{"id":28223,"date":"2019-11-04T14:37:20","date_gmt":"2019-11-04T09:07:20","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=28223"},"modified":"2019-11-04T15:46:29","modified_gmt":"2019-11-04T10:16:29","slug":"cbse-class-11-chapter-11-accountancy-extra-questions","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/cbse-class-11-chapter-11-accountancy-extra-questions\/","title":{"rendered":"CBSE Class 11 Chapter 11 Accountancy Extra Questions"},"content":{"rendered":"
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CBSE Class 11 Chapter 11 Accountancy Extra Questions. <\/strong>myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect and interpret financial accounts. There chapter wise Practice Questions with complete solutions are available for download in\u00a0myCBSEguide<\/a>\u00a0<\/strong>website and mobile app. These Question with solution are prepared by our team of expert teachers who are teaching grade in CBSE schools for years. There are around 4-5 set of solved Accountancy Extra questions from each and every chapter. The students will not miss any concept in these Chapter wise question that are specially designed to tackle Exam. We have taken care of every single concept given in\u00a0CBSE Class 11 Accountancy\u00a0<\/a><\/strong>syllabus and questions are framed as per the latest marking scheme and blue print issued by CBSE for class 11.<\/p>\n<\/div>\n<\/div>\n

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Class 11 Accountancy Extra Questions<\/strong><\/p>\n

Download as PDF<\/a><\/strong><\/p>\n<\/div>\n<\/div>\n

Accounts from Incomplete Records Class 11 Accountancy Practice Questions<\/h2>\n

Ch-11 Accounts Incomplete Records<\/strong><\/p>\n

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    \n
  1. Can a limited company maintain its accounts under single entry system?<\/li>\n
  2. Calculate Purchases-
    \n\n\n\n\n\n\n
    <\/td>\nRs.<\/strong><\/td>\n<\/tr>\n
    Cost of Goods Sold<\/td>\n65,000<\/td>\n<\/tr>\n
    Stock in the beginning<\/td>\n4,000<\/td>\n<\/tr>\n
    Closing Stock<\/td>\n5,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n
  3. In the single entry system, state any method which is used to ascertain profit or loss.<\/li>\n
  4. Explain how opening capital and closing capital be ascertained from incomplete records?<\/li>\n
  5. Following information is given of an accounting year-
    \nOpening Creditors Rs.15,000; Cash paid to creditors Rs.15,000; Returns Outward Rs.1,000 and Closing creditors Rs.12,000.
    \nCalculate Credit Purchases during the year.<\/li>\n
  6. Rishant keeps incomplete records of his business. He gives you the following information.\u00a0Capital at the beginning of the year Rs 8,00,000; capital at the end of the year Rs 6,20,000,\u00a0Rs 2,50,000 was withdrawn by him for his personal use; as Rishant needed money for expansion of his business, he asked his wife for help, his wife allowed him to sell her ornaments and invest that amount into the business which come to Rs 30,000. Calculate his profit or loss for the year ended.<\/li>\n
  7. What is meant by single entry system of accounts and give any three salient features.<\/li>\n
  8. Manveer started his business on 1st January 2013 with a capital of Rs 4,50,000. On 31st December, 2013 his position was under
    \n\n\n\n\n\n\n\n\n
    Items<\/strong><\/td>\nAmt(Rs)<\/strong><\/td>\n<\/tr>\n
    Cash<\/td>\n99,000<\/td>\n<\/tr>\n
    Bills Receivable<\/td>\n75,000<\/td>\n<\/tr>\n
    Plant<\/td>\n48,000<\/td>\n<\/tr>\n
    Land and Building<\/td>\n1,80,000<\/td>\n<\/tr>\n
    Furniture<\/td>\n50,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    He owed Rs 45,000 from his friend Susheel on that date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for this year ended 31 st December, 2013.<\/li>\n

  9. Following information is supplied to you by a shopkeeper:
    \n\n\n\n\n\n\n\n\n\n
    <\/td>\n1st April 2017<\/strong><\/td>\n31st March 2018<\/strong><\/td>\n<\/tr>\n
    Cash<\/td>\nRs.6,000<\/td>\nRs.7,000<\/td>\n<\/tr>\n
    Sundry Debtors<\/td>\n68,000<\/td>\n64,000<\/td>\n<\/tr>\n
    Stock<\/td>\n59,000<\/td>\n87,000<\/td>\n<\/tr>\n
    Furniture<\/td>\n15,000<\/td>\n13,500<\/td>\n<\/tr>\n
    Sundry Creditors<\/td>\n20,000<\/td>\n18,000<\/td>\n<\/tr>\n
    Bills Payable<\/td>\n15,000<\/td>\n11,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    During the year he withdrew Rs.2,500 per month for domestic purpose. He also borrowed from a friend at 9% a sum of Rs.20,000 on 1st October 2017. He has not yet paid the interest. A provision of 5% on debtors for doubtful debts is to be made. Ascertain the profit or loss made by him during the period.<\/li>\n

