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Solutions for Chapter 10: Single Entry System
Below listed, you can find solutions for Chapter 10 of Maharashtra State Board Balbharati for Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board.
Balbharati solutions for Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board 10 Single Entry System EXERCISE [Pages 355 - 358]
Answer in one sentence only.
What do you mean by Single Entry System?
Answer in one sentence only.
What is Statement of Affairs?
Answer in one sentence only.
Which types of accounts are normally not kept under the Single Entry System?
Answer in one sentence only.
Which statement is prepared under the Single Entry system to ascertain the capital balances?
Answer in one sentence only.
How Opening Capital is calculated under Single Entry System?
Answer in one sentence only.
Which type of accounts are maintained under Single Entry System?
Answer in one sentence only.
Can a Trial Balance be prepared under Single Entry System?
Answer in one sentence only.
Which type of organization generally follows Single Entry System?
Write a word, term, or phrase which can substitute the following statement.
A statement which is similar to Balance Sheet.
Write a word, term, or phrase which can substitute the following statement.
System of Accounting normally suitable to small business organization.
Write a word, term, or phrase which can substitute the following statement.
A statement similar to Balance Sheet prepared to find out the amount of opening capital
Write a word, term, or phrase which can substitute the following statement.
An excess of assets over liabilities.
Write a word, term, or phrase which can substitute the following statement.
Excess of closing capital over opening capital of proprietor under Single Entry System.
Write a word, term, or phrase which can substitute the following statement.
Name of method of accounting suitable to firms to having limited transactions.
Write a word, term, or phrase which can substitute the following statement.
A System of accounting which is unscientific.
Write a word, term, or phrase which can substitute the following statement.
Further capital introduced by the proprietor in the business concern over and above his existing capital.
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
The capital balances are ascertained by preparing ________
Statement of affairs
Cash Account
Drawings Accounts
Debtors Accounts
Select the most appropriate answer the alternatives given below and rewrite the Sentence.
Under Single Entry System Opening Capital = Opening Assets Less _____________.
Closing Assets
Opening Liabilities
Opening Assets
Closing Liabilities
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Additional Capital introduced during the year is __________ from closing capital in order to find out the correct profit
Added
Deducted
Divided
Ignored
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Single Entry System may be useful for ________.
Sole traders
Company
Government
None of these
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
In order to find out the correct profit, drawings is __________ from closing capital
Multiplies
Divided
Deducted
Added
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
The difference between assets and liabilities is called ____________.
Capital
Drawings
Income
Expenses
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
When Closing Capital is greater than the Opening Capital, the difference is ____________.
Profit
Loss
Assets
Liabilities
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Opening Capital is ₹ 30,000; Closing Capital is ₹ 60,000; Withdrawals are ₹ 5,000; and further capital brought in is ₹ 3,000; Profit is _______.
₹ 45,000
₹ 35,000
₹ 32,000
₹ 22,000
State True or False with reasons:
Double Entry System of Book-keeping is scientific method of books of accounts
True
False
State True or False with reasons:
Preparation of Trial Balance is not possible under Single Entry System
True
False
State True or False with reasons:
Statement of Affairs and Balance Sheet are one and the same.
True
False
State True or False with reasons:
Single Entry System is not useful for large organization.
True
False
State True or False with reasons:
Only Cash and Personal accounts are maintained under Single Entry System.
True
False
Do you agree with the following statement?
Further capital introduced during the year increases profit.
Agree
Disagree
Do you agree with the following statement?
Interest on Drawings decreases the amount of profit under Single Entry System.
Agree
Disagree
Do you agree with the following statement?
Real and Nominal accounts are not maintained under Single Entry System.
Agree
Disagree
Do you agree with the following statement?
Single Entry System is based on certain rules and principles
Agree
Disagree
Do you agree with the following statement?
Statement of Profit is just like Profit and Loss Account.
Agree
Disagree
Fill in the blank:
Statement of Affairs is just like a ______________.
Under Single Entry System, Profit = Closing Capital Less ______.
Fill in the blank:
In order to find out the correct profit, drawings are __________ to the closing capital.
Fill in the blank:
In _________Book Keeping System, in every business transaction we find two effects.
Fill in the blank:
The difference between Assets and Liabilities is called _______.
