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Class 10 Elements of Book Keeping and Accountancy Term 2 Sample Paper 2022
The Central Board of Secondary Education will conduct CBSE Class 10 Term 2 Exam for Elements of Book Keeping and Accountancy on the 4th of May 2022, Wednesday. To assess preparation for the term 2 examinations the students must solve the CBSE Class 10 Elements of Book Keeping and Accountancy Term 2 Sample Paper 2022 given on this page. We have provided the CBSE Class 10 Elements of Book Keeping and Accountancy Term 2 Sample Paper 2022 with the solution so students can learn a better framing of answers to get full marks. Go through the whole article, and bookmark this page to get all the latest updates from the Central Board of Secondary Education.
CBSE Term 2 Sample Paper Class 10 Elements of Book Keeping and Accountancy: Exam Pattern
As per the CBSE Class 10 Elements of Book Keeping and Accountancy Term 2 Sample Paper 2022, the Elements of Book Keeping and Accountancy question paper will have 11 questions. Two case-based questions will be asked. The Class 10 Term 2 Elements of Book Keeping and Accountancy consists of a maximum of 35 marks and students will get 2 hours to solve the Elements of Book Keeping and Accountancy question paper. Solve all the CBSE Class 10 Elements of Book Keeping and Accountancy Term 2 Sample Paper 2022 given on this page to pass the Elements of Book Keeping and Accountancy exam with flying colours.
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CBSE Class 10 Elements of Book Keeping and Accountancy Term 2 Sample Paper Solution 2022
Q.1 Briefly explain the following terms :-
(i) Drawer
(ii) Drawee
Or
Briefly explain the following term :-
(i) Payee
(ii) Days of grace
(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 custom for payment after a bill or note falls due.
Q.2 Ratnakar started business with capital of ₹ 2,50,000 on 1st July, 2020. During the year ended March 31, 2021 he introduced additional capital of ₹ 1,00,000 and withdrew ₹ 5,000 per month for personal use. If the Capital as on March 31, 2021 was ₹ 3,80,000, calculate the amount of profit or loss made during the year by Ratnakar.
Or
Ranjan started business with capital of ₹ 3,50,000 on 1st April,2020. During the year ended March 31, 2021 he introduced additional capital of ₹ 2,00,000 and he bought motorcycle for personal use by taking out ₹ 80,000 from the business. If the firm made profits of ₹ 1,00,000 during the year ended March 31, 2021 then what was the amount of capital on March 31, 2021 ?
Statement of Profit or Loss
| 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 |
Q.3 Alok owed ₹ 20,000 towards Manish and accepted a bill after getting 10 discount on 15th September, 2021 for 3 months. What will be the amount of the bill and what will be the due date of this bill?
Amount of Bill :- 20,000 – 2,000 = ₹ 18,000
Due Date :- 15th December + 3 days = 18 December, 2021
Q.4 Differentiate between Statement of Affairs and Balance Sheet. (Any two basis)
Difference between Statement of Affairs and Balance Sheet (any two)
| Basis of Difference | Statement of Affairs | Balance Sheet |
| Reliability | Less reliable as it is prepared from incomplete records | More reliable as it is prepared from double entry records. |
| Objective | The objective of preparing statement of affairs is to determine capital balance on a particular date. | The objective of preparing balance sheet is to show the true financial position of an entity on a particular date. |
| Omission | Omission of Assets and Liabilities cannot be discovered easily. | Omission of Assets and Liabilities can be discovered easily and can be traced from accounting records. |
Q.5 Determine the amount of Gross Profit/Loss from the following information for the year ended March 31, 2021:-
| Particulars | Amount (₹) |
| Sales | 12,00,000 |
| Purchases | 5,00,000 |
| Wages | 60,000 |
| Car ia e Inwards | 50,000 |
| Carriage Outwards | 40,000 |
| Salaries | 1,00,0000 |
| Opening Stock (01 April, 2020) | 30,000 |
| Closing Stock (31 March, 2021) | 40,000 |
Determine the amount of Net Profit/Loss from the following information fo the year ended March 31, 2021:-
| Particulars | Amount (₹) |
| Gross Profit | 10,00,000 |
| Salaries | 1,40,000 |
| Wages | 50,000 |
| Discount allowed | 10,000 |
| Discount received | 30,000 |
| Repairs and Maintenance | 20,000 |
| Depreciation | 40,000 |
| Interest Received | 20,000 |
| Rent paid | 60,000 |
Trading Account for the year ended March 31, 2021
| 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 for the year ended March 31, 2021
| 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 |
Q.6 On 1st July, 2021 Sumit sold goods to Amit for ₹ 20,000 and issued upon him a bill for 3 months. Amit accepted the bill and returned it to Sumit. The bill was met on due date. Pass entries in the books of Sumit.
Journal in the books of Sumit
| Date | Particulars | L.f | Debit (₹) | Credit (₹) |
| 1 July 2021 | Amit Dr. To Sales (Being goods sold to Amit) |
20,000 | 20,000 | |
| 1 July 2021 | Bills Receivable A/c Dr. To Amit (Being bill accepted by Amit) |
20,000 | 20,000 | |
| 4 Oct. 2021 | Cash A/c Dr. To Bills Receivable A/c (Being bill amount received on due date) |
20,000 | 20,000 |
Q.7 Roopak was working as salesman at his maternal uncle’s shop since last 1 years. Now he decided to start his own business, but since he was not having enough funds, so he decided to start a small business of making pizza by the name ‘PIZZA CART’. He introduced Capital of ₹ 2,00,000. He purchased Equipments of ₹ 50,000. He took a loan of ₹ 1,00,000 from his wife, Riya. On March 31, 2021 he disclosed the following assets and liabilities
| Particulars | Amount (₹) |
| Equipments | 50,000 |
| Loan from Riya | 1,00,000 |
| Cash in hand | 30,000 |
| Bank Balance | 1,30,000 |
| Stock of Raw Materials | 20,000 |
| Other Assets | 70,000 |
| Other Liabilities | 10,000 |
Determine his Capital balance as on March 31, 2021.
