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Chapters
2: Accounts of not–for–profit organisation
3: Accounts of partnership firms–fundamentals
4: Goodwill in partnership accounts
5: Admission of a partner
6: Retirement and death of a partner
7: Company accounts
8: Financial Statement Analysis
9: Ratio Analysis
10: Computerised Accounting system-Tally
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Solutions for Chapter 1: Accounts from incomplete records
Below listed, you can find solutions for Chapter 1 of Tamil Nadu Board of Secondary Education Samacheer Kalvi for Accountancy [English] Class 12 TN Board.
Samacheer Kalvi solutions for Accountancy [English] Class 12 TN Board 1 Accounts from incomplete records Multiple choice questions [Pages 30 - 31]
Choose the correct answer
Incomplete records are generally maintained by ______________.
A company
Government
Small sized sole trader business
Multinational enterprises
Statement of affairs is a ___________.
Statement of income and expenditure
Statement of assets and liabilities
Summary of cash transactions
Summary of credit transactions
Opening statement of affairs is usually prepared to find out the ___________.
Capital in the beginning of the year
Capital at the end of the year
Profit made during the year
Loss occurred during the year
The excess of assets over liabilities is ________.
Loss
Cash
Capital
Profit
Which of the following items relating to bills payable is transferred to the total creditors account?
Opening balance of bills payable
Closing balance of bills payable
Bills payable accepted during the year
Cash paid for bills payable
The amount of credit sales can be computed from _____________.
Total debtors account
Total creditors account
Bills receivable account
Bills payable account
Which one of the following statements is not true in relation to incomplete records?
It is an unscientific method of recording transactions
Records are maintained only for cash and personal accounts
It is suitable for all types of organisations
Tax authorities do not accept
What is the amount of capital of the proprietor, if his assets are ₹ 85,000 and liabilities are ₹ 21,000?
₹ 85,000
₹ 1,06,000
₹ 21,000
₹ 64,000
When capital in the beginning is ₹ 10,000, drawings during the year is ₹ 6,000, profit made during the year is ₹ 2,000 and the additional capital introduced is ₹ 3,000, find out the amount of capital at the end.
₹ 9,000
₹ 11,000
₹ 21,000
₹ 3,000
Opening balance of debtors: ₹ 30,000, cash received: ₹ 1,00,000, credit sales: ₹ 90,000; closing balance of debtors is ______________.
₹ 30,000
₹ 1,30,000
₹ 40,000
₹ 20,000
Samacheer Kalvi solutions for Accountancy [English] Class 12 TN Board 1 Accounts from incomplete records Very short answer questions [Page 31]
What is meant by incomplete records?
State the accounts generally maintained by small sized sole trader when a double-entry accounting system is not followed.
What is a statement of affairs?
Samacheer Kalvi solutions for Accountancy [English] Class 12 TN Board 1 Accounts from incomplete records Short answer questions [Page 31]
What are the features of incomplete records?
What are the limitations of incomplete records?
State the differences between double entry system and incomplete records.
State the procedure for calculating profit or loss through the statement of affairs.
Differentiate between statement of affairs and balance sheet.
How is the amount of credit sale ascertained from incomplete records?
Samacheer Kalvi solutions for Accountancy [English] Class 12 TN Board 1 Accounts from incomplete records Exercises [Pages 31 - 37]
From the following particulars ascertain profit or loss:
| Particulars | ₹ |
| Capital at the beginning of the year (1st April, 2018) | 5,00,000 |
| Capital at the end of the year (31st March, 2019) | 8,50,000 |
| Additional capital introduced during the year | 1,20,000 |
| Drawings during the year | 70,000 |
From the following particulars ascertain profit or loss.
| Particulars | ₹ |
| 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 |
From the following details, calculate the missing figure.
| Particulars | ₹ |
| Closing capital as on 31.3.2018 | 80,000 |
| Additional capital introduced during the year | 30,000 |
| Drawings during the year | 15,000 |
| Opening capital on 01.4.2017 | ? |
| Loss for the year ending 31.3.2018 | 25,000 |
From the following details, calculate the capital as on 31st December 2018.
| Particulars | ₹ |
| 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 |
From the following details, calculate the missing figure:
| Particulars | ₹ |
| Capital as on 1st April, 2018 | 40,000 |
| Capital as on 31st March, 2019 | 50,000 |
| Additional capital introduced during the year | 7,000 |
| Profit for the year | 8,000 |
| Drawings during the year | ? |
Following are the balances in the books of Thomas as on 31st March 2019.
| Particulars | ₹ | Particulars | ₹ |
| Sundry creditors | 6,00,000 | Bills payable | 1,20,000 |
| Furniture | 80,000 | Cash in hand | 20,000 |
| Land and building | 3,00,000 | Bills receivable | 60,000 |
| Sundry Debtors | 3,20,000 | Stock | 2,20,000 |
Prepare a statement of affairs as on 31st March 2019 and calculate capital as at that date.
