GOVERNMENT OF KARNATAKA

KARNATAKA PRE-UNIVERSITY EDUCATION EXAMINATION BOARD

II YEAR PUC EXAMINATION March-2012

SCHEME OF VALUATION
Subject Code: 30

Subject: ACCOUNTANCY

Qn.
No.

Marks
Allotted

01.
a)
b)
c)
d)
e)
f)

02.

SECTION-A
It is incomplete, unsatisfactory & unscientific method.
It is not possible to prepare Trail Balance, Profit and Loss
Account and Balance Sheet.
It is not suitable for big business concerns.
This system is not recognized by Income Tax and Sales Tax
Authorities.
It is not possible to ascertain exact profit and Financial Position
of the business.
It gives much scope for carelessness, misappropriation & fraud.
(Any Two) (any other)
(1+1)=

a. Fixed capital method.

b. Fluctuating capital method.
(1+1)=

03.
04.
05.
06.

07.

08.

Cash Account Dr.

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

2
2
2

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

a. Machinery Fixed Assets.
b. Bills payable-Current Liabilities
(1+1)=
Under this method the depreciation is charged at a fixed percentage on
the Diminishing Value of the fixed asset every year and the amount of
Depreciation will change every year.
a. Subscription received
b. Sales of Old News Papers
c. Interest received.
d. Rent received.
(any two) (any other)
(1+1)=

2
2

2
Page 1 of 14

09.

10.

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

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)=

Scecton-B
11.

Total amount of Drawings= 4000X12= 48000

Longest period + shortest period

Average period = --------------------------------------------2
11+ 0



= ----------- =

2







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



12.



Old Profit Sharing Ratio = 5:4:3

New Profit Sharing Ratio = 3:2
Gain Ratio = New profit sharing ratio Old profit sharing ratio






G.R of Venkatesh = G.R. of Ashok

= -

=
=



 


= 

= 

Gain Ratio of Venkatesh & Ashok = 11:4

(3+3)=6
Page 2 of 14

13.

VARUN S CAPITAL ACCOUNT

Dr.

Cr.
Particulars
To drawings
To Varuns Executors A/c.

Rs.
Particulars
8000 By Balance b/d
By Good Will
29800 By P&L Suspense a/c
By Commission
By
37800

Rs.
20000
10000
4200
3600
37800
(1x6) = 6

14.

JOURNAL ENTRIES IN THE BOOKS OF AMAR COMPANY LIMITED.,

DATE

PARTICULARS
Bank Account
To Debentures Application A/c.

L.F
Dr.

DEBIT
100000

100000

Debentures Application A/c

To Debentures Account

Dr.

100000

Debentures Allotment A/c.

To Debentures Account

Dr.

200000

Bank Account
To Debentures Allotment A/c.
Debentures First & Final Call A/c.
To Debentures Account.

Dr.

Dr.

Bank Account
Dr.
To Debentures First & Final Call A/c.

(with narration)

CREDIT

100000
200000
200000
200000
100000
100000
100000
100000

(1x6)= 6

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.
6. RELIABILITY:
Security measures, data modification, generation of various reports etc., should also be
considered.
(or any other) (any six)

(1x6)= 6

Section-C
16.

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

(To find out opening capital and closing capital)
Liabilities

Bills Payable
Creditors
Bank Loan
Opening Capital
Closing Capital

01-04-10
Rs
10000
15000
12000
178000

215000

31-03-11
Assets
Rs.
8000 Furniture
25000 Machinery
10000 Building
Stock
Debtors
198000 Bills Receivable

241000

01-04-10 31-03-11
Rs
Rs
15000
15000
50000
50000
100000
100000
25000
40000
20000
26000
5000
10000

215000

241000

Page 4 of 14

Statement of Profit or Loss for the year ending 31-03-2011

Particular

Amount(Rs)

