T S GREWAL Solutions for Class 11-commerce Accountancy Chapter 20 - Accounts from Incomplete Records - Single Entry System

Chapter 20 - Accounts from Incomplete Records - Single Entry System Exercise 20.37

Question PQ 1

Q 1

Solution PQ 1

Statement of Profit or Loss

Particulars

Rs.

Closing Capital

90,000

Add : Drawings

5,000

 

95,000

Less : Additional Capital during the year

(10,000)

Adjusted Closing Capital

85,000

Less : Opening Capital

(60,000)

Net Profit for the year

25,000

 

Chapter 20 - Accounts from Incomplete Records - Single Entry System Exercise 20.38

Question PQ 2

Q 2

Solution PQ 2

Statement of Profit or Loss

Particulars

Rs.

Closing Capital

1,25,000

Add : Drawings

30,000

 

1,55,000

Less : Additional Capital during the year

(37,500)

Adjusted Closing Capital

1,17,500

Less : Opening Capital

(1,00,000)

Net Profit for the year

17,500

 

Chapter 20 - Accounts from Incomplete Records - Single Entry System Exercise 20.39

Question PQ 3

Q 3

Solution PQ 3

Capital at the end of the year

= Capital in the beginning + Additional Capital + Profit - Drawings

= 70,000 + 20,000 + 20,000 - 7,000

= Rs.1,03,000

Question PQ 4

Q 4

Solution PQ 4

Additional Capital

= Closing Capital + Drawings - (Opening Capital + Profit)

= 2,00,000 + 50,000 - (1,30,000 + 1,00,000)

= 2,50,000 - 2,30,000

= Rs.20,000

Question PQ 5

Q 5

Solution PQ 5

Statement of Profit or Loss

Particulars

Rs.

Capital as on March 31, 2019

16,900

Add : Drawings

4,800

 

21,700

Less : Additional Capital Introduced

(2,000)

Adjusted Capital as on March 31, 2019

19,700

Less : Capital as on April 01, 2018

(15,200)

Profit made during the year 2018-19

4,500

 

Question PQ 6

Q 6

Solution PQ 6

Statement of Profit or Loss

Particulars

Rs.

Capital as on March 31, 2019

3,50,000

Add : Drawings

2,80,000

 

6,30,000

Less : Capital as on April 01, 2018

(4,00,000)

Profit made during the year 2018-19

2,30,000

Calculation For Cost of Goods Sold:

Sales = COGS + Profit

Cost of Goods Sold= 100

Gross Profit = 50

Sales= 150

Gross Profit = 50/150 or 1/3

T-s-grewal Solutions Cbse Class 11-commerce Accountancy Chapter - Accounts From Incomplete Records Single Entry System

COGS= Sales - Gross Profit = 60,000 - 20,000 = 40,000

Drawings = Cash + Cost of Goods Sold

Drawings = 2,40,000 + 40,000 = 2,80,000

Question PQ 7

Q 7

Solution PQ 7

 

Statement of Affairs

as on March 31, 2019 

Liabilities

Rs. 

Assets

Rs. 

Sundry Creditors

12,000

Cash

3,200

Brother's Loan

10,000

Stock

34,800

Capital (Balancing Fig.)

1,32,000

Debtors

31,000

 

 

Plant

85,000

 

 

 

 

 

1,54,000

 

1,54,000

 

 

Statement of Profit or Loss

For the year end March 31, 2019 

Particulars

Rs. 

Capital as on March 31, 2019

1,32,000

Add : Drawings (Rs.2,000 × 12)

24,000

 

1,56,000

Less : Capital as on April 01, 2018

(1,00,000)

Profit made during the year 2018-2019

56,000

 

Question PQ 8

Q 8

Solution PQ 8

 

 

In the books of Ram Prashad

Statement of Affairs

as on March 31, 2019 

Liabilities

Rs. 

Assets

 

Rs. 

Trade Creditors

4,000

Book Debts

 

10,000

Bank Overdraft

1,000

Cash in Hand

 

510

Capital (Balancing Fig.)

