Class 11-commerce NCERT Solutions Accountancy Part II Chapter 11 - Accounts from Incomplete Records
Accounts from Incomplete Records Exercise 452
Solution NUM 1
|
Statement of Profit and Loss |
|
|
Particulars |
Rs. |
|
Capital at the end of the year |
5,00,000 |
|
Add: Drawings made during the period |
3,75,000 |
|
Less: Capital in the beginning of the year |
(7,50,000) |
|
Less: Additional capital introduced |
(50,000) |
|
Profit during the year |
75,000 |
Accounts from Incomplete Records Exercise 453
Solution NUM 2
|
Books of Manveer Statement of Affairs as on 31/03/ 2017 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Loan from Susheel |
45,000 |
Cash |
99,000 |
|
Closing Capital |
4,07,000 |
Bills Receivable |
75,000 |
|
|
|
Plant |
48,000 |
|
|
|
Land and Building |
1,80,000 |
|
|
|
Furniture |
50,000 |
|
|
4,52,000 |
|
4,52,000 |
|
Statement of Profit and Loss as on 31/03/ 2017 |
|
|
Particulars |
Rs. |
|
Capital on March 31, 2017 |
4,07,000 |
|
Add: Drawings made during the year (Rs.8,000 × 12 months) |
96,000 |
|
Less: Capital on April 1, 2016 |
(4,50,000) |
|
Profit during the year ended 31.03.2017 |
53,000 |
Solution NUM 3
|
Statement of Affairs |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors |
33,400 |
Stock |
59,500 |
|
Closing Capital |
62,700 |
Sundry Debtors |
25,900 |
|
|
|
Business Premises |
8,600 |
|
|
|
Machinery |
2,100 |
|
|
96,100 |
|
96,100 |
|
Statement of Profit and Loss |
|
|
Particulars |
Rs. |
|
Capital at the end of the year |
62,700 |
|
Add: Drawings made during the year |
26,400 |
|
Less: Capital of the beginning of the year |
(70,000) |
|
Less: Additional capital introduced during the year |
(17,500) |
|
Profit during the year |
1,600 |
Solution NUM 4
Capital in the beginning = Capital at the end + Drawings - (Fresh Capital Introduced + Profit)
Capital in the beginning =4,00,000 + 60,000 - (1,00,000 + 80,000)= Rs. 2,80,000
Solution NUM 5
|
Statement of Affairs as on 1/4/ 2016 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
5,000 |
Bills Receivable |
30,000 |
|
Bills Payable |
10,000 |
Stock |
5,000 |
|
Closing Capital |
22,000 |
Cash |
2,000 |
|
|
37,000 |
|
37,000 |
|
Statement of Affairs as on 31/03/ 2017 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
30,000 |
Bills Receivable |
50,000 |
|
Loan |
50,000 |
Stock |
30,000 |
|
Closing Capital |
20,000 |
Cash |
20,000 |
|
|
1,00,000 |
|
1,00,000 |
|
Statement of Profit and Loss |
|
|
Particulars |
Rs. |
|
Capital on March 31, 2017 |
20,000 |
|
Less: Capital on April 01, 2016 |
(22,000) |
|
Loss during the year |
(2,000) |
Solution NUM 6
|
Books of Mrs. Anu Statement of Affairs as on March 31, 2017 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
3,00,000 |
Cash |
30,000 |
|
10% Loan from Friends |
1,00,000 |
Stock |
4,70,000 |
|
Closing Capital |
4,50,000 |
Debtors |
3,50,000 |
|
|
8,50,000 |
|
8,50,000 |
|
Statement of Profit and Loss as on March 31, 2017 |
|
|
Particulars |
Rs. |
|
Capital on March 31, 2017 |
4,50,000 |
|
Add: Drawings during the year (Rs.8,000 × 6) |
48,000 |
|
Less: Capital on Oct 01, 2016 |
