Download Central Board of Secondary Education (CBSE) Class 10th (10th Board Exam) ElementsBookKeepingAccountancy Scheme 2021 Model Paper
ELEMENTS OF BOOK-KEEPING AND ACCOUNTANCY (254)
MARKING SCHEME 2020-21
CLASS X
Q.
QUESTIONS
Marks
No.
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.
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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
10,000
1
Dr.
10,000
March,25 To Samarth
( Being goods purchased from Samarth)
10,000
Samarth'sA/c
10,000
1
Dr.
To Bills Payable A/c
(Being acceptance given to Samarth)
1
May,
BillsPayableA/c
10,000
28
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:
(a) Framework for relationships:
1x3
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
60,000
1
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
60,000
1
(Kartik's acceptance discounted
with the bank @12% p.a.)
Page | 3
Books of Kartik
Journal
Date
Particulars
L.F
Dr
Cr
July
Suraj's A/c Dr
60,000
1,
To Bills Payable A/c
60,000
1
2019
(Accepted Suraj's bill )
Oct 4, Bills Payable A/c Dr
60,000
2019
To Bank A/c
60,000
( Met acceptance of Suraj's bill)
1
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
Line Written
Down
Method
Value Method
Basis of charging Original Cost
Book
Value
i.e.
depreciation
original cost less
1
depreciation charged
till date. In this
Page | 4
method, depreciation
declines year after
year
Annual depreciation Fixed
(Constant) Declines year after
charge
year
year
1
Total charge against Unequal year after Almost equal every
profit
and
loss year. It increases in year
1
account respect of later years.
depreciation
and
repairs
Recognition
by Not recognised
Recognised
1
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
PLUS ITEMS MINUS ITEMS
Debit balance as per Cash Book
40,000
?
Cheque deposited but not cleared
10,000
1
Cheques issued but not cleared 7 0 0
1
Balance as per pass book
30,700
?
40,700
40,700
Page | 5
27 Balance Sheet of M/s Shreya
4
as at 31.03.2020
Liabilities
Amount ( ) Assets
Amount ()
Capital 16,50,000
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
MINUS ITEMS
Overdraft as per passbook
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
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Dr Machinery Account Cr
29 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?
1,60,000
1,60,000
1.1.11
To Balance b/d
1,44,000
31.12.11
By Depreciation
16,000
31.12.11
By Balance c/d
1,28,000
1?
1,44,000
144,000
1.1.12
To Balance b/d
1,28,000
31.12.12
By Depreciation
16,000
1?
31.12.12
By Balance c/d
1,12,000
?
1,28,000
1,28,000
30
Statement of Affairs (as on 31-03-19)
LIABILITIES
Amount
ASSETS
Amount
Sundry Creditors
29,000
Cash
20,000
1 ?
Bills Payable
5,000
Sundry Debtors
78,000
Opening Capital
(Bal. Figure)
2,72,000
Stock
68,000
Machinery
1,40,000
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
Closing Capital
(Bal. Figure)
2,63,000
Stock
64,000
1 ?
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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
2
add: Drawings (4,000x12)
48,000
less: Additional Capital
15,000
less: Opening Capital
2,72,000
Profit Earned During The Year
24,000
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
1x5
Errors
Hard to identify
Easy to locate
Ledger
Personal and Cash Account Personal, Real and Nominal Account
Preferable for
Smal Enterprises
Big Enterprises
Suitable
for
tax No
Yes
purposes
Page | 8
Dr
3 1 Trading A/c
Cr. Dr. as on 31.03.2018
Cr.
Particulars
Amoun
Pt
a (r
) Particulars
Amount ()
Opening Inventory
50,000
Sales 12,03,700 12,03,000
Less l (-) Return (700)
Purchase 8,15,000
8,10,000
Closing Stock
20,000
Less Returns (5,000)
1 ?
Gross profit transferred to Profit
3,63,000
and loss account
12,23,000
12,23,000
Profit and Loss A/c
Dr
as on 31.03.2018
Cr
Particulars
Amount ()
Particulars
Amount ()
Salaries
35,000
Gross rofit
363,000
and Wages
transferred from
Trading Account
Bad Debt
7,800
Rent received
13,400
Net Profit transferred to
3,33,600
Capital account
1 ?
3,76,400
3,76,400
Page | 9
Balance Sheet
as on 31.03.2018
Liabilities
Amount () Assets
Amount ()
Capital 2,40,000
573,600
Debtors
1,28,000
Net Profit+333,600
Creditors
3,4
P4a,t8e0
n0
t Patents
35,000
Bank Loan
2,00
La,0
n 0
d 0 Machinery
4,50,000
Cash at Bank
485,400
Closing Stock
20,000
2
11,18,400
11,18,400
Page | 10
This post was last modified on 07 March 2021