Class-10 2017-18 Sample Paper And Marking Scheme (Accountancy)

 

Class-10 2017-18 Sample Paper And Marking Scheme
(Accountancy)

1. (a)

2. (c)

3. (a)

4. (b)

5. (a)

6. (a)

7. (b)

8. (d)

9. (a)

10. (b)

11. Bill of Exchange:

A bill of exchange is an instrument in writing drawn by the creditor upon his debtor containing an unconditional order to pay a certain sum of money on a certain date to a certain person or to his order or to the bearer of the instrument for the value received.

12.

Journal

Date Particulars LF Dr.
Amount
(Rs.)
Cr.
Amount
(Rs.)
  Machinery Account                                     Dr.
To Bank Account
(Machinery purchased)
  80,000
80,000
  Machinery Account                                     Dr.
To Bank Account
(Paid Installation charges)
  20,000
20,000
  Depreciation Account                                  Dr.
To Machinery Account
(Depreciation charged on Machinery)
  10,000
10,000

                           1 mark for account of each year) + I mark for calculation of Depreciation

13. Bank Reconciliation Statement: This statement is prepared to reconcile the difference in bank balance as shown by Cash Book and Pass Book.

14. Credit balance of Cash Book implies unfavourable balance. It is called Bank Overdraft.

15. Cost of Goods Sold = Opening Stock + Net Purchases + Direct Expenses - Closing Stock
                                         = 75,000 + 8,000
                                         = 83,000
                                              Or
          Cost of Goods Sold = Net Sales – Gross Profit
                                        =1,25,000 – 42,000
                                        = 83,000
1 mark for formula and 1 mark for correct calculation

16. Any two of the following limitations:
(i) A Trial Balance can’t be prepared and accuracy of accounts can’t be assured.
(ii) Correct ascertainment and evaluation of financial results of business operations can’t be made.
(iii) The owners face great difficulty in filing insurance claims.
(iv) It becomes difficult to convince the ‘Income Tax Authorities’ about the reliability of the computed income.

17. Examples of Revenue Expenditure:
(i) Payment of Expenses
(ii) Depreciation charged of fixed assets
(iii) Maintenance Expenditure like repairs, white washing etc.

19. Deferred Revenue Expenditure is the expenditure of revenue nature which gives benefits for more than one accounting period e. g. heavy advertisement expenditure on launching a new product is likely to give benefit for more than one accounting period. Example: Heavy expenditure on advertisement for launching a new product whose benefits will be available for over a period of one year.

20. Difference between Trading Account and Profit & Loss Account: Basis of Difference Trading Account
 

Basis of Difference Trading Account Profit & Loss Account
Expense Direct Expenses are debited in this
account
Indirect Expenses are debited in
 this account
Profit It is prepared to ascertain gross
profit or gross loss.
It is prepared to ascertain net
profit or net loss.

21. Closing Capital = Opening Capital + Additional Capital + Profit – Drawings
                              = 3,40,000 + 40,000 + 2,40,000 – 1,40,000
                              =4,80,000

22. Difference between Statement of Affairs and Balance Sheet:

Basis of Difference Statement of Affairs Balance Sheet
Objective Its objective is to estimate the
balance in capital account on a
particular date.
Its objective is to show the true
financial position of a business
on a particular date
Reliability It is less reliable as it is prepared
from incomplete records.
It is more reliable as it is
prepared on the basis of double
entry system
Omission Omission of assets or liabilities
can’t be discovered easily
Omission of assets or liabilities
can be discovered easily.

23.
                                                                                          Machine Account            

Date Particulars JF Amount
(Rs.)
Date Particulars JF Amount
(Rs.)
2014
Oct 1
To Bank Account
To Bank Account
  90,000
10,000
1,00,000
2015
Mar
31 Jun 30
By Depreciation Account
By Balance c/d
  5,000
95,000
1,00,000
2015
Apr 1
To Balance b/d t   95,000

95,000
2016
Mar 31
 
By Depreciation Account
By Balance c/d
  10,000
85,000
95,000
2016
Apr1
To Balance b/d t   85,000

85,000
2017
Mar 31
By Depreciation Account
By Balance c/d
  10,000
75,000
85,000

                                          (1 mark for account of each year) + I mark for calculation of Depreciation

24. Causes of difference between Bank balance as shown by Cash Book and Pass Book:
(i) Cheques issued by the bank but not yet presented.
(ii) Cheques paid into bank but not yet collected.
(iii) Amount directly deposited by customers into bank.
(iv) Direct debit by bank on behalf of customers.
(v) Interest and Dividend collected by bank.
(vi) Bank charges debited by bank in Pass Book.

25. Uses of Incomplete records:
(i) This system is useful to the businessmen who do not have the proper knowledge of the accounting principles.
(ii) It is an inexpensive mode of making records.
(iii) It consumes less times.
(iv) It is a convenient mode because only one aspect of transaction is recorded.

26. (i) Cheques issued but not encashed                   Add

(ii) Bank charges                Subtract

(iii) Collection of Dividend by the bank                        Add

(iv) Cheques deposited but not cleared                   Subtract

(v) Insurance Premium paid by the bank on behalf of customer         Subtract

27. Items to be shown on the debit side of Trading Account:
(i) Opening Stock
(ii) Purchases
(iii) Direct Expenses
(iv) Gross Profit
(v) Sales Return

Items to be shown on the debit side of Profit & Loss Account:

(i) Gross Loss
(ii) Net Profit
(iii) Indirect Expenses
(iv) Depreciation
(v) Loss on sale of fixed assets

28. Bill of exchange is drawn when the purchaser is unable to make cash payment at the time of purchase. It ensures that the payment will be made by the purchaser on the presentation of bill of exchange on due date. Bill of exchange can be discounted from bank to get payment immediately.
Parties to a bill of exchange:
(i) Drawer: Who draws the bill of exchange.
(ii) Drawee: Upon whom the bill of exchange is drawn.
(iii) Payee: Who will receive the payment.

