Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Commerce: Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The document Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course DK Goel Solutions - Class 11 Accountancy.
All you need of Commerce at this link: Commerce
Page No 23.43

Ques 1:
Atul does not keep proper records of his business. He gives you the following information:
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Calculate profit or loss for the year. 
Ans:

Statement of Profit or Loss
for the year ended ….
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 23.43:
Ques 2:
Mr. Joshi started a business with a capital of ₹ 5,00,000. At the end of the year his position was:
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
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.
Ans:
Statement of Affairs
as on March …
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Statement of Profit or Loss
for the year ended ….
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Ques 3: Mr. Vasudev 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.
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Ans:
Statement of Affairs
as on March …
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Statement of Profit or Loss
for the year ended ….

Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce


Page No 23.44

Ques 4: Tulsi started business on 1st April, 2016 with a capital of ₹ 4,50,000. On 31st March, 2017 her position was as under:
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
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. 
Ans:

Statement of Affairs
as on March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Statement of Profit or Loss
for the year ended March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Ques 5(A): From the following information, calculate capital at the beginning :
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Ans:
Statement of Profit or Loss
for the year ended December 31, 2005
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Ques 5(B):

Calculate Closing Capital:
Opening Capital ₹ 90,000; Profit for the year ₹ 25,000; Drawings ₹ 17,000. During the year proprietor sold ornaments of his wife for ₹ 40,000 and invested the same in business.
Ans 5(B):
Closing Capital + Drawings - Additional Capital - Opening Capital = Profits
Closing Capital = Opening Capital+ Additional Capital + Profits - Drawings
Closing Capital =  90,000 + 40,000 + 25,000 - 17,000
Closing Capital = Rs 1,38,000

Question 6: Suchitra started a business on 1st April, 2013 with a Capital of ₹ 50,00,000. On 31st March, 2014 her total Assets were ₹ 60,00,000 and Creditors were 3,00,000. She withdrew during the year for her personal expenses ₹ 10,000 per month upto 30th June, 2013 and thereafter ₹ 15,000 per month upto 31st March, 2014. During the year she sold her personal investments of ₹ 80,000 at 5% loss and introduced that amount in the business.

You are required to prepare a Statement of Profit or Loss for the year ending 31st March, 2014.
Ans:
Statement of Profit or Loss
for the year ended March 31, 2014Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Note: Calculation of additional capital introduced during the year
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Ques 7:
Following incomplete information is available from records maintained by Mr. X:
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
During the year Mr. X introduced in the business the amount realised on sale of ₹ 10,000 investments at the premium of 5%. Personal expenses of Mr. X paid from business account amounted to ₹ 1,250 per month. Prepare a statement to calculate Profit (or Loss) during the year.
Ans:
Statement of Affairs
as on April 01, 2016
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Statement of Affairs
as on March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Statement of Profit or Loss
for the year ended March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Working Note: Calculation of additional capital introduced during the year
Value of Investments  = 10,000
Premium                   =   500 (10,000 × 5%)
Sale Value of Investments = Rs 10,500(Aditional Capital)
Value of Investments  = 10,000 Premium  =   500 (10,000 × 5%)
Sale Value of Investments = Rs 10,500(Aditional Capital)  


Page No 23.44

Question 8: Raghuveer keeps incomplete records. His position was as follows:
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

During the year, Raghuveer introduced ₹ 50,000 as further capital in the business and withdrew ₹ 7,500 per month. From the above information, show Profit or Loss for the year ended 31st March, 2017.
Ans:

Statement of Affairs
as on March 31, 2016
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Statement of Affairs
as on March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Statement of Profit or Loss
for the year ended March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Ques 9:
On 1st April 2014, Mr, Ghosh started business with a capital of ₹ 5,00,000. He kept his books on single entry basis. Soon after he purchased furniture for ₹ 40,000 and purchased goods for ₹ 3,00,000. During the year he borrowed ₹ 1,00,000 from his brother and introduced further capital of his own amounting to ₹ 80,000.
On 31st March, 2015, there were sundry debtors amounting to ₹ 2,20,000 and creditors amounted to ₹ 1,40,000. Stock was valued at ₹ 4,50,000. Cash in hand ₹ 15,400 and Bank Overdraft ₹ 40,000
During the year Mr. Ghosh withdrew ₹ 2,000 per week for his family expenses. You are informed that included in sundry debtors is an irrecoverable amount of ₹ 5,000. He also took goods from the business for his personal use amounting to ₹ 4,000. You are required to calculate his profit or loss during the year.
Ans: 
Statement of Affairs
as on March …
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Statement of Profit or Loss
for the year ended March 31, 2015
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Ques 10: The Capital of Sh. Madhusudan on 1st April, 2016 was ₹ 5,00,000 and on 31st March, 2017 was ₹ 4,80,000. He has informed you that he withdrew from the business ₹ 8,000 per month for his private use. He paid ₹ 20,000 for his income-tax and the installment of the loan of his personal house at the rate of ₹ 15,000 per month from the business. He had also sold his shares of Reliance Company costing ₹ 1,00,000 at a profit of 20% and invested half of this amount in the business. Calculate the profit or loss of the business.
Ans:
Statement of Profit or Loss
for the year ended March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Working Note:
WN 1: Calculation of Drawings
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN 2: Calculation of additional capital
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 23.46

Ques 11: Charu do not keep proper books of accounts. Prepare the statement of profit or loss for the year ending 31-3-2017 from the following information:
Ans:
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The following adjustments are to be made:
(a) Proprietor withdrew cash ₹ 5,000 per month for private use.
(b) Depreciation @ 5% on Car and @ 10% on furniture.
(c) Outstanding Rent ₹ 6,000.
(d) Fresh Capital introduced during the year ₹ 30,000.
Ans:
Statement of Affairs
as on March 31, 2016
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Statement of Affairs
as on March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Statement of Profit or Loss
for the year ended March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Final Statement of Affairs
as on March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 12: Ashok keeps incomplete records. The position of his business on 1st April, 2016 was as follows:
Cash in Hand ₹ 2,200; Cash at Bank ₹ 5,400; Stock ₹ 25,100; Sundry Debtors ₹ 18,700; Furniture ₹ 6,000; Sundry Creditors ₹ 13,500.
His position on 31st March, 2017 was as follows:
Cash in Hand ₹ 1,500; Cash at Bank ₹ 8,400; B/R ₹ 3,300; Stock ₹ 26,000;
Sundry Debtors ₹ 24,600; Furniture ₹ 8,000; Sundry Creditors ₹ 14,200.
During the year he had withdrawn from the business ₹ 18,000, of which ₹ 9,200 were spent in purchasing a Typewriter for the business.
(a) Depreciate furniture and typewriter by 10%.
(b) Write off ₹ 600 as Bad-Debts.
(c) Make a provision of 5% on Debtors for doubtful debts.
Calculate the profit or loss of his business for the year ended 31st March, 2017 and prepare a final statement of affairs, after the above adjustments.
Ans:
Statement of Affairs
as on March 31, 2016
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Statement of Affairs
as on March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Statement of Profit or Loss
for the year ended March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Final Statement of Affairs
as on March 31, 2017
Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The document Accounting from Incomplete Records (Part - 1) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course DK Goel Solutions - Class 11 Accountancy.
All you need of Commerce at this link: Commerce

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