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CBSE Class 10 Sample / Model Paper 2021 : Elements of Book-Keeping and Accountancy

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ELEMENTS OF BOOK-KEEPING AND ACCOUNTANCY (254) SAMPLE QUESTION PAPER 2020-21 CLASS X MM 70 TIME: 3 HOURS General Instructions: 1 This question paper contains 30 questions. 2 Marks are indicated against each question. 3 There are two Case Based Questions (CBQ s). 4 Answers should be brief and to the point. 5 Workings to the answers should be given clearly. QUESTIONS Q.No 1 Marks Heavy expenditure undertaken on the advertisement for brand building at the time of launch of a product by a company is____ (Choose the correct alternative) a. Revenue Expenditure b. Capital Expenditure c. Deferred Revenue Expenditure d. Statement of financial position 2 1 A new machine was imported by Nishtha Ltd. from South Korea for 7,00,000 and 20% p.a. depreciation is charged as per reducing balance method. The book value of the machine at the end of the second year would be___________ (Choose the correct alternative) a. 4,84,000 b. 4,48,000 1 c. 4,64,000 d. 4,72,000 3 __________is not a negotiable instrument. (Choose the correct alternative) Page | 1 a. Bills of exchange b. Promissory Note c. Bearer cheque 1 d. Crossed cheque OR Maker of the bill is also known as __________ (Choose the correct alternative) a. Bill Receivable b. Drawer c. Drawee 1 d. Reserve 4 Depreciation is charged on which of the following? (Choose the correct alternative) a. Land b. Sales 1 c. Plant and Machinery d. Capital OR __________ is not a cause of depreciation. (Choose the correct alternative) a. Wear and Tear b. Obsolescence c. Fluctuation in prices 1 d. Efflux of time 5 Bank Reconciliation Statement is the comparison of the bank statement with: (Choose the correct alternative) a. Trading Account b. Cash Book c. Statement of Affairs 1 d. Sales Book 6 Credit balance as Cash book as on 31stMarch, 2020 is 30,750. The bank has debited 700 as bank charges and has credited 7,775 on account of interest. Page | 2 Balance as per pass book should be_______ (Choose the correct alternative) a. 26,475 b. 24,475 c. 23,675 d. 16,500 7 1 Cost of goods sold is equal to___________. (Choose the correct alternative) a. Sales Gross Profit b. Sales + Gross Profit c. Sales + Net Profit 1 d. Sales Net profit Read the following text and answer question (8-10) on the basis of the same: Gopi Chand started with the manufacturing unit of Solar Charkha in February 2018 and was nominated by the ruling government under Make in India awards. Gopi Chand wants to set up another unit in a nearby village and purchase land for premises there too. Given below is Trial Balance of Gopi Chand as at 31st March 2020. Trial Balance as at 31st March 2020 Debit Balance Amount ( ) Opening Stock Credit Balance Amount ( ) 50,000 Capital 1,70,000 Purchases 80,000 Sundry Creditors 44,000 Office furniture 35,000 Bank Loan 1,00,000 Depreciation on furniture 7,000 Sales 1,04,000 Advertisement Expenses 10,000 Salary 14,000 Telephone Expenses 4,000 Cash at Bank 18,000 Land and Building 2,00,000 ---------4,18,000 ======= ----------4,18,000 ======= Additional Information: 1. Closing stock at the end of year 2020 is 75,000. Page | 3 8 Which of the following is not a financial statement prepared by a sole trader? 1 (Choose the correct alternative) a) Profit and Loss Account b) Trading Account c) Bank Book d) Balance Sheet 9 Trading profit for Gopi Chand will be (Choose the correct alternative) 1 a) 39,000 b) ( 24,000) c) 99,000 d) 49,000 10 Total of Liabilities side for Gopi Chand s business will be____________ 1 (Choose the correct alternative) a) 3,32,000 b) 4,18,000 c) 3,28,000 d) 3,10,000 11 On 12thJuly,2019 a bill of exchange was drawn by Mr X on Mr Y for one month. The date of its maturity of the will be ______. 