Commerce Exam > Commerce Notes > DK Goel Solutions - Class 11 Accountancy > DK Goel Solutions: Accounts from Incomplete Records
DK Goel Solutions: Accounts from Incomplete Records | DK Goel Solutions - Class 11 Accountancy - Commerce PDF Download
| Download, print and study this document offline |
Please wait while the PDF view is loading
Page 1 Q.1 Atul does not keep proper records of his business. He gives you the following information: (?) Opening Capital 2,00,000 Closing Capital 2,50,000 Drawings made during the year 60,000 Capital added during the year 75,000 Calculate profit or loss for the year. The solution for this question is as follows: Profit or Loss Particulars ? End of the year capital 2,50,000 Add: Drawings for a year 60,000 Less: Extra capital submitted during the year 75,000 Capital adjusted at the year-end 2,35,000 Less: Capital at the year start 2,00,000 Profit for the year 35,000 Page 2 Q.1 Atul does not keep proper records of his business. He gives you the following information: (?) Opening Capital 2,00,000 Closing Capital 2,50,000 Drawings made during the year 60,000 Capital added during the year 75,000 Calculate profit or loss for the year. The solution for this question is as follows: Profit or Loss Particulars ? End of the year capital 2,50,000 Add: Drawings for a year 60,000 Less: Extra capital submitted during the year 75,000 Capital adjusted at the year-end 2,35,000 Less: Capital at the year start 2,00,000 Profit for the year 35,000 Q.2 Mr. Joshi started a business with a capital of ? 5,00,000. At the end of the year his position was: (?) Cash in hand 15,000 Cash at bank 70,000 Sundry Debtors 1,20,000 Stock 2,40,000 Furniture 75,000 Machinery 2,00,000 Sundry creditors at this date totalled ? 80,000. During the year he introduced a further capital of ? 1,50,000 and withdrew for household expenses ? 90,000. You are required to calculate profit or loss during the year. The solution for this question is as follows: Statement of Affairs Liabilities ? Assets ? Sundry Creditors 80,000 Cash in Hand 15,000 Capital (Balancing Figure) 6,40,000 Cash at Bank 70,000 Sundry Debtors 1,20,000 Stock 2,40,000 Furniture 75,000 Machinery 2,00,000 7,20,000 7,20,000 Page 3 Q.1 Atul does not keep proper records of his business. He gives you the following information: (?) Opening Capital 2,00,000 Closing Capital 2,50,000 Drawings made during the year 60,000 Capital added during the year 75,000 Calculate profit or loss for the year. The solution for this question is as follows: Profit or Loss Particulars ? End of the year capital 2,50,000 Add: Drawings for a year 60,000 Less: Extra capital submitted during the year 75,000 Capital adjusted at the year-end 2,35,000 Less: Capital at the year start 2,00,000 Profit for the year 35,000 Q.2 Mr. Joshi started a business with a capital of ? 5,00,000. At the end of the year his position was: (?) Cash in hand 15,000 Cash at bank 70,000 Sundry Debtors 1,20,000 Stock 2,40,000 Furniture 75,000 Machinery 2,00,000 Sundry creditors at this date totalled ? 80,000. During the year he introduced a further capital of ? 1,50,000 and withdrew for household expenses ? 90,000. You are required to calculate profit or loss during the year. The solution for this question is as follows: Statement of Affairs Liabilities ? Assets ? Sundry Creditors 80,000 Cash in Hand 15,000 Capital (Balancing Figure) 6,40,000 Cash at Bank 70,000 Sundry Debtors 1,20,000 Stock 2,40,000 Furniture 75,000 Machinery 2,00,000 7,20,000 7,20,000 Profit or Loss Particulars ? End of the year capital 6,40,000 Add: Drawings for the year 90,000 Less: Extra capital submitted during the year 1,50,000 Capital adjusted at the year-end 5,80,000 Less: Capital at the year start 5,00,000 Profit for the year 80,000 Q.3 Mr. Vasudev does not keep proper records of his business. He provided the following information. You are required to prepare a statement showing the profit or loss for the year. (?) Owner’s Equity 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 Page 4 Q.1 Atul does not keep proper records of his business. He gives you the following information: (?) Opening Capital 2,00,000 Closing Capital 2,50,000 Drawings made during the year 60,000 Capital added during the year 75,000 Calculate profit or loss for the year. The solution for this question is as follows: Profit or Loss Particulars ? End of the year capital 2,50,000 Add: Drawings for a year 60,000 Less: Extra capital submitted during the year 75,000 Capital adjusted at the year-end 2,35,000 Less: Capital at the year start 2,00,000 Profit for the year 35,000 Q.2 Mr. Joshi started a business with a capital of ? 5,00,000. At the end of the year his position was: (?) Cash in hand 15,000 Cash at bank 70,000 Sundry Debtors 1,20,000 Stock 2,40,000 Furniture 75,000 Machinery 2,00,000 Sundry creditors at this date totalled ? 80,000. During the year he introduced a further capital of ? 