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CBSE Class X Sample Question Paper 2017 : ELEMENT OF BOOK KEEPING AND ACCOUNTANCY (with Marking Scheme / Solutions)

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SAMPLE PAPER ELEMENTS OF BOOK KEEPING AND ACCOUNTANCY CLASS X (2016-17) SA-II (TERM II) Q1. The purpose of preparing final accounts is to ascertain: a) b) c) d) Q2. Profit or loss Capital The value of assets Profit or loss and financial position Trading Account shows: a) b) c) d) Q3. Q5. Balance Sheet is prepared: 1 For a particular period On a particular date For the whole year For a decade Balance sheet shows: a) b) c) d) 1 At the end of calendar year At the beginning of the accounting year On every Diwali At the end of accounting year a) b) c) d) Q6. 1 Profit or loss Financial position Errors of accounts Total debtors Trading and Profit & Loss Account is prepared: a) b) c) d) 1 Financial position of the concern Gross profit Net profit Net profit and financial position Balance sheet shows: a) b) c) d) Q4. 1 Assets only Liabilities only Both assets & Liabilities Neither assets nor liabilities 1 Q7. Excess of credit in Profit and Loss account is called: a) b) c) d) Q8. Net profit Net loss Gross profit Gross loss Wages and Salaries appearing in Trial Balance is shown: a) b) c) d) Q9. Q10. On On On On 1 1 Sole Trader Company Society Partnership Firms Single entry system of book keeping is: 1 Accurate Systematic Unscientific Rationale When closing capital is more than the opening capital, it denotes: a) b) c) d) 1 Plant Cash at bank Creditors Capital Generally accounts under single entry system are maintained by: a) b) c) d) Q13. debit side of Trading A/c debit side of Profit and Loss Account Asset Side of the Balance Sheet liabilities side of Balance Sheet Identify the current asset from the following: a) b) c) d) Q12. 1 Current Asset Fixed asset A liability Capital a) b) c) d) Q11. the the the the Land is: a) b) c) d) 1 Drawings Loss No profit no loss Profit, if there is no introduction of fresh capital 1 Q14. When closing capital is less than the opening capital, it denotes: a) b) c) d) Q15. Q16. Single Entry System is a: 1 Complete System Incomplete System Hybrid System None of the above Drawer in bill of exchange is a person: a) b) c) d) Q18. 1 Simple Method Difficult Method Expensive Method Both difficult and expensive method a) b) c) d) Q17. Profit Loss Loss, if there is no drawing Expenses Which of the following is correct about Single Entry System: a) b) c) d) 1 Who Who Who Who draws a bill accepts the bill makes the payment receives the payment Endorsing the bill means: a) b) c) d) 1 1 Giving the bill on charity Depositing the bill with the government treasury Transferring the bill to another person by the holder Receiving the bill from creditors Q19. Give three differences between Trading Account and Profit and Loss Account. 3 Q20. Calculate Closing Capital: 3 Opening capital 1,70,000: Profit for the year 1,20,000: Drawings 70,000. During the year proprietor sold ornaments of his wife for 20,000 and invested the same in business. Q21. What is meant by Accounting from Incomplete Records ? State any two characteristics of incomplete records. 3 Q22. Give any three differences between Balance Sheet and Statements of Affairs. 3 Q23. From the Balance Sheet given below, calculate: 3 1) Total Fixed Assets 2) Total Current Assets 3) Total Current Liabilities st Balance Sheet as at 31 Liabilities Trade Creditors 42,000 Expenses Accrued 3,200 Bank Overdraft 4,800 Long Term Loan 20,000 Interest on Loan 1,000 Capital 93,400 Q24. March 2014 Assets Stock In Hand Debtors Prepaid Expenses Goodwill Land Plant Furniture 48,000 36,000 400 20,000 20,000 32,000 8,000 Surya maintains books on Single Entry System. He gives you the following information: 3 st Capital on 1 April,2014 30,000 st Capital on 1 April, 2015 32,800 Drawings made during the period: April, 2014 to March, 201510,800. st Capital introduced on 1 August, 2012 5,000 You are required to calculate the profit or loss made by Mohan. Q25. Q 25 What is meant by a Bill of Exchange? State any two of its characteristics. 3 Q26. 3 Explain any three terms: a) b) c) d) Dishonour Of a Bill Noting Charges Discounting of a bill Endorsement of a bill Q27. Give any four objectives of preparing financial statements. 4 Q28. Calculate net sales and net purchases from the following information: 4 Sales 1,00,000 , Purchases 50,000 Sales Return 5,000 , Purchase Return 8,000 Q29. Explain any four advantages of Bills of Exchange. 4 Q30. State any four advantages of Single Entry System. 4 Q31. State any four limitations of Single Entry System. 4 Q32. If Adjusted Purchases and Closing Stock are given in the Trial Balance, will you transfer Closing Stock to the trading account? Explain briefly. 4 Q33. Calculate Closing Stock and Cost of Goods sold: Opening Stock 5,000; sales 16,000; Carriage Inwards 1,000; Sales Returns 1,000; Gross profit 6,000; Purchases 10,000; Purchase Returns 900. 6 Q34. From the following Trial Balance, prepare the Trading Account and Profit & Loss st Account for the year ended 31 PARTICULARS Debit Balances: Sundry Debtors Stock Land & Building Cash in Hand Cash at Bank Wages Bills Receivable Interest Bad Debts Repairs Furniture & Fixtures Depreciation st On 31 Q35. Q36. 6 March, 2016 and the Balance sheet as at date: 1,500 5,000 10,000 1,600 4,000 3,000 2,000 200 500 300 1,500 1,000 PARTICULARS Rent, Rates and Taxes Salaries Drawing Purchases Office Expenses Plant & Machinery 800 2,000 2,000 10,000 2,500 5,700 Credit Balances : Capital Interest Sundry Creditors Sales Bills Payable 25,000 600 7,000 17,000 4,000 March, 2016 the stock was valued at ` 10,000. st Suresh started a firm on April 1, 2013 with a capital of ` 20,000. On 1 July, 2014 he borrowed from his wife a sum of ` 3,000 for business and st introduced further capital of his own amounting to ` 3,000. On 31 March, 2014 his position was: Cash 600: stock 9,400: Debtors 9,000: Creditors 6,000. Ascertain his Profit or Loss taking into account 2,000 for his drawings during the year. Draw a specimen of a bill of exchange. 6 6 Marking Scheme Elements of Book Keeping and Accountancy Class-X (2015-2016) SA II (Term II) Q1. d Q2. b Q3. b Q4. d Q5. b Q6. c Q7. a Q8. a Q9. b Q10. b Q11. a Q12. c Q13. d Q14. c Q15. a Q16. b Q17. a Q18. c Q19. Basis Relation Nature Trading Account It is a part of the Profit and Loss Account Trading Account is prepared to ascertain Gross profit or Gross Loss. Profit and Loss Account Profit and loss is the main Account Profit and loss Account is prepared to ascertain Net Profit or Net Loss. Transfer of Balance Q20. Balance of Profit & Loss Account is transferred to Balance of Trading Capital Account of the Account is transferred to Proprietor. Profit & Loss Account. Closing capital = Opening Capital + Profit + additional capital introduced Drawings = 1,70,000+1,20,000 +20,000 70,000 = 3,10,000-70,000 = 2,40,000 3 Q21. Accounting records which are not prepared in accordance with the principles of double entry system are known as Incomplete Records . Following are the two characteristics of Accounting from incomplete records 1. Maintenance of personal accounts only Under this system, only personal accounts are prepared in the books and the real and nominal accounts are ignored. 2. Maintenance of Cash book A cash book is maintained under the system, which usually mixes up business as well as private transactions of the proprietor. (1+2 ) = 3 3 Q22. Following are the three differences between Balance Sheet and Statement of Affairs. 