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Published on: 24/09/2019
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
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1.
Mrs. Anu started a firm with a capital of Rs 4,00,000 on 1st July, 2013. She borrowed from her friends sum of Rs 1,00,000 @ 10% p.a. (interest paid) for business and brought an additional capital of Rs 75,000 on Dec. 31, 2013, her financial position was:
| Particulras | Amt(Rs.) |
|---|---|
| Cash | 30,000 |
| Stock | 4,70,000 |
| Debtors | 3,50,000 |
| Creditors | 3,00,000 |
She withdrew Rs 8,000 per month for personal use. Calculate profit or loss for the year and show your working dearly.
2.
From the following Statement of Profit or Loss, determine the missing information:
| Particulars | Amount (Rs) |
|---|---|
| Capital as on 31st March, 2017 | 2,25,000 |
| Less : Capital introduced during the year | .... |
| 2,07,500 | |
| Add: Drawings during the year (Rs 6,250 x 11) | .... |
| ..... | |
| Less: Capital as on 1st April, 2016 | 2,00,000 |
| Profit during the year | ..... |
3.
Complete the missing figures in the following Statement of Profit or Loss:
| Particulars | Amount (Rs) |
|---|---|
| Capital on 31st March, 2017 | 20,300 |
| ....(1)...Drawings during the year | 2,400 |
| ....(2)..... | |
| ....(3)...Capital on 1st April, 2016 | 12,950 |
| Gross Profit made during the year | .....(4)..... |
4.
Ajay started business with a capital of Rs 2,25,000on 1st April, 2013. During the year he withdrew Rs 40,000 for his personal use and introduced Rs 7,000 as fresh capital. On 31st March, 2014,his position of assets and liabilities stood as follows :
| Particulars | Rs |
|---|---|
| Cash in Hand | 18,500 |
| Stock | 20,000 |
| Bills Receivable | 25,000 |
| Debtors | 4,00,000 |
| Creditors | 1,50,000 |
| Bills Payable | 3,000 |
Youare required to prepare statement of profit or loss for the year ended 31 March, 2014
5.
Ravi, who keeps his books on Single Entry System, has his capital on 31st March, 2016 Rs 20,000 and on 1st April, 2015 was Rs 16,700.He further informs that during the year, he withdrew for his personal expenses Rs 9,400.He also sold his personal investment of Rs 10,000 at 5%premium and brought that money into the business.
Prepare a statement of Profit or Loss
6.
Mr.A started business with a capital of Rs 2,50,000on 1st April, 2013.He withdrew Rs 40,000 for his personal use on 31st March, 2014.He sold his personal invesbnent for Rs 25,000 and brought the amount into the business. On 31st March, 2014,his assets stood at Rs 1,25,000and creditors at Rs 20,000.Youare required to prepare statement of profit or loss for the year ended 31st March, 2014
7.
What are the features of incomplete records?
1.
Opening Capital on July 1st 2005 = Rs 4,00,000
Accounting period = 6 months
| liabilities | Amount(Rs) | Assets | Amount (Rs) |
|---|---|---|---|
| Creditors | 3,00,000 | Cash | 30,000 |
| Loan from friend | 1,00,000 | Stock | 4,70,000 |
| Capital (Bal. figure) | 4,50,000 | Debtors | 3,50,000 |
| 8,50,000 | 8,50,000 |
| Particulars | Amount (Rs) |
|---|---|
| Capital at the end | 4,50,000 |
| Add: Drawing during the year Rs 8,000 x 6 mnths | 48,000 |
| 4,98,000 | |
| Less : Additional Capital lntroduced | (75,000) |
| Adjusted Capital at the end | 4,23,000 |
| Less : Capital at the beginning | 4,00,000 |
| Net profit | 23,000 |
2.
| Particulars | Amount (Rs) |
|---|---|
| Capital as on 31st March, 2017 | 2,25,000 |
| Less : Capital introduced during the year | 17,500 |
| 2,07,500 | |
| Add: Drawings during the year (Rs 6,250 x 11) | 68,750 |
| 2,76,250 | |
| Less: Capital as on 1st April, 2016 | 2,00,000 |
| Profit during the year | 76,250 |
3.
| Particulars | Amount (Rs) |
|---|---|
| Capital on 31st March, 2017 | 20,300 |
| Add :Drawings during the year | 2,400 |
| 22,700. | |
| Less: Capital on 1st April, 2016 | 12,950 |
| Gross Profit made during the year | 9,750 |
4.
| Particulars | Amount (Rs) |
|---|---|
| Capital at the end of the year | 3,10,500 |
| Add: Drawings made during the year | 40,000 |
| Less : Additional capital introduced | (7000) |
| Adjusted Capital | 3,43,500 |
| Less : Capital in the beginning of the year | (2,25,000) |
| Profit during the year | 1,18,500 |
Working Notes:
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
|---|---|---|---|
| Creditors | 1,50,000 | Cash | 18,500 |
| Bills Payable | 3,000 | Debtors | 4,00,000 |
| Closing Capital | 3,10,500 | Bills Receivable | 25,000 |
| (Balancing Figure) | Stock | 20,000 | |
| 4,63,500 | 4,63,500 |
5.
| Particulars | Amount (Rs) |
|---|---|
| Capital at the end of the year | 20,000 |
| Add : Drawings | 9,400 |
| Less : Additional Capital Introduced (10000+ 500 | (10,500) |
| Adjusted Capital | 18,900 |
| Less: Capital in the beginning of the year | (16,700) |
| Profit during the year | 2200 |
6.
| Particulars | Amount (Rs) |
|---|---|
| Capital at the end of the year Rs 1,25,000 - Rs 20,000 | 1,05,000 |
| Add : Drawings made during the year | 40,000 |
| Less : Additional capital introduced | (25,000) |
| Adjusted Capital | 1,20,000 |
| Less : Capital in the beginning of the year | 2,50,000 |
| Loss incurred during the year | (1,30,000) |
7.
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
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