1 (Choose the correct alternative) a. 13th August,2019 b. 16th August,2019 c. 15th August,2019 d. 14th August,2019 12 As on 31st March 2020, debit balance as per cash book of Mr. Singh stood at 1 20,000. Cheques worth 2,600 deposited in bank, could not get cleared due to public holidays and issued cheques could also not be presented by creditors 7500.In the light of the given conditions, which of the following would be the correct balance as per pass book? (Choose the correct alternative) Page | 4 a. 22,600 b. 22,750 c. 22,940 d. 24,900 Read the following text and answer question (13-16) on the basis of the same: Henry used to run a plumbing business, due to Covid 19 he could not afford to pay rent for his shop hence he now operates the same from his home. He has extracted the following information from his books Particulars 13 Amount ( ) Capital in the beginning of the year (April 1, 2019) 2,00,000 Capital at the end of the year ( March 31, 2020) 2,20,000 Drawings made during the year 50,000 Loose tools 20,000 Sundry Debtors 30,000 The capital at the end of accounting year is ascertained by preparing: (Choose the correct alternative a. Total debtors account b. Profit and loss account c. Total creditors account 1 d. Closing statement of Affairs 14 From incomplete records it is not possible to prepare: (Choose the correct alternative) a. Statement of affairs b. Trial Balance c. Statement of profit and loss d. Bank Reconciliation Statement 1 Page | 5 15 Profit for Henry for the Financial Year 2019-20 will be__________ (Choose the correct alternative) a. 70,000 b. 50,000 c. 20,000 1 d. 2,20,000 16 Total of Statement of Affairs as on 31st March 2020 for Henry will be 1 (Choose the correct alternative) a. 2,00,000 b. 2,20,000 c. 50,000 d. 2,70,000 17 Depreciation is a ___________because it does not involve any cash outflow. 1 (Choose the correct alternative) a. Cash expenditure b. Non-cash expenditure c. Capital expenditure d. Deferred revenue expenditure 18 Freight Inward is shown in ______________. (Choose the correct alternative) 1 a. Profit and Loss Account b. Profit and Loss Appropriation Account c. Trading Account d. Balance Sheet 19 Explain the term Deferred Revenue Expenditure with the help of an example. 3 OR Give any three examples of Capital expenditure. 20 State any three causes of difference in balance as per Cash book as per Pass book. 3 Page | 6 21 Samarth sold goods for 10,000 to Hemant on 25th March, 2019. On the same date, Hemant sent his promissory note for the amount payable, after 2 months. On the due date, the bill was met. Give journal entries in the books of Hemant. 3 OR State any three advantages of bill of exchange. 3 22 State any two limitations of Incomplete Record System. 3 23 Suraj received from Kartik an acceptance for 60,000 on 1st july,2019 at 3months. Suraj got this acceptance discounted @12% p.a.at his bank. On the due date, Kartik paid the required amount. Give the Journal entries in the books of Suraj 4 and Kartik. 24 State any four points of distinction between Capital and Revenue Expenditure. 4 25 Distinguish between Straight line method and Diminishing Balance method. 4 Or 26 State any four merits of Written down value method. 