{"id":36037,"date":"2022-10-07T15:57:30","date_gmt":"2022-10-07T10:27:30","guid":{"rendered":"https:\/\/apboardsolutions.guru\/?p=36037"},"modified":"2022-10-07T15:57:30","modified_gmt":"2022-10-07T10:27:30","slug":"ap-inter-2nd-year-accountancy-study-material-chapter-10","status":"publish","type":"post","link":"https:\/\/apboardsolutions.guru\/ap-inter-2nd-year-accountancy-study-material-chapter-10\/","title":{"rendered":"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records"},"content":{"rendered":"<p>Andhra Pradesh BIEAP <a href=\"https:\/\/apboardsolutions.guru\/ap-inter-2nd-year-accountancy-study-material\/\">AP Inter 2nd Year Accountancy Study Material<\/a> 10th Lesson Accounts from Incomplete Records Textbook Questions and Answers.<\/p>\n<h2>AP Inter 2nd Year Accountancy Study Material 10th Lesson Accounts from Incomplete Records<\/h2>\n<p><span style=\"color: #0000ff;\">Short Answer Questions<\/span><\/p>\n<p>Question 1.<br \/>\nWhat is meant by accounts from Incomplete records?<br \/>\nAnswer:<br \/>\nAccounting records that are not strictly kept according to the double entry system are known as accounts from incomplete records. It simply means the principles of the double entry system are not being followed for all transactions.<\/p>\n<p>Question 2.<br \/>\nDefine accounts from Incomplete records.<br \/>\nAnswer:<br \/>\nDefinition: According to R.N. Carter, a single entry cannot be termed as a system, as it is hot based on any scientific system like a double entry system, for this purpose, a single entry is nowadays known as the preparation of accounts from incomplete records.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 3.<br \/>\nWhat are the uses of Incomplete records?<br \/>\nAnswer:<br \/>\nUses of accounts from incomplete records:<\/p>\n<ul>\n<li>Single entry is a simple method of recording transactions.<\/li>\n<li>It is less expensive when compared to the double-entry system of bookkeeping.<\/li>\n<li>It is mainly suitable for small business concerns with a limited number of transactions.<\/li>\n<li>It is very easy to follow, a person without any adequate knowledge of the principles of accounting can understand it.<\/li>\n<li>Ascertainment of profit or loss is very easy.<\/li>\n<\/ul>\n<p>Question 4.<br \/>\nWrite briefly the salient features of Incomplete records.<br \/>\nAnswer:<br \/>\nFeatures of accounts from incomplete records:<\/p>\n<ul>\n<li>It is not a systematic method of recording transactions.<\/li>\n<li>It is very common to keep only personal accounts.<\/li>\n<li>It avoids real and nominal accounts.<\/li>\n<li>It is very common to keep a cashbook to record cash receipts and cash payments.<\/li>\n<li>This system lacks uniformity as it differs from firm to firm.<\/li>\n<li>It is most suitable and used by sole traders and partnership concerns.<\/li>\n<\/ul>\n<p>Question 5.<br \/>\nGive two main differences between a statement of affairs and a balance sheet.<br \/>\nAnswer:<br \/>\nThe following are the differences between a Statement of Affairs and a Balance Sheet.<\/p>\n<table border=\"2\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" width=\"126\"><strong>Basis<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"240\"><strong>Statement of Affairs<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"234\"><strong>Balance Sheet<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"126\">1. Purpose<\/td>\n<td width=\"240\">It shows the financial position as well as finding out capital in ascertaining profit\/loss.<\/td>\n<td width=\"234\">It shows the financial position on a particular date.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">2. Source<\/td>\n<td width=\"240\">It is prepared from ledger balances and partly from other particulars and estimates etc.<\/td>\n<td width=\"234\">It is prepared from balances only.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">3. Accounting Method<\/td>\n<td width=\"240\">It is prepared when accounts are prepared under a single entry.<\/td>\n<td width=\"234\">It is prepared when accounts are maintained double-entry system.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">4. Reliability<\/td>\n<td width=\"240\">It is not regarded as reliable as it is based partly on accounts and partly on other information.<\/td>\n<td width=\"234\">It is reliable as it is based on actual figures.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">5. Capital Account<\/td>\n<td width=\"240\">Capital is the excess of assets over liabilities.<\/td>\n<td width=\"234\">Capital is taken from the ledger.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">6. Trail Balance<\/td>\n<td width=\"240\">Trail balance is not prepared.<\/td>\n<td width=\"234\">Trail balance is prepared.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">7. Omission<\/td>\n<td width=\"240\">In this statement, omission assets and liabilities cannot be tracked.<\/td>\n<td width=\"234\">Any omission of an asset or liability can be easily traced as the total will not agree.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Question 6.<br \/>\nHow to ascertain profit under Incomplete records?