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Published on: 30/08/2022
QB365 provides a detailed and simple solution for every Possible Creative Questions in Class 12 Accountancy Subject - Accounts From Incomplete Records, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
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.
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1.
Joseph maintain books in single entry following details give for his book:
| Particulars | January | December |
|---|---|---|
| Cash in hand | 40,000 | 60,000 |
| Cash at bank | 20,000 | 40,000 |
| Stock | 2,40,000 | 2,40,000 |
| Furniture | 60,000 | 1,00,000 |
| Debtors | 2,00,000 | 2,50,000 |
| Creditors | 10,000 | 1,40,000 |
'He has taken 40,000 from the business for personal Exp Depreciate furniture by 10% Prepare a Statement showing.
2.
Calculate the missing figure:
| Particulars | Amt(Rs.) |
|---|---|
| Drawing: | 50,000 |
| Addition Capital | 10,000 |
| Qpening Capital | 1,00,000 |
| Profit | 25,000 |
3.
Calculate opening capital:
| Particulars | Amt(Rs.) |
|---|---|
| Closing Capital | Rs. 1,63,800 |
| Additional Capital | Rs. 42,300 |
| Drawing: | 25,200 |
| Loss: | 12,600 |
4.
Calculate the profit from the following information
| Particulars | Amt(Rs.) |
|---|---|
| Opening capital | 1,60,000 |
| Closing capital | 1,80,000 |
| Drawings | 36,000 |
| Additional capital | 10,000 |
5.
Definition of single entry system?
6.
Which values are affected, when accounts are maintained on single entry system basis.
7.
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 |
1.
Statement of Affairs on 1.1.2010 and 31.12.2010
| Liabilities | January | December | Assets | January | December |
|---|---|---|---|---|---|
| Sundry creditors | 1,00,000 | 1,40,000 | Cash in hand | 40,000 | 60,000 |
| Capital (B/F) | 460000 | 5,40,000 | Cash at bank | 20,000 | 40,000 |
| Stock | 2,40,000 | 2,40,000 | |||
| Furniture | 60,000 | 90,000 | |||
| ( 1,00,000- 10,000) | |||||
| Debtors | 2,00,000 | 2,50,000 | |||
| 5,60,000 | 6,80,000 | 5,60,000 | 6,80,000 |
Statement of Profit/Loss as an 31.12.2001
| Particulars | Rs. |
|---|---|
| Closing capital | 5,40,000 |
| (+) Drawings | 40,000 |
| 5,80,000 | |
| (-) Additional capital | - |
| 5,80,000 | |
| (-) Opening capital | 4,60,000 |
| Profit | 1,20,000 |
Profit Rs. 1,20,000
2.
| Particulars | Amt(Rs.) |
|---|---|
| Closing Capital (B.F.) | 85,000 |
| Add Drawing | 50,000 |
| 1,35,000 | |
| Less: Additional capital | 10,000 |
| 1,25,000 | |
| Less: Opening Capital | 1,00,000 |
| Profit | 25,000 |
3.
Calculate the opening capital
| Particulars | Amt(Rs.) |
|---|---|
| Closing Capital- | Rs. 1,63,800 |
| (+) Drawing | 25,200 |
| 1,89,000 | |
| (-) Add capital | 42,300 |
| 1,46,700 | |
| Opening Capital (B.F.) | 1,59,300 |
| Loss for the year | 12,600 |
Opening capital (B.F) Rs. 1,59,300
4.
Statement of Profit or Loss the year ended.
| Particulars | Amt(Rs.) |
|---|---|
| Closing capital | 1,80,000 |
| (+) Drawings | 36,000 |
| 2,16,000 | |
| (-) AdditionalCapital | 10,000 |
| Adjusted closing capital | 2,06,000 |
| (-) Opening capital | 1,60,000 |
| Profit for the year | 46,000 |
Profit Rs. 46,000
5.
According to kholer"single entry system of Book-keeping in which as a rule only records of cash and personal accounts are maintained. It is always incomplete double entry system varying with circumstances".
6.
Values being affected are
(i) Reliablility: Value of reliability is affected as accounts maintained on single entry system are less reliable as they are prepared from incomplete records.
(ii) Accuracy: Value of arithmetical accuracy is affected, as in single entry system, trial balance cannot be prepared which proves arithmetical accuracy of accounts.
7.
| Liabilities | Rs. | Assets | Rs |
|---|---|---|---|
| Creditors | 60,000 | Cash in hand | 70,000 |
| Bills payables | 10,000 | Stock | 80,000 |
| Capital | 3,30,000 | Bills receivables | 1,00,000 |
| (Balancing figure) | Debtors | 1,50,000 | |
| 4,00,000 | 4,00,000 |
Calculation of Profit
| Particulars | Rs. |
|---|---|
| Capital at the end | 3,30,000 |
| Add: Drawings | 60,000 |
| 3,90,000 | |
| Less: Additional capital | 20,000 |
| 3,70,000 | |
| Less: Opening capital | 1,80,000 |
| Profit for the year | 1,90,000 |
Values involved are
(i) Violating child labour act by employing 10 year old boy.
(ii) By providing good quality product she is promoting the welfare and health of society
(iii) By charging reasonable prices she is not indulged in profiteering.
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Tamilnadu Stateboard 12th Standard Subjects
Maths
Chemistry
Physics
Biology
Computer Science
Business Maths and Statistics
Economics
Commerce
Accountancy
History
Computer Applications
Biology
Computer Technology
Computer Applications
Computer Science
Business Maths and Statistics
Commerce
Economics
Maths
Chemistry
Physics
Computer Technology
History
Accountancy
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