Accounting From Incomplete Records(11th Grade > Accountancy ) Questions and answers for exam Preparation

11th Grade > Accountancy

ACCOUNTING FROM INCOMPLETE RECORDS MCQs

Total Questions : 30 | Page 3 of 3 pages

Question 21. Closing capital= Rs 2,00,000 , Profit = Rs 50,000 , Drawings = Rs 5,000, what will be the opening capital ?

Rs 1,50,000
Rs 1,45,000
Rs 1,55,000
Rs 1,00,000

Discuss Question

Answer: Option C. -> Rs 1,55,000
:
C
Opening capital = Closing capital - Profit + Drawings = Rs 1,55,000.

Question 22. A car worth Rs 80,000 was brought into the business by Minesh during the year. Also, Rs 20,000 was withdrawn during the year. If Closing capital is Rs 1,00,000, what shall be the opening capital?

Rs 1,00,000
Rs 60,000
Rs 40,000
Rs 90,000

Discuss Question

Answer: Option C. -> Rs 40,000
:
C
Opening Capital = Closing Capital - Additional Capital + Drawings
= 1,00,000-80,000+20,000
= 40,000

Question 23. Opening inventory + Net purchases =

Closing stock
Cost of goods sold
Sales
Cost of goods available for sale

Discuss Question

Answer: Option D. -> Cost of goods available for sale
:
D
Opening inventory + Net purchases = Cost of goods available for sale.

Question 24. Analysis of profitability, liquidity and solvency of the business can be done under incomplete records system.

True
False
Unsystematic
All of the above

Discuss Question

Answer: Option B. -> False
:
B
Analysis of profitability, liquidity and solvency of the business cannot be done.

Question 25. Which of the following are part of trading account?

Closing stock
Gross profit
Net profit
Both A & B

Discuss Question

Answer: Option D. -> Both A & B
:
D
Closing stock and Gross profit are part of the trading account.

Question 26. Incomplete records system is _________ system of maintaining records.

Complete
Systematic
Unsystematic
All of the above

Discuss Question

Answer: Option C. -> Unsystematic
:
C
Incomplete records system is an unsystematic system of maintaining records.

Question 27. Opening balance of cash account Rs 1,00,000. Expenditure paid Rs 30,000. Amount received from debtors Rs 80,000. What is the closing cash balance.

Rs 1,30,000
Rs 1,10,000
Rs 1,50,000
Rs 80,000

Discuss Question

Answer: Option C. -> Rs 1,50,000
:
C
Closing balance = Opening balance + Receipts - Payments
= 1,00,000+80,000-30,000
= Rs 1,50,000.

Question 28. Which of the following is not a feature of the incomplete system?

The profit or loss for the year cannot be ascertained with a high degree of accuracy
The balance sheet reflects the complete and true position
Personal transactions of owners may also be recorded in the cash book
None of the above

Discuss Question

Answer: Option B. -> The balance sheet reflects the complete and true position
:
B
The balance sheet does not reflect the complete and true position.

Question 29. Balance of opening creditors = Rs 60,000 , Balance of closing creditors = Rs 80,000 , Payments made during the year = Rs 1,40,000. What is the amount of credit purchases during the year?