<br \/>\nAnswer:<br \/>\nUnder a single-entry system, net profit is ascertained by calculating capital at the end and capital at the beginning by preparing two statements of affairs. Then the capital at the end will be added by drawings during the year and subtracting additional capital brought in. The difference between the adjusted capital and capital at the beginning is either a net profit or a net loss.<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 7.<br \/>\nWrite in brief the limitations of Incomplete records of bookkeeping.<br \/>\nAnswer:<br \/>\nThe following are the limitations of accounts from incomplete records.<\/p>\n<ul>\n<li>It is not a scientific method of accounting because it does not record the two-fold aspect of each transaction.<\/li>\n<li>No trail balance can be prepared as it does not record the duel aspect of each transaction, so, the arithmetical accuracy of the books cannot be checked.<\/li>\n<li>In the absence of nominal accounts, trading and profit and loss account cannot be prepared.<\/li>\n<li>In the absence of real accounts, it is not possible to know the exact financial position of the business.<\/li>\n<li>An internal check is not possible, so the possibility of fraud or misappropriation is greater in the case of a single entry.<\/li>\n<li>Accounts prepared under a single entry do not inspire confidence in outsiders.<\/li>\n<li>It is difficult to ascertain the value of a business, specifically goodwill if the owner wishes to sell his business.<\/li>\n<\/ul>\n<p>Question 8.<br \/>\nWrite any differences between the double-entry system and the single-entry system.<br \/>\nAnswer:<br \/>\nThe following are the differences between a double-entry system and a single-entry system.<\/p>\n<table border=\"2\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" width=\"126\"><strong>Basis<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"252\"><strong>Double Entry System<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"246\"><strong>Single Entry System<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"126\">1. Type<\/td>\n<td width=\"252\">It is a perfect and complete system of bookkeeping.<\/td>\n<td width=\"246\">It is an incomplete system and a crude method.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">2. Nature<\/td>\n<td width=\"252\">This system is scientific and follows certain accounting principles.<\/td>\n<td width=\"246\">This system is unscientific and does not follow accounting principles.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">3. Two Aspects<\/td>\n<td width=\"252\">Both the debit and credit aspects of each transaction are recorded.<\/td>\n<td width=\"246\">Both aspects are not recorded.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">4. Records<\/td>\n<td width=\"252\">It provides complete and detailed records of the business.<\/td>\n<td width=\"246\">It does not provide complete and detailed records of the business.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">5. Accounts<\/td>\n<td width=\"252\">In this, all types of accounts, namely personal, real and nominal accounts are maintained.<\/td>\n<td width=\"246\">In this, personal accounts are maintained except the cashbook. Real and nominal accounts are ignored.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">6. Trail Balance<\/td>\n<td width=\"252\">The arithmetical accuracy of accounts can be checked by preparing a trial balance.<\/td>\n<td width=\"246\">Trail balance cannot be prepared to check the arithmetical accuracy.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">7. Ascertainment of Profit<\/td>\n<td width=\"252\">Profit can be ascertained by preparing trading and profit and loss a\/c.<\/td>\n<td width=\"246\">The difference between capital at the beginning and end is treated as profit.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">8. Cost<\/td>\n<td width=\"252\">Relatively it is more expensive.<\/td>\n<td width=\"246\">Relatively it is less expensive.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">9. Suitability<\/td>\n<td width=\"252\">It is suitable for all types of business organisations.<\/td>\n<td width=\"246\">It is suitable for only small business concerns.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">10. Errors<\/td>\n<td width=\"252\">Errors can be easily detected and rectified.<\/td>\n<td width=\"246\">Errors cannot be detected and rectified.<\/td>\n<\/tr>\n<tr>\n<td width=\"126\">11. True Financial Position<\/td>\n<td width=\"252\">The balance sheet can be prepared to know the true and fair financial position.<\/td>\n<td width=\"246\">The balance sheet cannot be prepared and only a statement of affairs can be prepared to know the financial position in a rough manner.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"color: #0000ff;\">Textual Exercises<\/span><\/p>\n<p>Question 1.<br \/>\nFrom the following find the profit earned by a trader.<br \/>\nCapital at the beginning of the year &#8211; \u20b9 7,500<br \/>\nCapital at the end of the year &#8211; \u20b9 10,000<br \/>\nSolution:<br \/>\nStatement of Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30501\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q1\" width=\"714\" height=\"155\" \/><\/p>\n<p>Question 2.<br \/>\nCalculate the profit or loss of a concern<br \/>\nCapital at the beginning of the year &#8211; \u20b9 15,000<br \/>\nCapital at the end of the year &#8211; \u20b9 14,000<br \/>\nSolution:<br \/>\nStatement of Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30502\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q2\" width=\"712\" height=\"149\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 3.