{"id":23445,"date":"2021-05-22T11:57:49","date_gmt":"2021-05-22T06:27:49","guid":{"rendered":"https:\/\/mcq-questions.com\/?p=23445"},"modified":"2022-03-02T10:40:46","modified_gmt":"2022-03-02T05:10:46","slug":"ncert-solutions-for-class-11-accountancy-chapter-11","status":"publish","type":"post","link":"https:\/\/mcq-questions.com\/ncert-solutions-for-class-11-accountancy-chapter-11\/","title":{"rendered":"NCERT Solutions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records"},"content":{"rendered":"

Detailed, Step-by-Step NCERT Solutions for 11 Accountancy<\/a> 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.<\/p>\n

Accounts from Incomplete Records NCERT Solutions for Class 11 Accountancy Chapter 11<\/h2>\n

Accounts from Incomplete Records Questions and Answers <\/span>Class 11 Accountancy Chapter 11<\/h3>\n

Test Your Understanding – I<\/span><\/p>\n

Tick the correct answer :<\/p>\n

Question 1.
\nIncomplete record mechanism of book keeping is :
\n(a) Scientific
\n(b) Unscientific
\n(c) Unsystematic
\n(d) Both (b) and (c)
\nAnswer:
\n(b) Unscientific<\/p>\n

Question 2.
\nOpening capital is ascertained by preparing :
\n(a) Total debtor\u2019s account
\n(b) Total creditor\u2019s account
\n(c) Cash account
\n(d) Opening statement of affairs
\nAnswer:
\n(d) Opening statement of affairs<\/p>\n

\"NCERT<\/p>\n

Question 3.
\nCredit purchase, during the year is ascertained by preparing :
\n(a) Total creditor\u2019s account
\n(b) Total debtor\u2019s account
\n(c) Cash account
\n(d) Opening statement of affairs
\nAnswer:
\n(a) Total creditor\u2019s account<\/p>\n

Question 4.
\nIf Opening capital is Rs. 60,000, drawings Rs. 5,000, capital introduced during the period Rs. 10,000, closing capital Rs. 90,000. The value of profit earned during the period will be:
\n(a) Rs. 20,000
\n(b) Rs. 25,000
\n(c) Rs. 30,000
\n(d) Rs. 40,000
\nAnswer:
\n(b) Rs. 25,000<\/p>\n

Test Your Understanding – II<\/span><\/p>\n

Write the correct word(s) :
\n1. Credit sales can be ascertained as the balancing figure in the ………….. account.
\n2. Excess of over ………….. represents loss sustained during the period.
\n3. To ascertain the profit, closing capital is to be adjusted by deducting …………..and adding
\n4. Incomplete records are generally used by …………..
\nAnswer:
\n1. total debtor\u2019s
\n2. opening capital, closing capital
\n3. additional capital introduced, drawings during the year
\n4. small traders.<\/p>\n

\"NCERT<\/p>\n

Short Answer Type Questions<\/span><\/p>\n

Question 1.
\nState the meaning of incomplete records.
\nAnswer:
\nMeaning of Incomplete Records – Accounting records which are not prepared in accordance with the principle of double entry are known as \u2018Incomplete Records\u2019. In other words, any accounting records which fall short of complete double entry are called incomplete records. Sometimes, it is also termed as \u2018Single Entry System\u2019.<\/p>\n

But it is not correct to describe this system as \u2018Single Entry System\u2019 because in Single Entry System only the personal aspects of a transaction is recorded and the real and nominal aspects are left entirely unrecorded,
\nwhereas \u201cincomplete records refer to maintaining of only those records which are essential. In other words, under the incomplete records some of the subsidiary books and some ledger accounts are not maintained which otherwise are essential under the double entry system.\u2019<\/p>\n

\u201cSingle Entry System is a method or a variety of methods, employed for the recording of transaction, which ignore the two fold aspects and consequently fails to provide the businessman with the information necessary for him to be able to ascertain the position.\u201d – Carter<\/p>\n

\u201cA system of book-keeping in which, as a rule only records of cash and of personal accounts are maintained, it is always incomplete double entry system, varying with circumstances.\u201d – Kohler<\/p>\n

In nutshell, it is a method or a variety of methods employed for the recording of transactions, which ignore the two-fold aspect and consequently fails to provide the businessman with the information necessary for him to be able to ascertain the position. It is a system which is developed by certain business houses who for their convenience and more practical approach, reject the rules of the double entry system and maintaine only the bare essential records.<\/p>\n

\"NCERT<\/p>\n

Generally, business transactions are recorded on the basis of double entry system are not followed for recording business transactions. When double entry’ system is not followed for maintaining records, these records are termed as incomplete records. Many authors describe it as Single Entry System.<\/p>\n

However, Singe Entry System is a misnomer because there is no such system of maintaining accounting records. It is rather a mechanism of maintaining records in which rules of double entry system are not followed completely. There is partial observance of rules of double entry system in this system.<\/p>\n

In this recording is done according to convenience and needs of business entities and there is no uniformity in maintenance of records by different entities. This system differ from concern to concern. In this, only records of cash and of personal accounts are maintained. It is always incomplete double entry system, varying with circumstances,<\/p>\n