12,590

Stock

 

6,000

 

 

Furniture and Fittings

1,200

 

 

 

Less : 10% Depreciation

(120)

1,080

 

17,590

 

 

17,590 

 

 

Statement of Affairs

as on April 01, 2018 

Liabilities

Rs. 

Assets

Rs. 

Capital (Balancing Fig.)

10,000

Bank

6,000

 

 

Stock

4,000

 

 

 

 

 

10,000

 

10,000

 

 

Statement of Profit or Loss

for the year end March 31, 2019 

Particulars

Rs. 

Capital as on March 31, 2019

12,590

Add : Drawings

2,400

 

14,990

Less : Capital as on April 01, 2018

(10,000)

Profit made during the year 2018-2019

4,990

 

 

Chapter 20 - Accounts from Incomplete Records - Single Entry System Exercise 20.40

Question PQ 9

Q 9

Solution PQ 9

 

Books of Shruti

Statement of Affairs

as on April 01, 2015

Liabilities

Rs.

Assets

Rs.

Creditors

14,900

Furniture

7,500

Capital (Balancing Fig.)

33,000

Stock

22,400

 

 

Debtors

16,800

 

 

Cash

1,200

 

47,900

 

47,900

 

 

Statement of Affairs

as on March 31, 2016

Liabilities

Rs.

Assets

 

Rs.

Sundry Creditors

11,600

Furniture

 

8,000

Capital (Balancing Fig.)

60,000

Stock

 

24,400

 

 

Sundry Debtors

 

27,200

 

 

Investment

 

8,000

 

 

Cash

 

1,600

 

 

Bills Receivables

 

2,400

 

 

Investments

 

 

 

71,600

 

 

71,600 

 

 

Statement of Profit or Loss

for the year end March 31, 2016

Particulars

Rs.

Capital as on March 31, 2016

60,000

Add : Drawings

6,000

Less: Sold on Investment 5% premium

(16,800)

 

49,200

Less : Capital as on April 01, 2015

(33,000)

Profit made during the year 2015-2016

16,200

 

 

Question PQ 10

Q 10

Solution PQ 10

 

Books of Hari

Statement of Affairs

as on April 01, 2018

Liabilities

Rs.

Assets

Rs.

Sundry Creditors

17,500

Furniture

2,000

Capital (Balancing Fig.)

35,000

Stock

28,000

 

 

Sundry Debtors

21,000

 

 

Cash

1,500

 

52,500

 

52,500

 

 

 

Statement of Affairs

as on March 31, 2019

Liabilities

Rs.

Assets

 

Rs.

Sundry Creditors

19,000

Furniture

2,000

 

Loan

5,000

Less : 10% Depreciation

(200)

1,800

Capital (Balancing Fig.)

53,900

Stock

 

30,500

 

 

Sundry Debtors

34,000

 

 

 

Less : 10% Reserve for Doubtful Debts

(3,400)

30,600

 

 

Cash

 

2,000

 

 

Bills Receivables

 

3,000

 

 

Investments

 

10,000

 

77,900

 

 

77,900 

 

 

Statement of Profit or Loss

for the year end March 31, 2019

Particulars

Rs.

Capital as on March 31, 2019

53,900

Add : Drawings

5,000

 

58,900

Less : Capital as on April 01, 2018

(35,000)

Profit made during the year 2018-2019

23,900

 

 

Question PQ 11

Q 11

Solution PQ 11

 

Statement of Affairs

As on March 31, 2018

Liabilities

 

Rs.

Assets

 

Rs.

Wife's Loan

5,000

 

Furniture and Fixture

2,000

 

Add : Outstanding Interest

(5,000×9%×6/12)

225

5,225

Less : 10% Depreciation

(200)

1,800

Sundry Creditors

 

500

Cash in Hand

 

2,800

Rent Outstanding

 

150

Sundry Debtors

 

4,800

Capital (Balancing Fig.)

 

11,925

Stock

 

6,800

 

 

 

Bills Receivable

 

1,600

 

 

17,800

 

 

17,800 

 

 

Statement of Profit or Loss

For the year end March 31, 2018

Particulars

Rs.

