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# 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:

## 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