CBSE Class 11 Accountancy Accounts From Incomplete Records Worksheet Set 01

Objective Questions

Question. From incomplete records, it is possible to prepare  
(a) Ledger Accounts. 
(b) Trial Balance.
(c) Statement of Affairs.
(d) None of these.

Answers : C

Question.  Given the opening and closing balances of debtors and the figure of credit sales, the balancing figure of Total Debtors Account will give  
(a) Bills received during the year.
(b) Cash received from debtors.
(c) Closing balance of bill receivable.
(d) None of these.

Answers : B

Question.  When closing capital is greater than opening capital it means  
(a) Profit.
(b) Loss.
(c) Profit if fresh capital is not introduced.
(d) No profit, no Loss.

Answers : C

Question.  If the gross profit is 20% of cost of goods sold and sales are Rs. 1,00,000; the amount of gross profit will be  
(a) Rs. 20,000.
(b) Rs. 25,000.
(c) Rs. 16,667.
(d) None of these.

Answers : C
  
Question.  Closing balance of creditors is determined by preparing  
(a) Total Debtors Account.
(b) Total Creditors Account.
(e) Bills Receivable Account.
(d) Bills Payable Account.

Answers : B

Question. Generally accounts under single entry system are maintained by :  
(a) Sole Trader
(b) Company
(c) Society
(d) Government

Answers : A

Question. Single Entry System of book keeping is :  
(a) Inaccurate
(b) Unsystematic
(c) Unscientific
(d) All of these

Answers : D

Question. Sales are calculated by adding   
(a) Cash sales and cash received from debtors.
(b) Credit sales and cash received from debtors.
(c) Cash sales and credit sales.
(d) None of the above.

Answers : C

Question. Bills Receivable endorsed dishonoured are debited to   
(a) Debtors Account.
(b) Bills Receivable Account.
(c) Creditors Account.
(d) Bank Account.

Answers : A


Question. When closing capital is more than opening capital, it denotes:  
(a) Profit
(b) Loss
(c) No Profit no loss
(d) Profit, if there is no introduction of fresh capital

Answers : D


Question. When closing capital is less than opening capital, it denotes:  
(a) Profit
(b) Loss
(c) Loss, if there is no drawing
(d) None of the above

Answers : C

Question. If Capital at the end of the year is Rs.40,000; Capital introduced during the year Rs.30,000; drawings for the year Rs.20,000 and loss for the year is Rs.60,000, then Capital at the beginning of the year was :  
(a) Rs.90,000
(b) Rs. 80,000
(c) Rs.70,000
(d) Rs. 10,000

Answers : A

Question.  Single Entry System can be adopted by  
(a) Small firms.
(b) Joint Stock Companies.
(c) Co-operative Societies.
(d) None of these,

Answers : A

Question.  In case of net worth method of Single Entry System, profit is ascertained by  
(a) comparing the capital in the beginning of the accounting period and the capital at the end of the accounting period.
(b) Preparing a Profit and Loss Account.
(c) Preparing a Balance Sheet.
(d) None of these.

Answers : B
 

Question.  Capital in the beginning of the accounting year is ascertained by preparing   
(a) Debtors’ Account.
(b) Cash Account.
(c) Opening Statement of Affairs.
(d) None of these.

Answers : C

Question.  Profit = Capital at the end +………… - Capital introduced - Capital in the beginning.  
(a) Sales.
(b) Drawings.
(c) Net Purchases.
(d) None of these.

Answers : B

Question.  When closing capital is less than opening capital, it means  
(a) Profit.
(b) Loss.
(c) Loss if there is no drawing.
(d) None of these.

Answers : C

Question.  If the rate of gross profit is 25% of sales and Cost of Goods sold is Rs. 1,00,000; the amount of gross profit will be  
(a) Rs. 25,000.
(b) Rs. 33,333.
(c) Rs. 20,000.
(d) None of these.

