TS Grewal Solutions for Class 11 Accountancy Chapter 19 – Accounts from Incomplete Records – Single Entry System
Following information of an accounting year is given:
Opening Capital Rs.60,000;Drawings Rs.5,000; Capital added during the year Rs.10,000 and Closing Capital Rs.90,000. Calculate the Profit or Loss for the year.
Mayank does not keep proper records of his business, he gives you the following information:
Opening Capital Rs.1,00,000
Closing Capital Rs.1,25,000
Drawings during the year Rs.30,000
Capital added during the year Rs.37,500
Calculate the profit or loss for the year.
Capital of Ganesh Gupta in the beginning of the year was Rs.70,000. During the year his business earned a profit of Rs.20,000. He withdrew Rs.7,000 for his personal use. He sold ornaments of his wife for Rs.20,000 and invested that amount into the business. Find out his Capital at the end of the year.
Capital at the end of the year
= Opening Capital + Additional Capital + Profit – Drawings
= 70,000 + 20,000 + 20,000 – 7,000
Vikas maintains his books of account on Single Entry System. He provides following information from his books. Find out additional capital introduced in the business during the year 2012-13.
Opening Capital – Rs.1,30,000
Drawing during the year Rs.50,000
Closing Capital – Rs.2,00,000
Profit made during the year Rs.1,00,000
= Capital at the End + Drawings – (Capital in the Beginning + Profit)
= 2,00,000 + 50,000 – (1,30,000 + 1,00,000) = 2,50,000 – 2,30,000
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, 2013:
Book Debts Rs.10,000;Cash in Hand Rs.510; Stock-in-Trade (estimated) Rs.6,000; Furniture and Fittings Rs.1,200; Trade Creditors Rs.4,000; Bank Overdraft Rs.1,000. Ram Prashad stated that he started business on 1st April with cash Rs.6,000 paid into bank but stocks valued at Rs.4,000. During the year he estimated his drawings to be Rs.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. What Journal entries will start the books on a Double Entry System with the above figures?
X, who keeps his books on Single Entry System, tells you that his capital on 31st March, 2013 is Rs.18,700 and his capital on 1st April, 2012 was Rs.19,200. He further informs you that during the year he withdrew for his household purposes Rs.8,420. He once sold his investment of Rs.2,000 at 2% premium and brought that money into the business. You are required to prepare a Statement of Profit or Loss.
A commenced business on 1st April, 2012 with a capital of Rs.10,000. He immediately bought Furniture and Fixtures for Rs. 2,000. On 1st October, 2012 he borrowed Rs.5,000 from his wife @ 9% p.a. (interest not yet paid) and introduced a further capital of his own amounting to Rs.1,500. A drew @ Rs.300 per month at the end of each month for household expenses. On 31st March, 2013 his position was as follows :
Cash in Hand Rs.2,800; Sundry Debtors Rs.4,800; Stock Rs.6,800; Bills Receivable Rs.1,600: Sundry Creditors Rs.500 and owing for Rent Rs.150. Furniture and Fixtures to be depreciated by 10%.
Ascertain the profit or loss made by A during 2012-2013.
Raj tells you that his capital on 31st December, 2003 is Rs.18,700 and his capital on 1st January, 2003 was Rs.19,200. He further informs you that during the year he gave a loan of Rs.3,500 to his brother on private account and withdrew Rs.300 p.m. for personal Purposes. He also used a flat for his personal purpose, the rent of which @ Rs.100 per month and electricity charges at an average rate of Rs.10 per month were paid from the business account. During the year he sold his 7% Government Bonds of Rs.2,000 at 2% Premium and brought that money into the business.
You are required to prepare a Statement of Profit or Loss for the year ended 31st December, 2003.
Mr. Manu started business with a capital of Rs.4,00,000 on 1st October, 2005. He borrowed from his friend a sum of Rs.1,00,000. He brought further Rs.75,000 as capital on 31st March 2006, his position was:
Cash: Rs.30,000; Stock: Rs.4,70,000; Debtors: Rs.3,50,000 and Creditors: Rs.3,00,000. He withdrew Rs.8,000 per month during this period. Calculate profit or loss for the period.