Plus One Accountancy Model Question Papers Paper 2

Plus One Accountancy Model Question Papers Paper 2 are part of Plus One Accountancy Previous Year Question Papers and Answers. Here we have given Plus One Accountancy Model Question Papers
Paper 2.

Plus One Accountancy Model Question Papers
Paper 2

Time Allowed: 2 hours
Cool off time: 15 Minutes
Maximum Marks: 60

Answer all questions from question numbers 1 to 9. Each carry one score.

Question 1.
Credit purchase is calculated by preparing……….

a. Total Debtors account
b. Total Creditors account
c. Bills Receivable account
d. Bills Payable account

Question 2.
Under which one of the following can the asset of ‘Debtors’ be well placed?

a. Real asset
b. Fixed asset
c. Current asset
d. Human asset.

Question 3.
The drawer of a bill of exchange is always the………

a. Debtor
b. Endorser
c. Creditor
d. Proprietor

Question 4.
Introduction of the latest technologies may be one of the causes for_________
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a. Depletion
b. Amortisation
c. Appreciation
d. Depreciation

Question 5.
What will be the effect on the trial balance if Rs 500 is received as interest and correctly entered in the cash book, but posted to the debit side of interest account?

Question 6.
A bill dated August 1, 2012, is payable two months after date. If the due date is a public holiday, what will be the date of maturity of the bill?

Question 7.
When the debit of income and expenditure is more than its credit, it leaves a………

a. profit
b. surplus
c. deficit
d. loss

Question 8.
A ____ is a person to whom business owes money.

a. Debtor
b. Creditor
c. Investor
d. Borrower

Question 9.
Furniture bought on credit is wrongly re­corded in the cash book. It is an exam-pie of an error of ………..

a. Error of principle
b. Error of compensation
c. Error of commission
d. Error of omission

Answer any five from question numbers 10 to 15. Each carries two scores.

Question 10.
The trial balance is a statement prepared to check the arithmetical accuracy of business.
a. Name any two types of errors which can­ not be disclosed through this state­ment.
b. Rectify the following errors.

1. Office furniture purchased for Rs. 5000 was posted to purchase acco­unt.
2. Cash sales Rs. 2000 was posted as Rs. 200.
3. Goods withdrew by the proprietor for personal use Rs. 1000 was not recorded in the books

Question 11.
Every transaction has two aspects which will be recorded in the books of accounts.
a. Identify and explain the accounting concept referred to above, by giving suitable examples.
b. Narrate a transaction which affects only the asset side of an accounting equation

Question 12.
The following errors are noticed in the books of accounts of a trader at the time of prepara­tion of a Trial Balance.

a. Sales book was overcast by Rs 300
b. Salary paid Rs 1500 was wrongly debited to Wages account.
c. Goods sold to Kavitha worth Rs 2000 were completely omitted to be reco­rded.
d. Rent amounting to Rs 1200 was recei­ved but debited to Rent account as Rs 120.

1. 1. Pass the rectification entries for the above.
   2. Identifying the compensating error from the above.

Question 13.
Which assumption of accounting states that the capital supplied by the proprietor is a li­ability to the business? Describe it in one or two sentences.

Question 14.
Jaya Brothers is a sole trader who invested Rs 10000 on 01-01-2012 in his business and the same was found at Rs 18000 at the end of the accounting year. He also withdrew Rs 6000 for his private use. Ascertain his profit for the year.

Question 15.
Unni purchased goods for Rs 9818 and the trader allowed a discount of Rs 18 at the time of purchase.
a. Identify the type of discount
b. Mention the other, types of discounts available and differentiate them with the one stated above.

Answer any three from question numbers 16 to 19. Each carries three scores.

Question 16.
Kannan and Sona acquired a machine for Rs.1,80,000 on 10^th Oct 2012 and spend Rs. 20000 for its installation. The firm write-off depre­ciation at the rate of 10% p.a. on original cost every year. Draw up machinery account for the first 3 years given that the books of accounts close on March 31 st every year.

Question 17.
Prepare a Bank Reconciliation Statement on behalf of Lalu shoe mart as on 31 -03-2013.

• Balance as per cash book as on 31­03-2013 was Rs 3000.
• A cheque worth Rs 2000 issued for rent, so far not presented to a bank
• Interest credited to passbook was only 1200
• Chinnu, one of our customers, cred­ited Rs 4000 to our bank directly.
• Bank charges of Rs 200 were not cr­edited to the cash book so far.

