PADASALAI NET S MARCH 2019 PUBLIC EXAM KEY ANSWER +1 ACCOUNTANCY [EM] SECTION - I
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1 et et PADASALAI NET S MARCH 2019 PUBLIC EXAM KEY ANSWER +1 ACCOUNTANCY [EM] SECTION - I CHOOSE THE CORRECT ANSWER 20 X 1 = 20 1 D Stewardship accounting 11 A Capital Expenditure 2 A Business entity concept 12 B Deferred Revenue Expenditure 3 B 40, C (i) correct 4 A Capital A/c 14 A Financial position et et 5 A Suspense A/c 15 D Credited to Capital A/c 6 C All cash receipts and cash payments 16 A Data 7 A Bank statement and bank column of 17 D Printer the cash book 8 A Distinction in not made between capital and revenue items 18 B Readymade accounting software 9 D Error of duplication 19 A Invoice 10 C End 20 B Journal Proper et et SECTION II ANSWER ANY 7 QUESTIONS, IN WHICH QUESTION NO.30 IS COMPULSORY 7 X 2 = Functions of Accounting: Forecasting: With the help of the various tools of accounting, future performance and financial position of the business enterprises can be forecasted. Decision Making: Accounting provides relevant information to the management for planning, evaluation of performance and control. This will help them to take various decisions concerning cost, price, sales, level of activity, etc. et et et et 22. Defind Book-Keeping: Book-keeping is the science and art of recording correctly in the books of account all those business transactions of money or money s worth. R.N. Carter. et et 23. Golden Rules of double entry system: Personal Account Debit the Receiver Credit the Giver Real Account Debit what comes in Credit what goes out Nominal Account Debit all Expenses and Losses Credit all Incomes and Gains et et SALES A/C Date J.F Date J.F et et et Jan. 1 To Balance C/d 1 et et et et Balance as per Cash Book Add: Customer directly deposited into the bank Less: Cheques deposited but not credited et Balance As per Cash Book et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et Jan. 1 Jan. 11 Bank Reconciliation /statement as on 31 st March et et et et et et et et et Debit By Sam A/C By Joy A/C 4,000 8, et Feb. 1 By Balance C/d 1 et Credit et et 7, ,930 et et 6,930 et et Mrs. A.Vennila, M.Com., MBA., M.Phil., B.Ed., Principal Mydeen Matric. Hr. Sec. School, Melacauvery, Kumbakonam et et et Mobile No , et Padasalai Guru 2019 Awardee et et et et et et et et et et et et et et et et
2 26. Compensating Errors: The errors that make up for each other or neutralize each other are known as compensating errors. These errors may occur in related or unrelated accounts. These are also known as offsetting errors. et et 27. Calculation of of Depreciation: of Depreciation = Original cost of the asset Estimated Residual value Estimated useful life of the assets in years life et et 28. Direct Expenses: 1) Wages 2) Custom Duty et et = 1,00,000 5,000 = 95,000 = 19, Adjusting Entires: Adjustment entries are the journal entries made at the end of the accounting period to account for items which are omitted in trial balance and to make adjustments for outstanding and prepaid expenses and revenues accrued and received in advance. 30. Adjusting Entry. et et et SECTION III ANSWER ANY 7 QUESTIONS, IN WHICH QUESTION NO.40 IS COMPULSORY 7 X 3 = Importance of accounting: Accounting is a basic necessity for all enterprises. Importance of accounting is enumerated as below: i) Information to interested groups Accounting supplies appropriate information to different interested groups like owners, management, creditors, employees, financial institutions, tax authorities and the government. ii) Legal evidence Accounting records are generally accepted as evidence in courts of law and other legal authorities in the settlement of disputes iii) Date L.F Debit Drawings A/c 40,000 To Bank A/C (Being Income Tax paid) et et et et et et et Computation of tax Accounting records are the basic source for computation and settlement of income tax and other taxes 32. Short Notes: i) Business entity concept: This concept implies that a business unit is separate and distinct from the owner or owners, that is, the persons who supply capital to it. Based on this concept, accounts are prepared from the point of view of the business and not from the owner s point