4 Prepare Bank Reconciliation Statement of Misha Ice Cream Parlours as on 4 31stMarch, 2019: 27 S.No. Particulars Amount (in ) (a) Debit balance as per Cash Book 40,000 (b) Cheques deposited but not cleared (c) Cheques issued but not cleared 10,000 700 From the following information extracted from the books of M/s Sherya, prepare a Balance sheet as on 31-03-2020. During the year ended 31-03-2020 M/s Sherya earned a net profit of 1,00,000. The Position of assets and liabilities on 31-032020 was as follows : Cash in hand 2,00,000 Investment 1,20,000 Cash at bank 4,00,000 Land and Building 4,80,000 Debtors 1,00,000 Capital 16,50,000 Bankoverdraft 2,50,000; Stock 7,00,000 4 Page | 7 28 From the following particulars of Vansh Brothers, prepare a bank reconciliation statement on March 31,2019 Particulars 29 Amount (in ) (a) Overdraft as per passbook 25,200 (b) Insurance premium paid by the bank 2,500 (c) Interest on overdraft 1,500 (d) Cheque deposited but not yet cleared 8,100 (e) Amount wrongly debited by bank 2,000 5 Netra enterprises purchased a Machinery on 1st January,2010 for 1,50,000 and spent 10,000 on its erection . Show the Machinery account for three years, if the accounts are closed on 31st December every year. The depreciation is to be charged @10% p.a. on original cost method. 30 5 Following is the position statement of Md Irfan (who maintains his accounts in incomplete system) as on 31-03-2019 and 31-03-2020. Particulars 31-03-2019 31-03-2020 Amount in Amount in Cash 20,000 18,000 Sundry Debtors 78,000 90,000 Stock 68,000 64,000 Machinery 1,40,000 Sundry Creditors Bills Payable 1,30,000 29,000 29,000 5,000 10,000 During 2019-20, he introduced 15,000 as new capital and withdrew 4,000 per 5 month for his personal use. Ascertain his profit for the year ending 31-03-2020. OR 31 Distinguish between Double entry and Single Entry system of accounting. 5 Prepare Trading and Profit and Loss account for M/s Solar Charkha Makers from 5 the following information for the year ending 31-03-2019 when Closing stock is valued at 20,000. Page | 8 Trial Balance as on 31.3. 2018 Name of Account Debit Credit Balance ( ) Balance ( ) Opening Inventory 50,000 -------- Purchase and Sales 8,15,000 12,03,700 700 5,000 -------- 13,400 1,28,000 3,44,800 Capitals -------- 2,40,000 Salaries and Wages 35,000 -------- Bad Debts 7,800 -------- Patents 35,000 -------- Machinery 4,50,000 ------ Bank Loan ------ 2,00,000 485,400 ----- ________________ ___________ 20,06,900 20,06,900 ============== ================ Returns Rent Received Debtors and Creditors Cash at Bank Page | 9 ELEMENTS OF BOOK-KEEPING AND ACCOUNTANCY (254) MARKING SCHEME 2020-21 CLASS X QUESTIONS Q. No. Marks 1 c. Deferred Revenue Expenditure 1 2 b. 4,48,000 1 3 d. Crossed cheque 1 OR b. Drawer 4 c. Plant and Machinery 1 OR c. Fluctuation in prices 5 b. Cash Book 1 6 c. 23,675 1 7 a. Sales Gross Profit 1 8 c. Bank Book 1 9 d. 49,000 1 10 c. 3,28,000 1 11 d. 14th August,2019 1 12 d. 24,900 1 13 d. Closing statement of Affairs 1 14 b. Trial Balance 1 15 a. 70,000 1 16 b. 2,20,000 1 17 b. Non-cash expenditure 1 18 c. Trading Account 1 19 Deferred Revenue Expenditure is that expenditure that is revenue in nature but the benefit 3 of which extends beyond the accounting year in which it is incurred. Page | 1 Example of Deferred Revenue Expenditure: Renovation of cinema mall. OR (a) Purchase of a fixed asset 1 (b) Construction of building 1 (c) Custom duty paid on import of a machinery 1 20 Causes of differences between balance as per the Cash book and as per Pass book: (a) Cheques issued but not yet presented for payment. 