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

## Accounts from Incomplete Records - Single Entry System Exercise 20.37

### 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

## Accounts from Incomplete Records - Single Entry System Exercise 20.38

### 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

## Accounts from Incomplete Records - Single Entry System Exercise 20.39

### 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

### 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

### 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

### 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

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

### 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

### 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

## Accounts from Incomplete Records - Single Entry System Exercise 20.40

### Solution PQ 9

 Books of Shruti Statement of Affairs 47,900 47,900

 Statement of Affairs 71,600 71,600

 Statement of Profit or Loss for the year end March 31, 2016 Particulars Rs. 16,200

### Solution PQ 10

 Books of Hari Statement of Affairs 52,500 52,500

 Statement of Affairs 77,900 77,900

 Statement of Profit or Loss 23,900

### Solution PQ 11

 Statement of Affairs 17,800 17,800

 Statement of Profit or Loss 4,025

### Solution PQ 12

 Statement of Affairs 17,50,000 17,50,000

 Statement of Affairs 20,25,000 20,25,000

 Statement of Profit or Loss 4,75,000

## Accounts from Incomplete Records - Single Entry System Exercise 20.41

### Solution PQ 13

 Statement of Affairs as on April 01, 2018 Liabilities Rs. Assets Rs. 1,48,000 1,48,000

 Statement of Affairs as on March 31, 2019 Liabilities Rs. Assets Rs. 1,68,300 1,68,300

 Statement of Profit or Loss for the year end March 31, 2019 Particulars Rs. 35,400

### Solution PQ 14

 Statement of Profit or Loss for the year end December 31, 2014 Particulars Rs. ×1,90,260

### Solution PQ 15

 Statement of Affairs For the year ending March 31, 2006 Liabilities Rs. Assets Rs. 8,50,000 8,50,000

 Statement of Profit or Loss For the year end March 31, 2006 Particulars Rs. 23,000

### Solution PQ 16

 Statement of Affairs as on April 01, 2018 Liabilities Rs. Assets Rs. Statement of Affairs 20,400 20,400

 Statement of Profit or Loss for the year end March 31, 2019 Particulars Rs. 4,900

## Accounts from Incomplete Records - Single Entry System Exercise 20.42

### Solution PQ 17

 Statement of Affairs (Previous Year) Liabilities Rs. Assets Rs. 29,440 29,440

 Statement of Affairs (Current Year) Liabilities Rs. Assets Rs. 28,070 28,070

 Statement of Profit or Loss (Current Year) Particulars Rs. 3,960

### Solution PQ 18

 Statement of Affairs as on March 31, 2019 Liabilities Rs. Assets Rs. 1,70,700 1,70,700

 Statement of Profit or Loss for the year end March 31, 2019 Particulars Rs. 84,700

### Solution PQ 19

 Statement of Affairs as on July 01, 2018 Liabilities Rs. Assets Rs. 2,80,000 2,80,000

 Statement of Affairs as on December 31, 2018 Liabilities Rs. Assets Rs. 2,76,500 2,76,500

 Statement of Profit or Loss For the year end December 31, 2018 Particulars Rs. Gross Loss (Profit before Adjustment ) 4,300 Net Loss (Profit After Adjustment ) 17,379

 Statement of Affairs as on December 31, 2018 (After Adjustments) Liabilities Rs. Assets Rs. 2,63,400 2,63,400

Working Notes:

1.

Calculation of Deprecation for Plant and Machinery

2.

Calculation of Provision for Doubtful Debts

3.

Calculation of Interest on Drawings (Amount):

 Date Amount Months Product Total 4,200

Interest on Drawings (Amount):

## Accounts from Incomplete Records - Single Entry System Exercise 20.43

### Solution PQ 20

 Statement of Affairs Trading A/c  as on March 31, 2018 Particulars Rs. Particulars Rs. 1,90,000 1,90,000

### Solution PQ 21

 Statement of Affairs Trading A/c Particulars Rs. Particulars Rs. 2,55,000 2,55,000

Calculation For Gross Profit:

2,40,000 ×20%= 48,000

### Solution PQ 22

 Statement of Affairs Trading A/c Particulars Rs. Particulars Rs. 1,04,000 1,04,000

