Accountancy for Class 11, Part 2, Chapter 3 - Accounts from Incomplete Records

Learn CBSE Accountancy Index Terms for Class 11, Part 2, Chapter 3 Accounts from Incomplete Records

1. Incomplete Records – Incomplete records refer to a condition, wherein an establishment is not practising double-entry bookkeeping. Instead, it is practising an unconventional accounting system, namely, a single-entry system, to sustain a decreased amount of data about its financial results.

Under a single-entry system, it is reasonable to keep a cash-basis income statement, although not a balance sheet. It is also feasible that the administrators of a firm resolve to maintain a double-entry bookkeeping system, but the accounting records are incomplete.

2. Statement of Affairs – A statement of affairs is a statement of assets and liabilities prepared to ascertain the amount of change in the capital. Such a statement shows assets on one side and liabilities on the other just as in the case of a balance sheet. The difference between the totals of the two sides (balancing figure) is the capital.

We hope that the offered Accountancy Index Terms for Class 11 with respect to Part 2, Chapter 3: Accounts from Incomplete Records, will help you.

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