Plus One Accountancy Model Question Papers Paper 3

Plus One Accountancy Model Question Papers Paper 3 are part of Plus One Accountancy Previous Year Question Papers and Answers. Here we have given Plus One Accountancy Model Question Papers
Paper 3.

Plus One Accountancy Model Question Papers
Paper 3

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

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

Question 1.
The fact that a business is separated and distinguished from its owner is best exempli­fied by the concept.
a. money measurement
b. going concern
c. business entity
d. cost

Question 2.
In every organization, a large number of small payments of repetitive nature are there. To record these as a separate cash book is main­tained is called petty cash book. Name the person who prepares this book.

Question 3.
Consider the following fields of MS Access

Voucher
Voucher
No Voucher Name
Here, ‘voucher’ stands for_____

Question 4.
Furniture bought on credit is the wrong re­corded in the cash book. It is an exam-pie of an error of….
a. principle
b.compensation
c. commission
d. omission

Question 5.
Name any two internal users of accounting information of your choice.

Question 6.
Income tax paid by the sole trader from the business is treated as____
a. Capital
b. Drawings
c. Expensed.
d. None of these

Question 7.
Arun sold goods on credit for Rs. 1000 to Amal. Who is the debtor in this transactions?

Question 8.
……………is used as a source document for recording purchase return.

Question 9.
Complete the series based on the hint given:

Hint: Intangible asset – goodwill

1. Fictitious asset -________
2. Liquid asset – __________

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

Question 10.
Prepare a cash book from the follow­ing transactions of grace enterprises for the month of December 2010.

Question 11.
Computerised accounting has some advan­tages over manual accounting. List out any four such advantages.

Question 11.
Computerised accounting has some advan­tages over manual accounting. List out any four such advantages.

Question 12.
Jaya Brothers is a sole trader who invested Rs 10000 on 01-01-2012 in his business and the accounting year. He also withdrew Rs 6000 for his private use. Ascertain his profit for the year.

Question 13.
Given below is an extract taken from the Trial Balance of a trader as on 31 -12-2012

Additional information:
a. Further bad debts to be written off this year were Rs 100.
b. 10% is reserved for further bad debts
How much amount has to be debited to the Profit and Loss account?
<

Question 14.
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.

Question 15.
Consider the following information from the books of Mr. Sidique.
a. Profit for the year Rs. 60000
b. Additional capital introduced by him Rs. 50000
c. Drawings by him this year Rs.30000
d. Capital at the end of the year Rs.200000
Find the capital contributed by him at the beginning of the year.

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

Question 16.
M.S. Brothers carry on business as cloth deal­ers. From the following, write their purchase book for January 2010


3^rd Jan-2010

Purchased on credit from Ambika Mills, 100 meters long cloth @ Rs 30 per meter and 50 meters shirting @ 50 per meter.

8^th Jan-2010
Purchased for cash from Aravind Mills, 50 meters muslin@ Rs 40 per meter
15^th Jan-2010

Purchased on credit from India Textile Mills, 120 meters suiting @ Rs 100 perimeter and 100 meters shirting @ 60 per meter.

20^th Jan-2010
Purchased laser printer on credit from Bharath Company Ltd. for Rs 12000

Question 17.
0n January 31, 2013, the passbook of Miss Reshmi showed a credit balance of Rs 15000. On verifying the passbook with the cash book, the following was observed.


1. Ascertain the cash book balance as on the above date.
2. Give any two causes of differences between a cash book and a passbook other than the four stated above.

Question 18.
0n 1^st July 2011, Mrs. Kavitha sold goods to Mrs. Molly for Rs 10000 and drew 2 months bill for that amount which was duly accepted. On 5^th July 2011, Mrs. Kavitha discounted the same with the bank for Rs 8500. On the due date, the bill was dishonored and noting charges of 150 was paid by the bank. Show the journal entries in the books of both the parties.

Question 19.
Prasad kept his books under single entry system. His position as on 31 -12-2012 was as follows.

His capital account shows a credit balance of Rs 54000 as on 01-01-2012. He introduced
an additional capital of Rs 5000 during the financial year. He withdrew Rs 10000 for
personal purpose. Ascertain his profit for the yearended3l-12-20l2.

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

Question 20.
On 01 /01 /2013, A sold goods to B for Rs 2000 and on the same day, ‘A’ drew upon ‘B’ a bill of Rs 2000 for three months. On 06/01/2013, the bill has been discounted and received Rs 1800. On the due date, the bill has been dishonored.
Draw up the journal in the drawer’s book.
What would be the entry have been had the banker spent Rs 100 for noting the bill?

