Kerala Plus One Answer Key 2025 Accountancy AFS

a

ANSWER KEY

FIRST YEARHSE MARCH 2025

CODE No : FY 349

Answer anv eisht. I mrrk each

Qn Sub Value Points Score Total
No Qns score
I b. Capital Expenditure I I
2 c. Duality Concept 1 1

J d. Liability/ Income 1 1

4 a. Capital I I
5 c. Cash Memo/ Invoice I I
6 d. Customer's Accountant/Customer I I
7 b. Error of Principle I I
E Revenue ExpenseA.{on Cash Expense 1 1

9 c. Salary alcDr 1 I
10 a. Cost of Goods sold + Profit 1 I
Answer anv five.2 mark each

NO Sub Value Points Score Total
Qns score
ll Dual Aspect - At least two accounts are involved in recording 2 2
a transaction. One account is debit and other is credit.
t2 o Error of Commission %x4 2
o Error of Omission
o Error of Principle
o Compensating Errors
13 o Wear and Tear Yzx 4 2
o Expiration of legal rights
. Obsolescence
o Abnormal Factors
t4 P and LalcDr 1+l 2
To Salary a/c
lllllrrlllllrlrrrrlaallllaltlrlrttttltlrraattlltrrr
Interest Received a/c Dr
ToPandLa/c

Note: Any correct two closing entries
15 Commission a/c Dr l+1 2
To Commission Received in Advance alc
I I r r a r a ! I t a l I r I I r r I a a t t ! I I I I I I I I t I I I I I I I I t I I l-l I r r I r
Salary a/c Dr
To Outstanding Salary a/c

16 o Debtors - One who owes money to the business %x4 2
o Creditors - One to whom business owes money
. Capital - Amount invested by the owner into the
business
o Drawings - Cash or kind withdrawn by the owner
from the business for personal use

Note: Any four correct basic terms

Answer anv five.3 mark each

NO Sub Value Points Score Total
Qns score
l7 a) Money Measurement - Transactions which can be 1+1+1 3
expressed in terms of money can only be recorded
b) Going Concem- The business will continue to carry
out its business indefinitely
c) Matching Concept - Expenses of an accounting
period should be matched with revenues during that
period
t8 a) Furniture a/c Dr 1+l+1 3
b) Salary a/c Dr
To Cash a/c
c) Machinery a/c
l9 1. To check the arithmetical accuracy of books of 3
accounts 1+l+1
2. To help in locate errors
3 in the preparation of financial statements
20 Straight Line Method with explanation l%+ J
Written Down Value Method with explanation t%
2t l. Provision for bad debts - Should be debited in p&L l+l+l 3
alc and shown on the asset side of balance sheet as a
deduction from debtors
2. Income received in advance - Should be deduct from
concerned income in the credit side of P&L account
and should be shown on the liability side ofbalance
sheet
3. Outstanding Expense - Should be added to concerned
expense in the debit side of Trading and P&L a/c and
shown on the liability side of the balance sheet
22 Consistency Concept 3 3

N Sub Value Points Score Total
o Qns score
23 a) Business Entity: - It means business and its owners
are two separate persons (entities). Business has a l+1+1
distinct and separate entity from its owners. +l
b) Full Disclosure: - This concept states that all 4
important facts concerning financial performance of an
enterprise must be fully and completely disclosed in
the financial statements.
c) MateriaHty: - This concept states that all material
facts, the facts likely to influence the decision of a
investor or a creditor, should shown in the financial
statements.
d) Accounting Period: - It means the span of time (one
year) at the end of which the financial statement of a
buSiness are prepared to know whether it has earned
profits or incurred losses and what is the position of its
assets and liabilities.

24 Cash a/c Dr
To Anil's Capitalalc
llllrrlllllllratllllllrrttlalrraatltlrllttrtatrlaat
Purchases a/c Dr
To Cash a/c
rrrattrrrtrtlttlrrrtalatlrrrtttlrtlarlllrrrlrrllrr
Machinery a/c Dr
To Cash a/c
rrrttttrraraaaattrrrrllatllrlallltlrlattlrrrltttlrr YzxS: 4
Creditors a/c Dr
To Purchases Return
ratlrrra!alltlrlattlltttltttttrrlrtllllltralltrrraa
Wages a/c Dr
To Cash a/c
rarrrraaaarrrrattttrrrlaatlrrltf trtrrlttttlllllltlr
Mohan a/c Dr
To Sales a/c
rltlllrrftllltlrrlaalllrrrltltllrrttltlarttltllrraf
Cash a/c Dr
To Sales a/c
rrrrr!atrrrrf atrtatrtr!talllllttttltrrlttttlrlltltr
Drawings a/c Dr
To Cash a/c
25 Name of Account Debit Credit 4
Liabilities Decrease Increase %x8
Capital Decrease Increase
Revenue Decrease Increase
Expenditure lncrease Decrease
26 BANK RECONCI LIATION STATEMENT

1+1+1

Bank as per Cash +l
Book I
50,000
Cheque issued but not 4
presented 8,000
Dividend collected by bank 4,000
Bank charges 400
Cheque deposited but not 6,000
collected
Bank balance as per Pass
Book 55,600
62,000 62,000
27 Account
DATE A]VIT
By
(2,00,00GFI0,m0) alc 2
(2,10,m0 * l0olo) 1,89,000
Balance

1,89,000 J 4
alc
Balance I 1
100

U4t202t To Balance t 7,010
alc
Balance I
I r00
Answer anv three.5 mark each

NO Sub Value Points Score Total
Qns score
28 Financial Statements are final accounts prepared at the
end of an accounting year to know the financial position
and financial result of a business. It includes Trading and 2
Profit and Loss account and Balance sheet.

