Class 11 Accountancy - Chapter Accounts from Incomplete Records NCERT Solutions | Write the correct word(s) : 1. Credit

Credit purchase, during the year is ascertained by preparing :

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

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?

Distinguish between statement of affairs and balance sheet.

Tick the correct answer :

Incomplete record mechanism of book keeping is :

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

Opening capital is ascertained by preparing :

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

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?

Discuss the advantages of computerised accounting system over the manual accounting system.

A bill of exchange must contain “an unconditional promise to pay” Do you agree with a statement?

The periodic total of sales return journal is posted to :
(i) Sales account
(ii) Goods account
(iii) Purchases return account
(iv) Sales return account

Give the performa of a Bills Payable Book.

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.

When a firm maintains a cash book, it need not maintain ;
(i) Journal Proper
(ii) Purchases (journal) book
(iii) Sales (journal) book
(iv) Bank and cash account in the ledger

What are adjusting entries? Why are they necessary for preparing final accounts?

State the nature of accounting information required by long-term lenders.

If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be :

  (a) Rs. 1,300             (b) Rs. 1,000
  (c) Rs. 300                (d) Rs. 700

What is petty cash book? Write the advantages of petty cash book?