<br \/>\nCalculate the missing figure<br \/>\nCapital at the beginning &#8211; ?<br \/>\nCapital at the end &#8211; \u20b9 36,000<br \/>\nCapital introduced &#8211; \u20b9 9,400<br \/>\nDrawings &#8211; \u20b9 5,600<br \/>\nLoss &#8211; \u20b9 2,800<br \/>\nSolution:<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30503\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q3.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q3\" width=\"709\" height=\"298\" \/><\/p>\n<p>Question 4.<br \/>\nFind out the profit from the following data:<br \/>\nCapital at the beginning of the year &#8211; \u20b9 40,000<br \/>\nCapital at the end of the year &#8211; \u20b9 45,000<br \/>\nDrawings during the year &#8211; \u20b9 5,000<br \/>\nCapital introduced during the year &#8211; \u20b9 2,500<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30504\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q4.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q4\" width=\"720\" height=\"287\" \/><\/p>\n<p>Question 5.<br \/>\nFind out the profit from the following data:<br \/>\nCapital at the beginning of the year &#8211; \u20b9 60,000<br \/>\nCapital at the end of the year &#8211; \u20b9 67,500<br \/>\nDrawings during the year &#8211; \u20b9 7,500<br \/>\nAdditional capital introduced during the year &#8211; \u20b9 3,750<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30505\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q5.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q5\" width=\"707\" height=\"280\" \/><\/p>\n<p>Question 6.<br \/>\nAscertain profit earned by a trader who keeps these books under a single entry system.<br \/>\n(i) Excess of assets over liabilities as of 31-12-2014 &#8211; \u20b9 26,150<br \/>\n(ii) Additional capital introduced during the year &#8211; \u20b9 7,500<br \/>\n(iii) Drawings during the year &#8211; \u20b9 4,800<br \/>\n(iv) Capital as on 01-01-2014 &#8211; \u20b9 15,000<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30506\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q6.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q6\" width=\"718\" height=\"280\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 7.<br \/>\nFollowing the information given below prepare this statement of profit or loss.<br \/>\n(i) Capital at the end of the year &#8211; \u20b9 2,00,000<br \/>\n(ii) Capital at the beginning of the year &#8211; \u20b9 1,20,000<br \/>\n(iii) Drawings made during the period &#8211; \u20b9 30,000<br \/>\n(iv) Additional capital introduced &#8211; \u20b9 50,000<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30507\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q7.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q7\" width=\"714\" height=\"312\" \/><\/p>\n<p>Question 8.<br \/>\nMr. Gopal maintains his books on single entry method he was given the following information:<br \/>\nCapital on 01-04-2013 &#8211; \u20b9 38,000<br \/>\nCapital on 31-3-2014 &#8211; \u20b9 44,000<br \/>\nDrawings during the year &#8211; \u20b9 14,000<br \/>\nAdditional capital introduced during the year &#8211; \u20b9 8,000<br \/>\nYou are required to calculate profit or loss.<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30508\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q8.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q8\" width=\"716\" height=\"276\" \/><\/p>\n<p>Question 9.<br \/>\nMr. Jeevan maintains his books in the single entry system he gives the following information.<br \/>\nCapital on 01-04-2013 &#8211; \u20b9 48,000<br \/>\nDrawings dining the year &#8211; \u20b9 15,000<br \/>\nCapital as on 31-03-2014 &#8211; \u20b9 54,000<br \/>\nAdditional capital introduced during the year &#8211; \u20b9 9,000<br \/>\nYou are requested to prepare a statement of profit or loss for the 31-03-2014<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30509\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q9.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q9\" width=\"713\" height=\"278\" \/><\/p>\n<p>Question 10.<br \/>\nMr. Ramesh commenced business on 1st April 2013 with a capital of \u20b9 35,000. On 31st March 2014, his position was as follows.<br \/>\nFurniture &#8211; \u20b9 2,000<br \/>\nCash in hand &#8211; \u20b9 10,000<br \/>\nMachinery &#8211; \u20b9 18,000<br \/>\nCreditors &#8211; \u20b9 5,000<br \/>\nDebtors &#8211; \u20b9 20,000<br \/>\nBills Payable &#8211; \u20b9 3,000<br \/>\nDuring the year he withdrew \u20b9 12,000 for his personal use and introduced additional capital \u20b9 6,000 to find out the profit or loss made by Mr. Ramesh during the year.<br \/>\nSolution:<br \/>\nStatement of Affairs as of 31st March 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30511\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q10.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q10\" width=\"716\" height=\"193\" \/><br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30510\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q10.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q10.1\" width=\"712\" height=\"262\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 11.