Commerce Exam > Commerce Notes > Accountancy Class 11 > Accounts from Incomplete Records Single Entry System - 1
Accounts from Incomplete Records Single Entry System - 1 | Accountancy Class 11 - Commerce PDF Download
| Download, print and study this document offline |
Please wait while the PDF view is loading
Page 1
Q.1 Following information of an accounting year is given:
Opening Capital ? 60,000; Drawings ? 5,000; Capital added during the year ? 10,000 and Closing Capital ?
90,000. Calculate the Profit or Loss for the year.
The solution can be presented as follows
Q.2 Mayank does not keep proper records of his business, he gives you the following information:
?
Opening Capital 1,00,000
Closing Capital 1,25,000
Drawings during the year 30,000
Capital added during the year 37,500
Calculate the profit or loss for the year.
The solution can be presented as follows
Page 2
Q.1 Following information of an accounting year is given:
Opening Capital ? 60,000; Drawings ? 5,000; Capital added during the year ? 10,000 and Closing Capital ?
90,000. Calculate the Profit or Loss for the year.
The solution can be presented as follows
Q.2 Mayank does not keep proper records of his business, he gives you the following information:
?
Opening Capital 1,00,000
Closing Capital 1,25,000
Drawings during the year 30,000
Capital added during the year 37,500
Calculate the profit or loss for the year.
The solution can be presented as follows
Q.3 Capital of Ganesh Gupta in the beginning of the year was ? 70,000. During the year his business
earned a profit of ? 20,000, he withdrew ? 7,000 for his personal use. He sold ornaments of his wife for ?
20,000, and invested that amount into the business. Find out his Capital at the end of the year.
The solution can be presented as follows
Q.4 Vikas maintains his books of account on Single Entry System. He provides following information from
his books. Find out additional capital introduced in the business during the year 2018–19.
Opening Capital - ? 1,30,000 Drawings during the year ? 50,000
Closing Capital - ? 2,00,000 Profit made during the year ? 1,00,000
The solution can be presented as follows
Page 3
Q.1 Following information of an accounting year is given:
Opening Capital ? 60,000; Drawings ? 5,000; Capital added during the year ? 10,000 and Closing Capital ?
90,000. Calculate the Profit or Loss for the year.
The solution can be presented as follows
Q.2 Mayank does not keep proper records of his business, he gives you the following information:
?
Opening Capital 1,00,000
Closing Capital 1,25,000
Drawings during the year 30,000
Capital added during the year 37,500
Calculate the profit or loss for the year.
The solution can be presented as follows
Q.3 Capital of Ganesh Gupta in the beginning of the year was ? 70,000. During the year his business
earned a profit of ? 20,000, he withdrew ? 7,000 for his personal use. He sold ornaments of his wife for ?
20,000, and invested that amount into the business. Find out his Capital at the end of the year.
The solution can be presented as follows
Q.4 Vikas maintains his books of account on Single Entry System. He provides following information from
his books. Find out additional capital introduced in the business during the year 2018–19.
Opening Capital - ? 1,30,000 Drawings during the year ? 50,000
Closing Capital - ? 2,00,000 Profit made during the year ? 1,00,000
The solution can be presented as follows
Q.5 Mohan maintains books on Single Entry System. He gives you the following information:
?
Capital on 1st April, 2018 15,200
Capital on 31st March, 2019 16,900
Drawings made during the year 4,800
Capital introduced on 1st August, 2018 2,000
You are required to calculate the Profit or Loss made by Mohan.
The solution can be presented as follows
Q.6 Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April,
2018 his Capital was ? 4,00,000 and on 31st March, 2019 it was ? 3,50,000. He had withdrawn ? 20,000 per
month besides goods of the sale value of ? 60,000. How much did he earn in 2018-19?
The solution can be presented as follows
Page 4
Q.1 Following information of an accounting year is given:
Opening Capital ? 60,000; Drawings ? 5,000; Capital added during the year ? 10,000 and Closing Capital ?
90,000. Calculate the Profit or Loss for the year.
The solution can be presented as follows
Q.2 Mayank does not keep proper records of his business, he gives you the following information:
?
Opening Capital 1,00,000
Closing Capital 1,25,000
Drawings during the year 30,000
Capital added during the year 37,500
Calculate the profit or loss for the year.
The solution can be presented as follows
Q.3 Capital of Ganesh Gupta in the beginning of the year was ? 70,000. During the year his business
earned a profit of ? 20,000, he withdrew ? 7,000 for his personal use. He sold ornaments of his wife for ?
20,000, and invested that amount into the business. Find out his Capital at the end of the year.
The solution can be presented as follows
Q.4 Vikas maintains his books of account on Single Entry System. He provides following information from
his books. Find out additional capital introduced in the business during the year 2018–19.
