Page 1 - HA- SUBJECTIVE - Copy

Accounts From Incomplete

Records Single Entry System

 Accounts From Incomplete Records Single Entry System

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Question 1:

Manu started business with a capital of ₹ 4,00,000 on 1st October, 2005. He borrowed
from his friend a sum of ₹ 1,00,000. He brought further ₹ 75,000 as capital on 31st
March, 2006, his position was:
Cash: ₹ 30,000; Stock: ₹ 4,70,000; Debtors: ₹ 3,50,000 and Creditors: ₹ 3,00,000.
He withdrew ₹ 8,000 per month during this period. Calculate profit on loss for the period.

Question 2:

Following information of an accounting year is given:
Opening Capital ₹ 60,000; Drawings ₹ 5,000; Capital added during the year ₹ 10,000
and Closing Capital ₹ 90,000. Calculate the Profit or Loss for the year.

Question 3:

Mayank does not keep proper records of his business, he gives you the following
information:

₹
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.

Question 4:

Capital of Ganesh Gupta in 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
ornaments of his wife for ₹ 20,000, and invested that amount into the business. Find out
his Capital at the end of the year.