Tamil Nadu HSC (Class 12) Accounts from Incomplete Records — practice questions
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Practice Tamil Nadu HSC (Class 12) Accounts from Incomplete Records in the app →Incomplete records are generally maintained by:A statement of affairs is best described as a statement showing:The excess of assets over liabilities represents:In a statement of affairs, on which side are the balances of assets shown?The amount of credit sales can be computed from which account?Under the statement of affairs method, an increase in capital during the year is treated as:In India, which statute requires companies to maintain accounting records under the double entry system?Which pair of accounts is generally maintained fully even when records are incomplete?The method of finding profit by comparing opening and closing capital is also known as the:In computing profit from incomplete records, drawings made during the year are:Additional capital introduced during the year is treated how, when profit is computed from capital balances?A trader's closing capital is Rs 3,50,000 and opening capital Rs 2,00,000. He introduced Rs 70,000 as additionClosing capital is Rs 1,50,000, opening capital Rs 1,60,000, additional capital Rs 25,000 and drawings Rs 30,0A firm's assets total Rs 85,000 and its liabilities Rs 21,000. Its capital is:Opening debtors were Rs 40,000, cash received from debtors Rs 1,00,000, discount allowed Rs 5,000, sales returOpening creditors were Rs 50,000, returns outward Rs 6,000, cash paid to creditors Rs 1,60,000 and closing creGoods taken by the proprietor for personal use are treated in the profit computation as:Which item relating to bills payable is transferred to the total creditors account?A bank balance shown as Rs 14,000 (Cr.) in the books of a trader appears in the statement of affairs as:Which of these is a limitation of incomplete records rather than merely a feature?Which account must be prepared to find the amount of bills receivable received during the year?Closing capital is Rs 1,90,000, additional capital Rs 50,000, drawings Rs 30,000 and the loss for the year Rs Opening capital is Rs 27,500, goods taken for personal use Rs 5,000, additional capital Rs 2,500 and profit RsOpening capital is Rs 2,50,000, closing capital Rs 2,75,000, additional capital Rs 30,000 and profit Rs 15,000Why is a statement of affairs NOT called a balance sheet, even though it lists assets and liabilities?In the closing statement of affairs, a provision of 5 per cent is to be created on debtors of Rs 30,000, and pIn a problem, 'discount allowed by suppliers' of Rs 3,500 is posted in the solution as:In the balance sheet prepared from incomplete records, the capital section is built up in which order?Carriage on purchases and carriage on sales are taken to which accounts respectively?Opening stock is Rs 28,000, purchases Rs 40,000, carriage on purchases Rs 3,000, sales Rs 1,00,000 and closing