Advertisements
Chapters
2: Theory Base of Accounting
3: Recording of Transactions - I
4: Recording of Transactions - II
5: Bank Reconciliation Statement
6: Trial Balance and Rectification of Errors
7: Depreciation, Provisions and Reserves
8: Bill of Exchange
9: Financial Statements - I
10: Financial Statements - II
▶ 11: Accounts from Incomplete Records
12: Applications of Computers in Accounting
13: Computerised Accounting System
![NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 chapter 11 - Accounts from Incomplete Records - Shaalaa.com](/images/accountancy-financial-accounting-1-english-class-11_6:77076d0f0c55428e9084e26e14da9242.jpg "NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 chapter 11 - Accounts from Incomplete Records")
Advertisements
Solutions for Chapter 11: Accounts from Incomplete Records
Below listed, you can find solutions for Chapter 11 of CBSE NCERT for Accountancy - Financial Accounting 1 [English] Class 11.
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 11 Accounts from Incomplete Records Questions for practice [Page 452]
Short Answer
State the meaning of incomplete records?
What are the possible reasons for keeping incomplete records?
Distinguish between statement of affairs and balance sheet.
What practical difficulties are encountered by a trader due to incompleteness of accounting records?
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 11 Accounts from Incomplete Records Questions for practice [Page 452]
Long Answer
What is meant by a ‘statement of affairs’? How can the profit or loss of a trader be ascertained with the help of a statement of affairs?
‘Is it possible to prepare the profit and loss account and the balance sheet from the incomplete book of accounts kept by a trader’? Do you agree? Explain.
Explain how the following may be ascertained from incomplete records:
(a) Opening capital and closing capital
(b) Credit sales and credit purchases
(c) Payments to creditors and collection from debtors
(d) Closing balance of cash.
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 11 Accounts from Incomplete Records Numerical Questions [Pages 452 - 461]
Ascertainment of profit or loss by statement of affairs method
Following information is given below prepare the statement of profit or loss:
|
|
Rs |
|
Capital at the end of the year |
5,00,000 |
|
Capital in the beginning of the year |
7,50,000 |
|
Drawings made during the period |
3,75,000 |
|
Additional Capital introduced |
50,000 |
Manveer started his business on April 01, 2016 with a capital of Rs 4,50,000. On March 31, 2017 his position was as under:
|
|
Rs |
|
Cash |
99,000 |
|
Bills receivable |
75,000 |
|
Plant |
48,000 |
|
Land and Building |
1,80,000 |
|
Furniture |
50,000 |
He owned Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended March 31, 2017.
From the information given below ascertain the profit for the year:
|
|
Rs |
|
Capital at the beginning of the year |
70,000 |
|
Additional capital introduced during the year |
17,500 |
|
Stock |
59,500 |
|
Sundry debtors |
25,900 |
|
Business premises |
8,600 |
|
Machinery |
2,100 |
|
Sundry creditors |
33,400 |
|
Drawings made during the year |
26,400 |
From the following information, calculate capital at the beginning:
|
|
Rs |
|
Capital at the end of the year |
4,00,000 |
|
Drawings made during the year |
60,000 |
|
Fresh capital introduce during the year |
1,00,000 |
|
Profit of the current year |
80,000 |
Following information is given below: calculate the closing capital
|
|
April.01, 2016 |
March.31, 2017 |
|
|
Rs |
Rs |
|
Creditors |
5,000 |
30,000 |
|
Bills payable |
10,000 |
– |
|
Loan |
– |
50,000 |
|
Bills receivable |
30,000 |
50,000 |
|
Stock |
5,000 |
30,000 |
|
Cash |
2,000 |
20,000 |
Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given)
Mrs Anu started firm with a capital of Rs 4,00,000 on 1st October 2016. She borrowed from her friends a sum of Rs 1,00,000 @ 10% per annum (interest paid) for business and brought a further amount to capital Rs 75,000 on March. 31, 2017, her position was:
|
|
Rs |
|
Cash |
30,000 |
|
Stock |
4,70,000 |
|
Debtors |
3,50,000 |
|
Creditors |
3,00,000 |
He withdrew Rs 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly.
