NCERT Solutions for Class 11-commerce Accountancy Part II CBSE 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 1^st 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 31^st 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 31^st March, 2017
Particulars	Rs.
Capital on 31^st March 2017	1,76,000
*Add*: Drawing made	12,000
*Less*: Capital on 01^st 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 1^st 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 31^st March 2017	56,400
*Add*: Drawing made during the year (Rs. 300×12 months)	3,600
*Less*: Capital on 01^st 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 31^st 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 1^st 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 31^st 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 1^st 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 31^st 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 31^st March 2017	3,35,200
*Add*: Drawings made during the year (Rs. 5,000 × 12)	60,000
*Less*: Capital on 01^st 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 31^st 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 31^st 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 31^st 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

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Class 11-commerce NCERT Solutions Accountancy Part II Chapter 11: Accounts from Incomplete Records