(4,00,000) |
|
Less: Additional capital introduced |
(75,000) |
|
Mrs. Anu earned profit during the year |
23,000 |
Accounts from Incomplete Records Exercise 454
Solution NUM 7
|
Books of Mr. Arnav Statement of Affairs at the end of year |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
6,00,000 |
Bills Receivable |
60,000 |
|
Closing Capital |
16,40,000 |
Cash in Hand |
80,000 |
|
|
|
Furniture |
9,00,000 |
|
|
|
Building |
10,00,000 |
|
|
|
Stock in Trade |
2,00,000 |
|
|
22,40,000 |
|
22,40,000 |
|
Statement of Profit and Loss |
|
|
Particulars |
Rs. |
|
Capital at the end of the year |
16,40,000 |
|
Add: Drawings during the year |
80,000 |
|
Less: Capital at the beginning of the year |
(15,00,000) |
|
Less: Further capital introduced |
(3,20,000) |
|
Mr. Arnav Loss during the year |
1,00,000 |
Solution NUM 8
|
Books of Mr. Akshat Statement of Affairs as on 01/4/2016 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
66,000 |
Cash in Hand |
1,000 |
|
Bills Payable |
44,000 |
Cash at Bank |
15,000 |
|
Closing Capital |
1,32,500 |
Stock |
1,00,000 |
|
|
|
Debtors |
42,500 |
|
|
|
Business Premises |
75,000 |
|
|
|
Furniture |
9,000 |
|
|
2,42,500 |
|
2,42,500 |
|
Statement of Affairs as on 31/3/2017 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
87,000 |
Cash in Hand |
1,500 |
|
Bills Payable |
58,000 |
Cash at Bank |
10,000 |
|
Closing Capital |
1,74,000 |
Stock |
95,000 |
|
|
|
Debtors |
70,000 |
|
|
|
Business Premises |
1,35,000 |
|
|
|
Furniture |
7,500 |
|
|
3,19,000 |
|
3,19,000 |
|
Statement of Profit and Loss as on 31/3/2017 |
|
|
Particulars |
Rs. |
|
Capital on March 31, 2017 |
1,74,000 |
|
Add: Drawings made during the year |
45,000 |
|
Less: Capital on April 01, 2016 |
(1,32,500) |
|
Less: Additional capital introduced |
(25,000) |
|
Mr. Akshat earned Profit during the year |
61,500 |
Solution NUM 9
|
Books of Gopal Statement of Affairs as on 1st April 2016 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors |
60,000 |
Cash in hand |
18,000 |
|
Loan |
10,000 |
Cash at bank |
1,500 |
|
Closing Capital |
1,30,500 |
Stock in trade |
80,000 |
|
|
|
Sundry Debtors |
36,000 |
|
|
Office Equipments |
25,000 |
|
|
Land and Buildings |
30,000 |
||
|
|
|
Furniture |
10,000 |
|
|
2,00,500 |
|
2,00,500 |
|
Statement of Affairs as on 31st March 2017 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors |
40,000 |
Cash in hand |
12,000 |
|
Loan |
8,000 |
Cash at bank |
2,000 |
|
Closing Capital |
1,76,000 |
Stock in trade |
90,000 |
|
|
|
Sundry Debtors |
60,000 |
|
|
Office Equipments |
30,000 |
|
|
Land and Buildings |
20,000 |
||
|
|
|
Furniture |
10,000 |
|
|
2,24,000 |
|
2,24,000 |
|
Statement of Profit and Loss as on 31st March, 2017 |
|
|
Particulars |
Rs. |
|
Capital on 31st March 2017 |
1,76,000 |
|
Add: Drawing made |
12,000 |
|
Less: Capital on 01st April 2016 |
(1,30,500) |
|
Less: Additional capital introduced |
(20,000) |
|
Profit during the year |
37,500 |
Note: The right solution in this question is Profit during the year Rs.37,500
Solution NUM 10
|