Fill in the blank:
Single Entry System is more popular for __________.
Fill in the blank:
Additional Capital introduced during the year is __________ from Closing Capital in order to find out the correct profit.
Fill in the blank:
Single Entity System is suitable for ________business.
Find the odd one :
Interest on Drawings
Outstanding Expenses
Undervaluation of Assets
Prepaid Expenses
Find the odd one :
Interest on Capital
Interest on Loan
Overvaluation of Liabilities
Depreciation on Assets
Find the odd one :
Creditors
Bills Payable
Bank Overdraft
Stock in Trade
Complete the following table:
| Closing Capital | Opening Capital | Profit | ||
| ₹ 10,000 | - | ₹ 5,000 | = | ? |
Complete the following table:
| Opening Assets | Opening Liabilities | Opening Capital | ||
| ? | - | ₹ 20,000 | = | ₹ 10,000 |
Complete the following table:
| Closing Assets | Closing Liabilities | Closing Capital | ||
| ₹ 10,000 | - | ₹ 5,000 | = | ? |
Complete the following table:
| Closing Capital | Drawings | Adjusted Closing Capital | Opening Capital | Profit | ||||
| ? | + | ₹ 15,000 | = | ₹ 40,000 | - | ₹ 20,000 | = | ? |
Complete the following table:
| Cash in Hand | Cash at Bank | Sundry Debtors | Bills Payable | Capital | ||||
| ₹ 10,000 | + | ₹ 5,000 | = | ₹ 8,000 | - | ₹ 4,000 | = | ? |
Complete the following table. Put Proper mark in Box:
| Sr. No. | When the closing capital is given | Add | Less |
| 1) | Drawings | ||
| 2) | Prepaid Expenses | ||
| 3) | Overvaluation of Liabilities | ||
| 4) | Undervaluation of Liabilities | ||
| 5) | Interest on Drawings | ||
| 6) | Opening Capital | ||
| 7) | Undervalaution of Assets | ||
| 8) | Interest on Capital | ||
| 9) | Depreciation of Assets | ||
| 10) | Bad debts |
Balbharati solutions for Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board 10 Single Entry System Practical problems [Pages 358 - 362]
Mr. Poonawala keeps his books under the Single Entry System and gives the following information.
Capital as of 31.3.2017 – ₹ 60,000
Capital as on 31.3.2018 – ₹ 1,00,000
Drawings made during the year ₹ 2,000
Additional capital introduced during the year ₹ 12,000
Calculate Profit or Loss during the year.
Sujit a small trader provides you with the following details of his business.
| Particulars | 1.4.2017 (₹) | 31.3.2018 (₹) |
| Cash in Hand | 2,000 | 7,000 |
| Debtors | 40,000 | 60,000 |
| Creditors | 50,000 | 80,000 |
| 10% Govt. Bonds | 9,000 | |
| Bank Overdraft | 70,000 | 30,000 |
| Motor Van | 50,000 | 70,000 |
| Furniture | 15,000 | 15,000 |
| Stock | 70,000 | 90,000 |
| Bills Receivable | 70,000 | 90,000 |
Additional information:
1. Sujit withdraws ₹ 5,000 for his personal use, on 1st Oct. 2017.
2. He had also withdrawn ₹ 30,000 for rent of his residential flat.
3. Depreciation Furniture by 10% p.a. and writes off ₹ 1,000 from Motor Van.
4. Charge interest on Drawings ₹ 3,000.
5. 10% Govt. Bonds were purchased on 1st Oct. 2017.
6. Allow interest on capital at 10% p.a.
7. ₹ 1,000 is written off as bad debts and provides 5% p.a. R.D.D. on Debtors.
Prepare Opening Statement of Affairs, Closing Statement of Affairs, and Statement of Profit or Loss for the year ending 31st March 2018.
Anjali keeps her books by the Single Entry System. Her position on 1.4.2016 was as follows.
