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CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Accouting From Incomplete Records Quiz 3 - MCQExams.com
CBSE
Class 10 Elements Of Book Keeping And Accountancy
Accouting From Incomplete Records
Quiz 3
Further capital introduced during the year is ____________ from closing capital in order to find out the correct profit.
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0%
Added
0%
Deducted
0%
Divided
0%
Ignored
Explanation
Additional capital during the year is a result of working capital requirements and closing capital is the composition of profit or loss along with some capital contribution.
Hence, to remove the capital effect additional capital is deducted from closing capital in order to derive the correct profit or loss earned by the company.
If opening capital is Rs. 40000, closing capital is Rs. 90000, withdrawal is Rs. 5000 and additional capital brought in is Rs. 10000, profit is Rs. ____________.
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0%
45000
0%
55000
0%
35000
0%
50000
Explanation
Profit/loss = Closing capital + drawings & interest on drawings - opening capital - additional capital & interest on capital.
Under the net worth method, the basis for ascertaining profit or loss is the difference between _______________.
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0%
Gross assets on two dates
0%
Net assets on two dates
0%
Capital on two dates
0%
Liabilities on two dates
Explanation
Profit or loss earned by the business under single entry system is based on the difference between its Opening and closing capital.
Opening Capital is the capital on 1st Day of financial year
Closing Capital is the capital on last Day of financial year
if Closing capital is More it indicates Profit and vice-versa
hence to ascertain Profit or loss under this method difference if two dates are taken.
If the opening capital is Rs.80000, closing capital is Rs.180000, withdrawals are Rs.10000 and additional capital brought in is Rs.20000 the profit will be Rs.________________.
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0%
90000
0%
110000
0%
70000
0%
150000
Explanation
Profit/loss = Closing capital + Drawings - (opening capital + additional capital)
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.
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0%
Rs. 7000
0%
Rs.12,000
0%
Rs. 8000
0%
Rs.80000
Explanation
Calculation of total assets at the end of the year :-
Assets in the beginning of the year =Rs 20000
Add : Net profit for the year 7000
Less : Assets at the end of the year (15000)
= Rs 12000
Yes Associates is not maintaining full-fledged accounts on Double entry system basis. From the following details estimate the drawing of the firm during
2013
−
14
Capital as on
1
−
4
−
2013
Rs.
1
,
00
,
000
Capital added during the year Rs.
20
,
000
Profit credited to capital A/c during the year Rs.
35
,
000
Capital as on
31
−
3
−
2014
Rs.
1
,
25
,
000
.
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0%
Rs.
50
,
000
0%
Rs.
30
,
000
0%
Rs.
35
,
000
0%
Rs.
45
,
000
Explanation
Ending balance of capital account = Opening balance of capital account + Capital addition during the year + Profit - Drawing
Drawing =
Opening balance of capital account + Capital addition during the year + Profit - Ending balance of capital account
Drawing = Rs. 1,00,000 + Rs. 20,000 + Rs. 35,000 - Rs. 1,25,000
Drawing = Rs. 30,000
If any unrecorded liability is paid on dissolution of the firm __________ is debited.
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0%
Cash / Bank Account
0%
Realization Account
0%
Partners Capital Account
0%
Partners Loan Account
Explanation
In case of payment of unrecorded liability Realisation account would be debited and Cash/bank a/c credited.
From the following details find out the total sales.
Particulars
Rs.
Opening Debtors
10
,
200
Cash received from debtors
30
,
400
Returns Inwards
2
,
700
Bad debts
1
,
200
Debtors at end
13
,
800
Cash Sales
28
,
400
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0%
Rs.
66
,
300
0%
Rs.
66
,
000
0%
Rs.
65
,
000
0%
Rs.
66
,
500
Explanation
Sales can be calculated by preparing the Debtor Account:
Sundry Debtors Account
Particulars
Amount
Particulars
Amount
To Opening Balance B/f
10200
By Cash
30400
To Credit sales
37900
By Returns Inwards
2700
By Bad Debts
1200
By Closing Balance c/f
13800
Total
48100
Total
48100
Cash Sales (A)
28400
Credit Sales (B)
37900
Total Sales (A+B)
66300
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.
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0%
25,000
0%
15,000
0%
9,000
0%
8,000
Explanation
Calculation of total assets at the end of the year :-
Assets in the beginning of the year =Rs 20000
Less : Drawing made during the year (7000)
Add : Net profit for the year 12000
= Rs 25000
Particulars
Rs.
Opening capital
16
,
000
Investment by proprietor
Nil
Drawings
3
,
000
Capital at the end
13
,
500
Net Profit/(Loss)
?
The net profit will be.
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0%
Rs.
600
0%
Rs.
500
0%
Rs.
550
0%
Rs.
700
Explanation
O
p
e
n
i
n
g
C
a
p
i
t
a
l
+
P
r
o
f
i
t
+
I
n
v
e
s
t
e
d
b
y
p
r
o
p
r
i
e
t
o
r
−
D
r
a
w
i
n
g
s
=
C
l
o
s
i
n
g
C
a
p
i
t
a
l
R
s
.16000
+
P
r
o
f
i
t
+
N
I
L
−
R
s
.3000
=
R
s
.13500
R
s
.13000
+
P
r
o
f
i
t
=
R
s
.13500
P
r
o
f
i
t
=
R
s
.13500
−
13000
P
r
o
f
i
t
=
R
s
.500
.
The ending balance of the accounts receivable account was
R
s
.
1
,
20
,
000
. Services billed to customers for the period were
R
s
.
2
,
15
,
000
and collection on account from customers was
R
s
.
2
,
36
,
000
. Thee beginning balance of account receivable was__________.
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0%
R
s
.
3
,
35
,
000
0%
R
s
.
1
,
41
,
000
0%
R
s
.
98
,
000
0%
R
s
.
3
,
33
,
000
Explanation
This can be represented as:
Accounts Receivable A/c
Particulars
Amount
Particulars
Amount
To Opening Bal. B/d
141000
By Cash
236000
To Sales/Services
215000
By Closing Balance C/d
120000
Total
356000
Total
356000
From the following calculate credit purchases during the year.
Creditors as on
1
−
4
−
2013
Rs.
36
,
500
Payment made to creditors Rs.
60
,
000
Discount given by creditors for early payment Rs.
5
,
500
Creditors as on
31
−
3
−
2014
Rs.
21
,
000
.
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0%
Rs.
50
,
000
0%
Rs.
54
,
000
0%
Rs.
61
,
250
0%
Rs.
52
,
800
Explanation
Ending balance of Creditor = Op. bal. of Creditor + Payment made to Creditor + Discount - Cr. purchases
Cr. purchases =
Ending balance of Creditor +
Payment made to Creditor
+
Discount
-
Op. bal. of Creditor
Cr. purchases = Rs. 21,000 + Rs. 60,000 + Rs. 5,500 - Rs. 36,500
Cr. purchases = Rs. 50,000
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