Marking Scheme

Sample paper For SEE Accountancy 2020-21

Q. Answers Mark
s
1 (a) Invoice 1
2 Bad debts 1
3 True 1
4 (c) Whichever is less 1
5 1-a, 2-b 1
6 Rs 85,000 1
7 True 1
8 (B) matching 1
9 Source documents 1
10 (d) Decrease in stock by 1000 and decrease in creditor by 1000 1
11 [C] Contra entry 1
12 [B] Ledger folio 1
13 Error of Principle 1
14 Residual Value/Scrap Value 1
15 1- A & 2-C 1
16 (B) 25/1/2021 1
17 (B) Capital Expenditure 1
18 18000 1
19 (D) All of the above 1
20 (D) hard work 1
21 Parties interested in financial statements of an organization:
Shareholders
Investors
Management
Authorities
Researchers (Any three with proper Reasons)
Or
Computation of Cost of Goods Sold Particulars Amount `
Opening stock 3,00,000
Add: Purchases 15,00,000
Direct expenses : Freight inwards 1,00,000
Wages 1,00,000
Total 20,00,000
Less Closing stock (4,00,000)

Cost of goods sold 16,00,000

22 The advantages of Computerized Accounting are:

(a) Large volume of transactions
(b) Scalability

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 (c) Security
(d) Timely Reporting
(e) Lower Cost
(f) Less Paper Work
(g) Accuracy (Any Three with proper explanation)

OR
The disadvantages of computerized accounting:
(a) Control
(b) Data corruption
(c) Trained computer operators
(d) Limitations of software (any three with proper explanation)

23 Qualitative characteristics of Accounting Information:

(a) Reliability
(b) Relevance
(c) Understandability
(d) Comparability (Any three with proper explanation)

24 (a) Drawings A/c ………………Dr. 5600

To Purchase A/c 5000
To Input CSGT A/c 300
To Input SGST A/c 300

(b) Loss of stock by Fire A/c …………Dr. 3360

To Purchase A/c 3000
To Input CSGT A/c 180
To Input SGST A/c 180

(c) Insurance Co. ……………………….Dr. 11200

To Purchase A/c 10000
To Input CSGT A/c 600
To Input SGST A/c 600

Bank A/c ……………………Dr. 8000

Profit & Loss A/c ……….Dr. 3200
To Insurance Co. 11200

(d) Charity A/c…………………..Dr. 560

To Purchase A/c 500

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 To Input CSGT A/c 30
To Input SGST A/c 30

OR

(a) Purchases A/c ……………….Dr. 20000

Input CGST A/c ……………..Dr. 1200
Input SGST A/c ……………..Dr. 1200
To Cash A/c 21800
To Discount received A/c 600

(b) Purchases A/c ……………….Dr. 15000

Input CGST A/c ……………..Dr. 900
Input SGST A/c ……………..Dr. 900
To Cash A/c 8232
To Sunder Agencies, Delhi 8400
To Discount received A/c 168

(c) Purchases A/c ……………….Dr. 40000

Input CGST A/c ……………..Dr. 2400
Input SGST A/c ……………..Dr. 2400
To Bank A/c 32592
To Rama & Sons, Delhi 11200
To Discount received A/c 1008

(d) Bank A/c ……………………….Dr. 37060

Discount Allowed A/c ……Dr. 1020
To Sales A/c 34000
To Output IGST A/c 4080

25

Double Column Cash Book

Dat Particulars L. Cash Bank Date Particulars L Cash Bank

e F

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 f
2020 2020
Sept Sept
1 To Bal. b/d 85,000 …… 1 By Bal. b/d ……. 45,000
5 To Sales A/c 69,500 …… 2 By wages 2,000 .......
10 To Cash A/c C …….. 40,000 10 By Bank 40,000 ……..
30 To Bal. c/d …….. 28,500 15 By Purchase ……… 19,500
20 By Rent 5,000
25 By Drawings …….. 4,000
30 By Salary 10,000 ….
30
By Bal. c/d 97,500 ……

1,54, 68,50 1,54,5 68,50

500 0 00 0
Oct To Bal b/d 97,50 …… Oct 1 By Bal b/d …… 28,50
1 0 … …. 0

OR

Total of purchase book Rs. 820600

Purchase A/c ………..Dr. 730000
Input CGST A/c ……..Dr. 10800
Input SGST A/c ………Dr. 10800
Input IGST A/c ……….Dr. 66000
Freight Inwards A/c….Dr. 3000
Samsung India Ltd. Kolkata Cr. 523800
LG India Ltd. Guwahati Cr. 201600
Music India Ltd Delhi Cr. 95200

26 Rectifying entries in the books of Goyal Brothers:

(a) Ratan Dr. 500

To Suspense A/c 500

(b) Machinery A/c Dr. 1,000

To wages A/c 1,000

(c) Repairs A/c Dr. 2,000

To Machinery A/c 2,000

(d) Gopal Dr. 800

Sales A/c Dr. 80
To Purchase Returns A/c 800
To Suspense A/c 80

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27 Points of comparisons between Manual and Cmputerised Accounting Systems:
(a) Identifying Financial transactions
(b) Recording
(c) Classification
(d) Summarising
(e) Adjustments Entries
(f) Grouping of Accounts
(g) Financial Statements

28 Bank Reconciliation Statement

As on 31st March 2020
Particulars Amount (+) Amount (-)
(a) Overdraft as per Pass Book 4,700
(b) Cheque issued but not presented 1,300
(c) Cheque credited by bank but omitted to be
recorded 800
(d) Interest charged by bank on overdraft 200
(e) Bank Column of receipt side of cash book is
overcast 100
(f) Bank issued a draft 2,400

