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accounts from incomplete records Test - 8

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accounts from incomplete records Test - 8
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  • Question 1
    1 / -0

    Calculate sales for the year from the following
    Debt taken over – Rs.1134, payments received- Rs.33870, discount allowed -Rs.1023, bad debts written off – Rs.460, contra- Rs.609 , Closing balance of sales-Rs.1755

    Solution

         Debt taken over                                      Rs.1134

    less: payments received                                 Rs.33870

    less: discount allowed                                   Rs.1023

    less: bad debts written off                           Rs.460

    less: Contra                                                    Rs.609  

    less: Closing balance of sales                         Rs.1755

                sale                                                    Rs.36583

  • Question 2
    1 / -0

    Calculate purchases for the year
    Paid to creditors -Rs.21096, discount received – Rs.190, Contra –Rs. 609, cash purchases- Rs.207, creditors taken over – Rs.994, Closing balance of creditors- Rs.1289

    Solution

    Paid to creditors                                  Rs.21096

    add: discount received                         Rs.190

    add: Contra                                          Rs. 609

    add: cash purchases                             Rs.207

    less: creditors taken over                      Rs.994

    add:  Closing balance of creditors         Rs.1289

               purchase                                     Rs.22397

  • Question 3
    1 / -0

    Calculate closing capital from the following information
    Drawings – Rs.7000, profit during the year-Rs.20000, , Capital introduced during the year- 20000,opening capital – Rs.70000

    Solution

    calculation of capital at the end:-

              opening capital                                  Rs.70000

    add: Capital introduced during the year    Rs 20000

    add:  profit during the year                        Rs. 20000

    less: drawing                                                  Rs.7000

              closing capital                                   Rs 103000

  • Question 4
    1 / -0

    Capital in the beginning is Rs.30000 , capital at the end is Rs.35000, and creditors were Rs.8,000. Value of total assets _______

    Solution

    Total assets = capital at the end + creditors

                         = 35,000 + 8,000

                          = 43,000

  • Question 5
    1 / -0

    Rohit who keeps his books on single entry system, business capital at the end is Rs.187000 and in the beginning Rs.192000.He withdrew Rs.84200. He once sold his investment of Rs.20000 at 2 % premium and brought that money into the business. Calculate net profit for the year

    Solution

    calculation of profit:-

           capital at the end                                                       Rs.187000

    less: additional capital                                                      Rs.20400

    less: capital at the beginning                                            Rs.192000

    add: drawing                                                                      Rs.84200

                profit                                                                     Rs.58800

  • Question 6
    1 / -0

    Pawan started his business on 1st January 2012 with a capital of Rs.10000. On 31st December his assets were cash- Rs.320, stock- Rs.3480, Debtors -Rs.3100, plant- Rs.8500.
    He owed Rs.1200 to creditors and Rs.1000 to his brother on that date. He withdrew Rs.200 per month for his private expenses. Ascertain his profit

    Solution

    let profit be x,

    cash + stock + debtor + plant = capital on 31 december, 2012 + creditor + loan from friend

    320 + 3480 + 3100 + 8500 = (capital on 1 january, 2012 - drawing + profit) + 1200 + 1000

    (capital on 1 january, 2012 - drawing + profit) = 13200

    (10000 - 2400 + x ) = 13200

    x = 5600

    hence, profit is Rs.5600.

  • Question 7
    1 / -0

    Pawan started his business on 1st January 2008 with a capital of Rs.10000. On 31st December his assets were cash- Rs.320, stock- Rs.3480, Debtors- Rs.3100, plant- Rs.8500.
    He owed Rs.1200 to creditors and Rs.1000 to his brother on that date. He withdrew Rs.200 per month for his private expenses. Calculate capital

    Solution

    calculation of capital on 31 december, 2012

    cash + stock + debtor + plant = capital + creditor + loan

    320 + 3480 + 3100 + 8500 = capital + 1200 + 1000

    capital = 13200

  • Question 8
    1 / -0

    Calculate provision for doubtful debt. If debtor closing balance is Rs.3400 and provision for reserve of doubtful debts at 10% on sundry debtors

    Solution

    provision for doubtful debts = 10% of 3400

                                                    = 340

  • Question 9
    1 / -0

    Calculate net profit from the following information- Gross profit is Rs.2750.If debtor closing balance is Rs.3400 and provision for reserve of doubtful debts at 10% on sundry debtors, depreciation is Rs.20

    Solution

    calculation of net profit:-

    gross profit                                                  Rs.2750

    less: provison for doubtfull debts              Rs.340

    less: depreciation                                         Rs.20

            net profit                                            Rs.2390

  • Question 10
    1 / -0

    Calculate profit if closing capital is Rs.14250, additional capital is Rs.200 , opening capital is Rs.11300 and drawings @ Rs.100 per month

    Solution

    calculation of profit:-

    closing capital                                                         Rs.14250

    less: additional capital                                              Rs.200

    less: opening capital                                                 Rs.11300

    add:  drawings                                                          Rs.1200

             profit                                                               Rs.3950

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