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Unofficial Answer Key ME -650 +1 Accountancy– 2022
First Year Higher Secondary Model Examination , June 2022
Prepared by PRAKASH.P.N, Govt.HSS Nedumgolam, Kollam,9447226258,7012881563
Part-III Max.Marks -60
Answer any 8 questions from 1 to 9. Each carries 1 score. (8x1=8)
1. b. Fixed Assets.
2.b. Posting
3.d. Journal proper.
4.d. Error of commission.
5.c. Amortisation.
6. d. Balance sheet.
7. b. liability
8. a. Total creditors account.
9. a soft ware.
II. Answer any 4 questions from 10 to 15. Each carries 2 score. (4x2=8)
10. Internal users.- a. Finance Manager., b. Chairman.
External Users- c. Bank., d. SEBI.
11.a. Money Measurement : The concept of money measurement states that only those
transactions and happenings in an organisation, which can be expressed in terms of money are to be
recorded in the book of accounts.
b. Matching : The concept of matching emphasises that expenses incurred in an accounting period
should be matched with revenues during that period.
12.It is a statement prepared by the depositor (customer) for the purpose of making agree
(reconcile) the cash book balance with the pass book balance on a certain date by making suitable
adjustments.
13.a. The date of maturity is calculated by adding three more days to the nominal due date. Three
extra days over the nominal due date legally given to the acceptor for making payment is
called “Days of Grace”.
b. 4 th January 2022
14.Arrangement of assets and liabilities in a particular order is known as Marshalling.
15.Input Unit – It is a device that accepts instructions and data from the user and communicates
these to the computer. The devices are key board, mouse, floppy disk, magnetic tape etc.
2. CPU (Central Processing Unit) – It receives data and instructions and processes data according
to the instructions. It has three sections:
a. Memory Unit – It holds the instructions and data during processing. Data is stored in
this unit before being processed.
b. Arithmetic Logic Unit (ALU) – The arithmetic operations such as additions, subtraction,
multiplication, division etc. are performed in this unit.
c. Control Unit – This unit supervises and controls the activities of all other units of the computer.
3. Output Unit – This unit provides results to the user. The function of output device is to receive
information from the CPU and present it to the user.
4. Secondary storage unit.
III. Answer any 3 questions from 16 to 19. Each carries 3 score. (3x3=9)
16. a. Reliability – Accounting information is considered to be reliable if it is free from bias
and faithfully represents the facts.
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b. Relevance – The information to be relevant, it must be available in time.
c. Understandability – It must be understood by those to whom it is communicated.
d. Comparability – It means that the accounting reports should be comparable with other firms to
identify similarities or differences.
17.a. Increase in an asset- Debit.
b. Decrease in a Liability- Debit
c. Increase in an income- Credit.
d. Increase in an expenses- Debit.
18.
Date Invoice No Name of customer L/F Amount
01-06-2021 94 Kamal Traders:
10 Chairs @ 400 - 4,000
5 Tables @ 3000 -15,000
------------
19,000
Less: Trade Discount: 1,900
---------
17,100
15-06-2021 95 Raja Traders:
3 Dining Tables@ 8000 – 24,000
Less: Trade Discount - 1,200
------------ 22,800
Total 39,900
19.Capital at the end of the year 1,00,000
Add: Drawings 15,000
-----------
1,15,000
Less:Additional Capital 25,000
Capital at the beginning 60,000
------------
85,000
-------------
30,000
=======
IV. Answer any 3 questions from 20 to 23. Each carries 4 score. (3x4=12)
A B
a. Business Entity Concept 4.Owner is treated as creditor
b. Dual Aspect Concept 1. Assets= Liabilities + Capital
c. Going Concern Concept. 2. Business has indefinite Life.
d. Conservatism Concept. 3.Policy of playing safe.
21.Depreciation” means decline in the value of a fixed assets due to use, passage of time or
obsolescence.
a. Wear and Tear due to Use or Passage of Time.
b. Expiration of Legal Rights.
c. Obsolescence.
d. Abnormal Factors.
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22.
Date Particulars L.F Amount Amount
1.4.2021 Rajeev A/c Dr. 5000
Sales 5000
(Sold goods to Rajeev)
1.4.2021 Bills Receivable A/c Dr. 5000
Rajeev A/c 5000
(Reciecved Rajeev’s acceptance for 3
monthes)
4.4.2021 Bank A/c Dr. 4800
Discount A/c. Dr. 200
Bills receivable A/c 5000
23. Salary A/c Dr. 2400
Outstanding salary 2400.
Commission A/c Dr. 650
Commission received in advance 650
V. Answer any 3 questions from 24 to 28. Each carries 5 score. (3x5=15)
24.
Date Particulars L/F Amount Amount
01.04.2021 Cash A/c Dr. 1,50,000
Marvels’capital A/ 1,50,000
(Business starts)
01.4.2021 Purchase A/c Dr. 36,000
Manisha A/c. 36,000
(Purchased goods from Manish)
02.04.2021 Bank A/c Dr. 35,000
Cash A/c 35,000
(open a bank A/c)
2,200
Stationery A/c Dr.
02.4.2021 2,200
Cash A/c
(Purchased stationery)
04.4.2021 Insurance Premium A/c Dr. 6,000
Bank A/c 6,000
(Insurance premium paid by cheque)
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25.
Particulars Amount
Balance as per cash book 25,000
Add: Cheque issued but not presented 2,850
Amount directly deposited by customer 1,000
--------------------------
28,850
Less:Cheque deposited into bank, but not collected. 2,000
Bank charges debited by the bank 350
------------------- 2,350
Balance as per Pass Book 26,500
26.