Mr. Arnav does not keep proper records of his business he provided following information, you are required to prepare a statement showing the profit or loss for the year.
|
|
Rs |
|
Capital at the beginning of the year |
15,00,000 |
|
Bills receivable |
60,000 |
|
Cash in hand |
80,000 |
|
Furniture |
9,00,000 |
|
Building |
10,00,000 |
|
Creditors |
6,00,000 |
|
Stock in trade |
2,00,000 |
|
Further capital introduced |
3,20,000 |
|
Drawings made during the period |
80,000 |
Ascertainment of statement of affairs at the beginning and at the end of the year and calculation of profit or loss.
Mr. Akshat keeps his books on incomplete records following information is given below:
|
|
April 01, 2016 |
March 31, 2017 |
|
|
Rs |
Rs |
|
Cash in hand |
1,000 |
1,500 |
|
Cash at bank |
15,000 |
10,000 |
|
Stock |
1,00,000 |
95,000 |
|
Debtors |
42,500 |
70,000 |
|
Business premises |
75,000 |
1,35,000 |
|
Furniture |
9,000 |
7,500 |
|
Creditors |
66,000 |
87,000 |
|
Bills payable |
44,000 |
58,000 |
During the year he withdrew Rs 45,000 and introduced Rs 25,000 as further capital in the business compute the profit or loss of the business.
Gopal does not keep proper books of account. Following information is given below:
|
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
Cash in hand |
18,000 |
12,000 |
|
Cash at bank |
1,500 |
2,000 |
|
Stock in trade |
80,000 |
90,000 |
|
Sundry debtors |
36,000 |
60,000 |
|
Sundry creditors |
60,000 |
40,000 |
|
Loan |
10,000 |
8,000 |
|
Office equipments |
25,000 |
30,000 |
|
Land and Building |
30,000 |
20,000 |
|
Furniture |
10,000 |
10,000 |
During the year he introduced Rs 20,000 and withdrew Rs 12,000 from the business. Prepare the statement of profit or loss on the basis of given information
Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information:
|
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
Cash |
1,200 |
1,600 |
|
Bills receivable |
– |
2,400 |
|
Debtors |
16,800 |
27,200 |
|
Stock |
22,400 |
24,400 |
|
Investment |
– |
8,000 |
|
Furniture |
7,500 |
8,000 |
|
Creditors |
14,000 |
15,200 |
He withdrew Rs 300 per month for personal expenses. He sold his investment of Rs 16,000 at 2% premium and introduced that amount into business.
Mr. Girdhari Lal does not keep full double entry records. His balance as on April 01, 2016 is as.
|
Liabilities |
Amount |
Assets |
Amount |
|
Sundry creditors |
35,000 |
Cash in hand |
5,000 |
|
Bills payable |
15,000 |
Cash at bank |
20,000 |
|
Capital |
40,000 |
Sundry debtors |
18,000 |
|
Stock |
22,000 |
||
|
Furniture |
8,000 |
||
|
Plant |
17,000 |
||
|
90,000 |
90,000 |
His position at the end of the year is:
|
|
Rs |
|
Cash in hand |
7,000 |
|
Stock |
8,600 |
|
Debtors |
23,800 |
|
Furniture |
15,000 |
|
Plant |
20,350 |
|
Bills payable |
20,200 |
|
Creditors |
15,000 |
He withdrew Rs 500 per month out of which to spent Rs 1,500 for business purpose. Prepare the statement of profit or loss.
Mr. Ashok does not keep his books properly. Following information is available from his books.