1 (b) Interest received by the bank 1 (c) Cheque deposited into the bank but not yet collected by the bank. 1 21 Books of Hemant Journal Date Particulars L.F Dr. Cr. 2019 March,25 Purchases A/c Dr. March,25 1 10,000 10,000 To Samarth ( Being goods purchased from Samarth) 10,000 Samarth sA/c 1 10,000 Dr. To Bills Payable A/c 1 (Being acceptance given to Samarth) May, 28 BillsPayableA/c 10,000 Dr. 10,000 To Bank A/c (Being acceptance met on maturity) OR The bills of exchange as instruments of credit are used frequently in business because of the following advantages: 1x3 (a) Framework for relationships: A bill of exchange represents an instrument, which provides a framework for Page | 2 enabling the credit transaction between the seller/creditor and buyer/debtor on an agreed basis. (b) Certainty of terms and conditions: The creditor knows the time when (s)he would receive the money so also debtor is fully aware of the date by which (s)he has to pay the money. This is due to the fact that terms and conditions of the relationships between debtor and creditor such as amount required to be paid; date of payment; interest to be paid, if any, place of payment are clearly mentioned in the bill of exchange. (c) Convenient means of credit: A bill of exchange enables the buyer to buy the goods on credit and pay after the period of credit. However, the seller of goods even after extension of credit can get payment immediately either by discounting the bill with the bank or by endorsing it in favour of a third party. 22 Following are the limitations of incomplete records: a) As double entry system is not followed, a trial balance cannot be prepared. 1 b) Correct ascertainment and evaluation of financial result of business operations 1 cannot be made. 23 Books of Suraj Journal Date Particulars L.F Dr Cr 2019 July 1 Bills Receivable A/c Dr 1 60,000 To Kartik s A/c 60,000 (Received Kartik s acceptance payable after three months) July 1 Bank A/c Dr 58,200 Discount A/c Dr 1,800 To Bills Receivable A/c 1 60,000 (Kartik s acceptance discounted with the bank @12% p.a.) Page | 3 Books of Kartik Journal Date Particulars July Suraj s A/c 1, L.F Dr Dr Cr 60,000 To Bills Payable A/c 2019 (Accepted Suraj s bill ) Oct 4, Bills Payable A/c 2019 1 60,000 Dr 60,000 To Bank A/c 60,000 1 ( Met acceptance of Suraj s bill) 24 Following points of distinction between capital expenditure and revenue expenditure : 4 (a) Capital expenditure increases earning capacity of business whereas revenue expenditure is incurred to maintain the earning capacity. (b) Capital expenditure is incurred to acquire fixed assets for operation of business whereas revenue expenditure is incurred on day-to-day conduct of business. (c) Revenue expenditure is generally recurring expenditure and capital expenditure is non-recurring by nature. (d) Capital expenditure benefits more than one accounting year whereas revenue expenditure normally benefits one accounting year. 25 Basis of Difference Straight Method Basis of depreciation charging Original Cost Line Written Down Value Method Book Value i.e. cost less original 1 depreciation charged till date. In this Page | 4 method, depreciation declines year after year Annual depreciation Fixed charge (Constant) Declines year after year 1 year Total charge against Unequal year after Almost equal every profit and 1 loss year. It increases in year account respect of later years. depreciation and repairs Recognition by Not recognised 1 Recognised Income Tax law Or Written down value method has the following advantages: (a) This method is based on a more realistic assumption that the benefits from asset go on diminishing (reducing) with the passage of time. Hence, it calls for proper allocation of cost because higher depreciation is charged in earlier years when asset s utility is higher as compared to later years when it becomes less effective. (b) It results into almost equal burden of depreciation and repair expenses taken together every year on profit and loss account. (c) Income Tax Act accepts this method for tax purposes. (d) As a large portion of cost is written-off in earlier years, loss due to obsolescence gets reduced. 