second puc practical oriented questions PDF

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practical oriented questions of second puc accountancy to secure more marks in final exams...

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II PUC AS PER NEW SYLLABUS 2018-19 SECTION – E (List of Practical Oriented Questions (POQs)) 1. Classify the following items in to capital and revenue (Any 5 items). Illustration 1. Classify the following into Revenue and Capital Items 1. Legal charges incurred in connection with the purchase of land. 2. Brokerage paid for raising a loan for the purpose of business. 3. Expenses incurred for white washing the old building. 4. Amount spent on repair to a second hand motor car before it is used. 5. Periodical repairs and replacement of plant. Solution: 1. Legal charges incurred for acquiring fixed assets are Capital expenditure 2. Brokerage paid is a Capital expenditure. 3. White washing the old building is a Revenue expenditure. 4. Repair to a second hand motor car is a Capital expenditure. 5. Periodical repairs and replacement of plant are Revenue expenditure. Illustration 2. How do you treat the following items? 1. Life membership fees 2. Sales proceeds of old tennis balls. 3. Prize amount received from a lottery 4. Honorarium paid to the secretary. 5. Legacies received. Solution: 1. Life membership fees received are Capital receipts. 2. Sale proceeds of old tennis balls are Revenue receipts. 3. Prize amount received from a lottery is a Capital receipts. 4. Honorarium paid to the secretary is Revenue expenditure. 5. Legacies received are Capital receipts. Illustration 3. Classify the following items into revenue and capital item: 1. Cost of installing lights and fans. 2. Special subscriptions received for special purpose. 3. Laboratory expenses incurred by the science department of a college. 4. Prizes awarded to students on the college day. 5. Match expenses met out of match fund. Solution: 1. Cost of installing lights and fans is Capital expenditure. 2. Special subscriptions received for special purpose are Capital receipts. 3. Laboratory expenses incurred by the science department of a college are Revenue expenditure. 4. Prizes awarded to students on the college day are Revenue expenditure. 5. Match expenses met out of match fund are Capital expenditure. 1

Illustration 4. Classify the following items into revenue and capital item: 1. Honorarium paid to a surgeon by a hospital. 2. Installation charges of a new machinery. 3. Subscriptions to newspaper and periodicals. 4. Cost of construction of pavilion by a sports club. 5. Donation received for constructing a swimming pool. Solution: 1. Honorarium paid to a surgeon by a hospital is Revenue expenditure. 2. Installation charges of a new machinery are Capital expenditure. 3. Subscriptions to newspaper and periodicals are Revenue expenditure. 4. Cost of construction of pavilion by a sports club is Capital expenditure. 5. Donation received for constructing a swimming pool is Capital expenditure. Illustration 5. Classify the following items into revenue and capital item: 1. Carriage paid goods purchased. 2. Salary paid to ground men for up keep of ground. 3. Sale of old sports materials. 4. Locker rent paid. 5. Heavy advertisement expenses incurred for a new product. Solution: 1. Carriage paid goods purchased is Revenue expenditure. 2. Salary paid to ground men for up keep of ground is Revenue expenditure. 3. Sale of old sports materials is Revenue expenditure. 4. Locker rent paid is Revenue expenditure. 5. Heavy advertisement expenses incurred for a new product is Deferred revenue expenditure

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1 2 3 4 5 6 7 8 9 10 11 12

Classify the following into capital and revenue items (5 items will be given):For Ex. Items Capital or Sr. Items Capital or Revenue No Revenue Life membership fee Capital 14 Annual maintenance grant Revenue Sale of old news paper Revenue 15 Honorarium Revenue Subscription Revenue 16 Printing & stationery Revenue Tuition fee received by college Revenue 17 Sale of sports material Capital Prize of 1 lakh from lottery Capital 18 Benefit show expenses Revenue Cost of computer purchased Capital 19 Repair to lecture hall Revenue Legacies received Capital 20 Interest on deposit Revenue Spent for upkeep of ground Revenue 21 Depreciation on assets Revenue Sale proceeds of computer Capital 22 Sale of fixed assets Capital Interest on Investment Revenue 23 Sports material purchased Capital Building donation received Capital 24 Gate collection of drama Revenue Sale of Furniture Capital 25 Carriage paid on Capital Machinery purchased 2

