NCERT Solutions for Class 11 Accountancy : Accounts from Incomplete Records

 

NCERT Solutions is said to be an extremely helpful book during the preparation of the CBSE Class 11 Accounting Exams. This study material has deep knowledge, and the solutions collected by the subject matter wizards are not separate.

NCERT Solution For Class 11 Accountancy Chapter 11  (Part 2 – Chapter 3)– Introduction to Accounting provides us with all-inclusive information on all concepts. As students would have to learn the basics about the subject of accounting in class 11, this curriculum for class 11 is a comprehensive study material, which explains the concepts in a great way.

Below you can find the NCERT solution for Class 11 Accountancy. You can get a Solution for the all-important question of “Chapter 11 : Accounts from Incomplete Records“

NCERT solution for Class 11 Accountancy Chapter -11 Accounts of incomplete records tells the students about the meaning of incomplete records, the reasons behind them and the way to treat them. The difference between statement of affairs and the balance sheet is also explained with examples.

Page No 452:

Question 1: State the meaning of incomplete records?

Question 2: What are the possible reasons for keeping incomplete records?

Question 3: Distinguish between statement of affairs and balance sheet.

Question 4: What practical difficulties are encountered by a trader due to incompleteness of accounting records?

Page No 452:

Question 1: What is meant by a ‘statement of affairs’? How can the profit or loss of a trader be ascertained with the help of a statement of affairs?

Question 2: 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.

Question 3: Explain how the following may be ascertained from incomplete records:

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(c) Payments to creditors and collection from debtors

(d) Closing balance of cash.

 

Question 1: Following information is given below prepare the statement of profit or loss:

	Rs
Capital at the end of the year	5,00,000
Capital in the beginning of the year	7,50,000
`Drawings made during the period	3,75,000
Additional Capital introduced	50,000

 

Page No 453:

Question 2: Manveer started his business on April 01, 2016 with a capital of Rs 4,50,000. On March 31, 2017 his position was as under:

	Rs
Cash	99,000
Bills receivable	75,000
Plant	48,000
Land and Building	1,80,000
Furniture	50,000

 

He 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 this year ended March 31, 2017.

 

Question 3: From the information given below ascertain the profit for the year:

	Rs
Capital at the beginning of the year	70,000
Additional capital introduced during the year	17,500
Stock	59,500
Sundry debtors	25,900
Business premises	8,600
Machinery	2,100
Sundry creditors	33,400
Drawings made during the year	26,400

 

Question 4: From the following information, calculate capital at the beginning:

	Rs
Capital at the end of the year	4,00,000
Drawings made during the year	60,000
Fresh capital introduce during the year	1,00,000
Profit of the current year	80,000

 

Question 5: Following information is given below: calculate the closing capital

	April.01, 2016		March.31, 2017
		Rs		Rs
Creditors		5,000		30,000
Bills payable		10,000		–
Loan		–		50,000
Bills receivable		30,000		50,000
Stock		5,000		30,000
Cash		2,000		20,000

Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given)

 

Question 6: MrsAnu started firm with a capital of Rs 4,00,000 on 1st October 2016. 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 March. 31, 2017, her position was :

	Rs
Cash	30,000
Stock	4,70,000
Debtors	3,50,000
Creditors	3,00,000

He withdrew Rs 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly.

 

Page No 454:

Question 7: Mr. Arnav 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.

	Rs
Capital at the beginning of the year	15,00,000
Bills receivable	60,000
Cash in hand	80,000
Furniture	9,00,000
Building	10,00,000
Creditors	6,00,000
Stock in trade	2,00,000
Further capital introduced	3,20,000
Drawings made during the period	80,000

Ascertainment of statement of affairs at the beginning and at the end of the year and calculation of profit or loss.

 

Question 8: Mr. Akshat keeps his books on incomplete records following information is given below:

	April 01, 2016		March 31, 2017
		Rs		Rs
Cash in hand		1,000		1,500
Cash at bank		15,000		10,000
Stock		1,00,000		95,000
Debtors		42,500		70,000
Business premises		75,000		1,35,000
Furniture		9,000		7,500
Creditors		66,000		87,000
Bills payable		44,000		58,000

During 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.

 

Question 9: Gopal does not keep proper books of account. Following information is given below:

	April. 01, 2016		March. 31, 2017
		Rs		Rs
Cash in hand		18,000		12,000
Cash at bank		1,500		2,000
Stock in trade		80,000		90,000
Sundry debtors		36,000		60,000
Sundry creditors		60,000		40,000
Loan		10,000		8,000
Office equipments		25,000		30,000
Land and Building		30,000		20,000
Furniture		10,000		10,000

During 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

 

Page No 455:

Question 10: Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information:

 

	April. 01, 2016		March. 31, 2017
		Rs		Rs
Cash		1,200		1,600
Bills receivable		–		2,400
Debtors		16,800		27,200
Stock		22,400		24,400
Investment		–		8,000
Furniture		7,500		8,000
Creditors		14,000		15,200

 

He 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.

