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Accounts From Incomplete Records- 3 marks; part2

12th Standard EM

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Accountancy

answer the following:
Time : 00:30:00 Hrs
Total Marks : 15
    Part-A
    5 x 3 = 15
  1. 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 ?
  2. State the differences between double entry system and incomplete records.

  3. Raju does not keep proper books of accounts. Following details are taken from his records.

    Particulars 1.1.2018
    Rs.
    31.12.2018
    Rs.
    Cash at bank 80,000 90,000
    Stock of goods 1,80,000 1,40,000
    Debtors 90,000 2,00,000
    Sundry creditors 1,30,000 1,95,000
    Bank Loan 60,000 60,000
    Bills payable 80,000 45,000
    Plant and machinery 1,70,000 1,70,000

    During the year he introduced further capital of Rs.50,000 and withdrew Rs.2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information

     

  4. 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
  5. Which values are affected, when accounts are maintained on single entry system basis.

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