In this latest post, we have presented you third set of Class 10 Optional 2 Account Model Questions 2079 with solutions by properly analyzing important past questions. This set is designed to provide students with a comprehensive and accurate understanding of the Account subject in preparation for their upcoming SEE exams of the current year 2079. With a focus on the SEE Model Questions of Account 2079, this post is an invaluable resource for students of Class 10. After reading and practicing this post you can enhance your knowledge about Account Subject and achieve top grades with this comprehensive and up-to-date guide on Class 10 Optional 2 Account Model Questions 2079.
Group A: Answer the following questions in one sentence:
1. Write the full form of SAPTA.
The full form of SAPTA is South Asian
Preferential Trade Arrangement.
2. In which country central bank was established at first?
At first, the central bank was
established in Sweden.
3. How is drawing adjusted in Balance Sheet?
Drawing is deducted from capital o
liabilities side of balance sheet.
4. Write the budget head no. of
Insurance and Gratuity.
The budget head numbers of insurance
and gratuity are 22213 and 27312 respectively.
5. In which part of budget sheet does record the inter-head transfer?
The inter-head transfer is recorded in
budget release part of budget sheet.
Group B: Give short answer to the
following questions:
6 Mention any five considerations while drafting a Tippani.
The following are the points to be
considered while drafting a tippani.
- Specify topic:
The subject or the topic of a tippani should
be clearly mentioned. ii. Simple and clear: Since it is a means of
communication, it must be simple and clear.
- Present orderly:
It should clearly
state the related facts, information, rules and regulations regarding the
subject in an orderly manner.
- Involve suggestion and recommendation:
It should include all the suggestions,
opinions and recommendations of the concerned authorities.
- Supported by documents:
It should be supported by the
necessary documents for evidences.
7. Introduce geographical filing method with example and write its three advantages and three disadvantages.
The way of arranging the files of persons or organizations according to the names of location or place is called geographic filing method. Under this method, a separate drawer or cabinet is provided for a particular region or place. The region or place is further sub divided into a number of locations and a separate file is created in the name of each location.
The following are the advantages of geographic filing method:
- Simple: All the documents related to a particular place are kept in a file. So, it is simple to understand and easy to use.
- Suitable: This method is more suitable to the organizations which maintain files on the basis of different locations.
- Easy to locate: It is easy to locate a particular file of a particular location/place due to the provision of guide cards.
The following are the disadvantages of
geographic filing method:
- Lack of secrecy: The names of places and persons are written in the file. So, it may not possible to maintain secrecy.
- Expensive method: It is an expensive method as it needs guide cards and drawers.
- Time consuming: The guide cards should be referred to locate files. So, it is time consuming method.
8. Mention any four causes for preparing invoice in foreign trade and describe any three types of invoice in brief.
Four causes for preparing invoice in
foreign trade are mentioned below:
- To provide information to the buyer/importer about different aspects of goods like types of goods, quantities, agreed prices, other expenses.
- To act as the valid document of foreign trade.
- To clarify the mode and time of payment.
- To settle the custom charges and other procedures.
There are different types of invoices
which are issued by the seller/ exporter to the buyer/importer. The type of
invoice depends on the conditions and costs included in it. Some of the
important types invoices used in foreign trade are mentioned below:
- Loco invoice:
The word 'Loco' is derived from local.
Since the word loco is short and easy to pronounce, it has been in use in
business language. An invoice that includes the local price of the exporter is
called a loco invoice. It includes the local price of the goods being delivered
without other charges of trade. Normally, the importer bears al the charges
incurred for the carriage of goods.
- Free on Board (FOB) invoice:
The invoice that excludes all the
charges like transportation, and loading charges. From the warehouse of the
exporter to the board is called the FOB invoice. The charges which are excluded
from the invoice are born by the exporter. However, the charges after the board
to the importers place are included in this type of invoice.
- Cost and Freight (C & F) invoice:
The invoice that includes all the
expenses such as cost and freight of goods except the insurance charge is
called the cost and freight invoice. This type of invoice does not include the
insurance. Hence, the insurance cost is born by the importer.
9. Why is audit compulsory in government and business office? Justify with five reasons.
Audit is compulsory in government and
business offices because of the following reasons.
- To ensure correctness of accounting transactions and statements through evidential document
- To detect errors and fraud incurred in the process of accounting and correct them
- To facilitate for getting loan or advance from banks and financial institutions on the basis of audited statements which are reliable
- To act as the base of making business decisions like dissolution of firm, admission or retirement of partners, and amalgamation of companies
- To determine the tax liability
10. Why Bank Cash Book is prepared in Government Office? What types of transaction are posted in column No. 4, 5, 6, 7, 10 and 11?
Importance of preparing Bank Cash Book
in government office:
Bank cash book is an authentic
accounting document of offices of Government of Nepal. Almost all the cash transactions
incurred in the office are recorded in this book. Some points of importance of
Bank Cash Book are as follows:
- To maintain control over cash
- To ensure double entry system
- To facilitate the preparation of trial balance
- To facilitate cash planning
The following transactions are posted
in mentioned columns:
Column No.4 Cash debit: Debit amount
of cash when cash account is debited in the transactions.
