CBSE Class 11 Accountancy Incomplete Records Worksheet

Meaning – An accounting system which is not based on double entry is known as incomplete records. Under this system personal accounts and cash account are only maintained. All other impersonal accounts are avoided. So information relating to assets, liabilities, expenses and revenues are incomplete. Many people describe it as single entry system. However, single entry system is a misnomer (wrong usage) because there is no such a system of maintaining accounting records. 

♦ Questions

Question 1: Manveer started his business on January 01, 2014 with a capital of Rs 4,50,000.

On December 31, 2014 his position was as under: Rs Cash 99,000 Bills receivable 75,000 Plant 48,000 Land and Building 1,80,000 Furniture 50,000 He owned Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended December 31, 2014.

Question 2: From the information given below ascertain the profit for the year : Rs
Capital at the beginning of the year 70,000 Additional capital introduced during the year 17,500 Stock 59,500 Sundry debtors 25,900 Business premises 8,600 Machinery 2,100 Sundry creditors 33,400 Drawings made during the year 26,400

Question 3: 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.

Rs
Capital 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

Question 4: Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information :

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.

Question 5: Mr. Ashok does not keep his books properly. Following information is available from his books.

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 up to July 31, 2014 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 December 31, 2014.

Question 6: Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2005 from the following information:

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.

Question 7: 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 December 31, 2014

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 debto Rs outstanding salary Rs 2,400, prepaid insurance Rs 700, depreciation charged on furniture and machine @ 10% p.a.

Question 8: Panwar commenced business on 1st January, 2001, with a capital of Rs 10,000, which he paid into Bank account opened for that purpose. On the same date, he bought stock valued  at Rs 6,500 and furniture which cost Rs 2,000. He kept his books on Single entry basis. On 31st Dec., 2001, stock was valued at Rs 8,300. There were Book debts amounting to Rs 3,400 of which Rs 200 represented debts which were irrecoverable. Creditors amounted to Rs 3,600 and the cash book showed a balance of Rs 1,650 but according to Pass book, the balance at Panwar’s creditor was only Rs1,450, he having given his son Rs 200 and then omitted to enter in the cash book. Panwar withdrew Rs 1,800 from the business for his private use and in addition he used Rs 500 worth of goods from his shop. He took Rs 1,000 as loan from his wife during the year.Prepare a statement showing Profit or Loss in the business for the for the year ending 31st Dec., 2001 from the above information.

Question 9: Mr. X could not keep complete records. He furnishes you the following information of assets and liabilities for the year 2011-12.

Additional information:

He sold his private investments of Rs 4,000 at 25% premium and brought this money into his business.
His Drawings were Rs 1,000 p.m. Stock costing Rs 3,000 was taken by Mr. Xfor his personal use. A provision of 10% is required for doubtful debts and depreciation @ 5% p.a. is to be written off for furniture and fixtures and Buildings. Rs 6,000 is outstanding for wages and Rs 2,400 for salaries. Prepaid insurance amounted to Rs 400. Outstanding Legal expenses are Rs1,400.

From the above particulars, find out by Statement of Affairs method, the Profit or loss made by Mr. X during 2011-12. Also prepare his Balance Sheet as at 31-3-12.

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

Question. Single entry system is not supported by …………….act
Answer. Companies act 2013

Question. Single entry system is generally followed by …….
Answer. Individuals

Question.Total credit purchases can be ascertained from….………. a/c (Part of Current liabilities)
Answer. Trade Payables a/c

Question. Small business generally use ……..method for accounting because it is.
Answer. Single entry

Question. Single entry system gives…………….. Profit & loss/ financial position of firm.
Answer. Inaccurate/Incorrect

Question. ……system does not present actual financial position of business
Answer. Single entry

Question. Total credit sales can be ascertained from ………..a/c (Part of Current Assets)
Answer. Trade receivable

CBSE Class 11 Accountancy Chapter 11 Incomplete Records True and False

1. Dual aspect is completely follow in single entry system. False
2. In single entry system a firm has fully control on assets. False
3. Prepare financial statement by putting the accounting records I proper order is called conversion method. True
4. To compute capital amount in single entry system statement of affair is to be prepared. True
5. In single entry system accounting principles are perfectly followed. False
6. Total debtor account prepare for ascertaining credit purchase. False
7. Accurate profit and loss can be ascertained by single entry system. False

CBSE Class 11 Accountancy Chapter 11 Incomplete Records MCQs

Question. Which Act Doesn’t supported Accounting from Incomplete Records is not supported
a. Negotiable Instrument Act 1881
b. Partnership Act 1932
c. Contract Act 1872
d. Companies act 2013
Answer. (D)

Question. Generally accounts under single entry system maintained by
a. Sole trader
b. Company
c. Firm
d. H.U.F
Answer. (A)

Question. Single entry system of book keeping is
a. Inaccurate
b. Unscientific
c. Unsystematic
d. All of the above
Answer. (D)

CBSE Class 11 Accountancy Chapter 11 Incomplete Records Match The Following

Question.
1. Credit purchase, during the year is     a) Total asset A/C
ascertained by preparing
2. Credit sales during the year is            b) Total debtors A/C
ascertained by preparing 
3.Opening capital is ascertained             c) Total liabilities A/C
by preparing
                                                                d) Total creditors A/C
                                                                e) Opening statement of affairs
Answer.  D,B& E

Question.
i) In single entry system only such              a) Real A/C   
transactions are properly maintained
ii) In double entry system the accounts      b) Nominal A/C
are properly maintained
                                                                    c) Personal A/C
                                                                    d) All the above
Answer. C & D

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