GOVERNMENT OF KARNATAKA

KARNATAKA PRE-UNIVERSITY EDUCATION EXAMINATION BOARD

II YEAR PUC EXAMINATION March-2012

SCHEME OF VALUATION

Subject Code: 30 Subject: ACCOUNTANCY

Qn. Marks
No. Allotted
01. SECTION-A
a) It is incomplete, unsatisfactory & unscientific method.
b) It is not possible to prepare Trail Balance, Profit and Loss
Account and Balance Sheet.
c) It is not suitable for big business concerns.
d) This system is not recognized by Income Tax and Sales Tax
Authorities.

m
e) It is not possible to ascertain exact profit and Financial Position
of the business.

co
f) It gives much scope for carelessness, misappropriation & fraud.
(Any Two) (any other)
a. (1+1)= 2

02. a. Fixed capital method.

b. Fluctuating capital method.
di
(1+1)= 2
03. Cash Account Dr.
rin

Goodwill Account. 2
04. Realization Account is opened on dissolution of partnership firm to
realize the assets and pay off liabilities. 2
e

05.
It means issue of shares at a price equal to the face value of shares.
re

06. a. Machinery –Fixed Assets. 2

a

b. Bills payable-Current Liabilities

2
.c

(1+1)=
07. Under this method the depreciation is charged at a fixed percentage on
w

the Diminishing Value of the fixed asset every year and the amount of
Depreciation will change every year. 2
w

08. a. Subscription received

b. Sales of Old News Papers
w

c. Interest received.
d. Rent received. 2
(any two) (any other) (1+1)=
Page 1 of 14
 09. A flow chart is the graphic representation that represents the sequence
of operations to be performed to obtain a solution.
Or
It is a true pictorial representation of a solution to any problem 2
10.
a. Accounting operations can be done with high speed and
accuracy .
b. These will be lot of time saved in maintaining accounting
records.
c. The chance of errors can be reduced.
d. It provides quick information whenever needed.
e. It also helps maintain secrecy of accounting records.
(any two) (or any other)
(1+1)= 2

m
Scecton-B

co
11. Total amount of Drawings= 4000X12= 48000
a.
Longest period + shortest period
di
Average period = ---------------------------------------------
2
rin

11+ 0
= ----------- =
2
e

Interest on Drawing = 48000X X X = Rs.2200. 6

re

12. Old Profit Sharing Ratio = 5:4:3

a

New Profit Sharing Ratio = 3:2

.c

Gain Ratio = New profit sharing ratio – Old profit sharing ratio
w

G.R of Venkatesh = - = = 3
w
w

G.R. of Ashok = - = = 3
Gain Ratio of Venkatesh & Ashok = 11:4 (3+3)=6
Page 2 of 14
13. VARUN’ S CAPITAL ACCOUNT
Dr. Cr.
Particulars Rs. Particulars Rs.
To drawings 8000 By Balance b/d 20000
By Good Will 10000
To Varun’s Executors A/c. 29800 By P&L Suspense a/c 4200
By Commission 3600
By
37800 37800

(1x6) = 6

14. JOURNAL ENTRIES IN THE BOOKS OF AMAR COMPANY LIMITED.,

m
DATE PARTICULARS L.F DEBIT CREDIT

co
Bank Account Dr. 100000
To Debentures Application A/c. 100000

100000
Debentures Application A/c
a. Dr.
To Debentures Account 100000
di
Debentures Allotment A/c. Dr. 200000
To Debentures Account 200000
rin

200000
Bank Account Dr. 200000
To Debentures Allotment A/c.
e

Debentures First & Final Call A/c. Dr. 100000

To Debentures Account.
re

100000

Bank Account Dr. 100000

a

To Debentures First & Final Call A/c. 100000

.c

(with narration) (1x6)= 6

w
w
w

Page 3 of 14
15..Factors to be considered while introducing computerised accounting:

1. SIMPLICITY:
The implementation on computerised accounting should be simple.

2. COST OF IMPLIMENTATION:
As it requires huge investment in computers investment has to be analysed taking into
consideration various aspects such as cost of computers maintenance etc.

3. AVAILABILITY OF TRAINED EMPLOYEES:

There must be well trained employees available in the organization to operate the computers.

4. BACKUP:
There must be a parallel accounting or a back up should be maintained as there is a possibility

of break down and loss of data.

