Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Commerce: Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The document Accounting from Incomplete Records (Part - 2) 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 23.47

Ques 13: From the details given below find out the Credit Sales and Total Sales:
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Ans:
Debtors Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Total Sales = Cash Sales + Credit Sales
Total Sales = 1,05,000 + 3,80,000 = 4,85,000

Question 14: Find out the Credit Purchases from the details given below:
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Ans:
Creditors Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 15: Anand Mohan has kept incomplete books. From the following particulars, prepare his Final Accounts for the year ending 31st March, 2012 :

Receipts:- Received from Debtors ₹ 37,000; Fresh Capital brought in cash ₹ 20,000; Commission received ₹ 2,800; Cash Sales ₹ 95,000.
Payments:- Paid to Creditors ₹ 35,000; Cash Purchases ₹ 26,500; Ornaments for his wife ₹ 22,000; Wages ₹ 18,800; Rent ₹ 8,400; Salary ₹ 12,000.

His Other Assets and Liabilities:-
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Adjustments :-

(1) Unpaid wages ₹1,500.

(2) Provide for Doubtful Debts at 5% on Debtors.
Ans:

Trading Account
for the year ended March 31, 2012

Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Profit & Loss Account

for the year ended March 31, 2012

Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Balance Sheet
as on March 31, 2012
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Balance Sheet

as on March 31, 2011
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Cash Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Debtors Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Creditors Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce


Page No 23.48

Question 16: Mukesh Khanna has not kept proper books. However, he gives you the following information relating to the year 2011-12:
Summary of his Cash Book
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The following balances existed on 1st April, 2011 - Debtors ₹ 24,200; Furniture ₹ 18,000; Stock ₹ 30,000; Creditors ₹ 18,000.
The following balances existed on 31st March, 2012 - Debtors ₹ 20,800; Furniture ₹ 30,000; Stock ₹ 35,950; Creditors ₹ 34,600.

Adjustments:-
(1) Depreciate Furniture by 10%.
(2) Provide upto-date interest on Mrs. Khanna's Loan.
Prepare trading and Profit and Loss A/c for the year ending 31st March, 2012 and a Balance Sheet as at that date.
Ans:

Trading Account
for the year ended March 31, 2012
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Profit & Loss Account

for the year ended March 31, 2012

Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Balance Sheet

as on March 31, 2012

Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Balance Sheet
as on March 31, 2011
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Debtors Account 
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Creditors Account 
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 17: Mr. Asif Ali, a retail trader, who keeps Incomplete Records gives you the following information for the year 2011-12:
Summary of Cash Transactions 
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
The Assets and Liabilities were as follows:
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Other Informations:
(1) Credit Sales during the year were ₹ 35,100.
(2) Sales returns ₹ 800.
(3) Credit Purchases during the year were ₹ 30,000.
(4) Discount allowed to Debtors ₹ 300.
(5) Discount received from Creditors ₹ 130.
Adjustments:-
(1) Make a provision for doubtful debts @ 5% on Debtors.
(2) Also make a provision for discount @ 2% on Debtors.
Prepare his Trading, P & L A/c and a Balance Sheet as at 31st March, 2012.
Ans:
Trading Account
for the year ended March 31, 2012
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Profit & Loss Account
for the year ended March 31, 2012
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Balance Sheet
as on March 31, 2012
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Balance Sheet
as on March 31, 2011
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Debtors Account 
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Creditors Account 
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 23.49 

Ques 18: Lalit Mohan keeps incomplete records. From the following information provided by him, prepare a Trading and Profit & Loss Account for the year ended 31st March, 2015 and a Balance Sheet as at that date:
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Summary of cash transactions during the year:
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
You are informed that there were considerable amount of cash sales during the year. Credit purchases during the year amounted to ₹ 1,80,000. Provide 5% for doubtful debts on debtors.
Ans:
Trading Account
for the year ended March 31, 2015
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Profit & Loss Account
for the year ended March 31, 2015
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Balance Sheet
as on March 31, 2015
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Balance Sheet
as on March 31, 2014
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Cash Account 
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Debtors Account 
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Creditors Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 23.50 

