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      Karnataka 2nd PUC ACCOUNTANCY (March, 2009) Question Paper


      Posted Date: 16-Aug-2010  Last Updated:   Category: Question Papers    
      Author: Member Level: Diamond    Points: 10 (Rs 1)


      Karnataka Pre University Board 2nd year ACCOUNTANCY March, 2009 Question Paper.



      Code No. 30

      March, 2009
      ACCOUNTANCY

      Time : 3 Hours 15 Minutes ] [ Max. Marks : 100

      SECTION – A

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

      1. Give the meaning of Single Entry System of Book-keeping.
      2. State any two contents of Partnership Deed.
      3. How do you close Revaluation Account on retirement of a partner ?
      4. Give Journal Entry for transfer of realisation loss to partners' Capital
      Accounts.
      5. State any two types of shares of a Public Company.
      6. Under what heading will you show the following items in Company's
      Balance Sheet ?
      a) Bills Receivables
      b) 9% Debentures.
      7. Calculate the amount of annual depreciation of an asset, if the cost ofasset is Rs. 83,000 with scrap value of Rs. 3,000 and estimated life of 10 years.
      8. What are Non-Trading Concerns ?
      9. What is Tally in Computer ?
      10. Mention two types of Accounting Packages.

      SECTION – B

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

      11. Pramod, a partner in a firm has withdrawn the following amounts during
      the year ended 31. 12. 2008 for his domestic use :
      Rs. 2,000 on 29. 02. 2008
      Rs. 3,000 on 01. 06. 2008
      Rs. 5,000 on 31. 08. 2008
      Rs. 4,000 on 01. 11. 2008.
      Calculate the interest on drawings at 12% p.a. under Product method.Code No. 30 10
      12. Raja, Rani and Mantri are partners sharing profits in the ratio of 4 : 3 : 2.Rani retires from partnership. The new ratio of Raja and Mantri is agreed to be 5 : 3.Calculate their Gain Ratio.
      13. A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1.Their Balance Sheet as on 31. 12. 2007 was as follows :
      Balance Sheet as on 31. 12. 2007
      Liabilities Rs. Assets Rs.
      Creditors 40,000 Cash in hand 20,000
      General Reserve 5,000 Debtors 25,000
      Capitals : Stock 30,000
      A 20,000 Furniture 10,000
      B 40,000 Building 50,000
      C 30,000 90,000

      1,35,000 1,35,000 B died on 31. 03. 2008 and as per partnership deed his executors were entitled for
      a) his capital balance as on the date of last Balance Sheet.
      b) his share in General Reserve.
      c) his share of goodwill. The goodwill of the firm was valued at
      Rs. 48,000.
      d) his share of accrued profit, calculated on the basis of last year's
      profit. The profit for the last year was Rs. 24,000.
      e) interest on Capital up to the date of death at 9% per annum.
      Prepare B's Capital Account.
      14. The Directors of Janata Company Limited, forfeited 500 equity shares of
      Rs. 100 each for non-payment of First call at Rs. 20 per share and Final
      call at Rs. 20 per share. These shares were reissued as fully paid at
      Rs. 80 per share.
      Give necessary Journal Entries.
      15. Mention any six differences between Manual Accounting and
      Computerised Accounting.
      SECTION – C
      Answer any four from the following questions, each carrying fourteen
      marks : 4 × 14 = 56
      16. Mr. Raju, a retail trader has kept his books of accounts under Single
      entry system. The following are available from his books :
      Particulars 01. 01. 2008 31. 12. 2008
      Rs. Rs.
      Cash Balance 5,000 8,000
      Stock 24,000 30,000
      Bills Receivables 4,000 10,000
      Debtors 20,000 28,500
      Creditors 18,000 25,000
      Motor Car ( 30. 06. 2008 ) — 20,000
      Bank overdraft 5,000 —
      Buildings 50,000 50,000
      Furniture 15,000 15,000
      Investments 20,000 20,000
      During the year, Raju withdrew Rs. 12,000 in cash and goods worth
      Rs. 8,000 for his domestic purpose. He introduced additional capital of
      Rs. 15,000 on 01. 05. 2008.
      Adjustments :
      a) Depreciate Furniture and Motor car by 10% p.a.
      b) Appreciate Buildings by 20%.Code No. 30 12
      c) Write off bad debts Rs. 1,500 and maintain R.B.D. at 5% on
      debtors.
      d) Allow interest on opening capital at 8%.
      e) Rent due but not paid Rs. 2,000.
      Prepare :
      i) Statement of profit or loss
      ii) Revised Statement of Affairs.
      17. Ramya and Rakesh are partners sharing profits and losses in the ratio of
      3 : 2. Their Balance Sheet as on 31. 12. 2008 was as follows :
      Balance Sheet as on 31. 12. 2008
      Liabilities Rs. Assets Rs.
      Creditors 57,000 Cash at Bank 21,500
      Bills Payable 20,500 Bills Receivable 4,000
      General Reserve 20,000 Debtors 60,000
      Profit & Loss A/c 5,000 Less R.B.D. 3,000 57,000
      Capitals : Stock of goods 35,000
      Ramya 60,000 Furniture 10,000
      Rakesh 30,000 90,000 Buildings 40,000
      Machinery 25,000

      1,92,500 1,92,500

      On 01. 01. 2009 Tanuja is admitted into partnership on the following
      terms :
      a) She should bring Rs. 40,000 as capital for 14 share and Rs. 25,000 towards goodwill.
      b) Depreciate machinery and furniture by 10%.
      c) Appreciate buildings by 20%
      d) Increase R.B.D. on debtors to Rs. 6,000.
      e) An amount of Rs. 2,000 due to a creditor, is not likely to be claimed
      and hence to be written off.
      Prepare :
      i) Revaluation Account
      ii) Partners' Capital Accounts
      iii) New Balance Sheet.13 Code No. 30
      18. Arun, Kiran and Arjun were partners sharing profits and losses equally.
      Their Balance Sheet as on 31. 12. 2008 was as follows :
      Balance Sheet as on 31. 12. 2008
      Liabilities Rs. Assets Rs.
      Sundry Creditors 12,000 Cash at Bank 6,000
      Bills Payable 16,000 Bills Receivable 6,000
      Bank Loan 8,000 Debtors 26,000
      Arun's Loan 22,000 Less R.B.D. 1,000 25,000
      Reserve Fund 12,000 Stock 20,000
      Capitals : Investments 8,000
      Arun 40,000 Furniture 10,000
      Kiran 30,000 Machinerey 25,000
      Arjun 20,000 90,000 Building 60,000

      1,60,000 1,60,000

      On the above date the firm was dissolved and the assets were realised as
      follows :
      a) Bills receivable Rs. 5,000, Debtors Rs. 23,500, Stock Rs. 18,000,
      Machinery Rs. 20,000 and Building Rs. 75,000.
      b) Investments were taken by Kiran at Rs. 10,000 and furniture was
      taken over by Arjun at Rs. 8,000.
      c) All the liabilities were paid in full and dissolution expenses amount to
      Rs. 2,500.
      Prepare :
      i) Realisation Account
      ii) Partners' Capital Accounts
      iii) Bank Account.Code No. 30 14
      19. Following are the Opening Balance Sheet and Receipts and Payments
      Account of Bangalore Sports Club, Bangalore.
      Balance Sheet as on 01. 01. 2008
      Liabilities Rs. Assets Rs.
      O/S Rent 1,800 Cash Balance 8,550
      Capital Fund 61,350 Bank Balance 10,000
      O/S Subscriptions 800
      Sports Materials 35,000
      Furniture 8,800

      63,150 63,150

      Receipts and Payments Account for the year ended 31. 12. 2008
      Receipts Rs. Payments Rs.
      To Cash Balance 8,550 By Rent & Taxes 8,900
      ,, Bank Balance 10,000 ,, Salary 10,500
      ,, Admission Fees 5,450 ,, Legal Charges 850
      ,, Donations 13,500 ,, General Expenses 1,750
      ,, Subscriptions 23,000 ,, Sports Materials 6,000
      ,, Interest 530 ,, Office Expenses 4,300
      ,, Sports Fees 1,200 ,, Investments 15,000
      ,, Cash Balance 6,930
      ,, Bank Balance 8,000

      62,230 62,230

      Adjustments :
      a) Outstanding Subscriptions Rs. 1,800.
      b) Rent due Rs. 900 and Legal charges outstanding Rs. 150.
      c) Write off depreciation Rs. 600 on Furniture and Rs. 4,000 on Sports
      materials.
      d) Donations are to be capitalised.
      Prepare :
      i) Income and Expenditure Account
      ii) Balance Sheet as on 31. 12. 2008.15 Code No. 30 20. On 01. 01. 2005 Anand & Company purchased a machinery for
      Rs. 48,000 and spent Rs. 2,000 for its installation. On 30. 06. 2007 a
      machinery which was purchased on 01. 01. 2005 was sold for
      Rs. 38,000. On 01. 07. 2007 an another machinery was purchased for
      Rs. 40,000. Depreciation is to be charged at 10% p.a. under Diminishing
      Balance Method.
      Show (i) Machinery Account and (ii) Depreciation Account for 4 years
      ending on 31. 12. 2008.
      21. Following is the Trial Balance of Mangala Company Limited, Mangalore.
      Trial Balance as on 31. 12. 2008
      Particulars Debit Credit
      Rs. Rs.
      Share Capital ( 30,000 equity
      shares of Rs. 10 each ) — 3,00,000
      Reserve Fund — 1,25,000
      Salary 10,000 —
      Furniture 50,000 —
      Building 2,00,000 —
      9% Debentures — 1,50,000
      Stock on 01. 01. 2008 65,000 —
      Purchases and Sales 1,50,000 2,60,000
      Returns 5,000 10,000
      Goodwill 50,000 —
      Investments 80,000 —
      Calls-in-Arrears 25,000 —
      Cash at Bank 30,000 —
      Profit & Loss App. A/c — 25,000
      Vehicles 50,000 —
      Preliminary Expenses 30,000 —
      Freight 7,000 —
      Audit Fees 8,000 —
      Bills Receivables & Payables 35,000 10,000
      Dividend 20,000 —
      Debtors and Creditors 1,50,000 1,20,000
      Wages 35,000 —
      10,00,000 10,00,000
      Code No. 30 16
      Adjustments :
      a) Stock on 31. 12. 2008 was valued at Rs. 1,25,000.
      b) Depreciate Furniture and Building at 10% per annum.
      c) Provide R.B.D. on debtors at 5%.
      d) Transfer Rs. 30,000 to Reserve Fund.
      e) Interest on Debenture was outstanding for one year.
      Prepare Final Accounts in the prescribed form.

      SECTION – D
      ( Practical Oriented Questions )

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

      22. Prepare Profit & Loss Appropriation A/c of a partnership firm with at least
      five imaginary figures.
      23. Prepare a Statement of Affairs with five imaginary figures.
      24. Classify the following items into Capital and Revenue :
      a) Cost of computer purchased by a College.
      b) Sale of old newspapers and magazines.
      c) Legacies received.
      d) Subscriptions received.
      e) Amount spent for upkeep of grounds.


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