Accounts From Incomplete Records CBSE Questions & Answers

Accounts From Incomplete Records

This is Accountancy Class 11 Accounts from Incomplete Records CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

Which accounting principle is followed by single under system?

A
Double Entry or Dual Aspect Principle
B
Full Disclosure Principle
C
Revenue Recognition Principle
D
Money measurement principle
Correct

Incomplete records system suitable for which type of business

A
Washer man
B
All of these
Correct
C
Tea shop
D
Flower shop

Two adjustments should be made to ascertain the profit

A
Purchase and drawing
B
Capital introduced and drawing
Correct
C
Capital introduced and purchase
D
Capital introduced and sale

If capital in the beginning is more than at the end then it will be

A
Loss
Correct
B
Profit
C
Neither profit or loss
D
None of these

Statement of affairs also helps in ascertaining the ___________

A
Expenses
B
Cash book
C
Total of Trial balance
D
Capital
Correct

Two method for ascertaining profit and loss in case of single entry system :

A
Statement of affairs and conversion
Correct
B
Statement of balance and conversion
C
Statement of affairs and converter
D
Statement of profits and Conversation

What does the capital balance on assets side mean

A
The proprietor has withdrawn excess amount which he has invested
Correct
B
None of these
C
The company has earned abnormal profit
D
The proprietor has withdrawn less amount which he has invested

The shortage of the ______ side of the cash book represents cash sales or capital introduced or sundry income

A
Debit
Correct
B
None
C
Credit
D
Both

Only Real and Personal accounts are shown in ________

A
Single entry system
B
None of these
C
Profit and Loss Account
D
Balance sheet
Correct

Match the following. Options are as follows:

A
a(iv),b(iii),c(i),d(ii)
B
a(iii),b(iv),c(ii),d(i)
C
a(iv),b(ii),c(iii),d(i)
D
a(iv),b(iii),c(ii),d(i)
Correct

Simian tells you that her capital on 31st march, 2011 is Rs.25, 00,000 and her capital on 31st march, 2010 was Rs.18, 00,000. She further informed you that during the year she gave a loan of Rs.4, 00,000 to her sister on private account and withdrew Rs 15,000 per month for personal purposes. She also used a flat for her personal use, the rent of which Rs.8,000 per month and electricity charges at an average rate of Rs 6000 per quarter were paid from the business account. During the year Simran sold her 10,000 shares of ABC Ltd.in the open market at a price of Rs.150 per share and brought that money in to the business. Ascertain the amount of profit or loss.

A
Profit Rs.100000
B
Loss Rs.100000
Correct
C
Profit Rs.50000
D
Loss Rs.50000

From the following information are given of an accounting year: 1. Opening creditor Rs.10,000 2. Cash paid to creditors Rs.30,000 3. Return out ward Rs.2,000 4. Closing creditors Rs.24,000 Calculate credit purchase during the year.

A
Rs.46000
Correct
B
Rs.44000
C
Rs.48000
D
Rs.36000

Calculate profit from the following informationOpening capital: Rs.5000, Closing capital-Rs.7000, Withdrawn- Rs.1000, Fresh capital-Rs.500

A
Rs.2700
B
Rs.3500
C
Rs.2000
D
Rs.2500
Correct

Calculate Opening capital from the following informationProfit: Rs.500, Closing capital- Rs.3000, Withdrawn- Rs.600, Fresh capital- Rs.400

A
Rs.2500
B
Rs.3200
C
Rs.2700
Correct
D
Rs.2300

Calculate Closing capital from the following informationProfit: Rs.900, Opening capital-Rs.8000, Withdrawn-Rs.1200, Fresh capital-Rs.1000

A
Rs.7700
B
Rs.7900
C
Rs.8200
D
Rs.8700
Correct