Accounts from Incomplete Records Single Entry System Account - Accounts from Incomplete Records Single Entry System

Bills Payable honoured during the year will be debited to:

When closing capital is greater than opening capital it means:

In case of net worth method of Single Entry System, profit is ascertained by:

Single Entry System can be adopted by:

Sales are calculated by adding:

How can Opening Capital be ascertained from incomplete records?

How can credit purchases be determined from incomplete records?

What is Statement of Affairs?

Give one limitation of incomplete record.
OR
State any two limitations of Incomplete Record System.

What is Single Entry System?

Why the statement of assets and liabilities prepared under Single Entry System at the end of the accounting period is called a Statement of Affairs instead of Balance Sheet?

From the following particulars, prepare Total Creditors Account:

	₹
Credit purchases	2,40,000
Cash purchases	50,000
payment to creditors	2,10,000
Discount allowed by them	5,000
Bills Payable accepted	30,000
Creditors in the beginning of the year	90,000

“Single Entry System of book keeping is most incomplete, inaccurate, unscientific and unsystematic.” Discuss this statement.

Mayank does not keep proper records of his business, he gives you the following information:

	₹
Opening Capital	1,00,000
Closing Capital	1,25,000
Drawings during the year	30,000
Capital added during the year	37,500

Calculate the profit or loss for the year.

Cash sales of a business in a year were ​₹ 85,000, the Cost of Goods Sold (including direct expenses) was ₹ 97,000 and Gross Profit as shown by the Trading Account for the year was ₹ 1,29,000. Calculate Credit Sales during the year.

Creditors on 1st April, 2017 were ₹ 15,000, Purchases on credit were ₹ 30,000, Cash paid to Creditors during 2017-18 was ₹ 20,000, Returns Outward (regarding credit purchases) were ₹ 1,000 and Bills Payable accepted during the year ₹ 10,000. Find the balance of Creditors on 31st March, 2018.

From the following information, calculate Total Sales made during the period:

	₹
Debtors as on 1st April, 2017	20,400
Cash received from debtors during the year (as per Cash Book)	60,800
Returns Inward	5,400
Bad Debts	2,400
Debtors as on 31st March, 2018	27,600
Cash Sales (as per Cash Book)	56,800

Give any three advantages of Single Entry System of Accounting.

Calculate Total Sales from the following information:

	₹
Bills Receivables as on 1st April, 2017	7,800
Debtors as on 1st April, 2017	30,800
Cash received on maturity of Bills Receivable during the year	20,900
Cash received from Debtors	70,000
Bad Debts written off	4,800
Returns Inward	8,700
Bills Receivable dishonoured	1,800
Bills Receivable on 31st March, 2018	6,000
Debtors as on 31st March, 2018	25,500
Cash Sales during the year	15,900

From the following information supplied by X, who keeps his books on Single Entry System, you are required to calculate Total Purchases:

	₹
Opening balance of Bills Payable	5,000
Opening balance of Creditors	6,000
Closing balance of Bills Payable	7,000
Closing balance of Creditors	4,000
Cash paid to Creditors during the year	30,200
Bills Payable discharged during the year	8,900
Returns Outward	1,200
Cash Purchases	25,800

Hari maintains his books of account on Single Entry System. His books provide the following information:
His drawings during the year were ₹ 5,000 Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors. Prepare the statement showing the profits for the year.

Krishan started his business on 1st April, 2018 with a Capital of ₹ 1,00,000. On 31st March, 2019, his assets were:

	₹
Cash	3,200
Stock	34,800
Debtors	31,000
Plant	85,000

He owed ₹ 12,000 to sundry creditors and ₹ 10,000 to his brother on that date. He withdrew ₹ 2,000 per month for his personal expenses. Ascertain his profit.

Shruti maintains her books of account from Incomplete Records. Her books provide the following information:
She withdrew ₹ 500 per month for personal expenses. She sold her Investments of ₹ 16,000 at 5% premium and introduced the amount into business.
You are required to prepare a Statement of Profit or Loss for the year ending 31st March, 2016.

What is a Statement of Affairs? How does it differ from the Balance Sheet?

A commenced business on 1st April, 2018 with a capital of ₹ 10,000. He immediately bought Furniture and Fixtures for ₹ 2,000. On 1st October, 2018, he borrowed ₹ 5,000 from his wife @ 9% p.a. (interest not yet paid) and introduced a further capital of his own amounting to ₹ 1,500. A drew @ ₹ 300 per month at the end of each month for household expenses. On 31st March, 2019 his position was as follows:
Cash in Hand ₹ 2,800; Sundry Debtors ₹ 4,800; Stock ₹ 6,800; Bills Receivable ₹ 1,600; Sundry Creditors ₹ 500 and owing for Rent ₹ 150. Furniture and Fixtures to be depreciated by 10%.
Ascertain the profit or loss made by A during 2018-19.