Accounts from Incomplete Records
Commerce ⇒ Accountancy
Accounts from Incomplete Records starts at 12 and continues till grade 12.
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Describe the main disadvantage of the Statement of Affairs method.
Describe the process of reconstructing missing accounts in incomplete records.
Explain the importance of ascertaining profit or loss in a business using incomplete records.
Explain the main difference between Statement of Affairs and Balance Sheet.
A business had opening capital of ₹50,000. During the year, the proprietor withdrew ₹10,000 for personal use and introduced additional capital of ₹5,000. At the end of the year, the capital was ₹70,000. Calculate the profit for the year.
A business has opening capital of ₹1,00,000, closing capital of ₹1,20,000, drawings of ₹10,000, and additional capital introduced of ₹5,000. Calculate the profit for the year.
A business has opening capital of ₹90,000, closing capital of ₹1,10,000, drawings of ₹15,000, and additional capital introduced of ₹10,000. Calculate the profit for the year.
A trader had opening capital of ₹60,000. During the year, he withdrew ₹5,000 and introduced additional capital of ₹10,000. At the end of the year, his capital was ₹80,000. Calculate the profit or loss for the year.
Which of the following is another name for 'Accounts from Incomplete Records'? (1) Double Entry System (2) Single Entry System (3) Cash System (4) Accrual System
Which of the following is generally NOT available in incomplete records? (1) Cash Book (2) Ledger Accounts (3) Debtors and Creditors Accounts (4) Statement of Affairs
Which of the following is NOT a component of Statement of Affairs? (1) Assets (2) Liabilities (3) Income (4) Capital
Which of the following is NOT a feature of incomplete records? (1) Only personal and cash accounts are maintained (2) All transactions are recorded twice (3) No trial balance can be prepared (4) Arithmetical accuracy cannot be checked
Fill in the blank: The _______ account is prepared to find out cash and bank balance at the end of the year.
Fill in the blank: The _______ method is also known as the Net Worth Method.
Fill in the blank: The _______ method is used to convert incomplete records into double entry system.
Fill in the blank: The account prepared to find out cash paid to creditors is called _______ Account.
State whether the following statement is True or False: 'Accounts from incomplete records can be maintained by large companies.'
State whether the following statement is True or False: 'Incomplete records are suitable for businesses with a large number of transactions.'
State whether the following statement is True or False: 'Statement of Affairs is always prepared on the basis of actual figures.'
True or False: Incomplete records always provide a true and fair view of the financial position of a business.