Opening Capital - ? 1,30,000 Drawings during the year ? 50,000
Closing Capital - ? 2,00,000 Profit made during the year ? 1,00,000
The solution can be presented as follows
Q.5 Mohan maintains books on Single Entry System. He gives you the following information:
?
Capital on 1st April, 2018 15,200
Capital on 31st March, 2019 16,900
Drawings made during the year 4,800
Capital introduced on 1st August, 2018 2,000
You are required to calculate the Profit or Loss made by Mohan.
The solution can be presented as follows
Q.6 Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April,
2018 his Capital was ? 4,00,000 and on 31st March, 2019 it was ? 3,50,000. He had withdrawn ? 20,000 per
month besides goods of the sale value of ? 60,000. How much did he earn in 2018-19?
The solution can be presented as follows
Working Notes:
1)
Q.7 Krishan started his business on 1st April, 2018 with a Capital of ? 1,00,000. On 31st March, 2019, his
assets were:
?
Cash 3,200
Stock 34,800
Debtors 31,000
Plant 85,000
He owed ? 12,000 to sundry creditors and ? 10,000 to his brother on that date. He withdrew ? 2,000 per
month for his personal expenses. Ascertain his profit.
The solution can be presented as follows
Page 5
Q.1 Following information of an accounting year is given:
Opening Capital ? 60,000; Drawings ? 5,000; Capital added during the year ? 10,000 and Closing Capital ?
90,000. Calculate the Profit or Loss for the year.
The solution can be presented as follows
Q.2 Mayank does not keep proper records of his business, he gives you the following information:
?
Opening Capital 1,00,000
Closing Capital 1,25,000
Drawings during the year 30,000
Capital added during the year 37,500
Calculate the profit or loss for the year.
The solution can be presented as follows
Q.3 Capital of Ganesh Gupta in the beginning of the year was ? 70,000. During the year his business
earned a profit of ? 20,000, he withdrew ? 7,000 for his personal use. He sold ornaments of his wife for ?
20,000, and invested that amount into the business. Find out his Capital at the end of the year.
The solution can be presented as follows
Q.4 Vikas maintains his books of account on Single Entry System. He provides following information from
his books. Find out additional capital introduced in the business during the year 2018–19.
Opening Capital - ? 1,30,000 Drawings during the year ? 50,000
Closing Capital - ? 2,00,000 Profit made during the year ? 1,00,000
The solution can be presented as follows
Q.5 Mohan maintains books on Single Entry System. He gives you the following information:
?
Capital on 1st April, 2018 15,200
Capital on 31st March, 2019 16,900
Drawings made during the year 4,800
Capital introduced on 1st August, 2018 2,000
You are required to calculate the Profit or Loss made by Mohan.
The solution can be presented as follows
Q.6 Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April,
2018 his Capital was ? 4,00,000 and on 31st March, 2019 it was ? 3,50,000. He had withdrawn ? 20,000 per
month besides goods of the sale value of ? 60,000. How much did he earn in 2018-19?
The solution can be presented as follows
Working Notes:
1)
Q.7 Krishan started his business on 1st April, 2018 with a Capital of ? 1,00,000. On 31st March, 2019, his
assets were:
?
Cash 3,200
Stock 34,800
Debtors 31,000
Plant 85,000
He owed ? 12,000 to sundry creditors and ? 10,000 to his brother on that date. He withdrew ? 2,000 per
month for his personal expenses. Ascertain his profit.
The solution can be presented as follows
Q.8 Ram Prashad keeps his books on Single Entry System and from them and the particulars supplied,
the following figures were gathered together on 31st March, 2019:
Book Debts ? 10,000; Cash in Hand ? 510; Stock-in-Trade (estimated) ? 6,000; Furniture and Fittings ?
1,200; Trade Creditors ? 4,000; Bank Overdraft ? 1,000; Ram Prashad stated that he started business on
1st April, 2018 with cash ? 6000 paid into bank but stocks valued at ? 4,000. During the year he estimated
his drawings to be ? 2,400. You are required to prepare the statement, showing the profit for the year,
after writing off 10% for Depreciation on Furniture and Fittings.
The solution can be presented as follows
Read More
|
61 videos|154 docs|35 tests
|
FAQs on Accounts from Incomplete Records Single Entry System - 1 - Accountancy Class 11 - Commerce
| 1. What is the single entry system in accounting? |  |
Ans. The single entry system is a simplified accounting method that primarily records cash transactions and does not maintain a full set of double-entry accounts. It is often used by small businesses or individuals because it is easier to manage and less time-consuming than double-entry bookkeeping. This system records income and expenses in a single ledger, focusing on cash flow, rather than tracking assets, liabilities, and equities in detail.
| 2. How does the incomplete records approach work in accounting? | |
Ans. The incomplete records approach is used when a business does not maintain complete accounting records. It often involves reconstructing the accounts based on available information, such as bank statements, invoices, and receipts. This approach allows businesses to estimate their financial position and performance, even when full financial statements are not available. Typically, methods like the conversion method or the statement of affairs method are utilized to estimate figures such as profit or loss.