<br \/>\nMr. Harsha maintains his books on single-entry systems he gives you the following information.<br \/>\nCapital on 01-04-2013 &#8211; \u20b9 8,000<br \/>\nCapital on 31-03-2014 &#8211; \u20b9 9,500<br \/>\nDrawings for the year &#8211; \u20b9 2,000<br \/>\nCapital introduced during the year &#8211; \u20b9 1,500<br \/>\nYou are required to calculate the profit that Harsha earned.<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30512\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q11.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q11\" width=\"713\" height=\"260\" \/><\/p>\n<p>Question 12<br \/>\nMr. Ganesh maintains his books on single entry method. He gives you the following information.<br \/>\nCapital on 01-01-2013 &#8211; \u20b9 40,000<br \/>\nDrawings during the year &#8211; \u20b9 15,000<br \/>\nCapital on 31-12-2014 &#8211; \u20b9 45,000<br \/>\nFresh capital during the year &#8211; \u20b9 6,000<br \/>\nPrepare the statement of profit or loss.<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30513\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q12.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q12\" width=\"716\" height=\"303\" \/><\/p>\n<p>Question 13.<br \/>\nMr. X keeps books in the single-entry system. Find the profit from the following particulars.<br \/>\nCapital on 31-03-2014 &#8211; \u20b9 80,000<br \/>\nCapital on 1-04-2013 &#8211; \u20b9 70,000<br \/>\nAdditional capital as of 2013-2014 &#8211; \u20b9 4,000<br \/>\nDrawings made during the year &#8211; \u20b9 3,000<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30514\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q13.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q13\" width=\"716\" height=\"315\" \/><\/p>\n<p>Question 14.<br \/>\nFrom the following details, ascertain Raju&#8217;s capital as of 01-01-2014.<br \/>\nCash in hand &#8211; \u20b9 20,000<br \/>\nBuilding- \u20b9 80,000<br \/>\nCash at Bank &#8211; \u20b9 80,000<br \/>\nPlant &#8211; \u20b9 1,20,000<br \/>\nDebtors &#8211; \u20b9 1,20,000<br \/>\nCreditors &#8211; \u20b9 60,000<br \/>\nStock &#8211; \u20b9 60,000<br \/>\nBills Payable &#8211; \u20b9 20,000<br \/>\nSolution:<br \/>\nStatement of Affairs as on 1-1-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30515\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q14.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q14\" width=\"734\" height=\"292\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 15.<br \/>\nMr. Mehta started his readymade garments business on April 1, 2013, with a capital of \u20b9 50,000. He did not maintain his books according to the double entry system. During the year he introduced fresh capital of \u20b9 15,000. He withdrew \u20b9 10,000 for personal use. On March 31, 2014, his assets and liabilities were as follows:<br \/>\nTotal creditors \u20b9 90,000; Total debtors \u20b9 1,25,600; Stock \u20b9 24,750; Cash at bank \u20b9 24,980.<br \/>\nCalculate the profit or loss made by Mr. Mehta during the first year of his business using the statement of affairs method.<br \/>\nSolution:<br \/>\nStatement of Affairs as of 31st March 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30517\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q15.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q15\" width=\"720\" height=\"183\" \/><br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30516\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q15.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q15.1\" width=\"724\" height=\"269\" \/><\/p>\n<p>Question 16.<br \/>\nMr. J. Keeps his books by a single entry. He started the business on 1st January 2014 with \u20b9 20,000 on 31st December 2014 his position was as under.<br \/>\nAssets: Cash in hand \u20b9 500; Cash at bank \u20b9 1,000; Furniture \u20b9 2,500; Plant \u20b9 10,000; Sundry debtors \u20b9 5,000; Stock \u20b9 9,000 and Bills receivables \u20b9 1,000.<br \/>\nLiabilities: Sunday creditors \u20b9 4,000; Bills payable \u20b9 500 and Outstanding expenses \u20b9 500. Ascertain the profit or loss made by J.<br \/>\nSolution:<br \/>\nStatement of Affairs as on 31-12-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30519\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q16.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q16\" width=\"727\" height=\"305\" \/><br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30518\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q16.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q16.1\" width=\"741\" height=\"152\" \/><\/p>\n<p>Question 17.<br \/>\nMr. Ravikumar keeps his books on single entry his position on 31st December 2013 was as follows:<br \/>\nCash at bank \u20b9 3,000, Stock \u20b9 20,000; Debtors \u20b9 30,000, Machinery \u20b9 50,000 and Creditors \u20b9 25,000. His position<br \/>\non 31st December 2014 was as follows. Cash at bank \u20b9 4,000; Stock \u20b9 25,000; Debtors \u20b9 45,000; Machinery \u20b9 50,000 and Creditors \u20b9 25,000. During the year he introduced \u20b9 10,000 as further capital and withdrew from business \u20b9 3,000 per month.<br \/>\nFrom the above information ascertain the profit or loss made by Mr. Ravikumar for the year ended 31st December 2014.