3 Q23. Basis Balance Sheet Statement of Affairs Object It is prepared for ascertaining the financial position of a business It is prepared for ascertaining the capital of a business Value of assets and liabilities Actual values based on ledger accounts Values are based on estimates Arithmetical accuracy It is accurate It is not always accurate i) Total Fixed Assets = Goodwill + Land + Plant + Furniture =20,000 + 20,000 + 32,000 + 8,000 = 80,000 Total Current Assets = Stock in hand + Debtors + Prepaid Expenses =48,000 + 36,000 + 400 = 84,400 iii) Total Current Liabilities = Trade Creditors + Expenses Outstanding + Bank Overdraft =42,000+ 3,200 + 4,800 = 50,000 3 ii) 3 Q24. Statement of profit and loss for the year ended 31 st March, 2015 Particulars st Capital as on 1 April 2016 Add: Drawings made during the year st Less: Capital introduced on 1 Adjusted capital on 1 st Less: Capital on 1 st 32,800 10,800 August, 2015 April, 2016 April 2015 5,000 38,600 30,000 Profit made during the year 8,600 3 Q25. Bill of Exchange: A bill of exchange is an instrument in writing containing an unconditional order signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument for value received. 1 Any two of the following characteristics of bill of exchange: (i) It is a written document. (ii) It is drawn by the creditor upon his debtor. (iii) It contains an unconditional order to pay. (iv)The amount payable mentioned in it is certain. (v) It requires acceptance by the debtor (drawee) or someone else on behalf of the debtor. (vi) It is a negotiable instrument and its ownership can be transferred by endorsement and delivery. (vii) It must be dated and stamped as per the provisions of the Indian Stamps Act. (viii) It must be duly presented by its holder to the acceptor on the date of maturity during business hours. 1X2=2 1+2=3 Q26. a a) ) Dishonour of a bill When the accepter of the bill refuses to pay the amount of the bill on the date of maturity or becomes insolvent, it is called dishonour of the bill. b) Noting charges To establish the fact that the bill was properly presented and dishonored, the bill is usually handed over to a person called Notary public The notary public charges a small fee for the services rendered by him, which is called Noting charges . c) c Discounting of bill Discounting means encashing the bill before the date ) of its maturity or borrowing from the bank on the security of the bill. Bank deducts a certain amount of discount from the face value of the bill d) Endorsement of bill of exchange: Endorsement of bill of exchange means transferring the ownership of bill of exchange by its holder in favour of his creditor. Since a bill of exchange is a negotiable instrument, its ownership can be transferred by endorsement. Endorsement is done by writing at the back of the bill of exchange the name of the person in whose favour the ownership is being transferred and it is signed by the holder. Q27. Following are the objectives of preparing financial statements: a. To determine the net profit or net loss b. Ascertaining financial position c. Comparison with previous year d. Calculating Accounting Ratios e. Maintaining Reserves or any other Objective Q28. Sales 1,00,000 , Purchases Sales Return 1X4=4 50,000 5,000 , Purchase Return 4 8,000 Net Sales = Sales Sales Return = 1,00,000 5,000 95,000 Net Purchases= Purchases Purchase Return = 50,000 8,000 = 42,000 4 Q29. a. b. c. d. Q30. Helpful in the purchase and sale of goods on credit A bill of exchange serves as a written evidence of debt. It is a proof that the purchaser of goods owes the amount written in it. Legal Document It is a valid document in the eyes of law. If the drawee fails to make its payment, it would be easier to recover the amount legally in comparison to a verbal promise. Relief from sending reminders: - The seller need not approach the purchaser for payment because the date of payment is fixed and written on the bill of exchange Endorsement possible A bill of exchange can be easily transferred from one person to another in settlement of debts as it is a negotiable instrument. 