The Aditya Birla Group of Schools Annual Examination: 2022 - 23 Subject - Accountancy (055) Class -X! By/ Time: 3 Hours M.M: 80 General instructions: The Question Paper contains 2 sections (A and B). All questions in both the parts are compulsory. All parts of the questions should be attempted at one place. Questions No. 1 to 16 and 26 to 29 carries 1 mark each. Questions No. 17 to 20 and 30 to 31 carries 3 marks each Questions No. 21, 32 and 33 carries 4 marks each. Questions No. 22 to 25 and 34 carries 6 marks each, vVvvvvvY PART-A(FINANCIAL ACCOUNTING ) 1 [Which is the last step of accounting as a process of information? 1 (a) Posting to ledger (b) Communicating the results (©) Journalising (d) Analysis and Interpretation 2 | Long term assets having no physical existence but, possessing a value are called 1 (a) Intangible assets (b) Fixed assets (c) Current assets (a) Investments. 3 | A person who owes money to the firm is called a 1 (a) Creditor (b) Debtor (c) Proprietor (d) None of these 4 [A Compound Journal Entry: 7 a) involves more than two accounts b) Generally extends to several pages ) does not require narration |__| d) both (a) and (b) 5 | Direct deposit in the account of the business increases the balance at first. | 7 a) Passbook b) Cash Book ¢) Both Passbook and Cash book 4) Either Passbook or Cash Book ; 6 | If we take goods for own use we should 7 a) Debit Drawings Account, Credit Purchases Account b) Debit Drawings Account: Credit Stock Account ¢) Debit Sales Account: Credit Stock Account d) Debit Purchases Account: Credit Drawings Account.fa trial balance totals do not agree, the difference must be entered in: a) The Profit and Loss Account b) A Nominal Account ) The Capital Account d) Suspense Account OR ‘Suspense Account is the net effect of errors: (a) Two sided errors (b) One sided errors (c) Errors of Principle (d) None of the above 4 ‘A bank reconciliation statement is prepared by: (a) Creditors (b) Bank (0) Account holder in a bank (d) Debtors According to which concept , depreciation is to be charged as per one particular method year to year? a) Principle of Prudence b) Principle of Materiality 6) Principle of Consistency 4d) Principle of Full Disclosure 10 The amount paid to the petty cashier at the beginning of a period is known as. amount. a) Imprest b) Capital ©) overdraft d) Analytical 7 If wages paid for installation of new machinery is debited to wages Account, Itis an a) Error of Commission b) Compensating Errors ©) Error of Partial Omission 4) Error of Principle. 2 Profiton sale of Fixed Assets is used to create: a) General Reserve ) Specific Reserve ©) Capital Reserve d) Contingency Reserve 3 If balance in the bank statement shows Rs.3000(Dr.) and there are deposits of Rs.800 not yet credited and unpresented cheques totalling Rs.500, the balance in the cash book should be a) Rs.3300 (Cr.) b) Rs.2700 (Cr.) ¢) Rs.4300 (Cr.) ) Rs.1700 (Dr.) 4 Which of the following transactions is entered into the journal proper? a) Cash Purchase of Furniture b) Credit Purchase of Goods ¢) Cash Purchase of Goods d) Correction of an errorOR . Sale of office furniture is credited to (@) Office furniture a/c (©) Sales alc (©) Cash ale (@) None of the above 15 | An asset was purchased for Rs 5 00,000 and as per reducing balancing method, 20% 7 depreciation is to be charged each year. What will be the value of asset, at the end of three ars | ta) Rs 3,50,000 | | () Rs 2,56,000 (c) Rs 4,00,000 | (a) Rs 3,20,000 16 | Goods purchased from Raghav for © 4,500 but goods recorded as € 5,400 in the Purchases | 7 Book. The type of error related to a) Error of Omission b) Error of Commission ©) Error of Partial Omission |__| d) Error of Principle 77 | (a) Discuss the concept-based on the premise ‘do not anticipate profits but provide forall 31 | | losses’. (b) What is matching concept? Why should a business concern follow this concept? 