Class 11 Accountancy - Chapter Accounts from Incomplete Records NCERT Solutions | Credit purchase, during the year is asce

What are the possible reasons for keeping incomplete records?

Explain how the following may be ascertained from incomplete records:
(a) Opening capital and closing capital
(b) Credit sales and credit purchases
(c) Payments to creditors and collection from debtors
(d) Closing balance of cash.

State the meaning of incomplete records?

Tick the correct answer :

Incomplete record mechanism of book keeping is :

  (a) Scientific              (b) Unscientific
  (c) Unsystematic       (d) both (b) and (c)

Distinguish between statement of affairs and balance sheet.

Opening capital is ascertained by preparing :

  (a) Total debtors account      (b) Total creditors account
  (c) Cash account                  (d) Opening statement of affairs

Write the correct word(s) :

1. Credit sales can be ascertained as the balancing figure in the .......... account.
2. Excess of .......... over ......... represents loss sustained during the period.
3. To ascertain the profit, closing capital is to be adjusted by deducting .......... and adding ..........
4. Incomplete records are generally used by ..........

If opening capital is Rs. 60,000, drawings Rs. 5,000, capital introduced during the period Rs. 10,000, closing capital Rs. 90,000. The value of profit earned during the period will be :

  (a) Rs. 20,000            (b) Rs. 25,000
  (c) Rs. 30,000            (d) Rs. 40,000

What is meant by a ‘statement of affairs’? How can the profit or loss of a trader be ascertained with the help of a statement of affairs?

‘Is it possible to prepare the profit and loss account and the balance sheet from the incomplete book of accounts kept by a trader’? Do you agree? Explain.

Name any two types of commonly used negotiable instruments.

Why is it necessary to record the adjusting entries in the preparation of final accounts?

What is ‘Depreciation’?

Briefly state how the cash book is both journal and a ledger.

State the meaning of a trial balance?

State the four basic requirements of a database applications.

Define accounting.

State the different elements of a computer system.

Why is it necessary for accountants to assume that business entity will remain a going concern?

State the need for the preparation of bank reconciliation statement?

If wages paid for installation of new machinery is debited to wages Account, it is:

(a) An error of commission.
(b) An error of principle.
(c) A compensating error.
(d) An error of omission.

If suspense account does not balance off even after rectification of errors it implies that:

(a) There are some one sided errors only in the books yet to be located.
(b) There are no more errors yet to be located.
(c) There are some two sided errors only yet to be located.
(d) There may be both one sided errors and two sided errors yet to be located.

What do you understand by balancing of account?

Describe the various elements of a computer system and explain the distinctive features of a computer system and manual system.

Balancing of account means :
(i) Total of debit side
(ii) Total of credit side
(iii) Difference in total of debit & credit
(iv) None of these

Discuss the concept-based on the premise do not anticipate profits but provide for all losses.

Voucher is prepared from:
(i) Documentary evidence
(ii) Journal entry
(iii) Ledger account
(iv) All of the above

A Trial balance is prepared:

(a) After preparation financial statement.
(b) After recording transactions in subsidiary books.
(c) After posting to ledger is complete.
(d) After posting to ledger is complete and accounts have been balanced.

What is contra entry? How can you deal this entry while preparing double column cash book?

Distinguish between a ‘ready-to-use’ and ‘tailored’ accounting software.