Capital as on March 31, 2018

11,925

Add : Drawings (Rs.300 ×12)

3,600

 

15,525

Less : Additional Capital Introduced

(1,500)

Adjusted Capital as on March 31, 2018

14,025

Less : Capital as on April 01, 2017

(10,000)

Profit made during the year 2017-2018

4,025

 

 

Question PQ 12

Q 12

Solution PQ 12

 

Statement of Affairs

as on April 01, 2018

Liabilities

Rs.

Assets

Rs.

Creditors

3,50,000

Cash in Hand

1,50,000

Capital (Balancing Fig.)

14,00,000

Bank Balance

7,50,000

 

 

Furniture

1,00,000

 

 

Stock

5,00,000

 

 

Debtors

2,50,000

 

17,50,000

 

17,50,000

 

 

Statement of Affairs

as on March 31, 2019

Liabilities

Rs.

Assets

Rs.

Creditors

4,00,000

Cash in Hand

1,75,000

Capital (Balancing Fig.)

16,25,000

Bank Balance

8,00,000

 

 

Furniture

1,00,000

 

 

Stock

6,50,000

 

 

Debtors

3,00,000

 

20,25,000

 

20,25,000

 

 

Statement of Profit or Loss

For the year end March 31, 2019

Particulars

Rs.

Capital as on March 31, 2019

16,25,000

Add : Drawings

5,00,000

 

21,25,000

Less : Additional Capital Introduced

(2,50,000)

Adjusted Capital as on March 31, 2019

18,75,000

Less : Capital as on April 01, 2018

(14,00,000)

Profit made during the year 2018-2019

4,75,000

 

 

Chapter 20 - Accounts from Incomplete Records - Single Entry System Exercise 20.41

Question PQ 13

Q 13

Solution PQ 13

 

Statement of Affairs

as on April 01, 2018

Liabilities

Rs.

Assets

Rs.

Sundry Creditors

20,000

Cash

6,000

Bills Payable

15,000

Sundry Debtors

68,000

Capital (Balancing Fig.)

1,13,000

Stock

59,000

 

 

Furniture

15,000

 

1,48,000

 

1,48,000 

 

 

Statement of Affairs

as on March 31, 2019

Liabilities

 

Rs.

Assets

 

Rs.

Sundry Creditors

 

18,000

Cash

 

7,000

Bill Payable

 

11,000

Stock

 

87,000

9% Loan from Friend

20,000

 

Furniture

 

13,500

Add : Interest Outstanding (20,000×9%×6/12)

900

20,900

Sundry Debtors

64,000

 

Capital (Balancing Fig.)

 

1,18,400

Less : 5% Provision for Doubtful Debts

(3,200)

60,800

 

 

1,68,300

 

 

1,68,300

 

 

Statement of Profit or Loss

for the year end March 31, 2019

Particulars

Rs.

Capital as on March 31, 2019

1,18,400

Add : Drawings (Rs.2,500 × 12)

30,000

 

1,48,400

Less : Capital as on April 01, 2018

(1,13,000)

Profit made during the year 2018-2019

35,400

 

 

Question PQ 14

Q 14

Solution PQ 14

 

Statement of Profit or Loss

for the year end December 31, 2014

Particulars

Rs.

Capital as on December 31, 2016

4,25,000

Add : Drawings (Rs.1,000 × 12)

12,000

Add: Bank Loan

30,000

 

4,67,000

Add: Paid Rent (Rs.1,800 × 12)

21,600

Add: Paid Electricity Charges (21,600 × 10%)

2,160

Less: Sold 7% Government Bonds (50,000 + 1% Premium)

(50,500)

 

4,40,260

Less : Capital as on December 31, 2015

(2,50,000)

Profit made during the year 2015-2016

1,90,260

 

 

Question PQ 15

Q 15

Solution PQ 15

Statement of Affairs

For the year ending March 31, 2006

Liabilities

Rs.

Assets

Rs.

Creditors

3,00,000

Cash

30,000

Loan from Friend

1,00,000

Stock

4,70,000

Capital (Balancing Fig.)

4,50,000

Debtors

3,50,000

 

8,50,000

 

8,50,000

 

 

Statement of Profit or Loss

For the year end March 31, 2006

Particulars

Rs.

