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12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Book Back 5 Mark Questions with Solution Part - II

Published on: 03/06/2021

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Questions:

Generic 5

5 x 5 = 25

From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

Particulars	31.3.2018 Rs.	31.3.2019 Rs.
Stock of goods	2,20,000	1,60,000
Debtors	5,30,000	6,40,000
Cash at bank	60,000	10,000
Machinery	80,000	80,000
Sundry creditors	3,70,000	4,20,000

Other details:

Particulars	Rs.	Particulars	Rs.
Rent paid	1,20,000	Cash received from debtors	12,50,000
Discount received	35,000	Drawings	1,00,000
Discount allowed	25,000	Cash sales	20,000
Cash paid to creditors	11,00,000	Capital as on 1.4.2018	5,20,000

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Ananth had withdrawn Rs. 60,000 for his personal use.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%.

Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

Particulars	1-4-2018 Rs.	31-3-2019 Rs.
Plant and machinery	20,000	20,000
Stock	9,000	16,000
Sundry debtors	2,000	5,300
Sundry creditors	5,000	4,000
Cash at bank	4,000	6,000

Other information for the year ending 31-3-2019 showed the following

	Rs.
Advertising	4,700
Carriage inwards	8,000
Cash paid to creditors	64,000
Drawings	2,000

Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

From the following details of Abdul who maintains incomplete records, prepare Trading and Profit and Loss account for the year ended 31^st March, 2018 and a Balance Sheet as on the date.

Particulars	1.4.2017 Rs.	31.3.2018 Rs.
Stock	1,00,000	50,000
Sundry debtors	2,50,000	3,50,000
Cash	25,000	40,000
Furniture	10,000	10,000
Sundry creditors	1,50,000	1,75,000

Other details:
	Rs.		Rs.
Drawings	40,000	Cash received from debtors	5,35,000
Discount received	20,000	Sundry expenses	30,000
Discount allowed	25,000	Capital as on 1.4.2017	2,35,000
Cash paid to creditors	4,50,000

Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the year ending 31^st March, 2018.

Particulars	1.4.2017 Rs	31.3.2018 Rs
Bank balance	14,000 (Cr.)	18,000 (Dr.)
Cash in hand	800	1,500
Stock	12,000	16,000
Debtors	34,000	30,000
Plant	80,000	80,000
80,000	40,000	40,000
Creditors	60,000	72,000

Ahmed had withdrawn Rs. 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

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Answers Key:

Generic 5

5 x 5 = 25

Dr Total Debtors account Cr
Particulars	Rs.	Particulars	Rs
To Balance b/d	5,30,000	By Cash received	12,50,000
To Credit sales	13,85,000	By Discounts allowed	25,000
(balancing figure)		By Balance c/d	6,40,000
	19,15,000		19,15,000

Dr Total Creditors account Cr
Particulars	Rs.	Particulars	Rs
To Cash (paid)	11,00,000	By Balance b/d	3,70,000
To Discount received	35,000	By Credit purchases	11,85,000
To Balance c/d	4,20,000	(balancing figure)
	15,55,000		15,55,000

Dr. In the Books of Rakash Trading and Profit and loss account for the year ended 31st March 2019 Cr.
Particulars	Rs.	Particulars	Rs
To Opening stock	2,20,000	By Sales
To Purchases	11,85,000	Cash sales 20,000
To Gross profit c/d	1,60,000	Credit sales 13,85,000	14,05,000
		By Closing stock	1,60,000
	15,65,000		15,65,000
To Rent paid	1,20,000	By Gross Profit b/d	1,60,000
To Discount allowed	25,000	By Discount received	35,000
To Net profit (transferred to capital account)	50,000
	1,95,000		1,95,000

Balance sheet as on 31st March 2019
Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		4,20,000	Debtors	6,40,000
Capital	5,20,000		Cash at bank	10,000
Add: Net profit	50,000		Machinery	80,000
	5,70,000		Closing stock	1,60,000
Less: Drawings	1,00,000	4,70,000
		8,90,000		8,90,000

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

**In the books of Arjun Statement of affairs as on 1^st April, 2018**
Liabilities	Rs.	Assets	Rs.
Creditors	5,000	Cash at bank	4,000
Opening capital	30,000	Stock	9,000
(balancing figure)		Sundry debtors	2,000
		Plant and machinery	20,000
	35,000		35,000