78 | Define GST. State two characteristics of GST. 3 OR State the three categories of GST 78 | Explain the three branches of Accounting 3 OR |__| Explain any three objectives of Accounting 20 A firm purchased an old truck for Rs 2,00,000 on 01/04/2020. It charged depreciation | @20%p.a following the written down method. The truck was sold on 01/10/2021 for Rs 1,60,000. Prepare Truck account for two years. The books of account are closed every year on 31% March. 2 | Journalise the following transactions 4 (a) Out of rent paid, Rs. 3,000 are related to next year (b) Goods costing Rs. 8,000 sold to Naresh at a trade discount of 20% and cash discountof 5% (c) Received a commission of Rs, 2,500 from Mahesh. (@) Received Rs 600 from a debtor, which had been written off as bad debt previous year. 22 | Prepare a Double Column Cash Book having Cash and Bank columns from the following | 6 Transactions; - 2020 | Jan Cashinhand Rs. 18,000 | Bank Overdraft Rs. 8,000 Yan Goods costing Rs. 25,000 sold for cash at a trade discount of 20%. | | Jan 8 Cash deposited in to bank Rs. 15,000. Jan 10 Goods costing Rs. 15,000 sold to Deepak at a Trade discount of 25%. Jan 15. Received a cheque of Rs. 9,000 from Deepak Jan 17 The above cheque was deposited into bank. Jan 20 Deepak’s Cheque was dishonoured by bank and bank charged Rs, 200 as bank Charges. Jan 22 Withdrew Rs. 2,000 from bank for personal use and Rs. 3,000 for office use Jan 30 Deposited with bank the entire balance after retaining Rs.'5,000 cash in hand. |Nt a 23 | On 31% December 2019, the pass book of YogeshKoli showed a bank overdraft of Rs.8,000. |__| From the following particulars, prepare a bank reconciliation statement. % (a) Out of total cheques issued, cheques for Rs.4,200 have not been presented for payment so far. (b) Cheques paid into bank for collection amounted to Rs. 18,000, but cheques of Rs.5,300 were credited on 3° January 2020 (c) A cheque of Rs.800 was banked and credited, but omitted to be recorded in cash book (d) Interest on overdraft charged by bank Rs.300. (e) A cheque of Rs.1700 debited in cash book but was omitted to be banked. (f) Amount wrongly credited by bank, Rs.400. 24 | Birla Cotton Mills purchased a machinery on 1% August, 2015 for Rs. 90,000. On 1*|6 October, 2016 it purchased another machine for Rs. 40,000.On 30" June, 2017 it sold off the first machine purchased in 2015 for Rs. 58,000 and on the same date purchased a new machinery for Rs. 1,00,000. Depreciation is provided at 20% p.a. on the original cost each year. Accounts are closed each year on 31% March ‘Show the Machinery Account for three years. OR |__| Distinguish between Reserves and Provisions. _ 25 | Prepare a Trial Balance from the following balances as at 31% March 2017:- 6 ‘Name of accounts Amount (Rs) Capital 3,20,000 Fixed Assets 4,80,000 Drawings 60,000 Debtors 2,40,000 Creditors 1,80,000 Purchases 7,10,000 Sales 10,50,000 Bank Balance 45,000 Cash in hand 30,000 Salary 1,65,000 Rent 4,20,000 OR The following errors were identified in the books of Puneet. Pass necessary entries to rectify them (a) Rs 2,000 paid for rent has been debited to Landlord's account (b) Rs 4,000 paid in cash for a printer was charged to Office Expenses account (c) Rs 5,000 received from Das has been wrongly entered as received from Ghosh. (d) Repairs of Rs 6,250 made were debited to Building account. PART-B(FINANCIAL ACCOUNTING II) 26 | Closing stock is valued at 7 (a) Cost (b) Net realisable value(market value) (c) Cost or market value (whichever is more) (d) Cost or market value (whichever