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Kendriya Vidyalaya Sangthan, Mumbai Region Marking Scheme Set 1 Accountancy

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Nitesh Kumar

This document contains the marking scheme for an Accountancy exam with 12 questions. It provides the answers to each question, including calculations and journal entries. The key details summarized are: - Question 1 defines various accounts with debit and credit amounts totalling to the trial balance. - Question 4 calculates cost of goods sold and gross profit. - Question 6 calculates closing capital, drawings, additional capital, opening capital and net profit. - Question 10 provides 5 journal entries recorded throughout the year. - Question 11 provides journal entries and explanations for adjustments like loss by fire.

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Kendriya Vidyalaya Sangthan, Mumbai Region Marking Scheme Set 1 Accountancy

Uploaded by

Nitesh Kumar
446 views2 pages
This document contains the marking scheme for an Accountancy exam with 12 questions. It provides the answers to each question, including calculations and journal entries. The key details summarized are: - Question 1 defines various accounts with debit and credit amounts totalling to the trial balance. - Question 4 calculates cost of goods sold and gross profit. - Question 6 calculates closing capital, drawings, additional capital, opening capital and net profit. - Question 10 provides 5 journal entries recorded throughout the year. - Question 11 provides journal entries and explanations for adjustments like loss by fire.

Original Title

1 MS Acc XI Term 2

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This document contains the marking scheme for an Accountancy exam with 12 questions. It provides the answers to each question, including calculations and journal entries. The key details summarized are: - Question 1 defines various accounts with debit and credit amounts totalling to the trial balance. - Question 4 calculates cost of goods sold and gross profit. - Question 6 calculates closing capital, drawings, additional capital, opening capital and net profit. - Question 10 provides 5 journal entries recorded throughout the year. - Question 11 provides journal entries and explanations for adjustments like loss by fire.

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
446 views2 pages

Kendriya Vidyalaya Sangthan, Mumbai Region Marking Scheme Set 1 Accountancy

Uploaded by

Nitesh Kumar
This document contains the marking scheme for an Accountancy exam with 12 questions. It provides the answers to each question, including calculations and journal entries. The key details summarized are: - Question 1 defines various accounts with debit and credit amounts totalling to the trial balance. - Question 4 calculates cost of goods sold and gross profit. - Question 6 calculates closing capital, drawings, additional capital, opening capital and net profit. - Question 10 provides 5 journal entries recorded throughout the year. - Question 11 provides journal entries and explanations for adjustments like loss by fire.

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Kendriya Vidyalaya Sangthan, Mumbai Region

Marking Scheme Set 1 Accountancy


Q1 Name of the Account Dr. Amount Cr. Amount
Capital 300000
Cash at bank 70000
Cash in hand 180000
Creditors 200000
Sales 200000
Debtors 400000
Bank loan 100000
Purchase 150000
Total 800000 800000 2
Q 2 COGS = OPENING STOCK +NET PURCHASES+DIRECT EXP -CLOSING
STOCK
=20000+350000+3000-90000=283000
Gross profit=Net sales -COGS
640000-283000=357000 1+1
Q3 one mark for each correct function of Trial Balance.
Q4 Gross profit= Net sales – COGS
30 =130-100
Cogs= 100/130*3900000=3000000
COGS = opening stock +purchase + direct exp – closing stock
3000000=960000+2720000-closing stock
Closing stock=680000
Q 5 Difference on the basis of recording, classifying, summarizing, adjusting
entries, financial statements, etc. any three 1 mark
each 3
Q6 closing capital +drawing -additional capital -opening capital
Net profit =117600
OR
closing capital +drawing -additional capital -opening capital
Closing Capital = Rs.6,40,000 and Profit = Rs.80,000
1*3=3
Q7 Profit = closing capital drawing – additional capital -opening capital
=96000
Q8 1 Raj Dr. 1700 To Aryan 1700
2 Sales Dr. 7100 To Sohan 5400
To machinery 1700
3 Mohan Dr. 7000 To sales 7000
1*3=3
Q 9 one mark for each component with brief meaning. 1*5=5
Q 10 Jan 1 Y Dr. 20000
To sales A/c 20000
Jan 1 Cash a/c Dr. 9800
Discount allowed a/c dr 200
To Y 10000
Jan 1 Bill Receivable a/c dr. 10000
To y 10000
March 4 Y Dr. 10100
To Bill receivable 10000
To cash 100
March 4 Bank A/c Dr. 10100
To Y 10100 1*5=5

Q 11 1 The value of fixed assets is reduced by the value of depreciation


2 Loss by fire a/c Dr. 89600
To Trading a/c 80000
To input IGST a/c 9600
3 Credit side of Trading a/c 89600.
4 Debit side of Profit and loss a/c 89600-85000=4600
5 Assets side of Balance sheet 85000
OR
Date Particulars Lf Debit Credit
1. Loss by Fire A/c……..Dr. 8,000
To Purchases A/c 8,000
Insurance Co. A/c……..Dr. 5000
Profit and Loss A/c……Dr. 3000
To Loss by Fire A/c 8000

2. Rent Received A/c………Dr. 9000


To Rent received in advance 9000
A/c
3. Accrued Interest A/c…….Dr. 1500
To Interest received A/c 1500
4. Drawings A/c……..Dr. 10,000
To Purchases A/c 10,000
(1st entry for 2 marks rest 3 entries for 1 mark each)

Q 12 Opening capital =3000+9000+4000+2000+6000-8000=16000


Closing capital=1000+7000+4000+6000+8000-6000=20000
Profit =20000+2000-4000-16000=2000
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