Cash at Bank ₹ 4,000, Cash in Hand ₹ 1,000, Stock ₹ 6,000; Sundry Debtors ₹ 8,400, Plant and Machinery ₹ 7,500, Bill Receivable ₹ 2,600, Creditors ₹ 3500; Bills Payable ₹ 4,000
On 31.3.2017 her position was as follows; cash at Bank ₹ 3,900, Cash in Hand ₹ 2,000. Stock ₹ 9000, Sundry Debtors, ₹ 7,500; Plant and Machinery ₹ 7,500; Bills Payable ₹ 2,200, Bills Receivable ₹ 3,400; Creditors ₹ 1,500.
During the year Anjali introduced further Capital of ₹ 1,500 and she spent ₹ 700 per month for her personal use.
Depreciation Plant and Machinery by 5% p.a. and create Reserve for Doubtful debts @ 5% p.a. on the debtor.
Prepare Opening and Closing Statement of Affairs and Statement of Profit or Loss for the year ended 31.3.2017.
Mr. Vijay is dealing in the business of fruits. He maintains an accounting record with a single entry. The following figures are taken from his record.
| Particulars | 31.3.2017 (₹) | 31.3.2018 (₹) |
| Building | 50,000 | 60,000 |
| Furniture | 30,000 | 30,000 |
| Plant and Machinery | 20,000 | 40,000 |
| Sundry Debtors | 30,000 | 50,000 |
| Stock | 15,000 | 25,000 |
| Cash Balance | 10,000 | 20,000 |
| Bills Receivable | 5,000 | 10,000 |
| Sundry Creditors | 30,000 | 15,000 |
| Bank Overdraft | 8,000 | |
| Bank Balance | 12,000 |
Additional information:
1. Mr. Vijay introduced ₹ 7,000 as fresh capital.
2. He spent ₹ 40,000 from his business for his daughter’s marriage.
3. Depreciate Building by ₹ 6,000.
4. Create a 5% reserve for doubtful debts on Sundry Debtor.
Prepare:
1. Opening Statement of Affairs.
2. Closing Statement of Affairs
3. Statement of Profit or Loss for the year ended 31.3.2018.
Miss. Fiza keeps her books on the Single Entry System and disclosed the following information about her business.
| Particulars | 1.4.2017 (₹) | 31.3.2018 (₹) |
| Debtors | 25,000 | 45,000 |
| Investments | 40,000 | |
| Plant and Machinery | 10,000 | 10,000 |
| Creditors | 30,000 | 33,000 |
| Stock | 32,000 | 35,000 |
| Cash at Bank | 16,000 | 50,000 |
| Bills Payable | 5,000 | 8,000 |
Additional information:
1. Miss. Fiza transferred ₹ 2,000 per month during the first half-year and ₹ 1000 per month for the second half-year from a business account to her personal account.
2. She sold her private asset for ₹ 40,000 and brought the proceeds into her business.
3. She also took goods worth ₹ 12,000 for private use.
4. Plant and Machinery is to be depreciated by 10% p.a.
5. Provide R.D.D. on debtors at 5% p.a.
Prepare:
1. Opening Statement of Affairs
2. Closing Statement of Affairs
3. Statement of Profit or Loss for the year ended 31.3.2018
Solution:
Miss. Sanika keeps her books on the Single Entry System. The statement of affairs is given on 31st March 2018.
| Liabilities | Amt (₹) | Assets | Amt (₹) |
| Creditors | 12,000 | Plant and Machinery | 17,000 |
| Bills Payable | 8,500 | Debtors | 19,500 |
| Capital Balance | 38,500 | Stock | 9,000 |
| Cash in Hand | 7,500 | ||
| Bills Receivable | 6,000 | ||
| 59,000 | 59,000 |
On 31st March 2018 their Assets and Liabilities were as follows:
Plant and Machinery ₹ 42,000, Stock ₹ 38,000, Cash in Hand ₹ 10,000, Creditors ₹ 7,000, Debtors ₹ 25,000, Bills Payable ₹ 6,000
Drawings during the year were ₹ 5,500, Plant and Machinery were found Overvalued by 5% p.a. and Stock was found Undervalued by 20% p.a., R.D.D. was to be created at 10% p.a. on Debtors, Interest on Capital was allowed at 10% p.a.