Capital as on March 31, 2006

4,50,000

Add: Drawings (8,000 × 6)

48,000

 

4,98,000

Less: Additional Capital Introduced

(75,000)

Adjusted Capital as on March 31, 2006

4,23,000

Less: Capital as on October 01, 2005

(4,00,000)

Profit made during the year 2005-06

23,000

 

 

Question PQ 16

Q 16

Solution PQ 16

 

Statement of Affairs

as on April 01, 2018

Liabilities

Rs.

Assets

Rs.

Bank Overdraft

200

Machinery

8,000

Sundry Creditors

5,000

Furniture

2,000

Capital (Balancing Fig.)

15,800

Stock

7,000

 

 

Sundry Debtors

4,000

 

21,000 

 

21,000

 

 

Statement of Affairs

as on March 31, 2019

Liabilities

 

Rs.

Assets

 

Rs.

Sundry Creditors

 

3,500

Machinery

8,000

 

Capital (Balancing Fig.)

 

16,900

Less : 10% Depreciation

(800)

7,200

 

 

 

Furniture

 2,000

 

 

 

 

Less : 5% Depreciation

(100)

1,900

 

 

 

Stock

 

5,000

 

 

 

Sundry Debtors

 

4,500

 

 

 

Bank Balance

 

1,800

 

 

 

 

 

 

 

 

20,400

 

 

20,400

 

 

Statement of Profit or Loss

for the year end March 31, 2019

Particulars

Rs.

Capital as on March 31, 2019

16,900

Add : Drawings

4,100

 

21,000

Less : Additional Capital Introduced

(300)

Adjusted Capital as on March 31, 2019

20,700

Less : Capital as on April 01, 2018

(15,800)

Profit made during the year 2018-19

4,900

 

Chapter 20 - Accounts from Incomplete Records - Single Entry System Exercise 20.42

Question PQ 17

Q 17

Solution PQ 17

Statement of Affairs

(Previous Year)

Liabilities

Rs.

Assets

Rs.

Trade Creditors

6,270

Stock

12,350

Loan from Naresh

5,000

Cash in Hand

570

Capital (Balancing Figure)

18,170

Shop Fittings

7,250

 

 

Trade Debtors

5,280

 

 

Bank Balance

3,990

 

29,440

 

29,440 

 

 

Statement of Affairs

(Current Year)

Liabilities

 

Rs.

Assets

 

Rs.

Trade Creditors

 

5,890

Stock

 

11,980

Loan from Naresh

5,000

 

Cash in Hand

 

650

Add: Outstanding Interest (5,000 × 5%)

250

5,250

Shop Fittings

7,800

 

Capital (Balancing Fig.)

 

16,930

Less : Depreciation

(780)

7,020

 

 

 

Trade Debtors

4,560

 

 

 

 

Less: Bad Debts

(270)

4,290

 

 

 

Bank Balance

 

4,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,070

 

 

28,070

 

 

Statement of Profit or Loss

(Current Year) 

Particulars

Rs.

Capital (Current Year)

16,930

Add : Drawings (Rs.100 × 52)

5,200

 

22,130

Less : Capital (Previous Year)

(18,170)

Profit made during the Current Year

3,960

 

Question PQ 18

Q 18

Solution PQ 18

Statement of Affairs

as on March 31, 2019

Liabilities

 

Rs.

Assets

 

Rs.

Creditors

 

30,000

Bank

 

10,000

Bills Payable

 

10,000

Debtors

50,000

 

Capital (Balancing Fig.)

 

1,30,700

Less : 5% Provision for Doubtful Debts

(2,500)

47,500

 

 

 

Stock

 

40,000

 

 

 

Plant

68,000

 

 

 

 

Less : 10% Depreciation

(6,800)

61,200

 

 

 

Furniture

 

12,000

 

 

1,70,700

 

 

1,70,700

 

 

Statement of Profit or Loss

for the year end March 31, 2019

Particulars

Rs.

