Accounts From Incomplete Records Important Question Paper

12th Standard EM

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Accountancy

Time : 01:00:00 Hrs
Total Marks : 50
    10 x 1 = 10
  1. Incomplete records are generally maintained by

    (a)

    A company

    (b)

    Government

    (c)

    Small sized sole trader business

    (d)

    Multinational enterprises

  2. 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

  3. Opening statement of affairs is usually prepared to find out the

    (a)

    Capital in the beginning of the year

    (b)

    Capital at the end of the year

    (c)

    Profit made during the year

    (d)

    Loss occurred during the year

  4. The excess of assets over liabilities is

    (a)

    Loss

    (b)

    Cash

    (c)

    Capital

    (d)

    Profit

  5. Which of the following items relating to bills payable is transferred to total creditors account?

    (a)

    Opening balance of bills payable

    (b)

    Opening balance of bills payable

    (c)

    Bills payable accepted during the year

    (d)

    Cash paid for bills payable

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

    (a)

    drawings

    (b)

    capital

    (c)

    profit

    (d)

    loss

  7. 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

  8. 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

  9. Under the net worth method, the basis for ascertaining the profit is

    (a)

    the difference between the capital on two dates

    (b)

    the difference between the liabilities on two dates

    (c)

    the different between the gross assets on two dates

    (d)

    the difference between the gross profit on two dates

  10. Credit sale is obtained from

    (a)

    Bills receivable account

    (b)

    Bills payable account

    (c)

    Total debtors account

    (d)

    Total creditors account

  11. 5 x 2 = 10
  12. 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
  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. From the following details, calculate the missing figure

      Rs.
    Closing capital as on 31.3.2019 1,90,000
    Additional capital introduced during the year 50,000
    Drawings during the year 30,000
    Opening capital on 1.4.2018 ?
    Loss for the year ending 31.3.2019 40,000
  15. From the following details, calculate the capital as on 31st December 2018:

      Rs
    Capital as on 1st January, 2018 27,500
    Goods taken for the personal use of the proprietor 5,000
    Profit for the year 10,000
  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. 5 x 3 = 15
  18. David does not keep proper books of accounts. Following details are given from his records

    Particulars 1.4.2018
    Rs
    31.3.2019
    Rs
    Cash 43,000 29,000
    Stock of goods 1,20,000 1,30,000
    Sundry debtors 84,000 1,10,000
    Sundry creditors 1,05,000 1,02,000
    Loan 25,000 20,000
    Business premises 2,50,000 2,50,000
    Furniture 33,000 45,000

    During the year he introduced further capital of Rs. 45,000 and withdrew Rs. 2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

  19. Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the
    year ending 31st March, 2018.

    Particulars 1.4.2017
    Rs
    31.3.2018
    Rs`
    Bank balance 14,000 (Cr.) 18,000 (Dr.)
    Cash in hand 800 1,500
    Stock 12,000 16,000
    Debtors 34,000 30,000
    Plant 80,000 80,000
    80,000 40,000 40,000
    Creditors 60,000 72,000

    Ahmed had withdrawn 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

  20. Find out credit sales from the following information:

      Rs.
    Debtors on 1st January 2018 40,000
    Cash received from debtors 1,00,000
    Discount allowed 5,000
    Sales returns 2,000
    Debtors on 31st December 2018 Debtors on 31st December 2018
  21. 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
  22. Which values are affected, when accounts are maintained on single entry system basis.

  23. 3 x 5 = 15
  24. From the following details you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account.

    Particulars Opening
    Rs.
    Closing
    Rs.
    Debtors 60,000 55,000
    Bills receivable 5,000 1,000
    Creditors 25,000 28,000
    Bills payable 2,000 3,000
    Other information    
    Cash received from debtors   1,30,000
    Discount allowed to customers   5,500
    Cash paid to creditors   70,000
    Discount allowed by suppliers   3,500
    Payments against bill payable   7,000
    Cash received for bills receivable   14,000
    Bills receivable dishonoured   1,200
    Bad debts   3,500
  25. From the following details, calculate the missing figure

    Particulars Rs.
    Closing capital as on 31.3.2018 80,000
    Additional capital introduced during the year 30,000
    Drawings during the year 15,000
    Opening capital on 01.4.2017 ?
    Loss for the year ending 31.3.2018 25,000
  26. 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. 

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