<br \/>\nNote: Drawings \u20b9 3,000 per month, per year 36,000 (3,000 \u00d7 12 months)<br \/>\nSolution:<br \/>\nStatement of Affairs as on 31-12-2013<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30522\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q17.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q17\" width=\"711\" height=\"233\" \/><br \/>\nStatement of Affairs as on 31-12-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30520\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q17.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q17.1\" width=\"713\" height=\"234\" \/><br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30521\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q17.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q17.2\" width=\"716\" height=\"311\" \/><\/p>\n<p>Question 18.<br \/>\nFrom the following particulars prepare a statement of profit and loss for the year ended 31st December 2014.<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30526\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q18.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q18\" width=\"715\" height=\"374\" \/><br \/>\nThe proprietor drew at the rate of \u20b9 750 per month he introduced \u20b9 3,000 as fresh capital.<br \/>\nSolution:<br \/>\nStatement of Affairs as on 1-1-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30523\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q18.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q18.1\" width=\"750\" height=\"303\" \/><br \/>\nStatement of Affairs as on 31-12-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30524\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q18.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q18.2\" width=\"750\" height=\"264\" \/><br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30525\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q18.3.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q18.3\" width=\"736\" height=\"282\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 19.<br \/>\nA Trader keeps his books by the single entry method. His position on 31st December 2013 is as follows. Cash at bank \u20b9 9,000, Stock \u20b9 60,000 Debtors \u20b9 90,000, Machinery \u20b9 1,50,000 and creditors \u20b9 69,000. His position on 31st December 2014 was as follows. Cash at bank \u20b9 12,000, Stock \u20b9 75,000, Debtors \u20b9 1,35,000, Machinery \u20b9 1,35,000 and Creditors \u20b9 75,000.<br \/>\nDuring the year the trader introduced \u20b9 30,000 as further capital in the business and withdrew \u20b9 900 per month. From the above, you are required to ascertain the profit or loss made by the trader for the year ended 31-12-2014.<br \/>\nSolution:<br \/>\nStatement of Affairs as on 31-12-2013<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30529\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q19.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q19\" width=\"725\" height=\"224\" \/><br \/>\nStatement of Affairs as on 31-12-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30527\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q19.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q19.1\" width=\"724\" height=\"223\" \/><br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30528\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q19.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q19.2\" width=\"713\" height=\"277\" \/><\/p>\n<p>Question 20.<br \/>\nThe assets and liabilities of Mr. well on 01-01-14 and 31-12-2014 were as follows.<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30533\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q20.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q20\" width=\"717\" height=\"298\" \/><br \/>\nCalculate the profit after charging interest on capital in the beginning at 5 percent per annum after providing interest on drawings at 6 percent. Drawings were \u20b9 14,000<br \/>\nSolution:<br \/>\nStatement of Affairs as on 1-1-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30530\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q20.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q20.1\" width=\"712\" height=\"349\" \/><br \/>\nStatement of Affairs as on 31-12-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30531\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q20.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q20.2\" width=\"714\" height=\"295\" \/><br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30532\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q20.3.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q20.3\" width=\"716\" height=\"354\" \/><\/p>\n<p>Question 21.<br \/>\nMr. Vijay starts his business with \u20b9 30,000 in cash as his capital on 1st April 2013, At the end of the year, his position was as follows. Creditors \u20b9 7,500; Debtors \u20b9 6,000; Cash at Bank \u20b9 12,750; Stock \u20b9 7,500; and Machinery \u20b9 15,000. During the year he withdrew \u20b9 1,125 every month. On 1st October 2013, he introduced a further capital of \u20b9 7,500. You are required to ascertain the profit or loss made by him during the year after considering the following adjustments. Machinery was to depreciate at 12% and a reserve of 2% was to be raised against Debtors; Also prepare a statement of affairs on 31 March 2014.<br \/>\nSolution:<br \/>\nStatement of Affairs as on 31-3-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30536\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q21.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q21\" width=\"704\" height=\"117\" \/><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30534\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q21.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q21.1\" width=\"696\" height=\"146\" \/><br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30535\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q21.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q21.2\" width=\"729\" height=\"516\" \/><\/p>\n<p>Question 22.<br \/>\nGopal and Krishna kept their books of accounts under a single entry system. Their capital accounts on 1st April 2013 show a balance of \u20b9 2,00,000 and \u20b9 1,00,000 respectively. The net profits are to be shared as Gopal 2\/3 and Krishna 1\/3. During the year they have withdrawn \u20b9 10,000 and \u20b9 7,500. On March 2014 their assets and liabilities were as follows. Assets: Furniture \u20b9 75,000; Stock \u20b9 1,75,000; Debtors \u20b9 1,25,000; Bills receivable \u20b9 25,000; Cash at bank \u20b9 10,000.<br \/>\nLiabilities: Sundry creditors \u20b9 25,000; Bills payable \u20b9 12,500.<br \/>\nPrepare a statement of affairs on 31st March 2014 and calculate the divisible profits of the partners.<br \/>\nSolution:<br \/>\nStatement of Affairs as on 31-3-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30539\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q22.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q22\" width=\"711\" height=\"112\" \/><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30537\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q22.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q22.1\" width=\"716\" height=\"144\" \/><br \/>\nStatement of profit or loss for the year ending 31-3-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30538\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q22.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q22.2\" width=\"720\" height=\"487\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 23.<br \/>\nRamesh and Rajesh are partners sharing the profit and losses in the ratio of 4 : 1 on 31st March 2013, their capital accounts show a credit balance of \u20b9 1,00,000 and \u20b9 25,000 respectively. During the year they introduced a fresh capital of \u20b9 25,000 and \u20b9 6,250 respectively. Also, they have withdrawn \u20b9 1,875 and \u20b9 625 each month respectively for their personal use. On 31st March 2014. Their business position was as follows:<br \/>\nAssets: Machinery \u20b9 58,750; Stock \u20b9 61,500; Sundry debtors \u20b9 33,125; Bills receivable \u20b9 5,375; Cash in hand \u20b9 3,750.<br \/>\nLiabilities: Sundry creditors \u20b9 25,000. You are asked to prepare a statement of affairs and statement of profit on 31st March 2014 and calculate the divisible profits or losses of the partners.<br \/>\nSolution:<br \/>\nStatement of Affairs as of 31st March 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30542\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q23.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q23\" width=\"716\" height=\"118\" \/><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30540\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q23.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q23.1\" width=\"720\" height=\"149\" \/><br \/>\nStatement showing profit or loss for the year 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30541\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q23.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q23.2\" width=\"716\" height=\"586\" \/><\/p>\n<p>Question 24.<br \/>\nAnil and Sunil are partners sharing the profit and losses in the ratio of 3 : 2 on 31 March 2013, their capital accounts show a credit balance of \u20b9 12,000 and \u20b9 8,000 respectively. On 31st March 2014, their business position was as follows.<br \/>\nAssets: Machinery \u20b9 15,000; Stock \u20b9 4,000; Bills Receivables \u20b9 5,000; Sundry debtors \u20b9 7,000;<br \/>\nLiabilities: Sundry creditors \u20b9 8,000; Bills payable \u20b9 3,000.<br \/>\nYou are required to prepare a profit and loss statement of affairs as of the date after taking into the following.<br \/>\n(a) Drawings made during the year by Anil \u20b9 3,000, Sunil \u20b9 2,000.<br \/>\n(b) Interest on capital is to be allowed at 6%.<br \/>\nSolution:<br \/>\nStatement of Affairs as on 31-3-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30544\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q24.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q24\" width=\"721\" height=\"265\" \/><br \/>\nStatement showing profit or loss for the year ended 31st March 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30543\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Exercises-Q24.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Exercises Q24.1\" width=\"721\" height=\"718\" \/><\/p>\n<p><span style=\"color: #0000ff;\">Textual Examples<\/span><\/p>\n<p>Question 1.<br \/>\nFrom the following information prepare the statement of affairs and find out the capital at the beginning.<br \/>\nCash in Hand &#8211; \u20b9 10,000<br \/>\nCash in Bank &#8211; \u20b9 40,000<br \/>\nDebtors &#8211; \u20b9 60,000<br \/>\nStock &#8211; \u20b9 30,000<br \/>\nBuilding &#8211; \u20b9 40,000<br \/>\nPlant &#8211; \u20b9 60,000<br \/>\nCreditors &#8211; \u20b9 30,000<br \/>\nBills payable &#8211; \u20b9 10,000<br \/>\nSolution:<br \/>\nStatement of affairs at the beginning<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30483\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q1\" width=\"714\" height=\"283\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 2.<br \/>\nPrepare a statement of affairs from the following information and find out the capital at the end of the year.<br \/>\nStock &#8211; \u20b9 95,000<br \/>\nDebtors &#8211; \u20b9 1,30,000<br \/>\nCash &#8211; \u20b9 8,000<br \/>\nBills receivables &#8211; \u20b9 1,000<br \/>\nBank overdraft &#8211; \u20b9 6,000<br \/>\nCreditors &#8211; \u20b9 37,000<br \/>\nMachinery &#8211; \u20b9 15,000<br \/>\nFurniture &#8211; \u20b9 1,000<br \/>\nSolution:<br \/>\nStatement of affairs at the end of the year<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30484\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q2\" width=\"750\" height=\"289\" \/><\/p>\n<p>Question 3.<br \/>\nFrom the following information compute the net profit of a trader under a single entry.<br \/>\nCapital at the beginning of the year &#8211; \u20b9 1,00000<br \/>\nCapital at the end of the year &#8211; \u20b9 1,50,000<br \/>\nSolution:<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30485\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q3.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q3\" width=\"566\" height=\"151\" \/><\/p>\n<p>Question 4.<br \/>\nCompute the net profit for the year ending 31-03-2014 from the information given below.<br \/>\nCapital as of 1-4-2013 &#8211; \u20b9 80,000<br \/>\nCapital as on 31-3-2014 &#8211; \u20b9 75,000<br \/>\nSolution:<br \/>\nStatement of profits or loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30486\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q4.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q4\" width=\"566\" height=\"150\" \/><\/p>\n<p>Question 5.<br \/>\nThe following information is given below to prepare the statement of profit or loss.<br \/>\nCapital at the beginning of the year, i.e., April 01, 2013 &#8211; \u20b9 7,50,000<br \/>\nCapital at the end of the year, i.e., March 31, 2014 &#8211; \u20b9 5,00,000<br \/>\nCapital brought in by the proprietor during the year &#8211; \u20b9 50,000<br \/>\nWithdrawals by the proprietor during the year &#8211; \u20b9 3,75,000<br \/>\nSolution:<br \/>\nStatement of profit or loss for the year ended on March 31, 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30487\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q5.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q5\" width=\"701\" height=\"290\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 6.<br \/>\nFind out the missing value.<br \/>\nCapital at the beginning of the year &#8211; \u20b9 30,000<br \/>\nCapital at the end of the year &#8211; \u20b9 45,000<br \/>\nDrawings &#8211; \u20b9 5,000<br \/>\nProfit &#8211; \u20b9 4,000<br \/>\nAdditional capital brought in?<br \/>\nSolution:<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30488\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q6.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q6\" width=\"710\" height=\"275\" \/><\/p>\n<p>Question 7.<br \/>\nGopal started his business on January 01, 2014, with a capital of \u20b9 4,50,000 on December 31, 2014, his position was as under.<br \/>\nCash &#8211; \u20b9 99,000<br \/>\nBills Receivables &#8211; \u20b9 75,000<br \/>\nPlant &#8211; \u20b9 48,000<br \/>\nLand and Building &#8211; \u20b9 1,80,000<br \/>\nFurniture &#8211; \u20b9 50,000<br \/>\nCreditors &#8211; \u20b9 30,000<br \/>\nHe owned \u20b9 45,000 from his friend Sukumar on that date. He withdrew \u20b9 8000 per month for his household purposes. Ascertain his profit or loss for this year ended December 31, 2014.<br \/>\nSolution:<br \/>\nBooks of Mr. Gopal&#8217;s Statement of affairs as on December 31, 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30490\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q7.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q7\" width=\"711\" height=\"249\" \/><br \/>\nStatement of profit or loss for the year ended December 31, 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30489\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q7.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q7.1\" width=\"713\" height=\"252\" \/><br \/>\nNote: Drawing per month (\u20b9 8,000 \u00d7 12 = \u20b9 96,000).<\/p>\n<p>Question 8.<br \/>\nMr. Ashok keeps his books on incomplete records following information is given below.<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30493\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q8.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q8\" width=\"731\" height=\"351\" \/><br \/>\nDuring the year he withdrew \u20b9 45,000 and introduced \u20b9 25,000 as further capital in the business to compute the profit or loss of the business.