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Introduction to Incomplete Records

Single entry ...

Question

Single entry system is easy for computing profit and loss.

A

True

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B

False

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Similar questions

Q. Objective type questions.
Answer in one sentence only.

Why is it difficult to ascertain the correct profit or loss under Single Entry system?

Q. State True or False.

Drawings made during the year decreases the profit under single entry system.

Q. Objective type questions.
Answer in one sentence only.

Which Statement is prepared under the Single Entry System to ascertain profit?

Q. Mohan maintains books on Single Entry System. He gives you the following information:

	₹
Capital on 1st April, 2018	15,200
Capital on 31st March, 2019	16,900
Drawings made during the year	4,800
Capital introduced on 1st August, 2018	2,000

You are required to calculate the Profit or Loss made by Mohan.

Q. Sonam keeps his books on single entry and provides you with the following information:

	31-12-2006 ₹	31-12-2007 ₹
Furniture and Fitting	50,000	60,000
Stock	30,000	10,000
Sundry Debtors	60,000	70,000
Sundry Creditors	20,000	NIL
Prepaid Expenses	NIL	2,000
Outstanding Expenses	6,000	10,000
Cash in hand	11,000	3,000
Recipts and Payments in 2007:
Receipts from Debtors		2,10,000
Paid to Creditors		1,00,000
Cartage		20,000
Drawings		1,20,000
Sundry Expenses		1,60,000
Furniture Purchased for Cash		10,000

Prepare Trading and Profit & Loss Account for the year ended 31 December, 2007 after providing for bad debts at 10%.
There was a considerable amount of Cash Sales.

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