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Accounts from Incomplete Records — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAccounts from Incomplete Records6 Marks
Question
Lalit Mohan keeps incomplete records. From the following information provided by him, prepare a Trading and Profit & Loss Account for the year ended $31^{st}$​​​​​​​ March,$ 2015:$ and a Balance Sheet as at that date:
Summary of cash transactions during the year:
You are informed that there were considerable amount of cash sales during the year. Credit purchases during the year amounted to ₹$ 1,80,000.$ Provide $5\% $for doubtful debts on debtors.
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Chakravarti does not maintain proper books of accounts. Following information is obtained from his books for the year ended $31^{st}$ March, $2018$:


The Stock on $31^{st}$ March, $2018$ was valued at ₹ $20,000$ but Chakravarti has no record of the Stock on $1^{st}$ April, $2017$. However, he informs you that he sells his goods at cost plus $25\%$.
Prepare his Cash Book, Trading and P & L A/c for the year ended $31^{st}$ March, $2018$ and a Balance Sheet as at that date.
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Prepare Trading and Profit and Loss Account for the year ended $31^{\text {st }}$ March, 2023 and Balance Sheet as at that date from the given Trial Balance after the following adjustments:
i. Stock on $31^{\text {st }}$ March, 2023 was valued at ₹ 14,000 . Closing Stock includes goods costing ₹ 10,000 which were sold and recorded as sales but not delivered to the customer.
ii. Plant and Machinery includes a machine purchased for ₹ 20,000 on $1^{\text {st }}$ October, 2022.
iii. Outstanding liabilities for Wages ₹ 1,200 and Salaries ₹ 2,800 .
iv. Depreciation @ $5 \%$ p.a. on is to be provided on all fixed assets.
v. Write off bad debts ₹ 1,500 .
vi. Insurance premium paid in advance ₹ 400 .
vii. $80 \%$ of the commission earned was received and credited to Commission Account during the year.

Debit Balances

₹

Credit Balances

₹

Stock on $1^{s t}$ April, 2022

50,000

Capital

3,20,000

Furniture

16,000

Creditors

80,000

Building

1,60,000

Purchases Return

2,000

Debtors

60,000

Commission

6,000

Drawings

20,000

Sales

4,65,600

Plant and Machinery

1,40,000

Bad Debts Recovered

1,400

Wages

24,000

 

 

Salaries

40,000

 

 

Bad Debts

2,000

 

 

Purchases

2,40,000

 

 

Electricity Charges

12,000

 

 

Telephone Charges

4,800

 

 

Sales Return

1,800

 

 

Insurance Premium

3,000

 

 

Cash in Hand

6,400

 

 

Cash at Bank

95,000

 

 

 

8,75,000

 

8,75,000

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Ram Prashad keeps his books on Single Entry System and from them and the particulars supplied, the following figures were gathered together on 31st March, 2019:
Book Debts ₹ 10,000; Cash in Hand ₹ 510; Stock-in-Trade (estimated) ₹ 6,000; Furniture and Fittings ₹ 1,200; Trade Creditors ₹ 4,000; Bank Overdraft ₹ 1,000; Ram Prashad stated that he started business on 1st April, 2018 with cash ₹ 6000 paid into bank but stocks valued at ₹ 4,000. During the year he estimated his drawings to be ₹ 2,400. You are required to prepare the statement, showing the profit for the year, after writing off 10% for Depreciation on Furniture and Fittings.
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Enter the following transactions of Ripinder, Delhi in a Single Column Cash Book and balance it:
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Jan. 2 Purchased furniture for cash 50,000
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Jan. 5 Paid freight 500
Jan. 7 Sold goods for cash 28,000
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Jan. 20 Paid wages 10,000
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What is the use of Data Base Management?
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Mr. Asif Ali, a retail trader, who keeps Incomplete Records gives you the following information for the year $2018-19:$
The Assets and Liabilities were as follows:
Other Informations:
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  2. Sales returns $₹\ 800.$
  3. Credit Purchases during the year were $₹\ 30,000.$
  4. Discount allowed to Debtors $₹\ 300.$
  5. Discount received from Creditors $₹\ 130.$
Adjustments:
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  2. Also make a provision for discount $@ 2\%$ on Debtors.
Prepare his Trading, P & L A/c and a Balance Sheet as at $31^{st}$ March, $2019.$
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From the following balances of M/s Nilu Sarees as on March 31, 2017. Prepare trading and profit and loss account and balance sheet as on date.

Closing stock as on March 31, 2017 Rs. 22,000.
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Following balances are taken from the books of Niranjan. Prepare Trading and Profit and Loss Account and Balance Sheet for the year ended 31st March, 2019:
(iamge)
Adjustments:
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  2. Depreciate Machinery by 10% and Furniture by 20%.
  3. Wages ₹ 50,000 and salaries ₹ 20,000 are outstanding.
  4. Write off ₹ 50,000 as further Bad Debts and create 5% Provision for Doubtful Debts. Also, create a reserve for discount on Debtors @ 2%.
  5. Investments were made on 1st July, 2018 and no interest has been received so far.
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Determine the missing values of the Cash Book with Bank Column of Poushali on the basis of following transactions:
2019
 
₹
March 1
Cash in Hand
 2,20,000
  Cash at Bank 60,000
March 3 Deposited in Bank 80,000
March 4 Goods purchased and issued a cheque for the same 34,000
March 7 Cash Purchases 16,000
March 8 Paid Commission by cheque 12,000
March 9
Withdrew from bank for personal use
2,500
March 12
Received from Ved in full settlement of his account of ₹ 6,000, half of the amount was deposited into bank on the same day
 
March 16
Interest collected by Bank
14,000
March 20
Cash Sales
42,000
March 22
Salaries paid
 40,000
March 22 Goods sold to Mona & Co. 36,000
March 23 Received cheque from Mona & Co. after discount of ₹ 300 35,000
March 26 Deposited the cheque received from Mona & Co. into Bank  
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From the following Trial Balance of Mahesh, prepare his Final Accounts for the year ended 31st March, 2019:

Additional Information:
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  2. Rent of ₹ 1,200 has been received in advance.
  3. Outstanding liability for Miscellaneous expenses ₹ 12,000.
  4. Commission earned during the year but not received was ₹ 2,100.
  5. Goods costing ₹ 2,000 were taken by the proprietor for his personal use but entry was not passed in the books of account.
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