<br \/>\nSolution:<br \/>\nBooks of Mr. Ashok Statement of affairs as on April 01, 2013, and as on March 31, 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30491\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q8.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q8.1\" width=\"732\" height=\"309\" \/><br \/>\nStatement of profit or loss for the year ended on March 31, 2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30492\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q8.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q8.2\" width=\"721\" height=\"285\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 9.<br \/>\nMr. Shankar keeps his books under single-entry system and the following information is available from his records.<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30496\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q9.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q9\" width=\"435\" height=\"320\" \/><br \/>\nShankar commenced business on 1st April 2013 with a capital of \u20b9 1,27,000. During the year he withdrew \u20b9 750 per month for his personal use. Charge depreciation on the plant at 10% and on furniture at 5% you are required to prepare a statement showing profit or loss for the year ended 31-3-2014.<br \/>\nSolution:<br \/>\nStatement of affairs as of 31-03-2014 (Before adjustments)<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30494\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q9.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q9.1\" width=\"677\" height=\"273\" \/><br \/>\nStatement of profit or loss for the year ended 31-03-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30495\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q9.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q9.2\" width=\"722\" height=\"293\" \/><\/p>\n<p>Question 10.<br \/>\nSuresh and Ramesh are equal partners in a business in which the books of accounts are kept by a single-entry system. Their combined capital stood at the beginning of the year at \u20b9 1,25,000 and the combined capital at the end of the year stood at \u20b9 1,75,000. During the year they have withdrawn \u20b9 50,000 equally for their personal use and introduced \u20b9 37,500 as fresh capital. Compute the profit for the year by preparing a statement of profit.<br \/>\nSolution:<br \/>\nStatement showing Profit or Loss<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30497\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q10.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q10\" width=\"726\" height=\"347\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/07\/AP-Board-Solutions.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records\" width=\"196\" height=\"17\" \/><\/p>\n<p>Question 11.<br \/>\nX and Y are partners sharing profits and losses in the ratio of 3 : 2 who keep their books on a single entry system on 1st April 2013. Their capital accounts show a balance of \u20b9 60,000 and 70,000 respectively. During the year they have withdrawn \u20b9 2,000 and \u20b9 3,000 for their personal use. Find out the capitals at the end of the year. Also, calculate the divisible profit for the year ending 31-03-2014.<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30500\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q11.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q11\" width=\"433\" height=\"281\" \/><br \/>\nSolution:<br \/>\nStatement of affairs as on 31-03-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30498\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q11.1.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q11.1\" width=\"720\" height=\"258\" \/><br \/>\nStatement of Profit or Loss as on 31-03-2014<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-30499\" src=\"https:\/\/apboardsolutions.com\/wp-content\/uploads\/2022\/10\/AP-Inter-2nd-Year-Accountancy-Study-Material-Chapter-10-Accounts-from-Incomplete-Records-Textual-Examples-Q11.2.png\" alt=\"AP Inter 2nd Year Accountancy Study Material Chapter 10 Accounts from Incomplete Records Textual Examples Q11.2\" width=\"730\" height=\"302\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Andhra Pradesh BIEAP AP Inter 2nd Year Accountancy Study Material 10th Lesson Accounts from Incomplete Records Textbook Questions and Answers. AP Inter 2nd Year Accountancy Study Material 10th Lesson Accounts from Incomplete Records Short Answer Questions Question 1. What is meant by accounts from Incomplete records? Answer: Accounting records that are not strictly kept according &hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[14],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/posts\/36037"}],"collection":[{"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/comments?post=36037"}],"version-history":[{"count":1,"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/posts\/36037\/revisions"}],"predecessor-version":[{"id":36038,"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/posts\/36037\/revisions\/36038"}],"wp:attachment":[{"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/media?parent=36037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/categories?post=36037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/apboardsolutions.guru\/wp-json\/wp\/v2\/tags?post=36037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}