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Accounting from incomplete records - class-XI

accounting from incomplete records

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Questions

Question 1 Multiple Choice (Single Answer)

To ascertain the profit, closing capital is to be adjusted by deducting ________ and adding _________.

  1. Opening capital, Drawings
  2. Opening capital, Cash deposit
  3. Surplus, Opening balance
  4. None of the Above
Question 2 Multiple Choice (Single Answer)

Profit under single entry system of Book Keeping means ______________.

  1. The difference between opening and closing cash balances and reduced by fresh capital introduced.
  2. The difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced.
  3. Profit shown by Trading and Profit and Loss Account and Balance sheet.
  4. The amount of closing cash balance as reduced by expenses.
Question 3 Multiple Choice (Single Answer)

If opening capital is $Rs.80,000$, closing capital is $Rs.1,80,000$, withdrawals are $Rs.10,000$ and additional capital brought in the business is Rs. $20,000$, then the profit will be________.

  1. $Rs.90,000$
  2. $Rs.1,10,000$
  3. $Rs.70,000$
  4. $Rs.1,50,000$
Question 4 Multiple Choice (Single Answer)

While ascertaining profit in single entry system the amount of additional capital introduced is ___________.

  1. added to the capital in the beginning
  2. deducted from the capital in the beginning
  3. added to the capital at the end
  4. deducted from the capital at the end
Question 5 Multiple Choice (Single Answer)

In statement of profit and loss interest on capital is shown as _________.

  1. Addition
  2. Subtraction
  3. Ignored
  4. Multiplied
Question 6 Multiple Choice (Single Answer)

Further capital introduced during the year is ____________ from closing capital in order to find out the correct profit.

  1. Added
  2. Deducted
  3. Divided
  4. Ignored
Question 7 Multiple Choice (Single Answer)

Profit can be ascertained from the incomplete records under single entry by using  ________.

  1. Statement of affairs
  2. Conversion method
  3. Either A or B
  4. None of the above
Question 8 Multiple Choice (Single Answer)

The difference between capital at the end of year and capital at the beginning of year is called ____________.

  1. Profit
  2. Income
  3. Drawings
  4. Expenses
Question 9 Multiple Choice (Single Answer)

In order to find out the correct profit, drawings are ___________ to the closing capital.

  1. Deducted
  2. Added
  3. Divided
  4. Multiplied
Question 10 Multiple Choice (Single Answer)

Find the total at assets at the end of the year if the net profit, drawing during the year and assets at the beginning of the year were 12,000, 7,000 and 15,000 respectively.

  1. 20,000
  2. 10,000
  3. 9,000
  4. 8,000
Question 11 Multiple Choice (Single Answer)

                                             Rs.
Opening Capital                  50,000
Closing Capital                    52,000
Net profit during the year      5,000     
If the above figure are drawn from the books of a trader, then  his drawings, if any, are ____________.

  1. Rs. 5,000
  2. Rs. 3,000
  3. Rs. 1,000
  4. Rs. 6,000
Question 12 Multiple Choice (Single Answer)

Capital on 1 January Rs.65,000, Interest on drawing Rs.5,000, Interest on Capital Rs.2,000, Drawings Rs.14,000, Profit for the year Rs.15,000. His capital as on 31 December will be _____________.

  1. Rs. 67,000
  2. Rs.63,000
  3. Rs.77,000
  4. Rs.89,000
Question 13 Multiple Choice (Single Answer)

Profit = Capital at the end+______- Capital introduced - Capital in the beginning.

  1. Sales
  2. Drawings
  3. Loan
  4. Net Purchases
Question 14 Multiple Choice (Single Answer)

Trading and Profit and Loss Account cannot be prepared from books maintained on single entry basis because :

  1. Nominal accounts are not maintained in the ledger.
  2. Real accounts are not maintained in the ledger.
  3. Personal accounts are not maintained in the ledger.
  4. All of the above
Question 15 Multiple Choice (Single Answer)

Difference between the opening and closing capital after adjusting drwaings and capitals introduced during the year is profit for the year.

  1. True
  2. False
Question 16 Multiple Choice (Single Answer)

Profit, under Single Entry System is ascertained ____________ .

  1. by preparing Profit and Loss Account.
  2. by preparing Statement of Affairs
  3. by preparing Cash Account
  4. all of the above
Question 17 Multiple Choice (Single Answer)

A statement of affairs is a summarised statement of an estimated _____________.

  1. Financial position
  2. Profit
  3. Income
  4. Loss
Question 18 Multiple Choice (Single Answer)

The capital at the end of the accounting year is ascertained by preparing _______.

  1. Cash Account
  2. Closing statement of affairs
  3. Total debtors account
  4. Opening statement of affairs
Question 19 Multiple Choice (Single Answer)

The difference between assets and liabilities is called as ___________.

  1. Capital
  2. Drawings
  3. Incomes
  4. Expenses
Question 20 Multiple Choice (Single Answer)

Find the total assets at the end of the year if net profit, drawing during the year and assets at the of beginning of the year were 12,000, 7000 and 20,000 respectively. 

  1. 25,000
  2. 15,000
  3. 9,000
  4. 8,000
Question 21 Multiple Choice (Single Answer)

From the following find out the total drawing during the year.
Total assets at the beginning of the year Rs.20,000, total assets at the end of the year 15,000, net profit during the year Rs.7000. 

  1. Rs. 7000
  2. Rs.12,000
  3. Rs. 8000
  4. Rs.80000
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