ACCOUNTS FROM INCOMPLETE RECORDS
ACCOUNTANCY
PART-A CLASS-12TH
MARKS: 100
14*1=14
a) Fill in the blanks:
1. Incomplete records are those records which are not kept under
________ system.
2. Statement of affairs method is also called as ________ method.
3. ________ capital can be found by preparing a statement of affairs
at the beginning of the year.
4. A statement of affairs resembles a ________.
5. Closing capital can be found by preparing a statement affairs at
the ________ of the year.
6. In ________ system, only personal and cash accounts are opened.
7. Credit purchase can be ascertained as the balancing figure in the
________.
8. The excess of assets over liabilities is ________.
9. The total assets of a proprietor are Rs.5,00,000. His liabilities
Rs.3,50,000. Then his capital in the business is ________.
10. A firm has assets worth Rs.60,000 and capital Rs.45,000. Then
it’s liabilities is ________.
b) Choose the Correct Answer:
1. Under the networth method the basis for ascertaining the profit is
a) the difference between the capital on two dates.
b) the difference between the liabilities on two dates.
c) the difference between the gross assets on two dates.
2. Incomplete records are generally used by
a) Small traders b) Company c) Government
3. Credit sales is obtained from
a) Bills Receivable account b) Total debtors account
c) Total creditors account
4. Single Entry System is
a) a Scientific method b) an Incomplete Double Entry System
c) None of the above.
PART-B
5 marks:(answer any 6) 5*6=30
1. What is the meaning for incomplete records?
2. Define Single Entry System.
3. What are the features of Single Entry?
4.What is conversion method?
5.What shall be the profits of the concern if:
Opening capital Rs. 1,60,000
Closing capital Rs. 1,80,000
Drawings Rs. 36,000
Additional Capital Rs. 10,000
6. Calculate the missing figure:
Rs.
Capital at the beginning 15,000
Profits made during the year 8,000
Capital at the end 20,000
Drawings ?
7.Find out the profit of the business for the year 1996 from the
particulars given below:
Rs.
Capital on 1.4.1996 30,000
Capital introduced during 1996 6,000
Capital as on 31.3.1997 42,000
Drawings 3,000
8.Calculate the missing figure:
Rs.
Profit made during the year 2,500
Capital at the end 6,000
Capital introduced during the year 2,000
Drawings 1,200
Capital at the beginning ?
9.Mr.Rajesh maintains his books on single entry system. He gives
you the following information.
Rs.
Capital as on 1.4.2003 4,80,000
Capital as on 31.3.2004 5,40,000
Drawings during the financial year 1,50,000
Capital introduced during the financial year 90,000
You are required to calculate profit or loss made by Mr.Rajesh
during 2003 - 04.
10.Calculate Closing Sundry debtors :
Rs.
Opening Sundry debtors 2,00,000
Credit Sales 7,00,000
Cash received from Sundry debtors 3,00,000
Returns inward 5,000
PART-C
12 marks(answer any 3) 12*3=36
1.Find out total purchases and total sales from the following details
by preparing necessary accounts:
Rs.
Opening Sundry debtors 1,00,000
Opening Sundry creditors 65,000
Cash received from Sundry debtors 5,90,000
Discount received 3,000
Cash paid to Sundry creditors 40,000
Discount allowed 5,000
Returns outward 10,000
Returns inward 6,000
Closing Sundry debtors 70,000
Closing Sundry creditors 50,000
Cash sales 50,000
Cash purchases 25,000
2.Mrs. Sheela keeps her books by single entry. She started business
on 1st April 2002 with Rs. 3,00,000. On 31st March 2003 her
position was as under:
Cash in hand 8,000
Sundry Creditors 50,000
Cash at Bank 20,000
Bills payable 10,000
Furniture 40,000
Outstanding expenses 8,000
Plant 2,00,000
Sundry Debtors 1,50,000
Stock 1,50,000
Bills Receivable 15,000
Ascertain the profit or loss made by Mrs.Sheela during 2002 – 03
3.A trader has not kept proper books of accounts. His position as
on 31.3.2003 and 31.3.2004 was as follows:
31.3.2003 31.3.2004
Rs. Rs.
Cash at Bank 75,000 50,000
Cash in hand 5,000 10,000
Stock 5,00,000 3,25,000
Sundry Debtors 2,00,000 4,00,000
Furniture 50,000 50,000
Machinery 4,00,000 4,00,000
Sundry Creditors 6,00,000 7,00,000
During the year he introduced Rs.1,00,000 as additional capital
and withdrew Rs.10,000 per month for domestic purpose. Depreciate
furniture and machinery by 10% per year. Ascertain profit or loss for
the year ended 31.3.2004.
4.The balances appear in Bharanidharans’ books which are kept
on single entry basis:
1st April, 31st March
2000 2001
Rs. Rs.
Furniture 2,000 2,000
Stock 5,000 6,000
Sundry Debtors 6,000 4,000
Cash 10,000 20,000
Sundry Creditors 2,000 3,500
Bills receivable 1,000 500
Loan (Dr) — 1,000
Investment — 4,000
His drawings during the year were Rs.2,000. Depreciate furniture
by 10% and provide a reserve for bad and doubtful debts at 5% on
Sundry debtors.
Prepare a statement showing profit for the year.
PART-D
20marks 20*1=20
1.The books of Mr.Ravishankar revealed the following information
on 1.4.2000.
Liabilities Rs. Assets Rs.
Capital 83,030 Goodwill 18,540
Sundry creditors 9,010 Furniture 14,010
Sundry debtors 46,830
Cash at bank 12,660
92,040 92,040
Other information:
Cash received from Sundry debtors 2,12,460
Drawings 81,600
Salaries paid 18,300
Rent paid 9,450
Cash paid to Sundry creditors 90,360
Sundry expenses paid 3,840
Closing stock (31.3.2001) 32,000
Sundry debtors (31.3.2001) 56,700
Sundry creditors (31.3.2001) 16,000
Cash at bank (31.3.2001) 21,570
Prepare Trading account and Profit and Loss account and a
Balance Sheet as on 31.3.2001.
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