Trading account is an acoount to find the trading results I
To ascertain the profit earned or loss sustained by a
business during an accounting period, this can be easily I 5
workout by preparing a profit or loss account.

To asbertain the financial position of the business
concern in the form of its assets and liabilities at the end 1
of every accounting period, which can be easily work out
by preparing Balance Sheet

29 Retiability: - It means the users must be able to depend
on the information. A reliable information must be free I l/4x4
from errors and bias. To ensure reliability, the
information disclosed must be credible, verifiable by
independent parties and be neutral and faithful.
Relevance: - To be relevant, inforrnation must be 5

available in time, must help in prediction and feedback,
and must influence the decisions of users.
Understandability: - It means users must interpret
accounting information in the same sense as it is prepared
and conveyed to them. Information is said to be
effectively communicated when it is interpreted by the
receiver in the same sense in which the sender has sent.
Comparability: - The users of accounting information
are able to compare various aspects of an organization
over different time period and with other organizations.
To be comparable, accounting reports must belong to a
common period and use of common unit of measurement
and format of reporting.

30 . Cheque deposited but not processed
o Bank Charges debited in pass book not entered in l+1+l+l+1
Cash book 5
o Cheque issued but not presented for payment
o lnterest on deposit only recorded in passbook
o Customer directly paid into bank not entered in
cash book ( any 5 points)
31 Babu a/c Dr 18,000 5 5
To Suspense a/c 18,000
Answer anv two.8 mark each
32.

Capital + Liabilities Assets
al!allrrrrrra!!lrrra!!!!!lrrrraaartlrrrarrrllrrrarltlrrartlrtrltlrllrrfrrrtl
capital crs = cash
rlrrrtrrrlrrrlrrllllrrrraalalllrrraatlrrrrlatttttratrttrrrlllrrrrrrattttlrrtt
stock Drs Furntr
1,75,000 = 1,75,000
50,000 =
rlarrrrrlllalrrll!alrrrrrlr!!rrrrrrrrtrrrrrttttlrrratltlrtlrrtlrrrtaarllllrl
50,000

1,75,000 +50,000 :175,000 +50,000
2,500 =
raltrlalrrrrrrrrlllrrallaaatlrrrralatrrratrlaltrrtrrlllrralalrrrrtalllrlrllt
-17,500+20,000

1,77,500 +50,000 =1,75,000 32,500 20,000
=-10,000
rrrrltrrrtlrratralllrrlraatlllrrrralla!!lrrtlatrrlllaaalrtttlrtrrlfrlllarrrl
10,000

1,77,500 50,000 :1,65,000 32,500 20,000 10,000
1,500
IIIIITI'It'!IIITI"'IIf
-50,000 =-48,500
IIII..'IITIITIIIIIIIIIIII!IIIIII!TIIIITITIIIIIIIIIIII

1,79,000 0 :1,16J00 32,500 20,000 10,000
:20,000 -20,000
IIIIIIIII'IIIIIII'II!TtITIIII'IIIITII"IIIIIITT'TIIITI'tl!ITIIfIIIIIIIIIIIITT

1,79,000 :1,36,500 32,500 0 10,000

-1,000 =-1,000
ra!!!llrrralallrrrltatralaarlrrttatllltrrrtlttlrrrartrrtatltrrtttrltrtratttl
1,78,000 =1,35,500 32,500 0 10,000

-3,000 :3,000
rrrrlrallfll!!rrlltlllrrrralllalllllrrrralllaarrfr!atflrrrr!!lttrrrrlrrtllrl

1,75,000 :1,32,500 32,500 0 10,000

1 score for each ffansaction lx8 :8
33

DOTJBLE COLUMN CASII BOOK

DATE RECEIPT CASH BAITK DATE PAYMENT CASH BAIIK
Balance 15,000 42,000 Purchases 12000
Sales 6000 Machinery s500
Sales 4s00 Stationery 1100
Rohit 10,000
Rent 2500
Salary 3s00
Balance 17,500 15,400
21,000 46,500 21,000 46,500
1 score for each correct posting lx8 :8
34

TRADINGANDP&LACCOUNT
PARTICULARS AMOUNT PARTICULARS AMOUNT
Opening Stock 25000 Sales - 276000 269000
Purchases - 180000 Less Sales Return-7000
Less Retums-2000 178000 Closing Stock 45000
Wages 10000
Freight 4000
Gross Profit 97000
314000 314000
Discount Allowed 2000 Gross Profit 97000
Rent etc 5000 Exces Provision for Bad Debt r400
Bad Debts -1000
* New Provision-1600
-Old Provision 4000

(_1400)
Trade Expense 2400
Printing 2000
Dep On Fumiture 1000
Dep on P &M(2100+3000) 5100
Dep on Motor Car 5100
Net Profit 75800
98400 98400

BALANCE SHEET
LIABILITY AMOI]NT ASSET AMOt'NT
Bank Overdraft 12000 Cash in hand 6000
Creditors 60000 Bills Receivable 14000
Bills Payable 15400 Closing Stock 45000

Capital - 200000 Debton - 80000
+Net Profit-75800 -New Provision-l600 78400
-Drawings-20,000 255800
Furniture-20000
-Depreciation - 1000 19000

Plant and Machinery-100000
-Depreciation-S100 94900

Investment 40000

Motor Car'51000
-Depreciation-S100 4s900

3,43,200 3,43,200

Trading Account: 2 score

P& L Account :3 score

Balancesheet =3score

Scherne Finalised By

t, Vinod K, Vivekodayam BHSS, Thrissur - 9895454551
l. Ajith K B, GV & HSS, Aryad, Alappuzha - 9946807039
_p ,4

3. Bindu S, GHSS, Purathur, Malappuram -9495827190
t, SrikanthW, GHSS, Ezhur, Malappuram -ggglgTlTlg