CBSE Class 11 Accountancy Accounts For Incomplete Records Notes Set B

Download CBSE Class 11 Accountancy Accounts For Incomplete Records Notes Set B in PDF format. All Revision notes for Class 11 Accountancy have been designed as per the latest syllabus and updated chapters given in your textbook for Accountancy in Standard 11. Our teachers have designed these concept notes for the benefit of Grade 11 students. You should use these chapter wise notes for revision on daily basis. These study notes can also be used for learning each chapter and its important and difficult topics or revision just before your exams to help you get better scores in upcoming examinations, You can also use Printable notes for Class 11 Accountancy for faster revision of difficult topics and get higher rank. After reading these notes also refer to MCQ questions for Class 11 Accountancy given our website

Accounts For Incomplete Records Class 11 Accountancy Revision Notes

Class 11 Accountancy students should refer to the following concepts and notes for Accounts For Incomplete Records in standard 11. These exam notes for Grade 11 Accountancy will be very useful for upcoming class tests and examinations and help you to score good marks

Accounts For Incomplete Records Notes Class 11 Accountancy

UNIT:10

ACCOUNTS FOR INCOMPLETE RECORDS

“A system of book-keeping in which, as a rule, only records of cash and of personal accounts are maintained, it is always incomplete double entry system, varying with circumstances” Unit at a Glance:

  •  Introduction
  •  Salient features
  •  Uses
  •  Limitations
  •  Difference between double entry system and incomplete records
  •  Ascertainment of profit or loss from incomplete records
  •  Conversion into double entry method
  •  numerical exercises

Introduction:

Accounting records which are not prepared in accordance with double entry system method are described as accounts for incomplete records. SALIENT FEATURES

1. Apply of personal accounts only ( ignores nominal and real accounts)

2. Maintenance of cash book.( Cash book is prepared )

3. Based on original vouchers. (Collection of data is made with original vouchers)

4. Lack of Similarity. (Method of preparation of books differs from firm to firm, it prepared as per the need of the business.

5. Preparation of final accounts. (After converting the information into double entry system final accounts are prepared. Due to this Statement of affairs is prepared instead of Balance sheet)

Uses

1. Easy method (Not requires any specific knowledge)

2. Economical( Can be prepared by without having more staff)

3. Suitable for small concerns (Few assets and liabilities are to be recorded)

4. Not – rigid (Can be modified/changed as per requirement of business)

5. Easy finding of profit & losses. (Only opening and Closing capital is required)

Limitations

1. Impossible to find fraud (As Trial balance is ignored)

2. Incomplete system (No set rules are followed)

3. Unable to find adequate profit & losses. (Ignorance of nominal accounts)

4. Difficulty in preparation of balance sheet.(Lack of valuation of goodwill)

5. Unable to retain full control on asserts. (Real accounts are ignored, it is difficult to make full control on assets)

6. Unsuitable for planning in control(Lack of reliable figure)

7. Lack of internal checking(Fails to adopt double entry system)

8. Improper evaluation of asserts (Ignorance of certain information like depreciation etc.)

DIFFERENCE BETWEEN DOUBLE ENTRY SYSTEM & INCOMPLETE RECORDS

Basis of difference Recording of both aspects (Double entry records every transaction and incomplete records few transactions)

1. Type of accounts (All accounts are considered in double entry only personal account are considered in incomplete records)

2. Trial balance (Trial balance is prepared in double entry system,Trial balance is not prepared in incomplete records )

3. Net profit/ loss (Profit/Loss is calculated by preparing trading and profit &loss a/c in double entry system, Statement of profit is prepared in incomplete records to find the same.

4. Financial position (Balance sheet is prepared in double entry and statement of affairs is prepared in incomplete records)

5. Adjustment (Adjustment are considered in double entry ,while adjustments are not considered in incomplete records)

ASCERTAINMENT OF PROFIT OR LOSS FROM INCOMPLETE RECORDS

1. Statements of affairs method

2. Conversion into double entry method

Statement of affairs method: Under this method Opening and Closing capital is calculated. Then statement of profit is prepared to find profit/loss during the year.

class_11_Accountancy_concept_1 

ACCOUNTS FOR INCOMPLETE RECORDS

ACCOUNTS FOR INCOMPLETE RECORDS

ACCOUNTS FOR INCOMPLETE RECORDS

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*Other Important Topics
CBSE Class 11 Accountancy Topics For Projects
Chapter 1 Introduction to Accounting
CBSE Class 11 Accountancy Introduction To Accounting Concepts And Illustrations
CBSE Class 11 Accountancy Introduction To Accounting Notes
Chapter 2 Theory Base of Accounting
CBSE Class 11 Accountancy Theory Base Of Accounting Concepts And Illustrations
CBSE Class 11 Accountancy Theory Base Of Accounting Notes
Chapter 3 Recording of Transactions-I
CBSE Class 11 Accountancy Recording Of Transaction Concepts And Illustrations
CBSE Class 11 Accountancy Recording Of Transaction Notes
Chapter 6 Trial Balance and Rectification of Errors
CBSE Class 11 Accountancy Rectification Of Error Concepts And Illustrations
CBSE Class 11 Accountancy Rectification Of Error Notes
Chapter 7 Depreciation, Provisions and Reserves
CBSE Class 11 Accountancy Depreciation Provisions And Reserves Concepts And Illustrations
CBSE Class 11 Accountancy Depreciation Provisions And Reserves Notes
Chapter 8 Bill of Exchange
CBSE Class 11 Accountancy Accounting For Bills Of Exchange Notes Set A
CBSE Class 11 Accountancy Accounting For Bills Of Exchange Notes Set B
CBSE Class 11 Accountancy Accounting For Bills Of Exchange Notes Set C
Chapter 9 Financial Statements - I
CBSE Class 11 Accountancy Financial Statements Concepts And Illustrations
CBSE Class 11 Accountancy Financial Statements Notes
Chapter 11 Accounts from Incomplete Records
CBSE Class 11 Accountancy Accounts For Incomplete Records Notes Set A
CBSE Class 11 Accountancy Accounts For Incomplete Records Notes Set B
Chapter 13 Computerised Accounting System
CBSE Class 11 Accountancy Computers And Accounting Information System Notes Set A
CBSE Class 11 Accountancy Computers And Accounting Information System Notes Set B
More Notes Class 11 Accountancy
CBSE Class 11 Accountancy Full Study Material
CBSE Class 11 Accountancy Preparation Of Ledger TB And BRS Notes
CBSE Class 11 Accountancy Preparation Of Ledger Trial Balance Concepts And Illustrations

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