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Accounts From Incomplete Records-1marks, 2marks, 3marks, 5marks;part2

12th Standard EM

    Reg.No. :
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Accountancy

answer all the following:
Time : 01:00:00 Hrs
Total Marks : 50
    Part-A
    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. 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

  4. Which one of the following statements is not true in relation to incomplete records?

    (a)

    It is an unscientific method of recording transactions

    (b)

    Records are maintained only for cash and personal accounts

    (c)

    It is suitable for all types of organisations

    (d)

    Tax authorities do not accept

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

    (a)

    Rs.85,000

    (b)

    Rs.1,06,000

    (c)

    Rs.21,000

    (d)

    Rs.64,000

  6. 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

  7. Calculate the amount of net income or loss if the capital has been increased by Rs.1,000 during this accounting period drawings Rs.5,000 and Rs.1,000 fresh capital was introduced in the business

    (a)

    Rs. 5,000 net loss

    (b)

    Rs.5,000 net profit

    (c)

    Rs.6,000 net loss

    (d)

    Rs.6,000 net profit

  8. If opening capital is Rs.10,000 & Closing capital is Rs.15,000 then profit or loss

    (a)

    Loss of Rs.5,000

    (b)

    Profit of Rs.2,500

    (c)

    Profit of Rs.5,000

    (d)

    None of these

  9. Effects of dishonour of B/R is given -

    (a)

    Only in the B/R account

    (b)

    Only in the debtors A/c

    (c)

    In debtor A/c and B/R A/c

    (d)

    Only in the B/P account

  10. Capital at the end - net profit + drawings = 

    (a)

    Capital in Beginning

    (b)

    Gross profit

    (c)

    Interest on capital

    (d)

    Interest on drawings

  11. Part-B
    5 x 2 = 10
  12. 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
  13. 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
  14. From the following particulars ascertain profit or loss:

    Particulars Rs.
    Capital at the beginning of the year (1st April, 2018) 5,00,000
    Capital at the end of the year (31st March, 2019) 8,50,000
    Additional capital introduced during the year 1,20,000
    Drawings during the year 70,000
  15. Under single entry system is it possible to check the arithmetical accuracy of books of accounts?

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

  17. Part-C
    5 x 3 = 15
  18. 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
  19. What are the features of incomplete records?

  20. Differentiate between statement of affairs and balance sheet.

  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. Part-D
    3 x 5 = 15
  24. Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on that date.

    Dr.     Cash Book       Cr.
    Receipts Rs. Payments Rs.
    To balance b/d 32,000 By Purchases A/c 56,000
    To Sales A/c 1,60,000 By Creditors A/c 80,000
    To Debtors A/c 1,20,000 By General expenses A/c 24,000
        By Wages A/c 10,000
        By Balance c/d 1,42,000
      3,12,000   3,12,000
    Particulars 1.4.2018
    Rs.
    31.3.2019
    Rs.
    Stock of goods 40,000 60,000
    Debtors 38,000 ?
    Creditors 58,000 52,000
    Machinery 1,70,000 1,70,000

    Additional information: 
    (i) Credit purchases 74,000
    (ii) Credit sales 1,40,000
    (iii) Opening capital 2,22,000
    (iv) Depreciate machinery by 10% p.a.

  25. Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018

    Particulars 1-1-2018
    Rs.
    31-12-2018
    Rs.
    Machinery 60,000 60,000
    Cash at bank 25,000 33,000
    Sundry debtors 70,000 1,00,000
    Stock 45,000 22,000
    Bills receivable 20,000 38,000
    Bank loan 45,000 45,000
    Sundry creditors 25,000 21,000
      Rs.   Rs.
    Cash sales 20,000 Credit sales 1,80,000
    Cash purchases 8,000 Credit purchases 52,000
    Wages 6,000 Salaries 23,500
    Advertisement 7,000 Interest on bank loan 4,500
    Drawings 60,000 Additional capital 21,000

    Adjustments:
    Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.

  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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