Accounting from Incomplete Records Test 5

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Accounting from Incomplete Records Test 5

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Weekly Quiz Competition

Question 1
1 / -0

Under the net worth method, the basis for ascertaining profit or loss is the difference between _______________.

A
Gross assets on two dates

B
Net assets on two dates

C
Capital on two dates

D
Liabilities on two dates

Solution

Profit or loss earned by the business under single entry system is based on the difference between its Opening and closing capital.
Opening Capital is the capital on 1st Day of financial year
Closing Capital is the capital on last Day of financial year
if Closing capital is More it indicates Profit and vice-versa
hence to ascertain Profit or loss under this method difference if two dates are taken.
Question 2
1 / -0

If opening capital is Rs. 40000, closing capital is Rs. 90000, withdrawal is Rs. 5000 and additional capital brought in is Rs. 10000, profit is Rs. ____________.

A
45000

B
55000

C
35000

D
50000

Solution

Profit/loss = Closing capital + drawings & interest on drawings - opening capital - additional capital & interest on capital.
Question 3
1 / -0

If the opening capital is Rs.80000, closing capital is Rs.180000, withdrawals are Rs.10000 and additional capital brought in is Rs.20000 the profit will be Rs.________________.

A
90000

B
110000

C
70000

D
150000

Solution

Profit/loss = Closing capital + Drawings - (opening capital + additional capital)
Question 4
1 / -0

From the following find out the total drawing during the year.
Total assets at the beginning of the year Rs.20,000, total assets at the end of the year 15,000, net profit during the year Rs.7000.

A
Rs. 7000

B
Rs.12,000

C
Rs. 8000

D
Rs.80000

Solution

Calculation of total assets at the end of the year :-
Assets in the beginning of the year =Rs 20000
Add : Net profit for the year 7000
Less : Assets at the end of the year (15000)
= Rs 12000
Question 5
1 / -0

Yes Associates is not maintaining full-fledged accounts on Double entry system basis. From the following details estimate the drawing of the firm during $$2013-14$$
Capital as on $$1-4-2013$$ Rs. $$1,00,000$$
Capital added during the year Rs. $$20,000$$
Profit credited to capital A/c during the year Rs. $$35,000$$
Capital as on $$31-3-2014$$ Rs. $$1,25,000$$.

A
Rs. $$50,000$$

B
Rs. $$30,000$$

C
Rs. $$35,000$$

D
Rs. $$45,000$$

Solution

Ending balance of capital account = Opening balance of capital account + Capital addition during the year + Profit - Drawing
Drawing = Opening balance of capital account + Capital addition during the year + Profit - Ending balance of capital account
Drawing = Rs. 1,00,000 + Rs. 20,000 + Rs. 35,000 - Rs. 1,25,000
Drawing = Rs. 30,000
Question 6
1 / -0

Particulars Rs.
Opening capital $$16,000$$
Investment by proprietor Nil
Drawings $$3,000$$
Capital at the end $$13,500$$
Net Profit/(Loss) ?
The net profit will be.

A
Rs. $$600$$

B
Rs. $$500$$

C
Rs. $$550$$

D
Rs. $$700$$

Solution

$$Opening Capital+Profit+Invested by proprietor-Drawings=Closing Capital$$
$$Rs.16000+Profit+NIL-Rs.3000=Rs.13500$$
$$Rs.13000+Profit=Rs.13500$$
$$Profit=Rs.13500-13000$$
$$Profit = Rs.500$$.
Question 7
1 / -0

If any unrecorded liability is paid on dissolution of the firm __________ is debited.

A
Cash / Bank Account

B
Realization Account

C
Partners Capital Account

D
Partners Loan Account

Solution

In case of payment of unrecorded liability Realisation account would be debited and Cash/bank a/c credited.

Question 8

1 / -0

From the following details find out the total sales.

Particulars	Rs.
Opening Debtors	$$10,200$$
Cash received from debtors	$$30,400$$
Returns Inwards	$$2,700$$
Bad debts	$$1,200$$
Debtors at end	$$13,800$$
Cash Sales	$$28,400$$

Rs. $$66,300$$

Rs. $$66,000$$

Rs. $$65,000$$

Rs. $$66,500$$

Solution

Sales can be calculated by preparing the Debtor Account:

Sundry Debtors Account

Particulars	Amount	Particulars	Amount
To Opening Balance B/f	10200	By Cash	30400
To Credit sales	37900	By Returns Inwards	2700
		By Bad Debts	1200
		By Closing Balance c/f	13800
Total	48100	Total	48100
Cash Sales (A)	28400
Credit Sales (B)	37900	Total Sales (A+B)	66300

Question 9
1 / -0

Find the total assets at the end of the year if net profit, drawing during the year and assets at the of beginning of the year were 12,000, 7000 and 20,000 respectively.

A
25,000

B
15,000

C
9,000

D
8,000

Solution

Calculation of total assets at the end of the year :-
Assets in the beginning of the year =Rs 20000
Less : Drawing made during the year (7000)
Add : Net profit for the year 12000
= Rs 25000

Question 10

1 / -0

The ending balance of the accounts receivable account was $$Rs. 1,20,000$$. Services billed to customers for the period were $$Rs. 2,15,000$$ and collection on account from customers was $$Rs. 2,36,000$$. Thee beginning balance of account receivable was__________.

$$Rs. 3,35,000$$

$$Rs. 1,41,000$$

$$Rs. 98,000$$

$$Rs. 3,33,000$$

Solution

This can be represented as:

Accounts Receivable A/c

Particulars	Amount	Particulars	Amount
To Opening Bal. B/d	141000	By Cash	236000
To Sales/Services	215000	By Closing Balance C/d	120000

Total	356000	Total	356000

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Particulars	Rs.
Opening capital	$$16,000$$
Investment by proprietor	Nil
Drawings	$$3,000$$
Capital at the end	$$13,500$$
Net Profit/(Loss)	?

Accounting from Incomplete Records Test 5

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Accounting from Incomplete Records Test 5

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Question 1

Gross assets on two dates

Net assets on two dates

Capital on two dates

Liabilities on two dates

Solution

Question 2

45000

55000

35000

50000

Solution

Question 3

90000

110000

70000

150000

Solution

Question 4

Rs. 7000

Rs.12,000

Rs. 8000

Rs.80000

Solution

Question 5

Rs. $$50,000$$

Rs. $$30,000$$

Rs. $$35,000$$

Rs. $$45,000$$

Solution

Question 6

Rs. $$600$$

Rs. $$500$$

Rs. $$550$$

Rs. $$700$$

Solution

Question 7

Cash / Bank Account

Realization Account

Partners Capital Account

Partners Loan Account

Solution

Question 8

Rs. $$66,300$$

Rs. $$66,000$$

Rs. $$65,000$$

Rs. $$66,500$$

Solution

Question 9

25,000

15,000

9,000

8,000

Solution

Question 10

$$Rs. 3,35,000$$

$$Rs. 1,41,000$$

$$Rs. 98,000$$

$$Rs. 3,33,000$$

Solution

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