Statement of Affairs as on 1st April 2016 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
14,000 |
Cash |
1,200 |
|
Closing Capital |
33,900 |
Debtors |
16,800 |
|
|
|
Stock |
22,400 |
|
|
|
Furniture |
7,500 |
|
|
47,900 |
|
47,900 |
|
Statement of Affairs as on March 31, 2017 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
15,200 |
Cash |
1,600 |
|
Closing Capital |
56,400 |
Bills Receivable |
2,400 |
|
|
|
Debtors |
27,200 |
|
|
|
Stock |
24,400 |
|
Investment |
8,000 |
||
|
|
|
Furniture |
8,000 |
|
|
71,600 |
|
71,600 |
|
Statement of Profit and Loss |
|
|
Particulars |
Rs. |
|
Capital on 31st March 2017 |
56,400 |
|
Add: Drawing made during the year (Rs. 300×12 months) |
3,600 |
|
Less: Capital on 01st April 2016 |
(33,900) |
|
Less: Additional Capital Introduced |
(16,320) |
|
Profit earned during the year |
9,780 |
Working Note:
Additional Capital Introduced 
Accounts from Incomplete Records Exercise 455
Solution NUM 11
|
Books of Mr. Girdhari Lal Statement of Affairs as on 31st March 2017 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Bills Payable |
20,200 |
Cash in Hand |
7,000 |
|
Creditors |
15,000 |
Stock |
8,600 |
|
Closing Capital |
39,550 |
Debtors |
23,800 |
|
|
|
Furniture |
15,000 |
|
|
|
Plant |
20,350 |
|
|
|
|
|
|
|
74,750 |
|
74,750 |
|
Statement of Profit and Loss |
|
|
Particulars |
Rs. |
|
Capital at the end of the year |
39,550 |
|
Add: Drawings (Rs. 500 × 12) |
6,000 |
|
Less: Capital at the beginning of the year 2013 |
(40,000) |
|
Less: Additional capital introduced |
(1,500) |
|
Profit earned during the year 2013 |
4,050 |
Accounts from Incomplete Records Exercise 456
Solution NUM 12
|
Statement of Affairs as on 1st April 2016 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors |
45,000 |
Sundry Debtors |
22,500 |
|
Loan from Wife |
66,000 |
Land and Building |
89,600 |
|
Bank Overdraft |
25,000 |
Cash in Hand |
7,500 |
|
Closing Capital |
18,900 |
Furniture |
1,300 |
|
|
|
Stock |
34,000 |
|
|
|
|
|
|
|
1,54,900 |
|
1,54,900 |
|
Statement of Affairs as on 31st March 2017 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Sundry Creditors |
93,000 |
Land and Building |
90,000 |
|
Loan from Wife |
57,000 |
Cash in Hand |
8,700 |
|
|
|
Furniture |
1,300 |
|
|
|
Stock |
25,000 |
|
|
|
Closing Capital |
25,000 |
|
|
1,50,000 |
|
1,50,000 |
|
Statement of Profit and Loss |
|
|
Particulars |
Rs. |
|
Capital on March 31, 2017 |
(25,000) |
|
Add: Drawings (Rs. 1,500 × 7) + (4,500 × 5) |
33,000 |
|
Less: Capital on April 01, 2016 |
(18,900) |
|
Less: Additional capital introduced (sale of car) |
(50,000) |
|
Loss during the year |
(60,900) |
Solution NUM 13
|
Books of Krishna Kulkarni Statement of Affairs as on 1st April 2016 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Creditors |
10,000 |
Cash in Hand |
10,000 |
|
Bills Payable |
4,000 |
Debtors |
20,000 |
|
Closing Capital |
2,24,000 |
Bills Receivable |
20,000 |
|
|
|
Stock |
40,000 |
|
|
|
Furniture |
8,000 |
|
|
|
Investment |
40,000 |
|
Cast at Bank |
1,00,000 |
||
|
|
2,38,000 |
|
2,38,000 |
|
