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Tamil Nadu HSC (Class 12) Accounts from Incomplete Records — practice questions

Explore 23 free Accounts from Incomplete Records questions in Tamil Nadu HSC (Class 12) Accountancy. Open each question or exercise to read its content, reference answers and available explanation.

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Accounts from Incomplete Records questions and exercises with answers

Showing questions 1–23 of 23.

Incomplete records are generally maintained by:Read the answer and worked solution →A statement of affairs is best described as a statement showing:Read the answer and worked solution →The excess of assets over liabilities represents:Read the answer and worked solution →In a statement of affairs, on which side are the balances of assets shown?Read the answer and worked solution →The amount of credit sales can be computed from which account?Read the answer and worked solution →Under the statement of affairs method, an increase in capital during the year is treated as:Read the answer and worked solution →Which pair of accounts is generally maintained fully even when records are incomplete?Read the answer and worked solution →The method of finding profit by comparing opening and closing capital is also known as the:Read the answer and worked solution →In computing profit from incomplete records, drawings made during the year are:Read the answer and worked solution →Closing capital is Rs 1,50,000, opening capital Rs 1,60,000, additional capital Rs 25,000 and drawings Rs 30,000. The result for the year is:Read the answer and worked solution →A firm's assets total Rs 85,000 and its liabilities Rs 21,000. Its capital is:Read the answer and worked solution →Opening creditors were Rs 50,000, returns outward Rs 6,000, cash paid to creditors Rs 1,60,000 and closing creditors Rs 70,000. Credit purchases are:Read the answer and worked solution →Goods taken by the proprietor for personal use are treated in the profit computation as:Read the answer and worked solution →Which item relating to bills payable is transferred to the total creditors account?Read the answer and worked solution →A bank balance shown as Rs 14,000 (Cr.) in the books of a trader appears in the statement of affairs as:Read the answer and worked solution →Which of these is a limitation of incomplete records rather than merely a feature?Read the answer and worked solution →Which account must be prepared to find the amount of bills receivable received during the year?Read the answer and worked solution →Closing capital is Rs 1,90,000, additional capital Rs 50,000, drawings Rs 30,000 and the loss for the year Rs 40,000. The opening capital is:Read the answer and worked solution →Opening capital is Rs 27,500, goods taken for personal use Rs 5,000, additional capital Rs 2,500 and profit Rs 10,000. The closing capital is:Read the answer and worked solution →Opening capital is Rs 2,50,000, closing capital Rs 2,75,000, additional capital Rs 30,000 and profit Rs 15,000. The drawings during the year are:Read the answer and worked solution →In a problem, 'discount allowed by suppliers' of Rs 3,500 is posted in the solution as:Read the answer and worked solution →Carriage on purchases and carriage on sales are taken to which accounts respectively?Read the answer and worked solution →Opening stock is Rs 28,000, purchases Rs 40,000, carriage on purchases Rs 3,000, sales Rs 1,00,000 and closing stock Rs 11,000. The gross profit is:Read the answer and worked solution →

Worked practice questions

Incomplete records are generally maintained by:

  1. A small sized sole trader business
  2. A public limited company
  3. A multinational enterprise firm
  4. A government department
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Correct answer: A. A small sized sole trader business

1. Only concerns that have no legal obligation to maintain books under the double entry system may keep incomplete records. 2. The textbook states that these may therefore be maintained by small sized sole traders and partnership firms. 3. Companies in India must maintain accounts under the double entry system, so they are excluded. 4. Government departments and multinational enterprises are likewise bound by statutory accounting requirements. _Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 1 "Accounts from Incomplete Records", §1.3_

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A statement of affairs is best described as a statement showing:

  1. All the income and expenditure of a period
  2. The balances of assets and liabilities on a date
  3. A summary of every cash transaction of the year
  4. A summary of all credit transactions of a firm
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Correct answer: B. The balances of assets and liabilities on a date

1. A statement of affairs shows the balances of assets and liabilities on a particular date. 2. It is prepared from incomplete records to find out the capital of a business unit on that date. 3. The difference between the total of assets and the total of liabilities is taken as capital. 4. It resembles a balance sheet in shape, but it lists balances rather than income and expenditure. _Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 1 "Accounts from Incomplete Records", §1.7.3_

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The excess of assets over liabilities represents:

  1. The profit for the year
  2. The cash held in hand
  3. The capital of the business
  4. The loss for the period
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Correct answer: C. The capital of the business

1. The textbook prints the relationship in a single form, capital equals assets minus liabilities. 2. In a statement of affairs, the difference between total assets and total liabilities is taken as capital. 3. Capital therefore appears on the liabilities side as the balancing figure. 4. Profit is found separately, by comparing the adjusted closing capital with the opening capital. _Source: TN HSC Class 12 Accountancy (Samacheer Kalvi, Govt of Tamil Nadu), Unit 1 "Accounts from Incomplete Records", §1.7.3_

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