ICSE CLASS 9 ACCOUNTS SAMPLE PAPER

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ICSE CLASS 9 ACCOUNTS SAMPLE PAPER

PART–I (ICSE CLASS 9 ACCOUNTS SAMPLE PAPER)

1. Answer each of the following questions briefly:

I. What is Single Entry System?

Ans. The system in which the entry or the accounting head is done only from the single side is known as a single entry system and are not maintained as a double entry method.

 II. Who can issue a Bill of Exchange for what purpose?

Ans. Only a seller who has to get the money from his customer for the sale which was done on credit base can raise the Bill of Exchange in name of the customer form whom he has to recover the money.

ICSE CLASS 9 ACCOUNTS SAMPLE PAPER

Ans. The core concept of the Depreciation is to write off the value of concerned assets by a certain percentage as per prescription. Depreciation is charged with Profit & loss Account. The management cannot determine the real picture of profit or loss unless it is taken care of all the expenses, income and cost like depreciation is charged in Profit & Loss Account.

IV. Does the agreement of total of Trial Balance both sides mean that the all Accounts are correct?

Ans. No, agreement of the total of Trial Balance both sides mean the Accounts are accurate?

V. Write any two functions of Accounting.

Ans. Financial Transaction only: In the books of Accounts only a transaction which is related to some money value can be recorded.

Posting: The Classification is the next step of Recording under the classification the entries from the journal are taken and posted to their respective Ledger Accounts. 

2. The following the statement of cash based transactions of Bhartiya Gaushala for the year ended 31-03-209

Prepare an income and Expenditure Statement keeping following aspect in mind

a) 40% Donation will be treated as income.

b) Rs. 9500 subscription is still to be received.

c) The depreciation on Furniture for 5% will be provided.

Ans. Bhartiya and Gaushala Income and the expenditure Account for year 2009 which ended on March 31st

By Donation (40% of Rs. 7500)
By Sale of Sports Materials

 
74800

3000

3500

81300

81300

PART – II

3. How the Depreciation is applied to the Assets purchased during the financial year?

Ans. The Assets which are purchased during the financial year and its decided that the depreciation will be charged on them @ 10% PA it mean the depreciation will be charged from the date of purchase of the concerned assets not for the full of financial year. And if depreciation is charged @ 10% not the Per Annum than irrelevant to the date of purchase of Furniture it will be charged for the full of the financial year.

4. Calculate the cost of goods in blow given figures

a) Opening stock as on 1^st April              Rs.   75000
b) Purchase during the year                    Rs. 100000
c) Purchase Return During the year        Rs.   20000
d) Freight Inward                                    Rs.     7000
e) Closing Stock as on 31^st March           Rs.   85000

Ans. The formula for calculating the cost of goods

Opening Stock (Finished Goods) + Net Purchase + Cartridge n Freight Inward – Closing Stock (Finished Goods) . 

Hence here COG will be : 75000 + 80000 + 7000 – 85000 =  Rs. 77000

Rs. 77000 is the COG i.e. Cost of Goods. 

5. Post these entries into a ledger of Sri ram Company Account?

a) Credit Sale for Rs. 17800 wide Bill No. 007 dt. 17-5-2011

b) Cash received for Rs. 15000 on 21-05-2011

c) Cash received for Rs. 2800 on 23-05-2011

Ans.   
M/s: Sri ram Company

Dr   Amt

Cr Balance

(Rs)May

17
21
23

To Sale Account
By Cash Account
By Cash Account

17800

15000
2800

6. Prepare the Purchase Book on the transition given below:           

May 15   Purchased from Shyam Lal & Co. Rs. 2750
May 27,  55 Pencil  Boxes @ 17/- PB from Stationery Store
25 Pen Boxes @  18.50/– Per Box
May 30  125 Register @ 25/- PR from Atul Sahai

Ans.                         PURCHASE BOOK      

27 May

30 May Shyam Lal & Co.
Misc Purchase

Stationery Store
55 pencil boxes @ 17
25 Pen Boxes @ 18.50

Vinay Shah
25 Grapes Boxes @ 175/-

Atul Sahai
125 Register @ 25/- PR

Purchases A/c                      Dr…

935
462.50

2750

1397.50

3125

7272.50

7. “The Single Entry System is much cheaper or cost effective than of Double Book System”. Comment.

Ans. Under the Single Entry System only Cash Book and Personal accounts are kept for accounting purpose so cost of buying other subsidiary books like Credit Sale, Credit Purchase, Journal, Credit Note Books are not bought so it makes this system cost effective.

Under this Single Entry System no adequate knowledge is required only general knowledge about Accounting is enough to take care of the whole accounting process. So no specialist Accounts needs to be posted only a General Accountant can work fine.

    An accountant with average knowledge of the accounts is there to take care of the whole system, not many books need to be maintained under single entry system so its rather considered the cheapest and cost effective module of financial accounting system.

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