CBSE Class 11 Accountancy Incomplete Records Worksheet

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Chapter 11 Accounts from Incomplete Records Accountancy Worksheet for Class 11

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Class 11 Accountancy Chapter 11 Accounts from Incomplete Records Worksheet Pdf


Meaning – An accounting system which is not based on double entry is known as incomplete records. Under this system personal accounts and cash account are only maintained. All other impersonal accounts are avoided. So information relating to assets, liabilities, expenses and revenues are incomplete. Many people describe it as single entry system. However, single entry system is a misnomer (wrong usage) because there is no such a system of maintaining accounting records. 

There is a misconception that under this system only one aspect of each transaction is recorded, but it may be stated that both aspects are recorded in some transactions and in other cases, only one aspect is recorded while some other transactions are not recorded at all. 
It is a mixture of double entry, one entry and no entry. In short, this system is incomplete, inaccurate, unscientific and unsystematic style of accounting.  
 
Features of Incomplete Records 
a. Unsystematic method of recording transactions. 
b. Generally records cash transactions and personal accounts are properly maintained, but there is no information regarding revenue / gains and expenses / losses, assets and liabilities. 
c. Personal transactions of owners may also be recorded in the cash book. 
d. Lack of uniformity, because different organizations are maintaining records according to their needs. 
e. Very difficult to ascertain profit or loss. 
f. Less accuracy for accounting information.
 
Why traders prefer Incomplete Records (Reasons for incompleteness) 
1. It is suitable to small concerns which have mainly cash transactions and do not have many assets and liabilities to be recorded in detail. 
2. This system is economical since lesser number of books is maintained. 
3. Lack of knowledge about double entry system. 
4. Ignorance of businessman to the statutory requirements of keeping proper books of accounts. 
5. Intentional omission to take advantage of taxation.
 
Limitations of Incomplete records 
1. Arithmetical accuracy cannot be ensured. 
2. In the absence of nominal accounts, it is difficult to determine the exact profit or loss. 
3. As real accounts are not maintained, the value of assets and liabilities stated in the Balance Sheet is not reliable. 
4. It increases the chances of errors and fraud. 
5. It will not be accepted by the authorities like tax department, banks etc.
 
Ascertainment of profit or loss – Even though the records are incomplete, the trader has to ascertain the result of the business to assess its efficiency and he is also interested in determining the financial position of the entity at the end of the year. Two methods are used for this purpose:
1. Ascertainment of profit or loss by preparing the Statement of Affairs – Under this method, profit or loss can be ascertained by comparing the capital at the beginning and at the end. For this purpose two statements are prepared. 
a. Statement of Affairs – It is a statement prepared by presenting the assets on one side and liabilities on the other side as in the case of Balance Sheet. The differences between the totals of the two sides represent owner’s equity or capital. i.e. Capital = Assets – Liabilities. Though it resembles (similar) to a balance sheet, it differs on the ground that balances of various assets and liabilities are not derived from ledger accounts and it is prepared to find out the owners equity but not to disclose the financial position of the business. 
b. Statement of profit or loss – The statement prepared to ascertain the profit or loss by comparing the opening capital with closing capital is called statement of profit or loss. The following steps are to be taken to ascertain the profit or loss:
 
 
In 

 

2. Preparation of Profit and Loss account and Balance Sheet under Conversion Method - 
To prepare trading and profit and loss account and the balance sheet, we need complete information regarding expenses, incomes, assets and liabilities. In case of incomplete records, details of some items like creditors, cash purchases, debtors, cash sales, other cash payments and such receipts are easily available, but there are a number of items that are missing and have to be worked out from various sources. They are as follows: 
1. Opening Capital - It can be ascertained from the statement of affairs at the beginning of the year.  
2. Credit purchases – It is calculated by preparing the total creditors account. (See the format in text book). 
3. Credit sales – It can be traced out with the help of a total debtors account. (See the format in text book). 
4. Bills receivable – by preparing total bills receivable account. (See the format in text book). 
5. Bills payable – by preparing total bills payable account. (See the format in text book). 
6. Other missing information through summary of cash – In case the amount paid to creditors or the amount received from debtors or the opening or closing cash or bank balance may be missing, we may prepare a cash book summary showing all receipts and payments during the year and balancing figure is taken as the amount of missing item. 
After the missing figures have been traced out, the final accounts may be prepared straight away or after the preparation of trial balance.
 

