Accounts from Incomplete Records — Account STD 11 Commerce — Question

Vikas's Cash Book showed an overdrawn Cash Book balance of ₹ 20,200 on 31st March, 2019. He received a bank statement showing an overdrawn balance of ₹ 20,310 on 31st March, 2019. The reason for the difference is that bank charged ₹ 310 and allowed interest ₹ 200 has not been recorded in the Cash Book. What entries should Vikas pass to update his Cash Book?

Name the two main accounts maintained in 'Accounts from Incomplete Records'.

How can Closing Capital be ascertained from incomplete records?

What is the need for providing outstanding expenses in final accounts?

What is meant by Marshalling of Assets and Liabilities?

Give the adjustment entry and the treatment in Final Accounts of the following:

1. Accrued Income.
2. Unearned Income.

Calculate the amount of Total Purchases from the following information:
Opening Creditors ₹ 30,000; Closing Creditors ₹ 50,000; Cash paid to Creditors during the year ₹ 60,000; Cash Purchases ₹ 20,000.

Mr. Khanna is the owner of a Theatre. He spent ₹ 5,00,000 for increasing the seating capacity of the Theatre. Where will it be shown and why?

Modern Ltd. sold goods for ₹ 60,000 to Mr. Ashok at a profit of 20% on sale. These goods are still in the godown of Modern Ltd. at the buyer's risk at the close of financial year. What treatment will be made for these goods by Modern Ltd.

If a Trial Balance does not agree, the difference must be entered in:

1. The Profit and Loss Account.
2. A Suspense Account.
3. A Nominal Account.
4. The Capital Account. Give reasons.