Numerical Questions<\/span><\/p>\nAscertainment of profit or loss by statement of affairs method<\/p>\n
Question 1. \nFollowing information is given below, prepare the statement of profit or loss : \nCapital at the end of the year — 5,00,000 \nCapital in the beginning of the year — 7,50,000 \nDrawings made during the period — 3,75,000 \nAdditional Capital introduced — 50,000 \nAnswer : \n <\/p>\n
Net Prorfit = Capital at end – Capital at beginning + Drawings during the year – Capital introduced during the year \n= Rs. 5,00,000 – Rs. 7,50,000 + Rs. 3,75,000 – Rs. 50,000 = Rs. 75,000.<\/p>\n
Question 2. \nManveer started his business on January 1,2011 with a capital of Rs. 4,50,000. On December 31, 2011 his position was as under: \nCash — 99,000 \nBills Receivable — 75,000 \nPlant 48,000 \nLand and Building 1,80,000 \nFurniture 50,000 \nHe 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 the year ended December 31,2011. Solution : \nOpening Capital Given = Rs. 4,50,000 \nAnswer : \n <\/p>\n
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Or \nNet Prorfit = Capital at end – Capital at beginning + Drawings during the year \n= Rs. 4,07,000 – Rs. 4,50,000 + Rs. 96,000 = Rs. 53,000.<\/p>\n
Question 3. \nFrom the information given below to ascertain the profit for the year : \nCapital at the beginning of the year — 70,000 \nAdditional capital introduced during the year — 17,500 \nStock — 59,500 \nSundry debtors — 25,900 \nBusiness premises — 8,600 \nMachinery — 2,100 \nSundry creditors — 33,400 \nDrawing made during the year — 26,400 \nAnswer: \n <\/p>\n
Or \nNet Prorfit = Capital at end – Capital at beginning + Drawing during the year – Capital introduced during the year \n= Rs. 62,700 – Rs. 70,000 + Rs. 26,400 – Rs. 17,500 = Rs. 1,600.<\/p>\n
Question 4. \nFrom the following information, calculate Capital at the beginning : \nCapital at the end of the year — Rs. 4,00,000 \nDrawings made during the year — Rs.60,000 \nFresh Capital intorduce during the year — Rs.1,00,000 \nProfit of the current year — Rs.80,000 \nSolution : \nCapital at the beginning = Capital at the end + Drawing during the year – Fresh Capital introduced – Profit of the current year = Rs. 4.00,000 + Rs. 60,000 – Rs. 1,00,000 – Rs. 80,000 = Rs. 2,80,000.<\/p>\n
Question 5. \nFollowing information is given below, calculate the closing capital: \n \nCalculation of profit or loss and ascertainment of statement of affairs at the end of the year \n(Opening balance is given). \nAnswer: \n.. \n <\/p>\n
Net Profit = Closing Capital – Opening Capital = Rs. 20,000 – Rs. 22,000 = – (Rs. 2,000) \nNet Loss = Rs. 2,000.<\/p>\n
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Question 6. \nMrs. Anu started firm with a capital of Rs. 4,00,000 on 1st July, 2011. 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 Dec. 31,2011, her position was : \nCash — Rs 30,000 \nStock — Rs 4,70,000 \nDebtors — Rs 3,50,000 \nCreditors — Rs 3,00,000 \nShe withdrew Rs. 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly. \nSolution : \nOpening Capital on July 1,2011 = Rs. 4,00,000 \nAccounting period = 6 months \n \n \nOr \nNet Profit = Capital at the end – Capital at the beginning + Drawing during the year – Capital introduced during the year \n= Rs. 4,50,000 – Rs. 4,00,000 + Rs. 48,000 – Rs. 75,000 = Rs. 23,000.<\/p>\n
Question 7. \nMr. Arnav docs 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. \nCapital at the beginning of the year — Rs15,00,000 \nBills Receivable — Rs 60,000 \nCash in hand — Rs 80,000 \nFurniture — Rs 9,00,000 \nBuilding — Rs 10,00,000 \nCreditors — Rs 6,00,000 \nStock in trade — Rs 2,00,000 \nFurther capital introd uced — Rs 3,20,000 \nDrawings made during the period — Rs 80,000 \nAscertainment of statement of affairs at the beginning and at end of the year and calculation of profit or loss. \nAnswer: \n \nOr \nNet Profit = Capital at the end – Capital at the beginning + Drawing during the year – Capital introduced during the year \n= Rs. 16,40,000 – Rs. 15,00,000 + Rs. 80,000-Rs. 3,20,000 = -(Rs. 1,00,000) \nNet Loss = Rs. 1,00,000.<\/p>\n
