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Published on: 06/09/2019
Accounts from Incomplete Records
Download CBSE Class 11th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 11th Standard CBSE Accountancy
Questions + Answers key
Take MCQ Accountancy Test
1.
Can a limited company maintain its accounts under single entry system?
2.
State two main limitations of single entry system.
3.
Give one advantage of Single Entry System
4.
Complete the missing figures in the following Statement of Profit or Loss:
| Particulars | Amount (Rs) |
|---|---|
| Capital on 31st March, 2017 | 20,300 |
| ....(1)...Drawings during the year | 2,400 |
| ....(2)..... | |
| ....(3)...Capital on 1st April, 2016 | 12,950 |
| Gross Profit made during the year | .....(4)..... |
5.
Ajay started business with a capital of Rs 2,25,000on 1st April, 2013. During the year he withdrew Rs 40,000 for his personal use and introduced Rs 7,000 as fresh capital. On 31st March, 2014,his position of assets and liabilities stood as follows :
| Particulars | Rs |
|---|---|
| Cash in Hand | 18,500 |
| Stock | 20,000 |
| Bills Receivable | 25,000 |
| Debtors | 4,00,000 |
| Creditors | 1,50,000 |
| Bills Payable | 3,000 |
Youare required to prepare statement of profit or loss for the year ended 31 March, 2014
6.
Ravi, who keeps his books on Single Entry System, has his capital on 31st March, 2016 Rs 20,000 and on 1st April, 2015 was Rs 16,700.He further informs that during the year, he withdrew for his personal expenses Rs 9,400.He also sold his personal investment of Rs 10,000 at 5%premium and brought that money into the business.
Prepare a statement of Profit or Loss
7.
Shyamlal keeps his book under Single Entry System. His assets and liabilities were as under:
| Particulars | 31stMarch 2014 (Rs) | 31stMarch 2015 (Rs) |
|---|---|---|
| Cash-in-hand | 30,000 | 10,800 |
| Sundry Debtors | 60,000 | 80,000 |
| Stock | 20,000 | 60,000 |
| Furniture | 40,000 | 40,000 |
| Sundry Creditors | 80,000 | 80,000 |
| Bank Balance | 90,000 | 70,000 |
During 2014-15,he introduced Rs 40,000 as new capital. He withdrew Rs 5,000 every quarter for his household expenses. Ascertain his profit for the year ended 31stMarch, 2015
8.
Incomplete records are generally used by .....................
9.
To ascertain the profit, closing capital is to be adjusted by deducting................. and adding...............
10.
From the following information given below, calculate the dosing capital:
| Jan.01,2013 | Dec.31,2013 | |
|---|---|---|
| Creditors | 5,000 | 30,000 |
| Bills Payable | 10,000 | ---- |
| Loan | ---- | 50,000 |
| Bills receivable | 30,000 | 50,000 |
| Stock | 5,000 | 30,000 |
| Cash | 2,000 | 20,000 |
Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given).
1.
( )
No, companies prepare their accounts according to the guidelines of new companies Act
2.
( )
(i) Arithmetical accuracy cannot be proved.
(ii) Financial position of the business cannot be assessed.
3.
( )
It is less expensive when it is compared to double entry system of book keeping
4.
| Particulars | Amount (Rs) |
|---|---|
| Capital on 31st March, 2017 | 20,300 |
| Add :Drawings during the year | 2,400 |
| 22,700. | |
| Less: Capital on 1st April, 2016 | 12,950 |
| Gross Profit made during the year | 9,750 |
5.
| Particulars | Amount (Rs) |
|---|---|
| Capital at the end of the year | 3,10,500 |
| Add: Drawings made during the year | 40,000 |
| Less : Additional capital introduced | (7000) |
| Adjusted Capital | 3,43,500 |
| Less : Capital in the beginning of the year | (2,25,000) |
| Profit during the year | 1,18,500 |
Working Notes:
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
|---|---|---|---|
| Creditors | 1,50,000 | Cash | 18,500 |
| Bills Payable | 3,000 | Debtors | 4,00,000 |
| Closing Capital | 3,10,500 | Bills Receivable | 25,000 |
| (Balancing Figure) | Stock | 20,000 | |
| 4,63,500 | 4,63,500 |
6.
| Particulars | Amount (Rs) |
|---|---|
| Capital at the end of the year | 20,000 |
| Add : Drawings | 9,400 |
| Less : Additional Capital Introduced (10000+ 500 | (10,500) |
| Adjusted Capital | 18,900 |
| Less: Capital in the beginning of the year | (16,700) |
| Profit during the year | 2200 |
7.
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
|---|---|---|---|
| Sundry Creditors | 80,000 | Cash-in-hand | 30,000 |
| Capital (Balancing figure) | 1,60,000 | Sundry Debtors | 60,000 |
| Stock | 20,000 | ||
| Furniture | 40,000 | ||
| Bank Balance | 90,000 | ||
| 2,40,000 | 2,40,000 |
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
|---|---|---|---|
| Sundry Creditors | 80,000 | Cash-in-hand | 10,800 |
| Capital (Balancing figure) | 1,80,800 | Sundry Debtors | 80,800 |
| Stock | 60,000 | ||
| Furniture | 40,000 | ||
| Bank Balance | 70,000 | ||
| 2,60,800 | 2,60,800 |
| Particulars | Amount (Rs) |
|---|---|
| Capital on 31st March, 2015 | 1,80,800 |
| Add: Drawing during the year (5000 x 4) | 20,000 |
| Adjusted capital | 2,00,800 |
| Less: Additional Capital | (40,000) |
| 1,60,800 | |
| Less: Capital at Beginning | (1,60,000) |
| Profit for the year | 800 |
8.
( )
Small traders
9.
( )
Fresh capital introduced, drawings
10.
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
|---|---|---|---|
| Creditors | 5,000 | BillsReceivable | 30,000 |
| Bills Payable | 10,000 | Stock | 5,000 |
| Capital (Ba1.Figure) | 22,000 | Cash | 2,000 |
| 37,000 | 37,000 |
| liabilities | Amount (Rs) | Assets | Amount (Rs) |
|---|---|---|---|
| Creditors | 30,000 | Bills Receivable | 50,000 |
| Loan | 50,000 | Stock | 30,000 |
| Capital (Bal. Figure) | 20,000 | Cash | 20,000 |
| 1,00,000 | 1,00,000 |
| Particulars | Amount (Rs) |
|---|---|
| Capital at the end of the year | |
| Add : Capital at the End of the year | 22,000 |
| Less : Capital at the beginning of the year | (20,000) |
| Loss during the year | 2,000 |
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