Closing Capital
Add: Drawings
Less: Additional Capital

Amount(Rs)
198000
15000
213000
18000
195000

Adjusted Closing Capital

178000
17000

Less: Opening Capital

Gross Profit
Add: Incomes or Gains
1. Appreciation Building(100000x20/100)
2. Prepaid Salary

20000
6000
26000
43000

Less: Expense or Loss

1. Bad debts
2. Interest on Opening Capital(178000x5/100)
3. Depreciation on Furniture (15000x10/100)
4. Depreciation on Machinery (50000x10/100)

1000
8900
1500
5000

Net Profit

16400

26600

Revised Statement of Affairs As On 31-03-2011

Liabilities
Bills Payable
Creditors
Bank Loan
Capital Account
Opening Capital
Add: 1.Addn Capital
2.Int on Capital
3. Net Profit
Less: Drawings

178000
18000
8900
26600
231500
15000

Amount(Rs)
Assets
8000 Furniture
25000 Less: Dep
10000 Machinery
Less: Dep
Building
Add: Appreciation
Stock
Debtors
Less:Bad debts
Bills Receivable
216500 Prepaid Salary
259500

Amount(Rs)
15000
1500
50000
5000
100000
20000
26000
1000

13500
45000
120000
40000
25000
10000
6000
259500

(4+3+3+4)= 14

Page 5 of 14

17.
Revaluation A/C
Dr
Particular

Amount(Rs)

To Computers (30000x15/100)
,, P & M (40000x15/100)
,, O/S Printing Expenses
,, R B D(45000x10/100)
,, Net Profit Transferred to
Ramyas Cap A/c(8000x5/8)= 5000
Soumyas cap A/c(8000s3/8)=3000

Cr
Amount(Rs)

Particular

4500 By Land & Building

6000
2000
4500

25000

8000

25000

25000

Capital Account Partners

Dr
Particular
To Balance C/D

Ramya
Soumya Kavya
Particular
80000
48000
40000 By Balance B/D
,, Reserve Fund
,, Revaluation A/C
,, Goodwill
,, Cash or Bank A/C

80000

48000

40000

Ramya Soumya
50000
30000
10000
6000
5000
3000
15000
9000

Cr
Kavya

40000

80000

48000

40000

Page 6 of 14

Balance Sheet of the new firm as on 31-3-2011

Liabilities
Bank Overdraft
Loan from Ramya
Creditors
Outstanding Printing Expenses
Capital Accounts
Ramya
80000
Soumya
48000
Kavya
40000

Amount(Rs)
Assets
20000 Cash (15000+40000+24000)
79000 Stock
40000 Debtors
45000
2000 Less:RBD
4500
Bills Receivable
Land & Building
60000
Add: Appreciation
25000
168000 Plant & Machinery
40000
Less: Depreciation
6000
Computers
30000
Less: Depreciation
4500

309000

18.

Amount(Rs)
79000
35000
40500
10000
85000
34000
25500

309000
(4+6+4) = 14

Realisation Account

Dr
Particular
To Debtors
,, Bills Receivable
,, Stock
,, Building
,, Vehicle
,, Cash at Bank A/C
( Creditors Paid)
,, Cash at Bank A/C
(Dissolution exp paid)
,, Archanas Capital A/C
(B/P taken over)

Amount(Rs)
Particular
45000 By Creditors
15000 ,, Bills Payable
40000 ,, Cash at Bank
60000
Debtors
30000
Bills Receivable
35000
Stock
Building
2000
Vehicle
,, Net Loss transferred to
8000
Prathimas Capital A/C
(13000x1/2)
Archanas Capital A/C
(13000x1/2)

235000

Cr
Amount(Rs)
35000
10000
42000
15000
60000
40000
20000

177000

6500
6500

13000

235000
Page 7 of 14

Capital Accounts of Partners

Dr
Particular
To Profit & Loss A/C
,, Realisation A/c
(Net Loss)
,, Cash at Bank A/C
(Ultimate Balance Paid)

Cr
Prathima
Archana
Particular
Amt(Rs)
Amt(Rs)
5000
5000 By Balance b/d
6500
6500 ,, Reserve Fund
,, Realisation A/C
57500
75500
(B/P Taken Over)