Calculation For Gross Loss:

80,000 ×20%= 16,000

### Solution PQ 23

 Statement of Affairs Trading A/c Particulars Rs. Particulars Rs. 1,15,000 1,15,000

Calculation For Gross Profit:

1,00,000 ×25%= 25,000

## Accounts from Incomplete Records - Single Entry System Exercise 20.44

### Solution PQ 24

 Statement of Affairs Trading A/c Particulars Rs. Particulars Rs. 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

= 66,000

### Solution PQ 26

×2,00,000 + 50,000 = 2,50,000

### 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

### 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

### 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 Purchases A/c 13,000 Balance c/d 12,000 28,000 28,000

### Solution PQ 30

 Creditors Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Cash A/c 30,200 Balance b/d 6,000 Purchases Return A/c 1,200 Purchases A/c 40,300 Bills Payable A/c 10,900 Balance c/d 4,000 46,300 46,300

Total Purchases = Cash Purchases + Credit Purchases

Total Purchases = 25,800 + 40,300 = Rs 66,100

### Solution PQ 31

Gross Profit = Net Sales - Cost of Goods Sold

1,29,000 = Net Sales - 97,000

Net Sales = Rs 2,26,000

Credit Sales = Total Net Sales - Cash Sales

Credit Sales = 2,26,000 - 85,000 = Rs 1,41,000

## Accounts from Incomplete Records - Single Entry System Exercise 20.45

### Solution PQ 32

 Debtors Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Balance b/d 20,400 Cash A/c 60,800 Sales A/c 75,800 Sales Return A/c 5,400 Bad-Debts A/c 2,400 Balance c/d 27,600 96,200 96,200

Total Sales = Cash Sales + Credit Sales

Total Sales = 56,800 + 75,800 = Rs 1,32,600

### Solution PQ 33

 Debtors Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Balance b/d 30,800 Cash A/c 70,000 Bill Receivable A/c 1,800 Sales Return A/c 8,700 Sales A/c 97,300 Bad-Debts A/c 4,800 Bill Receivable A/c 20,900 Balance c/d 25,500 1,09,000 1,09,000

Total Sales = Cash Sales + Credit Sales

Total Sales = 15,900 + 97,300 = Rs 1,13,200

### Solution PQ 34

 Debtors Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Balance b/d 43,100 Cash A/c 1,30,000 Bill Receivable A/c 1,900 Discount Allowed A/c 1,100 Sales A/c 1,40,000 Bill Receivable A/c 16,500 Balance c/d 37,400 1,85,000 1,85,000

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

Cost of Goods Sold = 26,000 + 1,10,000 - 24,000 = 1,12,000

Sales = Cost of Goods Sold + Gross Profit

Sales = 1,12,000 + 48,000 = Rs 1,60,000

Credit Sales = 1,60,000 - 20,000 = Rs 1,40,000

 Creditors Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Cash A/c 95,000 Balance b/d 20,600 Discount Received A/c 800 Purchases A/c 1,10,000 Bills Payable A/c 14,000 Balance c/d 20,800 1,30,600 1,30,600

### Solution PQ 35

 Cash Accounts Dr. Cr. Particulars Rs. Particulars Rs. To Balance b/d 5,000 By Purchase A/c 1,56,000 To Debtors A/c 2,30,000 By Trade Expenses A/c 7,200 By Salary and Wages A/c 21,400 By Rent a/c - business premise 5,920 By Drawings A/c 29,360 By Balance C/d 15,120 2,35,000 2,35,000

 Trading and Profit and Loss Account for the year ended 31st March,2019 Dr. Cr. Particulars Rs. Particulars Rs. To Opening Stock A/c 35,000 By Sales A/c To Purchase A/c Cash 2,30,000 Cash 1,56,000 Credit 15,000 2,45,000 Credit 13,500 1,69,500 By Closing Stock A/c 37,500 To Gross Profit c/d 78,000 2,82,500 2,82,500 To Trade Expenses A/c 7,200 By Gross Profit b/d 78,000 To Salary and Wages A/c 21,400 To Rent A/c - Business Premise 5,920 To Depreciation A/c - Furniture 250 To Interest on Loan A/c 1,000 To Doubtful Debts A/c 1,000 To Net Profit transferred to Capital A/c 41,230 78,000 78,000