Capital as on March 31, 2019

1,30,700

Add : Drawings

24,000

 

1,54,700

Less : Additional Capital Introduced

(30,000)

Adjusted Capital as on March 31, 2019

1,24,700

Less : Capital as on April 01, 2018

(40,000)

Profit made during the year 2018-19

84,700

 

 

Question PQ 19

Q 19

Solution PQ 19

Statement of Affairs

as on July 01, 2018

Liabilities

 

Rs.

Assets

 

Rs.

Creditors

 

9,000

Cash and Bank balance

 

25,000

Capital (Balancing Fig.)

 

2,71,000

Debtors

 

65,000

 

 

 

Stock

 

40,000

 

 

 

Plant and machinery

 

1,50,000

 

 

2,80,000

 

 

2,80,000

 

Statement of Affairs

as on December 31, 2018

Liabilities

 

Rs.

Assets

 

Rs.

Creditors

 

10,000

Cash and Bank balance

 

31,000

Outstanding Wages

 

1,000

Plant and machinery

 

1,40,000

Capital (Balancing Fig.)

 

2,65,500

Debtors

 

60,000

 

 

 

Stock

 

45,000

 

 

 

Prepaid Salary

 

500

 

 

2,76,500

 

 

2,76,500

 

 

Statement of Profit or Loss

For the year end December 31, 2018

Particulars

Rs.

Capital as on December 31, 2018

2,65,500

Add : Drawings

1,200

Adjusted Capital

2,66,700

Less: Capital in the July 01, 2018

(2,71,000)

Gross Loss (Profit before Adjustment )

4,300

Less : Interest on drawing s

(21)

Add: Depreciation on plant and Machinery

7,000

Add: Bad Debts

5,000

Add: Provision for Doubtful Debts

1,100

Net Loss (Profit After Adjustment ) 

17,379

 

 

Statement of Affairs

as on December 31, 2018

(After Adjustments)

Liabilities

 

Rs.

Assets

 

Rs.

Creditors

 

10,000

Cash and Bank balance

 

31,000

Outstanding Wages

 

1,000

Plant and machinery

1,40,000

 

Capital

2,71,000

 

Less: Depreciation 

(7,000)

1,33,000

Less: Net Loss

(17,379)

 

Debtors

60,000

 

Less: Drawings

(1,200)

 

Less: Bad debts

(5,000)

 

Less: Interest on Drawings

(21)

2,52,400

 

55,000

 

 

 

 

Less: Provision for Doubtful Debts

(1,100)

53,900

 

 

 

Stock

 

45,000

 

 

 

Prepaid Salary

 

500

 

 

 

 

 

 

 

 

2,63,400

 

 

2,63,400

 

Working Notes:

1.

Calculation of Deprecation for Plant and Machinery 

Amount of Depreciation on plant and machinery would be changed (for 6 months)

T-s-grewal Solutions Cbse Class 11-commerce Accountancy Chapter - Accounts From Incomplete Records Single Entry System

2.

Calculation of Provision for Doubtful Debts

Amount of Provision for Doubtful Debts

T-s-grewal Solutions Cbse Class 11-commerce Accountancy Chapter - Accounts From Incomplete Records Single Entry System

 

3.

Calculation of Interest on Drawings (Amount):

Date

Amount

Months

Product

July 01

200

6

1,200

Aug. 01

200

5

1,000

Sep. 01

200

4

800

Oct. 01

200

3

600

Nov. 01

200

2

400

Dec. 01

200

1

200

Total

 

 

4,200

Interest on Drawings (Amount): T-s-grewal Solutions Cbse Class 11-commerce Accountancy Chapter - Accounts From Incomplete Records Single Entry System

 

Chapter 20 - Accounts from Incomplete Records - Single Entry System Exercise 20.43

Question PQ 20

Q 20

Solution PQ 20

Statement of Affairs

Trading A/c 

as on March 31, 2018

Particulars

 

Rs.

Particulars

 

Rs.

To Opening Stock

 

40,000

By sales

 

1,60,000

To Purchases

 

1,10,000

By Closing Stock

 

30,000

To Gross Profit c/d

 

40,000

 

 

 

 

 

1,90,000

 

 

1,90,000

Calculation of Gross Profit

T-s-grewal Solutions Cbse Class 11-commerce Accountancy Chapter - Accounts From Incomplete Records Single Entry System

Question PQ 21

Q 21

Solution PQ 21

Statement of Affairs

Trading A/c

Particulars

 

Rs.

