Nios Class 10 Tutor Marked Assignment 2024-25 March/April 2025 & Ocotber/November 2025 Exam
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Accountancy
(224)
Tutor Mark Assignment (TMA) 2024-25
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1. Answer any one of the following questions in about 40 to 60
words.
Q.
(a) Give two examples
of business and non-business transactions each.
Ans.
Business Transactions
- Sales of Goods: A company sells merchandise worth Rs. 5,000
to a customer. This transaction increases the revenue and accounts
receivable (if sold on credit) or cash (if sold for cash).
- Payment of Expenses: A business pays Rs.
2,000 for office rent. This transaction decreases cash and increases the
rent expense in the accounts, affecting the overall profit.
Non-Business Transactions
- Personal Withdrawal: The owner of a
sole proprietorship withdraws Rs. 1,000 for personal use. This transaction
decreases the owner's equity and cash but does not affect business revenue
or expenses.
- Gift Received: An individual receives a gift of Rs. 500
from a family member. This transaction does not involve business
activities or financial reporting and is not recorded in the business
accounts.
2. Answer any one of the following questions in about 40 to 60
words.
Q. (a) “Whatever the business possesses in the form
of assets is financed by proprietor or by outsiders.” Justify the statement
giving four appropriate examples.
Ans. The statement "Whatever the business possesses in
the form of assets is financed by the proprietor or by outsiders"
highlights how businesses acquire assets through different funding sources. For
instance, an owner may invest personal savings to buy machinery, representing
owner's capital. Alternatively, a business might take a bank loan to finance a
commercial property, creating a liability. Additionally, attracting investors
can provide capital for inventory and technology, showcasing external
financing. Lastly, trade credit allows businesses to acquire goods while
deferring payment, illustrating another form of outside financing. These
examples demonstrate the diverse means of funding business assets.
3. Answer any one of the following questions in about 40 to 60
words.
Q.
(a) Explore tally with
your friend and write any four features.
Ans. Here are four key features of Tally, a popular
accounting software:
1. User-Friendly Interface
Tally offers an intuitive and straightforward
interface that makes it easy for users, even those with minimal accounting
knowledge, to navigate and perform tasks efficiently.
2. Comprehensive Accounting
Tally provides robust features for managing various accounting
functions, including ledger management, invoicing, billing, and financial
reporting, enabling businesses to maintain accurate financial records.
3. Inventory Management
Tally includes inventory management capabilities,
allowing businesses to track stock levels, manage purchases and sales, and
generate inventory reports, facilitating effective stock control.
4. GST Compliance
Tally is designed to ensure compliance with Goods and
Services Tax (GST) regulations, offering features for GST calculation, filing,
and reporting, making it easier for businesses to adhere to tax requirements.
These features make Tally a valuable tool for
businesses seeking to streamline their accounting processes.
4. Answer any one of the following questions in about 100 to 150 words.
Q. (b) Discuss with two employees of any two
organisations and explain how accounting is useful to them.
Ans. Discussion
on the Usefulness of Accounting
Employee 1: Financial Manager at a Manufacturing Company
The financial manager highlighted that accounting is vital
for tracking the company’s financial health. Accurate records facilitate
budgeting and forecasting, enabling effective resource allocation. Monthly
financial statements help assess profitability and monitor cash flow, allowing
informed decisions regarding production and investment. Additionally, precise
accounting practices ensure compliance with tax regulations, minimizing the
risk of penalties.
Employee 2: Sales Executive at a Retail Firm
The sales executive explained that accounting aids in
understanding sales performance and managing inventory. Regular sales reports
help identify trends, set sales targets, and adjust strategies accordingly.
Knowledge of inventory levels, provided by accounting, ensures efficient stock
management, preventing overstocking or stockouts. Furthermore, insights into
customer payment patterns assist in managing accounts receivable, which is
crucial for maintaining healthy cash flow.
In both organizations, accounting is essential for
financial management, decision-making, and operational efficiency,
demonstrating its importance across various functions.
5. Answer any one of the following questions in about 100 to 150
words.
Q.
(a) (i) If a firm borrows a sum of money, what will be its effect on the
Accounting Equation?
(ii) Give two examples– one showing the effect only on assets and the
other on liabilities only.
Ans. (i) If a firm
borrows a sum of money, what will be its effect on the Accounting Equation?
When a firm borrows a sum of money, it affects the accounting equation,
which states:
Assets =
Liabilities + Owner's Equity
Effect of Borrowing on the Accounting Equation
1.
Increase in Assets: The firm receives cash or other assets when it
borrows money.
2.
Increase in Liabilities: The borrowed amount is recorded as a liability
(e.g., loan payable).
Example
Scenario: A company borrows Rs. 50,000 from a bank.
·
Assets: Cash increases by Rs. 50,000.
·
Liabilities: Loan Payable increases by Rs. 50,000.
Accounting Equation Before Borrowing:
·
Assets: Rs. 100,000
·
Liabilities: Rs. 60,000
·
Owner's Equity: Rs. 40,000
Accounting Equation After Borrowing:
·
Assets: Rs. 100,000 + Rs. 50,000 = Rs. 150,000
·
Liabilities: Rs. 60,000 + Rs. 50,000 = Rs. 110,000
·
Owner's Equity: Remains at Rs. 40,000
Final Equation:
Assets (Rs. 150,000) = Liabilities (Rs. 110,000) + Owner's Equity (Rs. 40,000)
The accounting equation remains balanced, illustrating that the increase
in assets and liabilities is equal.
6. Prepare
any one project out of the following.
(b)Discuss with your friend write the hardware requirement
and important steps to open a Tally software. Create a company on Tally ERP9.0.
and attach print outs of the screenshots of the Company created.
Ans.
Project Work
Objective
To understand the hardware requirements for Tally ERP 9 and to learn
the steps involved in opening the software and creating a company.
Hardware Requirements for Tally ERP 9
To effectively run Tally
ERP 9, the following hardware specifications are recommended:
- Processor:
Intel Core i3 or equivalent (minimum)
- RAM:
4 GB (8 GB or more recommended for better performance)
- Hard Disk:
1 GB of free space (more is recommended for larger data)
- Display:
1024 x 768 resolution or higher
- Operating System:
Windows 7 or later (32-bit or 64-bit)
- Network:
Internet connection for updates and remote access (if needed)
Important Steps to Open Tally ERP 9 and Create a Company
- Install Tally ERP 9:
- Download the installation file from the official
Tally website.
- Run the installer and follow the on-screen
instructions to install.
- Launch Tally ERP 9:
- Double-click the Tally icon on your desktop or
start menu to open the application.
- Select Company Option:
- On the Tally welcome screen, choose "Create
Company."
- Enter Company Details:
- Fill in the required fields:
- Company Name: Enter the name of your company.
- Address: Provide the company address.
- Country: Select the country.
- State: Choose the state.
- PIN Code: Enter the postal code.
- Financial Year: Set the starting date of the financial year.
- Books Beginning From: Set the date from which the books of accounts
will be maintained.
- Set Security Features (Optional):
- You can set a security control feature if needed.
- Save the Company:
- After entering all the details, click
"Save" to create the company.
- View the Company:
- You can now select the company from the list to
start using Tally for accounting.
Printouts and Screenshots
Conclusion:
By following these
steps, we can successfully set up Tally ERP 9 and create a company. Make sure
to familiarize yourself with the features and functionalities of Tally for
effective accounting management.
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