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
|
Sundry creditors |
45,000 |
93,000 |
|
Loan from wife |
66,000 |
57,000 |
|
Sundry debtors |
22,500 |
– |
|
Land and Building |
89,600 |
90,000 |
|
Cash in hand |
7,500 |
8,700 |
|
Bank overdraft |
25,000 |
– |
|
Furniture |
1,300 |
1,300 |
|
Stock |
34,000 |
25,000 |
During the year Mr. Ashok sold his private car for Rs 50,000 and invested this amount into the business. He withdrew from the business Rs 1,500 per month upto October 31, 2016 and thereafter Rs 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on March 31, 2017.
Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2011 from the following information:
|
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
Cash in hand |
10,000 |
36,000 |
|
Debtors |
20,000 |
80,000 |
|
Creditors |
10,000 |
46,000 |
|
Bills receivable |
20,000 |
24,000 |
|
Bills payable |
4,000 |
42,000 |
|
Car |
– |
80,000 |
|
Stock |
40,000 |
30,000 |
|
Furniture |
8,000 |
48,000 |
|
Investment |
40,000 |
50,000 |
|
Bank balance |
1,00,000 |
90,000 |
The following adjustments were made:
(a) Krishna withdrew cash Rs 5,000 per month for private use.
(b) Depreciation @ 5% on car and furniture @10%.
(c) Outstanding Rent Rs 6,000.
(d) Fresh Capital introduced during the year Rs 30,000.
M/s Saniya Sports Equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended March 31, 2017.
| Items | April. 31, 2016 (₹) | March. 31, 2017 (₹) |
| 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 |
Drawing Rs 10,000 p.m. for personal use, fresh capital introduce during the year Rs 2,00,000. A bad debts of Rs 2,000 and a provision of 5% is to be made on debtors outstanding salary Rs 2,400, prepaid insurance Rs 700, depreciation charged on furniture and machine @ 10% p.a.
Ascertainment of Missing Figures
From the following information calculate the amount to be paid to creditors:
|
|
Rs |
|
Sundry creditors as on March 31, 2017 |
1,80,425 |
|
Discount received |
26,000 |
|
Discount allowed |
24,000 |
|
Return outwards |
37,200 |
|
Return inward |
32,200 |
|
Bills accepted |
1,99,000 |
|
Bills endorsed to creditors |
26,000 |
|
Creditors as on April 01, 2016 |
2,09,050 |
|
Total purchases |
8,97,000 |
|
Cash purchases |
1,40,000 |
Find out the credit purchases from the following:
|
|
Rs |
|
Balance of creditors April 01, 2016 |
45,000 |
|
Balance of creditors March 31, 2017 |
36,000 |
|
Cash paid to creditors |
1,80,000 |
|
Cheque issued to creditors |
60,000 |
|
Cash purchases |
75,000 |
|
Discount received from creditors |
5,400 |
|
Discount allowed |
5,000 |
|
Bills payable given to creditors |
12,750 |
|
Return outwards |
7,500 |
|
Bills payable dishonoured |
3,000 |
|
Bills receivable endorsed to creditors |
4,500 |
|
Bills receivable endorsed to creditors |
1,800 |
|
Return inwards |
3,700 |
From the following information calculate total purchases.
|
|
Rs |
|
Creditors April. 01, 2016 |
30,000 |
|
Creditors March. 31, 2017 |
20,000 |
|
Opening balance of Bills payable |
25,000 |
|
Closing balance of Bills payable |
35,000 |
|
Cash paid to creditors |
1,51,000 |
|
Bills discharged |
44,500 |
|
Cash purchases |
1,29,000 |
|
Return outwards |
6,000 |
The following information is given
|
|
Rs |
|
Opening creditors |
60,000 |
|
Cash paid to creditors |
30,000 |
|
Closing creditors |
36,000 |
|
Returns Inward |
13,000 |
|
Bill matured |
27,000 |
|
Bill dishonoured |
8,000 |
|
Purchases return |
12,000 |
|
Discount allowed |
5,000 |
Calculate credit purchases during the year
From the following, calculate the amount of bills accepted during the year.
