CBSE Class 10 Sample Paper 2022 for Elements of Book Keeping Accountancy Term 2

Marking Scheme (2021 – 22)
Term - II
CLASS X
ELEMENTS OF BOOK KEEPING AND ACCOUNTANCY (254)

1. (i) Drawer :- The party who issue the bill. Drawer is the maker of the bill
of exchange. A seller/creditor who is entitled to receive money
from the debtor can draw a bill of exchange upon the buyer/debtor
(ii) Drawee :- The party, on whom the bill is being issued. Drawee is the
person upon whom the bill of exchange is drawn. Drawee is the
purchaser or debtor of the goods upon whom the bill of exchange
is drawn.
Or
(i) Payee: - Payee is the person to whom the payment is to be made. The
drawer of the bill himself will be the payee if he keeps the bill with
him till the date of its payment. The payee can be bank if the bill is
discounted with the bank.
(ii) Days of grace: - number of days, usually three, allowed by law or 1+1
custom for payment after a bill or note falls due. =2

2. Statement of Profit or Loss 2
Particulars Amount (₹)
Closing Capital 3,80,000
Add :- Drawings (5,000 x 9) 45,000
Less:- Additional Capital (1,00,000)
Less:- Opening Capital (2,50,000)
Profit during the year 75,000

Or
Particulars Amount (₹)
Opening Capital 3,50,000
Add :- Additional Capital 2,00,000
Less :- Drawings (80,000)
Add :- Profits during the year 1,00,000
Closing Capital 5,70,000

3. Amount of Bill :- 20,000 – 2,000 = ₹ 18,000 1+1
Due Date :- 15th December + 3 days = 18 December, 2021 =2

4. Difference between Statement of Affairs and Balance Sheet (any two) 1x2
Basis of Statement of Affairs Balance Sheet =2
Difference
Reliability Less reliable as it is More reliable as it is prepared
prepared from incomplete from double entry records.
records.
Objective The objective of preparing The objective of preparing
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statement of affairs is to balance sheet is to show the
determine capital balance true financial position of an
on a particular date. entity on a particular date.
Omission Omission of Assets and Omission of Assets and
Liabilities cannot be Liabilities can be discovered
discovered easily. easily and can be traced from
accounting records.

5. Trading Account 3
Particulars Amount (₹) Particulars Amount (₹)
Opening Stock 30,000 Sales 12,00, 00
Purchases 5,00,000
Wages 60,000 Closing Stock 40,000
Carriage Inwards 50,000
Gross Profit (b/f) 6,00,000
12,40,000 12,40,000

Or
Determine the amount of Net Profit/Loss from the following information for
the year ended March 31, 2021:-
Profit and Loss Account
Particulars Amount (₹) Particulars Amount (₹)
Salaries 1,40,000 Gross Profit 10,00,000
Discount allowed 10,000 Discount received 30,000
Repairs and Maintenance 20,000 Interest Received 20,000
Depreciation 40,000
Rent paid 60,000
Net Profit (b/f) 7,80,000
10,50,000 10,50,000

6. Journal in the books of Sumit 3
Date Particulars L.f Debit Credit
(₹) (₹)
1 Amit Dr. 20,000
July To Sales 20,000
2021 (Being goods sold to Amit)
1 Bills Receivable A/c Dr. 20,000
July To Amit 20,000
2021 (Being bill accepted by Amit)
4 Cash A/c Dr. 20,000
Oct. To Bills Receivable A/c 20,000
2021 (Being bill amount received on due
date)

7. Statement of Affairs 3
Liabilities Amount (₹) Assets Amount (₹)
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Loan from Riya 1,00,000 Equipments 50,000
Other Liabilities 10,000 Cash in hand 30,000
Capital (b/f) 1,90,000 Bank Balance 1,30,000
Stock of Raw Materials 20,000
Other Assets 70,000
3,00,000 3,00,000

