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12th Standard English Medium Accountancy Subject Accounts From Incomplete Records Creative 5 Mark Questions with Solution Part - I updated Creative Questions

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Questions:

Generic 5

5 x 5 = 25

From the following details of vijay 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	As on 1.4.2017 Rs.	As on 31.3.2018 Rs.
Sundry Creditors	37,500	43,750
Furniture	2,500	2,500
Cash	6,250	10,000
Sundry debtors	62,500	87,500
Stock	25,000	12,500

Other details:

	Rs.
Drawings	10,000
Discount received	3,750
Discount allowed	2,500
Cash received from sundry debtors	1,35,000
Cash paid to creditors	1,12,500
Sales returns	3,750
Purchase returns	1,250
Sundry expenses paid	8,750

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 31^st 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.

From the following details, find out credit purchases:

Particulars	Rs.
Opening sundry creditors	75,000
Closing sundry creditors	90,000
Cash paid to sundry creditors	22,500
Discount received	15,000
Purchase returns	7,500

From the following find out credit sales.

Particulars	Rs.
Opening sundry debtors	50,000
Cash received from sundry debtors	80,000
Discount allowed to sundry debtors	2,000
Sales returns	5,000
Closing sundry debtors	75,000

Calculate the missing information:

Particulars	Rs.
Closing capital	32,000
Drawings	4,800
Additional capital	8,000
Profit made during the year	9,600

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Answers Key:

Generic 5

5 x 5 = 25

Calculation of opening capital

Statement of affairs as on 1.4.2017
Liabilities	Rs.	Assets	Rs.
Sundry creditors	37,500	Furniture	2,500
Opening capital (B/F)	58,750	Cash	6,250
		Sundry Debtors	62,500
		Stock	25,000
	96,250		96,250

Dr. Total Debtors account Cr.
Liabilities	Rs.	Particulars	Rs.
To Balance b/d	62,500	By Cash received	1,35,000
To Credit Sales (B/F)	1,66,250	By Discount allowed	2,500
		By Sales returns	3,750
		By Balance c/d	87,500
	2,28,750		2,28,750

Dr. Total Creditors account Cr.
Liabilities	Rs.	Particulars	Rs.
To Cash paid	1,12,500	By Balance b/d	37,500
To Discount received	3,750	By Credit purchases (B/F)	1,23,750
To Purchase returns	1,250
To Balance c/d	43,750
	1,61,250		1,61,250

Trading and Profit and loss account for the year ended 31.3.2018
Particulars	Rs.	Rs.	Particulars	Rs.	Rs.
To Opening stock		25,000	By Sales	1,66,250
To Purchases	1,23,750		Less: Sales returns	3,750	1,62,500
Less: Purchase returns	1,250	1,22,500
			By Closing stock		12,500
To Gross profit c/d		27,500
		1,75,000			1,75,000
To Discount allowed		2,500	By Gross profits b/d		27,500
To Sundry expenses		8,750	By Discount received		3,750
To Depreciation		125
To Net profit		19,875
(Transferred to capital a/c)		31,250			31,250

Balance sheet as on 31.3.2018
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital	58,750		Furniture	2,500
Add: Net profit	19,875		Less: Depreciation	125	2,375
	78,625		Cash		10,000
Less: Drawings	10,000	68,625	Sundry debtors		87,500
Sundry creditors		43,750	Closing stock		12,500
		1,12,375			1,12,375

Statement of affairs as on 31^st December 2016
Liabilities	Rs.	Assets	Rs.
Bank overdraft	30,000	Cash in hand	6,000
Sundry creditors	26,000	Stock	50,000
Bills payable	6,000	Sundry Debtors	60,000
Capital (Balancing figure)	1,82,000	Furniture	40,000
		Bills receivable	8,000
		Machinery	50,000
		Investment	30,000
	2,44,000		2,44,000

Statement of affairs as on 31^st December 2017
Liabilities	Rs.	Assets	Rs.	Rs.
Sundry creditors	40,000	Cash in hand		24,000
Bills payable	12,000	Stock		80,000
Outstanding salary	2,400	Debtors	1,40,000
Capital (Balancing figure)	4,33,400	Less: Bad debts	2,000
			1,38,000
		Less: Provision @5%	6,900	1,31,100
		Furniture	60,000
		Less: Depreciation @10%	6,000	54,000
		Bills receivable		28,000
		Prepaid insurance		700
		Machinery	1,00,000
		Less: Depreciation @10%	10,000	90,000
		Investment		80,000
	4,87,800			4,87,800

Statement showing profit or loss for the year ending 31st December 2017
Particulars	Rs.
Capital at the end of the year	4,33,400
Add: Drawings during the year (10,000 x 12)	1,20,000
	5,53,400
Less: Additional capital introduced in the year	2,00,000
Adjusted closing capital	3,53,400
Less: Capital in the beginning of the year	1,82,000
Profit for the year 2017	1,71,400

Dr Total Debtors account Cr
Particulars	Rs.	Particulars	Rs.
To Cash paid	22,500	By Balance b/d	75,000
To Discount received	15,000	By Credit purchase (B/F)	60,000
To Purchase return	7,500
To Balance c/d	90,000
	1,35,000		1,35,000

Dr Total Debtors account Cr
Particulars	Rs.	Particulars	Rs.
To Balance b/d	50,000	By Cash received	80,000
(opening debtors)		By Discount allowed	2,000
To Credit sales (B/F)	1,12,000	By Sales returns	5,000
		By Balance c/d	75,000
	1,62,000		1,62,000

Statement of profit or loss
Particulars	Rs.
Closing capital	32,000
Add: Drawings	4,800
	36,800
Less: Additional capital	8,000
Adjusted closing capital	28,800
Less: Opening capital [B/F]	19,200
Profit made during the year	9,600