of view. Hence, the business is liable to the owner for the capital contributed by him/her. ii) Going concern concept: It is the basic assumption that business is a going concern and will continue its operations for a foreseeable future. et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et Credit 40,000 Going concern concept influences accounting practices in relation to valuation of assets and liabilities, depreciation of the fixed assets, treatment of outstanding and prepaid expenses and accrued and unearned revenues. For example, assets are generally valued at historical cost. Any increase or decrease in the value of assets in the short period is ignored. et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et
3 33. Accounting Equation: Assets = Capital + Liabilities 1,00,000 = 80, ,000 2,00,000 = 1,60, ,000 2,40,000 = 1,60, ,000 et et 34. Ledger in the books of Mrs.Rose: CASH A/C et et Date J.F Date J.F et Jan. 1 To Capital A/C 45,000 Feb. 1 To Balance B/d 45,000 et STOCK A/C CAPITAL A/C 35. Purchases Book of Mr.Suresh Date Dec. 1 Dec. 10 Date Dec. 4 Dec. 21 Sumati Raghunathan Invoice No. L.F Details Total 17,800 10,000 Purchase A/C 27,800 Rani Saranya Sales Book of Mr.Suresh Invoice No. L.F Details Total 15,200 1 Sales A/C 27,700 Jan. 31 By Balance C/d 45,000 45,000 45,000 Date J.F Date J.F et et et Jan. 1 To Capital A/C 55,000 Feb. 1 To Balance B/d 55,000 et Jan. 31 By Balance C/d 55,000 55,000 55,000 Date J.F Date J.F et et et et et et Jan. 31 To Balance C/d 1,00,000 et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et Jan. 1 By Cash A/C et By Stock A/C et 45,000 55,000 1,00,000 1,00,000 et et et et et et et et et et et Feb. 1 By Balance C/d 1,00,000 et et et et et et et et et et et et et et et et et et et et et
4 36. Analytical Petty Cash Book of Mr.Mohan 37. Receipts et 250 1, C.B. F.N. et et et et et et et et Date Apr May 1 et To Balance B/d To Cash A/c To Writing pad & Registers To Speed Post To Refreshment Expenses To Amutha A/c Total Expenses By Balance C/d To Balance B/d To Cash A/c V. N. Total Payments Printing & Stationery 100 Postage Sundries Personal L.F Profit & Loss Account Date Date To Bad Debts To Provision for Bad & doubtful 2,450 debts To Discount on Debtors 931 et et et et et et et et et et Date Liabilities Balance Sheet as on 31 st December 2016 Date Assets Sundry Debtors (-) Bad Debts (-) Provision for bad & doubtful debts (-) Discount on Debtors 38. Profit & Loss Account et et Date et et et et et et Date Liabilities et et et et et et et et et et et et et et et Sundry Creditors 30,000 et et et et et et et et et et et et et et et et et et et et et et 49,000 2,450 Date ,619 By Discount Received Balance Sheet Date Assets et et et et et et et et et et et et et et et et et et et et et et et et
5 39. Shot Notes : (i) Hardware (ii) Software (i) Hardware et et et et The physical components of a computer constitute its hardware. Hardware consists of input devices and output devices that make a complete computer system. Examples of input devices are keyboard, optical scanner, mouse, joystick, touch screen and stylus which are used to feed data into the computer. Output devices such as monitor and printer are media to get the output from the computer. (ii) Software et A set of programs that form an interface between the hardware and the user of a computer system are referred to as software. The following are the various types of software: i) System software: A set of programs to control the internal operations such as reading data from input devices, giving results to output devices and ensuring proper functioning of components is called system software. The system software includes the following: i. Operating system ii. Programming software iii. Utility software et et et (ii) Application software: et et et et 40. (i) No Programs designed to perform a specific function for a user. An application software can be classified as follows: i. General purpose software: (ii) Capital Receipt: et et et et et et et et et et ii. Specific purpose software: et et et et et et et et et et et Receipt which is not revenue in nature is called capital receipt. It is non-recurring in nature. The amount received is normally substantial. It is shown on the