Question 2.
\nWhat are the possible reasons for keeping incomplete records?
\nAnswer:
\nThe possible reasons for keeping incomplete records are following:
\n(1) The businessman may be ignorant of the seperate legal entity.
\n(2) The businessman may be ignorant of the double entry accounting principle.
\n(3) The businessman may not intentionally maintain proper accounts to evade taxation.
\n(4) Destruction of the books of accounts due to fire, flood, etc.<\/p>\n

Question 3.
\nDistinguish between statement of affairs and balance sheet.
\nAnswer:
\nDifference between Statement of Affairs and Balance Sheet:
\n\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

Question 4.
\nWhat practical difficulties ate encountered by a trader due to incompleteness of accounting records?
\nAnswer:
\nThe following practical difficulties are encountered by a trader due to incompleteness of accounting records :
\n(1) Unscientific – Absence of systematic recording of both aspects of a transaction under this, makes it unscientific.<\/p>\n

(2) No trial balance or arithmetical accuracy of accounts cannot be checked – Dual aspects of a transaction is not recorded under this system. As a result, trial balance cannot be prepared from the accounting records maintained. Hence, arithmetical accuracy of accounting records cannot be checked.<\/p>\n

(3) True profits cannot be known – Nominal accounts are not maintained and therefore it is not possible to prepare trading account and Profit & Loss Account to calculate gross profit and net profit respectively. Although the amount of net profit is determinable but the absence of details of revenue, other income, expenses and losses affect sound decision making.<\/p>\n

(4) True financial position cannot be determined – As all the assets and liabilities and depreciation are not recorded, Balance Sheet cannot be prepared and thus the true financial position cannot be ascertained.<\/p>\n

(5) Difficult to make planning and decision making – In the absence of reliable information about nominal and real accounts, effective planning and control over expenses, assets etc. are not possible.<\/p>\n

(6) Not recognized by tax authorities – Accounts maintained based on this system are not accepted by sale-tax and income-tax authorities.<\/p>\n

(7) Interfirm comparison not possible – Because of variation in accounting procedure and rules, comparison of two or more business is not possible.<\/p>\n

\"NCERT<\/p>\n

Long Answer Type Questions<\/span><\/p>\n

Question 1.
\nWhat is meant by a \u2018Statement of Affairs\u2019? How can the profit or loss of a trader be ascertained with the help of a statement of affairs?
\nAnswer:
\nStatement of affairs – A statement of affairs is a statement of assets and liabilities of a business as on a particular date. Under this method profit is ascertained by comparing the capital at the beginning and capital at the end of the accounting period and necessary adjustments are made for drawings, fresh additional capital, drawings and interest on capital. The following steps are followed to ascertained the profit or loss :
\n(1) Prepare a Statement of Affairs at the beginning (if not given) of the accounting period to ascertain the Opening Capital.
\n(2) Ascertain drawings and capital introduced during the year.
\n(3) Prepare a Statement of Affairs at the end of the accounting period to ascertain the Closing Capital (capital at the end) or prepare statement for ascertaining the closing capital before making certain adjustments.
\nFormat of Statement of Affairs Statement of Affairs of as on
\n\"NCERT
\n(4) Prepare a Statement of Profit with the help of the following formula:
\nNet Profit = Capital at the end
\nAdd: Drawings
\nLess : Additional Capital introduced
\nLess: Opening Capital
\nStatement of profit is usually prepared as follows :
\n\"NCERT
\nIf it is desired to calculate profit before certain adjustments separately the Statement of Profit should be prepared as follows :<\/p>\n

\"NCERT
\n\"NCERT<\/p>\n

(5) Prepare Balance Sheet\/Received or Final Statements of Affairs at the end after adjusting depreciation, provision for bad and doubtful debts etc.<\/p>\n

Question 2.
\n\u201cIs it possisble to prepare the profit and loss account and the balance sheet from the incomplete books of accounts kept by a trader? Do you agree? Explain.
\nAnswer:
\nYes, it is possible to prepare the Profit & Loss Account and the Balance Sheet from the incomplete books of accounts kept by a trader by \u201cconversion method\u201d and calculating missing figure and preparing final accounts.
\nWhile converting incomplete accounts into double entry, the following procedure should be adopted :<\/p>\n

(1) Opening Statement of Affairs – A statement of affairs as at the beginning of the year should be prepared to find out capital in the beginning.<\/p>\n

(2) Cash Book – For this purpose, first of all, a summary of all the cash transactions must be prepared. It should give information about all the important items and transactions, like total cash received from customers, total payment to creditors, purchase of furniture, totals for various expenses (salaries, wages, rent, etc.) The summary will begin with the opening cash and bank balance and must also show the cash in hand and the bank balance at the end of the year. Cash sales will be shown separately in the summary.<\/p>\n

Quite often this book shows a missing figure of cash or bank balance in the beginning or at the end as the case may be. Expenses and gains can also be ascertained from the summary of the Cash Book which may be called Receipts and Payment Account. Expenses will be on the payments side and gains on the receipts sides.<\/p>\n

The amount must be adjusted for outstanding and prepaid items and then only shown in the Profit & Loss Account. One should remember that the summary of the Cash Book will also reveal purchases of fixed assets and investments, repayments of loans, sale of fixed assets and loans taken by the firm. These do not concern the profit and loss account; the relevant balance sheet items will be adjusted.<\/p>\n

The depreciation on fixed assets must be calculated (this information will not be available from the cash book) and debited in the Profit & Loss Accounts it must, of course, be deducted from the asset concerned when the balance sheet is prepared.<\/p>\n

\"NCERT<\/p>\n

(3) Other Accounts – Then prepare
\n(i) Total Debtor\u2019s Account,
\n(ii) Total Creditor\u2019s Account,
\n(iii) Bills Receivable Account, and
\n(iv) Bills Payable Account. Those accounts help in finding out the balances of personal accounts, the amount of credit sales and credit purchases and any other relevant information.<\/p>\n

(4) Total Sales and Total Purchases – Calculate total sales by adding credit and cash sales. Similarly, calculate total purchases by adding credit and cash purchases.<\/p>\n

(5) Final Accounts – Now, prepare Trading Account, Profit & Loss Account and Balance Sheet from the various information given in the question and from the computation made as above.<\/p>\n

Question 3.
\nExplain how the following may be ascertained from incomplete records :
\n(a) Opening capital and closing capital
\n(b) Credit sales and credit purchases
\n(c) Payment to creditors and collection from debtors
\n(d) Closing balance of cash.
\nAnswer:
\n(a) Ascertaining Opening Capital and Closing Capital – Opening and closing capital can be ascertained by preparing a statement of affairs at the beginning of the accounting period and at the end of the accouning period respectively. ‘
\n\"NCERT
\n\"NCERT
\n(b) Ascertain Credit Sales and Purchases – Credit sales and credit purchases can be ascertain by preparing Total Debtor\u2019s Account and Total Creditor\u2019s Account respectively.
\n\"NCERT
\n(c) Ascertain Payment to Creditors and Collection from Debtors – Collection from Debtors can be ascertained from Total Debtors Account or Cash and Bank Account Summary. Payments to Creditors can be ascertained from Total Creditors Account or Cash and Bank Account Summary.<\/p>\n

\"NCERT<\/p>\n

(d) Ascertain Closing Balance of Cash – Closing balance of cash can be ascertained from Cash and Bank Account Summary.
\n\"NCERT<\/p>\n

Numerical Questions<\/span><\/p>\n

Ascertainment 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\"NCERT<\/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\"NCERT<\/p>\n

\"NCERT<\/p>\n

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\"NCERT<\/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\"NCERT
\nCalculation of profit or loss and ascertainment of statement of affairs at the end of the year
\n(Opening balance is given).
\nAnswer:
\n..\"NCERT
\n\"NCERT<\/p>\n

Net Profit = Closing Capital – Opening Capital = Rs. 20,000 – Rs. 22,000 = – (Rs. 2,000)
\nNet Loss = Rs. 2,000.<\/p>\n

\"NCERT<\/p>\n

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\"NCERT
\n\"NCERT
\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\"NCERT
\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

\"NCERT<\/p>\n

Question 8.
\nMr. Akshat keeps his books on incomplete records, following information is given below :
\n\"NCERT
\n\"NCERT
\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\"NCERT
\n\"NCERT<\/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\"NCERT
\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\"NCERT
\n\"NCERT<\/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

\"NCERT<\/p>\n

Question 10.
\nMr. Muneesh maintains his books of accounts from incomplete records. His books provide the information :
\n\"NCERT
\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\"NCERT
\n\"NCERT
\n\"NCERT
\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\"NCERT
\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\"NCERT
\n\"NCERT
\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

\"NCERT<\/p>\n

Question 12.
\nMr. Ashok does not keep his books properly. Following information is available from his books :
\n\"NCERT
\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\"NCERT
\n\"NCERT<\/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\"NCERT
\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\"NCERT
\n\"NCERT<\/p>\n

\"NCERT<\/p>\n

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\"NCERT
\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\"NCERT
\n\"NCERT
\n\"NCERT<\/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

\"NCERT<\/p>\n

\"NCERT<\/p>\n

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\"NCERT
\n\"NCERT<\/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\"NCERT<\/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\"NCERT<\/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\"NCERT<\/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\"NCERT<\/p>\n

\"NCERT<\/p>\n

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\"NCERT
\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\"NCERT
\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\"NCERT
\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\"NCERT
\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\"NCERT<\/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\"NCERT
\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\"NCERT<\/p>\n

\"NCERT<\/p>\n

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\"NCERT
\n\"NCERT
\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\"NCERT
\n\"NCERT
\n\"NCERT
\n\"NCERT<\/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

\"NCERT<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mcq-questions.com\/ncert-solutions-for-class-11-accountancy-chapter-11\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCERT Solutions for Class 11 Accountancy Chapter 11 Accounts from Incomplete Records - MCQ Questions\" \/>\n<meta property=\"og:description\" content=\"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. 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