{"id":44081,"date":"2024-02-19T05:19:28","date_gmt":"2024-02-18T23:49:28","guid":{"rendered":"https:\/\/www.aplustopper.com\/?p=44081"},"modified":"2024-02-19T11:15:10","modified_gmt":"2024-02-19T05:45:10","slug":"plus-one-accountancy-chapter-wise-questions-answers-chapter-9","status":"publish","type":"post","link":"https:\/\/www.aplustopper.com\/plus-one-accountancy-chapter-wise-questions-answers-chapter-9\/","title":{"rendered":"Plus One Accountancy Chapter Wise Questions and Answers Chapter 9 Accounts from Incomplete Records"},"content":{"rendered":"
Question 1.
\nSingle entry system is also known as ………….
\n(a) Imprest system
\n(b) Merchandise system
\n(c) Incomplete system
\n(d) Cash system
\nAnswer:
\n(c) Incomplete system<\/p>\n
Question 2.
\nIncomplete records are usually maintained by ………………………
\n(a) Small traders
\n(b) Society
\n(c) Company
\n(d) Government
\nAnswer:
\n(a) Small traders<\/p>\n
Question 3.
\nCredit purchase can be ascertained as the balancing figure in the ………………
\n(a) Total Debtor Account
\n(b) Total Creditor Account
\n(c) Statement of Affairs
\n(d) Balance Sheet
\nAnswer:
\n(b) Total Creditors Account<\/p>\n
Question 4.
\nCash received from debtors can be had from ………………. the account.
\n(a) Total Debtor
\n(b) Cash Book
\n(c) Statement of affairs
\n(d) Both a & b
\nAnswer:
\n(d) both a & b.<\/p>\n
Question 5.
\nIf capital comparison method of single entry system, the profit or loss is ascertained by
\n(a) Preparing a statement of affairs
\n(b) Preparing trading and profit & loss A\/c.
\n(c) Preparing a statement of profit or loss
\n(d) Both a & c.
\nAnswer:
\n(d) Both a and c.<\/p>\n
Question 6.
\nIncomplete record mechanism of bookkeeping is:
\n(a) Scientific
\n(b) Unscientific
\n(c) Unsystematic
\n(d) Both b and C
\nAnswer:
\n(d) Both b and c<\/p>\n
Question 7.
\nLocate the odd one.
\n(a) Incomplete system
\n(b) Unsystematic system
\n(c) Double-entry system
\n(d) Single entry system
\nAnswer:
\n(c) Double-entry system.<\/p>\n
Question 8.
\n……….. account are not kept under single entry system.
\nAnswer:
\nImpersonal<\/p>\n
Question 9.
\n………….. account is prepared to ascertain credit sale.
\nAnswer:
\nTotal Debtors Account<\/p>\n
Question 10.
\nBill receivable from debtors during the year can be obtained from ………… account.
\nAnswer:
\nBill Receivable<\/p>\n
Question 11.
\nStatement of affairs is prepared to a certain ……………..
\nAnswer:
\nCapital<\/p>\n
Question 12.
\nFind the odd one and state the reason.<\/p>\n
Answer:<\/p>\n
Question 13.
\nMatch the following.
\n
\nAnswer:<\/p>\n
Question 14.
\nWhat does the missing item of the account represent?
\nTotal Debtors A\/c
\n
\nAnswer:
\nCash received from Debtors Rs. 32,000<\/p>\n
Question 15.
\nIn capital comparison method of single entry system, the profit or loss is ascertained by
\n(a) Preparing trading and profit and loss A\/c.
\n(b) Preparing statement of affairs.
\n(c) Preparing statement of profit or loss.
\n(d) Both b and c.
\nAnswer:
\n(d) Both b and c<\/p>\n
Question 16.
\nGiven the opening and closing balances of bills receivable and cash received on account of bills receivable, balancing bills receivable account will show,
\n(a) Credit purchase
\n(b) Credit sales
\n(c) Bills received during the year
\nAnswer:
\n(c) Bills received during the year.<\/p>\n
Question 17.
\nGiven the opening and closing balance of debtors and the figures of credit sales, the balancing figure of total debtors account will give.
\n(a) Bills honoured during the year.
\n(b) Closing balance of bills receivable.
\n(c) Cash received from debtors.
\n(d) Cash sales.
\nAnswer:
\n(c) Cash received from debtors.<\/p>\n
Question 1.
\nState the meaning of incomplete records.
\nAnswer:
\nBooks of accounts that are not maintained according to the double-entry system are generally referred to as incomplete records. The system is also known as single entry. It is an incomplete, unscientific and unsystematic method of keeping the books of accounts of a trader.<\/p>\n
Question 2.
\nComplete the following table:
\n
\nAnswer:<\/p>\n
Question 3.
\nAfire occured in the godown of Mr. Asok who keeps his books under single entry and his goods were partly destroyed. Since the goods were insured, he lodged a claim of Rs. 1,00,000\/- to the insurance company, out of which only Rs. 60,000 was admitted. On what ground can the Insurance company\u2019s decision be justified?
\nAnswer:
\nSince, Mr. Asok maintain incomplete records, it is not reliable and scientific. These accounts are not accepted by the Insurance company. It is one of the limitations of single entry.<\/p>\n
Question 1.
\nGive any five features of single entry system.
\nAnswer:<\/p>\n
Question 2.
\nCalculate profit or loss from the following information for the year ended 31.12.2005.
\n
\nAnswer:
\nStatement of profit or loss for the year ended 31.12.05
\n<\/p>\n
Question 3.
\nPrepare Total Debtors Account from the following information:
\n
\nAnswer:
\nTotal Debtors Account
\n<\/p>\n
Question 4.
\nCalculation of credit purchase by preparing Total creditors account.
\n
\nAnswer:
\n<\/p>\n
Question 5.
\nFind out the capital at the beginning.
\n
\nAnswer:
\nCalculation of Capital at the beginning
\n<\/p>\n
Question 1.
\nThe single entry system of accounting is crude and unsystematic, still is popular among small businessmen. Give reasons.
\nAnswer:
\nSome businessmen prefer to keep their books under single entry system due to the following reasons.<\/p>\n
Question 2.
\nWhat are the difference between Balance Sheet and Statement of Affairs?
\nAnswer:<\/p>\n
Balance Sheet<\/td>\n | Statement of Affairs<\/td>\n<\/tr>\n | ||||||||||||
1. It is prepared on the basis of those books which are maintained under the double-entry system.<\/td>\n | 1. It is prepared on the basis of information from incomplete records<\/td>\n<\/tr>\n | ||||||||||||
2. It is prepared to show the financial position of the concern.<\/td>\n | 2. It is usually prepared to find out capital.<\/td>\n<\/tr>\n | ||||||||||||
3. Value of asset and liabilities in a Balance Sheet are based on ledger balances<\/td>\n | 3. Value of assets and liabilities in a statement of affairs are based on estimates<\/td>\n<\/tr>\n | ||||||||||||
4. Omission of assets or liabilities can easily be found out when Balance sheet disagree.<\/td>\n | 4. It is difficult to locate omission of assets or liabilities in statement of affairs.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nPlus One Accountancy Accounts from Incomplete Records Five Mark Questions and Answers<\/h3>\nQuestion 1.
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