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12th Standard Accountancy Unit 1 Accounts From Incomplete Records Book Back Questions

Published on: 30/08/2019

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.

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Std: 12th Standard - Accountancy

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Questions:

Multiple Choice Question

5 x 1 = 5

Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

(a)

Rs. 30,000

(b)

Rs. 1,30,000

(c)

Rs. 40,000

(d)

Rs. 20,000

When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

(a)

Rs. 9,000

(b)

Rs. 11,000

(c)

Rs. 21,000

(d)

Rs. 3,000

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

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

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

Generic 2

3 x 2 = 6

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

What is a statement of affairs?

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

Generic 5

3 x 5 = 15

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

Particulars	Rs.	Particulars	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.

10.

Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31^st March, 2019.

Particulars	31.3.2018 Rs.	31.3.2019 Rs.
Cash at Bank	5,000 (Dr.)	60,000 (Cr.)
Cash in hand	3,000	4,500
Stock of goods	35,000	45,000
Sundry Debtors	1,00,000	90,000
Plant and Machinery	80,000	80,000
Land and Buildings	1,40,000	1,40,000
Sundry Creditors	1,70,000	1,30,000

Ananth had withdrawn Rs. 60,000 for his personal use. He had introduced Rs. 17,000 as capital for expansion of his business. Create a provision of 5% on debtors. Plant and machinery is to be depreciated at 10%.

11.

Differentiate between statement of affairs and balance sheet.

Generic 3

2 x 3 = 6

12.

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

13.

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

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Answers Key:

Multiple Choice Question

5 x 1 = 5

(d)
Rs. 20,000

(a)
Rs. 9,000

(d)
Rs. 64,000

(a)
Total debtors account

Generic 2

3 x 2 = 6

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

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.

Generic 5

3 x 5 = 15

In the books of selvam Statement of affairs as on
1^st January 2018
Liabilities	Rs.	Assets	Rs.
Bank Loan	45,000	Machinery	60,000
Sundry creditors	25,000	Cash at bank	25,000
Opening capital	1,50,000	Sundry debtors	70,000
(Balancing figure)		Stock	45,000
		Bills receivable	20,000
	2,20,000		2,20,000

**Dr Bills receivable account Cr**
Particulars	Rs.	Rs.	Assets	Rs.	Rs.
To Opening stock		45,000	By Sales
To Purchase			Cash	20,000
Cash	8,000		Credit	1,80,000	2,00,000
Credit	52,000	60,000	By Closing stock		22,000
To Wages		6,000
To Gross profit c/d		1,11,000
		2,22,000			2,22,000
To Advertisement		7,000	By Gross profit b/d		1,11,000
To Salaries		23,500
To Depreciation 10%		6,000
To Reserve on debtors 1 %		1,000
To Interest on bank loan		4,500
To Net profit transfered to capital alc		69,000
		1,11,000			1,11,000

**Balance sheet as on 31st December 2018**
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Bank loan		45,000	Machinery	60,000
Sundry creditors		21,000	Less: Depreciation 10%	6,000	54,000
Capital	1,50,000		Cash at bank		33,000
Add: Net profit	69,000		Sundry debtors	1,00,000
	2,19,000		Less: Reserve for doubtful		99,000
Add: Additional			debts	1,000
capital	21,000		Closing stock		22,000
	2,40,000		Bills receivable		38,000
Less: Drawings	60,000	1,80,000
		2,46,000			2,46,000

10.

Calculation of opening capital:

**In the books of Ananth Statement of affairs as on 31.3.2018**
Liabilities	Rs.	Assets	Rs.
Sundry creditors	1,70,000	Cash at bank	5,000
Capital (Balancing figure)	1,93,000	Cash in hand	3,000
		Stock of goods	35,000
		Sundry Debtors	1,00,000
		plant and machinery	80,000
		Land and buildings	1,40,000
	3,63,000		3,63,000

Calculation of dosing capital:

**Statement of affairs as on 31.3.2019**
Liabilities	Rs.	Assets	Rs.	Rs.
Bank balance (Bank overdraft)	60,000	Cash in hand		4,500
		Stock of goods		45,000
Sundry creditors	1,30,000
Capital (Balancing figure)	1,57,000	Sundry debtors	90,000
		Less :Provision on debtors 5%	4,500	85,000
		Plant and machinery	80,000
		Less : Depreciation 10%	8,000	72,000
		Land and Buildings		1,40,000
	3,47,000			3,47,000

Statement of profit or loss for the year ending
31^st March 2019
Particulars	Rs.
Closing capital as on 31.3.2019	1,57,000
Add: Drawings during the year	60,000
	2,17,000
Less: Additional capital introduced during the year	17,000
Adjusted dosing capital	2,00,000
Less: Opening capital as on 31.03.2018	1,93,000
Profit for the year ending 31.3.2019	7,000

11.

S.No	Basis of distinction	Statement of affairs	Balance Sheet
1.	Objective	Statement of affairs is prepared to find out the capital of the business.	Balance sheet is prepared to ascertain the financial position of the business.
2.	Accounting system	Statement of affairs is prepared when double entry system is not strictly followed	Balance sheet is prepared when accounts are maintained under double entry system.
3.	Basis of preparation	It is not fully based on ledger balances.	It is prepared exclusively on the basis of ledger balances
4.	Reliability	It is not reliable as it is based on incomplete records	It is reliable as it prepared under double entry system.
5.	Missing items	It is difficult to trace the items omitted as complete records are not maintained.	Since both the aspects of all transactions are duly recorded, items omitted can be traced easily.

Generic 3

2 x 3 = 6

12.

Dr Total Debtors account Cr
Particulars	Rs.	Particulars	Rs
To Balance b/d	1,30,000	By Cash	4,20,000
To Credit sales	5,40,000	By Sales return	35,000
(Balancing figure)		By Bad debits	15,000
		By Balance c/d	2,00,000
	6,70,000		6,70,000

Total sales =Cash sales + Credit sales
=4,60,000 + 5,40,000
=Rs.10,00,000

13.

Total sales are calculated by adding cash and credit sales. Cash sales are given in cash book. For ascertaining the amount of credit sales, the total debtors account should be prepared. The specimen of total debtors account is given below.

Dr Ascertainment of credit sale Cr
Particulars	Rs.	Particulars	Rs.
To Balace bid (Op. Bal.)	xxx	By Cash A/c (Received)	xxx
To Sles A/c (Credit sales)	xxx	By Bank (Cheques Received)	xxx
To Bank A/c (Cheque dishonoured)	xxx	By Discount allowed	xxx
To Bills receivable (Bills dishonoured)	xxx	By Sales return A/c	xxx
		By Bad debts A/c	xxx
		By Bills receivable A/c
		(Bills received)	xxx
		By Balance c/d	xxx
	xxxx	Closing balance	xxx