Karnataka 2nd PUC Accountancy Model Paper 2024: Kannada Medium and English Medium PDF
Karnataka 2nd PUC Accountancy Model Paper 2024: KSEAB, DPUE has recently published Karnataka 2nd PUC Accountancy Model Question Paper 2024 in its official portal. In this page we have given Karnataka Class 12 Accountancy Model Question Paper in PDF. The Board has also published Blue Print of II PUC on dpue-exam.karnataka.gov.in.
Karnataka 2nd PUC Accountancy Model Question Paper 2024: Overview
- Board – Karnataka State Board.
- Class – Class 12.
- Topic – Karnataka 2nd PUC Model Paper.
- Subject – Political Science.
- Year – 2023 – 24.
Section – A
(I) Choose the correct answer from the choices given:
(1) In order to form partnership there should be at least
(a) One person
(b) Two persons
(c) Seven persons
(d) Ten person
(2) X, Y and Z are partners sharing profits and losses in the ratio of 3:2:1. If Y retires, the new profit sharing ratio of X and Z will be:
(a) 3:1
(b) 3:2
(c) 2:1
(d) 1:2
(3) Mahendra Ltd. forfeited 4,000 equity shares of ₹10 each issued at a premium of ₹ 2 per share, for non-payment of first and final call of ₹4 per share. On forfeiture, ‘Share forfeiture Account’ will be credited by:
(a) ₹ 16,000
(b) ₹ 24,000
(c) ₹ 30,000
(d) ₹ 40,000
(4) Current Assets does not include:
(a) Short term investments
(b) Buildings
(c) Inventories
(d) Cash and cash equivalents
(5) ABC Co. extends credit terms of 45 days to its customer. Its credit collection would be considered poor, if its average collection period was _______days.
(a) 30 days
(b) 36 days
(c) 47 days
(d) 37 days
(II) Fill in the blanks by choosing the appropriate answers from those given in the brackets:
(Short term, creditors, debited, vertical, old partners’ capital, credited)
(6) At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to_________ account.
(7) If a partner takes over an asset, such partner’s capital account is________.
(8) Debenture holders are the _____________ of the Company.
(9) Common Size Statement is also known as _________ analysis.
(10) Liquidity ratios are calculated to measure the __________ solvency of the business.
(III) Match the following
A |
B |
(a) Partnership Deed |
(i) Investing activity |
(b) Gain ratio |
(ii) 2013 |
(c) Dissolution of partnership firm |
(iii) Written agreement |
(d) Companies Act |
(iv) Retirement of a partner |
(e) Purchase of fixed asset |
(v) Closing down the business of the firm |
|
(vi) Admission of a partner |
(IV) Answer the following questions in one word or one sentence each:
(12) State any one method of valuation of goodwill.
(13) Debentures can be converted into shares. (State True/False)
(14) Give an example for non-current asset.
(15) State any one importance of Financial statement analysis.
(16) Expand ICAI.
Part – B
(V) Answer any three questions. Each question carries 2 marks:
(17) Define partnership.
(18) Mention any two circumstances for retirement of a partner.
(19) What is minimum subscription?
(20) Give the meaning of financial statements.
(21) Write any two objectives of preparing cash flow statement.
Part – C
(VI) Answer any three questions, each question carries 6 marks:
(22) Arun & Varun are the partners commence business on 01/04/2022 sharing profits & losses in the ratio of 2:1 with capitals of ₹ 80,000 &₹ 50,000 respectively. They earned a profit of ₹ 20,000 before allowing the following:
(a) Interest on capital @ 8% p.a.
(b) Interest on drawings: Arun ₹2,000, Varun₹2,500
(c) Salary to Arun ₹3,000 p.a.
(d) Commission to Varun ₹2,000 p.a.
Prepare P & L Appropriate A/c for the year ending 31/03/2023.
(23) Geetha, Seetha and Saritha are partners sharing profits in the ratio of 4:3:2. Geetha retires. Seetha and Saritha decided to share profits in future in the ratio of 5:3. Calculate gaining ratio of Seetha and Saritha.
(24) P.Q and R are partners sharing profits and losses in the ratio of 2:2:1 respectively. Their capital balances on 01/04/2023 stood at ₹70,000, ₹50,000 and ₹40,000 respectively. ‘Q’ died on 30.06.2023. The partnership deed provides the following:
(a) Q’s capital.
(b) Interest on capital at 6% p.a.
(c) Salary to Q at ₹1,000 per month.
(d) Q’s share of goodwill. Goodwill of the firm is ₹60,000(as per AS26)
(e) Q’s share of accrued profit up to the date of his death ₹4,000. Prepare Q’s Capital Account.
(25) From the following information prepare statement of profit and loss for the year ended 31-03-2023 as per Schedule III of Companies Act, 2013.
Particulars |
₹ |
Revenue from operations |
5,00,000 |
Purchase of goods |
3,00,000 |
Salaries to employees |
40,000 |
Leave encashment |
10,000 |
Rent and taxes |
30,000 |
Repairs to machinery |
20,000 |
Tax |
30% |
(26) From the following information, calculate cash flows from financing activities.
31/03/2022 |
31/03/ 2023 |
₹ |
₹ |
Equity share capital |
20,00,000 | 30,00,000 |
Secured loan | 9,00,000 |
16,00,000 |
(a) During the year secured loan repaid ₹ 4,00,000 with interest of ₹ 20,000.
(b) Received dividend of ₹ 50,000.
Part – D
(VII) Answer any three questions. Each question carries 12 marks:
(27) ‘A’ and ‘B’ are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31.03.2023 was as follows.