Question 21.
Give journal entries for the following tran­sactions.
1. Ram started a business with cash Rs. 80,000/- Building Rs. 1,50,000/­Machinery Rs. 1,20,000/- and stock of goods Rs. 50,000/-
2. He purchased goods for Rs. 70,000 of which he paid Rs. 50,000 in cash and balance on credit from Mohan

Question 22.
The following is the trial balance of Ammu Associates for the year ending 31st Dec­ember, 2014 and other information relating are given to you. Find the working result of business and also show the financial position of them for the year.

Additional information:

1. Closing stock is valued at Rs. 25000
2. Salary of an employee is not paid Rs.500
3. Further bad debt incurred Rs. 200
4. Provision for bad debt is created at 5% on debtors.

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

Question 23.
Some transactions relating to business are given below:

1. Prepare a suitable cashbook from the above.
2. Identify a special Journal where goods withdrawn by the proprietor for perso­nal use worth Rs 200 will be recorded

Question 24.
The following balances are taken from the books of Mr. Biswas. After making the following adjustments, prepare the Trading and Profit and Loss accounts for the year ended 31 st March 2014 and a Balance Sheet as on that date.

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

Question 25.
Compute the cost of goods sold and gross profit with the help of the following information.

Question 26.
Prepare the financial statements of Rajeevan Stores for the year 2012-13 from the information given below.


Adjustments:
(a) The closing stock was valued at Rs 7000.
(b) Wages yet to be paid Rs 300.
(c) Rent includes advance payments of Rs 600 for the next year.
(d) Bad debts are written off Rs 400.
(e) Depreciate building at 10% per annum.

Answer question number 27, which carries eight scores.

Question 27.
What do you mean by accounting, branc­hes of accounting and explain the features of accounting?

Answer

Answer 1.
business entity

Answer 2.
Petty cashier

Answer 3.
Entity

Answer 4.
principle

Answer 5.
Managers, Employees

Answer 6.
Drawings

Answer 7.
Amal

Answer 8.
Debit Note

Answer 9.
Preliminary expenses / Profit and loss (Debit balance)

Answer 10.
Double column cash book

Answer 11.
1. Speed: A computer is able to process data at a very high speed than that of a human being.
2. Accuracy: gree of exactness with which compu­tation are made and operations are performed.
3. Diligence: Computers can work for long hours without any laxity and monotony.
4. Versatility: Computers have the ability to perform a variety of task, simple as well as complex. It can be used in any area of application – business, industry, statistical, technological etc.

Answer 12.
Statement of Profit / Loss for the year ended

Answer 13.

Answer 14.

Answer 15.

Answer 16.

Answer 17.

ii.
(a) Interest, dividend etc collected by the bank
(b) Direct payment by the bank on behalf of the customer.
(c) Interest credited by the bank.
(d) Dishonor of cheques/bill.

Answer 18.
In the books of Mrs. Kavitha

Answer 19.

Answer 20.
In the books of Drawer (A)

Answer 21.

Answer 22.

Answer 23.

Answer 24.

Answer 25.
Cost of goods sold = opening stock + Purchase + Direct = Expenses – closing stock
=60000 + (30000-2000) + 50000 + 10000-80000
= 60000 + 298000 + 60000 – 80000 = 338000
Gross profit = Sales (Net) – Cost of goods sold = (400000 – 3000) – 338000 = 59000

Answer 26.

Answer 27.
Meaning and Definition of Accounting According to the American Institute of Certified public Accountants [AICPA], “Accounting is an art of recording, classi­fying and summarizing in a significant manner and in terms of money, trans­actions and events which are, in part, at least, of a financial character and inter­preting the result thereof’.

Branches of Accounting
In order to satisfy the needs of the differ­ent people interested in accounting infor­mation, various branches of accounting have developed. They are:

1. Financial Accounting: It is the original form of accounting. The purpose of this form of accounting is to record transa­ctions in the books of accounts and to prepare the financial statements and interpreting the results.

2. Cost Accounting: This branch of accounting deals with the process of ascertainment of cost with the help of this system, the cost of product or services can be ascertained and controlled. It is more helpful to the management of the business.

3. Management Accounting: It is con­cerned with the use of financial and cost accounting information to managers for making business decisions.

Accounting Process/Features
Identification: It means determining and identifying events that are to be recorded in business. The business transactions and other economic events, therefore, be evaluated for deciding whether it has to record in the accounts

Measurement: It means quantification of business transactions into financial terms by using monetary units (Rupees). If an event cannot be monetarily expressed, it is not considered for recording.

Recording: Once the economic events are identified and measured, they are recorded in the books of accounts in chronological order.

Communication: The summarised accounting information has to be communicated in a proper form to the internal as well as external users.

Objectives of Accounting:

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