TS Grewal Accountancy Class 11 Solutions Chapter 16

TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System

Please find the below questions and answers with solutions. You will get all the Class 11 Chapter 16 accounts solutions from this post.

Question 1.
Following information of an accounting year is given:
Opening Capital ₹ 60,000; Drawings ₹ 5,000; Capital added during the year ₹ 10,000 and Closing Capital ₹ 90,000. Calculate the Profit and Loss for the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q1

Question 2.
Mayank does not keep proper records of his business, he gives you the following information:
Opening Capital – ₹ 1,00,000
Closing Capital – ₹ 1,25,000
Drawings during the year – ₹ 30,000
Capital added during the year – ₹ 37,500
Calculate the profit or loss for the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q2

Question 3.
Capital of Ganesh Gupta in the beginning of the year was ₹ 70,000. During the year his business earned a profit of ₹ 20,000, he withdrew ₹ 7,000 for his persona use. He sold ornaments of his wife for ₹ 20,000, and invested that amount into the business. Find out his Capital at the end of the year.
Solution:
Capital at the end of the year = Capital in the beginning + Additional Capital + Profit – Drawings
= 70,000 + 20,000 + 20,000 – 7,000
= Rs. 1,03,000

Question 4.
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 2017-18.
Opening Capital – ₹ 1,30,000 ; Drawing during the year ₹ 50,000
Closing Capital – ₹ 2,00,000 ; Profit made during the year ₹ 1,00,000
Solution:
Additional Capital = Closing Capital + Drawings – (Opening Capital + Profit) = 2,00,000 + 50,000 – (1,30,000 + 1,00,000)
= 2,50,000 – 2,30,000 = Rs.20,000

Question 5.
Mohan maintains books on Single Entry System. He gives you the following information:
Capital on 1st April, 2017 – ₹ 15,200
Capital on 31st March, 2018 – ₹ 16,900
Drawings made during the year – 4,800
Capital introduced on 1st August, 2017 – 2,000
You are required to calculat the Profit or Loss made by Mohan.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q5

Question 6.
Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April, 2017 his Capital was ₹ 4,00,000 and on 31st March, 2018 it was ₹ 3,50,000. He had withdrawn ₹ 20,000 per month besides goods of the sale value of ₹ 60,000. How much did he earn in 2017-18?
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q6
Calculation For Cost of Goods Sold:
Sales = COGS + Profit
Cost of Goods Sold = 100
Gross Profit = 50
Sales = 150
Gross Profit = \frac { 50 }{ 150 } or \frac { 1 }{ 3 }
Sales = 60,000 x \frac { 1 }{ 3 } = 20,000
COGS = Sales – Gross Profit = 60,000 – 20,000 = 40,000
Drawings = Cash + Cost of Goods Sold
Drawings = 2,40,000 + 40,000 = 2,80,000

Question 7.
Krishan started his business on 1st April, 2017 with a Capital of ₹ 1,00,000. On 31st March, 2018, his assets were :
Cash – ₹ 3,200
Stock – ₹ 34,800
Debtors – ₹ 31,000
Plant – ₹ 85,000
He owed ₹ 12,000 to sundry creditors and ₹ 10,000 to his brother on that date. He withdrew ₹ 2,000 per month for the private expenses. Ascertain his profit.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q7

Question 8.
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, 2018:
Book Debts ₹ 10,000; Cash in Hand ₹ 510; Stock-in-Trade (estimated) ₹ 6,000; Furniture and Fittings ₹ 1,200; Trade Creditors ₹ 4,000; Bank Overdraft ₹ 1,000; Ram Prashad stated that he started business on 1st April with cash ₹ 6000 paid into bank but stocks valued at ₹ 4,000. During the year he estimated his drawings to be ₹ 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.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q8
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q8.1

Question 9.
Shruti maintains her books of account from Incomplete Records. Her books provide the following information:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q9
She with drew ₹ 500 per month for personal expenses. She sold her Investments of ₹ 16,000 at 5% premium and introduced the amount into business.
You are required to prepare a Statement of Profit or Loss for the year ending 31st March, 2016.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q9
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q9.1

Question 10.
Hari maintains her books of account on Single Entry System. His books provide the following information:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q10
His drawings during the year were ₹ 5,000 Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors.
Prepare the statement showing the profits for the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q10
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q10.1

Question 11.
A commenced business on 1st April, 2017 with a capital of ₹ 10,000. He immediately bought Furniture and Fixtures for ₹ 2,000. On 1st October, 2017, he borrowed ₹ 5,000 from his wife @ 9% p.a. (interest not yet paid) and introduced a further capital of his own amounting to ₹ 1,500. A drew @ ₹ 300 per month at the end of each month for household expenses. On 31st March, 2018 his position was as follows:
Cash in Hand ₹ 2,800; Sundry Debtors ₹ 4,800; Stock ₹ 6,800; Bills Receivable ₹ 1,600; Sundry Creditors ₹ 500 and owing for Rent ₹ 150. Furniture and Fixtures to be depreciated by 10%. Ascertain the profit or loss made by A during 2017-18.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q11

