Class 11 Accountancy - Chapter Accounts from Incomplete Records NCERT Solutions | If opening capital is Rs. 60,000, drawin

Credit purchase, during the year is ascertained by preparing :

  (a) Total creditors account       (b) Total debtors account
  (c) Cash account                     (d) Opening statement of affairs

What are the possible reasons for keeping incomplete records?

Explain how the following may be ascertained from incomplete records:
(a) Opening capital and closing capital
(b) Credit sales and credit purchases
(c) Payments to creditors and collection from debtors
(d) Closing balance of cash.

State the meaning of incomplete records?

Distinguish between statement of affairs and balance sheet.

Tick the correct answer :

Incomplete record mechanism of book keeping is :

  (a) Scientific              (b) Unscientific
  (c) Unsystematic       (d) both (b) and (c)

Opening capital is ascertained by preparing :

  (a) Total debtors account      (b) Total creditors account
  (c) Cash account                  (d) Opening statement of affairs

Write the correct word(s) :

1. Credit sales can be ascertained as the balancing figure in the .......... account.
2. Excess of .......... over ......... represents loss sustained during the period.
3. To ascertain the profit, closing capital is to be adjusted by deducting .......... and adding ..........
4. Incomplete records are generally used by ..........

What is meant by a ‘statement of affairs’? How can the profit or loss of a trader be ascertained with the help of a statement of affairs?

‘Is it possible to prepare the profit and loss account and the balance sheet from the incomplete book of accounts kept by a trader’? Do you agree? Explain.

Name any two types of commonly used negotiable instruments.

Why is it necessary to record the adjusting entries in the preparation of final accounts?

What is ‘Depreciation’?

Briefly state how the cash book is both journal and a ledger.

State the meaning of a trial balance?

State the four basic requirements of a database applications.

Define accounting.

State the different elements of a computer system.

Why is it necessary for accountants to assume that business entity will remain a going concern?

State the need for the preparation of bank reconciliation statement?

What are financial statements? What information do they provide.

Show the effect through Journal entries:
Credit sales to Mohan 10,000 were posted to his account as 12,000
This is an error of ..................................
The wrong effect has been:

The correct effect should have been:

The rectification entry will be.

Select Right Answer:

Voucher is prepared for:
(i) Cash received and paid
(ii) Cash/Credit sales
(iii) Cash/Credit purchase
(iv) All of the above

What are the causes of depreciation?

Why are some accounting systems called double accounting systems?

Cash withdrawn by the Proprietor should be credited to:
(i) Drawings account
(ii) Capital account
(iii) Profit and loss account
(iv) Cash account

Explain determinants of the amount of depreciation.

What is meant by acceptance of a bill of exchange?

Sales returns from Megha 1,600 were posted to her account as 1,000.
This is an error of ..................................
The wrong effect has been:

The correct effect should have been:

The rectification entry will be.

Give a specimen of an account.