Single entry system is also called$………$
- AAccounts from complete records
- ✓Accounts from incomplete records
- CDouble entry accounting system
- DIndependent accounting system
Answer: B.
View full solution →Question types
P2 C10 Accounts from Incomplete Records question types
58 questions across 6 question groups — pick any mix to generate a Account paper with step-by-step answer keys.
58
Questions
6
Question groups
5
Question types
01
MCQ .(1 Marks)
5 Q→02Answer In One Or Two Sentence .(1 Marks)
26 Q→03questions in two to three sentences . (2 Marks)
1 Q→04Give Answer As Asked . (3 Marks)
11 Q→05Give Answer As Asked .(4 Marks)
4 Q→06Give Answer As Asked .(6 Marks)
11 Q→Sample Questions
P2 C10 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.
What should be prepared to find capital in capital comparison method ?
- AStatement of profit-loss
- ✓Statement of affairs
- CStatement of goods for business
- DBalance sheet
Answer: B.
View full solution →Under single entry system$…………$
- AOnly one effect for all transaction
- BTwo effect $($entry$)$ for all transaction
- CNo effect for any transaction
- ✓Only one effect for some transaction and two effect for remaining transaction
Answer: D.
View full solution →Which statement is to be prepared to find out opening capital in single entry system.
- ATrading account
- ✓Statement of affairs
- CStatement of profit-loss
- DStatement of stock
Answer: B.
View full solution →Normally, who uses single entry accounting methods ?
- ABusinessman
- ✓Small retailers
- CPublic companies
- DGovernment Companies
Answer: B.
View full solution →Why important decisions cannot be made under Single Entry System?
Why Single Entry System is not reliable?
By which other name Statement of Affairs Methods is known?
How is the profit calculated under the Single Entry System to ascertain profit?
How is the drawings made during the year adjusted while calculating profit in the statement of profit under Single Entry System?
How does single entry system differ from double entry system?
Discuss the limitations of Single entry system In detail.
What is Single Entry System? Give the characteristics of Single Entry System.
Discuss in detail how to determine profit or loss in capital comparision method.
What is Statement of Affairs? Give specimen to explain.
Describe the uses (advantages) of Single Entry System.
Smt. Shubhaben Nanavati keeps her accounts as per single entry system. From the following information find out the profit / loss by capital comparison method:
During the year, she had brought her personal scooter worth $Rs. 11,000$ in the business and she had withdrawn $Rs. 1,750$ by cash. Her personal $LIC$ premium of $Rs.3,500$ and income tax of $Rs.4,100$ are paid from business, while goods of $Rs. 1,400$ were taken away from business for her personal use.
View full solution →| Particulars | 1-4-15 Amount |
31-3-16 Amount |
| Land-Building | $13,000$ | $25,000$ |
| Machinery | $9,000$ | $11,000$ |
| Furniture | $1,500$ | $2,500$ |
| Investments | $2,500$ | $3,000$ |
| Debtors | $6,250$ | $8,250$ |
| Bills payable | $600$ |
$750$ |
| Creditors | $7,500$ | $9,000$ |
| ***** receivable | $1,600$ | $1,200$ |
| Stock | $4,000$ | $5,000$ |
| Cash and Bank balance | $4,000$ | $3,000$ |
| Loan from bank | $5,000$ | $5,000$ |
| Provident fund | $2,000$ | $2,500$ |
During the year, she had brought her personal scooter worth $Rs. 11,000$ in the business and she had withdrawn $Rs. 1,750$ by cash. Her personal $LIC$ premium of $Rs.3,500$ and income tax of $Rs.4,100$ are paid from business, while goods of $Rs. 1,400$ were taken away from business for her personal use.
Smt. Maltiben keeps her books of account as per single entry system. Her assets and liabilities as on $1 – 4 - ‘15$ and $31 – 3 - ‘16$ are as under:
During the year her cash withdrawal was $Rs.13,200$ and goods withdrawal was $Rs. 4,200$. She had brought $Rs. 12,000$ as additional capital in the business. Prepare a statement showing profit or loss for the year ended $31 - 3 - ‘16.$
View full solution →| Particulars | $1-4-15$ Amount |
$31-3-16$ Amount |
| Building | $84,000$ | $84,000$ |
| Machinery | $50,400$ | $58,800$ |
| Furniture | $10,800$ | $10,800$ |
| Investments | $4,000$ | $4,000$ |
| Stock | $25,200$ | $30,400$ |
| Debtors | $24,000$ | $36,000$ |
| Creditors | $16,200$ | $33,000$ |
| Cash and Bank balance | $14,400$ | $22,500$ |
| Bills Payable | $18,000$ | $20,700$ |
| Bills receivable | $8,400$ | $10,700$ |
During the year her cash withdrawal was $Rs.13,200$ and goods withdrawal was $Rs. 4,200$. She had brought $Rs. 12,000$ as additional capital in the business. Prepare a statement showing profit or loss for the year ended $31 - 3 - ‘16.$
Explain the difference between Statement of Affairs and Balance Sheet.
Explain the difference between Single Entry System and Double Entry System.
Shri Harish Chaudhary keeps his books as per single entry system. From the following information you have to find out profit for the year 2015-16 and prepare a balance sheet as on $31-3-2016.$
The stock as on $1-4-2015$ was valued at $₹ 90,000$. During the year $2015-16$, the purchases amounted to $₹ 3,60,000$ while sales amounted to $₹ 4,05,000$. The goods were sold so as to earn a profit of $25 \%$ on cost price. On $1-1-2016$, Ilarish has brought his private furniture of $₹ 19,200$ in the firm. A machine of $₹ 36,000$ has been purchased by cash, during the year on $1-10-2015$. A bill receivable of $₹ 10,800$ was received from one of the customers during the year, which was discounted for cash for $₹ 10,500$, which has been recorded in cash book but posting has not been made in the customer's account. Harish had taken away goods of $₹ 18,000$ for personal use and goods of $₹ 9000$ have been given as charity. Harish has withdrawn $₹ 36,000$ in cash. He had paid $₹ 1800$ for his daughter's school fees and life insurance premium of $₹ 900$ of his wife from the business. Provide for depreciation on machinery at $10 \%$ pa. and on furniture at $6 \%$ p.a. Provide for bad debt reserve at $5 \%$ on debtors and calculate interest on capital at $8 \%$ p.a.
View full solution →The stock as on $1-4-2015$ was valued at $₹ 90,000$. During the year $2015-16$, the purchases amounted to $₹ 3,60,000$ while sales amounted to $₹ 4,05,000$. The goods were sold so as to earn a profit of $25 \%$ on cost price. On $1-1-2016$, Ilarish has brought his private furniture of $₹ 19,200$ in the firm. A machine of $₹ 36,000$ has been purchased by cash, during the year on $1-10-2015$. A bill receivable of $₹ 10,800$ was received from one of the customers during the year, which was discounted for cash for $₹ 10,500$, which has been recorded in cash book but posting has not been made in the customer's account. Harish had taken away goods of $₹ 18,000$ for personal use and goods of $₹ 9000$ have been given as charity. Harish has withdrawn $₹ 36,000$ in cash. He had paid $₹ 1800$ for his daughter's school fees and life insurance premium of $₹ 900$ of his wife from the business. Provide for depreciation on machinery at $10 \%$ pa. and on furniture at $6 \%$ p.a. Provide for bad debt reserve at $5 \%$ on debtors and calculate interest on capital at $8 \%$ p.a.
Shri Mahesh Sonara maintains his account as per single entry system. From the follwoing particulars of business, prepare profit and loss account for the year ended $31-3-2016$ and a balance sheet as on that date.
Balances of some assets and liabilities as on $31-3-2016$ were as under : Debtors $₹ 11,550$ Cash $₹ 5775$ Creditors $₹ 5250$ Bank overdraft $₹ 20,700$ Goods stocks $₹ 12,075$ Outstanding expenses $₹ 1050$ Additional Information :
$(1)$ On $1-10-2015$, Shri Maheshbhai brought personal furniture of $₹ 3150$ into the business.
