G-TEC COMPUTER EDUCATION
ISO 9001:2015 CERTIFIED
DIPLOMA IN INDIAN AND FOREIGN ACCOUNTING (DIFA)
ANSWER KEY FOR MODEL QUESTION PAPER OF IAB - DIFA – JUNE 2022
MANUAL ACCOUNTING
III.Journalize the following. Each carries 1 Marks. (5 x 1 = 5)
Date Particulars L/F Debit Credit
Rent Account …Dr 5,000
11 To Rent Payable 5,000
(Rent payable for the month)
Commission Receivable Account …Dr 13,000
12 To Commission received 13,000
(Commission receivable)
Prepaid Insurance a/c …Dr 7,500
13 To Insurance account 7,500
(Insurance paid in advance)
Salary Expenses A/c …Dr 15,000
14 To Cash 15,000
(Salary Expenses paid by cash)
Furniture a/c …Dr 16,000
15 To Cash. 16,000
(Bought furniture by cash)
IV. Answer the following. Each carries 2.5 Marks. (2 x 2.5 = 5)
16. Briefly explain any five accounting terms.
Ans.: The accounting terms are given below:
(a) Capital
(b) Cash
(c) Sundry creditors
(d) Sundry Debtors
(e) Purchase
(f) Purchase return
(g) Sales
(h) Sales Return
(i) Stock
(j) Bank
(k) Drawings
17. Mr. Laxmikanth is the owner and operator of Pooja Enterprise, a motivational consulting
business. At the end of its accounting period, March 31, 2022, Laxmikanth Enterprise has
assets of Rs. 9,85,000 and his capital is Rs. 5,00,000. Use the accounting equation to
calculate his liabilities, as of March 31, 2022.
Ans.: The Accounting Equation to calculate Liabilities of Mr. Laxmikanth:
Liabilities = Asset – Capital.
Ie., Asset = Rs. 9,85,000 & Capital = Rs. 5,00,000.
G-DIFA /IAB/MQP/0622_Answer Key 1
, G-TEC COMPUTER EDUCATION
ISO 9001:2015 CERTIFIED
DIPLOMA IN INDIAN AND FOREIGN ACCOUNTING (DIFA)
Liabilities = 9,85,000 - 5,00,000
Liabilities = 4,85,000.
TALLY
VI. Answer the following. Each carries 2.5 marks. (4 x 2.5 = 10)
28. Differentiate between ‘Go To’ and ‘Switch To’.
Ans.: Using ‘Go To’ option, you can Open/ Navigate to any report without losing out on your
current work data and will show the most frequently used reports on the top. Using ‘Switch
To’ option, you an Open/ Navigate any report by closing the current work. That is if you do
not want to keep the reports open and just want to switch from one report to another, you
can use the 'Switch to' option.
While ‘Go To’ facilitates flexibility and ease of discoverability, 'Switch To' helps the user to
perform another task and ensures the user to complete the current task before move on.
29. Explain the process of selecting and closing a company in Tally Prime.
Ans.: The process of selecting and closing a company in Tally Prime are mentioned below:
Selecting a Company:
By 'selecting' a company, you are essentially opening it in Tally Prime. Follow the below
procedure to select a company:
From Gateway of Tally, click on K: Company
Choose, ‘Select (Alt+F3)’.
‘Select Company’ screen appears. select the required company.
OR
From Gateway of Tally > Click on F3: Company> Choose ‘Select Company’. In the
Select Company screen, select the required company.
Close Company
The option ‘Shut Company’ is used for closing a company from the current list in Tally Prime.
The steps are given below:
From Gateway of Tally >click on K: Company > select ‘Shut (Ctrl+F3)’
The Shut Company screen appears,
Select the required company from the List of Companies.
Press Enter key
OR
From Gateway of Tally > dick on F3: Company> select Shut Company.
30. Mr. Arun commenced business with cash Rs. 10,00,000. How will you enter this
transaction in Tally Prime? Explain with steps.
Ans.: Steps to enter:
Click on ‘Gateway of Tally – Transactions – Vouchers’.
Press either ‘F6’ or click the ‘Receipt’ tab from the button panel on right side.
Press F2 and Choose your date of entry first.
Next, in Account area, select the mode of Payment receipt (Cash or Bank) and press
Enter key.
Next, enter the Receipt account in ‘Particular’ area. Here you must select ‘Mr. Arun’s
Capital’ account. Once, the account is not created, create it through Secondary
Ledger. To get Secondary Ledger, press ‘Alt + C’ from there.
