents in the given box.
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Question 13.
Identify the limitations of CAS from the foll­owing
a. Disruptions
b. Scalability
c. Staff opposition
d. Legibility
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Question 14.
Point out any two differences between ‘Pro­vision’ and Reserve’
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Answer any 4 questions from question numbers 15 to 19. Each carries 3 scores.
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Question 15.
Show the effect of following transactions on Asset, Liabilities, and Capital based on the accounting equation.

  1. Started a business with cash र15000
  2. Rent received र 5000
  3. Purchased goods on credit from Rema र2000
  4. Paid cash to household expenses र 4000
  5. Sold goods for cash (cost 10000) र13000
  6. Deposited into bank र 25000

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Question 16.
Calculate gross profit from the balances taken from the books of Usha for the year ending 31st March 2017
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Question 17.
From the following information, calculate the capital at the beginning.
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Question 18.
Explain briefly about ‘Accounting Reports’.
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Question 19.
What are the following terms stand for?
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  1. GAAP
  2. IFRS
  3. ICAI

Answer any 3 questions from question numbers 20 to 23. Each carries 4 scores.
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Question 20.
Give narrations for die following journal entry.
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Question 21.
Record the following transactions in a double column cash book
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Question 22.
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
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Question 23.
Identify the debit and credit aspects from the following transaction.
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  • 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.
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Question 24.
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.
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Question 25.
Help Ramu a friend of you to prepare a Trial
Balance with the following items.
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Question 26.
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
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Question 27.
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
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Answer question number 28, which carries 8 scores.
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Question 28.
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.
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Adjustment:
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.
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Answers

Answer 1.
Consistency

Answer 2.
Goods are ordered for next month

Answer 3.
Journal proper / Purchase book

Answer 4.
Creditor

Answer 5.
Monitor [Output component]
OR
Pen drive [Storage device ]

Answer 6.
Employee

Answer 7.
An asset

Answer 8.
Relationship/ER Model/Entity Relationship

Answer 9.
Profit on sale of investment – Gain
Interest Received – Revenue
Goods sold at above cost – Profit
Depreciation – Expense

Answer 10.
a. Rs.500000
b. Historical cost concept/Cost principle

Answer 11.
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.

Answer 12.
a. Input
b. output
c. Memory unit
d. Control unit

Answer 13.
a. Disruptions
b. Staff opposition
c. Provision
d. Reserve

Answer 14.

Provision Reserve
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

Answer 15.
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Answer 16.
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
=930000
GP= 150000-930000 = 570000

Answer 17.
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Answer 18.
Accounting report is a collection of related information. It is a physical form of account­ing information. It helps in decision making.

Answer 19.
a. GAAP – Generally Accepted Account­ing Principles
b. IFRS – International Financial Reporting Standards
c. ICAI – Institute of Chartered Account­ing of India.

Answer 20.

  1. Goods are withdrawn for Personal use
  2. Introduced stock into the business
  3. Paid cheque to Rejitha
  4. Sales A/C closed

Answer 21.
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Answer 22.
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Answer 23.
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

Answer 24.
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Answer 25.
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Answer 26.
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Answer 27.
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Answer 28.Plus One Accountancy Improvement Question Papers 2018 52
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