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Accounts From Incomplete Records Model Question Paper
12th Standard
Reg.No. :
Accountancy
Time :
02:00:00 Hrs
Total Marks :
50
6 x 1 = 6
Incomplete records are generally maintained by
(a)
A company
(b)
Government
(c)
Small sized sole trader business
(d)
Multinational enterprises
The amount of credit sales can be computed from
(a)
Total debtors account
(b)
Total creditors account
(c)
Bills receivable account
(d)
Bills payable account
Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is
(a)
Rs. 30,000
(b)
Rs. 1,30,000
(c)
Rs. 40,000
(d)
Rs. 20,000
A firm has assets worth Rs. 60,000 and capital Rs. 45,000.Then it's liabilities is _________
(a)
Rs. 45,000
(b)
Rs. 1,05,000
(c)
Rs. 60,000
(d)
Rs. 15,000
The capital of a business is ascertained by preparing _________
(a)
Trading account
(b)
Statement of profit or loss
(c)
Balance sheet
(d)
Statement of affairs
Companies cannot keep books on single entry system because of ________
(a)
tax properties
(b)
legal provisions
(c)
both (a) and (b)
(d)
None of these
7 x 2 = 14
Following are the balances of Shanthi as on 31st December 2018.
Particulars
Rs
Particulars
Rs
Bills receivable
6,000
Sundry creditors
25,000
Bills payable
4,000
Stock
45,000
Machinery
60,000
Debtors
70,000
Furniture
10,000
Cash
4,000
Prepare a statement of affairs as on 31st December 2018 and calculate capital as at that date.
From the following particulars, prepare bills receivable account and compute the bills received from the debtors
Particulars
Rs
Opening bills receivable
20,000
Closing bills receivable
30,000
Cash received for bills receivable
60,000
Bills receivable dishonoured
5,000
What is meant by incomplete records?
What is a statement of affairs?
From the following particulars ascertain profit or loss
Particulars
Rs.
Capital as on 1st January 2018
2,20,000
Capital as on 31st December 2018
1,80,000
Additional capital introduced during the year
40,000
Drawings made during the year
50,000
Find out credit sales from the following information:
Particulars
Rs.
Debtors on 1st April, 2018
1,00,000
Cash received from debtors
2,30,000
Discount allowed
5,000
Returns inward
25,000
Debtors on 31st March 2019
1,20,000
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
5 x 3 = 15
From the following details, calculate the missing figure:
Rs
Capital as on 1st April, 2017
2,50,000
Capital as on 31st March, 2018
2,75,000
Additional capital introduced during the year
30,000
Profit for the year
15,000
Drawings during the year
?
What are the features of incomplete records?
State the differences between double entry system and incomplete records.
Differentiate between statement of affairs and balance sheet.
From the following details, calculate the capital as on 31st December 2018
Particulars
Rs.
Capital as on 1st January, 2018
1,00,000
Goods withdrawn for personal use by the owner
30,000
Additional capital introduced during the year
15,000
Profit for the year
60,000
3 x 5 = 15
From the following details of Abdul who maintains incomplete records, prepare Trading and Profit and Loss account for the year ended 31st 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
Pandian does not keep his books under double entry system. From the following information prepare trading and profit and loss account
1-1-2018
Rs.
31-12-2018
Rs.
Furniture
30,000
30,000
Cash in hand
10,000
17,000
Debtors
40,000
60,000
Stock
28,000
11,000
Bills receivable
12,000
35,100
Bank loan
25,000
25,000
Creditors
15,000
16,000
Rs.
Rs.
Cash sales
11,200
Credit sales
88,800
Cash purchases
4,250
Credit purchases
35,750
Carriage on purchases
3,000
Carriage on sales
700
Commission received
600
Interest on bank loan
2,500
Drawings
8,000
Additional capital
14,000
Salaries
8,900
Office rent
2,400
Adjustments:
Write off depreciation of 5% on furniture. Create a provision of 1% on debtors for doubtful debts.
M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31st December 2017.
Particulars
31.12.2016
Rs.
31.12.2017
Rs.
Cash in hand
6,000
24,000
Bank overdraft
30,000
-
Stock
50,000
80,000
Sundry creditors
26,000
40,000
Sundry debtors
60,000
1,40,000
Bills payable
6,000
12,000
Furniture
40,000
60,000
Bills receivable
8,000
28,000
Machinery
50,000
1,00,000
Investment
30,000
80,000
Drawings Rs. 10,000 per month for personal use, additional capital introduced during the year Rs. 2,00,000. A bad debts Rs. 2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs. 700, depreciation charged on furniture @ 10% per annum.
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