 

Question 11: Mr. GirdhariLal does not keep full double entry records. His balance as on April 01, 2016 is as.

 

Liabilities	Amount Rs	Assets	Amount Rs
Sundry creditors	35,000	Cash in hand	5,000
Bills payable	15,000	Cash at bank	20,000
Capital	40,000	Sundry debtors	18,000
		Stock	22,000
		Furniture	8,000
		Plant	17,000
	90,000		90,000

 

His position at the end of the year is:

	Rs
Cash in hand	7,000
Stock	8,600
Debtors	23,800
Furniture	15,000
Plant	20,350
Bills payable	20,200
Creditors	15,000

 

He withdrew Rs 500 per month out of which to spent Rs 1,500 for business purpose. Prepare the statement of profit or loss.

 

Page No 456:

Question 12: Mr. Ashok does not keep his books properly. Following information is available from his books.

 

	April. 01, 2016		March. 31, 2017
		Rs		Rs
Sundry creditors		45,000		93,000
Loan from wife		66,000		57,000
Sundry debtors		22,500		–
Land and Building		89,600		90,000
Cash in hand		7,500		8,700
Bank overdraft		25,000		–
Furniture		1,300		1,300
Stock	34,000		25,000

 

During the year Mr. Ashok sold his private car for Rs 50,000 and invested this amount into the business. He withdrew from the business Rs 1,500 per month upto October 31, 2016 and thereafter Rs 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on March 31, 2017.

 

Question 13: Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2011 from the following information:

 

	April. 01, 2016		March. 31, 2017
		Rs		Rs
Cash in hand		10,000		36,000
Debtors		20,000		80,000
Creditors		10,000		46,000
Bills receivable		20,000		24,000
Bills payable		4,000		42,000
Car		–		80,000
Stock		40,000		30,000
Furniture		8,000		48,000
Investment		40,000		50,000
Bank balance		1,00,000		90,000

 

The following adjustments were made:

(a) Krishna withdrew cash Rs 5,000 per month for private use.

(b) Depreciation @ 5% on car and furniture @10%.

(c) Outstanding Rent Rs 6,000.

(d) Fresh Capital introduced during the year Rs 30,000.

Page No 457:

Question 14: M/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 March 31, 2017

 

	April. 31, 2016		March. 31, 2017
		Rs		Rs
Cash in hand		6,000		24,000
Bank overdraft		30,000		–
Stock		50,000		80,000
Sundry creditors		26,000		40,000
Sundry debtors		60,000		1,40,000
Bills payable		6,000		12,000
Furniture		40,000		60,000
Bills receivable		8,000		28,000
Machinery		50,000		1,00,000
Investment		30,000		80,000

Drawing Rs 10,000 p.m. for personal use, fresh capital introduce 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 furniture and machine @ 10% p.a.

 

Page No 457:

Question 15: From the following information calculate the amount to be paid to creditors:

	Rs
Sundry creditors as on March 31, 2017	1,80,425
Discount received	26,000
Discount allowed	24,000
Return outwards	37,200
Return inward	32,200
Bills accepted	1,99,000
Bills endorsed to creditors	26,000
Creditors as on April 01, 2016	2,09,050
Total purchases	8,97,000
Cash purchases	1,40,000

 

Question 16: Find out the credit purchases from the following:

	Rs
Balance of creditors April 01, 2016	45,000
Balance of creditors March 31, 2017	36,000
Cash paid to creditors	1,80,000
Cheque issued to creditors	60,000
Cash purchases	75,000
Discount received from creditors	5,400
Discount allowed	5,000
Bills payable given to creditors	12,750
Return outwards	7,500
Bills payable dishonoured	3,000
Bills receivable endorsed to creditors	4,500
Bills receivable endorsed to creditors dishonoured	1,800
Return inwards	3,700

 

Page No 458:

Question 17: From the following information calculate total purchases.

	Rs
Creditors April. 01, 2016	30,000
Creditors March. 31, 2017	20,000
Opening balance of Bills payable	25,000
Closing balance of Bills payable	35,000
Cash paid to creditors	1,51,000
Bills discharged	44,500
Cash purchases	1,29,000

 

Question 18: The following information is given

	Rs
Opening creditors	60,000
Cash paid to creditors	30,000
Closing creditors	36,000
Returns Inward	13,000
Bill matured	27,000
Bill dishonoured	8,000
Purchases return	12,000
Discount allowed	5,000

Calculate credit purchases during the year

 

Question 19: From the following, calculate the amount of bills accepted during the year.