Questions

Question 1: Manveer started his business on January 01, 2014 with a capital of Rs 4,50,000.

On December 31, 2014 his position was as under: Rs Cash 99,000 Bills receivable 75,000 Plant 48,000 Land and Building 1,80,000 Furniture 50,000 He owned Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended December 31, 2014.

Question 2: From the information given below ascertain the profit for the year : Rs
Capital at the beginning of the year 70,000 Additional capital introduced during the year 17,500 Stock 59,500 Sundry debtors 25,900 Business premises 8,600 Machinery 2,100 Sundry creditors 33,400 Drawings made during the year 26,400

Question 3: Mr. Arnav does not keep proper records of his business he provided following information, you are required to prepare a statement showing the profit or loss for the year.

Rs
Capital at the beginning of the year                         15,00,000
Bills receivable                                                           60,000
Cash in hand                                                              80,000
Furniture                                                                 9,00,000
Building                                                                 10,00,000
Creditors                                                                 6,00,000
Stock in trade                                                          2,00,000
Further capital introduced                                         3,20,000
Drawings made during the period                                 80,000

Question 4: Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information :

CBSE Class 11 Accountancy Incomplete Records Worksheet 1

CBSE Class 11 Accountancy Incomplete Records Worksheet 2

He withdrew Rs 300 per month for personal expenses. He sold his investment of Rs 16,000 at 2% premium and introduced that amount into business.

Question 5: Mr. Ashok does not keep his books properly. Following information is available from his books.

CBSE Class 11 Accountancy Incomplete Records Worksheet 3

During the year Mr. Ashok sold his private car for Rs 50,000 and invested this amount into the business. He withdrew from the business Rs 1,500 per month up to July 31, 2014 and thereafter Rs 4,500 per month as drawings. You are required to prepare the statement of profit or loss and statement of affair as on December 31, 2014.

Question 6: Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2005 from the following information:

CBSE Class 11 Accountancy Incomplete Records Worksheet 4

The following adjustments were made: (a) Krishna withdrew cash Rs 5,000

per month for private use. (b) Depreciation @ 5% on car and furniture @10%. (c) Outstanding Rent Rs 6,000.(d) Fresh Capital introduced during the year Rs 30,000.

Question 7: M/s Saniya Sports Equipment does not keep proper records. From the following information find out profit or loss and also prepare balance sheet for the year ended December 31, 2014

CBSE Class 11 Accountancy Incomplete Records Worksheet 5

CBSE Class 11 Accountancy Incomplete Records Worksheet 6

Drawing Rs 10,000 p.m. for personal use, fresh capital introduce during the year Rs 2,00,000. A bad debts of Rs 2,000 and a provision of 5% is to be made on debto Rs outstanding salary Rs 2,400, prepaid insurance Rs 700, depreciation charged on furniture and machine @ 10% p.a.

Question 8: Panwar commenced business on 1st January, 2001, with a capital of Rs 10,000, which he paid into Bank account opened for that purpose. On the same date, he bought stock valued  at Rs 6,500 and furniture which cost Rs 2,000. He kept his books on Single entry basis. On 31st Dec., 2001, stock was valued at Rs 8,300. There were Book debts amounting to Rs 3,400 of which Rs 200 represented debts which were irrecoverable. Creditors amounted to Rs 3,600 and the cash book showed a balance of Rs 1,650 but according to Pass book, the balance at Panwar’s creditor was only Rs1,450, he having given his son Rs 200 and then omitted to enter in the cash book. Panwar withdrew Rs 1,800 from the business for his private use and in addition he used Rs 500 worth of goods from his shop. He took Rs 1,000 as loan from his wife during the year.Prepare a statement showing Profit or Loss in the business for the for the year ending 31st Dec., 2001 from the above information.

Question 9: Mr. X could not keep complete records. He furnishes you the following information of assets and liabilities for the year 2011-12.

CBSE Class 11 Accountancy Incomplete Records Worksheet 7

Additional information:

He sold his private investments of Rs 4,000 at 25% premium and brought this money into his business.
His Drawings were Rs 1,000 p.m. Stock costing Rs 3,000 was taken by Mr. Xfor his personal use. A provision of 10% is required for doubtful debts and depreciation @ 5% p.a. is to be written off for furniture and fixtures and Buildings. Rs 6,000 is outstanding for wages and Rs 2,400 for salaries. Prepaid insurance amounted to Rs 400. Outstanding Legal expenses are Rs1,400.

From the above particulars, find out by Statement of Affairs method, the Profit or loss made by Mr. X during 2011-12. Also prepare his Balance Sheet as at 31-3-12.


CBSE Class 11 Accountancy Chapter 11 Incomplete Records Fill In The Blanks 

Question. Single entry system is not supported by …………….act
Answer. Companies act 2013

Question. Single entry system is generally followed by …….
Answer. Individuals

Question.Total credit purchases can be ascertained from….………. a/c (Part of Current liabilities)
Answer. Trade Payables a/c

Question. Small business generally use ……..method for accounting because it is.
Answer. Single entry

Question. Single entry system gives…………….. Profit & loss/ financial position of firm.
Answer. Inaccurate/Incorrect

Question. ……system does not present actual financial position of business
Answer. Single entry

Question. Total credit sales can be ascertained from ………..a/c (Part of Current Assets)
Answer. Trade receivable


CBSE Class 11 Accountancy Chapter 11 Incomplete Records True and False

1. Dual aspect is completely follow in single entry system. False
2. In single entry system a firm has fully control on assets. False
3. Prepare financial statement by putting the accounting records I proper order is called conversion method. True
4. To compute capital amount in single entry system statement of affair is to be prepared. True
5. In single entry system accounting principles are perfectly followed. False
6. Total debtor account prepare for ascertaining credit purchase. False
7. Accurate profit and loss can be ascertained by single entry system. False


CBSE Class 11 Accountancy Chapter 11 Incomplete Records MCQs

Question. Which Act Doesn’t supported Accounting from Incomplete Records is not supported
a. Negotiable Instrument Act 1881
b. Partnership Act 1932
c. Contract Act 1872
d. Companies act 2013
Answer. (D)

Question. Generally accounts under single entry system maintained by
a. Sole trader
b. Company
c. Firm
d. H.U.F
Answer. (A)

Question. Single entry system of book keeping is
a. Inaccurate
b. Unscientific
c. Unsystematic
d. All of the above
Answer. (D)


CBSE Class 11 Accountancy Chapter 11 Incomplete Records Match The Following

Question.
1. Credit purchase, during the year is     a) Total asset A/C
ascertained by preparing
2. Credit sales during the year is            b) Total debtors A/C
ascertained by preparing 
3.Opening capital is ascertained             c) Total liabilities A/C
by preparing
                                                                d) Total creditors A/C
                                                                e) Opening statement of affairs
Answer.  D,B& E

Question.
i) In single entry system only such              a) Real A/C   
transactions are properly maintained
ii) In double entry system the accounts      b) Nominal A/C
are properly maintained
                                                                    c) Personal A/C
                                                                    d) All the above
Answer. C & D

Please click on below link to download CBSE Class 11 Accountancy Incomplete Records Worksheet

Chapter 02 Theory Base of Accounting
CBSE Class 11 Accountancy Basic Accounting Terms Worksheet
Chapter 07 Depreciation Provisions and Reserves
CBSE Class 11 Accountancy Depreciation Worksheet
Chapter 11 Accounts from Incomplete Records
CBSE Class 11 Accountancy Incomplete Records Worksheet
Chapter 12 Applications of Computers in Accounting
CBSE Class 11 Accountancy Computer In Accounting Worksheet

Chapter 11 Accounts from Incomplete Records CBSE Class 11 Accountancy Worksheet

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