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Question 8. \nMr. Akshat keeps his books on incomplete records, following information is given below : \n \n \nDuring 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. \nAnswer: \nDrawing during the year = Rs. 45,000 \nAdditional Capital = Rs. 25,000 \n \n <\/p>\n
Net Profit = Capita! at the end – Capital at the beginning + Drawing during the year – Capital introduced during the year \n= Rs. 1,74,000 – Rs. 1,32,500 + Rs. 45,000 – Rs. 25,000 = Rs. 61,500.<\/p>\n
Question 9. \nGopal does not keep proper books of account. Following information is given below : \n \nDuring 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. \nAnswer: \n \n <\/p>\n
Or \nNet Profit = Capital at the end – Capital at the beginning Drawing during the year – Capital introduced during the year \n= Rs. 1,76,000 – Rs. 1,30,500 + Rs. 12,000 – Rs. 20,000 = Rs. 37,500.<\/p>\n
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Question 10. \nMr. Muneesh maintains his books of accounts from incomplete records. His books provide the information : \n \nHe 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. \nAnswer: \nStatement of Affairs of Mr. Muneesh as at Jan. 1,2011 \n \n \n \nOr \nNet Profit = Capital at the end – Capital in beginning + Drawing during the year – Capital introduced during the year = Rs. 56,400 – Rs. 33,900 + Rs. 3,600 – Rs. 16,320 = Rs. 9,780.<\/p>\n
Question 11. \nMr. Girdhari Lai does not keep full double entry records. His balance as on January 1,2012 is as : \n \nHis position at the end of the year is : \nCash in hand — Rs 7,000 \nStock — Rs 8,600 \nDebtors — Rs 23,800 \nFurniture — Rs 15,000 \nPlant — Rs 20,350 \nBills payable — Rs 20,200 \nCreditors — Rs 15,000 \nHe withdrew Rs. 500 per month out of which he spent Rs. 1,500 for business purpose. Prepare the statement of profit or loss. \nAnswer: \n \n \nOr \nNet Profit = Capital at the end-Capital at the beginning Drawing during the year – Capital introduced during the year = Rs. 39,550 – Rs. 40,000 + Rs. 4,500 – 0 = Rs. 4,050 \nNet Profit is Rs. 4,050.<\/p>\n
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Question 12. \nMr. Ashok does not keep his books properly. Following information is available from his books : \n \nDrawing during the year Rs. 1,500 x 7 months = Rs. 10,500 Rs. 4,500 x 5 months = Rs. 22,500 \nTotal drawing = Rs. 33,000 Statement of Profit for the year ended Dec. 31,2011 \nAnswer: \n \n <\/p>\n
Net Loss = Rs. 60,900. \nOr \nNet Profit = Capital attheend-Capitai in the beginning + Drawing during the year – Capital introduced during the year \n= – (Rs. 25,000) + Rs. 33,000 – Rs. 18.900 – Rs. 50,000 = – (Rs. 60,900) \nNet Loss = Rs. 60,900.<\/p>\n
Question 13. \nKrishna Kulkarni has not kept proper books of accounts, prepare the statement of profit or loss for the year ending December 31, 2005 from the following information : \n \nThe following adjustments were made : \n(a) Krishna withdrew cash Rs. 5,000 per mouth for private use. \n(b) Depreciation @ 5% on car and furniture @ 10%. \n(c) Outstanding Rent Rs. 6,000. \n(d) Fresh Capital introduced during the year Rs. 30,000. \nAnswer: \n \n <\/p>\n
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Question 14. \nM\/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 December 31, 2011 : \n \nDrawing Rs. 10,000 p.m. for personal use, fresh capital introduced 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 fhrnifure and machine @ 10% p.a. \nAnswer: \n \n \n <\/p>\n
Ascertainment of Missing Figures<\/p>\n
Question 15. \nFrom the following information calculate the amount to be paid to creditors : \nSundry creditors as on March 31,2011 — Rs 1,80,425 \nDiscount received — Rs 26,000 \nDiscount allowed — Rs 24,000 \nReturn outwards — Rs 37,200 \nReturn inward — Rs 32,200 \nBills accepted — Rs 1,99,000 \nBills endorsed to creditors — Rs 26,000 \nCreditors as on April 1, 2006 — Rs 2,09,050 \nTotal purchases — Rs 8,97,000 \nCash purchases — Rs 1,40,000 \nAnswer:<\/p>\n
