DK Goel Solutions Chapter 23 Accounts from Incomplete Records

DK Goel Accountancy Class 11 Solutions Chapter 23 Accounts from Incomplete Records which is outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy textbooks. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. There are numerous concepts in Accountancy, but the concepts of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) are required.

DK Goel Accountancy Class 11 Solutions – Chapter 23

Question 1

A keeps incomplete records of his business. He gives you the following information:

Capital at the beginning of the year

8,00,000

Capital at the end of the year

6,20,000

Drawings made during the year

2,50,000

Additional capital introduced during the year

30,000

Compute the Profit and Loss made during the year.

Solution:

STATEMENT OF PROFIT AND LOSS

For the year-end . . . . . . . . . . . . . . . . . . .

Capital at the end

(+) Drawings

6,20,000

2,50,000

(-) Additional capital introduced

8,70,000

30,000

(-) Capital at the beginning

8,40,000

8,00,000

Profits made during the year

40,000

Question 2

Mrs A started a business with a capital of ₹. 5,00,000/- on 1st Oct 2015. She borrowed a sum of ₹. 2,00,000/- from her husband @ 10% per annum (interest paid yet) for business and brought a further amount of ₹. 1,30,000/- as capital.

On March 1st March 2016, her position was:

Cash in hand

40,000

Bank balance

1,20,000

Stock

5,10,000

Debtors

4,50,000

Creditors

2,80,000

Later she withdrew ₹.20,000/- per month during this period. Compute the Profit and Loss made during the year.

Solution:

STATEMENT OF AFFAIRS

As at 31st March 2016

Liabilities

Assets

Creditors

2,80,000

Cash in hand

40,000

Husband’s Loan 2,00,000

Interest on outstanding 10,000

2,10,000

Bank balance

1,20,000

Capital (bal. fig.)

6,30,000

Stock

5,10,000

Debtors

4,50,000

11,20,000

11,20,000

STATEMENT OF PROFIT AND LOSS

Capital at the end (March 31, 2016)

(+) Drawings (20,000 X 6)

6,30,000

1,20,000

(-) Additional capital introduced

7,50,000

1,30,000

(-) Capital at the beginning (Oct 1, 2015)

6,20,000

5,00,000

Profits made during the year

1,20,000

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