Accounts from Incomplete Record Test

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Accounts from Incomplete Record Test - 6

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Weekly Quiz Competition

Question 1
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

A
Rs.3060

B
Rs.2060

C
Rs.340

D
Rs.3400

Solution

provision for doubtful debts = 10% of 3400
= 340
Question 2
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 profit or loss

A
Rs.30330

B
Rs.45200

C
Rs.20320

D
Rs.20653

Solution

calculation of profit:-
Question 3
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

A
Rs.82150

B
Rs.85330

C
Rs.84230

D
Rs.75260

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 ans.
Question 4
1 / -0

Single Entry System is suitable only for the :

A
Insurance companies

B
Registered Companies

C
Banks

D
Small Firms

Solution

single entry system is suitable for small businesses because they neither want to engage in the complexities of double entry system nor they have enough money to install a double entry system of accounting.
Question 5
1 / -0

Credit sales can be computed by preparing :

A
Debtors A/c

B
Balance Sheet

C
Cash A/c

D
Creditors A/c

Solution

if credit sale isn't given it can be calculated by preparing Debtor A/C. the balancing figure in the Debtor A/C shall be considered as the credit sale.
Question 6
1 / -0

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

A
Rs.3000

B
Rs.4000

C
Rs.2000

D
Rs.5000

Solution

calculation of additional capital introduced
Question 7
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

A
Rs.1950

B
Rs.6950

C
Rs.5950

D
Rs.3950

Solution

calculation of profit:-
Question 8
1 / -0

Bill Receivable Account is prepared to know:

A
Closing Stock

B
Opening stock

C
Closing Balance of Bill Receivable

D
None of these

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 9
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

A
Rs.33468

B
Rs.36583

C
Rs.35638

D
Rs.65432

Solution
Question 10
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

A
Rs.3290

B
Rs.2430

C
Rs.2390

D
Rs.2410

Solution

calculation of net profit:-
Question 11
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

A
Rs.20000

B
Rs.28000

C
Rs.32000

D
Rs.35000

Solution

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

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

= 32,000
Question 12
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

A
Rs.20000

B
Rs.8000

C
Rs.4000

D
Rs.10000

Solution

calculation of drawing made during the year-
Question 13
1 / -0

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

A
Rs.5000

B
Rs.500

C
Rs.16000

D
Rs.12000

Solution

calculation of drawing during the year:-
Question 14
1 / -0

Which of the following is not prepared under Single Entry System?

A
Creditors Account

B
B/R Account

C
Trial Balance

D
Debtors Account

Solution

trial balance is prepared to check the arithmetic accuracy of account balances but it cant be checked under single entry system since it is prepared from incomplete information. further, under single entry system, only personal accounts are maintained and real and nominal accounts are avoided. and also cash book is maintained which mixes up business as well as private transactions so the trial balance cannot be prepared.
Question 15
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 _______

A
Rs.43000

B
Rs.38000

C
Rs.65000

D
Rs.27000

Solution

Total assets = capital at the end + creditors
= 35,000 + 8,000
= 43,000
Question 16
1 / -0

________ is a statement of assets and liabilities

A
Statement of Arrairs

B
Profit and Loss Account

C
Statement of Profit and Loss

D
None of these

Solution

A statement of affairs is a statement of all assets and liabilities. The difference between the amount of the two sides is taken as capital. A statement of affairs is just like the balance sheet.
Question 17
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

A
Rs.54370

B
Rs.44306

C
Rs.42000

D
Rs.54300

Solution
Question 18
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

A
Rs.312000

B
Rs.130000

C
Rs.103000

D
Rs.203000

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 19
1 / -0

Cash received from debtors can be calculated by preparing :

A
Creditors Account

B
Debtors Account

C
Statement of affairs

D
None of these

Solution

if cash received from debtor isn't given it can be calculated by preparing Debtor A/C. the balancing figure in the Debtor A/C shall be considered as cash received from debtor.
Question 20
1 / -0

Which of the following is not recorded in the Debtors Account?

A
Cash Sales

B
Cash Received from debtors

C
Discount (debtors)

D
None of these

Solution

journal entry for cash sale:-
cash/bank A/C Dr.
To sales A/C
(being goods sold for cash)
as evident from above entry, cash sale doesn't affect debtor account. further, debtor account records only items related to credit sales. e.g, credit sale, cash received from the debtor, discount, bad debts etc.