|
|
Rs |
|
Bills payable as on April 01, 2016 |
1,80,000 |
|
Bills payable as on March 31, 2017 |
2,20,000 |
|
Bills payable dishonoured during the year |
28,000 |
|
Bills payable honoured during the year |
50,000 |
Find out the amount of bills matured during the year on the basis of information given below;
|
|
Rs |
|
Bills payable dishonoured |
37,000 |
|
Closing balance of Bills payable |
85,000 |
|
Opening balance of Bills payable |
70,000 |
|
Bills payable accepted |
90,000 |
|
Cheque dishonoured |
23,000 |
Prepare the bills payable account from the following and find out missing figure if any :
|
|
Rs |
|
Bills accepted |
1,05,000 |
|
Discount received |
17,000 |
|
Purchases returns |
9,000 |
|
Return inwards |
12,000 |
|
Cash paid to accounts payable |
50,000 |
|
Bills receivable endorsed to creditor |
45,000 |
|
Bills dishonoured |
17,000 |
|
Bad debts |
14,000 |
|
Balance of accounts payable (closing) |
85,000 |
|
Credit purchases |
2,15,000 |
Calculate the amount of bills receivable during the year.
|
|
Rs |
|
Opening balance of bills receivable |
75,000 |
|
Bill dishonoured |
25,000 |
|
Bills collected (honoured) |
1,30,000 |
|
Bills receivable endorsed to creditors |
15,000 |
|
Closing balance of bills receivable |
65,000 |
Calculate the amount of bills receivable dishonoured from the following information.
|
|
Rs |
|
Opening balance of bills receivable |
1,20,000 |
|
Bills collected (honoured) |
1,85,000 |
|
Bills receivable endorsed |
22,800 |
|
Closing balance of bills receivable |
50,700 |
|
Bills receivable received |
1,50,000 |
From the details given below, find out the credit sales and total sales.
|
|
Rs |
|
Opening debtors |
45,000 |
|
Closing debtors |
56,000 |
|
Discount allowed |
2,500 |
|
Sales returns |
8,500 |
|
Irrecoverable amount |
4,000 |
|
Bills receivables received |
12,000 |
|
Bills receivable dishonoured |
3,000 |
|
Cheque dishonoured |
7,700 |
|
Cash sales |
80,000 |
|
Cash received from debtors |
2,30,000 |
|
Cheque received from debtors |
25,000 |
From the following information, prepare the bills receivable account and total debtors account for the year ended March 31, 2017.
|
|
Rs |
|
Opening balance of debtors |
1,80,000 |
|
Opening balance of bills receivable |
55,000 |
|
Cash sales made during the year |
95,000 |
|
Credit sales made during the year |
14,50,000 |
|
Return inwards |
78,000 |
|
Cash received from debtors |
10,25,000 |
|
Discount allowed to debtors |
55,000 |
|
Bills receivable endorsed to creditors |
60,000 |
|
Cash received (bills matured) |
80,500 |
|
Irrecoverable amount |
10,000 |
|
Closing balance of bills receivable on March. 31, 2017 |
75,500 |
Prepare the suitable accounts and find out the missing figure if any.
|
|
Rs |
|
Opening balance of debtors |
14,00,000 |
|
Opening balance of bills receivable |
7,00,000 |
|
Closing balance of bills receivable |
3,50,000 |
|
Cheque dishonoured |
27,000 |
|
Cash received from debtors |
10,75,000 |
|
Cheque received and deposited in the bank |
8,25,000 |
|
Discount allowed |
37,500 |
|
Irrecoverable amount |
17,500 |
|
Returns inwards |
28,000 |
|
Bills receivable received from customers |
1,05,000 |
|
Bills receivable matured |
2,80,000 |
|
Bills discounted |
65,000 |
|
Bills endorsed to creditors |
70,000 |
From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors
|
|
Rs |
|
Opening stock |
30,000 |
|
Closing stock |
25,000 |
|
Opening creditors |
50,000 |
|
Closing debtors |
75,000 |
|
Discount allowed by creditors |
1,500 |
|
Discount allowed to customers |
2,500 |
|
Cash paid to creditors |
1,35,000 |
|
Bills payable accepted during the period |
30,000 |
|
Bills receivable received during the period |
75,000 |
|
Cash received from customers |
2,20,000 |
|
Bills receivable dishonoured |
3,500 |
|
Purchases |
2,95,000 |
The rate of gross profit is 25% on selling price and out of the total sales Rs 85,000 was for cash sales.
