12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - I | QB365

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12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 2 Mark Questions with Solution Part - I

Published on: 02/06/2021

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Questions:

Generic 2

5 x 2 = 10

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

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 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

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

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

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Answers Key:

Generic 2

5 x 2 = 10

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 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 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

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.

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