26 Bank Reconciliation Statement of Misha Ice Cream Parlours as on 31st March 2019 PARTICULARS Debit balance as per Cash Book PLUS ITEMS MINUS ITEMS Cheque deposited but not cleared Cheques issued but not cleared 40,000 1 10,000 1 700 Balance as per pass book 30,700 40,700 40,700 Page | 5 4 Balance Sheet of M/s Shreya 27 as at 31.03.2020 Liabilities Amount ( ) Capital 16,50,000 Assets Amount ( ) Land and Building 4,80,000 + Net profit1,00,000 17,50,000 Investment 1,20,000 Bank overdraft 2,50,000 Debtors 1,00,000 Stock 7,00,000 Cash in hand 2,00,000 Cash at bank 4,00,000 20,00,000 20,00,000 28 Bank Reconciliation statement of Vansh Brothers, as on March 31,2019 Particulars PLUS ITEMS Overdraft as per passbook MINUS ITEMS 25,200 Insurance premium paid by the bank 2,500 1 Interest on overdraft 1,500 1 Cheque deposited but not yet cleared 8,100 1 Amount wrongly debited by bank 2,000 1 Overdraft as per cash book 11,100 25,200 25,200 Page | 6 Dr 29 Machinery Account Cr Date Particulars Amt ( ) Date Particulars Amt ( ) 1.1.10 To Bank A/c 1,60,000 31.12.10 By Depreciation A/c 16,000 31.12.10 By Balance c/d 1,44,000 1,60,000 1.1.11 To Balance b/d 1,44,000 1,60,000 31.12.11 By Depreciation 16,000 31.12.11 By Balance c/d 1,28,000 1,44,000 1.1.12 To Balance b/d 1,28,000 1 144,000 31.12.12 By Depreciation 16,000 31.12.12 By Balance c/d 1,12,000 1,28,000 30 1 1 1,28,000 Statement of Affairs (as on 31-03-19) LIABILITIES Amount ASSETS Amount Sundry Creditors 29,000 Cash 20,000 Bills Payable 5,000 Sundry Debtors 78,000 2,72,000 Stock 68,000 Machinery 1,40,000 1 Opening Capital (Bal. Figure) 3,06,000 3,06,000 Statement of Affairs (as on 31-03-20) LIABILITIES Amount ASSETS Amount Sundry Creditors 29,000 Cash 18,000 Bills Payable 10,000 Sundry Debtors 90,000 2,63,000 Stock 64,000 Closing Capital (Bal. Figure) 1 Page | 7 Machinery 1,30,000 3,02,000 3,02,000 Statement of Profit and Loss As on 31-03-2020 Particulars Amount Closing Capital 2,63,000 add: Drawings (4,000x12) 48,000 less: Additional Capital 15,000 less: Opening Capital 2,72,000 Profit Earned During The Year 24,000 2 OR BASIS FOR SINGLE ENTRY SYSTEM DOUBLE ENTRY SYSTEM COMPARISON Meaning The system of accounting in The accounting system, in which every which only one sided entry transaction affects two accounts is required to record simultaneously, is known as the Double financial transactions is Entry System. Single Entry System. Nature Simple Complex Type of recording Incomplete Complete Errors Hard to identify Easy to locate Ledger Personal and Cash Account Personal, Real and Nominal Account Preferable for Small Enterprises Big Enterprises Suitable for tax No 1x5 Yes purposes Page | 8 Dr Trading A/c 31 Cr. Dr. as on 31.03.2018 Particulars Cr. Amount Par( ) Opening Inventory Particulars 50,000 Sales Less l Purchase 8,15,000 12,03,700 (-) Return 8,10,000 Amount ( ) 12,03,000 (700) Closing Stock 20,000 Less Returns (5,000) 1 3,63,000 Gross profit transferred to Profit and loss account 12,23,000 12,23,000 Profit and Loss A/c Dr Particulars Salaries as on 31.03.2018 Amount ( ) 35,000 and Wages Cr Particulars Gross rofit Amount ( ) 363,000 transferred from Trading Account Bad Debt Net Profit transferred to 7,800 Rent received 13,400 3,33,600 Capital account 1 3,76,400 3,76,400 Page | 9 Balance Sheet as on 31.03.2018 Liabilities Capital 2,40,000 Amount ( ) 573,600 Assets Debtors Amount ( ) 1,28,000 Net Profit+333,600 Creditors 3,44,800 Patent Patents 35,000 Bank Loan 2,00,000 Land Machinery 4,50,000 11,18,400 Cash at Bank 485,400 Closing Stock 20,000 2 11,18,400 Page | 10

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