liabilities side of the balance sheet. Example: Proceeds of sale of fixed assets, Receipt of special donations SECTION IV ANSWER ALL THE QUESTIONS 7 X 5 = a) et et et et et et et et et Accounting Equation: Assets = Liabilities Transaction Cash Stock Bank Capital Creditors a) Commenced Business with cash 40,000 40,000 Equation 40,000 = 40,000 b) Opened Bank Account 30,000 (+) 30,000 et et et et et Equation 40, = 70,000 c) Purchased Goods 20,000 20,000 Equation 40,000 20,000 30,000 = 70,000 20,000 d) Goods Sold (+) 6,500 (-) 5,500 (+) Equation 46,500 14,500 30,000 = 7 20,000 et et e) Electricity Charges (-) 500 (-) 500 et et et et et et et et et et Equation 46,500 14,500 29,500 = 70,500 20,000 et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et
6 41. b) et et Date Mar. 1 et et Mar. 20 et et et et Date Mar. 8 et et Date et et Mar. 8 et et Purchases Book of Vijay Electrical & Co., Anil & Co., 25 Table each 10 1,500 Sathiya & Co., 20 Invoice No. L.F Details Total 25,000 15,000 20,000 40,000 18,000 Purchase A/C 58,000 Sales Book of Vijay Electrical & Co., Sheela & Co., 10 Electric Iron 1,200 each 20 Electric 500 Invoice No. L.F Details Total 1 10,000 2 Sales A/C 2 Purchase Return Book of Vijay Electrical & Co., Debit Note L.F Remarks No. Details Total Anil & Co., 5 Table each Defective Purchase Return A/C 42. a) Journal Entries et Date L.F Debit Cash A/C, To Capital A/C Apr. 1 (Being commenced business) et, Apr. 5 et et, Apr. 7, Apr. 12 et et, Apr. 15 et et et et et et et et et et et et et et et et et et et Purchase A/C To Subhash A/C (Being purchased on credit ) et Ramu A/C To Sales A/C (Being goods sold on credit ) et Subhash A/C To Discount A/C To Cash A/C (Being Subhash settled his account) Wages A/C Electricity Charges A/C Trade Expenses A/C To Cash A/C (Being expenses paid by cash) et et et et et et et et et et et et et et et et et et et et 20,000 et et 15,000 20,000 et et 500 et et et et et et et et et et et et et et et et Credit et et 20,000 et et 15,000 et et 19, et et 4,500
7 42. b) Trial Balance as on et et 43. a) Capital Discount Received Purchases Plant and Machinery Advertising Expenses Sales Drawings Sales Return Electricity Charges et et et et et et Debit 60,000 70,000 5,000 5,250 4, CASH A/C on b) Bank Reconciliation Statement as on Credit 60,000 3,250 8 Total 1,45,250 1,45,250 Date J.F Date J.F et et April et et et To Balance B/d To Ramesh A/c To Sales A/c To Dividend A/c 11,200 8,000 1,200 May 1 To Balance B/d 23,400 et et et et et et et et et et et et et et et et et et et et et et et et et et Balance as per Cash Book Add: Cheque Issued but not presented Dividend et et Less: Cheques deposited but not cleared Direct payment for rent Locker Rent Balance As per Cash Book et et et et et et et et et et et et et et April et et 31 By Wages A/c By Mohan A/c By Furniture A/c By Salaries By Balance C/d ,900 23,400 23,400 et et et et 1, et et 1,200 et et et et et et et et et et et et et et et et et et et et 15,000 1,700 et et 16,700 3,200 13,500 et et et et
8 44. a) 44. b) 45. a) THREE COLUMN CASH BOOK OF SUNDARAM et Date R. S N. E C T I O Jan. 1 To Balance B/d N 3 To Sales A/c et et et 4 I 19 I I et To Cash A/C To Dividend et et et Trading and Profit and Loss A/C of Smt.Ramasundari for the year ended To Opening Stock To Purchase To Wages To Gross Profit b/d (Transferred to P&L A/C) 3,300 2,700 1 By Sales By Closing Stock 7,000 4,000 1 By Gross Profit (Transferred from Trading To Salaries 2,600 Account) et To Net profit (Transferred to Capital A/c) L. F C Discount Allowed Rs Date R. Cash 4 15,700 2,400 5,000 Bank 35,000 11,500 Feb 1 To Balance B/d 27,000 48,500 et et et et et et et et et et et et et et et et Jan 4 Date L.F Debit Suspense A/C To Sales A/C (Being under casting in the sales book rectified) Machinery A/C To Purchase A/C (Being purchased of machinery wrongly entered in the purchase book rectified ) et et et et et et et et et et et et et et et et et et et et et et et et et et By Bank A/c By Mahesh A/c By Balance C/d By Discount Received N. L. F C Discount 300 Received Rs Cash 11,500 19,700 5,000 Bank 27,000 48,500 58,200 48, ,200 48,500 et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et Credit et et et et