is less) oRGross profit is a) Cost of goods sold + Opening stock b) Excess of sales over cost of goods sold ) Sales fewer Purchases 4) Net profit fewer expenses of the period If the opening capital is Ris.50,000 as on April 01, 2016 and additional capital introduced Rs.10,000 on January 01, 2017. Interest charge on capital 10% p.a. The amount of interest ‘on capital shown in profit and loss account as on March 31, 2017 will be a) Rs 5,250 (b) Rs 6,000 {c) Rs 4,000 (4) Rs 3,000, OR Balance Sheet is prepared to find out the (@) Financial performance (b) Net Profit (c) Net loss (d) Financial position 28 | Income Tax paid by a sole trader is reflected in his financial statements: (a) On the debit side of the Trading a/c (b) On the debit side of Profit and Loss alc (c) As an asset in the Balance Sheet (d) As way of deduction from Capital in the Balance sheet. 29 | The Manager is entitled to a commission of 5% on net profit after charging such commission. The net profit before charging such commission is Rs.2100. Therefore, the commission will be Rs. (a) 100 (b) 105 (e) 110 (d) 110.53 _ 30 | Calculate Closing Stock from the following details Opening Stock Rs 20,000 Cash Sales Rs 60,000 Purchases Rs 70,000 Credit Sales Rs 40,000 Rate of Gross Profit on Cost is 33.33% 31 | State three differences between Capital Expenditure and Revenue Expenditure 32 | Calculate the amount of Gross Profit, Operating Profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017: Rs. ‘Opening Stock 50,000 Net Sales 11,00,000 Net Purchases 6,00,000 Direct Expenses 60,000 Administration Expenses 45,000 Selling and Distribution Expenses 65,000 Loss due to Fire 20,000 Closing Stock 70,000 33 ‘Give journal entries for the following adjustments in final accounts (a) Salaries Rs 6,000 outstanding (b) Insurance Rs 2,500 is paid in advance (c) Commission earned but not received Rs 500, (4) Rs 5,000 for rent have been received in advance.OR’ Calculate the Gross Profit and Cost of goods sold from the following information Net Sales Rs 1,00,000 Gross Profit is 25% of cost >| ‘The following are the balances extracted from the books of RaghunathJi as on 31 March, 2019. From these balances, prepare his Trading Account and Profit & Loss ‘Account Name of Account uy] Or Cr. F, | Amount(Rs.)_ | Amount(Rs.) ‘Opening Stock 72,000, Purchases 40,000 Sales 86,000 Discount 400 Sales Return 6,000 Buildings 50,000 Debtors 16,000 Salaries 2,400 Office Expenses 4,200 Wages 10,000 Purchase Return 4,000 Interest 800 Travelling Expenses 400 Fire Insurance Premium 800 Machinery 20,000 Carriage on Purchases 700 Commission 400 Cash in hand 2,300 Rent and Taxes 1,800 Capital 62,000 Creditors 10,800 764,000 7,64,000 Adjustments: - 1. Closing Stock was valued at Rs. 16,000 2. Wages Rs. 2,000 and salaries Rs. 1,200 are outstanding 3. Rent for two months at the rate of Rs. 500 per month is outstanding. 4. Depreciate Buildings by 5% and machinery by 10%. 5. Prepaid Insurance Rs. 200. ORFollowing are the balances extracted from the books of Manish Gupta on 31° March, 2018: List of Accounts ‘Amount _] List of Accounts ‘Amount (Rs.) (Rs) Capital 7,390,000 | Cash at Bank 26,000 Drawings 7,000 | Salaries 8,000 Plant and Machinery 41,20,000 | Repairs 1,900 Delivery Vehicles 26,000 | Stock on 1°" April, 2017 16,000 ‘Sundry Debtors 36,000 | Rent 4,500 Sundry Creditors 26,000 | Manufacturing Exp 4,500 Purchases 20,000 | Bills Payable 23,500 Sales 42,000 | Bad Debts 5,000 Wages 8,000 | Carriage 1,600 Preparing Trading and Profit & Loss Account for the year ended 31% March, 2018 after following adjustments are made: (a) Closing Stock was Rs. 16,000 (b) Depreciate Plant and Machinery @ 10% and Delivery Vehicle @ 15%. (©) Unpaid Rent amounted to Rs. 500