  10. Vijay commenced business as foodgrains merchant on 1st April, 2017 with a capital of Rs.4,00,000. On the same day, he purchases furniture for Rs.80,000. From the following particulars obtained from his books which do not conform to Double Entry principles, you are required to prepare the Trading and Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet as on that date :
    \n\n\n\n\n\n\n\n\n\n
    <\/td>\nRs.<\/strong><\/td>\n<\/tr>\n
    Sales (including Cash Sales Rs.2,00,000)<\/td>\n5,00,000<\/td>\n<\/tr>\n
    Purchases (including Cash Purchases Rs.1,20,000)<\/td>\n4,00,000<\/td>\n<\/tr>\n
    Vijay’s Drawings (in Cash)<\/td>\n40,000<\/td>\n<\/tr>\n
    Salaries to Staff<\/td>\n48,000<\/td>\n<\/tr>\n
    Bad Debts written off<\/td>\n4,000<\/td>\n<\/tr>\n
    Trade Expenses paid<\/td>\n16,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Vijay used goods of Rs.12,000 for private purpose during the year. On 31st March, 2018, his Debtors amounted to Rs.1,40,000 and Creditors Rs.80,000. Stock-in-Trade on that date was Rs.1,60,000.<\/li>\n<\/ol>\n

    Ch-11 Accounts Incomplete Records<\/strong><\/p>\n

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    Answer<\/b><\/p>\n

      \n
    1. No, a limited company cannot maintain its books of accounts under single entry system due to legal restrictions.<\/li>\n
    2. Cost of goods Sold =\u00a0Purchase\u00a0+ Opening Stock –\u00a0Closing Stock
      \n65,000 = Purchase + 4,000 – 5,000 n Purchase = Rs.66,000<\/li>\n
    3. Statement of Affairs Method or Net Worth Method is generally used to ascertain Profit \/Loss in case of Single Entry System.<\/li>\n
    4. Opening capital can be obtained by preparing the statement of affairs at the beginning of the financial year and the closing capital can be ascertained with the help of the statement of affairs at the end of the financial year of the firm.<\/li>\n
    5. The\u00a0term<\/b>\u00a0“Sundry<\/b>” usually refers Small or infrequent customers\/companies that are not assigned individual ledger\u00a0accounts<\/b>\u00a0but are classified as a group.\u00a0Sundry creditors\u00a0<\/b>are such small entities that the company owes money to. In this question the account is to be maintained as follows:-\n

      Sundry Creditors A\/<\/strong>c<\/strong><\/p>\n\n\n\n\n\n\n\n
      Particulars<\/strong><\/td>\nRs.<\/strong><\/td>\nParticulars<\/strong><\/td>\nRs.<\/strong><\/td>\n<\/tr>\n
      To Cash A\/c (Paid)<\/td>\n15,000<\/td>\nBy Balance b\/d<\/td>\n15,000<\/td>\n<\/tr>\n
      To Returns Outward<\/td>\n1,000<\/td>\nBy Credit Purchase
      \n(Bal. Fig.)<\/td>\n      		13,000<\/td>\n<\/tr>\n
      To Balance c\/d<\/td>\n12,000<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
      Total<\/strong><\/td>\n28,000<\/strong><\/td>\nTotal<\/strong><\/td>\n28,000<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n
    6. \n

      Statement of Profit And\u00a0Loss<\/strong>
      \nfor the year ended….<\/p>\n\n\n\n\n\n\n\n\n\n\n
      Particulars<\/strong><\/td>\n\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/strong>\u00a0 \u00a0 Amt.(Rs)<\/td>\n<\/tr>\n
      Capital at the End(ie.closing capital)<\/td>\n6,20,000<\/td>\n<\/tr>\n
      Add: Drawings<\/td>\n2,50,000<\/td>\n<\/tr>\n
      <\/td>\n8,70,000<\/td>\n<\/tr>\n
      Less: Additional Capital Introduced<\/td>\n30,000<\/td>\n<\/tr>\n
      Adjusted capital at the end<\/td>\n8,40,000<\/td>\n<\/tr>\n
      Less: Capital in the Beginning(ie.opening capital)<\/td>\n8,00,000<\/td>\n<\/tr>\n
      Profit Made During the year<\/td>\n40,000<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      Profit=Closing capital+Drawings-Additional capital-Opening capital<\/li>\n

    7. Meaning of Single Entry System:\u00a0<\/strong>A single entry system records a transaction with a single entry and only maintains one side of every transaction. It is the oldest method of recording financial transactions and is less popular than the double-entry system\u00a0and is mainly used for entries recorded in the income statement. This term is used to describe the problems associated with the accounts from an incomplete transaction and is popularly called as \u2018Preparation of accounts from incomplete records\u2019Three Salient features of Single Entry System :<\/strong>\n