Double Entry Book Keeping Ts Grewal (2016) Solutions for Class 11 Commerce Accountancy Chapter 16 Accounts From Incomplete Records are provided here with simple step-by-step explanations. These solutions for Accounts From Incomplete Records are extremely popular among class 11 Commerce students for Accountancy Accounts From Incomplete Records Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keeping Ts Grewal (2016) Book of class 11 Commerce Accountancy Chapter 16 are provided here for you for free. You will also love the ad-free experience on Meritnationâ€™s Double Entry Book Keeping Ts Grewal (2016) Solutions. All Double Entry Book Keeping Ts Grewal (2016) Solutions for class 11 Commerce Accountancy are prepared by experts and are 100% accurate.

Answer:

 Statement of Profit or Loss Particulars Amount (Rs) Capital at the end 90,000 Add: Drawings 5,000 95,000 Less: Additional Capital Introduced (10,000) Adjusted Capital at the end 85,000 Less: Capital in the beginning 60,000 Net Profit for the year 25,000

Answer:

 Capital at the end = Opening Capital + Additional Capital + Profit − Drawings = 70,000 + 20,000 + 20,000 − 7,000 = Rs 1,03,000

Answer:

 Statement of Profit or Loss Particulars Amount (Rs) Capital as on March 31, 2016 16,900 Add: Drawings 4,800 21,700 Less: Addition Capital Introduced (2,000) Adjusted Capital as on March 31, 2016 19,700 Less: Capital as on April 01, 2015 (15,200) Profit made during the year 2015-16 4,500

Answer:

 Statement of Affairs as on March 31, 2016 Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 1,200 Cash 320 Brother’s Loan 1,000 Stock 3,480 Capital (Balancing Figure) 13,200 Debtors 3,100 Plant 8,500 15,400 15,400

 Statement of Profit or Loss for the year end March 31, 2016 Particulars Amount (Rs) Capital as on March 31, 2016 13,200 Add: Drawings (Rs 200 × 12) 2,400 15,600 Less: Capital as on April 01, 2015 (10,000) Profit made during the year 2015-2016 5,600

Answer:

 Books of Ram Prashad Statement of Affairs as on March 31, 2016 Liabilities Amount (Rs) Assets Amount (Rs) Trade Creditors 4,000 Book Debts 10,000 Bank Overdraft 1,000 Cash in Hand 510 Capital (Balancing Figure) 12,590 Stock 6,000 Furniture and Fittings 1,200 Less: 10% Depreciation 120 1,080 17,590 17,590

 Statement of Affairs as on April 01, 2015 Liabilities Amount (Rs) Assets Amount (Rs) Capital (Balancing Figure) 10,000 Bank 6,000 Stock 4,000 10,000 10,000

 Statement of Profit or Loss for the year and March 31, 2016 Particulars Amount (Rs) Capital as on March 31, 2016 12,590 Add: Drawings 2,400 14,990 Less: Capital as on April 01, 2015 (10,000) Profit made during the year 2015-16 4,990

Answer:

 Statements of Affairs as on April 01, 2015 Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 1,750 Furniture 200 Capital (Balancing Figure) 3,500 Stock 2,800 Sundry Debtors 2,100 Cash 150 5,250 5,250

 Statement of Affairs as on March 31, 2016 Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 1,900 Furniture 200 Loan 500 Less: 10% Depreciation (20) 180 Capital (Balancing Figure) 5,390 Stock 3,050 Sundry Debtors 3,400 Less: 10% Reserve for Doubtful Debts (340) 3,060 Cash 200 Bills Receivables 300 Investments 1,000 7,790 7,790

 Statement of Profit or Loss for the year ended March 31, 2016 Particulars Amount (Rs) Capital as on March 31, 2016 5,390 Add: Drawings 500 5,890 Less: Capital as on April 01, 2015 (3,500) Profit made during the year 2015-16 2,390

Answer:

 Statement of Affairs as on March 31, 2016 Liabilities Amount (Rs) Assets Amount (Rs) Wife’s Loan 5,000 Furniture and Fixture 2,000 Add: Outstanding Interest Less: 10% Depreciation (200) 1,800 (5,000 × 9% × 6/12) 225 5,225 Cash in Hand 2,800 Sundry Creditors 500 Sundry Debtors 4,800 Rent Outstanding 150 Stock 6,800 Capital (Balancing Figure) 11,925 Bills Receivable 1,600 17,800 17,800