Balance Sheet as on 31.03.2023
Liabilities |
₹ | Assets |
₹ |
Creditors |
20,000 | Cash at Hand | 5,000 |
Bills Payable | 6,000 | Debtors 20,000 |
|
Reserve Fund |
4,000 | Less: PDD 2,000 | 18,000 |
Capitals: | Stock |
17,000 |
|
A 40,000 |
Buildings | 30,000 | |
B 30,000 | 70,000 | Furniture |
30,000 |
|
100,000 |
100,000 |
On 01.04.2023, ‘C’ is admitted into the partnership on the following terms:
(a) C should bring in ₹ 25,000 as capital and ₹ 8,000 towards goodwill for 1/6th sharein the future profits.
(b) Depreciate furniture at 10% and appreciate buildings by 20%.
(c) Provision for doubtful debts is no longer necessary.
(d) Provide ₹ 1,000 for repair charges.
(e) Goodwill is to be withdrawn by the Old Partners.
Prepare: (i). Revaluation Account
(ii) Partners’ Capital Accounts &
(iii) New balance sheet of the firm as on 01/04/2023.
(28) Rashmi and Geetha are partners sharing profits and losses in the ratio of 3:2. Their Balance Sheet as on 31-3-2023 was as follows:
Balance Sheet as on 31/03/2023
Liabilities |
₹ | Assets |
₹ |
Creditors |
10,000 | Cash at Bank | 5,000 |
Bills payable | 10,000 | Bills Receivable |
10,000 |
Rashmi’s Loan |
5,000 | Debtors | 20,000 |
Reserve Fund | 10,000 | Stock |
15,000 |
Capitals: |
Machinery | 15,000 | |
Rashmi | 30,000 | Furniture |
10,000 |
Geetha |
40,000 | Goodwill |
30,000 |
1,05,000 |
1,05,000 |
On the above date the firm was dissolved.
(a) The assets were realized as follows: Bills Receivable ₹ 7,500, Debtors and Stock at 10% less than the book value, machinery realized 5% more than the book value, and Goodwill realized for ₹ 12,000.
(b) Furniture was taken over by Geetha at ₹ 8,000.
(c) Rashmi paid the dissolution expenses of ₹ 800 for which she paid ₹ 1,000 for completing the dissolution process.
(d) All the liabilities were discharged in full. Prepare:
(1) Realization A/c
(2) Partners’ Capital Accounts and
(3) Bank A/c
(29) Sagar Company Ltd. issued 10,000 equity shares of ₹100 each at a premium of 10 per share. The amount was payable as follows:
On application |
₹ 20 |
On allotment |
₹ 50 (including premium) |
On first and final call |
₹ 40 |
All the shares were subscribed and the money duly received except the first and final call on 500 shares. The Directors forfeited these shares and re-issued them as fully paid at ₹ 80 per share.
Pass the necessary journal entries in the books of the company.
(30) Pass the journal entries for the followings:
(a) Issue of ₹ 50,000, 8% debentures of ₹ 100 each at a discount of 10% and redeemable at a par.
(b) Issue of ₹ 50,000, 8% debentures of ₹ 100 each at a premium of 10% and redeemable at a par.
(c) Issue of ₹ 50,000, 8% debentures of ₹ 100 each at a premium of 10% and redeemable at a premium of 10%.
(d) Issue of ₹ 50,000, 8% debentures of ₹ 100 each at a discount of 10% and redeemable at a premium of 10%.
(31) From the following information, Prepare Comparative Position Statement (Balance Sheet) of Janatha Co. Ltd.
Particulars |
31-3-2022 (₹) | 31-3-2023 (₹) |
Share Capital | 4,00,000 |
5,00,000 |
General Reserve |
50,000 | 60,000 |
Secured Loans | 15,000 |
20,000 |
Current Liabilities |
50,000 | 70,000 |
Buildings | 2,00,000 |
2,50,000 |
Machinery |
1,50,000 | 2,00,000 |
Stock | 1,00,000 |
1,10,000 |
Trade Receivables |
65,000 |
90,000 |
(32) The following is the Summarized Profit and loss Account for the year ended 31 March 2023 and balance sheet as on that date.
Trading and Profit and Loss account for the year ended 31st March 2023
Dr. Cr.
Particulars |
₹ | Particulars | ₹ |
To Opening Stock | 65,000 | By Sales |
2,00,000 |
To Purchases |
1,00,000 | By Closing Stock | 15,000 |
To Gross profit | 50,000 |
|
|
2,15,000 15,000 |
2,15,000 |
||
To Administrative Expenses |
12,000 | By Gross Profit |
50,000 |
To Selling Expenses |
3,000 | ||
To Interest |
|
||
To Net Profit |
20,000 | ||
50,000 |
50,000 |
Balance Sheet as on 31st March 2023
Liabilities |
₹ | Assets | ₹ |
Capital | 1,00,000 | Land and Building |
50,000 |
Profit and Loss A/C |
20,000 | Plants and Machinery | 30,000 |
Creditors | 25,000 | Furniture |
20,000 |
Bills Payable |
15,000 | Stock | 15,000 |
Debtors |
15,000 |
||
|
Bills Receivable |
12,500 |
|
|
Cash in Hand | 17,500 | |
1,60,000 |
1,60,000 |
You are required to Calculate:
(a) Stock turnover Ratio
(b) Trade Receivable Turnover Ratio
(c) Trade Payable Turnover Ratio
(d) Gross Profit Ratio e. Operating Ratio f. Net Profit Ratio
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