8. Journal in the books of Amar 1x3
Date Particulars L.f Debit Credit =3
(₹) (₹)
12 Purchase A/c Dr. 30,000
Mar. To Bimal 30,000
2021 (Being goods purchased from Bimal)
12 Bimal Dr. 30,000
Mar. To Bills Payable A/c 30,000
2021 (Being bill accepted in favour of
Bimal)
15 July Bills Payable A/c Dr. 30,000
2021 To Cash A/c 30,000
(Being bill met on due date)

9. Books of M/S Chadha Bakers 2+3
Profit and Loss Account =5
Particulars Amount (₹) Particulars Amount (₹)
Salaries 30,000 Gross Profit 1,60,000
Bad Debts 5,000 Rent Received 25,000
Net Profit (b/f) 1,50,000
1,85,000 1,85,000

Balance Sheet
Liabilities Amount (₹) Assets Amount (₹)
Creditors 80,000 Closing Stock 20,000
Capital 3,00,000 Debtors 1,20,000
+ Net Profit 1,50,000 4,50,000 Trademarks 1,30,000
Bank Loan 1,00,000 Machinery 2,00,000
Furniture 1,20,000
Cash in Hand 40,000
6,30,000 6,30,000

10. Trading Account 2+3
for the year ended March 31, 2021 =5
Particulars Amount (₹) Particulars Amount (₹)
urchases 1,50,000 Sales 2,60,000
Wages 30,000
Carriage Inwards 10,000 Closing Stock 50,000
Gross Profit (b/f) 1,20,000
3,10,000 3,10,000

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Profit and Loss Account
Particulars Amount (₹) Particulars Amount (₹)
Salaries 50,000 Gross Profit 1,20,000
Rent paid 40,000
Carriage Outward 15,000
Net Profit (b/f) 15,000
1,20,000 1,20,000

11 Statement of Affairs 1+1+3
as on March 31, 2020 =5
Liabilities Amount (₹) Assets Amount (₹)
Creditors 20,000 Cash in Hand 30,000
Bills Payable 15,000 Debtors 80,000
Bank Loan 40,000 Stock in Trade 30,000
Capital (b/f) 2,90,000 Land and Building 2,00,000
Bills Receivable 25,000
3,65,000 3,65,000

Statement of Affairs
Liabilities Amount (₹) Assets Amount (₹)
Creditors 30,000 Cash in Hand 25,000
Bills Payable 10,000 Debtors 1,00,000
Capital (b/f) 4,90,000 Stock in Trade 50,000
Land and Building 3,00,000
Bills Receivable 15,000
Investments 40,000
5,30,000 5,30,000

Statement of Profit or Loss
Particulars Amount (₹)
Closing Capital 4,90,000
Add :- Drawings (5,000 x 12) 60,000
Less:- Additional Capital (1,00,000)
Less:- Opening Capital (2,90,000)
Profit during the year 1,60,000

OR
Accounting records, which are not strictly kept according to double entry 1+4
system are known as incomplete records. It is a mechanism of maintaining
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records whereby some transactions are recorded with proper debits and credits
while in case of others, either one sided or no entry is made. Normally, under
this system records of cash and personal accounts of debtors and creditors are
properly maintained, while the information relating to assets, liabilities,
expenses and revenues is partially recorded. Hence, these are usually referred

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as incomplete records.
The features of incomplete records are as under (Any 4) :
(a) It is an unsystematic method of recording transactions.
(b) Generally, records for cash transactions and personal accounts are
properly maintained and there is no information regarding revenue
and/ or gains, expenses and/or losses, assets and liabilities.
(c) Personal transactions of owners may also be recorded in the cash book.
(d) Different organisations maintain records according to their
convenience and needs, and their accounts are not comparable due to
lack of uniformity.
(e) To ascertain profit or loss or for obtaining any other information,
necessary figures can be collected only from the original vouchers
such as sales invoice or purchase invoice, etc. Thus, dependence on
original vouchers is inevitable.
(f) The profit or loss for the year cannot be ascertained under this system
with high degree of accuracy as only an estimate of the profit earned
or loss incurred can be made. The balance sheet also may not reflect
the complete and true position of assets and liabilities.

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