Question 12.
Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results, of his business on 31st March, 2018 and for that following information is available:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q12
During the year, he had withdrawn ₹ 5,00,000 for his personal use and invested ₹ 2,50,000 as additional cpaital. Calculate his profits on 31st March, 2018 and prepare the Statement of Affairs as on that date.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q12

Question 13.
Following information is supplied to you by a shopkeeper:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q13
During the year, he withdrew ₹ 2,500 per month for dometstic purposes. He also borrowed from a friend at 9% a sum of ₹ 20,000 on 1st October, 2017. He has not yet paid the interest. A provision of 5% on debotrs for doubtful debts is to be made.
Ascertain the profit or loss made by him during the period.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q13

Question 14.
Vikas is keeping his accounts according to Single Entry System. His capital on 31st December, 2015 was ₹ 2,50,000 and his capital on 31st December, 2016 was ₹ 4,25,000. He further informs you that during the year he gave a loan of ₹ 30,000 to his brother on private account and withdrew ₹ 1,000 per month for personal purposes. He used a flat for his personal purpose, the rent of which @ ₹ 1,800 per month and electricity charges at an average of 10% of rent per month were paid from the business account. During the year he sold his 7% Government Bonds of ₹ 50,000 at 1% premium and brought that money into the business.
Prepare a Statement of Profit or Loss for the year ended 31st December, 2016.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q14

Question 15.
Manu started business with a capital of ₹ 4,00,000 on 1st October, 2005. He borrowed from his friend a sum of ₹ 1,00,000. He brought further ₹ 75,000 as capital on 31st March, 2006, his position was:
Cash : ₹ 30,000; Stock : ₹ 4,70,000; Debtors : ₹ 3,50,000 and Creditors : ₹ 3,00,000.
He withdrew ₹ 8,000 per month during this period. Calculate profit on loss, for the period.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q15

Question 16.
From the following information relating to the business of Mr. X who keeps books on Single Entry System, ascertaint the profit or loss for the year 2017-18:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q16
Mr. X withdrew ₹ 4,100 during the year to meet his household expenses. He introduced ₹ 300 as fresh capital on 15th January, 2018. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q16
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q16.1

Question 17.
X, a retailer, has not maintained proepr books of accont but it has been possible to obtain the follwoing details:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q17
Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that:
(a) Shop Fittings are to be depreciated by ₹ 780.
(b) X has drawn ₹ 100 per week for his own use.
(c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270.
(d) Interest at 5% p.a. is due on the loan from Naresh but has not been paid for the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q17

Question 18.
On 1st April, 2017, X started a business with ₹ 40,000 as his capital. On 31st March, 2018, his position was as follows:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q18
During the year 2017-18, X drew ₹ 24,000. On 1st October, 2017, he introduced further capital amounting to ₹ 30,000. You are required to ascertain profit on loss made by him during the year 2017-18.
Adjustments:
(a) Plant is to be depreciated at 10%.
(b) A provision of 5% is to be made against debtors, Also prepare the Statement of Affairs as on 31st March, 2018.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q18

Question 19.
C maintains his books according to Single Entry System. Following figures were available from the books for the six months ended 31st December 2017:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q19
Adjustments:
(a) He had withdrawn ₹ 200 in the beginning of every month for household purposes.
(b) Depreciation on Plant and Machinery @ 10% p.a.
(c) Further Bad Debts ₹ 5,000 and Provision for Doubtful Debts to be created @ 2%.
(d) During the period, salaries have been prepaid by ₹ 500 while wages outstanding were ₹ 1,000.
(e) Interest on drawings to be reckoned @ 6% p.a.
You are required to prepare the Statement of Profit or Loss for the half year ended 31st December, 2017, followed by Revised Statement of Affairs as on that date.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q19
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q19.1
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q19.2

Question 20.
A firm sells goods at a Gross profit of 25% of sales. On 1st April, 2017 the Stock was ₹ 40,000; Purchases were ₹ 1,10,000 and the Stock on 31st March, 2018 was ₹ 30,000. What was the value of Sales?
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q20

Question 21.
A firm sells goods at Cost plus 25%. Sales to credit customers (\frac { 3 }{ 4 } of total) was ₹1,80,000. His Opening and Closing Stocks were ₹ 20,000 and ₹ 15,000 respectively. Find out the value of Purchases.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q21
Calculation For Gross Profit = 2,40,000 × 20% = 48,000

