NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

Accountancy Class 11

Commerce : NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

The document NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev is a part of the Commerce Course Accountancy Class 11.
All you need of Commerce at this link: Commerce

Page Number : 477
Numerical Questions : 
Question 6: Mrs Anu started firm with a capital of Rs 4,00,000 on 1st October 2016. She borrowed from her friends a sum of Rs 1,00,000 @ 10% per annum (interest paid) for business and brought a further amount to capital Rs 75,000 on March 31, 2017, her position was:

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev
He withdrew Rs 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly.
 Answer :

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev


NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

 

Page Number : 478
Question.7 : Mr. Arnav 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.

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

Ascertainment of statement of affairs at the beginning and at the end of the year and calculation of profit or loss.
 Answer : 

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev


NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

Question.8 : Mr. Akshat keeps his books on incomplete records following information is given below:


NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

Answer :

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev


NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev


NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

Question.9 : Gopal does not keep proper books of account. Following information is given below:

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

During the year he introduced Rs 20,000 and withdrew Rs 12,000 from the business.Prepare the statement of profit or loss on the basis of given information
Answer :

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev
NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

Note: As per the solution, the profit during the year should be Rs 37,500; whereas, the profit given in the book is Rs 53,500.


Page Number : 479

Question.10 : Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information:

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev 

He withdrew Rs 300 per month for personal expenses. He sold his investment of Rs 16,000 at 2% premium and introduced that amount into business. 

Answer : 

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev


NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev


NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

Question.11 :  Mr. Girdhari Lal does not keep full double entry records. His balance as on April 01, 2006 is as.

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

His position at the end of the year is:
NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

He withdrew Rs 500 per month out of which to spent Rs 1,500 for business purpose. Prepare the statement of profit or loss.

Answer :

 NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRevNCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev


Page Number : 480
Numerical Questions :
Question.12 : Mr. Ashok does not keep his books properly. Following information is available from his books.

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

During the year Mr. Ashok sold his private car for Rs 50,000 and invested this amount into the business. He withdrew from the business Rs 1,500 per month upto October 31, 2016 and thereafter Rs 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on March 31, 2017.

Answer :

 NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

Note: As per the solution, the loss incurred during the year 2011 is Rs 60,900; while the answer given in the book shows Rs 57,900.

Question.13 : Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2017 from the following information: 

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

The following adjustments were made:
 (a) Krishna withdrew cash Rs 5,000 per month for private use.
 (b) Depreciation @ 5% on car and furniture @10%.
 (c) Outstanding Rent Rs 6,000.
 (d) Fresh Capital introduced during the year Rs 30,000.

Answer :

NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev


NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev


NCERT Solution (Part - 2) - Accounts from Incomplete Records Commerce Notes | EduRev

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