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

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## 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

= 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

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)

2.

Calculation of Provision for Doubtful Debts

Amount of Provision for Doubtful Debts

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):

## 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

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