Answers : B


Question.  Bills Payable honoured during the year will be debited to   
(a) Cash Account.
(b) Bills Payable Account.
(c) Creditors Account.
(d) None of these.

Answers :  B

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

Question. Total Purchases during the year is Rs ……….if
- cash purchases is 150% of credit purchases,
- Payment made to creditors during the year Rs.50,000
Balance of opening creditors a is Rs.50,000 more than closing creditors.
Answer. 2,50,000

Question. Opening and closing balance of Mr. X’s capital a/c is Rs.3 laces and Rs. 5 laces respectively. Total profit of Rs. 2.5 laces earned and Rs…………..was withdrawn during the year.
Answer. 50,000

CBSE Class 11 Accountancy Chapter 11 Incomplete Records True and False

1. Xy & co is a firm, following single entry system and company rule 2013 apply on such firm.False
2. In x & co. single accounting system is follow, 2 packets out of 500 packets were lost by theft. But x & co can easily find the lost unit. False
3. XY & Co is a big firm and single entry system will be the best option for accounting. False
4. Ram keep his book on single entry system & he pays tax on the basis of his books and income Tax accepted his calculation. False

CBSE Class 11 Accountancy Chapter 11 Incomplete Records MCQs

Question. Limitation of accounting from incomplete records
a. Unscientific system
b. Difficulty in preparing final account
c. Preparation of trial balance is not possible
d. All of the above
Answer. (D)

Question. When closing capital is less than opening capital then result will be:
a. Profit
b. Loss
c. No profit no loss
d. Loss if there is no drawings
Answer. (D)

Question. When closing capital is more than opening capital then result will be:
a. Profit
b. Loss
c. No profit no loss
d. Profit if there no additional capital is introduced
Answer. (D)

Question. Single entry system is less expensive system as compared to double entry system.
a. True
b. False
c. Both a and b are true
d. Both a and b are false.
Answer. (A)

Question. Which principle is not followed by the single entry system
a. Dual aspects
b. Matching concept
c. Revenue recognition
d. All of the above
Answer. (D)

CBSE Class 11 Accountancy Chapter 11 Incomplete Records Match The Following

Question.
i) From single entry system it is not              a) Balance sheet
always possible to prepare
ii) From incomplete records we cannot         b) Trial Balance
find
c) Correct P & L
d) Capital A/C
Answer.  B & C

Question.
i) Incomplete records follow one GAAP            a) Forecasting
ii) Incomplete records does not suitable for      b) Money measurement
c) Dual Aspect
Answer. B & A

Very Short Answer Type Questions

Question. Give two features of Incomplete Record?
Answer : The two features of incomplete record are.
• Maintenance of personal account only
• Maintenance of cash book

Question. Give two limitations of keeping Incomplete Record?
Answer : The two limitations of keeping incomplete record are.
• Trial Balance preparation is not possible- This system does not record both the debit and credit aspect of a transaction. Due to which the trial balance cannot be prepared and the accuracy of the financial transaction cannot be rectified.
• Incomplete system- It is incomplete because of the fact that this system does not record both the aspect of a transaction (credit & debit). Also, this system does not follow any set of rules.

Question. What is the common objective of single entry system and the double-entry system?
Answer : The common objective of single entry system and double entry system is to determine the net profit or loss of the company.

Question. Which accounting principle is neglected under single entry and followed in double entry system?
Answer : Dual Aspect Concept

Question. The single entry system account is maintained by.
1. Sole Trader
2. Company
3. Society
4. Government
Answer : Sole Trader

Question. When closing capital is more than opening capital, it denotes.
1. Profit
2. Loss
3. No Loss, No Profit
4. Profit, if there is no introduction of fresh capital
Answer : Profit, if there is no introduction of fresh capital

Question. What does it mean if closing capital is less than opening capital?
1. Profit
2. Loss
3. Loss, if there is no drawing
4. None of the above
Answer : Loss, if there is no drawing