9 et et et et et et 45. b) et et Trading and Profit and Loss A/C of Mr.Raghu for the year ended To Opening Stock To Purchase To Fright on Purchase To Gross Profit b/d (Transferred to P&L A/C) 36,000 90, ,000 By Sales By Closing Stock 1,64,000 48,000 2,1 2,1 et et et et To Salaries (+) Outstanding To Interest on Capital et et To Net profit (Transferred to Capital A/c) et et et 21,200 24,200 39,500 66,200 By Gross Profit (Transferred from Trading Account) By Discount Received Balance Sheet of Mr.Raghu as on ,000 2,200 66,200 Liabilities Assets Capital (-) Drawings 49,000 Furniture Sundry Debtors Cash at Bank 62, ,000 (+) Interest on Capital Closing Stock 48,000 51,500 (+) Net Profit 39,500 9 et et et Sundry Creditors Bills Payable Salary Outstanding et et et Ramu A/C To Sales A/C (Being goods sold on credit ) Suspense A/C To Malathi A/C (Being Excess amount posted to the debit of Malathi rectified) et et Purchase Return A/C To Suspense A/C (Being overcasting in the purchase returns book rectified) et et Sales A/C To Suspense A/C (Being excess amount carried forward in the sales book rectified) et et et et et et et et et et et et et et et et et et 44,000 10,600 1,48,600 15, et et 200 et et 100 et et et et et et et et et et et et et et et et et et 15, et et 200 et et 100 et et et et et et et et et et et et et et et et et et 1,48,600
10 46. b) 46.a) et Date To Bank et et et et et et et et To Balance b/d To Balance b/d To Profit & Loss A/C (Profit on sale of Machinery) Machinery Account 5,00,000 5,00,000 4, 4, 4,00,000 35,000 4,35,000 Date By Depreciation A/c By Balance c/d Profit and Loss A/C By Depreciation A/c By Balance c/d By Depreciation A/c By Bank A/c 4, 5,00,000 4,00,000 4, 3,85,000 4,35,000 To Office Rent 10,000 By Gross Profit et To Depreciation To Discount Allowed Advertisement To Audit Fees et et To Carriage Outward To Insurance Premium To General Expenses et et To Net profit (Transferred to Capital A/c) et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et 8, ,000 3, ,000 By Discount Received By Discount Received et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et 55,000
11 47. a) Trading and Profit and Loss A/C of Mr.Kumar for the year ended To Opening Stock To Purchase 1,500 14,500 By Sales By Closing Stock 20,500 3,900 To Carriage Inward (-) Prepaid et et et et To Gross Profit b/d (Transferred to P&L A/C) To Advertisement et et To Carriage outwards To Net profit (Transferred to Capital A/c) et et et et et 7,900 24, ,400 10,300 By Gross Profit (Transferred from Trading Account) By Rent Received (+) Received in Advance Balance Sheet of Mr.Kumar as on ,400 7,900 2,400 10,300 Liabilities Assets Capital (+) Net Profit 5,000 9,400 14,400 Bank Furniture Sundry Debtors 1,500 8,000 2,850 Sundry Creditors Rent Received in Advance 100 Closing Stock Prepaid Carriage Inward 3, et et et 47. b) Methods of codification with examples: Following are the three methods of codification. et et 16,500 (i) Sequential codes: In sequential code, numbers and/or letters are assigned in consecutive order. These codes are applied primarily to source documents such as cheques, invoices, etc. A sequential code can facilitate document search. For example: et et et Code et et et CL001 CL002 CL003 et et et et et et et et et et et et et et et et et et et Accounts ABC LTD et et XYZ LTD SCERT et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et 16,500
12 (ii) Block codes: et In a block code, a range of numbers is partitioned into a desired number of sub-ranges and each sub-range is allotted to a specific group. In most of the cases of block codes, numbers within a sub-range follow sequential coding scheme, i.e., the numbers increase consecutively. For example: et et et et Code et Dealer type Small pumps Medium pumps Pipes Motors (iii) Mnemonic codes A mnemonic code consists of alphabets or abbreviations as symbols to codify a piece of information. For example: et et et Code SJ et et HQ et et et et et et et et et et et et et et et et et et et et Information Sales Journals et et Head Quarters et et et et et et et et et et et et et et et et et et et et et et ******** All the Best ********* et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et et
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