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accounts from incomplete records Test - 17

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accounts from incomplete records Test - 17
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  • Question 1
    1 / -0

    Rohit who keeps his books on single entry system, has 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
    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 2
    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: provision for doubtful debts

    Rs.340

    less: depreciation

    Rs.20

    net profit

    Rs.2390
  • Question 3
    1 / -0

    Bill Receivable Account is prepared to know:

    Solution

    Bill receivable account is generally prepared to know how much amount of bills have been issued to debtors? how much amount of bills have been met at maturity? and how many bills have been dishonoured? etc.

  • Question 4
    1 / -0

    Mr. Mehta started his readymade garments business on April 1, 2004 with a capital of Rs.50,000. He did not maintain his books according to double entry system. During the year he introduced fresh capital of Rs.15,000. He withdrew Rs.10,000 for personal use. On March 31, 2005, his assets and liabilities were as follows: Total creditors Rs.90,000 ; Total debtors Rs.1,25,600 ; Stock Rs.24,750 ; Cash at bank Rs.24,980. Calculate capital at the end:

    Solution

    Debtor + stock + cash in hand = creditor + capital at the end

    125600 + 24750 + 24980 = 90000 + capital at the end

    Capital at the end = 85,330

  • Question 5
    1 / -0

    Calculate Fresh capital from the following information:

    Profit: Rs.2800, Opening capital - Rs.20000, Closing capital - Rs.25000, Withdrawal - Rs.1800

    Solution

    To calculate the fresh capital introduced during the year, we need to rearrange the formula for calculating drawings:

    Fresh Capital = (Closing Capital + Withdrawal - Opening Capital) - Profit

    Given: Using the rearranged formula:

    Fresh Capital = (25000 + 1800 - 20000) - 2800

    = (25000 + 1800 - 20000) - 2800

    = (26800 - 20000) - 2800

    = 6800 - 2800

    = Rs. 4000

  • Question 6
    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 7
    1 / -0

    From the following information, Calculate Capital at the beginning:

    Capital at the end of the year Rs.4, 00,000, Drawings made during the year Rs.60,000, Fresh Capital introduce during the year Rs.1, 00,000, Profit of the current year Rs.1,00,000, Capital at the beginning of the year:

    Solution

    Capital at the end of the year= Rs. 4,00,000

    add Drawings made during the year = Rs.60,000

    less: Fresh Capital introduced during the year = Rs.1,00,000

    less: Profit of the current year = Rs.1,00,000

    Capital at the beginning of the year = Rs. 2,60,000

  • Question 8
    1 / -0

    Income tax paid by business on behalf of owner is treated as _________.

    Solution

    Payment of income tax on owner's income is the owner's liability. and if it is paid by the business it is treated as drawing.

  • Question 9
    1 / -0

    In single entry system of accounting:

    Solution

    In single entry system of accounting, only one aspect of a transaction is recorded, usually the cash aspect. This means that transactions are recorded only when they involve cash inflows or outflows, such as cash purchases, cash sales, cash payments, and cash receipts. 

  • Question 10
    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, the profit is Rs. 5600.

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