69000

Prathima
Archana
Amt(Rs)
Amt(Rs)
60000
70000
9000
9000
8000

87000

69000

87000

Bank A/c
Dr
Particular
To Balance b/d
,, Realisation A/c

Amt(Rs)
Particular
20000 By Realisation A/C(Creditors Paid)
177000 ,, Realisation A/C (Dissolution
Expenses paid)
,, Archanas Loan
,, Prathimas Loan
,, Prathimas Capital A/C
,, Archanas Capital A/C
197000

Cr
Amt(Rs)
35000
2000
15000
12000
57500
75500
197000

(6+4+4)= 14

Page 8 of 14

19.
Rakshith Industries Ltd
Trading and Profit and Loss Account for the year ending 31-3-2011
Dr
Particular
To Opening Stock
,, Purchases
Less: Returns
,, Wages
,, Gross Profit b/d

190000
10000

Amount(Rs) Particular
60000 By Sales
Less: Returns
180000 ,, Closing Stock
12000
118000

Cr
Amount(Rs)
305000
15000

290000
80000

370000
To Carriage Outwards
,, Salaries
,, Directors Fees
,, Trade Expenses
,, Depreciation on Machinery
(60000x5/100)
,, RDD (60000x10/100)
, O/S Int on debenture(80000x8/100)
,, Net Profit Transferred to P & L A/C

370000
118000
25000

10000 By Gross Profit b/d

10000 ,, Commission Received
5000
20000
3000
6000
6400
82600

143000

143000

Profit and Loss Appropriation Account for the year ended 31-03-2011
Dr
Particular
To Interim Dividend
,, Transfer to General Reserve
,, Balance c/d

Amount(Rs)
Particular
21000 By Balance b/d
12000 ,, P & L A/C
79600
(Current Year Net Profit)

112600

Cr
Amount(Rs)
30000
82600

112600

Page 9 of 14

Balance Sheet of Rakshith Industries Ltd As On 31-03-2011

Liabilities
Amount(Rs)
1. Share Capital
a. Authorised, issued & subscribed
capital
400000 equity shares of Re. I each
400000
b. Called up & Paid up Capital
4000000 equity shares of Re. I
Each
400000
Less: Calls- in- arrears 10000
390000
2. Reserves & Surplus
Reserve Fund
50000
Add: Transferred
12000
62000
Profit & Loss Appropriation A/C
3. Secured Loan
8% Debentures
O/S Interest on Debentures
4. Unsecured Loan
5. Current Liabilities & Provisions
A. Current Liabilities
Creditors
Bills Payable
Unclaimed Dividend
B. Provisions

Assets
1. Fixed Assets
Goodwill
Building
Machinery
60000
Less: Depreciation
3000
Furniture
2. Investment
3. Current Assets & Loans &
Advances
A. Current Assets
Debtors
60000
Less: RDD
6000
Cash at Bank
79600
Closing Stock
80000 B. Loans & Advances
Bills Receivable
6400
Nil
4. Miscellaneous Expenditure
Preliminary Expenses
40000
14000 5. Profit & Loss A/c
5000

Amount(Rs)
110000
250000
57000
25000
60000

54000
15000
80000
21000

5000
Nil

Nil

677000

677000

(2+4+2+6) = 14

Page 10 of 14

20.
Machinery Account
Dr
Date
Particular
01-01-02 To Bank A/C
(Machinery bought)

Amt(Rs) Date
50000 31-03-02

Particular
By Depreciation
(50000x10/100)
,, Balance c/d

50000
31-12-02
01-01-03 To Balance b/d

45000

By Depreciation
(45000x10/100)
,, Balance c/d

45000
40500
40000 30-06-04
30-06-04
31-12-04
31-12-04

By Depreciation
(40500x10/100x6/12)
,, Bank A/C
(Sale of Machinery)
,, P & L A/C
(Loss on sale on Machinery)
,,Depreciation(40000x10/100)
,, Balance c/d