Statement of Affairs as on 31st March 2017 |
|||||
|
Liabilities |
Rs. |
Assets |
Rs. |
||
|
Creditors |
46,000 |
Cash in Hand |
|
36,000 |
|
|
Bills Payable |
42,000 |
Debtors |
|
80,000 |
|
|
Outstanding Expenses |
6,000 |
Bills Receivable |
|
24,000 |
|
|
Closing Capital |
3,35,200 |
Car |
80,000 |
|
|
|
|
|
Less: Depreciation 5% |
(4,000) |
76,000 |
|
|
|
Stock |
|
30,000 |
||
|
|
Furniture |
48,000 |
|
||
|
|
|
Less: Depreciation 10% |
4,800 |
43,200 |
|
|
Investment |
|
50,000 |
|||
|
|
|
Cast at Bank |
90,000 |
||
|
|
4,29,200 |
|
4,29,200 |
||
|
Statement of Profit and Loss |
|
|
Particulars |
Rs. |
|
Capital on 31st March 2017 |
3,35,200 |
|
Add: Drawings made during the year (Rs. 5,000 × 12) |
60,000 |
|
Less: Capital on 01st April 2016 |
(2,24,000) |
|
Less: Fresh capital introduced during the year |
(30,000) |
|
Profit earned during the year |
1,41,200 |
Accounts from Incomplete Records Exercise 457
Solution NUM 14
|
Statement of Affairs as on 31st March 2016 |
|||
|
Liabilities |
Rs. |
Assets |
Rs. |
|
Bank Overdraft |
30,000 |
Cash in Hand |
6,000 |
|
Sundry Creditors |
26,000 |
Stock |
50,000 |
|
Bills Payable |
6,000 |
Sundry Debtors |
60,000 |
|
Closing Capital |
1,82,000 |
Furniture |
40,000 |
|
|
|
Bills Receivable |
8,000 |
|
|
|
Machinery |
50,000 |
|
Investment |
30,000 |
||
|
|
2,44,000 |
|
2,44,000 |
|
Statement of Affairs as on 31st March 2017 |
||||||
|
Liabilities |
Rs. |
Assets |
Rs. |
|||
|
Sundry Creditors |
40,000 |
Cash in Hand |
24,000 |
|||
|
Bills Payable |
12,000 |
Stock |
80,000 |
|||
|
Outstanding Salary |
2,400 |
Sundry Debtors |
1,40,000 |
|||
|
Closing Capital |
4,33,400 |
Less: Bad-debt |
2,000 |
|||
|
Less: 5% Provision |
(6,900) |
1,31,100 |
||||
|
Furniture |
60,000 |
|||||
|
Less: Depreciation 10% |
(6,000) |
54,000 |
||||
|
Bills Receivable |
28,000 |
|||||
|
Machinery |
1,00,000 |
|||||
|
Less: Depreciation10% |
(10,000) |
90,000 |
||||
|
Investment |
80,000 |
|||||
|
Prepaid Insurance |
700 |
|||||
|
4,87,800 |
4,87,800 |
|||||
|
Statement of Profit and Loss |
|
|
Particulars |
Rs. |
|
Capital on March 31, 2017 |
4,33,400 |
|
Add: Drawings made during the year (Rs. 10,000 × 12) |
1,20,000 |
|
Less: Capital on March 31, 2016 |
(1,82,000) |
|
Less: Fresh capital introduced during the year |
(2,00,000) |
|
Profit earned during the year |
1,71,400 |
Note: As per this Question correct answer is Profit earned during the year 2013 Rs.1,71,400. While, according to the book solution is Profit earned during the year 2013 Rs.1,71,300
Solution NUM 15
|
Creditors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Discount Received |
26,000 |
By Balance b/d |
1,80,425 |
|
|
Return Outwards |
37,200 |
Purchases - credit |
7,57,000 |
|
|
Bills accepted |
1,99,000 |
(8,97,000 - 1,40,000) |
||
|
Bills Receivable (endorsed to creditors) |
26,000 |
|
|
|
|
Balance c/d |
2,09,050 |
|
|
|
|
Cash/Bank |
4,40,175 |
|
|
|
|
|
9,37,425 |
|
9,37,425 |
|
Solution NUM 16
|
Creditors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Cash |
1,80,000 |
Balance b/d |
45,000 |
|
|
Bank |
60,000 |
