# CLASS 11 COMMERCE ACCOUNTANCY(PART – II) CHAPTER – 3 Accounts From Incomplete Records

## Accounts From Incomplete Records

#### Question 1:

Following information is given below prepare the statement of profit or loss:

#### Question 2:

Manveer started his business on April 01, 2016 with a capital of Rs 4,50,000. On March 31, 2017 his position was as under:

He owned Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended March 31, 2017.

#### Question 3:

From the information given below ascertain the profit for the year:

#### Question 4:

From the following information, calculate capital at the beginning:

#### ANSWER:

Note: As per the solution, the profit should be of Rs 2,80,000; but, the answer given in the book is Rs 2,60,000.

#### Question 5:

Following information is given below: calculate the closing capital

Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given)

#### ANSWER:

Capital on March 31, 2017 (Closing) is Rs 20,000

#### Question 6:

Mrs Anu started firm with a capital of Rs 4,00,000 on 1st October 2016. She borrowed from her friends a sum of Rs 1,00,000 @ 10% per annum (interest paid) for business and brought a further amount to capital Rs 75,000 on March. 31, 2017, her position was :

He withdrew Rs 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly.

#### Question 7:

Mr. Arnav does not keep proper records of his business he provided following information, you are required to prepare a statement showing the profit or loss for the year.

Ascertainment of statement of affairs at the beginning and at the end of the year and calculation of profit or loss.

#### Question 8:

Mr. Akshat keeps his books on incomplete records following information is given below:

During the year he withdrew Rs 45,000 and introduced Rs 25,000 as further capital in the business compute the profit or loss of the business.

#### Question 9:

Gopal does not keep proper books of account. Following information is given below:

During the year he introduced Rs 20,000 and withdrew Rs 12,000 from the business. Prepare the statement of profit or loss on the basis of given information

#### ANSWER:

Note: As per the solution, the profit during the year should be Rs 37,500; whereas, the profit given in the book is Rs 53,500.

#### Question 10:

Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information:

He withdrew Rs 300 per month for personal expenses. He sold his investment of Rs 16,000 at 2% premium and introduced that amount into business.

Working Note:

#### Question 11:

Mr. Girdhari Lal does not keep full double entry records. His balance as on April 01, 2016 is as.

His position at the end of the year is:

He withdrew Rs 500 per month out of which to spent Rs 1,500 for business purpose. Prepare the statement of profit or loss.

#### Question 12:

Mr. Ashok does not keep his books properly. Following information is available from his books.

During the year Mr. Ashok sold his private car for Rs 50,000 and invested this amount into the business. He withdrew from the business Rs 1,500 per month upto October 31, 2016 and thereafter Rs 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on March 31, 2017.

#### ANSWER:

Note: As per the solution, the loss incurred during the year 2011 is Rs 60,900; while the answer given in the book shows Rs 57,900.

#### Question 13:

Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2011 from the following information:

The following adjustments were made:

(a) Krishna withdrew cash Rs 5,000 per month for private use.

(b) Depreciation @ 5% on car and furniture @10%.

(c) Outstanding Rent Rs 6,000.

(d) Fresh Capital introduced during the year Rs 30,000.

#### Question 14:

M/s Saniya Sports Equipment does not keep proper records. From the following information find out profit or loss and also prepare balance sheet for the year ended March 31, 2017

Drawing Rs 10,000 p.m. for personal use, fresh capital introduce during the year Rs 2,00,000. A bad debts of Rs 2,000 and a provision of 5% is to be made on debtors outstanding salary Rs 2,400, prepaid insurance Rs 700, depreciation charged on furniture and machine @ 10% p.a.

#### ANSWER:

Note: As per the solution, the profit earned during the year is Rs 1,71,400; while, according to the book, the answer is Rs 1,41,200.

#### Question 15:

From the following information calculate the amount to be paid to creditors:

#### ANSWER:

Amount paid to Creditors is Rs 4,40,175.

#### Question 16:

Find out the credit purchases from the following:

#### ANSWER:

Credit Purchases Rs 2,56,350

#### Question 17:

From the following information calculate total purchases.

#### Question 18:

The following information is given

Calculate credit purchases during the year

#### ANSWER:

Note: In order to match the answer with NCERT book, in the solution bills payable matured has been assumed as bills payable accepted.

#### Question 19:

From the following, calculate the amount of bills accepted during the year.

Rs

Bills payable as on April 01, 2016 1,80,000

Bills payable as on March 31, 2017 2,20,000

Bills payable dishonoured during the year 28,000

Bills payable honoured during the year 50,000

#### Question 20:

Find out the amount of bills matured during the year on the basis of information given below;

#### ANSWER:

Bill Payable matured during the year is Rs 38,000.

#### Question 21:

Prepare the bills payable account from the following and find out missing figure if any :

#### ANSWER:

Bills payable discharged is Rs 88,000 and the opening balance of creditors is Rs 79,000.

#### Question 22:

Calculate the amount of bills receivable during the year.

#### ANSWER:

Bills receivable received from Debtors Rs 1,60,000.

#### Question 23:

Calculate the amount of bills receivable dishonoured from the following information.

#### ANSWER:

Bills Receivable dishonoured is Rs 11,500.

#### Question 24:

From the details given below, find out the credit sales and total sales.

#### ANSWER:

Credit sales is Rs 2,82,300

#### Question 25:

From the following information, prepare the bills receivable account and total debtors account for the year ended March 31, 2017.

#### ANSWER:

The missing figure in the bills receivable account–B/R received from debtors Rs 1,61,000 and the missing figure in the debtors account–closing balance is Rs 3,01,000.

#### Question 26:

Prepare the suitable accounts and find out the missing figure if any.

#### ANSWER:

Note: As per solution, the missing figure in the bills receivable account is B/R dishonoured of Rs 40,000. The missing figure in the debtors account is the credit sales of Rs 6,21,000, However, the NCERT book shows a credit sales Rs 5,16,000.

In order to match our answer with that of the book, B/R received from the customers is not shown in the debtors account.

#### Question 27:

From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors

The rate of gross profit is 25% on selling price and out of the total sales

Rs 85,000 was for cash sales.

#### ANSWER:

Opening balance of debtors is Rs 54,000 and the closing balance of creditors is Rs 1,78,500.

Working Notes:

Total Sales = Cash Sales + Credit Sales

Total Sales = Cost of Goods Sold + Gross Profit

Let sales be 100%

Note: Here, it has been assumed that all purchases were made on credit.

#### Question 28:

Mrs Bhavana keeps his books by Single Entry System. You.re required to prepare final accounts of her business for the year ended March 31, 2017. Her records relating to cash receipts and cash payments for the above period showed the following particulars :

The following information is also available:

All her sales and purchases were on credit. Provide depreciation on plant and building by 10% and machinery by 5%, make a provision for bad debts by 5%.

#### ANSWER:

Note: It has been assumed that total sales are credit sales (i.e. all sales are made on credit) and total purchases are credit purchases (i.e. all purchases are made on credit).

Plant of Rs 1,00,000 has been taken in to the statement of affairs on April 01, 2016, instead of Rs 10,00,000.