Class-10 2017-18 Sample Paper And Marking Scheme (Accountancy)
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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 Overdraft as per Cash Book |
375 1,525 3,000 |
10,000
3,250 13,250 |
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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