Quest 19: Vardhman commenced business on 1st April, 2008, with a capital of ₹ 50,000. He immediately purchased furniture of ₹ 20,000. During the year he received from his uncle a gift of ₹ 3,000 and he borrowed from his father a sum of ₹ 5,000. He had withdrawn ₹ 600 per month for his household expenses. He had no Bank account and all dealings were in cash. He did not maintain any books but following information is given:
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

He used goods worth ₹ 1,300 for personal purposes and paid ₹ 500 to his son for examination and college fees.
On 31st March, 2009, his Debtors were worth ₹ 21,000 and Creditors ₹ 15,000. Stock in trade was valued at ₹ 10,000. Furniture to be depreciated by 10% p.a.
Prepare trading and Profit and Loss Account for the year ended on 31st March, 2009, and Balance Sheet as at 31st March, 2009.
Ans:
Trading Account
for the year ended March 31, 2009
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Profit & Loss Account
for the year ended March 31, 2009
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Balance Sheet
as on March 31, 2009
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Debtors Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Creditors Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Cash Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 23.51

Ques 20: Calculate the value of Closing Stock from the following particulars:
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Ans:
Rate of Gross Profit (on cost) = 25%
Rate of Gross Profit (on sales) = 20%
Gross Profit = 20% of 1,20,000 = 24,000
Gross Profit = Net Sales – Cost of Goods Sold
24,000 = 1,20,000 – Cost of Goods Sold
Cost of Goods Sold = 1,20,000 – 24,000 = Rs 96,000
Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses – Closing Stock
96,000 = 16,000 + 93,000 + 20,000 – Closing Stock
Closing Stock = 16,000 + 93,000 + 20,000 – 96,000 = Rs 33,000

Ques 21: Calculate the value of Opening Stock from the following:
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Answer 21:
Rate of Gross Profit (on sales) = 40%
Gross Profit = 40% of (2,05,000 – 5,000) = 80,000
Gross Profit = Net Sales – Cost of Goods Sold
80,000 = 2,00,000 – Cost of Goods Sold
Cost of Goods Sold = 2,00,000 – 80,000 = ₹ 1,20,000
Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses – Closing Stock
1,20,000 = Opening Stock + (1,24,000 – 4,000) + 8,000 – 36,000
Opening Stock = 1,20,000 – 1,20,000 – 8,000 + 36,000 = ₹ 28,000

Question 22: Chakravarti does not maintain proper books of accounts. Following information is obtained from his books for the year ended 31st March, 2008:
Cash Transactions:
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Assets and Liabilities: 
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The Stock on 31st March, 2008 was valued at ₹ 20,000 but Chakravarti has no record of the Stock on 1st April, 2007. However, he informs you that he sells his goods at cost plus 25%. Prepare his Cash Book, Trading and P & L A/c for the year ended 31st March, 2008 and a Balance Sheet as at that date.

Ans:
Trading Account
for the year ended March 31, 2008
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Profit & Loss Account
for the year ended March 31, 2008
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Balance Sheet
as on March 31, 2008
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Balance Sheet
as on March 31, 2007
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Cash Account 
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Debtors Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Creditors Account
Accounting from Incomplete Records (Part - 2) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Rate of Gross Profit (on cost) = 25%
Rate of Gross Profit (on sales) = 20%
Gross Profit = 20% of (30,000 + 1,04,000) = 26,800
Gross Profit = Net Sales – Cost of Goods Sold
26,800 = 1,34,000 – Cost of Goods Sold
Cost of Goods Sold = 1,34,000 – 26,800 = ₹ 1,07,200
Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses – Closing Stock
1,07,200 = Opening Stock + 66,000 + (15,000 + 200) – 20,000
Opening Stock = 1,07,200 – 66,000 – 15,200 + 20,000 = ₹ 46,000

The document Accounting from Incomplete Records (Part - 2) 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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