Question 16. \nFind out the credit purchases from the following : \nBalance of creditors April 1,2010 — Rs 45,000 \nBalance of creditors March 31,2011 — Rs 36,000 \nCash paid to creditors — Rs 1,80,000 \nCheque issued to creditors — Rs 60,000 \nCash purchases — Rs 75,000 \nDiscount received from creditors — Rs 5,400 \nDiscount allowed — Rs 5,000 \nBills payable given to creditors — Rs 12,750 \nReturn outwards — Rs 7500 \nBills payable dishonoured — Rs 3,000 \nBills receivable endorsed to creditors — Rs 4,500 \nBills receivable endorsed to creditors dishonoured 1,800 Return inwards — Rs 3,700<\/p>\n
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Question 17. \nFrom the following information calculate total purchases \nCreditors Jan. 1, 2011 — Rs 30,000 \nCreditors Dec. 31, 2011 — Rs 20,000 \nOpetiing balance of bills payable — Rs 25,000 \nClosing balance of bills payable — Rs 35,000 \nCash paid to creditors — Rs 1,5 1,000 \nBills discharged — Rs 44,500 \nCash purchases — Rs 1,29,000 \nReturn outwards — Rs 6,000 \nAnswer: \n \n <\/p>\n
Total Purchases = Credit Purchases + Cash Purchases \n= Rs. 2,01,500 + Rs. 1,29,000 \n= Rs. 3,30,500.<\/p>\n
Question 18. \nThe following information is given : \nOpening creditors — Rs 60,000 \nCash paid to creditors — Rs 30,000 \nClosing creditors — Rs 36,000 \nReturns Inward — Rs 13,000 \nBill matured — Rs 27,000 \nBill dishonoured — Rs 8,000 \nPurchases return — Rs 12,000 \nDiscount allowed — Rs 5,000 \nCalculate credit purchases during the year. \nAnswer: \nDr. Total Creditors A\/c Cr. \n <\/p>\n
Question 19. \nFrom the following calculate the amount of bills accepted during the year : \nBills payable as on April 1, 2011 — Rs 1,80,000 \nBills payable as on March 31, 2012 — Rs 2,20,000 \nBills payable dishonoured during the year — Rs 28,000 \nBills payable honoured during the year — Rs 50,000 \nAnswer: \n <\/p>\n
Question 20. \nFind out the amount of bills matured during the year on the basis of information given below : \nBills payable dishonoured — Rs 37,000 \nClosing balance of bills payable — Rs 85,000 \nOpening balance of bills payable — Rs 70,000 \nBills payable accepted — Rs 90,000 \nCheque dishonoured — Rs 23,000 \nAnswer: \n <\/p>\n
Question 21. \nPrepare the bills payable account from the following and find out missing figure if any : \nBills accepted — Rs. 1,05,000 \nDiscount received — Rs 17,000 \nPurchases returns — Rs 9,000 \nReturn inwards — Rs 12,000 \nCash paid to accounts payable — Rs 50,000 \nBills receivable endorsed to creditors — Rs 45,000 \nBills dishonoured — Rs 17,000 \nBad debts — Rs 14,000 \nBalance of accounts payable (closing) — Rs 85,000 \nCredit purchases — Rs 2,15,000 \nAnswer: \n <\/p>\n
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Question 22. \nCalculate the amount of bills receivable during the year. \nOpening balance of bills receivable — Rs 75,000 \nBill dishonoured — Rs 25,000 \nBills collected (honoured) — Rs 130,000 \nBills receivable endorsed to creditors — Rs 15,000 \nClosing balance of bills receivable — Rs 65,000 \nAnswer: \n \nBills receivable during the year = Rs. 1,60,000.<\/p>\n
Question 23. \nCalculate the amount of bills receivable dishonoured from the following information : \nOpening balance of bills receivable — Rs 1,20,000 \nBills collected (honoured) — Rs 1,85,000 \nBills receivable endorsed — Rs 22,800 \nClosing balance of bills receivable — Rs 50,700 \nBills receivable received — Rs 1,50,000 \nAnswer: \n \nBills receivable dishonoured = Rs. 11,500.<\/p>\n
Question 24. \nFrom the details given below, find out the credit sales and total sales: \nOpening debtors — Rs 45000 \nClosing debtors — Rs 56000 \nDiscount allowed — Rs 2.500 \nSales returns — Rs 8,500 \nIrrecoverable account — Rs 4,000 \nBills receivable received — Rs 12,000 \nBills receivable dishonoured — Rs 3,000 \nCheque dishonoured — Rs 7,700 \nCash sales — Rs 80,000 \nCash received from debtors — Rs 230,000 \nCheque received from debtors — Rs 25,000 \nSolution: \n \nCredit sale during the year = Rs. 2,82,300. \nTotal Sales = Credit Sales + Cash Sales \n= Rs. 2,82,300 + Rs. 80,000 \n= Rs. 3,62,300.<\/p>\n