Particulars

 

Rs.

To Opening Stock

 

20,000

By Credit Sales

 

1,80,000

To Purchases

 

1,87,000

By Cash Sales

 

60,000

To Gross Profit c/d

 

48,000

By Closing Stock

 

15,000

 

 

 

 

 

 

 

 

2,55,000

 

 

2,55,000

Calculation For Gross Profit:

2,40,000 ×20%= 48,000

Question PQ 22

Q 22

Solution PQ 22

Statement of Affairs

Trading A/c

Particulars

 

Rs.

Particulars

 

Rs.

To Opening Stock

 

44,000

By Sales

 

80,000

To Purchases

 

60,000

By Closing Stock

 

8,000

 

 

 

To Gross Loss c/d

 

16,000

 

 

 

 

 

 

 

 

1,04,000

 

 

1,04,000

Calculation For Gross Loss:

80,000 ×20%= 16,000 

Question PQ 23

Q 23

Solution PQ 23

Statement of Affairs

Trading A/c

Particulars

 

Rs.

Particulars

 

Rs.

To Opening Stock

 

20,000

By Credit Sales

 

40,000

To Purchases

 

70,000

By Cash Sales

 

60,000

To Gross Profit c/d

 

25,000

By Closing Stock

 

15,000

 

 

 

 

 

 

 

 

1,15,000

 

 

1,15,000

Calculation For Gross Profit:

1,00,000 ×25%= 25,000 

Chapter 20 - Accounts from Incomplete Records - Single Entry System Exercise 20.44

Question PQ 24

Q 24

Solution PQ 24

Statement of Affairs

Trading A/c

Particulars

 

Rs.

Particulars

 

Rs.

To Opening Stock

 

16,000

By Sales

 

1,20,000

To Purchases

 

93,000

By Closing Stock

 

33,000

To Wages

 

20,000

 

 

 

To Gross Profit c/d

 

24,000

 

 

 

 

 

 

 

 

 

 

 

1,53,000

 

 

1,53,000

Calculation For Gross Profit:

1,20,000 ×20%= 24,000

 

Note:- Carriage Outward pass the entry on Profit and Loss A/c  

Question PQ 25

Q 25

Solution PQ 25

Purchases = Cost of Goods sold - Opening Stock + Closing Stock

Purchases = 65,000 - 4,000 + 5,000

= 66,000

 

 

Question PQ 26

Q 26

Solution PQ 26

Gross Profit = 2,00,000 × 25% = 50,000

 

COGS + Gross Profit = Sales

2,00,000 + 50,000 = 2,50,000

Question PQ 27

Q 27

Solution PQ 27

 

 

Debtors Account 

Dr.

 

 

Cr.

Particulars 

Amount

Rs 

Particulars 

Amount

Rs 

Balance b/d

30,000

Cash A/c

35,000

Sales A/c

75,000

Sales Return A/c

5,000

 

 

Bill Receivable A/c

25,000

 

 

Bad-Debts A/c

2,000

 

 

Balance c/d

38,000

 

 

 

 

 

1,05,000

 

1,05,000

 

 

 

 

 

 

Question PQ 28

Q 28

Solution PQ 28

 

 

Creditors Account 

Dr.

 

 

Cr.

Particulars 

Amount

Rs 

Particulars 

Amount

Rs 

Cash A/c

20,000

Balance b/d

15,000

Purchases Return A/c

1,000

Purchases A/c

30,000

Bills Payable A/c

10,000

 

 

Balance c/d

14,000

 

 

 

 

 

 

 

45,000

 

45,000

 

 

 

 

 

 

Question PQ 29

Q 29

Solution PQ 29

 

 

Creditors Account 

Dr.

 

 

Cr.

Particulars 

Amount

Rs 

Particulars 

Amount

Rs 

Cash A/c

15,000

Balance b/d

15,000

Purchases Return A/c

1,000