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accounts from incomplete records Test - 6

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accounts from incomplete records Test - 6
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  • Question 1
    1 / -0

    Simian tells you that her capital on 31st march, 2011 is Rs.25, 00,000 and her capital on 31st march, 2010 was Rs.18, 00,000. She further informed you that during the year she gave a loan of Rs.4, 00,000 to her sister on private account and withdrew Rs 15,000 per month for personal purposes. She also used a flat for her personal use, the rent of which Rs.8,000 per month and electricity charges at an average rate of Rs 6000 per quarter were paid from the business account. During the year Simran sold her 10,000 shares of ABC Ltd.in the open market at a price of Rs.150 per share and brought that money in to the business. Ascertain the amount of profit or loss.

    Solution

    calculation of profit/(loss) during the year:-

           capital at the end                                         25,00,000

         Add: drawing during the year                        7,00,000

                                                                                32,00,000

         Less: capital introduced                                 (15,00,000)

        adjusted capital at the end                               17,00,000

        Less: capital at the beginning                         (18,00,000)

       profit\(loss )for the year                                     ( 1,00,000)

    drawing= 4,00,000+(15,000*12)+(8,000*12)+(6,000*4)=7,00,000

  • Question 2
    1 / -0

    From the following information are given of an accounting year:
    1. Opening creditor Rs.10,000
    2. Cash paid to creditors Rs.30,000
    3. Return out ward Rs.2,000
    4. Closing creditors Rs.24,000
    Calculate credit purchase during the year.

    Solution

    Opening creditor                                   Rs.10,000
    less: Cash paid to creditors                    Rs.30,000
    less: Return out ward                             Rs.2,000
    less: Closing creditors                            Rs.24,000

                                                                    Rs.46,000

  • Question 3
    1 / -0

    Calculate profit from the following information
    Opening capital: Rs.5000, Closing capital-Rs.7000, Withdrawn- Rs.1000, Fresh capital-Rs.500

    Solution

    calculation of profit

    Opening capital                        Rs.5000

    less: Closing capital                 Rs.7000

    less: Withdrawn                       Rs.1000

    add: Fresh capital                      Rs.500

     profit                                        Rs. 2,500

  • Question 4
    1 / -0

    Calculate Opening capital from the following information
    Profit: Rs.500, Closing capital- Rs.3000, Withdrawn- Rs.600, Fresh capital- Rs.400

    Solution

    calculation of opening capital-

            Closing capital                                                        Rs.3000

    less:  Fresh capital                                                          Rs.400

    less: Profit                                                                      Rs.500

    add: drawing                                                                   Rs.600

    opening capital                                                                Rs.2700

  • Question 5
    1 / -0

    Calculate Closing capital from the following information
    Profit: Rs.900, Opening capital-Rs.8000, Withdrawn-Rs.1200, Fresh capital-Rs.1000

    Solution

    calculation of closing capital:-

           Opening capital                                     Rs.8000  

    add: Profit                                                    Rs.900

    add: Fresh capital                                          Rs.1000

    less: Withdrawn                                             Rs.1200

         capital at the end                                    Rs.8700

  • Question 6
    1 / -0

    Calculate Drawing from the following information
    Profit: Rs.4000, Opening capital-Rs.30000, Closing capital -Rs.35000, fresh capital-Rs.6000

    Solution

    calculation of drawing during the year:-

         Closing capital                                       Rs.35000

    less: fresh capital                                        Rs.6000

    less: Profit                                                   Rs.4000

    less: Opening capital                                   Rs.30000

          capital at the beginning                          Rs.5000

  • Question 7
    1 / -0

    Calculate Fresh capital from the following information
    Profit: Rs.2800, Opening capital-Rs.20000, Closing capital -Rs.25000, Withdrawal - Rs.1800

    Solution

        calculation of additional capital introduced    

    Closing capital                                  Rs.25000

    add: Withdrawal                              Rs.1800

    less: Profit                                      Rs.2800

    less: Opening capital                      Rs.20000

    additional capital                           Rs.4,000

  • Question 8
    1 / -0

    Calculate profit from the following information
    Opening capital: Rs.120000, closing capital-Rs.180000, Drawings-Rs.10000, capital added during the year-Rs.20000

    Solution

    calculation of profit:-

    Opening capital:                                             Rs.120000

    less: closing capital                                          Rs.180000

    less: Drawings                                                  Rs.10000

    add: capital added during the year                  Rs.20000

                profit                                                     Rs50,000

  • Question 9
    1 / -0

    Calculate profit from the following information
    Opening capital: Rs.36000, closing capital-Rs.54000, Drawings-Rs.3000, capital added during the year-Rs.6000.Calculate profit

    Solution

    calculation of profit:-

    Opening capital                                            Rs.36000

    less: closing capital                                        Rs.54000

    less: Drawings                                                 Rs.3000

    add: capital added during the year                Rs.6000.

              profit                                                   Rs.15,000

  • Question 10
    1 / -0

    Capital in the beginning – Rs.24000, profit made during the year-Rs.4000, drawings- Rs.8000, Capital introduced during the year- Rs.12000.Calculate capital at the end

    Solution

    capital at the end of the year= opening capital +capital introduced +profit- drawing

                                                    =24,000+12,000+4,000-8,000

                                                    =32,000

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