5. FLEXIBILITY:
It should be capable of adopting the changes without much difficulty.

m
6. RELIABILITY:

Security measures, data modification, generation of various reports etc., should also be

co
considered. a.
(or any other) (any six) (1x6)= 6

Section-C
di
rin

16. Statement of affairs as on 01-04-2010 and 31-03-2011

(To find out opening capital and closing capital)
e

Liabilities 01-04-10 31-03-11 Assets 01-04-10 31-03-11

re

Rs Rs. Rs Rs
Bills Payable 10000 8000 Furniture 15000 15000
a

Creditors 15000 25000 Machinery 50000 50000

Bank Loan 12000 10000 Building 100000 100000
.c

Stock 25000 40000

Opening Capital 178000 Debtors 20000 26000
w

Closing Capital 198000 Bills Receivable 5000 10000

w

215000 241000 215000 241000

w

Page 4 of 14
 Statement of Profit or Loss for the year ending 31-03-2011
Particular Amount(Rs) Amount(Rs)
Closing Capital 198000
Add: Drawings 15000
213000
Less: Additional Capital 18000
195000
Adjusted Closing Capital
178000
Less: Opening Capital 17000
Gross Profit
Add: Incomes or Gains 20000
1. Appreciation Building(100000x20/100) 6000
2. Prepaid Salary 26000
43000

Less: Expense or Loss

1. Bad debts 1000

m
2. Interest on Opening Capital(178000x5/100) 8900
3. Depreciation on Furniture (15000x10/100) 1500

co
4. Depreciation on Machinery (50000x10/100) 5000 16400

Net Profit 26600

a.
di

Revised Statement of Affairs As On 31-03-2011

rin

Liabilities Amount(Rs) Assets Amount(Rs)

Bills Payable 8000 Furniture 15000
Creditors 25000 Less: Dep 1500 13500
e

Bank Loan 10000 Machinery 50000

re

Capital Account Less: Dep 5000 45000

Opening Capital 178000 Building 100000
Add: 1.Addn Capital 18000 Add: Appreciation 20000 120000
a

2.Int on Capital 8900 Stock 40000

.c

3. Net Profit 26600 Debtors 26000

Less:Bad debts 1000 25000
231500
w

Bills Receivable 10000

Less: Drawings 15000
216500 Prepaid Salary 6000
w

259500 259500
w

(4+3+3+4)= 14

Page 5 of 14
17.
Revaluation A/C
Dr Cr
Particular Amount(Rs) Particular Amount(Rs)
To Computers (30000x15/100) 4500 By Land & Building 25000
,, P & M (40000x15/100) 6000
,, O/S Printing Expenses 2000
,, R B D(45000x10/100) 4500
,, Net Profit Transferred to
Ramya’s Cap A/c(8000x5/8)= 5000
Soumya’s cap A/c(8000s3/8)=3000 8000

25000 25000

m
co
a.
Capital Account Partners
Dr Cr
di
Particular Ramya Soumya Kavya Particular Ramya Soumya Kavya
To Balance C/D 80000 48000 40000 By Balance B/D 50000 30000
rin

,, Reserve Fund 10000 6000

,, Revaluation A/C 5000 3000
,, Goodwill 15000 9000
e

,, Cash or Bank A/C 40000

a re
.c

80000 48000 40000 80000 48000 40000

w
w
w

Page 6 of 14
 Balance Sheet of the new firm as on 31-3-2011
Liabilities Amount(Rs) Assets Amount(Rs)
Bank Overdraft 20000 Cash (15000+40000+24000) 79000
Loan from Ramya 79000 Stock 35000
Creditors 40000 Debtors 45000
Outstanding Printing Expenses 2000 Less:RBD 4500 40500
Capital Accounts Bills Receivable 10000
Ramya 80000 Land & Building 60000
Soumya 48000 Add: Appreciation 25000 85000
Kavya 40000 168000 Plant & Machinery 40000
Less: Depreciation 6000 34000
Computers 30000
Less: Depreciation 4500 25500

m
309000 309000
(4+6+4) = 14

co
18. Realisation Account
Dr Cr
Particular Amount(Rs) Particular Amount(Rs)
a.
To Debtors 45000 By Creditors 35000
di
,, Bills Receivable 15000 ,, Bills Payable 10000
,, Stock 40000 ,, Cash at Bank
rin

