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12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 3 Mark Questions with Solution Part - I

Published on: 02/06/2021

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Std: 12th Standard - Accountancy

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Questions:

Generic 3

5 x 3 = 15

From the following particulars calculate total purchases

Particulars	Rs.	Particulars	Rs.
Sundry creditors on 1st January, 2018	30,000	Purchases returns	15,000
Bills payable on 1st January, 2018	25,000	Cash purchases	2,25,000
Paid cash to creditors	1,20,000	Creditors on 31st December, 2018	25,000
Paid for bills payable	30,000	Bills payable on 31st December, 2018	20,000

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

On 1^st April 2018 Subha started her business with a capital of Rs. 1,20,000. She did not maintain proper book of accounts. Following particulars are available from her books as on 31.3.2019.

Particulars	Rs.	Particulars	Rs.
Bank overdraft	50,000	Stock-in-trade	1,60,000
Debtors	1,80,000	Creditors	90,000
Bills receivable	70,000	Bills payable	2,40,000
Computer	30,000	Cash in hand	60,000
Machinery	3,00,000

During the year she withdrew Rs. 30,000 for her personal use. She introduced further capital of Rs. 40,000 during the year. Calculate her profit or loss.

From the following details, calculate the missing figure:
Particulars Rs. Capital as on 1^st April, 2018 40,000 Capital as on 31^st March, 2019 50,000 Additional capital introduced during the year 7,000 Profit for the year 8,000 Drawings during the year ?

From the following details, calculate the missing figure

Particulars	Rs.
Closing capital as on 31.3.2018	80,000
Additional capital introduced during the year	30,000
Drawings during the year	15,000
Opening capital on 01.4.2017	?
Loss for the year ending 31.3.2018	25,000

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Answers Key:

Generic 3

5 x 3 = 15

Dr Total Creditors account Cr
Particulars	Rs.	Particulars	Rs
To Cash (Bills paid)	30,000	By Balance b/d	25,000
To Balance c/d	20,000	By Sundry creditors	25,000
		(Bills accepted - balancing figure)
	50,000		50,000

Dr Total Creditors account Cr
Particulars	Rs.	Particulars	Rs
To Cash paid	1,20,000	By Balance b/d	30,000
To Purchases returns	15,000	By Purchases	1,55,000
To Bills payable	25,000	(credit balancing figure)
(Bills accepted)
To Balance c/d	25,000
	1,85,000		1,85,000

Total purchases = Cash purchases + Credit purchases
=Rs.2,25,000 + Rs.1,55,000
=Rs.3,80,000

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

**Statement of affairs of Subha as on 31.03.2019**
Liabilities	Rs.	Assets	Rs.
Creditors	90,000	Stock in trade	1,60,000
Bills payable	2,40,000	Cash in hand	60,000
Bank overdraft	50,000	Debtors	1,80,000
Capital (Balancing figure)	4,20,000	Bills receiveble	70,000
		Computer	30,000
		Machinery	3,00,000
	8,00,000		8,00,000

Statement of profit or loss for the year ending
31^st March 2019
Particulars	Rs.
Closing capital as on 31.03.2019	4,20,000
Add: Drawings during the year	30,000
	4,50,000
Less: Additional capital introduced during the year	40,000
Adjusted closing capital	4,10,000
Less: Opening capital as on 01.04.2018	1,20,000
Profit made during the year ending 31.03.2019	2,90,000

Statement of profit or loss for the year ending 31^st March 2019 Particulars Rs. Closing capital as on 31^st March 2019 50,000 Add : Drawing during the year 5,000 55,000 7,000 Less: Additional capital introduced during the year 48,000 40,000 Adjusted closing capital Less: Opening capital as on 1^st January 2018 Profit for the year 8,000

Statement of profit or loss for the year ending
31^st March 2018
Particulars	Rs.
Closing capital as on (31.03.2018)	80,000
Add : Drawings during the year	15,000
	95,000
Less: Additional capital introduced during the year	30,000
Adjusted closing capital	65,000
Less: Opening capital as on 01.04.2017 (B/F)	90,000
Loss for the year ending 31.03.2018	25,000