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      Karnataka 2nd PUC ACCOUNTANCY (March, 2008) Question Paper


      Posted Date: 14-Aug-2010  Last Updated:   Category: Question Papers    
      Author: Member Level: Diamond    Points: 10 (Rs 1)


      Karnataka Pre University Board 2nd year ACCOUNTANCY March, 2008 Question Paper.



      Code No. 30

      March, 2008
      ACCOUNTANCY

      Time : 3 Hours 15 Minutes Max. Marks : 100


      SECTION – A

      Answer any eight questions, each carrying two marks. 8 × 2 = 16

      1. What is statement of affairs ?
      2. State any two rules to be followed in the absence of partnership deed.
      3. Mention any two factors which determine the goodwill of a partnership
      firm.
      4. Give the journal entry to close partner's loan account on dissolution of
      firm.
      5. What is issue of shares at a premium ? Give an example.
      6. Under what heading do you show the following in Company's Balance
      Sheet ?
      a) Forfeited Shares Account
      b) Preliminary Expenses.
      7. State any two causes of depreciation.
      8. Bring out any two differences between Receipts and Payments account
      and Income and Expenditure account.
      9. What is data processing ?
      10. State any two features of computerised accounting.

      SECTION – B

      Answer any three questions, each carrying six marks. 3 × 6 = 18

      11. Vikas, a partner in a firm has withdrawn the following amounts during the
      year ended 31. 12. 2007 :
      Rs. 6,000 on 31. 03. 2007
      Rs. 10,000 on 01. 07. 2007
      Rs. 4,000 on 31. 10. 2007
      Rs. 1,000 on 31. 12. 2007.
      Calculate interest on drawings at 6% per annum under product method.
      12. Vidya and Vani were partners sharing profits and losses in the ratio of
      3 : 2. They admit Vijaya as a new partner. The new profit sharing is
      agreed to be 4 : 3 : 2.
      Calculate the sacrifice ratio of the old partners.
      13. Asha, Usha and Nisha were partners in a firm sharing profits and losses in
      the ratio of 2 : 2 : 1. On 31. 12. 2006 their Balance Sheet is as follows :
      Liabilities Rs. Assets Rs.
      Creditors 20,000 Cash at Bank 10,000
      Reserve Fund 10,000 Debtors 30,000
      Bills Payable 10,000 Stock 20,000
      Capitals : Furniture 10,000
      Asha 40,000 Buildings 40,000
      Usha 20,000
      Nisha 10,000 70,000
      1,10,000 1,10,000
      Usha died on 30. 04. 2007. Usha's executors entitled to claim the
      following :
      i) Her capital as on the date of last Balance Sheet
      ii) Her share of Reserve Fund
      iii) Salary Rs. 500 per month
      iv) Her share of goodwill. Firm's goodwill was valued at Rs. 20,000.
      v) Her share of profit upto the date of death on the basis of previous
      year's profit which was Rs. 24,000.
      Prepare Usha's Capital Account and ascertain the amount payable to her
      executors.
      14. The Laxmi Company Ltd. issued 10,000 equity shares of Rs. 10 each. The
      amount payable was as follows :
      On application Rs. 2
      On allotment Rs. 3
      On 1st & Final Call Rs. 5.
      All the shares were subscribed and all the money received except the
      1st & Final Call on 200 shares.
      Give Journal entries for issue of shares in the books of the Company.
      15. Briefly explain six disadvantages of Computerised Accounting.

      SECTION – C

      Answer any four from the following questions, each carrying fourteen
      marks : 4 × 14 = 56

      16. Mr. Vivek a retail trader has kept his books of accounts under single
      entry system. The following information is available from his books :
      Particulars 01. 01. 2007 31. 12. 2007
      Rs. Rs.
      Bank Balance 15,000 —
      Stock in trade 20,000 30,000
      Debtors 25,000 35,000
      Creditors 30,000 40,000
      Investments 10,000 20,000
      Furniture 15,000 15,000
      Building 40,000 40,000
      Motor Vehicle ( 01. 07. 2007 ) — 20,000
      Bank overdraft — 10,000
      During the year, he withdrew Rs. 15,000 cash and goods worth
      Rs. 5,000 for his household purpose.
      i) Write off bad debts Rs. 1,000 and maintain R.D.D. at 5% on
      debtors.
      ii) Depreciate Furniture and Motor vehicles at 10%.
      iii) Appreciate Building at 20%.
      iv) Interest on overdraft outstanding Rs. 500.
      v) Allow interest on capital at 8% p.a.
      Prepare :
      a) Statement of affairs
      b) Statement showing profit or loss
      c) Revised statement of affairs as on 31. 12. 2007.
      7. Naveen, Nutan and Praveen were partners in a business sharing profits
      and losses in the ratio of 4 : 3 : 1 respectively.
      Their Balance Sheet as on 31. 12. 2006 was as follows :
      Balance Sheet as on 31. 12. 2006
      Liabilities Rs. Assets Rs.
      Creditors 28,000 Cash at Bank 7,000
      General Reserve 4,000 Bills Receivable 9,000
      Bills Payable 20,000 Debtors 20,000

      e) That the total capital of the new firm be fixed at Rs. 50,000 between
      Naveen and Praveen. The new profit sharing ratio of the remaining
      partners was agreed at 6 : 4. The capital adjustments are to be made
      in cash.
      Prepare :
      i) Revaluation Account
      ii) Partner's Capital Accounts
      iii) Balance Sheet of Continuing Partners.
      18. Shruti, Shilpa and Shreya were partners in a firm, sharing profits and
      losses in the ratio of 2 : 2 : 1. Their Balance Sheet on the date of
      dissolution was as follows :
      Balance Sheet as on 31. 12. 2006
      Liabilities Rs. Assets Rs.
      Creditors 30,000 Cash at Bank 6,000
      Bills Payable 20,000 Debtors 30,000
      Shreya's loan 8,000 Stock 30,000
      General Reserve 10,000 Furniture 22,000
      Capitals : Machinery 20,000
      Shruti 40,000 Building 50,000
      Shilpa 30,000
      Shreya 20,000 90,000

