Page 21 - Chapter-11.pmd

Accounts from Incomplete Records 457

(iii) Statement of Affair as on December 31, 2013

Liabilities Amount Assets Amounts
Rs. Rs.
Cash 50,000
Capital (balancing figure) 1,00,000 Stock 20,000
Furniture 10,000
Machinery 20,000
1,00,000 1,00,000

(iv) Summary of Cash
Dr. Cr.
Receipts Amount Payments Amount
Rs. Rs.
Balance b/d 50,000 Purchases 25,000
Capital(bank) 20,000 Wages 5,000
Debtors 57,500 Salaries 17,500
Sales 45,000 Trade expenses 6,500
Electric bill 7,500
Drawings 36,000
Creditors 42,000
Balance c/d—cash 20,000
Closing bank(balancing figure) 13,000
1,72,500 1,72,500

Test Your Understanding - II

Write the correct word(s) :
1. Credit sales can be ascertained as the balancing figure in the..........account.
2. Excess of ..........over.........represents loss sustained during the period.
3. To ascertain the profit, closing capital is to be adjusted by deducting ..........and
adding ..........
4. Incomplete records are generally used by ..........

Illustration 7

Mr. Bahadur does not know how to keep books of account. From his various records, the
following particulars have been made available prepare the final Accounts, after providing
for doubtful debts 5 per cent of debtors outstanding and depreciating the motor car @ 20
per cent.

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