1X4=4 Following are the four advantages of Single Entry System of Accounting: a. b. c. d. Simple Method It is an easy and simple method of recording business transactions because it does not require any special knowledge of the principles of double entry system Less expensive Maintaining records under single entry system is less expensive as compared to double entry system Suitable for small concerns : This method is most suitable to small business concerns which have mostly cash transactions and very few assets and liabilities Easy to calculate profit or loss: It is easier to calculate profit and loss under this method (1x4= 4) Q31. Following are the four limitations of Singly Entry System 4 a. Preparation of Trial balance is not possible b. True profit or loss cannot be ascertained c. Difficulty in preparing balance sheet d. No control on assets (or any other disadvantages 1x4 = 4) Q32. No, Closing Stock will not be transferred to Trading Account because it already stands credited to Trading Account as adjusted purchases means Opening Stock + Purchases - Closing Stock. The amount in the Adjusted Purchases Account is shown on the debit side of the Trading Account and the amount of closing stock on the assets side of the Balance Sheet. 4 Q33. Cost of Goods Sold = Net Sales (Sales-Sales Return) Gross Profit = 15,000 6,000 = 9,000 PARTICULARS To Opening Stock To Purchases 10,000 Less: Return 900 To Carriage Inwards To Gross Profit Alternatively TRADING ACCOUNT for the year ended .. PARTICULARS 5,000 By Sales 16,000 Less: Return 1,000 15,000 9,100 1,000 By Closing Stock 6,000 (Bal. Fig) 21,100 6,100 21,100 6 TRADING ACCOUNT Q34. For the year ended 31 PARTICULARS To Opening Stock To Purchases To Wages To Gross Profit Transferred to Profit & Loss A/c st March, 2016 PARTICULARS 5,000 By Sales 10,000 By Closing Stock 3,000 17,000 10,000 9,000 27,000 Profit & Loss Account st for the year ended 31 March, 2016 PARTICULARS PATICULARS To Interest 200 By Gross Profit transferred To Bad Debts 500 from Trading A/c To Repairs 300 By Interest To Depreciation 1,000 To Rent, Rates & Taxes 800 To Salaries 2,000 TO Office expenses 2,500 To Net Profit transferred to Capital A/c 2,300 9,600 27,000 9,000 600 9,600 BALANCE SHEET st As at 31 March, 2016 Liabilities CURRENT LIABILITIES Sundry Creditors Bills Payable CAPITAL Opening Balance 25,000 Less: Drawings Add: Net Profit 2,000 23,000 2,300 Assets CURRENT ASSETS 7,000 Cash in Hand 4,000 Cash at Bank Bills Receivable Sundry Debtors Stock 1,600 4,000 2,000 1,500 10,000 FIXED ASSETS Furniture & Fixtures Plant & Machinery 25,300 Land & Building 1,500 5,700 10,000 36,300 36,300 Q35. Statement of affairs as at 31 Liabilities Creditors Mrs. Sanjay s Loan Capital st March 2014 Assets 6000 Cash 3000 Stock 10,000 Debtors 19,000 600 9400 9000 19,000 Statement of profit and loss for the year ended 31 st Particulars Less Capital at the end capital introduced during the year Add Drawing Adjusted capital at the end Less Capital at the beginning Not less for the year March, 2014 10,000 3,000 7000 2000 9000 20000 11,000 2+4=6 Q36. SPECIMEN OF A BILL OF EXCHANGE Delhi, June 9, 2016 20,000 Stamp Three months after date pay Gyan Chand or order the sum of Rupees Twenty Thousand only. Ramesh Kumar To Shri Niranjan Prakash Mukherji Nagar, Delhi Elements of Book Keeping and Accountancy (Code 254) Class X (2016-17) S. No. 1 2 3 4 5 Typology of Questions 1 Mark Questions Remembering 5, 6, 9, 12, 13, 14, 15, 18 Understanding 1, 2, 3, 10, 16, 17 Application 7 HOTS 8, 11 Evaluation 4 Total 18 3 Mark Questions 19, 21 4 Mark Questions 27 6 Mark Questions 33 Total 23, 25, 26 28 36 11 20, 22, 24 29, 30 32 31 34 35 8 6 4 7 4 2 36 12 Elements of Book Keeping and Accountancy (Code 254) Class X (2016-17) Blue Print S. No. 1 2 3 Name of Unit Total 1 Mark 3 Mark 4 Mark 6 Mark Questions Questions Questions Questions Bills of Exchange 17, 18 25, 26 29 36 Final Accounts 1, 2, 3, 4, 5, 19, 23 27, 32 33, 34 6, 7, 8, 9, 10 Incomplete Records 11, 12, 13, 20, 21, 22, 28, 30, 31 35 14, 15, 16 24 Total 18 8 6 4 6 16 14 36

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