 Statement of Profit or Loss for the year ended March 31, 2016 Particulars Amount (Rs) Capital as on March 31, 2016 11,925 Add: Drawings (300 × 12) 3,600 15,525 Less: Additional Capital Introduce (1,500) Adjusted Capital as on March 31, 2016 14,025 Less: Capital as on April 01, 2015 (10,000) Profit made during the year 2015-16 4,025

Answer:

 Statement of Affairs as on April 01, 2015 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 350 Cash in Hand 150 Capital (Balancing Figure) 1,400 Bank Balance 750 Furniture 100 Stock 500 Debtors 250 1,750 1,750

 Statement of Affairs as on March 31, 2016 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 400 Cash in Hand 175 Capital (Balancing Figure) 1,625 Bank Balance 800 Furniture 100 Stock 650 Debtors 300 2,025 2,025

 Statement of Profit or Loss for the year ended March 31, 2016 Particulars Amount (Rs) Capital as on March 31, 2016 1,625 Add: Drawings 500 2,125 Less: Additional Capital Introduced (250) Adjusted Capital as on March 31, 2016 1,875 Less: Capital as on April 01, 2015 (1,400) Profit made during the year 2015-16 475

Answer:

 Statement of Affairs as on April 01, 2015 Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 2,000 Cash 600 Bills Payable 1,500 Sundry Debtors 6,800 Stock 5,900 Capital (Balancing Figure) 11,300 Furniture 1,500 14,800 14,800

 Statement of Affairs as on March 31, 2016 Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 1,800 Cash 700 Bills Payable 1,100 Stock 8,700 9% Loan from Friend 2,000 Furniture 1,350 Add: Interest Outstanding (2,000 × 9% × 6/12) 90 2,090 Capital (Balancing Figure) 11,840 Sundry Debtors 6,400 Less: 5% Provision for Doubtful Debts (320) 6,080 16,830 16,830

 Statement of Profit or Loss for the year ended March 31, 2016 Particulars Amount (Rs) Capital as on March 31, 2016 11,840 Add: Drawings (Rs 250 × 12) 3,000 14,840 Less: Capital as on April 01, 2015 (11,300) Profit made during the year 2015-16 3,540

Answer:

 Statement of Affairs as on April 01, 2015 Liabilities Amount (Rs) Assets Amount (Rs) Bank Overdraft 200 Machinery 8,000 Sundry Creditors 5,000 Furniture 2,000 Capital (Balancing Figure) 15,800 Stock 7,000 Sundry Debtors 4,000 21,000 21,000

 Statement of Affairs as on March 31, 2016 Liabilities Amount (Rs) Assets Amount (Rs) Sundry Creditors 3,500 Machinery 8,000 Capital (Balancing Figure) 16,900 Less: 10% Depreciation (800) 7,200 Furniture 2,000 Less: 5% Depreciation (100) 1,900 Stock 5,000 Sundry Debtors 4,500 Bank Balance 1,800 20,400 20,400

 Statement of Profit or Loss for the year ended March 31, 2016 Particulars Amount (Rs) Capital as on March 31, 2016 16,900 Add: Drawings 4,100 21,000 Less: Additional Capital Introduced (300) Adjusted Capital as on March 31, 2016 20,700 Less: Capital as on April 01, 2015 (15,800) Profit made during the year 2015-16 4,900

Answer:

 Statement of Affairs for the year ended March 31, 2015 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 9,000 Stock in hand 18,700 Bills Payable 1,000 Debtors 12,000 Capital (balancing figure) 41,650 Bills Receivable 4,000 Furniture 600 Building 12,000 Bank 4,350 51,650 51,650

 Statement of Affairs for the year ended March 31, 2016 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 1,500 Stock in hand 23,400 Bills Payable 200 Debtors 14,000 Bank Overdraft 3,350 Less: Provision for Doubtful Debts 1,450 12,550 Outstanding Wages 3,000 Bills Receivable 5,000 Outstanding Salaries 1,200 Furniture 600 Outstanding Legal Expenses 700 Less: Depreciation 30 570 Capital (balancing figure) 43,220 Building 12,000 Less: Depreciation 600 11,400 Prepaid Insurance 250 53,170 53,170