Bills Payable (dishonored) |
3,000 |
|
|
Discount Received |
5,400 |
Bills Receivable (dishonored) |
1,800 |
|
|
Bills Payable(accepted) |
12,750 |
Purchases credit (Bal. fig.) |
2,56,350 |
|
|
Return Outwards |
7,500 |
|||
|
Bills Receivable (endorsed to creditors) |
4,500 |
|||
|
Balance c/d |
36,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,06,150 |
|
3,06,150 |
|
Accounts from Incomplete Records Exercise 458
Solution NUM 17
|
Creditors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Cash |
1,51,000 |
Balance b/d |
30,000 |
|
|
Return Outwards |
6,000 |
Purchases - credit (Bal. Fig) |
2,01,500 |
|
|
Bills Payable (accepted) |
54,500 |
|
||
|
Balance c/d |
20,000 |
|
|
|
|
|
|
|
|
|
|
|
2,31,500 |
|
2,31,500 |
|
|
Bills Payable Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Cash |
44,500 |
Balance b/d |
25,000 |
|
|
Balance c/d |
35,000 |
Creditors (Bal. fig.) |
54,500 |
|
|
|
79,500 |
|
79,500 |
|
Total Purchases = Cash Purchases + Credit Purchases (as per Creditors Account)
= 1,29,000 + 2,01,500= Rs. 3,30,500
Solution NUM 18
|
Creditors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Cash |
30,000 |
Balance b/d |
60,000 |
|
|
Purchases Return |
12,000 |
Bill dishonored |
8,000 |
|
|
Bill matured (accepted) |
27,000 |
Purchases - credit (Bal. Fig) |
37,000 |
|
|
Balance c/d |
36,000 |
|
||
|
|
1,05,000 |
|
1,05,000 |
|
Solution NUM 19
|
Bills Payable Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Creditors (dishonoured) |
28,000 |
Balance b/d |
1,80,000 |
|
|
Cash/Bank |
50,000 |
Creditors (Bal. fig.) |
1,18,000 |
|
|
Balance c/d |
2,20,000 |
|
||
|
|
|
|
|
|
|
|
2,98,000 |
|
2,98,000 |
|
Solution NUM 20
|
Bills Payable Account |
|||
|
Dr. |
Cr. |
||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
Creditors (Bill dishonoured) |
37,000 |
Balance b/d |
70,000 |
|
Cash/Bank (Bal. fig.) |
38,000 |
Creditors (accepted) |
90,000 |
|
Balance c/d |
85,000 |
|
|
|
|
1,60,000 |
|
1,60,000 |
Note: A Bills Matured during the year is Rs.38,000.
Solution NUM 21
|
Bills Payable Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Creditors (dishonoured) |
17,000 |
Creditors (accepted) |
1,05,000 |
|
|
Cash/Bank (Bal. fig.) |
88,000 |
|
|
|
|
|
|
|
|
|
|
|
1,05,000 |
|
1,05,000 |
|
|
Account Payable Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Discount Received |
17,000 |
Purchases Credit |
2,15,000 |
|
|
Purchases Return |
9,000 |
Bills Payable (dishonoured) |
17,000 |
|
|
Cash |
50,000 |
Balance b/d (Bal. Fig.) |
79,000 |
|
|
Bills Receivable (endorsed) |
45,000 |
|||
|
Bills Payable (acceptance) |
1,05,000 |
|
||
|
Balance c/d |
85,000 |
|
|
|
|
|
3,11,000 |
|
3,11,000 |
|
Accounts from Incomplete Records Exercise 459
Solution NUM 22
|
Bills Receivable Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Balance b/d |
75,000 |
Debtors (dishonoured) |
25,000 |
|
|
Debtors (Bal. fig.) |
1,60,000 |
Cash/Bank (honored) |
1,30,000 |
|
|
|
Creditors (endorsed) |
15,000 |
||
|
Balance c/d |
65,000 |
|||
|
|
|
|
||
|
|
2,35,000 |
|
2,35,000 |
|
Note: A Bills Receivable during the year is Rs.1,60,000.