**Dr. Total creditors account Cr.**
Particulars	Rs.	Particulars	Rs.
To Cash A/c (paid)	64,000	By Balance b/d	5,000
To Purchases returns	2,000	By Purchases A/c (credit)	65,000
To Balance c/d	4,000	(balancing figure)
	70,000		70,000

**Dr. Trading and Profit and Loss Account for the year ended 31^st March, 2019 Cr.**
Particulars		Rs.	Particulars		Rs.
To Opening stock		9,000	By Sales	85,000
To Purchases			Less Returns	1,000	84,000
Credit	65,000		By Closing stock		16,000
Less Returns	2,000	63,000
To Carriage inwards		8,000
To Gross profit c/d		20,000
		1,00,000			1,00,000
To Advertising		4,700	By Gross Profit b/d		20,000
To Depreciation on machinery		1,000
To Provision for doubtful debts		300
To Net profit transferred to capital a/c		14,000
		20,000			20,000

**Balance Sheet as on 31^st March, 2019**
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital	30,000		Cash at bank		6,000
Add: Net profit	14,000		Stock		16,000
	44,000		Sundry debtors	5,300
Less: Drawings	2,000	42,000	Less: Provision	300	5,000
Sundry creditors		4,000	Plant and Machinery	20,000
			Less: Depreciation	1,000	19,000
		46,000			46,000

Dr. Total debtors account Cr.
Particulars	Rs	Particulars	Rs.
To Balance b/d	2,50,000	By Cash A/c (received)	5,35,000
To Sales A/c (credit) (balancing figure)	6,60,000	By Discount allowed A/c	25,000
		By Balance c/d	3,50,000
	9,10,000		9,10,000

Dr. Total creditors account Cr.
Particulars	Rs	Particulars	Rs
To Cash A/c (paid)	4,50,000	By Balance b/d	1,50,000
To Discount received A/c	20,000	By Purchases A/c (credit)	4,95,000
To Balance c/d	1,75,000	(balancing figure)
	6,45,000		6,45,000

In the books of Abdul

Dr. Trading and Profit and loss account for the year ended 31st March, 2018 Cr.
Particulars	Rs	Particulars	Rs.
To Opening stock	1,00,000	By Sales	6,60,000
To Purchases	4,95,000	By Closing stock	50,000
To Gross profit c/d	1,15,000
	7,10,000		7,10,000
To Discount allowed	25,000	By Gross profit b/d	1,15,000
To Sundry expenses	30,000	By Discount received	20,000
To Net profit (transferred to capital account)	80,000
	1,35,000		1,35,000

Balance Sheet as on 31st March, 2018
Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		1,75,000	Cash	40,000
Capital	2,35,000		Furniture	10,000
Add: Net profit	80,000		Stock	50,000
	3,15,000		Debtors	3,50,000
Less: Drawings	40,000	2,75,000
		4,50,000		4,50,000

In the books of Ahmed
Calculation of opening capital

**Statement of affairs as on 31^st March, 2017**
Liabilities	Rs	Assets	Rs
Bank overdraft	14,000	Cash in hand	800
Creditors	60,000	Stock	12,000
Capital (balancing figure)	92,800	Debtors	34,000
		Plant	80,000
		Furniture	40,000
	1,66,800		1,66,800

Calculation of closing capital

**Statement of affairs as on 31^st March, 2018**
Liabilities	Rs	Assets	Rs	Rs
Creditors	72,000	Bank balance		18,000
Capital (balancing figure)	1,04,000	Cash in hand		1,500
		Stock		16,000
		Debtors	30,000
		Less: Provision for doubtful
		debts @ 5%	1,500	28,500
		Plant	80,000
		Less: Depreciation	8,000	72,000
		Furniture		40,000
	1,76,000			1,76,000

**Statement of profit or loss for the year ending 31st March, 2018**
Particulars	Rs
Closing capital as on 31.3.2018	1,04,000
Add: Drawings during the year	40,000
	1,44,000
Less: Additional capital introduced during the year	16,000
Adjusted closing capital	1,28,000
Less: Opening capital as on 31.3.2017	92,800
Profit for the year ending 31.3.2018	35,200