CBSE Class 11 Accountancy Accounts from Incomplete Records Assignment

CBSE Class 11 Accountancy Chapter 11 Incomplete Records Fill In The Blanks 

Question. Rupesh started business with cash rs.10,000,on 1st july he borrowed rs,5000 from his friend, additional capital introduced by him rs.6000 during the year and he earn profit of rs. 4000 during the year then total assets at the end of the year is…….
Answer. 25,000

Question. Gross profit of Mahesh is rs.35000 and cost of goods sold is rs. 65000, cash is 2/3 of credit sales then credit sales is rs……
Answer. 60,000

Question. On March 31, 2018 assets and liabilities of Mr. Shyam were 10,00,000 and Rs. 1,50,000 respectively . On March 31, 2019 assets and liabilities are Rs.12,00,000 and Rs.50,000 respectively, Total Drawing during the year 2018-19 were Rs. 40,000 .Profit earned by shyam during the year is ……..
Answer. 3,40,000

CBSE Class 11 Accountancy Chapter 11 Incomplete Records MCQs

Question. Accounting equation is
a. Assets = Liabilities +Capital
b. Assets = Liabilities - Capital
c. Liabilities = Assets –Capital
d. Capital = Assets + Liabilities
Answer. (A)

Question. Capital 6,00,00 Liability is rs.23500 then Assets=……….
a. Rs.83,500
b. Rs. 36,500
c. Rs. 60,000
d. Rs. 23500
Answer. (A)

Question. In the single entry which method is used to ascertain profit and loss.
a. Statement of affairs method
b. Conversion method
c. A and B both
d. None of the above
Answer. (C)

Question. Which accounting principle is certainly followed under single entry system as well as double entry system
a. Money measurement system
b. Dual aspect
c. Matching
d. None of the above
Answer. (A)

Question. Which one of the following is the correct formula of COGS.
a. Opening stock+ purchase + direct expenses - closing stock
b. Opening stock - purchase+ direct expenses - closing stock
c. Opening stock + purchase + direct expenses + closing stock
d. All of the above.
Answer. (A)

Question. Which one of the following is the correct formula of ascertaining profit or loss.
a. Closing capital + Drawing + additional capital – opening capital
b. Closing capital + Drawing - additional capital – opening capital
c. Closing capital - Drawing + additional capital – opening capital
d. Closing capital + Drawing + additional capital + opening capital
Answer. (B)

Question. On March 31, 2018 assets and liabilities of Mr. Shyam were Rs.10, 00,000 and Rs.1,50,000 respectively . On March 31, 2019 assets and liabilities are Rs.12,00,000 and Rs.50,000 respectively , Total Drawing during the year 2018-19 were Rs. 40,000 .Profit earned by shyam during the year is ……..
a. 3,40,000
b. 3,50,000
c. 3,00,000
d. None of the above
Answer. (A)

Question. Opening and closing balance of Mr. X’s capital a/c is Rs.6, 00,000 and Rs.10, 00,000 respectively. Total profit of Rs.5,00,000 earned, Drawings during the year were
a. Rs.50,000
b. Rs.1,00,000
c. Rs.4,00,000
d. Rs.5,00,000
Answer. (B)

Question. If cash purchases is 150% of credit purchases, Payment made to creditors during the year Rs.50, 000 Balance of opening creditors is Rs.50, 000 more than closing creditors. Total purchase during the year is….
a. Rs.1, 50,000
b. Rs.2, 00,000
c. Rs.2,50,000
d. Rs.3,00,000
Answer. (C)

CBSE Class 11 Accountancy Chapter 11 Incomplete Records Match The Following

Question.
i) Companies registered under the companies       a) Accounting principles
act does not follow
ii) Sole trader are not required to follow                 b) Incomplete records
                                                                               c) Partnership Rules
Answer. B & A
`
Question.Capital Rs 6,00,000 Creditors Rs 2,00,000 Outstanding Rent Rs 35,000 what will be the Assets if-
i) there is cash balance of Rs 35000        a) Rs 3,65,000
ii) if there is no other information              b) Rs 8,35,000
                                                                 c) Rs 8,00,000
Answer. C & B

Question.
i) If the rate of gross profit is 25% of sales and           a) 16,667
COGS is Rs. 1,00,000
ii) If the rate of gross profit is 20% of COGS and        b) 1,20,000
sales are Rs. 1,00,000
                                                                                    c) 33,333
Answer. C & A

Question.
i) Gross profit of Mahesh is rs.35000 and cost               a) 50,000
of goods sold is rs.65000, cash is 2/3 of credit
sales then credit sales is rs……
ii) Vandna shows inability to pay her acceptance           b) 60,000
of Rs…………and accepted a new bill of rs. 11,165
along with interest @6% (due after 3 months)
                                                                                       c) 11,000
Answer. B & C

Question.
i) Sales are calculated by adding                       a) cash sales and received from debtors
ii) From incomplete records it is possible to       b) cash sales + credit sales
prepare
                                                                          c) Ledger account
                                                                          d) Statement of affairs
Answer. B & D

1. Explain the following terms

a. Assets      b. Capital      c. Drawings    d. Debtors

2. Define the following terms

a. Creditors    b. Revenue   c. Fixed assets   d. Voucher

3. Who are the accounting users? What purpose does it serve to various interest groups ?

4. What are account standards ?

5. Explain the accounting concepts

a. Cost concept

b. Revenue Recognisition concept

c. Money measurement concept

d. Consistency concept

6. Prepare accounting equation from the following :

a. Hameed stated business with cash Rs.20000

b. Purchased machinery for credit  Rs/40000

c. Paid to creditors in full settlement Rs/35000

d. Purchased goods for Cash Rs/20000

e. Sold goods for cash (costing Rs/8000) Rs/10000

7. Differentiate Trade discount and Cash discount.