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12th Standard Accountancy Unit 1 Accounts From Incomplete Records Book Back Questions Question Bank Software Aug-30 , 2019

Accounts From Incomplete Records

12th Standard Accountancy Unit 1 Accounts From Incomplete Records Book Back Questions

Accounts From Incomplete Records Book Back Questions

12th Standard

    Reg.No. :
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Accountancy

Time : 01:00:00 Hrs
Total Marks : 30
    5 x 1 = 5

  1. 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

  2. Which one of the following statements is not true in relation to incomplete records?

    (a)

    It is an unscientific method of recording transactions

    (b)

    Records are maintained only for cash and personal accounts

    (c)

    It is suitable for all types of organisations

    (d)

    Tax authorities do not accept

  3. What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

    (a)

    Rs. 85,000

    (b)

    Rs. 1,06,000

    (c)

    Rs. 21,000

    (d)

    Rs. 64,000

  4. When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

    (a)

    Rs. 9,000

    (b)

    Rs. 11,000

    (c)

    Rs. 21,000

    (d)

    Rs. 3,000

  5. 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

    6. 3 x 2 = 6

  6. State the accounts generally maintained by small sized sole trader when double entry accounting system is not followed.

  7. What is a statement of affairs?

  8. 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
    9. 3 x 3 = 9

  9. Differentiate between statement of affairs and balance sheet.

  10. How is the amount of credit sale ascertained from incomplete records?

  11. 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
    12. 2 x 5 = 10

  12. Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31st 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%.

  13. Selvam does not keep his books under double entry system. From the following information prepare trading and Profit and loss A/c and Balance Sheet as on 31-12-2018

    Particulars 1-1-2018
    Rs.    		 31-12-2018
    Rs.
    Machinery 60,000 60,000
    Cash at bank 25,000 33,000
    Sundry debtors 70,000 1,00,000
    Stock 45,000 22,000
    Bills receivable 20,000 38,000
    Bank loan 45,000 45,000
    Sundry creditors 25,000 21,000

     

    Particulars Rs. Particulars Rs.
    Cash sales 20,000 Credit sales 1,80,000
    Cash purchases 8,000 Credit purchases 52,000
    Wages 6,000 Salaries 23,500
    Advertisement 7,000 Interest on bank loan 4,500
    Drawings 60,000 Additional capital 21,000

    Adjustments:
    Write off depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.

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