Rs

Bills payable as on April 01, 2016 1,80,000

Bills payable as on March 31, 2017 2,20,000

Bills payable dishonoured during the year 28,000

Bills payable honoured during the year 50,000

 

Question 20: Find out the amount of bills matured during the year on the basis of information given below;

	Rs
Bills payable dishonoured	37,000
Closing balance of Bills payable	85,000
Opening balance of Bills payable	70,000
Bills payable accepted	90,000
Chequedishonoured	23,000

 

Question 21: Prepare the bills payable account from the following and find out missing figure if any :

	Rs
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

 

Page No 459:

Question 22: Calculate the amount of bills receivable during the year.

	Rs
Opening balance of bills receivable	75,000
Bill dishonoured	25,000
Bills collected (honoured)	1,30,000
Bills receivable endorsed to creditors	15,000
Closing balance of bills receivable	65,000

 

Page No 459:

Question 23: Calculate the amount of bills receivable dishonoured from the following information.

	Rs
Opening balance of bills receivable	1,20,000
Bills collected (honoured)	1,85,000
Bills receivable endorsed	22,800
Closing balance of bills receivable	50,700
Bills receivable received	1,50,000

 

Question 24: From the details given below, find out the credit sales and total sales.

	Rs
Opening debtors	45,000
Closing debtors	56,000
Discount allowed	2,500
Sales returns	8,500
Irrecoverable amount	4,000
Bills receivables received	12,000
Bills receivable dishonoured	3,000
Chequedishonoured	7,700
Cash sales	80,000
Cash received from debtors	2,30,000
Cheque received from debtors	25,000

 

Question 25: From the following information, prepare the bills receivable account and total debtors account for the year ended March 31, 2017.

	Rs
Opening balance of debtors	1,80,000
Opening balance of bills receivable	55,000
Cash sales made during the year	95,000
Credit sales made during the year	14,50,000
Return inwards	78,000
Cash received from debtors	10,25,000
Discount allowed to debtors	55,000
Bills receivable endorsed to creditors	60,000
Cash received (bills matured)	80,500
Irrecoverable amount	10,000
Closing balance of bills receivable on March. 31, 2017	75,500

Page No 460:

Question 26: Prepare the suitable accounts and find out the missing figure if any.

	Rs
Opening balance of debtors	14,00,000
Opening balance of bills receivable	7,00,000
Closing balance of bills receivable	3,50,000
Chequedishonoured	27,000
Cash received from debtors	10,75,000
Cheque received and deposited in the bank	8,25,000
Discount allowed	37,500
Irrecoverable amount	17,500
Returns inwards	28,000
Bills receivable received from customers	1,05,000
Bills receivable matured	2,80,000
Bills discounted	65,000
Bills endorsed to creditors	70,000

 

Question 27: From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors

	Rs
Opening stock	30,000
Closing stock	25,000
Opening creditors	50,000
Closing debtors	75,000
Discount allowed by creditors	1,500
Discount allowed to customers	2,500
Cash paid to creditors	1,35,000
Bills payable accepted during the period	30,000
Bills receivable received during the period	75,000
Cash received from customers	2,20,000
Bills receivable dishonoured	3,500
Purchases	2,95,000

 

The rate of gross profit is 25% on selling price and out of the total sales

Rs 85,000 was for cash sales.

 

(Hint: Total sales = 4,00,000 = 3,00,000 × 100 ×	100	)
	75

 

 

Page No 461:

Question 28: MrsBhavana keeps his books by Single Entry System. You.re required to prepare final accounts of her business for the year ended March 31, 2017. Her records relating to cash receipts and cash payments for the above period showed the following particulars :

 

Summary of Cash
Dr.			Cr.
Receipts	Amount Rs	Payments	Amount Rs
Opening balance of cash	12,000	Paid to creditors	53,000
Further capital	20,000	Business expenses	12,000
Received from debtors	1,20,000	Wage paid	30,000
		Bhavana’s drawings	15,000
		Balance at bank on	35,000
		March. 31,2017
		Cash in hand	7,000
	1,52,000		1,52,000

 

The following information is also available:

	April. 01, 2016		March. 31, 2017
		Rs		Rs
Debtors		55,000		85,000
Creditors		22,000		29,000
Stock		35,000		70,000
Plant		10,00,000		1,00,000
Machinery		50,000		50,000
Land and Building		2,50,000		2,50,000
Investment		20,000		20,000

 

All 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%.