Cash received from debtors needed for the construction of cash account can be ascertained from $......$
- ✓Total Debtors Account
- BBalance Sheet
- CAnalysis of Cash Book
- DPass Book
Answer: A.
View full solution →Question types
Accounts from Incomplete Records question types
338 questions across 5 question groups — pick any mix to generate a Account paper with step-by-step answer keys.
338
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5
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M.C.Q (1 Marks)
158 Q→021 Marks Question
45 Q→033 Marks Question
42 Q→044 Marks Question
28 Q→056 Marks Question
65 Q→Sample Questions
Accounts from Incomplete Records questions
One sample from each question group in this chapter. Select any group above to see the full set with answer keys.
The amount of credit sales can be computed from:
- ✓Total debtors account
- BTotal creditors account
- CBills receivable account
- DBills payable account
Answer: A.
View full solution →Balance of interest on calls$-$on$-$advance account is transferred to the $......$ at the end of the year.
- AShare capital account
- BCalls in advance account
- CSecurities premium account
- ✓Profit $\&$ loss account
Answer: D.
View full solution →The excess of assets over liabilities is:
- ALoss
- BCash
- ✓Capital
- DProfit
Answer: C.
View full solution →Incomplete record mechanism of book keeping is $......$
- AScientific
- BUnscientific
- ✓Unsystematic
- DBoth $(b)$ and $(c)$
Answer: C.
View full solution →How can Opening Capital be ascertained from incomplete records?
In the Single Entry System which two method are used to ascertain profit or loss?
How can credit purchases be determined from incomplete records?
Give one reason for keeping incomplete records.
What is the common objective of Single Entry System and Double Entry System?
Why the statement of assets and liabilities prepared under Single Entry System at the end of the accounting period is called a Statement of Affairs instead of Balance Sheet?
From the following particulars, prepare Total Creditors Account:
| ₹ | |
| Credit purchases | 2,40,000 |
| Cash purchases | 50,000 |
| payment to creditors | 2,10,000 |
| Discount allowed by them | 5,000 |
| Bills Payable accepted | 30,000 |
| Creditors in the beginning of the year | 90,000 |
Prepare the bills payable account from the following and find out missing figure if any:
| ₹ | |
| 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 |
From the details given below find out the Credit Sales and Total Sales:
Find out the amount of bills matured during the year on the basis of information given below:
| ₹ | |
| 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 a ‘Total Creditors Account with imaginary figures.
Prepare the suitable accounts and find out the missing figure if any
| ₹ | |
| 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. | 27,00 |
| Cash received from debtors. | 10,75,00 |
| Cheque received and deposited in the bank. | 8,25,00 |
| Discount allowed. | 37,50 |
| Irrecoverable amount. | 17,500 |
| Returns inwards. | 28000 |
| Bills receivable received from customers. | 1,05,000 |
| Bills receivable matured. | 2,80,000 |
| Bills discounted. | 65,000 |
| Bills endorsed to creditors. | 70,000 |
Creditors on 1st April, 2017 were ₹ 15,000, Purchases on credit were ₹ 30,000, Cash paid to Creditors during 2017-18 was ₹ 20,000, Returns Outward (regarding credit purchases) were ₹ 1,000 and Bills Payable accepted during the year ₹ 10,000. Find the balance of Creditors on 31st March, 2018.
Write any three characteristics of Single Entry System.
Give any three reasons for keeping records under Single Entry System.
‘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.
Hari maintains his books of account on Single Entry System. His books provide the following information:
His drawings during the year were ₹ 5,000 Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors. Prepare the statement showing the profits for the year.
His drawings during the year were ₹ 5,000 Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors. Prepare the statement showing the profits for the year.
Krishan started his business on 1st April, 2018 with a Capital of ₹ 1,00,000. On 31st March, 2019, his assets were:
He owed ₹ 12,000 to sundry creditors and ₹ 10,000 to his brother on that date. He withdrew ₹ 2,000 per month for his personal expenses. Ascertain his profit.
| ₹ | |
| Cash | 3,200 |
| Stock | 34,800 |
| Debtors | 31,000 |
| Plant | 85,000 |
Mr. Joshi started a business with a capital of ₹ 5,00,000. At the end of the year his position was:
Sundry creditors at this date totalled ₹ 80,000. During the year he introduced a further capital of ₹ 1,50,000 and withdrew for household expenses ₹ 90,000.
You are required to calculate profit or loss during the year.
Sundry creditors at this date totalled ₹ 80,000. During the year he introduced a further capital of ₹ 1,50,000 and withdrew for household expenses ₹ 90,000.
You are required to calculate profit or loss during the year.
Shruti maintains her books of account from Incomplete Records. Her books provide the following information:
She withdrew ₹ 500 per month for personal expenses. She sold her Investments of ₹ 16,000 at 5% premium and introduced the amount into business.
You are required to prepare a Statement of Profit or Loss for the year ending 31st March, 2016.
She withdrew ₹ 500 per month for personal expenses. She sold her Investments of ₹ 16,000 at 5% premium and introduced the amount into business.
You are required to prepare a Statement of Profit or Loss for the year ending 31st March, 2016.
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