Question 22.
Calculate Stock in the beginning:
Sales – ₹ 80,000
Purchases – ₹ 60,000
Stock at the end – ₹ 8,000
Loss on Cost – \frac { 1 }{ 6 }
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q22
Calculation For Gross Loss = 80,000 × 20% = 16,000

Question 23.
Calculate the Stock at the end:
Stock in the beginning – ₹ 20,000
Cash Sales – ₹ 60,000
Credit Sales – ₹ 40,000
Purchases – ₹ 70,000
Rate of Gross Profti on cost – \frac { 1 }{ 3 }
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q23
Calculation For Gross Profit = 1,00,000 × 25% = 25,000

Question 24.
Calculate the value of CLosing Stock from the following information:
Purchases – ₹ 93,000
Wages – ₹ 20,000
Sales – ₹ 1,20,000
Carriage Outwards – ₹ 3,200
Opening Stock – ₹ 16,000
Rate of Gross Profit 25% on Cost
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q24
Calculation For Gross Profit = 1,20,000 × 20% = 24,000
Note: Carriage Outward pass the entry on Profit and Loss A/c

Question 25.
Calculate Purchases:
Cost of Goods Sold – ₹ 65,000
Stock in the beginning – ₹ 4,000
Closing Stock – ₹ 5,000
Solution:
Purchases = Cost of Goods sold – Opening Stock + Closing Stock
Purchases = 65,000 – 4,000 + 5,000 = 66,000

Question 26.
Calculate Sales:
Cost of goods sold – ₹ 2,00,000
Rate of Gross Profit 20% on Sales
Solution:
Gross Profit = 2,00,000 × 25% = 50,000
COGS + Gross Profit = Sales
2,00,000 + 50,000 = 2,50,000

Question 27.
Debtors in the beginning of the year were ​₹ 30,000, Sales on credit during the year were ₹ 75,000, Cash received from the Debtors during the year was ₹ 35,000, Returns Inward (regarding credit sales) were ₹ 5,000 and Bills Receivable drawn during the year were ₹ 25,000. Find the balance of Debtors at th end of the year, assuming that there were Bad Debts during the year of ₹ 2,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q27

Question 28.
Creditors on 1st April, 2017 were ₹ 15,000, Purchases on credit were ₹ 30,000, Cash paid to Creditors during 2017-18 was ₹ 20,000, Returns Outward (regarding credit purchases) were ₹ 1,000 and Bills Payable accepted during the year ₹ 10,000. Find the balance of Creditors on 31st March, 2018.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q28

Question 29.
Following information is given of an accounting year:
Opening Creditors ₹ 15,000; Cash paid to creditors ₹ 15,000; Returns Outward ₹ 1,000 and Closing creditors ₹ 12,000.
Calculate Credit Purchases during the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q29

Question 30.
From the following information supplied by X, who keeps his books on Single Entry System, you are required to calculate Total Purchases:
Opening balance of Bills Payable – ₹ 5,000
Opening balance of Creditors – ₹ 6,000
Closing balance of Bills Payable – ₹ 7,000
Closing balance of Creditors – ₹ 4,000
Cash paid to Creditors during the year – ₹ 30,200
Bills Payable discharged during the year – ₹ 8,900
Returns Outward – ₹ 1,200
Cash Purchases – ₹ 25,800
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q30
Total Purchases = Cash Purchases + Credit Purchases
Total Purchases = 25,800 + 40,300 = Rs 66,100

Question 31.
Cash sales of a business in a year were ​₹ 85,000, the Cost of Goods Sold (including direct expenses) was ₹ 97,000 and Gross Profit as shown by the Trading Account for the year was ₹ 1,29,000. Calculate Credit Sales during the year.
Solution:
Gross Profit = Net Sales – Cost of Goods Sold
1,29,000 = Net Sales – 97,000
Net Sales = Rs 2,26,000
Credit Sales = Total Net Sales – Cash Sales
Credit Sales = 2,26,000 – 85,000 = Rs 1,41,000

Question 32.
From the following information, calculate Total Sales made during the period:
Debtors as on 1st April, 2017 – ₹ 20,400
Cash received from debtors during the year (as per Cash Book) – ₹ 60,800
Returns Inward – ₹ 5,400
Bad Debts – ₹ 2,400
Debtors as on 31st March, 2018 – ₹ 27,600
Cash Sales (as per Cash Book) – ₹ 56,800
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q32
Total Sales = Cash Sales + Credit Sales
Total Sales = 56,800 + 75,800 = Rs 1,32,600

