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Published on: 20/08/2019
Accounts from Incomplete Records
Download CBSE Class 11th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 11th Standard CBSE Accountancy
Questions + Answers key
Take MCQ Accountancy Test
1.
Can a limited company maintain its accounts under single entry system?
2.
State two main limitations of single entry system.
3.
Give one advantage of Single Entry System
4.
Mr. Kapil does not keep proper records of his business he provided following information. Youare required to prepare a statement showing the profit or loss for the year 2013-14
| Particulars | Amt(Rs.) |
|---|---|
| Opening Capital (01-04-2013) | 50,000 |
| Closing Capital (31-03-2014 | 1,00,000 |
| Additional capital introduced (2013-14 | 20,000 |
| Drawings made during the year (2013-14 | 40,000 |
5.
What are the features of incomplete records?
6.
Shyam does not keep proper records. From the following information find out profit or loss and also prepare Statement of Affairs for the year ended December 31, 2013
| Dec.31.2012 Rs | Dec.31,2013 Rs | |
|---|---|---|
| Cash-in-hand | 5,000 | 9,000 |
| Stock | 8,300 | 9,200 |
| Sundry Creditors | 70,000 | 90,000 |
| Sundry Debtors | 52,000 | 48,000 |
| Bills Payable | 16,000 | 35,000 |
| Computers | 20,000 | 20,000 |
| Bills Receivable | ____ | 800 |
| Machinery | 3,50,000 | 3,50,000 |
Shyam informs about his transactions: Drawings Rs 5,000 p.m. for personal use, fresh capital introduce during the year Rs 30,000 Computers and Machinery are to be depreciated @ 10%p.a. A provision of 10%is to be made on debtors for doubtful debts. It was found that Rs 5,000is irrecoverable from debtors
7.
Incomplete records are generally used by .....................
8.
To ascertain the profit, closing capital is to be adjusted by deducting................. and adding...............
9.
Manveer started his business on January 01, 2013 with a capital of Rs 4,50,000. On December 31, 2013 his position was as under:
| Particulars | Rs |
|---|---|
| Cash | 99,000 |
| Bills Receivable | 75,000 |
| Plant | 48,000 |
| Land and Building | 1,80,000 |
| Furniture | 50,000 |
He owned Rs 45,000 from his friend Susheel on the date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for the year ended December 31, 2013
1.
( )
No, companies prepare their accounts according to the guidelines of new companies Act
2.
( )
(i) Arithmetical accuracy cannot be proved.
(ii) Financial position of the business cannot be assessed.
3.
( )
It is less expensive when it is compared to double entry system of book keeping
4.
| Particulars | Amount (Rs) |
|---|---|
| Capital at the end of the year | 1,00,000 |
| Add: Drawings made during the year | 40,000 |
| Less : Additional capital introduced | (20,000) |
| Adjusted Capital | 1,20,000 |
| Less : Capital in the beginning of the year | (50,000) |
| Profit during the year | 70,000 |
5.
The features of incomplete records are as under :
(i) It is an unsystematic method of recording transactions
(ii) Personal transactions of owners may also be recorded in the Cash Book.
(iii)Generally, there is no information regarding revenues and/or gains, expenses and/or losses, assets and liabilities.
(iv) Accounts of different organizations are not comparable due to lack of uniformity
(v) The profit or loss shown by incomplete records is not accurate
6.
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
|---|---|---|---|
| Sundry Creditors | 70,000 | Cash in hand | 5,000 |
| Bills Payable | 16,000 | Stock | 8,300 |
| Capital (Balancing figure) | 3,49,300 | Sundry Debtors | 52,000 |
| Computers | 20,000 | ||
| Machinery | 3,50,000 | ||
| 4,35,300 | 4,35,300 |
| Liabilities | Amount (Rs) | Assets | Amount (Rs) | |
|---|---|---|---|---|
| Sundry Creditors | 90,000 | Cash in hand | 9,000 | |
| Bills Payable | 35,000 | Stock | 9,200 | |
| Capital (Balancing figure) | 2,65,700 | Sundry Debtors | 48000 | |
| Less: Bad debts | 5,000 | |||
| 43,000 | ||||
| Less : Provision | 4,300 | 38,700 | ||
| Computers | 20,000 | |||
| Less: Depreciation | 2,000 | 18,000 | ||
| Machinery | 3,50,000 | |||
| Less: Depreciation | 35,000 | 3,15,000 | ||
| Bills Receivable | 800 | |||
| 3,90,700 | 3,90,700 | |||
| Particulars | Amount (Rs) |
|---|---|
| Capital on December 31, 2013 | 2,65,700 |
| Add: Drawings made during the year (Rs 5,000 x 12) | 60,000 |
| Less: Fresh capital introduced during the year 2013 | 30,000 |
| Adjusted Capital | 2,95,700 |
| Less: Capital on December 31, 2012 | (3,49,300) |
| Loss incurred during the year 2013 | (53,600) |
7.
( )
Small traders
8.
( )
Fresh capital introduced, drawings
9.
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
|---|---|---|---|
| Loan from Susheel | 45,000 | Cash | 99,000 |
| Capital (Bal.figure) | 4,07,000 | Billsreceivable | 75,000 |
| Plant | 48,000 | ||
| Land & Building | 1,80,000 | ||
| Furniture | 50,000 | ||
| 4,52,000 | 4,52,000 |
| Particulars | Amount (Rs) |
|---|---|
| Capital at the end | 4,07,000 |
| Add: Drawings during the year Rs 8,000 x 12 | 96,000 |
| 5,03,000 | |
| Less : Additional Capital Introduced | Nil |
| Adjusted Capital at the end | 5,03,000 |
| Less : Capital at the beginning | (4,50,000) |
| Net profit | 53,000 |
Net Profit = Capital at the end - Capital at the beginning + Drawings during the year
= Rs 4,07,000 - Rs 4,50,000 + Rs 96,000
= Rs 53,000
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