Particulars Amount Amount
Capital 30,000
Machinery 27,500
Purchases 37,000
sales 53,500
Debtors 12,800
Creditors 7,300
Cash 4,700
Rent Paid 4,000
Interest Received 1,200
Wages paid 6,000
92,000 92,000
27. Cost of goods sold =opening Stock+ Purchase+Wages-Closing Stock.
6,000+24,000+6,700-8700
= 28,000.
Gross Profit = Sales- Cost of Goods sold
48,000-28,000
= 20,000.
28.a. A computerized accounting system is an accounting information system that processes the
financial transactions and events as per accounting principles (GAAP) to produce reports as per user
requirements.
a.Speed – Accounting data is processed in a lightning speed when it is compared with the manual
effort.
b. Accuracy – The possibility of error is eliminated because the primary accounting data is entered
only once.
c. Reliability – Computers are highly reliable compared to human beings as they are free from
tiredness, boredom or fatigue.
d. Up-to-date information – The accounting records in a computerized accounting system are
updated automatically as and when the data is entered and stored and it will be reflected in all the
reports within no time. Therefore, latest information is available without any additional effort.
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e. Real time user interface – Most of the automated accounting system are inter-linked through
network of computers, so that the information is available to various users at the same time on a real
time basis.
f. Automated Document Production – The accounting reports such as cash book, trial balance,
balance sheet etc. are obtained just by a mouse click.
g. Legibility – The reports and data displayed on a monitor or printout is more legible than
handwritten words. So that the chances errors are minimized.
h. Efficiency – Computer accounting system ensures better use of resource and time.
i. Quality reports – The reports generated by this system are error free and highly objective and can
be relied upon.
j. MIS reports – Computerized accounting system facilitates the real time production of
management information reports, which will help the management to monitor and control the
business effectively. E.g. Credit limit to a particular customer can be set.
k. Storage and Retrieval – Computer accounting system allows the users to store data in a manner
that does not require a larger amount of physical space as in the case of manual accounting.
l. Motivation and employee interest – The computer system requires specialized training for staff
which makes them feel highly motivated and develops interest on the job. (Any 4 points)
V. Answer any one question from 29 to 30. Carries 8 score. (1x8=8)
29.Double column cash book
Date Particulars L. Cash Bank Date Particulars L. Cash Bank
F F
1.1.21 Balance b/d 7500 23200 4.1.21 Wages 400
5.1.21 Sales 6500 7.1.21 Purchase 3750
13.1.21 Sales 4500 9.1.21 Furniture 4300
14.1.21 Cash C 7000 11.1.21 Rahim 2400
29.1.21 Bank C 5000 14.1.21 Bank C 7000
20.1.21 Telephone Bill 600
27.1.21 Rent 1800
29.1.21 Cash 5000
Balance C/d 7600 20850
23500 30200 23500 30200
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30 . Trading , Profit and Loss Account of 31.3.2021
Dr. Cr.
Particulars Amount Particulars Amount
Opening Stock 17,500 Sales 1,24,000
Purchases 68,600 Less: 2,000
Carriage inward 4,500 ---------------- 1,22,000
wages 5,200
Add: O/s 2,300 Closing Stock 16,000
------------ 7,500
Gross Profit C/d 39,900
1,38,000 1,38,000
Insurance Premium 8200 Gross Profit b/d 39,900
Less: Advance 1200 Interest 800
---------- 7000 Add: Accrued 200
Depreciation of furniture 1850 ---------- 1,000
Net Profit
32050
40900 40900
Balance sheet of 31.3.2021
Liabilities Amount Assets Amount
Creditors 10200
Bank Loan 20000 Cash in hand 5300
Capital : 80000 Cash at bank 14,600
Add: N/P:32050 Interest accrued 200
---------- 112050 Debtors 18,000
O/s Wages 2300 Closing Stock 16,000
Insurance premium 1,200
Furniture :18500
Less: Dep : 1850
--------------- 16,650
Building 72,600
1,44,550 1,44,550
(For ASSOCIATION OF COMMERCE TEACHERS (ACT ) KOLLAM)
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CHAPTER WISE - WEIGHTAGE OF MARKS
ACCOUNTANCY WITH CA OF FIRST YEAR, AS PER MODEL QUESTION (ME-650)
ON JUNE 2022
Maximum Marks- 60
Sl.No Chapters of Business studies 1 2 3 4 5 8 Total
Weightage
scores scores scores scores scores scores
1 Introduction to Accounting 1 1 1 6
2 Theory Base of Accounting 1 1 6
3 Recording of Transactions-I 1 1 1 9
4 Recording of Transactions-II 1 1 1 12
5 Bank Reconciliation Statement 1 1 7
6 Trial Balance and Rectification of 1 1 6
Errors
7 Depreciation, Provisions and 1 1 5
Reserves
8 Bill of Exchange 1 1 6
9 Financial Statements - I 1 1 6
10 Financial Statements - II 1 1 1 1 15
11 Accounts from Incomplete 1 1 4
Records
12 Applications of Computers in
Accounting 1 2
13 Computerised Accounting System 1 1 6
Total 9 6 4 4 5 2 90
(For ASSOCIATION OF COMMERCE TEACHERS (ACT ) KOLLAM)
Prepared by PRAKASH.P.N, Govt.HSS Nedumgolam, Kollam,9447226258,7012881563