Question 18.
Noel, the sole trader bought a building for Rs. 1,00,000 on01/01/2009.
Further, he constructed another building which was completed on 01 /01 /2010. He spent Rs 2,00,000 for this.
Depreciation was charged at the end of every year on 31st December on the diminishing balance method @10%. Draw the building account till 2012.

Question 19.
On 1^st January 2012, Rajan sold goods to Suresh for Rs 25000 and drew upon him a bill of exchange for 2 months. Suresh accepted the bill and returned it to Rajan. He then endorsed the bill to Manoj, who discounted the bill with the bank on 15-01 -2012 for cash Rs 24750. The bill was dishonored on the due date. Show the journal entries in the books of Rajan and Suresh.

Answer any two from question numbers 20 to 22. Each carries four scores.

Question 20.
On 1st January 2015, Arya sold goods to adwaith for Rs. 10000 and drew a bill of exchange for 3 months. Adwaith accepted the bill. In 7th Feb 2015 Arya discounted the bill with her bank for Rs. 9800. But on the date of maturity of the bill, Adwaith was unable to make the payment. Pass the journal entries in the books of Arya.

Question 21.
On 1^st July 2012, a firm purchased a plant worth Rs 40,000. The firm writes-off depreciation @ 10% on the original cost. The accounts are closed on 31^st December every year. If the plant is sold for Rs 35000 on 1st July 2013, prepare the plant account up to this date.

Question 22.
Ali purchased goods for Rs 30000 from Stephen on 1st January 2015. A bill was drawn for three months which was accepted by the drawee and returned to Stephen. On the same day, the bill was discounted with the bank @12%. Pass the entries in the books of the drawer and drawee.

Answer question numbers 23 and 24. Each car­ries five scores.

Question 23.
Prepare a double column cash book on behalf of a cloth merchant from the information given below.

Question 24.
Noel, the sole trader bought a building for Rs. 1,00,000 on01/01/2009.
Further, he constructed another building which was completed on 01 /01 /2010. He spent Rs 2,00,000 for this.
Depreciation was charged at the end of every year on 31st December on the diminishing balance method @10%. Draw the building account till 2012.

Answer any one from question numbers 25 and 26 A question carries six scores.


Question 25.
Mention the difference between double en­try and single entry system.

Question 26.
Find the sale of Binesh from the following information provided by him for the year ending 31 st March 2013.

Answer question number 27, which carries eight scores.
Question 27.
From the following Trial balance, prep­are the Trading and Profit and Loss account for the year ended 31^st Dece­mber 2012 and a Balance sheet as on that date considering the adjus­tments given.


Adjustments required:
(a) The closing stock was valued at Rs 18000.
(b) Insurance prepaid Rs 200.
(c) Salary outstanding Rs 3000.
(d) Rs 500 written off as further bad debts
(e) Provide 10% on debtors against bad and doubtful debts.
(f) Depreciate furniture @10%

Answer

Answer 1.
Total Creditors account

Answer 2.
Current asset

Answer 3.
Creditor

Answer 4.
Depreciation (Obsolescence)

Answer 5.
A liability

Answer 6.
The expense for the business

Answer 7.
Procedure

Answer 8.
Creditor

Answer 9.
Error of principle

Answer 10.
a. Errors of Principle, Compensating errors

Answer 11.
a. Duality concept/Double entry concept
According to the duality concept, every business transaction has two aspects

• a debit aspect (giving aspect) and
• a credit aspect (receiving aspect).

Eg: Purchased goods for cash
Debit aspect – Purchases
Credit aspect – Cash
b.

• Purchased machinery for cash
•  Sold furniture for cash etc.

Answer 12.

Answer 13.
A business entity or Accounting entity. According to this concept, the business unit has a separate entity apart from its owners. Thus the proprietor and his dealings with the business should be regarded as a transaction.

Answer 14.
Statement of Profit / Loss for the year ended 31-12-2012

Answer 15.

Answer 16.

Answer 17.
Bank Reconciliation Statement as on 31-03-2013

Answer 18.

Answer 19.

Answer 20.

Answer 21.

Answer 22.
In the books of Drawer (Stephen)


Answer23.

Answer 24.

Answer 25.
The following are the difference between the double entry system and single entry system.

Answer 26.

Answer 27.
Trading and Profit and Loss Account for the year ended 31-12-2012

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