 Balance Sheet  as at 31st March,2019 Liabilities Rs. Assets Rs. Capital(WN 1) 40,000 Goodwill 15,000 Add: Net profit 41,230 Furniture 5,000 81,230 Less: Depreciation 250 4,750 Less: Drawings 29,360 51,870 Stock 37,500 Loan from Wife 20,000 Debtors 15,000 Add: Interest @ 5% 1,000 21,000 Less: doubtful Debt 1,000 14,000 Creditors 13,500 Cash 15,120 86,370 86,370

Working Note:

 Opening Statement of Affairs as at 1st April,2018 Liabilities Rs. Assets Rs. Capital 40,000 Goodwill 15,000 Furniture 5,000 Loan from wife 20,000 Stock 35,000 Cash (Balancing figure) 5,000 60,000 60,000

## Accounts from Incomplete Records - Single Entry System Exercise 20.46

### Solution PQ 36

 Trading Account for the year ended March 31, 2019 Dr. Cr. Particulars Amount Rs Particulars Amount Rs Purchases 4,00,000 Sales 5,00,000 Less: Drawings 12,000 3,88,000 Closing Stock 1,60,000 Gross Profit 2,72,000 6,60,000 6,60,000

 Profit and Loss Account for the year ended March 31, 2019 Dr. Cr. Particulars Amount Rs Particulars Amount Rs Bad Debts 4,000 Gross Profit 2,72,000 Salary 48,000 Trade Expenses 16,000 Net Profit 2,04,000 2,72,000 2,72,000

 Balance Sheet as on March 31, 2019 Dr. Cr. Liabilities Amount Rs Assets Amount Rs Capital 4,00,000 Furniture 80,000 Less:  Drawings 52,000 Debtors 1,40,000 Add: Net Profit 2,04,000 5,52,000 Less: Bad Debts 4,000 1,36,000 Creditors 80,000 Cash in Hand 2,56,000 Closing Stock 1,60,000 6,32,000 6,32,000

 Cash Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Capital A/c 4,00,000 Furniture A/c 80,000 Debtors A/c 1,60,000 Creditors A/c 2,00,000 Sales A/c 2,00,000 Drawings A/c 40,000 Salaries A/c 48,000 Trade Expenses A/c 16,000 Purchases A/c 1,20,000 Balance c/d 2,56,000 7,60,000 7,60,000

 Debtors Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Sales A/c 3,00,000 Cash A/c 1,60,000 Balance c/d 1,40,000 3,00,000 3,00,000

 Creditors Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Cash A/c 2,00,000 Purchases A/c 2,80,000 Balance c/d 80,000 2,80,000 2,80,000

### Solution PQ 37

 Trading Account for the year ended March 31, 2019 Dr. Cr. Particulars Amount Rs Particulars Amount Rs Opening Stock 31,250 Sales (1,00,000 + 20,625) 1,20,625 Purchases 37,500 Closing Stock 15,625 Wages 33,625 Light and Power 2,375 Gross Profit 31,500 1,36,250 1,36,250

 Profit and Loss Account for the year ended March 31, 2019 Dr. Cr. Particulars Amount Rs Particulars Amount Rs Salary 5,625 Gross Profit 31,500 Interest 375 Rent 6,625 Sundry Expenses 10,625 Depreciation on Plant 4,050 Net Profit 4,200 31,500 31,500

 Balance Sheet as on March 31, 2019 Dr. Cr. Liabilities Amount Rs Assets Amount Rs Capital 78,000 Plant 36,575 Less: Drawings 7,500 Debtors 30,625 Add: Additional Capital 12,500 Bank 16,375 Add: Net Profit 4,200 87,200 Closing Stock 15,625 Creditors 12,000 99,200 99,200

 Balance Sheet as on April 01, 2018 Dr. Cr. Liabilities Amount Rs Assets Amount Rs Creditors 12,625 Plant 37,500 Capital (bal. fig.) 78,000 Debtors 18,750 Bank 3,125 Closing Stock 31,250 90,625 90,625

