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12th Accountancy Weekly Test -3 (Accounts from incomplete records)

St. Britto Hr. Sec. School - Madurai

12th Accountancy Weekly Test -3 (Accounts from incomplete records)-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Interest on capital is calculate on which capital

Opening capital
Closing capital
Opening Stock
Closing Stock

In single entry system must suited where:

Cash transactions are many
Cash transactions are many
Cash & Credit transactions are many
None of the above

Which of the following formulas is used to calculated the net income for an accounting period?

Net income = Opening capital + Drwings + Ending capital
Net income = - Opening capital + Drawings - Ending capital
Nwt income = - Opening capital + Drawings + Ending capital
Net income = Opening capital - Total assets

The amount of credit sales can be computed from

Total debtors account
Total creditors account
Bills receivable account
Bills payable account

Capital can be obtained by preparing

Cash Book
Statement of Affairs
Debtors Account
Creditors account

If debtors balance was Rs. 2.000 at 1^st Jan.2017, credit sales made during the year were Rs.1,000 and Rs.1,500 were received from debtors, which of the following is the debtors account balance at 31^st Dec. 2017?

Rs.1,000
Rs 2,000
Rs 1,500
Rs 500

In net worth method of single entry, net profit or net loss is ascertained by

Preparing trading and profit and loss account
Comparing opening and closing balance of capital
Adopting any other method
None of these

Effects of dishonour of B/R is given -

Only in the B/R account
Only in the debtors A/c
In debtor A/c and B/R A/c
Only in the B/P account

Calculate the amount of net income or loss if the capital has been increased by Rs.1,000 during this accounting period drawings Rs.5,000 and Rs.1,000 fresh capital was introduced in the business

Rs. 5,000 net loss
Rs.5,000 net profit
Rs.6,000 net loss
Rs.6,000 net profit

Capital at the end - net profit + drawings =

Capital in Beginning
Gross profit
Interest on capital
Interest on drawings

Which of the following items relating to bills payable is transferred to total creditors account?

Opening balance of bills payable
Opening balance of bills payable
Bills payable accepted during the year
Cash paid for bills payable

Creditors on 1.1.2014 is Rs.1,21,000 and on 31.12.2014 Rs.1,30,000. Cash paid to creditors during the year is Rs.2,09,000. Then the credit purchase during the year is -

Rs.2,00,000
Rs.2,09,000
Rs.2,18,000
Rs.2,08,000

Single entry system keeps one cash book which which mixes up business as well as _______________ transactions

Private
Public
Own
All of these

Total opening balances of assets and liabilities are Rs. 10,000 and Rs. 5,000 respectively. Find out the opening capital of the business

Rs 10,000
Rs 5,000
Rs 15,000
Rs 50,00,000

A business is said is to be used ___ system. It is not following the complete the principles of bookkeeping of _ system.

Double Entry - Single Entry
Single Entry - Double Entry
Double Entry - Double Entry
Single Entry - Single Entry

Statement of financial position from incomplete accounting record is commonly known as

Balance sheet
Cash flow statement
Statement of affairs
Statement of financial operations

Trial balance shows machinery of Rs.2,00,000. Depreciation is provided at 10%. The depreciation on machinery will be____________

Rs.20,000
Rs.1,80,000
Rs.2,20,000
Rs.1,50,000

In single entry system profit is calculated as follows:

Opening capital + Drawings + Fresh Capital + Ending capital
Capital at the end - Drawings - Fresh capital - Opening capital
Capital at the end + Drawings - Fresh capital - Opening capital
None of the above

If adjusted closing capital is more than the opening capital, it denotes ____________

Profit
Loss
Opening Capital
Expenses

Opening capital is obtained by preparing

Debtors A/c
Creditors A/c
Opening Statement of Affairs
Cash A/c

Trial balance is not obtained in:

Double entry system
Modern entry system
Single entry system
None of these

If building (Closing) Rs.1,00,000, Land (Opening) Rs.1,00,000, Creditors (Opening) Rs.10,000 the opening capital:

Rs.1,90,000
Rs.2,10,000
Rs.90,000
None of these

Single entry system is not possible for:

Sole Trader
Partnership
Joint Stock Company
None of these

Single entry system has effect

One effect
Two effect
Three effect
None of the above

Which one of the following accounts is supposed to be used to get the figure of credit purchase made during the current accounting period?

Debtors account
Revenue account
Creditors account
Expenses account

In single entry two-fold aspects of transaction are not recorded, so it is

Complete & Scientific
Incomplete & Unscientific
Complete & Unscientific
Incomplete & Scientific

A firm's total sales is Rs.80,000 and its credit sales id Rs.60,000 then its cash sales is -

Rs.20,000
Rs.1,40,000
Rs.70,000
Rs.25,000

Statement of assets & liabilities prepared under Single entry system is called:

Balance sheet
Profit & Loss Statement
Statement of affairs
Income Statement

Statement of affairs is a

Statement of income and expenditure
Statement of assets and liabilities
Summary of cash transactions
Summary of credit transactions

In single entry system only accounts are opened:

Personal & cash A/c
Real A/c
Nominal A/c
Real & Nominal A/c

Closing capital can be found by preparing a statement of affairs at the __________ of the year

Opening
End
Centre
All of these

Incomplete records are generally maintained by

A company
Government
Small sized sole trader business
Multinational enterprises

When B/R dishonoured is shown in the ________________ A/Cs

Debtors A/c is debited and Creditors A/c is credited
Creditors A/c is debited and Debtors A/c is credited
B/R account is debited and Creditors A/c is credited
Debtors A/c is debited and B/R A/c is credited

Generally, depreciation on fixed assets is calculated on which balance?

Opening Balance
Closing Balance
Only on additional
Amount realized on asset sole

A method wherein omitted information is determined in the first place and by using this information net income or net loss is ascertained is known as

Nominal method
Cash method
Conversion method
Net profit method

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