Question 33.
Calculate Total Sales from the following information:
Bills Receivables as on 1st April, 2017 – ₹ 7,800
Debtors as on 1st April, 2017 – ₹ 30,800
Cash received on maturity of Bills Receivable during the year – ₹ 20,900
Cash received from Debtors – ₹ 70,000
Bad Debts written off – ₹ 4,800
Returns Inward – ₹ 8,700
Bills Receivable dishonoured – ₹ 1,800
Bills Receivable on 31st March, 2018 – ₹ 6,000
Debtors as on 31st March, 2018 – ₹ 25,500
Cash Sales during the year – ₹ 15,900
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q33
Total Sales = Cash Sales + Credit Sales
Total Sales = 15,900 + 97,300 = Rs 1,13,200

Question 34.
From the following information, ascertain the opening balance of Sundry Debtors and the closing balance of Sundry Creditors:
Sundry Creditors as on 31st March, 2017 – ₹ 20,600
Sundry Debtors as on 31st March, 2018 – ₹ 37,400
Stock as on 31st March, 2017 – ₹ 26,000
Stock as on 31st March, 2018 – ₹ 24,000
During the year ended 31st March, 2018:
Purchases – ₹ 1,10,000
Discount allowed by creditors – ₹ 800
Discount allowed to customers – ₹ 1,100
Cash paid to sundry creditors – ₹ 95,000
Bills Payable issued by them – ₹ 14,000
Bills Receivable received from customers – ₹ 16,500
Cash received from customers – ₹ 1,30,000
Bills receivable dishonoured – ₹ 1,900
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q34
Cost of Goods Sold = Opening Stock + Purchases – Closing Stock
Cost of Goods Sold = 26,000 + 1,10,000 – 24,000 = 1,12,000
Gross Profit = \frac { 30 }{ 70 } x 112000 = Rs. 48,000
Sales = Cost of Goods Sold + Gross Profit
Sales = 1,12,000 + 48,000 = Rs 1,60,000
Credit Sales = 1,60,000 – 20,000 = Rs 1,40,000
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q34.1

Question 35.
Roshan, whose accounts are maintained by Single Entry System, acquired a retail business on 1st April, 2017. He had ₹ 40,000 of his own and he borrowed ₹ 20,000 from his wife. He paid ₹ 15,000 for Goodwill ₹ 5,000 for Furniture and ₹ 35,000 for Stock.
Total cash received by him during the financial year from the Debtors was ₹ 2,30,000. His payments were:
Purchases – ₹ 1,56,000
Salary and Wages – ₹ 21,400
Trade Expenses – ₹ 7,200
Rent:
For business premises – ₹ 5,920
For private house – ₹ 2,960
Payments made for domestic purposes and drawings – ₹ 26,400
At the end of the year, the Stock was ₹ 37,500. He owed ₹ 13,500 to Creditors for goods and his customers owed to him ₹ 15,000. Provide 5% for Depreciation on Furniture, Interest at 5% on wife’s Loan and ₹ 1,000 for Doubtful Debts.
Prepare the Cash Account, the Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet at the close of the year.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q35
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q35.1
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q35.2

Question 36.
Vijay commenced business as foodgrains merchant on 1st April, 2017 with a capital of ₹ 4,00,000. On the same day, he purchased furniture for ₹ 80,000. From the following particulars obtained from his books which do not conform to Double Entry principles, you are required to prepare the Trading and Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet as on that date:
Sales (including Cash Sales ₹ 2,00,000) – ₹ 5,00,000
Purchases (including Cash Purchases ₹ 1,20,000) – ₹ 4,00,000
Vijay’s Drawings (in cash) – ₹ 40,000
Salaries to Staff – ₹ 48,000
Bad Debts written off – ₹ 4,000
Trade Expenses paid – ₹ 16,000
Vijay used goods of ₹ 12,000 for private purposes during the year. On 31st March, 2018, his Debtors amounted to ₹ 1,40,000 and Creditors ₹ 80,000. Stock-in-Trade on that date was ₹ 1,60,000.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q36
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q36.1

Question 37.
Following information is obtained from the books of Vinay, who maintained his books of account under Single Entry System:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q37
Vinay banks all receipts and makes payments by means of cheque.
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q37.1
From the above information, prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as on that date.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q37
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q37.1
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q37.2

Question 38.
Surya does not keep a systematic record of his transactions. He is able to give you the following information regarding his assets and liabilities:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q38
Following additional information is also avialable for the year ended 31st March, 2018:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q38.1
Bad Debts during the year were ₹ 900. As regards sale, Surya tells you that he always sells goods at Cost plus 25%. Furniture and Fittings are to be depreciated at 10% of the value in the beginning of the year.
Prepare Surya’s Trading and Profit and Loss Account for the year ended 31st March, 2018 and his Balance Sheet on that date.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q38
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q38.1
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q38.2
TS Grewal Accountancy Class 11 Solutions Chapter 16 Accounts from Incomplete Records Single Entry System Q38.3

 

Updated: November 3, 2019 — 1:09 pm

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