| 3. What are the advantages of using a single entry system? | |
Ans. Advantages of the single entry system include its simplicity and lower cost of implementation, making it an attractive option for small businesses or sole proprietors. It requires less training for individuals to understand and manage, and it allows for quicker record-keeping. Additionally, it provides a basic overview of cash flow, which can be sufficient for businesses that do not require detailed financial reporting.
| 4. What are the limitations of the single entry system? | |
Ans. The single entry system has several limitations, including the lack of comprehensive financial information, which can lead to inaccurate assessments of a business's financial health. It does not provide a complete picture of assets and liabilities, making it difficult to prepare full financial statements. Moreover, it may not meet the needs of larger businesses or those requiring external financing, as stakeholders often prefer detailed reports that the single entry system cannot provide.
| 5. Can you explain the process of converting incomplete records to complete accounts? | |
Ans. Converting incomplete records to complete accounts typically involves gathering all available financial data, such as receipts, invoices, and bank statements. Once the data is collected, it can be organized to estimate missing figures. The statement of affairs method may be used, where assets and liabilities are listed to determine net worth, or the conversion method that utilizes known cash transactions to reproduce an estimated income statement. This process helps in creating a clearer financial picture despite the absence of complete records.
About this Document
4.86/5
Rating
Oct 22, 2025
Last updated
Related Exams
Document Description: Accounts from Incomplete Records Single Entry System - 1 for Commerce 2025 is part of Accountancy Class 11 preparation.
The notes and questions for Accounts from Incomplete Records Single Entry System - 1 have been prepared according to the Commerce exam syllabus. Information about Accounts from Incomplete Records Single Entry System - 1 covers topics
like and Accounts from Incomplete Records Single Entry System - 1 Example, for Commerce 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Accounts from Incomplete Records Single Entry System - 1.
Introduction of Accounts from Incomplete Records Single Entry System - 1 in English is available as part of our Accountancy Class 11
for Commerce & Accounts from Incomplete Records Single Entry System - 1 in Hindi for Accountancy Class 11 course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: Accounts from Incomplete Records Single Entry System - 1 | Accountancy Class 11 - Commerce
Description
Full syllabus notes, lecture & questions for Accounts from Incomplete Records Single Entry System - 1 | Accountancy Class 11 - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for Accountancy Class 11 | Best notes, free PDF download
Information about Accounts from Incomplete Records Single Entry System - 1
In this doc you can find the meaning of Accounts from Incomplete Records Single Entry System - 1 defined & explained in the simplest way possible. Besides explaining types of
Accounts from Incomplete Records Single Entry System - 1 theory, EduRev gives you an ample number of questions to practice Accounts from Incomplete Records Single Entry System - 1 tests, examples and also practice Commerce
tests
Related Searches
Objective type Questions
,video lectures
,ppt
,mock tests for examination
,shortcuts and tricks
,Accounts from Incomplete Records Single Entry System - 1 | Accountancy Class 11 - Commerce
,practice quizzes
,Semester Notes
,Important questions
,past year papers
,Previous Year Questions with Solutions
,Sample Paper
,Summary
,MCQs
,Viva Questions
,Accounts from Incomplete Records Single Entry System - 1 | Accountancy Class 11 - Commerce
,Free
,study material
,Accounts from Incomplete Records Single Entry System - 1 | Accountancy Class 11 - Commerce
,Exam
,Extra Questions
;
Additional Information about Accounts from Incomplete Records Single Entry System - 1 for Commerce Preparation
Accounts from Incomplete Records Single Entry System - 1 Free PDF Download
The Accounts from Incomplete Records Single Entry System - 1 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 Accounts from Incomplete Records Single Entry System - 1 now and kickstart your journey towards success in the Commerce exam.
Importance of Accounts from Incomplete Records Single Entry System - 1
The importance of Accounts from Incomplete Records Single Entry System - 1 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.
Accounts from Incomplete Records Single Entry System - 1 Notes
Accounts from Incomplete Records Single Entry System - 1 Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Accounts from Incomplete Records Single Entry System - 1.
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, Accounts from Incomplete Records Single Entry System - 1 Notes on EduRev are your ultimate resource for success.
Accounts from Incomplete Records Single Entry System - 1 Commerce Questions
The "Accounts from Incomplete Records Single Entry System - 1 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 Accounts from Incomplete Records Single Entry System - 1 on the App
Students of Commerce can study Accounts from Incomplete Records Single Entry System - 1 alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Accounts from Incomplete Records Single Entry System - 1,
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 Accounts from Incomplete Records Single Entry System - 1 is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup on EduRev and stay on top of your study goals
10M+ students crushing their study goals daily