How to download Karnataka 2nd PUC Model Paper 2020. Step 1: Visit the official website of the board- pue.kar.nic.in Step 2: On the home page, at the bottom find the column saying Ist & IInd PUC Question Bank 2019-2020. Step 3: In the new window, scroll down to find the Model Question Papers. Step 4: Click on the respective subject to download the Karnataka 2nd PUC Model. Dec 28, 2018 Plus One Accountancy Previous Year Question Papers. Students can Download the Karnataka 2nd PUC Model Question Paper 2020 for.

Students can Download 2nd PUC Accountancy Model Question Paper 1 with Answers, Karnataka 2nd PUC Accountancy Model Question Papers with Answers helps you to revise the complete Karnataka State Board Syllabus and score more marks in your examinations.

Karnataka 2nd PUC Accountancy Model Question Paper 1 with Answers

Time: 3 Hrs 15 Min
Max. Marks: 100

Instructions: –

1. All sub questions of Section – A should be answered continuously at one place.
2. Provide working notes wherever necessary.
3. 15 minutes extra time has been allotted for the candidates to read the questions.
4. Figures in the right hand margin indicates full marks.

Section – A

I. Answer any Eight questions, each question carries One mark : ( 8 × 1 = 08 )

Question 1.
Government grant is treated as ……………. receipt.
Answer:
Revenue Receipt

Question 2.
State the minimum number of persons required to form a partnership.
Answer:
2 persons

Question 3.
Accumulated profits are transferred to all partners’ capital account including new partner [True / False].
Answer:
False

Question 4.
Amount due to deceased partner is settled in the following manner ………….
[a] Immediate full payment
[b] Transferred to loan account
[c] Partly Paid in cash and balance transferred to loan account
[d] All of the above
Answer:
All of the above

Question 5.
Profit on forfeited shares is transferred to account
Answer:
Capital reserve

Question 6.
Name any one method of redemption of debentures.
Answer:
Payment is lump sum or any ether one

Question 7.
Write one objectives of financial statements.
Answer:
To provide information about economic resources and obligations of a business or any other one.

Question 8.
Comparative statement analysis is also known as …………
[a] Dynamic analysis
[b] Horizontal analysis
[c] Vertical analysis
[d] External anlysis.
Answer:
[b] Horizontal analysis

Question 9.
Expand E.P.S
Answer:
E.P.S = Earnings per share

Question 10.
Give an example for cash inflows from financing activities.
Answer:
Cash proceeds from issuing shares (equity or / and preference) or any other.

Section – B

II. Answer any Five questions, each question carries Two marks : ( 5 × 2 = 10 )

Question 11.
What is Capital Fund? 2 marks
Answer:
Capital fund is the difference between the assets and liabilities of the not for profit organization. It is aggregate capital items like legacies, entrance fees and lite membership fees.

Question 12.
Write any two contents of partnership deed.
Answer:
Contents of partnership deed.

1. Name and addresses of the firm.
2. Name and address of all the partners or any other

Question 13.
State any two methods of valuation of goodwill.
Answer:
The important methods of valuation of goodwill are as follows

1. Average profits method
2. Super profits method or any other

Question 14.
Give the journal entry for a liability taken over by a partner on dissolution of firm.
Answer:

Question 15.
What is Oversubscription?
Answer:
It is a situation, when applications for more shares of a company are received than the number offered to the public for subscription.

Question 16.
Write any two limitations of financial statements.
Answer:

1. Do not reflect current situation
2. Assets many not realize or any other.

Question 17.
State any two uses of financial statement analysis.
Answer:
Uses of financial analysis

1. Help the financial manger to take better decision.
2. Helps the management is measuring the success of the companies operations or any other.

Question 18.
Mention any two activities which are classified for preparation of cash flow statement as per AS – 3
Answer:
Two activities for the preparation of cash flow statement are :

1. Operating activities
2. Investing activities or
3. Financing activities

Section – C

III. Answer any Four questions, each question carries Six marks : ( 4 × 6 = 24 )

Question 19.
Mahesh, a partner in firm withdrew the following amounts during the year ended March 31,
May 01, 2017 – ₹ 10,000
September 30, 2017 – ₹ 8,000
November 01, 2017 – ₹ 7,000
January 31,2018 – ₹ 12,000
Calculate interest on his drawings at 9% p.a. under product method.
Answer:
Calculation of Interest in Drawings under product month
Interest = Total products x Ratio of interest x =
= ₹ 1627.50 or ₹ 1,628