Prepare:
1. Closing Statement of Affairs.
2. Statement of Profit or Loss for the year ended 31st March 2018.
Mr. Suhas commenced his business with the Capital of ₹ 1,50,000 on 1st April 2017. His financial position was as follows as on 31st March 2018, Cash ₹ 20,000, Stock ₹ 15,000, Debtors ₹ 30,000, Premises ₹ 90,000, Vehicles ₹ 45,000, Creditors ₹ 18,500, Bills Payable ₹ 10,000.
Additional information:
1. He brought additional capital ₹ 10,000 on 30th Sept. 2017, Interest on capital is to be provided at 5% p.a.
2. He withdrew ₹ 15,000 for personal use on which interest is to be charged at 5% p.a.
3. Write off Bad debts ₹ 500.
Prepare:
1. Closing Statement of Affairs
2. Statement of Profit or Loss for the year ended 31.3.2018.
Ganesh keeps his books by the Single Entry Method. Following are the details of his business:
| Particulars | 1.4.2016 (₹) | 31.3.2017 (₹) |
| Cash in Hand | 15,000 | 22,000 |
| Cash at Bank | 30,000 | 45,000 |
| Stock | 8,000 | 13,000 |
| Furniture | 20,000 | 20,000 |
| Plant and Machinery | 90,000 | 1,10,000 |
| Building | 50,000 | 50,000 |
| Debtors | 27,000 | 38,000 |
| Creditors | 8,000 | 10,000 |
During the year he has withdrawn ₹ 25,000 for his private purpose and goods of ₹ 3,000 for household use. On 1st Oct. 2016. He sold his household furniture for ₹ 4,000 and deposited the same amount in a business Bank Account.
Provide Depreciation on Plant and Machinery at 10% p.a. (assuming additions were made on 1st Oct. 2016) and Furniture at 5%.
Prepare:
1. Opening Statement of Affairs
2. Closing Statement of Affairs
3. Statement of Profit or Loss for the year ended 31.3.2017.
Peter keeps his books on the Single Entry System. From the following particulars, Prepare Opening and Closing Statement of Affairs and Statement of Profit or Loss for the year ending 31st March 2018.
| Particulars | 31.3.2017 (₹) | 31.3.2018 (₹) |
| Bank Balance | 46,000 | 38,000 |
| Cash Balance | 8,500 | 15,000 |
| Sundry Debtors | 80,000 | 1,30,000 |
| Stock | 70,000 | 1,00,000 |
| Furniture | 18,000 | 18,000 |
| Sundry Creditors | 40,000 | 45,000 |
| Bills Payable | 15,000 | 30,000 |
Additional Information:
1. Peter has withdrawn ₹ 15,000 from the business for his personal use.
2. He has introduced additional capital of ₹ 10,000 in the business on 1st January 2018.
3. Depreciate furniture @ 10% p.a.
4. Maintain reserve for doubtful debts @ 5% on Sundry Debtors.
5. Closing Stock is overvalued by 25% in the books.
Suresh keeps his books by the Single Entry System. His position on 1.4.2017 was as follows.
Cash at Bank ₹ 4,000, Cash in Hand ₹ 3,000; Stock ₹ 8,000; Sundry Debtors ₹ 9,000; Plant & Machinery ₹ 10,000; Bills Receivable ₹ 3000; Creditors ₹ 1500; Bills Payable ₹ 2000.
On 31st March 2018, his position was as follows:
Cash at bank ₹ 6,400; Cash in Hand ₹ 1,800; Stock ₹ 10000; Sundry and Debtors ₹ 8,000; Plant & Machinery ₹ 10,000; Bills Payable ₹ 4,000; Bills Receivable ₹ 5,200; Creditors ₹ 2,000 During the year Suresh introduced further capital of ₹ 3,000 and his drawings were ₹ 700 per months. Depreciate Plant & Machinery by 5% and create a reserve for bad doubtful debts @ 5%.
Prepare:
1. Opening Statement of Affairs
2. Closing Statement of Affairs
3. Statement of Profit or Loss for the year ended 31.3.2018.
Solutions for 10: Single Entry System
Balbharati solutions for Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board chapter 10 - Single Entry System
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Concepts covered in Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board chapter 10 Single Entry System are Single Entry System, Difference Between Single Entry System and Double Entry System, Preparation of Opening and Closing Statement of Affairs, Preparation of Statement of Profit Or Loss, Additional Information (Adjustments).
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