When closing capital is less than opening capital, it denotes:
- AProfit.
- BLoss.
- ✓Loss, if there is no drawing.
- DNone of the above.
Answer: C.
View full solution →Question types
Accounts from Incomplete Records question types
78 questions across 5 question groups — pick any mix to generate a Account paper with step-by-step answer keys.
78
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5
Question groups
5
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01
M.C.Q (1 Marks)
5 Q→021 Marks Question
23 Q→033 Marks Question
9 Q→044 Marks Question
7 Q→056 Marks Question
34 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.
Generally accounts under single entry sytem are maintained by :
- ✓Sole Trader.
- BCompany.
- CSociety.
- DGovernment.
Answer: A.
View full solution →If Capital at the end of the year is $₹ 40,000$; Capital introduced during the year $₹ 30,000$: drawings for the year $₹ 20,000$ and loss for the year is $60,000$, then Capital at the beginning of the year was :
- ✓$₹ 90,000$
- B$₹ 80,000$
- C$₹ 70,000$
- D$₹ 10,000$
Answer: A.
View full solution →Single Entry System of book keeping is:
- AInaccurate
- BUnsystematic
- CUnscientific
- ✓All of these.
Answer: D.
View full solution →When closing capital is more than opening capital, it denotes:
- AProfit.
- BLoss.
- CNo Profit no loss.
- ✓Profit, if there is no introduction of fresh capital.
Answer: D.
View full solution →In the Single Entry System which two method are used to ascertain profit or loss?
Give one reason for keeping incomplete records.
What is the common objective of Single Entry System and Double Entry System?
Can a limited company maintain its account under Single Entry System?
Which accounting principle is ignored under single entry and followed under double entry system?
From the details given below find out the Credit Sales and Total Sales:
Write any three defects of Incomplete Records.
State one point of difference between Statement of Affairs and Balance Sheet.
Atul does not keep proper records of his business. He gives you the following information:
Calculate profit or loss for the year.
Calculate profit or loss for the year.
Find out the Credit Purchases from the details given below:
Prepare a ‘Total Creditors Account with imaginary figures.
Write any three characteristics of Single Entry System.
Give any three reasons for keeping records under Single Entry System.
Ascertain the value of Closing Stock from the following:
Rate of G.P. on cost is 25%.
Rate of G.P. on cost is 25%.
Suchitra started a business on $1^{st}$ April, $2013$ with a Capital of ₹ $50,00,000$. On $31^{st}$ March, $2014$ her total Assets were ₹ $60,00,000$ and Creditors were $3,00,000$. She withdrew during the year for her personal expenses ₹ $10,000$ per month upto $30^{th}$ June, $2013$ and thereafter ₹ $15,000$ per month upto $31^{st}$ March, $2014$. During the year she sold her personal investments of ₹ $80,000$ at $5\%$ loss and introduced that amount in the business.
You are required to prepare a Statement of Profit or Loss for the year ending $31^{st}$ March, $2014$.
View full solution →You are required to prepare a Statement of Profit or Loss for the year ending $31^{st}$ March, $2014$.
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.
State three points of difference between Single Entry and Double Entry System. Difference between Double Entry System and Single Entry System?
Mr. White does not keep his books properly. Following information is available from his books.
During the year Mr. White sold his private car for ₹ $50,000$ and invested this amount into the business. He withdrew from the business ₹ $1,500$ per month upto $31^{st}$ October, $2015$ and thereafter ₹ $4,500$ per month as drawings. You are required to prepare a statement of profit or loss and a statement of affairs as at March $31, 2016$.
View full solution →During the year Mr. White sold his private car for ₹ $50,000$ and invested this amount into the business. He withdrew from the business ₹ $1,500$ per month upto $31^{st}$ October, $2015$ and thereafter ₹ $4,500$ per month as drawings. You are required to prepare a statement of profit or loss and a statement of affairs as at March $31, 2016$.
Mr. Vasudev 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.
The Capital of Sh. Madhusudan on $1^{st}$ April, $2016$ was ₹ $5,00,000$ and on $31^{st}$ March, $2017$ was ₹ $4,80,000$. He has informed you that he withdrew from the business ₹ $8,000$ per month for his private use. He paid ₹ $20,000$ for his income-tax and the installment of the loan of his personal house at the rate of ₹ $15,000$ per month from the business. He had also sold his shares of Reliance Company costing ₹ $1,00,000$ at a profit of $20\%$ and invested half of this amount in the business. Calculate the profit or loss of the business.
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