Question 20.
Ankit, Suchit and Chandru are partners in a firm sharing profits and losses in the ratio of 4:3 : 2 Ankit retires from the firm. Suchit and Chandru agreed to share in the ratio of 5 :3 in future. Calculate gaining ratio of suchit and Chandru.
Answer:
O.RS Ratio = Anikita -4 : Suchita – 2 : Chandra – 2
NPSR = Suchita – 5 : Chandra – 3
Share of Gain = New Share – Old share

Question 21.
A, B and C are the partners in a business sharing profits and losses in the ratio of 2 : 2 : 1 respectively. Their Balance Sheet as on 31st March 2017 was as follows:
C died on 30 th Sept, 2017. The partnership deed provides the following:

1. The deceased partner will be entitled to his share of profit up the date of death calculated on the basis of previous year’s profit.
2. He will be entitled to his share cf goodwill of the firm calculated on the basis of three years purchase of average of last four years profit. The profits for last four years arc given below;
   2013-14 ₹ 80,000 ; 2014-15 ₹ 50,000; 2015-16 ₹ 40,000 and 2016-17 ₹ 30,000.
3. Interest on capital is to be allowed at 12% p.a.
   Prepare C’s Executors account.

Answer:

Question 22.
Anand Co., Ltd, issued 10,000,10% debentures at ₹ 100 each payable as :
₹ 20 on application
₹ 50 on allotment and }
₹ 30 on first and final call
All the debentures were subscribed and money duly received.
Pass necessary journal entries.
Answer:

Question 23.
From the following particulars, prepare a statement of profit and loss for the year ending 31st March 2017 as per the schedule III of the companies Act of 2013:
Answer:
Note to Accounts : Employee benefit expenses

Question 24.
From tbe following particulars, Calculate current ratio and quick ratio:
Answer:

Question 25.
Praful Ltd, arrived at a net income of ₹ 5,00,000 for the year ended March 31,2018. Depreciation for the year was ₹ 2,00,000. There was a profit of ₹ 50,000 on asset sold which was transferred to statement of profit and loss. Trade receivables increased during the year ₹ 40,000 and Trade payables also increased by ₹ 60,000.
Compute the cash flow from operating activities by the indirect method.
Answer:
Cash Flows from operating activities (Indirect method)

Section – D

VI. Answer any Four questions, each question carries Twelve marks : ( 4 × 12 = 48 )

Question 26.
Following are the Balance Sheet and Receipts and Payments Account of Golden Sports Club, Vijayapur:
Adjustments:
(a) Outstanding subscriptions for 2018 ₹ 1,000.
(b) Outstanding salary as on 3 1-03-2018 ₹ 5,OO0
(c) Half of the entrance fees to be capitalised.
(d) Depreciate sports materials @ 20% per annum
Prepare (i) Income and Expenditure account for the year ending 31-03-2018 and (ii) Balance Sheet as on that date.
Answer:

Question 27.
Raja and Rani are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 3 1.03.2018 was as follows:
On 01.04.2018 they admitted Mantri as a partner and offer him 1/5th share in the future profits on the following terms:
a. Mantri has to bring in ₹ 30,000 as his capital and ₹ 10,000 towards goodwill. Goodwill is to be withdrawn by the old partners.
b. Depreciate Machinery by 5%
c. Appreciate buildings by 10%
d. PBD is maintain at 4,000 and Investments are to be revalued at ₹ 25,000
Prepare : (i) Revaluation Account, (ii) Partners Capital Accounts and
(iii) Balance Sheet of the firm after admission.
Answer:

Question 28.
Tanu and Sonu are partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their firm on 31.03.2018. Their Balance Sheet was as follows:
The following information is available :
a. Machinery were given to creditors in full settlement of their account and stock were given to bills payable in full settlement.
b. Investments are taken over by Soqu at book value. Sundry Debtors book value of ₹ 50,000 were taken over by Tanu at 10% less and remaining debtors realised ₹ 51,000.
c. Sonu paid realization expenses of ₹ 1,000 and she was to get a remuneration of ₹ 2,000 for completing the dissolution process.
Prepare:
(a) Realisation A/c }
(b) Partners’ Capital Accounts and
(c) Bank A/c
Answer:

Question 29.
Sun India Ltd., issued 20,000 shares of ₹100 each at a premium of ₹ 10 each. The amount was payable as follows:
₹ 20 on application
₹ 50 on allotment [including premium]
₹ 40 on first and find call.
All the shares were subscribed and money duly received except the first and final call money on 1,000 shares. The directors forfeited these shares and re-issued them as fully paid @ ₹ 90 per share.
Pass the journal entries relating to issue, forfeiture and re-issue of shares in the books of the company.
Answer:

Question 30.
Give journal entries for the following:
a. Issue of ₹ 2,00,000 12% debentures of ₹ 100 each at par and redeemable at par.
b. Issue of ₹ 50,000,10% debentures of ₹ 100 each at a premium of 5% but redeemable at par.
c. Issue of ₹ 3,00,000,8% debentures of ₹ 100 each at a discount of 5% repayable at par.
d. Issue of ₹ 100,000, 9% debentures of ₹ 100 each at par but repayable at a premium of 5%.
Answer:
In the Books of Company

Question 31.
From the following balance sheets of LG Industries Ltd., compute the Trend percentages using 31.3.2016 as base year.
Answer:

Question 32.
From the following particulars calculate :
a. Inventory turnover ratio
b. Trade receivable turnover ratio
c. Trade payable turnover ratio
d. Gross profit ratio
e. Operating ratio
f. Net Profit ratio

Answer:
From the following particulars calculate :

Section – E
(Practical Oriented Questions)

V. Answer any Two questions, each question carries Five marks: ( 2 × 5= 10 )

Question 33.
Write two partners capital accounts under fluctuating capital system with 5 imaginary figure.
Answer:

Question 34.
Write proforma of Balance Sheet of a company with main heads only.
Answer:
Balance Sheet as at 31 st March 20

Question 35.
Prepare comparative income statement of profit and loss with five imaginary figures
Answer:
Comparative Statement of profit and loss for the year ended March 31, 2014 and 2015.

Students can Download 2nd PUC Accountancy Model Question Paper 5 with Answers, Karnataka 2nd PUC Accountancy Model Question Papers with Answers helps you to revise the complete Karnataka State Board Syllabus and score more marks in your examinations.

Karnataka 2nd PUC Accountancy Model Question Paper 5 with Answers

Time: 3 Hrs 15 Min
Max. Marks: 100

Instructions: –

1. All sub questions of Section – A should be answered continuously at one place.
2. Provide working notes wherever necessary.
3. 15 minutes extra time has been allotted for the candidates to read the questions.
4. Figures in the right hand margin indicates full marks.

Section – A

I. Answer any Eight questions, each question carries One mark : ( 8 x 1 = 08 )

Question 1.
What are the books of accounts maintained by non-profit organisation?
Answer:

1. Cash book
2. ledger
3. Journal.

Question 2.
Mention one circumstance under which fixed capital may change.
Answer:

1. For additional capital
2. Permanent withdrawal of capital.

Question 3.
Why is Sacrifice ratio calculated?
Answer:
Sacrifice ratio is calculated in order to distribute the goodwill brought in cash by the new partner on account of admission.

Question 4.
Who is an executor?
Answer:
Executors are the legal representatives of a deceased partner in a partnership firm.

Question 5.
State the different types of shares that can be issued by public limited company.
Answer:

1. Equity shares
2. Preference shares.

Question 6.
State any two merits of Financial Statements. .
Answer:

1. Basis for taxation policies
2. Basis for granting of credit.

Question 7.
State any two uses of Financial Statement Analysis? ‘
Answer:

1. It is useful to prospective investors who would like to know the earning capacity of the firm.
2. It helps the top management in measuring the success of the company’s operations.

Question 8.
What are the various types of ratios?
Answer:

1. Liquidity ratio
2. Solvency ratio
3. Turnover ratio
4. Profitability ratio.

Question 9.
What are debentures?
Answer:
A debenture is an instrument issued by the company under its common seal acknowledging its debts to the holder and promising to repay the debt after a certain period of time with interest at regular intervals.

Question 10.
Mention any one objective of cash flow statements.
Answer:
It show inflow and outflow of cash and cash equivalents from various activities.

Section – B

II. Answer any Five questions, each question carries Two marks : ( 5 x 2 = 10 )

Question 11.
What are Legacies?
Answer:
Legacies are gifts or donations received by non-profit organizations, under a will on the death of a donor.

Question 12.
Give the meaning of fluctuating capital system.
Answer:
Under the fluctuating capital method, the capitals of the partners fluctuate from year to year.

Question 13.
Name any two factors affecting goodwill.
Answer:

1. Profits of the firm
2. Turnover of the firm

Question 14.
Give the journal entry for the asset taken over by partner in case of dissolution of partnership firm.
Answer:
Partner capital account Dr.
To Realisation A/c

Question 15.
What do you mean by forfeiture of shares?
Answer:
Forfeiture of shares means cancellation of the rights of the shareholder on the shares held by him for non payment of allotment money or call money or both, on such shares.

Question 16.
Name any two types of financial statements.
Answer:

1. Income Statement
2. Position Statement

Question 17.
Write any two objectives of Ratio analysis.
Answer:

1. It is useful for making projections and estimates for the future.
2. To know the area of business, which needs more attention.

Question 18.
Give the meaning of Cash Equivalents.
Answer:
Cash equivalents are short term, highly liquid investments that are easily convertible into cash and which are subject to an insignificant risk of change in value. In other words, cash equivalents are held for the purpose of meeting short term cash commitments rather than for investment or any other purpose. An investment held for short-term maturity, say three months can be regarded as cash equivalent. Some examples of cash equivalents are treasury bills, commercial papers, etc.

Section – CFree cam4 tokens generator with no survey.

III. Answer any Four questions, each question carries Six marks : ( 4 x 6 = 24 )

Question 19.
Pramod and Vinod are partners in a firm. Pramod’s drawings for the year 2014-2015 are given as under:
₹ 4,000 on 01.06.2014
₹ 6,000 on 30.09.2014
₹ 2,000 on 30.11.2014
₹ 3,000 on 01.01.2015
Calculate interest on Pramod’s drawings at 8% p.a. for the year ending on 31.03.2015 under product method.
Answer:
Calculation of Interest
Interest ⇒Total product x Interest rate x 1/12 ⇒ 93000 x 1/12

Question 20.
Vani, Rani and Soni are partners in a firm sharing profits and losses in the ratio of 4: 3: 2. Soni retires from the firm. Vani and Rani agreed to share equally in future.
Calculate Gain Ratio of Vani and Rani.
Answer:
Calculation of Gain Ratio
Gain Ratio = New Ratio – old ratio

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Question 21.
X, Y and Z are partners sharing profits and losses in the ratio of 2 : 2 :1. Their capital balances on 01. 04. 2015 stood at ₹ 90,000, ₹ 60,000 and ₹ 40,000 respectively. Mr. Y died on 31.12. 2015. Partnership deed providers the following :
(a) Interest on capital at 10% per annum.
(b) Salary to Mr. Y ₹ 2,000 per month.
(c) Y’s share of goodwill.
(d) His share of profit up to the date of death on the basis of previous year’s profit.
(i) Total goodwill of the firm is ₹ 54,000.
(ii) Profit of the firm for the year 2014-2015 is ₹ 30,000.
You are required to ascertain the amount payable to executors of Y by preparing executor’s account.
Answer:
Y’s Executor’s Account

Question 22.
A. Ltd. issued 10,000,10% debentures of ₹ 1 00 each at a premium of 5 % payable as follows:
₹ 10 on Application;
₹ 20 along with premium on allotment and balance on first and final call. Record necessary Journal Entries.
Answer:

Question 23.
From the following information prepare the balance shcet of Jam Ltd. Inventories ₹ 7,00,000; Equity Share Capital ₹ 16,00,000; Plant and Machinery ₹ 8,00,000; Preference Share Capital ₹ 6,00,000; General Reserves ₹ 6,00,000; Bills payable Rs 1,50,000; Provision for taxation ₹
2,50,000; Land and Building ₹ 16,00,000; Non-current Investments ₹ 10,00,000; Cash at Bank ₹ 5,00,000; Creditors ₹ 2,00,000; 12% Debentures ₹ 12,00,000.
Answer:

Question 24.
Handa Ltd. has inventory of 20,000. Total liquid assets are 1,00,000 and quick ratio is2: 1. Calculate current ratio.
Answer:

Question 25.
From the information given below you are required to calculate the cash paid for the inventory:

Answer:
Cash paid for Inventory amounts to ₹ 1,59,500

Section – D

VI. Answer any Four questions, each question carries Twelve marks : ( 4 x 12 = 48 )

Question 26.
Following are the Balance Sheet and Receipts and Payments Account of Ganesh Education Trust, Udupi.
Adjustments:
(i) Subscription outstanding ₹ 5,000.
(ii) Subscription received in advance ₹ 5,000.
(iii) Salary prepaid ₹ 2,500.
(iv) Capitalise 50% of entrance fees and 100% of donations
(v) Depreciate Building by 10% p.a.
Prepare: a) Income and expenditure A/c for the year ending on 31.03.2015
b) Balance Sheet as on 31.03.2015.
Answer:
Income and Expenditure A/c for the year ending 31.3.2015

Question 27.
Ajay and Vijay are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as on 31.03.2015 was as follows :
On 01.04.2015, Mr. Sanjay is admitted into partnership on the following terms:
(a) He should bring ₹ 20,000 as capital for th share and ₹ 12500 towards goodwill.
(b) Depreciate machinery and furnitures by 10% p.a. each.
(c) Appreciate buildings by 20% p.a.
(d) Increase R.B.D. on Debtors to ₹ 3,000.
(e) Prepaid insurance ₹ 1,000 Prepare:
(i) Revaluation account
(ii) Partners’ capital accounts
(iii) Opening balance sheet of new firm as on 0,1.04.2015.
Answer:

Question 28.
Ashith, Ashik and Ashin are partners sharing profit and losses in the ratio of 2 : 2 : 1 on 31.3.2015 then balance sheet was as follows:
i) They decided to dissovie the firm on the above date and the assets reatisea as follows:
Machinery – ₹ 20,000
Debtors – ₹ 24000
GoodwiJi – ₹ 12,000
Bills receivables – ₹ 2,000
Stock – ₹ 18,000
Balance Sheet as on 3 1-3-2015
In addition to this one unrecorded asset investment was also realised for ₹ 5,000
ii) Creditors were settled at ₹ 21,400 in full settlement, Bank loan was paid in full. The dissolution expense amounted to ₹ 600.
Prepare:
i) Realisation A/c
ii) Partners capital A/c
iii)BankA/c
Answer:

Question 29.
Akash Co.Ltd. issued 40000 equity shares of ₹ 10 each at a premium of ₹ 2 per share to the public, payable as follows:
₹ 3 on application,
₹ 4 on Allotment (including premium)
₹ 3 on first call
₹ 2 on final call.
All the shares subscribed and the money duly received except on final call on 800 shares. The Directors forfeited these shares and re-issued them as fully paid up at ₹ 7 per share.
Pass the necessary Journal Entries related to the above information.
Answer:

Question 30.
Following are the balance sheets of Alpha Ltd., as at March 31, 2014 and 2015:
you are required to prepare a comparative Balance Sheet.
Answer:

Question 31.
X. Ltd. issued 5,000, 15% debentures of ₹ 100 each January 01, 2014 at a discount of 10%, redeemable at a premium of 10% in equal annual drawings in 4 years but of capital.
Give journal entries both at the time of issue and redemption of debentures. (Ignore the treatment of loss on issue of debentures and interest).
Answer:

Question 32.
The following are the profit and Loss account and balance sheet of Sharathi Trading Co. Ltd. for the year ended on 31.03.2015:
From the above information calculate,
(a) Gross profit ratio.
(b) Current ratio
(c) Stock Turnover ratio
(d) Liquidity ratio
(e) Operating ratio.
Answer:
Note :
Operating cost = Cost of goods sold + operating expenses
2,50,000 + (75000 + 60000) = 3,85,000

Section – E
(Practical Oriented Questions)

V. Answer any Two questions, each question carries Five marks: ( 2 X 5 = 10 )

Question 33.
Classify the following items into capital and Revenue
a. X-Ray plant purchased by a hospital.
b. Interest received.
c. Sale of old sports materials.
d. Carriage paid on goods purchased.
e. Donation received for constructing a swimming Pool. .
Answer:
a. Capital
b. Revenue
e. Capital
d. Revenue
e. Capital

Question 34.
Prepare Executors Loan Account with imaginary figures showing the repayment in two annual equal installments along with interest.
Answer:

Question 35.
Write the Proforma of cash flows from operating activities under Direct method.
Answer:
Cash flows from operating Activities (Direct method)