Accounts from Incomplete Records
Commerce ⇒ Accountancy
Accounts from Incomplete Records starts at 12 and continues till grade 12.
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See sample questions for grade 12
A business had opening capital of ₹50,000. During the year, the proprietor withdrew ₹10,000 for personal use and introduced additional capital of ₹5,000. At the end of the year, the capital was ₹70,000. Calculate the profit for the year.
A business has opening capital of ₹1,00,000, closing capital of ₹1,20,000, drawings of ₹10,000, and additional capital introduced of ₹5,000. Calculate the profit for the year.
A business has opening capital of ₹90,000, closing capital of ₹1,10,000, drawings of ₹15,000, and additional capital introduced of ₹10,000. Calculate the profit for the year.
A trader had opening capital of ₹60,000. During the year, he withdrew ₹5,000 and introduced additional capital of ₹10,000. At the end of the year, his capital was ₹80,000. Calculate the profit or loss for the year.
A trader's opening capital is ₹40,000. He introduced additional capital of ₹8,000 and withdrew ₹6,000 during the year. His closing capital is ₹55,000. Calculate the profit or loss for the year.
Describe the main disadvantage of the Statement of Affairs method.
Describe the process of reconstructing missing accounts in incomplete records.
Explain the importance of ascertaining profit or loss in a business using incomplete records.
Explain the main difference between Statement of Affairs and Balance Sheet.
Explain the purpose of preparing a Total Creditors Account in incomplete records.
Explain the steps involved in ascertaining profit using the Statement of Affairs method.
Explain why a trial balance cannot be prepared from incomplete records.
Explain why it is difficult to detect frauds and errors in accounts from incomplete records.
State one method used to ascertain profit under incomplete records.
What is meant by 'Accounts from Incomplete Records'?
What is the primary objective of preparing accounts from incomplete records?
