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accounts from incomplete records Test - 7

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accounts from incomplete records Test - 7
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  • Question 1
    1 / -0

    Capital in the beginning – Rs.16000, profit made during the year-Rs.6000, capital at the end - Rs.26000, Capital introduced during the year- Rs. 8000.Calculate drawings

    Solution

       calculation of drawing made during the year-

    capital at the end                                                      Rs.26000

    less: Capital introduced during the year                       Rs. 8000

    less: profit made during the year                                   Rs.6,000

    less: Capital in the beginning                                          Rs.16000

    drawing made during the year                                        Rs. 4,000

  • Question 2
    1 / -0

    drawings – Rs.2400, profit made during the year-Rs.4800, capital at the end - Rs.16000, Capital introduced during the year- Rs.4000.Calculate Capital in the beginning

    Solution

    calculation of capital at the beginning-

              capital at the end                                      Rs.16000

     less: Capital introduced during the year            Rs.4000

     less:  profit made during the year                       Rs.4800

    add: drawings                                                       Rs.2400

    capital at the beginning                                        Rs.9600

  • Question 3
    1 / -0

    drawings – Rs.8000, loss during the year-Rs.2000, capital at the end - Rs.36000, Capital introduced during the year- Rs.6000.Calculate Capital in the beginning

    Solution

    calculation of capital at the beginning:-

           capital at the end                                         Rs.36000

    less: Capital introduced during the year            Rs.6000

    add: drawings                                                      Rs.8000

    add:  loss during the year                                   Rs.2000 

    capital at the beginning                                      Rs.40000

  • Question 4
    1 / -0

    Calculate the profit or loss from the following data: Withdrawals by the proprietor during the Year Rs.30,000. Capital at the beginning of the year i.e., 1 Jan. 2001 Rs.1, 20,000. Capital at the end of the year i.e., 31 Dec. 2001 Rs.2, 00,000. Capital brought in by the proprietor during the year Rs.50,000

    Solution

    calculation of profit during the year:-

           Capital at the end of the year i.e., 31 Dec. 2001                              Rs.2, 00,000

    less:  Capital brought in by the proprietor during the year                      Rs.50,000

    less: Capital at the beginning of the year i.e., 1 Jan. 2001                        Rs.1, 20,000

    add: Withdrawals by the proprietor during the Year                                Rs.30,000

              profit                                                                                                Rs.60000

  • Question 5
    1 / -0

    If owner’s equity in the beginning is Rs.21,000. Fresh capital introduced during the year is Rs.7,000. Amount withdrawn during the year is Rs. 13,000, profit during the year Rs.12000 then the closing owner’s equity will be:

    Solution

    computation of closing owers equity:-

            opening owners equity           21000

    add: fress capital                           7000

    less: drawing                                  13000

    add: profit                                    12000

               closing owners equity        27000

  • Question 6
    1 / -0

    Balance of creditors on 1st Jan, 2003 -60,000, Balance of creditors on 31st Dec, 2003 -Rs.48,000 , Cash paid to creditors - Rs.2,40,000, Cheques issued to creditors -Rs.80,000, Returns outwards -Rs.10,000, Discount received from creditors - Rs.7,200, B/P given to creditors -Rs.17,000, B/P dishonored -Rs.4,000, B/R endorsed to creditor - Rs.6,000, B/R endorsed to creditors dishonored - Rs.2,400, Cash purchases -Rs.1,00,000. Find out credit purchases

    Solution

    calculation of credit purchase:-

            closing balance of debtor                  48000

    add: cash paid to the creditor                  240000

    add: cheque paid to the creditor             80000

    add: return outward                                  10000

    add; discount received                              7200

    add: B/P issued                                         17000

    less: B/P dishonored                                4000

    add: B/R  endorsed                                  6000

    less: B/R endorsed dishonored                2400

    less: closing balance of debtor                 60,000

    credit purchase                                       341800

  • Question 7
    1 / -0

    Balance of creditors on 1st Jan, 2012 -Rs.60,000, Cash paid to creditors - Rs.2,40,000, Cheques issued to creditors -Rs.80,000, Returns outwards -Rs.10,000, Discount received from creditors - Rs.7,200, B/P given to creditors -Rs.17,000, B/P dishonored -Rs.4,000, B/R endorsed to creditor - Rs.6,000, B/R endorsed to creditors dishonored - Rs.2,400, Credit purchases -Rs.3,41,800. Find out creditor at the end

    Solution

    calculation of closing creditor

    Balance of creditors on 1st Jan, 2012                                                     Rs.60,000

    less: Cash paid to creditors                                                                    Rs.2,40,000

    less: Cheques issued to creditors                                                            Rs.80,000

     less: Returns outwards                                                                            Rs.10,000

    less: Discount received from creditors                                                   Rs.7,200

    less:  B/P given to creditors                                                                      Rs.17,000

    add:  B/P dishonored                                                                                Rs.4,000

    less: B/R endorsed to creditor                                                                  Rs.6,000

    add: B/R endorsed to creditors dishonored                                             Rs.2,400

    add: credit purchase                                                                                 Rs341800

     closing at the end                                                                                     Rs.48000.

  • Question 8
    1 / -0

    Calculate sale for the year from the following information
    Debtor Balance as on 1/04/2011 – Rs.50400, Debtor Balance as on 31/03/2012-Rs.49000 and bank – Rs.141400

    Solution

    Debtor Balance as on 31/03/2012                                      Rs.49000

    add: bank                                                                            Rs.141400

    less; Debtor Balance as on 1/04/2011                                 Rs.50400

       sale                                                                                       140000

  • Question 9
    1 / -0

    Calculate creditors balance at the end of the year if purchase for the year is Rs.54306, opening creditors balance is Rs.45500 and cheque paid to the creditor is Rs. 57806

    Solution

    opening creditor                             54306

    purchases                                        45500

    amount paid to the creditor           57806

        closing creditor                          42000

  • Question 10
    1 / -0

    Calculate capital from the following information
    Fixed assets- Rs.5225, Current assets-Rs.9653 and Current liabilities- Rs.3718

    Solution

    calculation of capital:-

    fixed assets + current assets = current liabilities + capital

    5225+ 9653 = 3718 + capital

    capital = 11160

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