      1,58,000 1,58,000

      The assets realised as follows :
      a) Debtors realised 10% less than the book value, the stock realised
      15% more than the book value, building realised Rs. 60,000.
      b) The furniture was taken over by Shruti at Rs. 20,000.
      c) The machinery was taken over by Shilpa at Rs. 15,000.
      d) Creditors and bills payable were paid off at a discount of 5%.
      e) Cost of dissolution amounted to Rs. 1,500.
      i) Realisation Account
      ii) Partner's Capital Accounts
      iii) Bank Account.
      19. i) On 01. 01. 2002, a firm bought Machine X costing Rs. 28,000 and
      spent Rs. 2,000 for its installation.
      ii) Machine Y was purchased on 01. 07. 2003 for Rs. 40,000.
      iii) Machine X was sold on 30. 04. 2004 for Rs. 23,000.
      Depreciation is to be charged at 10% per annum under Diminishing
      Balance Method.
      Show (i) Machinery Account and (ii) Depreciation Account for 4 years
      ending on 31. 12. 2005.
      20. The following is the Balance Sheet of Public Library, Mysore, as on
      01. 01. 2006 was as follows :
      Balance Sheet as on 01. 01. 2006
      Liabilities Rs. Assets Rs.
      Outstanding Rent 200 Cash in hand 1,400
      Capital fund 23,800 Books 14,000
      Furniture 8,000
      Outstanding Subscriptions 600

      24,000 24,000

      Receipts and Payments Account for the year ending 31. 12. 2006
      Receipts Rs. Payments Rs.
      To Cash Balance 1,400 By Rent 2,400
      ,, Subscriptions 12,000 ,, Printing & Stationery 1,200
      ,, Entrance Fees 2,000 ,, Office Expenses 2,800
      ,, Donations 4,000 ,, Books bought
      ,, Sale of old papers 1,000 ( 01. 07. 2006 ) 10,000
      ,, Sundry Receipts 600 ,, Investment in Securities 2,000
      ,, Closing Balance 2,600

      21,000 21,000
      i) Outstanding rent on 31. 12. 2006 was Rs. 300.
      ii) Subscriptions outstanding for the year 2006 amounted to Rs. 400
      and Received in advance for the year 2007 was Rs. 800.
      iii) Half of Entrance fees and entire donations are to be capitalised.
      iv) Depreciation 10% per annum on Books and 5% per annum on
      Furniture is to be calculated.
      Prepare Income and Expenditure Account for the year ending
      31. 12. 2006 and also Balance Sheet as on that date.
      21. From the following Trial Balance of the Arunodaya Company Ltd. prepare
      company final accounts as on 31. 03. 2007 in the prescribed form :
      Trial Balance as on 31. 03. 2007
      Particulars Debit Credit
      Rs. Rs.
      Called up Capital ( 20,000 shares
      of Rs. 5 each ) — 1,00,000
      Calls-in-arrears 4,000 —
      Stock on 01. 04. 2006 34,000 —
      Purchases and Sales 1,05,000 2,08,000
      Returns 8,000 5,000
      Freight 6,000 —
      Salaries 15,000 —
      Director's fees 9,800 —
      Preliminary expenses 12,000 —
      Debtors and Creditors 24,000 28,000
      Furniture 20,000 —
      Building 50,000 —
      Goodwill 64,000 —
      Investments 34,000 —
      Interest on Investments — 3,000
      P & L Appropriation A/c — 20,000
      Particulars Debit Credit
      Rs. Rs.
      Reserve Fund — 30,000
      Bad debts 3,200 —
      Cash at Bank 35,000 —
      10% Debentures — 56,000
      Dividend 26,000 —
      4,50,000 4,50,000
      Adjustments :
      a) Closing stock was valued at Rs. 30,000.
      b) Transfer Rs. 5,000 to Reserve Fund.
      c) Half of Preliminary expenses should be written off.
      d) Provide for outstanding debenture Interest for full year.
      e) Provide for Reserve for doubtful debts at 5%.

      SECTION – D
      ( Practical Oriented Questions )

      Answer any two of the following questions. Each question carries five
      marks : 2 × 5 = 10

      22. Prepare Capital Accounts of two partners under Fluctuating Capital
      System with five imaginary figures.
      23. Prepare a Revaluation Account with five imaginary figures.
      24. Classify the following Receipts into Capital and Revenue :
      a) Life membership fees
      b) Sale of old sports materials
      c) Subscriptions
      d) Tuition fees
      e) Prize amount Rs. 1 lakh received from Lottery.
      Capitals : Stock 30,000
      Naveen 25,000 Machinery 24,000
      Nutan 15,000 Furniture 10,000
      Praveen 10,000 50,000 Profit & Loss A/c 2,000

      1,02,000 1,02,000

      Nutan retired on the above data subject to the following terms :
      a) Machinery be depreciated by 5%.
      b) That stock be appreciated by 10%
      c) A bad debts reserve is to be created at 5% on debtors.
      d) The goodwill of the firm be valued at Rs. 8,000 and same should be
      shown in the Balance Sheet of the continuing partners.


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