Solution NUM 23
|
Bills Receivable Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Balance b/d |
1,20,000 |
Cash/Bank (honored) |
1,85,000 |
|
|
Debtors (bills Receivable) |
1,50,000 |
Creditors (endorsed) |
22,800 |
|
|
|
|
Balance c/d |
50,700 |
|
|
Debtors (dishonoured) (Bal. Fig.) |
11,500 |
|||
|
|
||||
|
|
|
|
|
|
|
|
2,70,000 |
|
2,70,000 |
|
Note: The amount of bills receivable dishonoured is Rs.11,500.
Solution NUM 24
|
Debtors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Balance b/d |
45,000 |
Discount Allowed |
2,500 |
|
|
Bills Receivable (dishonoured) |
3,000 |
Sales Returns |
8,500 |
|
|
Bank (dishonoured) |
7,700 |
Bad-debts (irrecoverable ) |
4,000 |
|
|
Sales Credit (Bal. fig.) |
2,82,300 |
Bills Receivable (received) |
12,000 |
|
|
Cash |
2,30,000 |
|||
|
|
Bank |
25,000 |
||
|
|
Balance c/d |
56,000 |
||
|
|
3,38,000 |
|
3,38,000 |
|
Credit sales is Rs. 2,82,300
Total Sales= Cash Sales + Credit Sales
= 80,000 + 2,82,300= Rs. 3,62,300
Solution NUM 25
|
Debtors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Balance b/d |
1,80,000 |
Return Inwards |
78,000 |
|
|
Sales Credit |
14,50,000 |
Discount Allowed |
55,000 |
|
|
Cash |
10,25,000 |
|||
|
Bad debt (irrecoverable) |
10,000 |
|||
|
Bills Receivable (received) |
1,61,000 |
|||
|
|
Balance c/d (Bal. fig.) |
3,01,000 |
||
|
|
16,30,000 |
|
16,30,000 |
|
|
Bills Receivable Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Balance b/d |
55,000 |
Cash (Bills matured) |
80,500 |
|
|
Debtors (Bal. fig.) |
1,61,000 |
Creditors (endorsed) |
60,000 |
|
|
|
|
Balance c/d |
75,500 |
|
|
|
|
|||
|
|
|
|
||
|
|
2,16,000 |
|
2,16,000 |
|
The Bills Receivable Account (received) = Rs.1,61,000.
Total debtors account for the year ended December 31, 2013(closing balance)= Rs.3,01,000.
Accounts from Incomplete Records Exercise 460
Solution NUM 26
|
Debtors Account |
|||
|
Dr. |
Cr. |
||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
Balance b/d |
14,00,000 |
Cash |
10,75,000 |
|
Bank( dishonored) |
27,000 |
Bank |
8,25,000 |
|
Bills Receivable (dishonoured) |
40,000 |
Discount Allowed |
37,500 |
|
Sales-Credit (Bal. fig.) |
6,21,000 |
Bad debt (irrecoverable) |
17,500 |
|
|
|
Return Inwards |
28,000 |
|
Bills Receivable (received) |
1,05,000 |
||
|
|
20,88,000 |
|
20,88,000 |
|
Bills Receivable Account |
|||
|
Dr. |
Cr. |
||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
Balance b/d |
7,00,000 |
Cash (Bill matured) |
2,80,000 |
|
Debtors (received) |
1,05,000 |
Bank (endorsed) |
65,000 |
|
|
|
Creditors (endorsed) |
70,000 |
|
Balance c/d |
3,50,000 |
||
|
|
|
Debtors (Bal. fig.) |
40,000 |
|
|
8,05,000 |
|
8,05,000 |
Solution NUM 27
|
Sundry Debtors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Balance b/d (Bal. Fig.) |
54,000 |
Discount Allowed |
2,500 |
|
|
Bills Receivable (dishonoured) |
3,500 |
Bills Receivable (received) |
75,000 |
|
|
Sales-Credit |
3,15,000 |
Cash |
2,20,000 |
|
|
Balance c/d |
75,000 |
|||
|
|
3,72,500 |
|
3,72,500 |
|
|
Sundry Creditors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Discount Received |
1,500 |
Balance b/d |
50,000 |
|
|
Cash |
1,35,000 |
Purchases credit |
2,95,000 |
|
|
Bills Payable (accepted) |
30,000 |
|
|
|
|
Balance c/d (Bal. fig.) |
1,78,500 |
|
|
|
|
|
|
|
||
|
|
3,45,000 |
|
3,45,000 |
|
Opening Balance of debtors = Rs.54,000
Closing Balance of creditors= Rs.1, 78,500.