Statement of Affairs as on March 31, 2021
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| 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 |
Q.8 On 12th March, 2021 Amar purchased goods from Bimal for ₹ 30,000 and accepted a bill for 4 months. The bill was met on due date. Pass entries in the books of Amar.
Journal in the books of Amar
| Date | Particulars | L.f | Debit (₹) | Credit(₹) |
| 12 Mar 2021 | Purchase A/c Dr. To Bimal
(Being goods purchased from Bimal) |
30,000 | 30,000 | |
| 12 Mar 2021 | Bimal Dr. To Bills Payable A/c
(Being bill accepted in favour of Bimal) |
30,000 | 30,000 | |
| 15 July 2021 | Bills Payable A/c Dr. To Cash A/c
(Being bill met on due date) |
30,000 | 30,000 |
Q.9 Prepare Profit and Loss account for M/s Chadha Bakers for the year ending 31-03-2021 and Balance Sheet as on 31-03-2021 from the following information.
Trial Balance as on 31.3. 2021
| Name of Account | Debit Balance (₹) | Credit Balance (₹) | |
| Gross Profits | —- | 1,60,000 | |
| Closing Stock | 20,000 | ||
| Rent Received | ——– | 25,000 | |
| Debtors and Creditors | 1,20,000 | 80,000 | |
| Capital | ——– | 3,00,000 | |
| Salaries | 30,000 | ——– | |
| Bad Debts | 5,000 | ——– | |
| Trademarks | 1,30,000 | ——– | |
| Machinery | 2,00,000 | —— | |
| Furniture | 1,20,000 | ||
| Bank Loan | —— | 1,00,000 | |
| Cash in Hand | 40,000 | —– | |
|
6,65,000 |
|||
| 6,65,000 | |||
Ans.
Books of M/S Chadha Bakers
Profit and Loss Account
for the year ended March 31, 2021
| 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 as on March 31, 2021
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 80,000 | Closing Stock | 20,000 |
| Capital 3,00,000
+ Net Profit 1,50,000 |
4,50,000 |
Debtors | 1,20,000 |
| Trademars | 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 |
Q.10 Anshul started garments business with capital of ₹ 5,00,000. During the year 2020-21, he purchased goods of ₹ 1,50,000 and sold 2/3rd of the goods purchased for ₹ 2,60,000. He paid wages of ₹ 30,000 and salaries of ₹ 50,000. He also paid rent of ₹ 40,000 during the year. During the year, he spent ₹ 10,000 for carriage inward and ₹ 15,000 for carriage outward. What was the amount of Gross profit and Net profit made by Anshul for the year ended March 31, 2021?
Trading Account
for the year ended March 31, 2021
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| Purchases | 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 |
Profit and Loss Account for the year ended March 31, 2021
| 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 |
Q.11 Following is the position statement of Arjun (who maintains his accounts in incomplete system) as on 31-03-2020 and 31-03-2021.
| Particulars | 31-03-2020 | 31-03-2021 |
| Amount in ₹ | Amount in ₹ | |
| Cash in Hand | 30,000 | 25,000 |
| Debtors | 80,000 | 1,00,000 |
| Stock in Trade | 30,000 | 50,000 |
| Land and Building | 2,00,000 | 3,00,000 |
| Creditors | 20,000 | 30,000 |
| Bills Payable | 15,000 | 10,000 |
| Bills Receivable | 25,000 | 15,000 |
| Investments | —- | 40,000 |
| Bank Loan | 40,000 | —– |
During 2020 – 21, he introduced ₹ 1,00,000 as additional capital and withdrew ₹ 5,000 per month for his personal use. Ascertain his profit for the year ending 31-03-2021.
OR
What is meant by accounts from incomplete records? Briefly explain any 4 features of incomplete records.
Ans. Statement of Affairs as on March 31, 2020
| 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 as on March 31, 2021
| 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 system are known as incomplete records. It is a mechanism of maintaining 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 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.
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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Class 10 CBSE Elements of Book Keeping and Accountancy Term 2 Sample Paper 2022: FAQs
Q. Where can I get CBSE Class 10th Term 2 Elements of Book Keeping and Accountancy Sample Paper 2022?
On this page, you will get CBSE Class 10th Term 2 Elements of Book Keeping and Accountancy Sample Paper 2022.
Q. When will CBSE conduct the CBSE Class 10 Term 2 Elements of Book Keeping and Accountancy Exam 2022?
The CBSE will conduct the CBSE Class 10 Term 2 Elements of Book Keeping and Accountancy exam on 4th May 2022.
Q. How much time will I get to solve the CBSE Class 10th Elements of Book Keeping and Accountancy question paper?
The students will get 2 hrs to solve the CBSE Class 10th Elements of Book Keeping and Accountancy question paper.
Q. What is the maximum mark of the CBSE Class 10th Term 2 Elements of Book Keeping and Accountancy subject?
The CBSE Class 10th Term 2 Elements of Book Keeping and Accountancy subject holds a maximum of 35 marks.