Column No.5 Cash credit: Credit amount
of cash when cash account is credited in the transactions.
Column No.6 Bank debit: Debit amount
of bank when bank (Treasury Single Account) account is debited in the
transactions.
Column No.7 Bank credit: Credit amount
of bank when bank account is credited.
Column No.10 Budget expenditure
number: Budget expenditure number relating to transaction, if any.
Column No.11 Budget expenditure
rupees: Debit amount of budget expenditure. Debit amount of advance given from
the budget head to any person or institution. As there is no separate column
for credit, use of bracket or parenthesis is made at the time of advance
clearance.
11. Prepare trial balance of Kashyapi Medical Hall Chitwan as at 2072 Ashar 31 on the basic of following transactions.
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| Opening stock | 27,000 | Depreciation | 35,000 |
| Purchases | 2,46,000 | Sales | 3,32,000 |
| Purchases return | 15,000 | Insurance | 40,000 |
| Bank Loan | 23,000 | Wages | 22,000 |
| Heads of Account | Debit RS | Credit RS |
|---|---|---|
| Opening stock | 27,000 | - |
| Purchases | 2,46,000 | - |
| Purchases return | - | 15,000 |
| Bank Loan | - | 23,000 |
| Depreciation | 35,000 | - |
| Sales | - | 3,32,000 |
| Insurance | 40,000 | - |
| Wages | 22,000 | - |
| Total | 3,70,000 | 3,70,000 |
12. Prepare profit and loss account of Mechi Furniture Industry for the fiscal year last of Ashar 2071/072 from the given particulars.
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| Gross Loss | 1,75,000 | Salaries | 70,000 |
| Received house rent | 30,000 | Commission received | 10,000 |
| Stationary | 19,000 | Purchase discount | 12,000 |
| Advertisement | 15,000 | Carriage outward | 20,000 |
| Particulars | Rs | Particulars | Rs |
|---|---|---|---|
| To Gross Loss | 1,75,000 | By Received house rent | 30,000 |
| To Salary | 70,000 | By Commission received | 10,000 |
| To Stationary | 19,000 | By Purchase discount | 12,000 |
| To Advertisement | 15,000 | By Net Loss | 247,000 |
| To Carriage outward | 20,000 | ||
| 2,99,000 | 2,99,000 |
13. Prepare a Balance sheet of Mahakali Guest House Pvt. Ltd. as on 2072 Ashar 31 according to the following particulars:
| Particulars | Rs | Particulars | Rs |
|---|---|---|---|
| Capital | 7,52,000 | Debtors | 25,000 |
| Goodwill | 13,000 | Bank Overdraft | 60,000 |
| Net Profit | 1,38,000 | Reserve fund | 50,000 |
| Furniture | 4,00,000 | Land and building | 5,62,000 |
| Capital and Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Capital..........7,52,000 | Goodwill | 13,000 | |
| Add: Net profit.......1,38,000 | 8,90,000 | Debtors | 25,000 |
| Bank Overdraft | 60,000 | Furniture | 4,00,000 |
| Reserve Fund | 50,000 | Land and buildind | 5,62,000 |
| 10,00,000 | 10,00,000 |
Group C: Write long answer to the
following questions:
14. Introduce Nepal Rastra Bank and explain its any six functions.
Nepal Rastra Bank (NRB) is the Central
Bank of Nepal. It was established in 1956 (Baishak 14, 2013) under the Nepal
Rastra Bank Act, 1955 (2012 B.S.). The six functions of NRB are discussed
below.
Issuance of note:
Custodian of exchange reserve:
NRB has the sole authority in foreign currency management. It regulates the supply of foreign currencies in national economy and maintains their exchange rate with home currency at proper level.
Banker of the government:
NRB acts as the banker of the government. As the banker of the government, it is responsible to collect government revenues. It records government revenues and expenditure by maintaining the accounts of various government offices and departments.
Advisor to the government:
NRB also
works as the advisor to the government. It advises the government in
formulating monetary and fiscal policy, industrial policy, trade policy and
many other policies of the government.
Bank of the banks:
NRB acts as the
banker to all banks and financial institutions. t also acts as guardian of all financial
institutions. It works as the custodian of cash reserves of commercial banks.
It also works as the lender of last resort to the commercial banks and other
financial institutions. It is regarded as the banker of the banks as it also
holds the accounts of other banks and financial institutions and controls and
supervises their act and operation.
Control of credit:
It controls the
credit operation of commercial banks. Commercial banks expand credit which may
increase inflationary pressure. They may also contract credit which may result
deflation. As a credit control authority of country, central bank controls the
credit creation by commercial banks by controlling the volume of bank credit.
It also stabilizes business conditions in the country.
15. Prepare A.G.F.No. 10 (Goshwara Voucher) of District Education Office, Parbat based on the following transactions.
| a | 2072/4/2 | Received Rs. 17,00,000 as revolving fund through bank transfer. |
|---|---|---|
| b | 2072/4/7 | Paid Rs. 25,000 to Chaudhary Furniture Industry for the purchase of furniture through cheque No. 0326. |
| c | 2072/4/15 | Petty cash fund of Rs. 10,000 was established in the responsibility of accountant Miss Dolma Sherpa through cheque No. 0327. |
| d | 2072/4/30 | The salary for the month of Shrawan Rs. 3,00,000 was distributed, deducting Rs. 30,000 for provident fund through cheque No. 0328. |
| e | 2072/4/31 | The deducted provident fund amount was deposited to concerned account through cheque No. 0329 |
| Code No. | Particulars | LF | BH No | Debit Rs. | Credit Rs. |
|---|---|---|---|---|---|
| a | Dr. Nepal Rastra Bank | 17,00,000 | |||
| CR, Revolving Fund (Being revolving fund received) | 17,00,000 | ||||
| b | Dr. B.E. Furinture and Fixture | 29311 | 25,000 | ||
| Cr. Nepal Rastra Bank (Being amount paid for furniture purchase through cheque) | 25,000 | ||||
| c | Dr. Petty Cash Fund | 10,000 | |||
| Cr. Nepal Rastra Bank (Being establishment of Petty Cash Fund) | 10,000 | ||||
| d | Dr. B.E. Salary | 21111 | 3,30,000 | ||
| Cr. Provident fund | 30,000 | ||||
| Cr. Nepal Rastra Bank (Being salary paid after deducting provident fund) | 3,00,000 | ||||
| e | Cr. Provident fund | 30,000 | |||
| Cr. Nepal Rastra Bank (Being deducted provident fund amount was deposited to concerned account) | 30,000 |
16 Prepare statement of expenditure of District Forest Office, Dhading for the month of Kartik 2072 from the following particular.
| BH No. | Budget Heads | Annual Appropriation(Rs.) | Expenditure Up to Ashoj (Rs.) | Expenditure of Kartik(Rs.) |
|---|---|---|---|---|
| 21111 | Salary | 5,00,000 | 1,20,000 | 45,000 |
| 22111 | Water and electricity | 55,000 | 15,000 | 4,000 |
| 22121 | House rent | 70,000 | 20,000 | 5,000 |
| 22612 | Travelling expenditure | 45,000 | 10,000 | 3,000 |
| 22711 | Miscellaneous expenses | 40,000 | 5,000 | 2,000 |
| 29511 | Machinery and equipment | 25,000 | 4,000 | 1,000 |
| Total | 7,35,000 | 1,74,000 | 60,000 |
Additional information:
- Revolving fund balance Rs. 1,50,000.
- Uncleared advance Rs. 5,000.
- Petty cash fund Rs. 6,000.
Show the following from statement of expenditure:
- Total budget release upto Kartik
- Total expenditure upto Kartik
- Revolving fund balance
- Net expenditure
- Bank balance
Solution
Government of Nepal
District Forest Office
Statement of Expenditure
For the month of kartik, 2072
| Expenditure of Kartik(Rs.) | Release Upto the end of Kartik(Rs.) | Budget Head (B.E.) | Budget Heads | Annual Appropriation of budget (Rs.) | Expenditures upto the end of Kartik(Rs.) | Balance of Budget(Rs.) |
|---|---|---|---|---|---|---|
| 45,000 | 1,20,000 | 21111 | Salary | 5,00,000 | 1,65,000 | 3,35,000 |
| 4,000 | 15,000 | 22111 | Water and electricity | 55,000 | 19,000 | 36,000 |
| 5,000 | 20,000 | 22121 | House rent | 70,000 | 25,000 | 45,000 |
| 3,000 | 10,000 | 22612 | Travelling expenditure | 45,000 | 13,000 | 32,000 |
| 2,000 | 5,000 | 22711 | Miscellaneous expenses | 40,000 | 7,000 | 33,000 |
| 1,000 | 4,000 | 29511 | Machinery and equipment | 25,000 | 5,000 | 20,000 |
| 60,000 | 1,74,000 1,50,000 | Revolving Fund Balance | 7,35,000 | 2,34,000 | 5,01,000 | |
| 60,000 | 3,24,000 | Total | 7,35,000 | 2,34,000 | 5,01,000 |
| Amount | Amount | ||
|---|---|---|---|
| Total releases up to 30th Kartik | 3,24,000 | Bank Balance | 84,000 |
| Total expenditure up to 30th Kartik | 2,34,000 | Cash Balance | 6,000 |
| Difference: | 90,000 | Total Balance | 90,000 |
| Un-cleared advance amount | 5,000 | Loan Payable (-) | - |
| Net expenditures(2,34,000-5,000) | 2,29,000 | Loan Receivable (+) | - |
| Deposit received (-) | - |