1,50,000 and withdrew for household expenses ? 90,000. You are required to calculate profit or loss during the year. The solution for this question is as follows: Statement of Affairs Liabilities ? Assets ? Sundry Creditors 80,000 Cash in Hand 15,000 Capital (Balancing Figure) 6,40,000 Cash at Bank 70,000 Sundry Debtors 1,20,000 Stock 2,40,000 Furniture 75,000 Machinery 2,00,000 7,20,000 7,20,000 Profit or Loss Particulars ? End of the year capital 6,40,000 Add: Drawings for the year 90,000 Less: Extra capital submitted during the year 1,50,000 Capital adjusted at the year-end 5,80,000 Less: Capital at the year start 5,00,000 Profit for the year 80,000 Q.3 Mr. Vasudev does not keep proper records of his business. He provided the following information. You are required to prepare a statement showing the profit or loss for the year. (?) Owner’s Equity 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 The solution for this question is as follows: Statement of Affairs Liabilities ? Assets ? Creditors 6,00,000 Cash in Hand 80,000 Capital (Balancing Figure) 16,40,000 Furniture 9,00,000 Stock in trade 2,00,000 Building 10,00,000 Bills Receivable 60,000 22,40,000 22,40,000 Profit or Loss Particulars ? End of the year capital 16,40,000 Add: Drawings for the year 80,000 Less: Extra capital submitted during the year 3,20,000 Capital adjusted at the year-end 14,00,000 Less: Capital at the year start 15,00,000 Loss for the year 1,00,000 Page 5 Q.1 Atul does not keep proper records of his business. He gives you the following information: (?) Opening Capital 2,00,000 Closing Capital 2,50,000 Drawings made during the year 60,000 Capital added during the year 75,000 Calculate profit or loss for the year. The solution for this question is as follows: Profit or Loss Particulars ? End of the year capital 2,50,000 Add: Drawings for a year 60,000 Less: Extra capital submitted during the year 75,000 Capital adjusted at the year-end 2,35,000 Less: Capital at the year start 2,00,000 Profit for the year 35,000 Q.2 Mr. Joshi started a business with a capital of ? 5,00,000. At the end of the year his position was: (?) Cash in hand 15,000 Cash at bank 70,000 Sundry Debtors 1,20,000 Stock 2,40,000 Furniture 75,000 Machinery 2,00,000 Sundry creditors at this date totalled ? 80,000. During the year he introduced a further capital of ? 1,50,000 and withdrew for household expenses ? 90,000. You are required to calculate profit or loss during the year. The solution for this question is as follows: Statement of Affairs Liabilities ? Assets ? Sundry Creditors 80,000 Cash in Hand 15,000 Capital (Balancing Figure) 6,40,000 Cash at Bank 70,000 Sundry Debtors 1,20,000 Stock 2,40,000 Furniture 75,000 Machinery 2,00,000 7,20,000 7,20,000 Profit or Loss Particulars ? End of the year capital 6,40,000 Add: Drawings for the year 90,000 Less: Extra capital submitted during the year 1,50,000 Capital adjusted at the year-end 5,80,000 Less: Capital at the year start 5,00,000 Profit for the year 80,000 Q.3 Mr. Vasudev does not keep proper records of his business. He provided the following information. You are required to prepare a statement showing the profit or loss for the year. (?) Owner’s Equity 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 The solution for this question is as follows: Statement of Affairs Liabilities ? Assets ? Creditors 6,00,000 Cash in Hand 80,000 Capital (Balancing Figure) 16,40,000 Furniture 9,00,000 Stock in trade 2,00,000 Building 10,00,000 Bills Receivable 60,000 22,40,000 22,40,000 Profit or Loss Particulars ? End of the year capital 16,40,000 Add: Drawings for the year 80,000 Less: Extra capital submitted during the year 3,20,000 Capital adjusted at the year-end 14,00,000 Less: Capital at the year start 15,00,000 Loss for the year 1,00,000 Q.4 Tulsi started business on 1st April 2016 with a capital of ? 4,50,000. On 31st March 2017 her position was as under: (?) Cash 99,000 Bills Receivable 75,000 Stock 48,000 Land and Building 1,80,000 Furniture 50,000 She owed ? 45,000 to her friend Parvati on that date. She withdrew ? 8,000 per month for household purposes. Ascertain her profit or loss for the year ended 31st March 2017. The solution for this question is as follows: Statement of Affairs Liabilities ? Assets ? Loan from Friend 45,000 Cash 99,000 Capital (Balancing Figure) 4,07,000 Bills Receivable 75,000 Stock 48,000 Land and Building 1,80,000 Furniture 50,000 4,52,000 4,52,000Read More
FAQs on DK Goel Solutions: Accounts from Incomplete Records - DK Goel Solutions - Class 11 Accountancy - Commerce
| 1. What are the main features of accounts from incomplete records? |  |
Ans. Accounts from incomplete records typically involve limited financial documentation and may not include a full set of double-entry bookkeeping. Key features include reliance on available information, estimation of missing data, and preparation of financial statements based on incomplete transactions.
