Accounts From Incomplete Records Model Question Paper

12th Standard EM

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Accountancy

Time : 02:00:00 Hrs
Total Marks : 50
    6 x 1 = 6
  1. Incomplete records are generally maintained by

    (a)

    A company

    (b)

    Government

    (c)

    Small sized sole trader business

    (d)

    Multinational enterprises

  2. The amount of credit sales can be computed from

    (a)

    Total debtors account

    (b)

    Total creditors account

    (c)

    Bills receivable account 

    (d)

    Bills payable account

  3. Opening balance of debtors: Rs 30,000, cash received:Rs 1,00,000, credit sales: Rs90,000;
    closing balance of debtors is

    (a)

    Rs.30,000

    (b)

    Rs.1,30,000

    (c)

    Rs.40,000

    (d)

    Rs.20,000

  4. 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

  5. The capital of a business is ascertained by preparing

    (a)

    Trading account

    (b)

    Statement of profit or loss

    (c)

    Balance sheet

    (d)

    Statement of affairs

  6. Companies cannot keep books on single entry system because of

    (a)

    tax properties

    (b)

    legal provisions

    (c)

    both (a) and (b)

    (d)

    None of these

  7. 7 x 2 = 14
  8. Following are the balances of Shanthi as on 31st December 2018.

    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. From the following particulars, prepare bills receivable account and compute the bills received from the debtors

    Particulars Rs
    Opening bills receivable 20,000
    Closing bills receivable 30,000
    Cash received for bills receivable 60,000
    Bills receivable dishonoured 5,000
  10. What is meant by incomplete records?

  11. What is a statement of affairs?

  12. From the following particulars ascertain profit or loss

    Particulars Rs.
    Capital as on 1st January 2018 2,20,000
    Capital as on 31st December 2018 1,80,000
    Additional capital introduced during the year 40,000
    Drawings made during the year 50,000
  13. Find out credit sales from the following information:

    Particulars Rs.
    Debtors on 1st April, 2018 1,00,000
    Cash received from debtors 2,30,000
    Discount allowed 5,000
    Returns inward 25,000
    Debtors on 31st March 2019 1,20,000
  14. From the following details, calculate credit purchases

    Particulars Rs.
    Opening creditors 1,70,000
    Purchase returns 20,000
    Cash paid to creditors 4,50,000
    Closing creditors 1,90,000
  15. 5 x 3 = 15
  16. From the following details, calculate the missing figure:

      Rs
    Capital as on 1st April, 2017 2,50,000
    Capital as on 31st March, 2018 2,75,000
    Additional capital introduced during the year 30,000
    Profit for the year 15,000
    Drawings during the year ?
  17. What are the features of incomplete records?

  18. State the differences between double entry system and incomplete records.

  19. Differentiate between statement of affairs and balance sheet.

  20. From the following details, calculate the capital as on 31st December 2018

    Particulars Rs.
    Capital as on 1st January, 2018 1,00,000
    Goods withdrawn for personal use by the owner 30,000
    Additional capital introduced during the year 15,000
    Profit for the year 60,000
  21. 3 x 5 = 15
  22. From the following details of Abdul 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 1.4.2017
    Rs.
    31.3.2018
    Rs.
    Stock 1,00,000 50,000
    Sundry debtors 2,50,000 3,50,000
    Cash 25,000 40,000
    Furniture 10,000 10,000
    Sundry creditors 1,50,000 1,75,000
    Other details:
      Rs.   Rs.
    Drawings 40,000 Cash received from debtors 5,35,000
    Discount received 20,000 Sundry expenses 30,000
    Discount allowed 25,000 Capital as on 1.4.2017 2,35,000
    Cash paid to creditors 4,50,000    
  23. Pandian does not keep his books under double entry system. From the following information prepare trading and profit and loss account and balance sheet as on 31-12-2018.

      1-1-2018
    Rs.
    31-12-2018
    Rs.
    Furniture 30,000 30,000
    Cash in hand 10,000 17,000
    Debtors 40,000 60,000
    Stock 28,000 11,000
    Bills receivable 12,000 35,100
    Bank loan 25,000 25,000
    Creditors 15,000 16,000
      Rs.   Rs.
    Cash sales 11,200 Credit sales 88,800
    Cash purchases 4,250 Credit purchases 35,750
    Carriage on purchases 3,000 Carriage on sales 700
    Commission received 600 Interest on bank loan 2,500
    Drawings 8,000 Additional capital 14,000
    Salaries 8,900 Office rent 2,400

    Adjustments:
    Write off depreciation of 5% on furniture. Create a provision of 1% on debtors for doubtful debts.

  24. M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31st December 2017.

    Particulars 31.12.2016
           Rs.
    31.12.2017
            Rs.
    Cash in hand 6,000 24,000
    Bank overdraft 30,000 -
    Stock 50,000 80,000
    Sundry creditors 26,000 40,000
    Sundry debtors 60,000 1,40,000
    Bills payable 6,000 12,000
    Furniture 40,000 60,000
    Bills receivable 8,000 28,000
    Machinery 50,000 1,00,000
    Investment 30,000 80,000

    Drawings Rs.10,000 per month for personal use, additional capital introduced during the year Rs.2,00,000. A bad debts Rs.2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs.700, depreciation charged on furniture @10% per annum.

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