G-DIFA /IAB/MQP/0622_Answer Key 2
ISO 9001:2015 CERTIFIED
DIPLOMA IN INDIAN AND FOREIGN ACCOUNTING (DIFA)
ANSWER KEY FOR MODEL QUESTION PAPER OF IAB - DIFA – JUNE 2022
MANUAL ACCOUNTING
III.Journalize the following. Each carries 1 Marks. (5 x 1 = 5)
Date Particulars L/F Debit Credit
Rent Account …Dr 5,000
11 To Rent Payable 5,000
(Rent payable for the month)
Commission Receivable Account …Dr 13,000
12 To Commission received 13,000
(Commission receivable)
Prepaid Insurance a/c …Dr 7,500
13 To Insurance account 7,500
(Insurance paid in advance)
Salary Expenses A/c …Dr 15,000
14 To Cash 15,000
(Salary Expenses paid by cash)
Furniture a/c …Dr 16,000
15 To Cash. 16,000
(Bought furniture by cash)
IV. Answer the following. Each carries 2.5 Marks. (2 x 2.5 = 5)
16. Briefly explain any five accounting terms.
Ans.: The accounting terms are given below:
(a) Capital
(b) Cash
(c) Sundry creditors
(d) Sundry Debtors
(e) Purchase
(f) Purchase return
(g) Sales
(h) Sales Return
(i) Stock
(j) Bank
(k) Drawings
17. Mr. Laxmikanth is the owner and operator of Pooja Enterprise, a motivational consulting
business. At the end of its accounting period, March 31, 2022, Laxmikanth Enterprise has
assets of Rs. 9,85,000 and his capital is Rs. 5,00,000. Use the accounting equation to
calculate his liabilities, as of March 31, 2022.
Ans.: The Accounting Equation to calculate Liabilities of Mr. Laxmikanth:
Liabilities = Asset – Capital.
Ie., Asset = Rs. 9,85,000 & Capital = Rs. 5,00,000.
G-DIFA /IAB/MQP/0622_Answer Key 1
, G-TEC COMPUTER EDUCATION
ISO 9001:2015 CERTIFIED
DIPLOMA IN INDIAN AND FOREIGN ACCOUNTING (DIFA)
Liabilities = 9,85,000 - 5,00,000
Liabilities = 4,85,000.
TALLY
VI. Answer the following. Each carries 2.5 marks. (4 x 2.5 = 10)
28. Differentiate between ‘Go To’ and ‘Switch To’.
Ans.: Using ‘Go To’ option, you can Open/ Navigate to any report without losing out on your
current work data and will show the most frequently used reports on the top. Using ‘Switch
To’ option, you an Open/ Navigate any report by closing the current work. That is if you do
not want to keep the reports open and just want to switch from one report to another, you
can use the 'Switch to' option.
While ‘Go To’ facilitates flexibility and ease of discoverability, 'Switch To' helps the user to
perform another task and ensures the user to complete the current task before move on.
29. Explain the process of selecting and closing a company in Tally Prime.
Ans.: The process of selecting and closing a company in Tally Prime are mentioned below:
Selecting a Company:
By 'selecting' a company, you are essentially opening it in Tally Prime. Follow the below
procedure to select a company:
From Gateway of Tally, click on K: Company
Choose, ‘Select (Alt+F3)’.
‘Select Company’ screen appears. select the required company.
OR
From Gateway of Tally > Click on F3: Company> Choose ‘Select Company’. In the
Select Company screen, select the required company.
Close Company
The option ‘Shut Company’ is used for closing a company from the current list in Tally Prime.
The steps are given below:
From Gateway of Tally >click on K: Company > select ‘Shut (Ctrl+F3)’
The Shut Company screen appears,
Select the required company from the List of Companies.
Press Enter key
OR
From Gateway of Tally > dick on F3: Company> select Shut Company.
30. Mr. Arun commenced business with cash Rs. 10,00,000. How will you enter this
transaction in Tally Prime? Explain with steps.
Ans.: Steps to enter:
Click on ‘Gateway of Tally – Transactions – Vouchers’.
Press either ‘F6’ or click the ‘Receipt’ tab from the button panel on right side.
Press F2 and Choose your date of entry first.
Next, in Account area, select the mode of Payment receipt (Cash or Bank) and press
Enter key.
Next, enter the Receipt account in ‘Particular’ area. Here you must select ‘Mr. Arun’s
Capital’ account. Once, the account is not created, create it through Secondary
Ledger. To get Secondary Ledger, press ‘Alt + C’ from there.
G-DIFA /IAB/MQP/0622_Answer Key 2
