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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.
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