Accounts From Incomplete Records One Mark Questions

12th Standard EM

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 15
    15 x 1 = 15
  1. Statement of affairs is a

    (a)

    Statement of income and expenditure

    (b)

    Statement of assets and liabilities

    (c)

    Summary of cash transactions

    (d)

    Summary of credit transactions

  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. 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. The different between the total of assets and total of liabilities is taken as

    (a)

    drawings

    (b)

    capital

    (c)

    profit

    (d)

    loss

  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. Credit sale is obtained from

    (a)

    Bills receivable account

    (b)

    Bills payable account

    (c)

    Total debtors account

    (d)

    Total creditors account

  7. Debtors on 1.4.2018 was Rs.1,00,000 and on 31.3.2019 was Rs.80,000 cash received from debtors during the year is Rs.1,60,000. Then the credit sales during the year is

    (a)

    Rs.3,40,000

    (b)

    Rs.2,40,000

    (c)

    Rs.1,40,000

    (d)

    Rs.1,60,000

  8. A firms total sales is Rs.80,000 and its credit sales is Rs.60,000 Then its cash sales is

    (a)

    Rs.1,40,000

    (b)

    Rs.70,000

    (c)

    Rs.20,000

    (d)

    Rs.80,000

  9. A firm has assets worth Rs.47,500 and liabilities Rs.17,700. Then its capital is

    (a)

    Rs.29,800

    (b)

    Rs.65,200

    (c)

    Rs.35,400

    (d)

    Rs.17,700

  10. Statement of affairs method is also called as _____ method.

    (a)

    Net profit

    (b)

    Net loss

    (c)

    Net worth/capital comparison

    (d)

    None of these

  11. Single entry system keeps one cash book which mixes up business as well as ____ transactions.

    (a)

    Private

    (b)

    Own

    (c)

    Public

    (d)

    Capital

  12. True financial position cannot be ascertained as _____ is not prepared due to the absence of nominal and real accounts.

    (a)

    Trading accounts

    (b)

    Profit and loss account

    (c)

    Balance sheet

    (d)

    Trail balance

  13. Statement of financial position from incomplete accounting record is commonly known as

    (a)

    Balance sheet

    (b)

    Cash flow statement

    (c)

    Statement of affairs

    (d)

    Statement of financial operations

  14. Identify the correct formula used to ascertain the closing capital

    (a)

    Opening capital + Net income - Drawings - Assets = Closing capital

    (b)

    Closing capital = Opening capital + Net loss - Drawings

    (c)

    Closing capital = Opening capital + Assets + Income - Expenses

    (d)

    Closing capital = Opening capital + Net income - Drawings

  15. If creditors balance eas Rs. 1,000 at 1st Jan. 2017, ending balance of creditors was Rs. 2,000 on 31st Dec. 2017 and a payment of Rs.500 was made to creditors, which of the following is the amount of purchase made during the year 2017?

    (a)

    Rs. 2,500

    (b)

    Rs 500

    (c)

    Rs 1,500

    (d)

    Rs 2,000

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