$(2)$ A cycle of $₹ 5250$ was purchased on $1-7-2015. $
$(3)$ Goods worth $₹ 2625$ were withdrawn for personal use by Shri Maheshbhai and Life Insurance premium of $₹ 525$ was paid from the business.
$(4)$ On $31—3—2016, 12 \%$ government securities having face value of $₹ 5250$ were purchased for $₹ 5000.$
$(5)$ Interest at $10 \%$ p.a. on capital is to be calculated. Depreciation on building at $6 \%$ pa. and on Scooter at $12 \%$ p.a. is to be calculated.
$(6) 10 %$ bad debt reserve is to be provided on debtors.
View full solution →Balances of some assets and liabilities as on $31-3-2016$ were as under : Debtors $₹ 11,550$ Cash $₹ 5775$ Creditors $₹ 5250$ Bank overdraft $₹ 20,700$ Goods stocks $₹ 12,075$ Outstanding expenses $₹ 1050$ Additional Information :
$(1)$ On $1-10-2015$, Shri Maheshbhai brought personal furniture of $₹ 3150$ into the business.
$(2)$ A cycle of $₹ 5250$ was purchased on $1-7-2015. $
$(3)$ Goods worth $₹ 2625$ were withdrawn for personal use by Shri Maheshbhai and Life Insurance premium of $₹ 525$ was paid from the business.
$(4)$ On $31—3—2016, 12 \%$ government securities having face value of $₹ 5250$ were purchased for $₹ 5000.$
$(5)$ Interest at $10 \%$ p.a. on capital is to be calculated. Depreciation on building at $6 \%$ pa. and on Scooter at $12 \%$ p.a. is to be calculated.
$(6) 10 %$ bad debt reserve is to be provided on debtors.
Shri Sanjay Vakil maintains his books of accounts as per single entry system. IIis assets and liabilities were as under :
During the year, his cash drawings was $₹ 7000$ and goods withdrawn was $₹ 1800$. He brought in $₹ 4000 $ as an additional capital. Prepare a statement showing his profit or loss for the year ended $31-3-2016$. Above mentioned information is obtained either from books or from the other sources.
View full solution →During the year, his cash drawings was $₹ 7000$ and goods withdrawn was $₹ 1800$. He brought in $₹ 4000 $ as an additional capital. Prepare a statement showing his profit or loss for the year ended $31-3-2016$. Above mentioned information is obtained either from books or from the other sources.
Shri Vivek keeps his accounts as per single entry system. His particulars of assets and liabilities are as under:
Additional Information: His cash withdrawals were $Rs.6,000$ as on $1 -7-’15$ and $Rs. 4,000$ on $1-10- ‘15.$ On $1 -9- ‘15$, he brought personal furniture worth $Rs.15,000,$ personal computer worth $Rs.24,000$ and cash of $Rs.21,000$ in the business. Depreciation is to be provided at $10 \%$ p.a. on land-building and furniture and $20 \%$ p.a. on computer. Provide $5 \%$ for doubtful debts on debtors. Interest is to be calculated at $10\%$ p.a. on capital and at $8 \%$ p.a. on drawings. From the above information, prepare statement showing profit! loss and a balance sheet as on $31-3 -‘16$ in the books of Vivek.
View full solution →| Particulars | $1-4-15$ Amount |
$31-3-16$ Amount |
| Land-Building | $1,40,000$ | $1,40,000$ |
| Furniture | $30,00$ | $45,000$ |
| Computer | $-$ | $24,000$ |
| Stock | $36,000$ | $21,000$ |
| Cash balance | $11,000$ | $14,000$ |
| Bank balance | $58,000$ | $32,000$ |
| Debtors | $23,000$ | $32,000$ |
| Creditors | $24,000$ | $21,000$ |
| Outstanding salary | $4,500$ | $5,400$ |
| Prepaid insurance | $2,100$ | $3,000$ |
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