SSC CGL Exam > SSC CGL Notes > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > NCERT Solution (Part - 3) - Accounts from Incomplete Records
NCERT Solution (Part - 3) - Accounts from Incomplete Records | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year PDF Download
Page Number : 481
Numerical Questions :
Question.14 : M/s Saniya Sports Equipment does not keep proper records.From the following information find out profit or loss and also prepare balance sheet for the year ended March 31, 2017
Drawing Rs 10,000 p.m. for personal use, fresh capital introduce during the year Rs 2,00,000. A bad debts of Rs 2,000 and a provision of 5% is to be made on debtors outstanding salary Rs 2,400, prepaid insurance Rs 700, depreciation charged on furniture and machine @ 10% p.a.
Answers :
Note: As per the solution, the profit earned during the year is Rs 1, 71, 400; while, according to the book, the answer is Rs 1, 41,200.
Question.15 : From the following information calculate the amount to be paid to creditors:
Answers :
Question.16 : Find out the credit purchases from the following:
Answers : 
Credit Purchases Rs 2,56,350
Page Number : 482
Numerical Questions :
Question.17 : From the following information calculate total purchases.
Answers : 
Total Purchases = Cash Purchases + Credit Purchases (as per Creditors Account)
= 1,29,000 + 2,01,500
= Rs 3,30,500
Question.18 : The following information is given
Calculate credit purchases during the year
Answer :
Note: In order to match the answer with NCERT book, in the solution bills payable matured has been assumed as bills payable accepted.
Question.19 : From the following, calculate the amount of bills accepted during the year. Rs
Bills payable as on April 01, 2005 1,80,000
Bills payable as on March 31, 2006 2,20,000
Bills payable dishonoured during the year 28,000
Bills payable honoured during the year 50,000
Answer :
Question.20 : Find out the amount of bills matured during the year on the basis of information given below:
Answer :
Bill Payable matured during the year is Rs 38,000.
Question.21 : Prepare the bills payable account from the following and find out missing figure if any :
Answer :
Bills payable discharged is Rs 88,000 and the opening balance of creditors is Rs 79,000.
Page Number : 483
Numerical Questions :
Question.22 :
Answer :
Bills receivable received from Debtors Rs 1,60,000.
The document NCERT Solution (Part - 3) - Accounts from Incomplete Records | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year is a part of the SSC CGL Course SSC CGL Tier 2 - Study Material, Online Tests, Previous Year.
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FAQs on NCERT Solution (Part - 3) - Accounts from Incomplete Records - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What is an incomplete record in accounting? |  |
Ans. An incomplete record in accounting refers to a situation where a business does not maintain complete and systematic financial records. It means that the business does not have proper books of accounts, including cash book, ledger, and other financial statements.
| 2. Why do businesses maintain incomplete records? | |
Ans. There can be several reasons why businesses maintain incomplete records. It could be due to lack of knowledge or understanding of accounting principles, limited resources, or simply negligence. Some small businesses may also find it easier and less time-consuming to maintain incomplete records.
| 3. What are the challenges faced by businesses with incomplete records? | |
Ans. Businesses with incomplete records face several challenges. It becomes difficult to accurately determine the financial position and performance of the business. It also becomes challenging to prepare financial statements, calculate accurate profits, and comply with legal and tax obligations. Additionally, it can hinder the business's ability to attract investors or secure loans from financial institutions.
| 4. How can businesses convert incomplete records into complete records? | |
Ans. To convert incomplete records into complete records, businesses need to undertake a process called reconstruction of accounts. This involves analyzing available financial data, identifying missing transactions, and reconstructing the financial statements. It may require the assistance of an accountant or financial expert to ensure accuracy and completeness.
| 5. What are the advantages of maintaining complete records in accounting? | |
Ans. Maintaining complete records in accounting offers several advantages. It provides a clear and accurate picture of the financial health of the business. It helps in making informed business decisions, analyzing profitability, and identifying areas for improvement. Complete records also ensure compliance with legal and tax requirements, facilitate auditing processes, and enhance the credibility and transparency of the business.
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