| 2. How can one prepare final accounts from incomplete records? | |
Ans. To prepare final accounts from incomplete records, one must gather all available information, estimate missing figures, and use methods like the conversion method or single-entry system to compile data. This involves calculating capital, determining profit or loss, and creating balance sheets based on available records.
| 3. What is the importance of maintaining incomplete records in accounting? | |
Ans. Maintaining incomplete records allows businesses, especially small enterprises, to track their financial transactions without the full burden of double-entry bookkeeping. It facilitates easier financial management, helps in understanding cash flows, and assists in preparing basic financial statements even with limited data.
| 4. What common challenges do accountants face with incomplete records? | |
Ans. Accountants face several challenges with incomplete records, including difficulty in accurately estimating profits or losses, potential inaccuracies in financial statements, and challenges in tracking assets and liabilities. Additionally, the lack of detailed records can complicate tax preparation and financial analysis.
| 5. How can businesses improve their record-keeping practices to avoid incomplete records? | |
Ans. Businesses can improve their record-keeping practices by implementing a systematic approach to documentation, utilizing accounting software, training staff on proper bookkeeping, and conducting regular audits of financial records. This helps ensure that all transactions are recorded accurately and completely.
Related Exams
About this Document
|
Dec 23, 2024 Last updated |
Document Description: DK Goel Solutions: Accounts from Incomplete Records for Commerce 2024 is part of DK Goel Solutions - Class 11 Accountancy preparation.
The notes and questions for DK Goel Solutions: Accounts from Incomplete Records have been prepared according to the Commerce exam syllabus. Information about DK Goel Solutions: Accounts from Incomplete Records covers topics
like and DK Goel Solutions: Accounts from Incomplete Records Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for DK Goel Solutions: Accounts from Incomplete Records.
Introduction of DK Goel Solutions: Accounts from Incomplete Records in English is available as part of our DK Goel Solutions - Class 11 Accountancy
for Commerce & DK Goel Solutions: Accounts from Incomplete Records in Hindi for DK Goel Solutions - Class 11 Accountancy course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: DK Goel Solutions: Accounts from Incomplete Records | DK Goel Solutions - Class 11 Accountancy - Commerce
Description
Full syllabus notes, lecture & questions for DK Goel Solutions: Accounts from Incomplete Records | DK Goel Solutions - Class 11 Accountancy - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for DK Goel Solutions - Class 11 Accountancy | Best notes, free PDF download
Information about DK Goel Solutions: Accounts from Incomplete Records
In this doc you can find the meaning of DK Goel Solutions: Accounts from Incomplete Records defined & explained in the simplest way possible. Besides explaining types of
DK Goel Solutions: Accounts from Incomplete Records theory, EduRev gives you an ample number of questions to practice DK Goel Solutions: Accounts from Incomplete Records tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Viva Questions
,study material
,Free
,mock tests for examination
,DK Goel Solutions: Accounts from Incomplete Records | DK Goel Solutions - Class 11 Accountancy - Commerce
,DK Goel Solutions: Accounts from Incomplete Records | DK Goel Solutions - Class 11 Accountancy - Commerce
,Summary
,video lectures
,DK Goel Solutions: Accounts from Incomplete Records | DK Goel Solutions - Class 11 Accountancy - Commerce
,Sample Paper
,ppt
,practice quizzes
,Semester Notes
,Exam
,MCQs
,Previous Year Questions with Solutions
,shortcuts and tricks
,Important questions
,Objective type Questions
,Extra Questions
,past year papers
;
Additional Information about DK Goel Solutions: Accounts from Incomplete Records for Commerce Preparation
DK Goel Solutions: Accounts from Incomplete Records Free PDF Download
The DK Goel Solutions: Accounts from Incomplete Records is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the DK Goel Solutions: Accounts from Incomplete Records now and kickstart your journey towards success in the Commerce exam.
Importance of DK Goel Solutions: Accounts from Incomplete Records
The importance of DK Goel Solutions: Accounts from Incomplete Records cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
DK Goel Solutions: Accounts from Incomplete Records Notes
DK Goel Solutions: Accounts from Incomplete Records Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to DK Goel Solutions: Accounts from Incomplete Records.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, DK Goel Solutions: Accounts from Incomplete Records Notes on EduRev are your ultimate resource for success.
DK Goel Solutions: Accounts from Incomplete Records Commerce Questions
The "DK Goel Solutions: Accounts from Incomplete Records Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study DK Goel Solutions: Accounts from Incomplete Records on the App
Students of Commerce can study DK Goel Solutions: Accounts from Incomplete Records alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the DK Goel Solutions: Accounts from Incomplete Records,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of DK Goel Solutions: Accounts from Incomplete Records is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup