12th Accountancy - Accounts From Incomplete Records - Two Marks Study Materials | QB365

12th Standard Syllabus & Materials

12th Standard

TN 12th Computer Applications மின்னணு தரவு பரிமாற்றம் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications மின் - வணிக பாதுகாப்பு அமைப்புகள் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications மின்னணு செலுத்தல் முறைகள் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications மின் - வணிகம் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications திறந்த மூல கருத்துருக்கள் Sample Question Papers Study Material - QB365 Set A

NEW

12th Standard

TN 12th Computer Applications வலையமைப்பு வடமிடல் Sample Question Papers Study Material - QB365 Set A

12th Accountancy - Accounts From Incomplete Records - Two Marks Study Materials

Published on: 22/01/2020

Accounts From Incomplete Records

Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

Questions + Answers key

Take MCQ Accountancy Test

QB365 Student Learing Managemnet System

Std: 12th Standard - Accountancy

chapter: - Model Question paper

Visit QB365-SLMS - https://www.qb365.in/slms/ Complete Questions and Answers

Questions:

Generic 2

13 x 2 = 26

Why is statement of affairs prepared under single entry system not referred to as balance sheet?

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

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

Find out credit sales from the following information:

Particulars	Rs.
Debtors on 1^st April, 2018	1,00,000
Cash received from debtors	2,30,000
Discount allowed	5,000
Returns inward	25,000
Debtors on 31^st March 2019	1,20,000

From the following particulars ascertain profit or loss

Particulars	Rs.
Capital as on 1^st January 2018	2,20,000
Capital as on 31^stDecember 2018	1,80,000
Additional capital introduced during the year	40,000
Drawings made during the year	50,000

From the following particulars ascertain profit or loss:

Particulars	Rs.
Capital at the beginning of the year (1^stApril, 2018)	5,00,000
Capital at the end of the year (31^st March, 2019)	8,50,000
Additional capital introduced during the year	1,20,000
Drawings during the year	70,000

What is a statement of affairs?

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

What is meant by incomplete records?

10.

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

11.

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

12.

Find out credit sales from the following information:

	Rs.
Debtors on 1^st January 2018	40,000
Cash received from debtors	1,00,000
Discount allowed	5,000
Sales returns	2,000
Debtors on 31^st December 2018	Debtors on 31^st December 2018

13.

From the following particulars ascertain profit or loss:

	Rs.
Capital at the beginning of the year (1^st April, 2016)	2,00,000
Capital at the end of the year (31^st March, 2017)	3,50,000
Additional capital introduced during the year	70,000
Drawings during the year	40,000

Generic 3

2 x 3 = 6

14.

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

	Rs
Debtors on 1^st April 2018	50,000
Cash received from debtors during the year	1,50,000
Returns inward	15,000
Bad debts	5,000
Debtors on 31^st March 2019	70,000
Cash Sales	1,40,000

15.

Following are the balances of Shanthi as on 31^st December 2018.

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

Prepare a statement of affairs as on 31^st December 2018 and calculate capital as at that date.

Visit QB365-SLMS - https://www.qb365.in/slms/

Answers Key:

Generic 2

13 x 2 = 26

Statement of affairs prepared under single entry system is not called a balance sheet because statement of affairs is not prepared with the list of ledger balances kept on the basis of double entry system. Also value of assets and liabilities shown in statement of affairs are only the estimates and not the actual values.

Dr Total Creditors account Cr
Particulars	Rs.	Particulars	Rs
To Cash (paid)	4,50,000	By Balance b/d	1,70,000
To Purchase returns	20,000	By Credit purchases	4,90,000
To Balance c/d	1,90,000	(balance figure)
	6,60,000		6,60,000

Dr Bills receivable account Cr
Particulars	Rs.	Particulars	Rs
To Balance b/d	1,40,000	By Cash	3,90,000
To Debtors A/c	4,80,000	By Debtors	30,000
(Bills received during the year - balancing figure)		(Bills receivable dishonored)
		By Balance c/d	2,00,000
	6,20,000		6,20,000

**Dr Total Debtors account Cr**
Particulars	Rs.	Particulars	Rs
To Balance b/d	1,00,000	By Cash received	2,30,000
To Credit sales	2,80,000	By Discount allowd	5,000
(Balancing figure)		By Sales returns	25,000
		By Balance c/d	1,20,000
	3,80,000		3,80,000

Statement of profit or loss for the year ending
31^st March 2018
Particulars	Rs.
Closing capital as on 31st December 2018	1,80,000
Add : Drawings during the year	50,000
	2,30,000
Less: Additional capital introduced during the year	40,000
Adjusted closing capital	1,90,000
Less: Opening capital as on 1st January, 2018	2,20,000
Loss for the year	30,000

Statement of profit or loss for the year ending 31^st March 2019
Particulars	Rs.
Closing capital (as on 31.03.2019)	8,50,000
Add : Drawings during the year	70,000
	9,20,000
Less: Additional capital introduced during the year	1,20,000
Adjusted closing capital	8,00,000
Less: Opening capital (as on 1st April, 2018)	5,00,000
Profit for the year	3,00,000

A Statement of affairs is a Statement showing the assets and liabilities on a particular date. The balance of assets show on the right side and the balance of liabilities on the left side. This Statement resembles a balance Sheet the difference between the total of assets and total of liabilities is taken as Capital.
Capitals = Assets - Liabilities

Generally cash account and the personal accounts of customers and creditors are maintained by small sized sole trader. When double entry accounting system is not followed.

(i) When accounting records are not strictly maintained according to double entry system, these records are called as incomplete accounting records.
(ii) Generally, cash account and the personal accounts of customers and creditors are maintained fully and other accounts are maintained based on necessity.

10.

Dr. Total creditors account Cr
Particulars	Rs.	Particulars	Rs.
To Cash A/c (paid)	1,60,000	By Balance b/d	50,000
To Returns outward A/c	6,000	By Credit purchases A/c	1,86,000
To Balance c/d	70,000	(balancing figure)
	2,36,000		2,36,000

Format of bills payable account

Dr. Bills payable account Cr.
Particulars	Rs	Particulars	Rs
To Cash / Bank A/c	xxx	By Balance b/d	xxx
(bills payable paid)		(opening balance)
To Sundry creditors A/c	xxx	By Sundry creditors A/c	xxx
(bills payable dishonoured)		(bills accepted)
To Balance c/d	xxx
(closing balance)
	xxx		xxx

11.

Dr. Bills receivable account Cr.
Particulars	Rs	Particulars	Rs
To Balance b/d	20,000	By Cash A/c	60,000
To Debtors A/c	75,000	By Debtors A/c	5,000
(Bills received during the year – balancing figure)		(Bills receivable dishonoured)
		By Balance c/d	30,000
	95,000		95,000

12.

**Dr. Total debtors account Cr.**
Particulars	Rs	Particulars	Rs
To Balance b/d	40,000	By Cash A/c (received)	1,00,000
To Sales A/c (credit)	1,27,000	By Discount allowed A/c	5,000
(balancing figure)		By Sales returns A/c	2,000
		By Balance c/d	60,000
	1,67,000		1,67,000

13.

**Statement of profit or loss for the year ended 31^st March, 2017**
Particulars	Rs.
Closing capital (as on 31.3.2017)	3,50,000 40,000
Add: Drawings during the year	3,50,000 40,000
	3,90,000
Less: Additional capital introduced during the year	70,000
Adjusted closing capital	3,20,000 2,00,000
Less: Opening capital (as on 1.4.2016)	3,20,000 2,00,000
Profit made during the year	1,20,000

Generic 3

2 x 3 = 6

14.

Dr Total debtors account Cr
Particulars	Rs	Particulars	Rs
To Balance b/d	50,000	By Cash A/c	1,50,000
To Sales A/c (credit)	1,90,000	By Returns inward A/c	15,000
(balancing figure)		By Bad debts A/c	5,000
		By Balance c/d	70,000
	2,40,000		2,40,000

Total Sales = Cash Sales + Credit Sales
= Rs.1,40,000 + Rs.1,90,000
= Rs. 3,30,000
(ii) Format of bills receivable account

Dr. Bills receivable account Cr.
Particulars	Rs.	Particulars	Rs.
To Balance b/d	xxx	By Cash / Bank A/c	xxx
(opening balance)		(Bills receivable honoured)
To Sundry debtors A/c	xxx	By Sundry debtors A/c	xxx
(Bills receivable received during the year)		(Bills receivable dishonoured)
		By Balance c/d	xxx
		(closing balance)
	xxx		xxx

15.

In the books of Shanthi Statement of affairs as on
31^st December, 2018
Liabilities	Rs	Assets	Rs
Sundry creditors	25,000	Cash	4,000
Bills payable	4,000	Stock	45,000
Capital (balancing figure)	1,66,000	Debtors	70,000
		Bills receivable	6,000
		Machinery	60,000
		Furniture	10,000
	1,95,000		1,95,000