2.Prepare Receipts and Payments Account of a Not – For - Profit Organization with 5 imaginary figures. ANS:Dr

Receipt and Payment A/C for the year ending 31-03-2018

Receipts To Cash in Hand “ Entrance fees “ Donation for Building “ Subscription

Rs. 20,000 15,000 25,000 40,000

Cr

Payments By Rent “ Furniture “ Postage “ Salary “ Cash in hand

Rs. 15,000 30,000 5,000 10,000 40,000

1,00,000

1,00,000

3.How do you treat the followings in the absence of Partnership Deed? a) Profit Sharing Ratio b) Interest on Capital c) Interest on Drawing d) Interest on Advances from Partners e) Remuneration for Firm’s Work Ans:Equal distribution of profits

a)Profit Sharing Ratio b)Interest on Capital

- No partner is entitled for any interest on capital

c)Interest on Drawings

-No interest to be charged on drawings

d)Interest on Advances from partners

- 6% interest is allowed on partners loan

- No partner is entitled for any Remuneration 4.Write two Partners Current Account under Fixed Capital System with 5 imaginary figures.

e) Remuneration for Firm’s Work

Dr Particulars To Drawings To Int. on Drawings To Balance c/d

Current A/c of X And Y X Y Particulars 5000 2000 By Interest on capital 1000 500 By Salary(500x12) By P&L Appropriation A/c 4000 500 10000 3000 By Balance b/d

Cr X 2000 6000 2000

Y 1000 2000

10000 4000

3000 500

3

5.Write two Partners Capital Account under Fluctuating Capital System with 5 imaginary figures.

Dr Particulars To Drawings To Int. on Drawings To Balance c/d

Ram 5000 1000 24000 30000

Capital A/c Laxman Particulars 2000 By Balance b/d 500 By Interest on capital By Salary(500x12) 10500 By P&L Appropriation A/c 13000 By Balance b/d

Ram 20000 2000 6000 2000 30000 24000

Cr Laxman 10000 1000 2000 13000 10500

6.Writer Profit and Loss Appropriation Account of a firm with 5 imaginary figures.

Dr Profit and Loss Appropriation A/c for the year ending 31sr March 2016 Particulars To Interest on Capital Rama:2000 Laxman:1000 To Salary to Rama(300x12)

Amount

Particulars By Profit and Loss A/c

Cr Amount 10000

3000 By Interest on Drawings 3600 Rama:300 Laxman:200

To Partners Capital A/c Rama:2600 Laxman:1300

3900 10500

500

10500

7.Prepare Executors Loan Account with imaginary figures showing the repayment in two annual equal installments along with interest.

Dr. Date Particulars 31-03-2017 To Bank 31-03-2017 To Balance c/d

Executor’s Loan A/c Amount Date Particulars 60000 01-04-2016 By X’s Capital A/c 50000 31-03-2017 By Interest 110000

31-03-2018 To Bank

55000 01-04-2017 By Balance b/d 31-03-2018 By Interest 55000

Cr. Amount 100000 10000 110000 50000 5000 55000

4

8.Give the disclosure requirements pertaining to Share Capital in Notes to Accounts of Balance Sheet of a Company with imaginary figures.

1) Write the proforma of a Balance Sheet of a Company with main heads only. 2) Prepare a Statement of Profit and Loss of a Company in vertical form with imaginary figures of 5 main heads. 3) Name the major heads under which the following items will be presented in the Balance Sheet of a Company (Any 5 items only). 4) Prepare Comparative Statement of Profit and Loss with 5 imaginary figures. 5) Prepare Common Size Statement of Profit and Loss with 5 imaginary figures. 6) Write the proforma of Cash Flows from Operating Activation under Direct Method 7) Classify the following cash flow activities into operating, investing and financing as per AS – 3 (Any 5 items only). Important Note Out of 3 POQs to be asked, choose first POQ from Sl.No. 1 to 5, Second POQ from Sl.No. 6 to 10 and third and last POQ from Sl.No. 11 to 15.

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