2,700 6,800
Total
Overdraft as per Cash Book 4,100 -
6,800 6,800

29 In the books of Sohan

Jounal
2020
Jan 1 Rohan Dr. 60,000
To Sales A/c 60,000

“ Bills receivable A/c (a) Dr. 15,000

Bills receivable A/c (b) Dr. 25,000
Bills receivable A/c (c) Dr. 20,000
To Rohan 60,000

Jan 3 Bank A/c Dr. 24,900

Discount Charges A/c Dr. 100
To Bills Receivables A/c 25,000

Jan 15 Gautam Dr. 20,000

To Bills Receivable A/c 20,000

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 Feb 4 Cash A/c Dr. 15,000
To Bills receivable A/c 15,000

Mar 4 Rohan Dr. 25,200

To Bank A/c 25,200

30
Net Profit --- Rs. 3,960

Total of Statement of Affairs --- Rs. 28,070

31 Machinery Account
Date Particulars Amount Date Particulars Amount
2020 2021
Apr. To Balance b/d 3,00,000 Jan. 1 By Bank 37,000
1 Jan. 1 A/c(sale)
2021 To Bank A/c 1,00,000 By Prov. For
Jan. 1 Jan. 1 dep. A/c 28,000
Mar.3 By Profit/Loss 15,000
1 A/c
By Balance c/d 3,20,000
4,00,000 4,00,000

Provision for Depreciation A/c

Date Particulars Amount Date Particulars Amount

2021 2020
Jan. 1 To Machinery Apr. 1 By Balance b/d 1,35,000
A/c(Tr.) 28,000 2021
Jan. 1 By Depreciation 6,000
Mar. To Balance c/d 1,37,500 A/c
31 Mar.3 By Depreciation
1 A/c
(on 2,20,000 for
1year)
22,000
(on 1,00,000 for
3 months)
2,500 24,500

1,65,500 1.65,500

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 Working notes:
(a) Calculation of depreciation on Machine sold Rs.
2017-18 on 80,000 for 9 months 6,000
2018-19 on 80,000 for 1 year 8,000
2019-20 on 80,000 for 1 year 8,000
2020-21 on 80,000 for 9 months 6,000
28,000

(b) Loss on sale = 80,000 – 37,000 – 28,000 = 15,000

(c) Depreciation for 2020-21 on balance machine Rs.

On 2,20,000 (3,00,000 – 80,000) for 1 year 22,000
On 1,00,000 (new purchased) for 3 months 2,500
24,500
OR

Loss on sale of Machine Rs. 16560

Depreciation on selling year Rs. 3240
Balance of Machinery Account Rs. 966580

32

Trading and Profit and Loss Account

For the year ended 31st March 2020
Particulars Amount Particulars Amount
To Opening Stock 11,520 By Sales 207560
To Purchases 91350 Less: Returns 1360 2,06,200
Less: returns 1000 90,350 By Closing Stock 13,600
To Wages
Less: Spent on cycle shed 16,960
To Fuel and Power 9,460
To Carriage on Purchases 4,080
To Gross Profit c/d 87,430
( Transferred to Profit &
loss A/c)
2,19,800 2,19,800

To Carriage on Sales 6,400 By Gross Profits b/d 87,430

To Salaries 30000
Add: O/s Salaries 3000 33,000
To General Expenses 6,000

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To Insurance 1200
Less: Prepaid Exp 170 1,030
To Depreciation on:
Machinery 4,000
Patents 3,000
To Provision for Doubtful
Debts 1,450

To Net Profit trans. to

Capital A/c 32,550

87,430 87,430

Balance Sheet of Mr. Vasu as at 31st March, 2020

Liabilities Amount Assets Amount

Capital 142000 Buildings 60000
Add: Net Profit 32550 Add: Wages on
Less: Drawings 10490 1,64,060 Building 4000 64,000
Free Hold Land 20,000
Creditors 12,600 Machinery 40000
Outstanding Salaries 3,000 Less: Depreciation 4000 36,000
Patents 15000
Less: Depreciation 3000 12,000
Debtors 29000
Less: Prov for DD 1450 27,550
Prepaid Exp. 170
Closing Stock 13,600
Cash In Hand 1,080
Cash at Bank 5,260
1,79,660 1,79,660

Or
Trading A/c
Particulars Rs Particulars Rs
To Opening stock 9,000 By Sales 1,32,840
To purchases 60,000 By Goods Loss by fire 2,000
To wages 9,200 By Closing stock 20,000
To Gross profit 76,640
1,54,840 1,54,840
Profit and loss A/c
Particulars Rs Particulars Rs
To Salaries 20,446 By Gross profit 76,640
To Provision for By Provision for

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 Doubtful debts 2,000 Doubtful debts 5,000
To Int. on loan 800 By Discount 800
Add. O/S 200 1,000 By bad debts recovered 400
To insurance 1,800 By interest 4,000
Less Prepaid 800 1,000 By commission 14,000
To Rent 3,040
To bad debts 2,400
To carriage outwards 1,200
To Depreciation 5,000
To Advertisement 15,000
To loss by fire 2,000
To Net Profit 47,754
1,00,840 1,00,840

Balance sheet as at 31st march 2020

Liabilities Rs Assets Rs
Capital 1,00,000 Bills receivable 12,754
Add, Net profit 47,754 1,47,754 Investments 80,000
10% loan 20,000 Furniture 24,000
Outstanding interest 200 Debtors 40,000
Sundry creditors 18,600 Less PDD 2,000 38,000
Bills payable 10,000 Prepaid Insurance 800
Outstanding salaries 1,000 Cash at Bank 20,000
Accrued commission 2,000
Closing Stock 20,000
1,97,554 1,97,554

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