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Accounts From Incomplete Records-1 marks,2 marks, 3 marks, 5 marks.

12th Standard EM

    Reg.No. :
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Accountancy

Answer all the following questions:
Time : 02:00:00 Hrs
Total Marks : 100
    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. 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 amount of credit sales can be computed from

    (a)

    Total debtors account

    (b)

    Total creditors account

    (c)

    Bills receivable account 

    (d)

    Bills payable account

  7. 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

  8. 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

  9. When capital in the beginning is Rs 10,000, drawings during the year is Rs.6,000, profit made during the year is Rs2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

    (a)

    9,000

    (b)

    11,000

    (c)

    21,000

    (d)

    3,000

  10. 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

  11. Part-B
    10 x 2 = 20
  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 details, calculate credit purchases

    Particulars Rs
    Creditors on 1st April, 2018 50,000
    Returns outward 6,000
    Cash paid to creditors 1,60,000
    Creditors on 31st March, 2019 70,000
  14. What is meant by incomplete records?

  15. State the accounts generally maintained by small sized sole trader when double entry accounting system is not followed.

  16. What is a statement of affairs?

  17. 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
  18. 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
  19. 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
  20. From the following particulars, prepare bills receivable amount and compute the bills received from the debtors.

    Particulars Rs.
    Bills receivable at the beginning of the year 1,40,000
    Bills receivable at the end of the year 2,00,000
    Cash received for bills receivable 3,90,000
    Bills receivable dishonoured 30,000
  21. 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
  22. Part-C
    15 x 3 = 45
  23. 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
  24. From the following particulars calculate total purchases

    Particulars Rs
    Sundry creditors on 1st April, 2017 75,000
    Bills payable on 1st April, 2017 60,000
    Paid cash to creditors 3,70,000
    Paid for bills payable 1,00,000
    Purchases returns 15,000
    Cash purchases 3,20,000
    Creditors on 31st March, 2018 50,000
    Bills payable on 31st March, 2018 80,000
  25. What are the features of incomplete records?

  26. What are the limitations of incomplete records?

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

  28. How is the amount of credit sale ascertained from incomplete records?

  29. 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
  30. 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
  31. From the following details, calculate the missing figure:

    Particulars Rs.
    Capital as on 1st April, 2018 40,000
    Capital as on 31st March, 2019 50,000
    Additional capital introduced during the year 7,000
    Profit for the year 8,000
    Drawings during the year ?
  32. Following are the balances in the books of Thomas as on 31st March 2019.

    Particulars Rs. Particulars Rs.
    Sundry creditors 6,00,000 Bills payable 1,20,000
    Furniture 80,000 Cash in hand 20,000
    Land and building 3,00,000 Bills receivable 60,000
    Sundry Debtors 3,20,000 Stock 2,20,000

    Prepare a statement of affairs as on 31st March 2019 and calculate capital as at that date.

  33. On 1st April 2018 Subha started her business with a capital of Rs.1,20,000. She did not maintain proper book of accounts. Following particulars are available from her books as on 31.3.2019.

    Particulars Rs. Particulars Rs.
    Bank overdraft 50,000 Stock-in-trade 1,60,000
    Debtors 1,80,000 Creditors 90,000
    Bills receivable 70,000 Bills payable 2,40,000
    Computer 30,000 Cash in hand 60,000
    Machinery 3,00,000    

    During the year she withdrew Rs 30,000 for her personal use. She introduced further capital of Rs.40,000 during the year. Calculate her profit or loss.

  34. 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

     

  35. From the following details find out total sales made during the year

    Particulars Rs.
    Debtors on 1st January 2018 1,30,000
    Cash received from debtors during the year 4,20,000
    Sales returns 35,000
    Bad debts 15,000
    Debtors on 31st December 2018 2,00,000
    Cash Sales 4,60,000
  36. From the following particulars, calculate total sales

    Particulars Rs. Particulars Rs.
    Debtors on 1st April 2018 2,50,000 Bills receivable dishonoured 15,000
    Bills receivable on 1st April 2018 60,000 Returns inward 50,000
    Cash received from debtors 7,25,000 Bills receivable on 31st March, 2019 90,000
    Cash received for bills receivable 1,60,000 Sundry debtors on 31st March, 2019 2,40,000
    Bad debts 30,000 Cash sales 3,15,000
  37. From the following particulars calculate total purchases

    Particulars Rs. Particulars Rs.
    Sundry creditors on 1st January, 2018 30,000 Purchases returns 15,000
    Bills payable on 1st January, 2018 25,000 Cash purchases 2,25,000
    Paid cash to creditors 1,20,000 Creditors on 31st December, 2018 25,000
    Paid for bills payable 30,000 Bills payable on 31st December, 2018 20,000
  38. Part-C
    5 x 5 = 25
  39. 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%.

  40. From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

    Particulars 31.3.2018
    Rs.
    31.3.2019
    Rs.
    Stock of goods 2,20,000 1,60,000
    Debtors 5,30,000 6,40,000
    Cash at bank 60,000 10,000
    Machinery 80,000 80,000
    Sundry creditors 3,70,000 4,20,000

    Other details:

    Particulars Rs. Particulars Rs.
    Rent paid 1,20,000 Cash received from debtors 12,50,000
    Discount received 35,000 Drawings 1,00,000
    Discount allowed 25,000 Cash sales 20,000
    Cash paid to creditors 11,00,000 Capital as on 1.4.2018 5,20,000
  41. Mary does not keep her books 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.
    Particulars Rs. Particulars Rs.
    To Balance b/d 1,20,000 By Purchases 1,50,000
    To Sales 3,60,000 By Creditors 2,50,000
    To Debtors 3,40,000 By Wages 70,000
        By Sundry expenses 1,27,000
        By Balance c/d 2,23,000
      8,20,000   8,20,000

    Other information

    Particulars 1.4.2018 31.3.2019
    Stock of goods 1,10,000 1,80,000
    Sundry Debtors 1,30,000 ?
    Sundry Creditors 1,60,000 90,000
    Furniture and fittings 80,000 80,000

    Additional information
    Credit purchases 1,80,000
    Credit sales 2,90,000
    Opening capital 2,80,000
    Depreciate furniture and fittings by 10% p.a.

  42. Arun carries on hardware business and does not keep his books on double entry basis. The following particulars have been extracted from his books:.

    Particulars 31.12.2017
    Rs.
    31.12.2018
    Rs.
    Land and building 2,40,000 2,40,000
    Stock-in-trade 1,20,000 1,70,000
    Debtors 40,000 51,500
    Creditors 50,000 45,000
    Cash at bank 30,000 53,000

    Other information for the year ending 31.12.2018 showed the following:

      Rs.
    Wages 65,000
    Carriage outwards 7,500
    Sundry expense 28,000
    Cash paid to creditors 6,00,000
    Drawings 10,000

    Total sales during the year were Rs.7,70,000. Purchases returns during the year wereRs.30,000 and sales returns were Rs.25,000. Depreciate land and buildings by 5%. Provide Rs.1,500 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st December, 2018 and a balance sheet as on that date.

  43. 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.

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