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Accounts From Incomplete Records Important Questions

12th Standard EM

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50
    5 x 1 = 5
  1. Incomplete records are generally maintained by

    (a)

    A company

    (b)

    Government

    (c)

    Small sized sole trader business

    (d)

    Multinational enterprises

  2. What is the amount of capital of the proprietor, if his assets are ` 85,000 and liabilities are `21,000?

    (a)

    Rs.85,000

    (b)

    Rs.1,06,000

    (c)

    Rs.21,000

    (d)

    Rs.64,000

  3. When capital in the beginning is Rs 10,000, drawings during the year is Rs.6,000, profit
    made during the year is Rs2,000 and the additional capital introduced is ` 3,000, find out
    the amount of capital at the end

    (a)

    9,000

    (b)

    11,000

    (c)

    21,000

    (d)

    3,000

  4. The total assets of a proprietor are Rs.5,00,000. His liabilities Rs.3,50,000. Then his capital in the business is

    (a)

    Rs.8,50,000

    (b)

    Rs.1,50,000

    (c)

    Rs.3,50,000

    (d)

    Rs.4,25,000

  5. A firm has assets worth Rs.60,000 and capital Rs.45,000.Then it's liabilities is

    (a)

    Rs.45,000

    (b)

    Rs.1,05,000

    (c)

    Rs.60,000

    (d)

    Rs.15,000

  6. 5 x 2 = 10
  7. From the following particulars ascertain profit or loss: 

      Rs.
    Capital at the beginning of the year (1st April, 2016) 2,00,000
    Capital at the end of the year (31st March, 2017) 3,50,000
    Additional capital introduced during the year 70,000
    Drawings during the year 40,000
  8. Following are the balances of Shanthi as on 31st December 2018.find out capital

    Particulars Rs Particulars Rs
    Bills receivable 6,000 Sundry creditors 25,000
    Bills payable 4,000 Stock 45,000
    Machinery 60,000 Debtors 70,000
    Furniture 10,000 Cash 4,000
  9. Under single entry system is it possible to check the arithmetical accuracy of books of accounts?

  10. Why is statement of affairs prepared under single entry system not referred to as balance sheet?

  11. What are the possible reasons for keeping incomplete records?

  12. 5 x 3 = 15
  13. From the following particulars ascertain profit or loss:

      Rs.
    Capital as on 1st April 2018 1,60,000
    Capital as on 31st March, 2019 1,50,000
    Additional capital introduced during the year 25,000
    Drawings made during the year 30,000
  14. On 1st April 2018 Subha started her business with a capital of Rs.1,20,000. She did not maintain proper book of accounts. Following particulars are available from her books as on 31.3.2019.

    Particulars Rs. Particulars Rs.
    Bank overdraft 50,000 Stock-in-trade 1,60,000
    Debtors 1,80,000 Creditors 90,000
    Bills receivable 70,000 Bills payable 2,40,000
    Computer 30,000 Cash in hand 60,000
    Machinery 3,00,000    

    During the year she withdrew Rs 30,000 for her personal use. She introduced further capital of Rs.40,000 during the year. Calculate her profit or loss.

  15. From the following details find out total sales made during the year

    Particulars Rs.
    Debtors on 1st January 2018 1,30,000
    Cash received from debtors during the year 4,20,000
    Sales returns 35,000
    Bad debts 15,000
    Debtors on 31st December 2018 2,00,000
    Cash Sales 4,60,000
  16. Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1st January, 2019 with a capital of Rs.1,80,000. She appointed a ten year old boy as a sweeper. She withdrew Rs.60,000 for household expenses. She introduced Rs.20,000as fresh capital. Her position of assets and liabilities as at 31st December, 2019 stood as follows.

      Rs.
    Cash in hand 70,000
    Stock 80,000
    Bills receivable 1,00,000
    Debtors 1,50,000
    Creditors 60,000
    Bills payable 10,000
  17. Which values are affected, when accounts are maintained on single entry system basis.

  18. 4 x 5 = 20
  19. Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

    Particulars 1-4-2018
    Rs.
    31-3-2019
    Rs.
    Plant and machinery 20,000 20,000
    Stock 9,000 16,000
    Sundry debtors 2,000 5,300
    Sundry creditors 5,000 4,000
    Cash at bank 4,000 6,000

    Other information for the year ending 31-3-2019 showed the following

      Rs.
    Advertising 4,700
    Carriage inwards 8,000
    Cash paid to creditors 64,000
    Drawings 2,000

    Total sales during the year were Rs.85,000. Purchases returns during the year were Rs.2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs.300 for doubtful
    debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a
    balance sheet as on the date.

  20. Mrs. Geetha started business with Rs.1,20,000 as capital on 1.4.2018. During the year she has withdrawn at the rate of Rs.1,000 per month. She introduced Rs.20,000 as additional capital. Her position on 31.3.2019 was as follows.

    Particulars Rs.
    Bank balance 8,000
    Stock 80,000
    Sundry debtors 50,000
    Furniture 2,500
    Cash in hand 2,000
    Sundry creditors 25,000
    Expenses outstanding 1,000

    She keeps her books under single entry system, determine for profit or loss for the year 2003-04. 

  21. Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.

      Rs.
    Total debtors as on April 01, 2017 40,000
    Total creditors as on April 01,2017 50,000
    Bills receivable as on April 01, 2017 30,000
    Bills payable as on April 01, 2017 45,000
    Discount received 5,000
    Bad debts 2,000
    Return inwards 4,000
    Discount allowed 3,000
    Cash sales 10,000
    Cash purchases 8,000
    Total debtors as on March 31, 2018 80,000
    Cash received from debtors 1,00,000
    Cash paid to creditors 80,000
    Cash received against bills receivable 25,000
    Payment made against bills receivable 40,000
    Total creditors as on March 31, 2018 40,000
    Bills payable as on March 31, 2018 50,000
    Bills receivable as on March 31,2018 35,000
  22. From the following details of vijay who maintains incomplete records, prepare trading and profit and loss account for the year ended 31st March 2018 and a Balance sheet as on the date.

    Particulars As on 1.4.2017
              Rs.
    As on 31.3.2018
              Rs.
    Sundry Creditors 37,500 43,750
    Furniture 2,500 2,500
    Cash 6,250 10,000
    Sundry debtors 62,500 87,500
    Stock 25,000 12,500

     Other details:

      Rs.
    Drawings 10,000
    Discount received 3,750
    Discount allowed 2,500
    Cash received from sundry debtors 1,35,000
    Cash paid to creditors 1,12,500
    Sales returns 3,750
    Purchase returns 1,250
    Sundry expenses paid 8,750

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