Accounts From Incomplete Records CBSE Questions & Answers

Calculate sales for the year from the following Debt taken over – Rs.1134, payments received- Rs.33870, discount allowed -Rs.1023, bad debts written off – Rs.460, contra- Rs.609 , Closing balance of sales-Rs.1755

Calculate purchases for the year Paid to creditors -Rs.21096, discount received – Rs.190, Contra –Rs. 609, cash purchases- Rs.207, creditors taken over – Rs.994, Closing balance of creditors- Rs.1289

Calculate closing capital from the following informationDrawings – Rs.7000, profit during the year-Rs.20000, , Capital introduced during the year- 20000,opening capital – Rs.70000

Capital in the beginning is Rs.30000 , capital at the end is Rs.35000, and creditors were Rs.8,000. Value of total assets _______

Rohit who keeps his books on single entry system, business capital at the end is Rs.187000 and in the beginning Rs.192000.He withdrew Rs.84200. He once sold his investment of Rs.20000 at 2 % premium and brought that money into the business. Calculate net profit for the year

Pawan started his business on 1st January 2012 with a capital of Rs.10000. On 31st December his assets were cash- Rs.320, stock- Rs.3480, Debtors -Rs.3100, plant- Rs.8500. He owed Rs.1200 to creditors and Rs.1000 to his brother on that date. He withdrew Rs.200 per month for his private expenses. Ascertain his profit

Pawan started his business on 1st January 2008 with a capital of Rs.10000. On 31st December his assets were cash- Rs.320, stock- Rs.3480, Debtors- Rs.3100, plant- Rs.8500. He owed Rs.1200 to creditors and Rs.1000 to his brother on that date. He withdrew Rs.200 per month for his private expenses. Calculate capital

Calculate provision for doubtful debt. If debtor closing balance is Rs.3400 and provision for reserve of doubtful debts at 10% on sundry debtors

Calculate net profit from the following information- Gross profit is Rs.2750.If debtor closing balance is Rs.3400 and provision for reserve of doubtful debts at 10% on sundry debtors, depreciation is Rs.20

Calculate gross profit if closing capital is Rs.14250, additional capital is Rs.200 , opening capital is Rs.11300 and drawings @ Rs.250 per month

Calculate net profit as on 31st March 2012, if gross profit is Rs.3950, provision for doubtful debt is Rs.320 and owner borrowed from a friend at 9% a sum of Rs.2000 on 1st October 2011.

Mr. Mehta started his readymade garments business on April 1, 2004 with a capital of Rs.50,000. He did not maintain his books according to double entry system. During the year he introduced fresh capital of Rs.15,000. He withdrew Rs.10,000 for personal use. On March 31, 2005, his assets and liabilities were as follows: Total creditors Rs.90,000 ; Total debtors Rs.1,25,600 ; Stock Rs.24,750 ; Cash at bank Rs.24,980. Calculate profit or loss

Mr. Mehta started his readymade garments business on April 1, 2004 with a capital of Rs.50,000. He did not maintain his books according to double entry system. During the year he introduced fresh capital of Rs.15,000. He withdrew Rs.10,000 for personal use. On March 31, 2005, his assets and liabilities were as follows: Total creditors Rs.90,000 ; Total debtors Rs.1,25,600 ; Stock Rs.24,750 ; Cash at bank Rs.24,980. Calculate capital at the end

Information is obtained from the books of Mohanlal Traders: Debtors on April 01, Rs.2005 50,000, Debtors on March 31, 2005 Rs.70,000, Cash received from debtors Rs.60,000, Discount allowed Rs.1,000, Bills receivable Rs.30,000, Bad debts Rs.3,000. Calculate total sale

From the following information, Calculate Capital at the beginning : Capital at the end of the year Rs.4, 00,000, Drawings made during the year Rs.60,000, Fresh Capital introduce during the yearRs.1, 00,000, Profit of the current year Rs.80,000, Capital at the beginning of the year: