Class 11 Accountancy Chapter 16 - Accounts from Incomplete Records Single Entry System

TS Grewal Solutions for Class 11 Accountancy Chapter 16

TS Grewal Solutions for Class 11 Accountancy Chapter 16 – Accounts from Incomplete Records Single Entry System is a concept that students should consider while preparing for their Accountancy exam. Here, are few solutions rendered in a simple and a step by step method.

Class 11 TS Grewal Solutions Accountancy Chapter 16:-Download PDF Here

Board CBSE
Class Class 11
Subject Accountancy
Chapter Chapter 16
Chapter Name Accounts from Incomplete Records Single Entry System
Number of questions solved 06
Category TS Grewal

TS Grewal Solutions for Class 11 Accountancy Chapter 16 – Accounts from Incomplete Records Single Entry System

Question 1

The following data of an accounting year is furnished:

Opening Capital – ₹. 60,000/-; Drawings – ₹. 5,000/-; Capital added during year ₹. 10,000/- and Closing Capital – ₹. 90,000/-. Calculate the Profit and Loss for the year.

Solution:

Statement of Profit and Loss

Particulars ₹.
Closing capital

Add: Drawings

90,000

5,000

Less: Additional capital during the year 95,000

(10,000)

Adjusted Closing Capital

Less: Opening capital

85,000

(60,000)

Net Profit for the year 25,000

Question 2

The capital of Mr A at the beginning of the year was ₹. 70,000/-. During the year his business earned a profit of ₹. 20,000/-, he withdrew ₹. 7,000/-for his personal use. He sold a few ornaments of his wife for ₹. 20,000/-, and invested that amount into the business. Find out his capital at the end of the year.

Solution:

Capital at the end of the year = Capital at the beginning + Additional Capital + Profit – Drawings

= 70,000 + 20,000 + 20,000 – 7,000

= ₹. 1,03,000/-

Question 3

V maintains his books of accounts on Single entry system. He has furnished the following data from his books. Find out the additional capital introduced in the business during the year 2017-2018.

Opening Capital – ₹. 1,30,000/-; Drawing during the year – ₹. 50,000/-; Closing Capital – ₹. 2,00,000/-; Profits made during the year – ₹. 1,00,000/-.

Solution:

Additional Capital = Closing Capital + Drawings – (Opening Capital + Profit)

= 2,00,000 + 50,000 – (1,30,000 + 1,00,000)

= 2,50,000 – 2,30,000 = ₹. 20,000/-

Question 4

X does not keep proper records of his business, he provides us the following data:

Opening Capital – ₹. 1,00,000/-

Closing Capital – ₹. 1,25,000/-

Drawings during the year – ₹. 30,000/-

Capital added during the year – ₹. 37,500/-

Calculate the profit or loss for the year.

Solution:

Statement of Profit and Loss

Particulars ₹.
Closing capital

Add: Drawings

1,25,000

30,000

Less: Additional capital during the year 1,55,000

(37,500)

Adjusted Closing Capital

Less: Opening capital

1,17,500

(1,00,000)

Net Profit for the year 17,500

Question 5

Suresh who keeps his books on Single entry System sells goods at Cost plus 50%. On 1st April 2017, his capital was ₹. 4,00,000/- and on March 31st 2018, it was ₹. 3,50,000/-. He had withdrawn ₹. 20,000/- per month besides goods of the sale value of ₹. 60,000/-. How much did he earn in the financial year 2017-18?

Solution:

Statement of Profit and Loss

Particulars ₹.
Closing capital as on 31 March, 2018

Add: Drawings

3,50,000

2,80,000

Less: Capital as on April 1st 2017 6,30,000

(4,00,000)

Profit made during the year 2017 – 18 2,30,000

Calculation of COGS:

Sales = COGS + Profit

COGS = 100

Gross Profit = 50

Sales = 150

Gross Profit = 50/100 or 1/3

Sales = 60,000 X 1/3 = 20,000

COGS = Sales – Gross Profit = 60,000 – 20,000 = 40,000

Drawings = Cash + COGS

Drawings = 2,40,000 + 40,000 = 2,80,000/-

Question 6

P began his business on 1st April 2017 with a capital of ₹. 1,00,000/-. On March 31st 2018, his assets were:

Cash – ₹. 3,200/-

Stock – ₹. 34,800/-

Debtors – ₹. 31,000/-

Plant – ₹. 85,000/-

He owed ₹. 12,000/- to sundry creditors and ₹. 10,000/- to his brother on that date. He withdrew ₹. 2,000/- per month for the private expenses. Ascertain his profit.

Solution:

Statement of Affairs as on March 31, 2018

Liabilities Assets
Sundry Creditors

Brother’s loan

Capital (bal.fig)

12,000

10,000

1,32,000

Cash

Stock

Debtors

Plant

3,200

34,800

31,000

85,000

1,54,000 1,54,000

Statement of Profit or Loss for the year-end March 31, 2018

Particulars ₹.
Capital as on 31 March, 2018

Add: Drawings (2,000 X 12)

1,32,000

24,000

Less: Capital as on April 1st 2017 1,56,000

(1,00,000)

Profit made during the year 2017 – 18 56,000

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