Working Note:
Cost of Goods Sold = Opening Stock + Purchases- Closing Stock
= 30,000 + 2,95,000 -25,000 = Rs. 3,00,000
Let sales be 100%
(i)
Sales = Cost of Goods sold + Gross Profit
100% = Cost of Goods sold + 25%
Cost of Goods Sold= 100% - 25% = 75%
(ii)
Sales = Cost of Goods Sold + Gross Profit
= 3,00,000 + 1,00,000 = Rs. 4,00,000
(iii)
Total Sales = Cash Sales + Credit Sales
4,00,000 = 85,000 + Credit Sales
Credit Sales= 4,00,000 - 85,000 = Rs. 3,15,000
Accounts from Incomplete Records Exercise 461
Solution NUM 28
|
Books of Mrs. Bhavana Debtors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Balance b/d |
55,000 |
Cash |
1,20,000 |
|
|
Sales-Credit |
1,50,000 |
Balance c/d |
85,000 |
|
|
|
|
|
|
|
|
|
2,05,000 |
|
2,05,000 |
|
|
Creditors Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Cash |
53,000 |
Balance b/d |
22,000 |
|
|
Balance c/d |
29,000 |
Purchases-Credit |
60,000 |
|
|
|
82,000 |
|
82,000 |
|
|
Statement of Affairs as on April.01, 2016 |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
Creditors |
22,000 |
Debtors |
55,000 |
|
Capital (Bal. fig.) |
5,00,000 |
Stock |
35,000 |
|
|
Plant |
1,00,000 |
|
|
|
|
Machinery |
50,000 |
|
|
|
Land and Building |
2,50,000 |
|
|
|
Investment |
20,000 |
|
|
|
Cash |
12,000 |
|
|
|
|
|
|
|
5,22,000 |
|
5,22,000 |
|
Trading Account As on March 31, 2017 |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Opening Stock |
35,000 |
Sales |
1,50,000 |
|
|
Purchases |
60,000 |
Closing Stock |
70,000 |
|
|
Wages |
30,000 |
|
|
|
|
Gross Profit c/d |
95,000 |
|
|
|
|
|
|
|
||
|
|
2,20,000 |
|
2,20,000 |
|
|
Profit and Loss Account As on March 31, 2017 |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Rs. |
Particulars |
Rs. |
|
|
Business Expenses |
12,000 |
Gross Profit b/d |
95,000 |
|
|
Depreciation on Plant |
10,000 |
|
|
|
|
Depreciation on Building |
25,000 |
|
||
|
Depreciation on Machine |
2,500 |
|||
|
Provision for Doubtful Debts |
4,250 |
|||
|
Net Profit c/d |
41,250 |
|||
|
95,000 |
95,000 |
|||
|
Balance Sheet as on 31st March 2017 |
|||||
|
Liabilities |
Rs. |
Assets |
Rs. |
||
|
Capital |
5,00,000 |
Debtors |
85,000 |
||
|
Add: Net Profit |
41,250 |
Less: 5% Provision B. D. |
(4,250) |
80,750 |
|
|
Add: Future capital |
20,000 |
Stock |
70,000 |
||
|
Less: Drawing |
(15,000) |
5,46,250 |
Plant |
1,00,000 |
|
|
Creditors |
|
29,000 |
Less: Deprecation 10% |
(10,000) |
90,000 |
|
|
Machinery |
50,000 |
|||
|
|
Less: Deprecation 5% |
(2,500) |
47,500 |
||
|
|
Building |
2,50,000 |
|||
|
|
Less: Deprecation 10% |
(25,000) |
2,25,000 |
||
|
|
Investment |
20,000 |
|||
|
|
Cash in Hand |
7,000 |
|||
|
|
Cash at Bank |
35,000 |
|||
|
|
|||||
|
|
5,75,250 |
5,75,250 |
|||