80500
01-01-05 To Balance b/d

36000

36000
01-01-06 To Balance b/d

45000
50000
4500
40500
45000

30-06-04
01-01-04 To Balance b/d
01-01-04 ,, Cash or Bank A/C
(Machinery bought)

Cr
Amt(Rs)
5000

2025
35000
3475
4000
36000

80500
31-12-05

By Depreciation
(36000x10/100)

31-12-05

By Balance c/d

3600

32400

36000

32400

Page 11 of 14

Depreciation Account
Dr
Date
31-12-02

Cr
Particular
To Machinery A/C

Amt(Rs)
Date
5000 31-12-02

Particular
By P & L A/C

5000
31-12-03

To Machinery A/C

4500

Amt(Rs)
5000
5000

31-12-03

By P & L A/C

4500
4500

30-06-04
31-12-04

To Machinery A/C
,, Machinery A/C

4500
2025 31-12-04
4000

By P & L A/C

31-12-05

To Machinery A/C

6025 31-12-05
3600

By P & L A/C

6025

6025

3600

3600

3600

(10+4)= 14
21.

Acharya education trust, Shimoga

Income & Expenditure Account for the year ended 31-12-2009

Dr
Expenditure
To Office Expenses
,, Postage Expenses
,, Printing Expenses
,, Salary
25000
Less:Prepaid
2500
Subscription to news paper
To Depreciation on Building
(70000x10/100)
,, Excess of Income over Expenditure
(Surplus)

Amt(Rs)
Income
17000 By Subscriptions
45000
Add: O/S Subscription
5000
100
,, Entrance Fees (8000x50/100)
500 ,, Interest

Cr
Amt(Rs)
50000
4000
5000

22500
600

7000
11300

59000

59000
Page 12 of 14

Balance Sheet as on 31-12-2009

Liabilities

Amt(Rs)

Bank Loan
35000
Less: Paid
5000
Subscription received in Advance
Capital Fund
Opening Balance
120000
Add: 1. Entrance Fees
4000
2. Donation
12000
3. Surplus
11300

Assets

Cash
30000 Furniture
Building
5000
Less:- Depreciate
Sports Materials
Books
Add: Purchases
147300
Outstanding Subscription
Prepaid Salary

Amt(Rs)
26800
25000
70000
7000

63000
20000

30000
10000

40000
5000
2500

182300

182300

(8+6)= 14
Section-D
22.
a. Interest on Capital

Not Allowed

b. Interest on Drawings

Not Chargeable.

c. Interest on Loan

6% Interest Allowed.

d. Distribution of Profit or loss

Equal Ratio.

e. Salary, commission to partners

Not Allowed.

(1x5)= 5
Page 13 of 14

23.
BALANCE SHEET AS AT 31ST DECEMBER 2011)
LIABILITIES
Rs.
ASSETS
1. SHARE CAPITAL
1. FIXED ASSETS
2. RESERVES AND
SURPLUS
2. INVESTMENTS
3. SECURED LOANS

Rs.

3. CURRENT ASSETS
LOANS AND
ADVANCES.

4. UNSECURED LOANS

4. MISCELLANEOUS
EXPENSES

5. CURRENT LIABILITIES
AND PROVISIONS

5. PROFIT AND LOSS

ACCOUNT.

TOTAL

TOTAL

(
x1) = 5
24.

MACHINERY ACCOUNT
UNDER FIXED INSTALMENT METHOD
Dr.
DATE

PARTICULARS
To Cash
1/1/2007 account.

(at 10% depreciation)

DATE
PARTICULARS
By Depreciation
20000 31/12/2007 account

AMOUNT

31/12/2007

By Balance C/d.

20000
To Balance
1/1/2008 B/d.

2000

18000
20000

18000 31/12/2008
31/12/2008
18000

Cr.
AMOUNT

By Depreciation
Account
By balance C/d.

2000
16000
18000

(3+2)=5
Page 14 of 14