Question 25. \nFrom the following information, prepare the bills receivable account and total debtors account for the year ended December 31,2011: \nOpening balance of debtors — Rs. 1,80,000 \nOpening balance of bills receivable — Rs. 55,000 \nCash sales made during the year — Rs. 95,000 \nCredit sales made during the year — Rs. 14,50,000 \nReturn inwards — Rs. 78,000 \nCash received from debtors — Rs. 10,25,000 \nDiscount allowed to debtors — Rs. 55,000 \nBills receivable endorsed to creditors — Rs. 60,000 \nCash receivable (bills matured) — Rs. 80,500 \nIrrecoverable amount — Rs. 10,000 \nClosing balance of bills receivable on Dec. 31,2011 — Rs. 75,500 \nAnswer: \n \nClosing balance of debtors = Rs. 3,01,000 Bills received = Rs. 1,61,000.<\/p>\n
Question 26. \nPrepare the suitable accounts and find out the missing figure if any : \nOpening balance of debtors — Rs. 14,00,000 \nOpening balance of bills receivable — Rs. 7,00,000 \nClosing balance of bills receivable — Rs. 3,50,000 \nCheque dishonoured — Rs. 27,000 \nCash received from debtors — Rs. 10,75,000 \nCheque received and deposited in the bank — Rs. 8,25,000 \nDiscount allowed — Rs. 37,500 \nIrrecoverable amount — Rs. 17,500 \nReturns inwards — Rs. 28,000 \nBills receivable received from customers — Rs. 1,05,000 \nBills receivable matured — Rs. 2,80,000 \nBills discounted — Rs. 65,000 \nBills endorsed to creditors — Rs. 70,000 \nAnswer: \n <\/p>\n
Question 27. \nFrom the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors : \nOpening stock — Rs. 30,000 \nClosing stock — Rs. 25,000 \nOpening creditors — Rs. 50,000 \nClosing debtors — Rs. 75,000 \nDiscount allowed by creditors — Rs. 1,500 \nDiscount allowed to customers , — Rs. 2,500 \nCash paid to creditors — Rs. 1,35,000 \nBills payable accepted during the period — Rs. 30,000 \nBills receivable received during the period — Rs. 75,000 \nCash received from customers — Rs. 2,20,000 \nBills receivable dishonoured — Rs.3,500 \nPurchases — Rs. 2,95,000 \nThe rate of gross profit is 25% on selling price and out of the total sales Rs. 85,000 was for cash sales. \nAnswer : \n \nWorking Notes : \nCost of Goods Sold = Opening Stock + Purchases – Closing Stock \n= Rs. 30,000 + Rs. 2,95.000 – Rs. 25,000 \n= Rs 3,00,000. \n <\/p>\n
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Question 28. \nMrs. Bhavana keeps her books by single entry system. You\u2019re required to prepare final accounts of her business for the year ended December 31,2005. Her records relating to cash receipts and cash payments for the above period showed the following particulars: \n \n \nAll 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%. \nAnswer : \n \n \n \n <\/p>\n
(a) Provision on debtors \n5% on 85,000 = Rs. 4,250<\/p>\n
(b) Depreciation on \nPlant 10% of 1,00,000 = Rs. 10,000 \nMachinery 5% of 50,000 = Rs. 2,500 \nLand & Building 10% of 2,50,000 = Rs. 25,000.<\/p>\n
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Detailed, Step-by-Step NCERT Solutions for 11 Accountancy Chapter 11 Accounts from Incomplete Records Questions and Answers were solved by Expert Teachers as per NCERT (CBSE) Book guidelines covering each topic in chapter to ensure complete preparation. Accounts from Incomplete Records NCERT Solutions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records Questions and Answers …<\/p>\n
NCERT Solutions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records<\/span> Read More »<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":""},"categories":[4],"tags":[],"yoast_head":"\nNCERT Solutions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records - MCQ Questions<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n