On 1st April 2018 Subha started her business with a capital of ₹ 1,20,000. She did not maintain a proper book of accounts. Following particulars are available from her books as on 31.3.2019.
| Particulars | ₹ | Particulars | ₹ |
| Bank overdraft | 50,000 | Stock-in-trade | 1,60,000 |
| Debtors | 1,80,000 | Creditors | 90,000 |
| Bills receivable | 70,000 | Bills payable | 2,40,000 |
| Computer | 30,000 | Cash in hand | 60,000 |
| Machinery | 3,00,000 |
During the year she withdrew ₹ 30,000 for her personal use. She introduced further capital of ₹ 40,000 during the year. Calculate her profit or loss.
Raju does not keep proper books of accounts. Following details are taken from his records.
| Particulars | 1.1.2018 ₹ |
31.12.2018 ₹ |
| Cash at bank | 80,000 | 90,000 |
| Stock of goods | 1,80,000 | 1,40,000 |
| Debtors | 90,000 | 2,00,000 |
| Sundry creditors | 1,30,000 | 1,95,000 |
| Bank Loan | 60,000 | 60,000 |
| Bills payable | 80,000 | 45,000 |
| Plant and machinery | 1,70,000 | 1,70,000 |
During the year he introduced further capital of ₹ 50,000 and withdrew ₹ 2,500 per month from the business for his personal use. Prepare the statement of profit or loss with the above information.
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 ₹ |
31.3.2019 ₹ |
| 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 ₹ 60,000 for his personal use. He had introduced ₹ 17,000 as capital for the expansion of his business. Create a provision of 5% on debtors. Plant and machinery is to be depreciated at 10%.
Find out credit sales from the following information:
| Particulars | ₹ |
| 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 find out total sales made during the year.
| Particulars | ₹ |
| 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 |
From the following particulars, prepare bills receivable amount and compute the bills received from the debtors.
| Particulars | ₹ |
| Bills receivable at the beginning of the year | 1,40,000 |
| Bills receivable at the end of the year | 2,00,000 |
| Cash received for bills receivable | 3,90,000 |
| Bills receivable dishonoured | 30,000 |
From the following particulars, calculate total sales.
| Particulars | ₹ | Particulars | ₹ |
| Debtors on 1st April 2018 | 2,50,000 | Bills receivable dishonoured | 15,000 |
| Bills receivable on 1st April 2018 | 60,000 | Returns inward | 50,000 |
| Cash received from debtors | 7,25,000 | Bills receivable on 31st March 2019 | 90,000 |
| Cash received for bills receivable | 1,60,000 | Sundry debtors on 31st March 2019 | 2,40,000 |
| Bad debts | 30,000 | Cash sales | 3,15,000 |
From the following details, calculate credit purchases.
| Particulars | ₹ |
| Opening creditors | 1,70,000 |
| Purchase returns | 20,000 |
| Cash paid to creditors | 4,50,00 |
| Closing creditors | 1,90,000 |
From the following particulars calculate total purchases.
| Particulars | ₹ | Particulars | ₹ |
| Sundry creditors on 1st January, 2018 | 30,000 | Purchases returns | 15,000 |
| Bills payable on 1st January, 2018 | 25,000 | Cash purchases | 2,25,000 |
| Paid cash to creditors | 1,20,000 | Creditors on 31st December, 2018 | 25,000 |
| Paid for bills payable | 30,000 | Bills payable on 31st December, 2018 | 20,000 |
From the following details, you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account.
| Particulars | ₹ | Particulars | ₹ |
| Balances as on 1st April 2018 | Balances as on 31st March 2019 | ||
| Sundry debtors | 2,40,000 | Sundry debtors | 2,20,000 |
| Bills receivable | 30,000 | Sundry creditors | 1,50,000 |
| Sundry creditors | 1,20,000 | Bills receivable | 8,000 |
| Bills payable | 10,000 | Bills payable | 20,000 |
| Other information: | ₹ | Other information: | ₹ |
| Cash received from debtors | 6,00,000 | Payments against bill payable | 30,000 |
| Discount allowed to customers | 25,000 | Cash received for bills receivable | 60,000 |
| Cash paid to creditors | 3,20,000 | Bills receivable dishonoured | 4,000 |
| Discount allowed by suppliers | 10,000 | Bad debts | 16,000 |
From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.