(Hint: Total sales = 4,00,000 = 3,00,000 × 100 × `100/75`)
Mrs Bhavana keeps his books by Single Entry System. You.re required to prepare final accounts of her business for the year ended March 31, 2017. Her records relating to cash receipts and cash payments for the above period showed the following particulars:
|
Summary of Cash |
|||
|
Dr. |
Cr. |
||
|
Receipts |
Amount |
Payments |
Amount |
|
Opening balance of cash |
12,000 |
Paid to creditors |
53,000 |
|
Further capital |
20,000 |
Business expenses |
12,000 |
|
Received from debtors |
1,20,000 |
Wage paid |
30,000 |
|
Bhavana’s drawings |
15,000 |
||
|
Balance at bank on |
35,000 |
||
|
March. 31,2017 |
|||
|
Cash in hand |
7,000 |
||
|
1,52,000 |
1,52,000 |
||
The following information is also available:
|
April. 01, 2016 |
March. 31, 2017 |
|
|
Rs |
Rs |
|
|
Debtors |
55,000 |
85,000 |
|
Creditors |
22,000 |
29,000 |
|
Stock |
35,000 |
70,000 |
|
Plant |
10,00,000 |
1,00,000 |
|
Machinery |
50,000 |
50,000 |
|
Land and Building |
2,50,000 |
2,50,000 |
|
Investment |
20,000 |
20,000 |
All her sales and purchases were on credit. Provide depreciation on plant and building by 10% and machinery by 5%, make a provision for bad debts by 5%.
Solutions for 11: Accounts from Incomplete Records
NCERT solutions for Accountancy - Financial Accounting 1 [English] Class 11 chapter 11 - Accounts from Incomplete Records
Shaalaa.com has the CBSE Mathematics Accountancy - Financial Accounting 1 [English] Class 11 CBSE solutions in a manner that help students grasp basic concepts better and faster. The detailed, step-by-step solutions will help you understand the concepts better and clarify any confusion. NCERT solutions for Mathematics Accountancy - Financial Accounting 1 [English] Class 11 CBSE 11 (Accounts from Incomplete Records) include all questions with answers and detailed explanations. This will clear students' doubts about questions and improve their application skills while preparing for board exams.
Further, we at Shaalaa.com provide such solutions so students can prepare for written exams. NCERT textbook solutions can be a core help for self-study and provide excellent self-help guidance for students.
Concepts covered in Accountancy - Financial Accounting 1 [English] Class 11 chapter 11 Accounts from Incomplete Records are Meaning of Incomplete Records, Reasons of Incompleteness and Its Limitations, Ascertainment of Profit or Loss by Statement of Affairs Method, Preparation of Trading and Profit and Loss Account and Balance Sheet of Sole Proprietorship.
Using NCERT Accountancy - Financial Accounting 1 [English] Class 11 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 NCERT Solutions are essential questions that can be asked in the final exam. Maximum CBSE Accountancy - Financial Accounting 1 [English] Class 11 students prefer NCERT Textbook Solutions to score more in exams.
Get the free view of Chapter 11, Accounts from Incomplete Records Accountancy - Financial Accounting 1 [English] Class 11 additional questions for Mathematics Accountancy - Financial Accounting 1 [English] Class 11 CBSE, and you can use Shaalaa.com to keep it handy for your exam preparation.