 Bank Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Balance b/d 3,125 Plant A/c 3,125 Capital A/c 12,500 Creditors A/c 38,125 Debtors A/c 88,125 Drawings A/c 7,500 Sales A/c 20,625 Salaries A/c 5,625 Wages A/c 33,625 Interest A/c 375 Rent A/c 6,625 Light and Power A/c 2,375 Sundry Expenses A/c 10,625 Balance c/d 16,375 1,24,375 1,24,375

 Debtors Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Balance b/d 18,750 Cash A/c 88,125 Sales A/c (bal. fig.) 1,00,000 Balance c/d 30,625 1,18,750 1,18,750

 Creditors Account Dr. Cr. Particulars Amount Rs Particulars Amount Rs Cash A/c 38,125 Balance b/d 12,625 Balance c/d 12,000 Purchases A/c (bal. fig.) 37,500 50,125 50,125

## Accounts from Incomplete Records - Single Entry System Exercise 20.47

### Solution PQ 38

 Trading and Profit and Loss Account for the year ended 31st March, 2019 Particulars Rs. Particulars Rs. To Opening Stock a/c 28,000 By Sales a/c To Purchase a/c 49,800 Cash 15,000 Credit 51,000 66,000 To Gross Profit c/d 13,200 By Closing Stock a/c 25,000 91,000 91,000 To Expenses a/c 6,900 By Gross Profit b/d 13,200 To Depreciation a/c - Furniture 1,000 To Doubtful Debts a/c 900 To Net Profit transferred to Capital a/c 4,400 13,200 13,200

 Balance Sheet as at 31st March, 2019 Liabilities Rs. Assets Rs. Capital(WN 1) 46,900 Furniture 12,000 Add: Net profit 4,400 Less: Depreciation 1,000 11,000 51,300 Stock 25,000 Less: Drawings 8,000 43,300 Debtors 33,100 Less: doubtful Debt 900 34,000 Bills Payable 11,500 Cash 5,600 Creditor- Goods 19,000 Creditors - Expenses 1,800 75,600 75,600

Working Note:

1.

 Opening Statement of Affairs as at 1st April, 2018 Liabilities Rs. Assets Rs. Capital 46,900 Furniture and fixture 10,000 Bill payable 8,700 Sundry Debtors 35,000 Creditors- Goods 21,000 Stock 28,000 Creditors- Expenses 1,500 Cash 5,100 78,100 78,100

2.

 Total Sales: Credit Sales: Opening Stock 28,000 Total Sales 66,000 Add: Purchases 49,800 Less: Cash Sales 15,000 Less: Closing Stock (25,000) Credit Sales 51,000 Cost of Goods Sold 52,800 Add: 25% on Cost of Goods Sold 13,200 Total Sales 66,000

3.

 Cash Account Dr. Cr. Particulars Rs. Particulars Rs. To Balance b/d 5,100 By Creditors a/c 31,000 To Cash sales a/c 15,000 By Expenses a/c 6,600 To Debtors a/c 51,100 By Bills payable a/c 18,000 By Drawings a/c 8,000 By Furniture a/c - New Purchase 2,000 By Balance c/d 5,600 71,200 71,200

4.

 Sundry Creditors -Goods A/c Dr. Cr. Particulars Rs. Particulars Rs. To Cash a/c 31,000 By Balance b/d 21,000 To Bills Payable a/c 20,800 By Purchases a/c ( Credit purchases) 49,800 To Balance c/d 19,000 70,800 70,800

5.

 Bill Payable A/C Dr. Cr. Particulars Rs. Particulars Rs. To Cash a/c 18,000 By Balance b/d 8,700 By Sundry creditors a/c 20,800 To Balance c/d 11,500 29,500 29,500

6.

 Debtors A/C Dr. Cr. Particulars Rs. Particulars Rs. To Balance b/d 35,000 By Cash a/c 51,100 To Credit Sales a/c 51,000 By Doubtful Debt a/c 900 By Balance c/d 34,000 86,000 86,000

7.

 Expenses A/c Dr. Cr. Particulars Rs. Particulars Rs. To Cash a/c 6,600 By Balance b/d 1,500 By Profit and loss a/c 6,900 To Balance c/d 1,800 8,400 8,400