,, Building 60000 Debtors 42000

,, Vehicle 30000 Bills Receivable 15000
,, Cash at Bank A/C 35000 Stock 60000
e

( Creditors Paid) Building 40000

,, Cash at Bank A/C 2000 Vehicle 20000 177000
re

(Dissolution exp paid) ,, Net Loss transferred to

,, Archana’s Capital A/C 8000 Prathima’s Capital A/C 6500
a

(B/P taken over) (13000x1/2)

.c

Archana’s Capital A/C 6500

13000
(13000x1/2)
w
w
w

235000 235000

Page 7 of 14
 Capital Accounts of Partners
Dr Cr

Particular Prathima Archana Particular Prathima Archana

Amt(Rs) Amt(Rs) Amt(Rs) Amt(Rs)
To Profit & Loss A/C 5000 5000 By Balance b/d 60000 70000
,, Realisation A/c 6500 6500 ,, Reserve Fund 9000 9000
(Net Loss) ,, Realisation A/C 8000
,, Cash at Bank A/C 57500 75500 (B/P Taken Over)
(Ultimate Balance Paid)

69000 87000 69000 87000

m
co
Bank A/c
a.
Dr Cr
di
Particular Amt(Rs) Particular Amt(Rs)
To Balance b/d 20000 By Realisation A/C(Creditors Paid) 35000
rin

,, Realisation A/c 177000 ,, Realisation A/C (Dissolution 2000

Expenses paid)
,, Archana’s Loan 15000
e

,, Prathima’s Loan 12000

,, Prathima’s Capital A/C 57500
re

,, Archana’s Capital A/C 75500

a

197000 197000
.c
w

(6+4+4)= 14
w
w

Page 8 of 14
19.
Rakshith Industries Ltd
Trading and Profit and Loss Account for the year ending 31-3-2011
Dr Cr
Particular Amount(Rs) Particular Amount(Rs)
To Opening Stock 60000 By Sales 305000
,, Purchases 190000 Less: Returns 15000 290000
Less: Returns 10000 180000 ,, Closing Stock 80000
,, Wages 12000
,, Gross Profit b/d 118000

370000 370000

To Carriage Outwards
10000 By Gross Profit b/d 118000
,, Salaries
10000 ,, Commission Received 25000
,, Director’s Fees

m
,, Trade Expenses 5000
,, Depreciation on Machinery 20000

co
(60000x5/100) 3000
,, RDD (60000x10/100)
, O/S Int on debenture(80000x8/100) 6000
a.
,, Net Profit Transferred to P & L A/C 6400
82600
di
rin

143000 143000
e
re

Profit and Loss Appropriation Account for the year ended 31-03-2011
Dr Cr
a

Particular Amount(Rs) Particular Amount(Rs)

.c

To Interim Dividend 21000 By Balance b/d 30000

,, Transfer to General Reserve 12000 ,, P & L A/C 82600
w

,, Balance c/d 79600 (Current Year Net Profit)

w
w

112600 112600

Page 9 of 14
 Balance Sheet of Rakshith Industries Ltd As On 31-03-2011
Liabilities Amount(Rs) Assets Amount(Rs)
1. Share Capital 1. Fixed Assets
a. Authorised, issued & subscribed Goodwill 110000
capital Building 250000
400000 equity shares of Re. I each 400000 Machinery 60000
b. Called up & Paid up Capital Less: Depreciation 3000 57000
4000000 equity shares of Re. I Furniture 25000
Each 400000 2. Investment 60000
Less: Calls- in- arrears 10000 390000 3. Current Assets & Loans &
2. Reserves & Surplus Advances
Reserve Fund 50000 A. Current Assets
Add: Transferred 12000 62000 Debtors 60000
Less: RDD 6000 54000
Profit & Loss Appropriation A/C 79600 Cash at Bank 15000

m
3. Secured Loan Closing Stock 80000
8% Debentures 80000 B. Loans & Advances

co
O/S Interest on Debentures 6400 Bills Receivable 21000
4. Unsecured Loan Nil
5. Current Liabilities & Provisions 4. Miscellaneous Expenditure
a.
A. Current Liabilities Preliminary Expenses 5000
Creditors
di
40000
Bills Payable 14000 5. Profit & Loss A/c Nil
Unclaimed Dividend
rin

