2nd puc commerce model question paper?

Subject: Accounting

Time: 3 Hours

Marks: 100

Part A

1. What are the three main types of business entities?

2. State any three objectives of accounting.

3. What do you understand by Journal?

4. Name any two types of primary books of entry?

5. What do you mean by a trial balance?

Part B

6. Journalize the following transactions :

a) Purchased furniture for cash Rs 1000

b) Goods purchased for cash Rs 5000

c) Cash deposited in bank Rs 10,000

d) Sold goods to Ramesh on credit Rs 2000

7. Post the journal entries of question no. 6 to the ledger.

8. Prepare a trial balance from the ledger.

Part C

9. Calculate depreciation using straight line method for an asset costing Rs 10,000 with residual value Rs 2,000 and useful life of 5 years.

10. Journalize the following adjustments:

a) Provision for bad debts of 5% on debtors.

b) Prepaid insurance of Rs. 2000, the period expired till date is 1/4th of the total period.

Part D

11. Calculate gross profit from the following data:

Sales 50,000, cost of goods sold 35,000, carriage inward 1000, carriage outward 2000, net discount received 500, net discount allowed 1000, sales returns 2000.

12. Calculate profit/loss from the following data:

Gross profit 10,000, rent 5000, advertisement 1000, salaries and wages 3000, interest on loan 2000, net discount received 500.

Part E

13. Differentiate between book-keeping and accounting.

14. State the difference between trial balance and balance sheet.

15. Explain the meaning of reserves and provisions.