| Particulars | 31.3.2018 ₹ |
31.3.2019 ₹ |
| Stock of goods | 2,20,000 | 1,60,000 |
| Debtors | 5,30,000 | 6,40,000 |
| Cash at bank | 60,000 | 10,000 |
| Machinery | 80,000 | 80,000 |
| Sundry creditors | 3,70,000 | 4,20,000 |
Other details:
| Particulars | ₹ | Particulars | ₹ |
| Rent paid | 1,20,000 | Cash received from debtors | 12,50,000 |
| Discount received | 35,000 | Drawings | 1,00,000 |
| Discount allowed | 25,000 | Cash sales | 20,000 |
| Cash paid to creditors | 11,00,000 | Capital as on 1.4.2018 | 5,20,000 |
Mary does not keep her books under double entry system. From the following details prepare a trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on that date.
Cash Book
Dr. Cr.
| Particulars | ₹ | Particulars | ₹ |
| To Balance b/d | 1,20,000 | By Purchases | 1,50,000 |
| To Sales | 3,60,000 | By Creditors | 2,50,000 |
| To Debtors | 3,40,000 | By Wages | 70,000 |
| By Sundry expenses | 1,27,000 | ||
| By Balance c/d | 2,23,000 | ||
| 8,20,000 | 8,20,000 |
Other information:
| Particulars | 1.4.2018 | 31.3.2019 |
| Stock of goods | 1,10,000 | 1,80,000 |
| Sundry Debtors | 1,30,000 | ? |
| Sundry Creditors | 1,60,000 | 90,000 |
| Furniture and fittings | 80,000 | 80,000 |
Additional information:
| Particulars | ₹ |
| Credit purchases | 1,80,000 |
| Credit sales | 2,90,000 |
| Opening capital | 2,80,000 |
| Depreciate furniture and fittings by 10% p.a. |
Arun carries on hardware business and does not keep his books on double entry basis. The following particulars have been extracted from his books:
| Particulars | 31.12.2017 ₹ |
31.12.2018 ₹ |
| Land and building | 2,40,000 | 2,40,000 |
| Stock-in-trade | 1,20,000 | 1,70,000 |
| Debtors | 40,000 | 51,500, |
| Creditors | 50,000 | 45,000 |
| Cash at bank | 30,000 | 53,000 |
Other information for the year ending 31.12.2018 showed the following:
| Particulars | ₹ |
| Wages | 65,000 |
| Carriage outwards | 7,500 |
| Sundry expense | 28,000 |
| Cash paid to creditors | 6,00,000 |
| Drawings | 10,000 |
Total sales during the year were ₹ 7,70,000. Purchases returns during the year were ₹ 30,000 and sales returns were ₹ 25,000. Depreciate land and buildings by 5%. Provide ₹ 1,500 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st December, 2018 and a balance sheet as on that date.
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 ₹ |
31-12-2018 ₹ |
| 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 | ₹ | Particulars | ₹ |
| 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 the depreciation of 10% on machinery. Create a reserve of 1% on debtors for doubtful debts.
Solutions for 1: Accounts from incomplete records
Samacheer Kalvi solutions for Accountancy [English] Class 12 TN Board chapter 1 - Accounts from incomplete records
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Concepts covered in Accountancy [English] Class 12 TN Board chapter 1 Accounts from incomplete records are Introduction to Accounts from Incomplete Records, Meaning of Incomplete Records, Features of Incomplete Records, Limitations of Incomplete Records, Differences Between Double Entry System and Incomplete Records, Ascertaining Profit Or Loss from Incomplete Records Through Statement of Affairs, Preparation of Final Accounts from Incomplete Records.
Using Samacheer Kalvi Accountancy [English] Class 12 TN Board solutions Accounts from incomplete records exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in Samacheer Kalvi Solutions are essential questions that can be asked in the final exam. Maximum Tamil Nadu Board of Secondary Education Accountancy [English] Class 12 TN Board students prefer Samacheer Kalvi Textbook Solutions to score more in exams.
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