5000

Nil
B. Provisions
e
re

677000 677000
a
.c
w

(2+4+2+6) = 14
w
w

Page 10 of 14
20.
Machinery Account
Dr Cr
Date Particular Amt(Rs) Date Particular Amt(Rs)
01-01-02 To Bank A/C 50000 31-03-02 By Depreciation 5000
(Machinery bought) (50000x10/100)
,, Balance c/d 45000
50000 50000
31-12-02 By Depreciation 4500
01-01-03 To Balance b/d 45000 (45000x10/100)
,, Balance c/d 40500

45000 45000
30-06-04 By Depreciation
01-01-04 To Balance b/d 40500 (40500x10/100x6/12) 2025

m
01-01-04 ,, Cash or Bank A/C 40000 30-06-04 ,, Bank A/C 35000
(Machinery bought) (Sale of Machinery)

co
30-06-04 ,, P & L A/C 3475
(Loss on sale on Machinery)
31-12-04 ,,Depreciation(40000x10/100) 4000
a.
31-12-04 ,, Balance c/d 36000
di
rin

80500 80500

01-01-05 To Balance b/d 31-12-05 By Depreciation 3600

e

36000
(36000x10/100)
re

31-12-05 By Balance c/d 32400

a
.c

36000 36000
w

01-01-06 To Balance b/d 32400

w
w

Page 11 of 14
 Depreciation Account
Dr Cr
Date Particular Amt(Rs) Date Particular Amt(Rs)
31-12-02 To Machinery A/C 5000 31-12-02 By P & L A/C 5000
5000 5000

31-12-03 To Machinery A/C 31-12-03 By P & L A/C 4500

4500

4500
4500
30-06-04 To Machinery A/C 2025 31-12-04 By P & L A/C 6025
31-12-04 ,, Machinery A/C 4000

6025
31-12-05 To Machinery A/C 6025 31-12-05 By P & L A/C
3600
3600

m
3600 3600

co
(10+4)= 14
21. Acharya education trust, Shimoga
Income & Expenditure Account for the year ended 31-12-2009
a.
Dr Cr
Expenditure Amt(Rs) Income Amt(Rs)
di
To Office Expenses 17000 By Subscriptions 45000
,, Postage Expenses 100 Add: O/S Subscription 5000 50000
rin

,, Printing Expenses ,, Entrance Fees (8000x50/100) 4000

,, Salary 25000 500 ,, Interest 5000
Less:Prepaid 2500 22500
e

“ Subscription to news paper 600

re

To Depreciation on Building
a

(70000x10/100) 7000
.c

,, Excess of Income over Expenditure

(Surplus) 11300
w
w
w

59000 59000

Page 12 of 14
 Balance Sheet as on 31-12-2009
Liabilities Amt(Rs) Assets Amt(Rs)
Bank Loan 35000 Cash 26800
Less: Paid 5000 30000 Furniture 25000
Subscription received in Advance Building 70000
5000
Capital Fund Less:- Depreciate 7000 63000
Opening Balance 120000
Add: 1. Entrance Fees 4000 Sports Materials 20000
2. Donation 12000 Books 30000
3. Surplus 11300 Add: Purchases 10000 40000
147300
Outstanding Subscription 5000
Prepaid Salary 2500

m
co
a.
182300 182300
di
rin

(8+6)= 14

Section-D
e

22.
re

a. Interest on Capital - Not Allowed

a

b. Interest on Drawings - Not Chargeable.

.c

c. Interest on Loan - 6% Interest Allowed.

w

d. Distribution of Profit or loss - Equal Ratio.

w

e. Salary, commission to partners - Not Allowed.

w

(1x5)= 5

Page 13 of 14
23.
BALANCE SHEET AS AT 31ST DECEMBER 2011)
LIABILITIES Rs. ASSETS Rs.
1. SHARE CAPITAL
1. FIXED ASSETS
2. RESERVES AND
SURPLUS 2. INVESTMENTS

3. SECURED LOANS 3. CURRENT ASSETS

LOANS AND
4. UNSECURED LOANS ADVANCES.

4. MISCELLANEOUS
5. CURRENT LIABILITIES EXPENSES
AND PROVISIONS
5. PROFIT AND LOSS
ACCOUNT.

m
TOTAL TOTAL

co
a. ( x1) = 5

24.
di
rin

* +
, - *
. / &"# " $ $ 0
e

! "# " $ $
re

! % " & '

a
.c

% " ! "# " $ $

' & ' '
w

' ! ( % " & )

w

' '
w

(3+2)=5

Page 14 of 14