29. Revenue Expenditure:
It is incurred for day to day running of the business.

                           Capital Expenditure                         Revenue Expenditure
It increases the earning capacity of business It maintains the earning capacity of business.
It is incurred to acquired fixed assets for operation of the business. It is incurred to conduct day to day business.
It is recurring in nature. It is non-recurring in nature.
It benefits more than one accounting year. It normally benefits for one accounting year
It is shown in Balance Sheet. It is shown in Trading and Profit & Loss Account.

30.                                                             Avinash & Company

                                                                   Bank Reconciliation

                                                          Statement As on December 31, 2017
 

Particulars Plus Items
(Rs.)
Minus Items
(Rs.)
                                                                            Overdraft as per Pass Book

Interest on Overdraft
Insurance Premium paid by Bank Cheques issued but not presented
Cheques deposited but not yet cleared
Balancing Figure

Overdraft as per Cash Book

375
1,525

3,000
8,350

13,250

10,000

 

3,250
 

13,250

8,350

31.                                                         Kamal
                                           Trading and Profit & Loss Account
                                            for the year ended March 31, 2017

Particulars Amount
(Rs.)
Particulars Amount
(Rs.)
To Opening Stock
To Purchases
To Carriage
To Gross Profit c/d
8,000
22,000
2,500
14,000
By Sales
By Closing Stock
42,000
4,500
To Salaries
To Rent
To Printing & Stationery
To Commission
To Discount Allowed
To Trade Expenses
To Selling Expenses
To Repairs
To Net Profit
3,500
1,200
1,000
1,100
600
1,200
600
600
4,200
By Gross Profit b/d 14,000
  14,000   14,000

                                                                               OR
Depreciation: Decrease in the value of a fixed asset due to use, Passage of time, obsolescence and accidents
is called depreciation. 
Causes of Depreciation:

(i) Because of use, Wear and tear of the asset takes place that results into depreciation.
(ii) Even than an asset may not be used its value may decreases because of passage of time.
(iii) The development of new technology makes the assets with old technology obsolete and the same may results into depreciation.
(iv) Accidents may reduce the value of asset.

33.
                                                                                       Books of Ankit
                                                                                           
                                                                                           Journal

Date Particulars LF Dr.
Amount
(Rs.)
Cr.
Amount
(Rs.)
2017 Jan 1 Bimal                                                                          Dr.
        To Sales
Account (Sold goods to Bimal)
  10,000
10,000
Jan 1 Bills Receivable Account                                             Dr.
       To Bimal
(Acceptance received from Bimal)
  10,000
10,000
Apr 4 Bank Account                                                             Dr.
     To Bills Receivable Account
(Bimal met his acceptance on maturity)
  10,000
10,000

                                                                         Books of Bimal
                                                                                 Journal

Date Particulars LF Dr.
Amount
(Rs.)
Cr.
Amount
(Rs.)
2017 Jan 1 Purchases Account                                                     Dr.
          To Ankit
       (Goods purchased from Ankit)
  10,000
10,000
Jan 1 Ankit                                                                          Dr.
     To Bills Payable Account
     (Accepted Ankit’s draft)
  10,000
10,000
Apr 4 Bills Payable Account                                                 Dr.
      To Bank Account
     (Met our acceptance in favour of Ankit on maturity)
  10,000
10,000

                                                                                  OR
                                                                     Books of Mukesh

                                                                          Jitender

Date Particulars JF Amount
(Rs.)
Date Particulars JF Amount
(Rs.)
2017
Jul 1
To Sales Account   30,000 2017
Jul 1
By Bills Receivable A/c   30,000
      30,000       30,000

                                                              Bills Receivable Account

Date Particulars JF Amount
(Rs.)
Date Particulars JF Amount
(Rs.)
2017
Jul 1
To Jitender   30,000 2017
Jul 1
1 By Bank A/c   30,000
      30,000       30,000

34.
                                                                             M/s Raj
                                                                   Statement of Affairs
                                                                    as on April 1, 2016

Liabilities Amount
(Rs.)
Assets Amount
(Rs.)
Creditors
Bills Payable
Capital
66,000
44,000
1,32,500
Cash in hand
Cash at bank
Stock
Debtors
Furniture
Business Premises
1,000
15,000
1,00,000
42,500
9,000
75,000
  2,42,500   2,42,500

                                                                           M/s Raj
                                                                   Statement of Affairs
                                                                    as on March 31, 2017

Liabilities Amount
(Rs.)
Assets Amount
(Rs.)
Creditors
Bills Payable
Capital
87,000
58,000
1,74,000
Cash in hand
Cash at bank
Stock
Debtors
Furniture
Business Premises
1,500
10,000
95,000
70,000
7,500
1,35,000
  3,19,000   3,19,000


                                                                  Or
                                    Statement of Affairs of Anil as on March 31, 2017

Liabilities Amount
(Rs.)
Assets Amount
(Rs.)
Creditors
Bills Payable
Capital
3,00,000
6,000
6,21,000
Cash in hand
Bills Receivable
Sundry Debtors
Stock
37,000
50,000 8,00,000 40,000
  9,27,000   9,27,000

Statement of Profit or Loss for the year ended March 31, 2017

Particulars          Rs.
Capital at the end                                       6,21,000
Add: Drawings                                             80,000
    7,01,000
Less: Capital in the beginning                      4,50,000
Fresh Capital introduced                               14,000
Profit for the year
    4,64,000

     2,37,000

 

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Courtesy: CBSE