 Statement of Profit or Loss for the year ended March 31, 2016 Particulars Amount (Rs) Capital as on March 31, 2016 43,220 Add: Drawings 7,520 Adjusted Capital as on March 31, 2016 50,740 Less: Capital as on April 01, 2015 (41,650) Profit made during the year 2015-16 9,090

Answer:

 Statement of Affairs (Previous Year) Liabilities Amount (Rs) Assets Amount (Rs) Trade Creditors 6,270 Stock 12,350 Loan from Naresh 5,000 Cash in Hand 570 Capital (Balancing Figure) 18,170 Shop Fittings 7,250 Trade Debtors 5,280 Bank Balance 3,990 29,440 29,440

 Statement of Affairs (Current Year) Liabilities Amount (Rs) Assets Amount (Rs) Trade Creditors 5,890 Stock 11,980 Loan from Naresh 5,000 Cash in Hand 650 Add: Outstanding Interest (5,000 × 5%) 250 5,250 Shop Fittings 7,800 Capital (Balancing Figure) 16,930 Less: Depreciation (780) 7,020 Trade Debtors 4,560 Less: Bad Debts (270) 4,290 Bank Balance 4,130 28,070 28,070

 Statement of Profit or Loss (Current Year) Particulars Amount (Rs) Capital of the Current Year 16,930 Add: Drawings (Rs 100 × 52) 5,200 22,130 Less: Capital of the Previous Year (18,170) Profit made during the Current Year 3,960

Answer:

 Statement of Affairs (before Adjustments) for the six months ending June 30, 2011 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 10,000 Plant and Machinery 1,40,000 Capital (balancing figure) 2,66,000 Debtors 60,000 Cash and Bank 31,000 Stock 45,000 2,76,000 2,76,000

 Statement of Affairs (After adjustments) for the six months ending December 31, 2011 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 10,000 Stock 45,000 Outstanding Wages 1,000 Cash and Bank 31,000 Capital (balancing figure) 2,52,400 Debtors 60,000 Less: Bad Debts 5,000 Less: Provision for Doubtful Debts 1,100 53,900 Plant & Machinery 1,40,000 Less: Depreciation* 7,000 1,33,000 Prepaid Salaries 500 2,63,400 2,63,400

*Depreciation has been charged for six months as accounts are prepared for the period July-December.

 Statement of Profit or Loss for the year ended December 31, 2011 Particulars Amount (Rs) Capital as on December 31, 2011 2,66,000 Add: Drawings 1,200 Adjusted Capital as on December 31, 2011 2,67,200 Less: Capital as on July 01, 2011 (WN3) (2,71,000) Loss before Adjustments (3,800) Less: Bad-debts 5,000 Provision for doubtful debts 1,100 Depreciation on Plant & Machinery 7,000 Outstanding Wages 1,000 Add: Pre-paid Salaries 500 Interest on Drawings 21 (13,579) Loss for the year 17,379

Working Note:

WN1 Calculation for Interest on Drawings

WN2 Calculation of Provision for Doubtful Debts

Provision for doubtful debts should be created on Net Debtors

So, Net Debtors = 60,000 – 5,000 = Rs 55,000

WN3 Calculation of Opening Capital

 Statement of Affairs for the six months ending June 30, 2011 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 9,000 Plant and Machinery 1,50,000 Capital (Balancing Figure) 2,71,000 Debtors 65,000 Cash and Bank 25,000 Stock 40,000 2,80,000 2,80,000

Answer:

 Statement of Affairs for the year ended March 31, 2016 Liabilities Amount (Rs) Assets Amount (Rs) Creditors 5,000 Furniture and Fixtures 20,000 Outstanding Rent 1,500 Cash in hand 28,000 Loan from Wife 50,000 Debtors 48,000 Outstanding Interest on Loan 2,250 Stock 68,000 Capital (balancing figure) 1,21,250 Bills Receivable 16,000 1,80,000 1,80,000

 Statement of Profit or Loss for the year ended March 31, 2016 Particulars Amount (Rs) Capital as on March 31, 2016 1,21,250 Add: Drawings 36,000 Adjusted Capital as on March 31, 2016 1,57,250 Less: Additional Capital introduced (15,000) Less: Capital as on April 01, 2015 (1,00,000) Profit made during the year 2015-16 42,250

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