Chapter Exam

Unit 1: Accounts from Incomplete Records — Online MCQ Test

Q: The statement prepared to find the capital at the beginning or end of a period in incomplete records is called:

Answer: B. Statement of affairs — A statement of affairs is similar to a balance sheet and is used to determine capital under incomplete records.

Q: A trader's capital at the beginning of the year was ₹2,00,000 and at the end of the year was ₹2,50,000. He introduced additional capital of ₹20,000 during the year and drawings were ₹10,000. What is the profit?

Answer: A. ₹40,000 — Profit = Closing capital - Opening capital - Additional capital + Drawings = 2,50,000 - 2,00,000 - 20,000 + 10,000 = ₹40,000.

Q: A trader’s opening capital was ₹1,20,000. During the year he introduced ₹30,000 as additional capital and withdrew ₹15,000. His closing capital is ₹1,80,000. What is the profit?

Answer: B. ₹55,000 — Profit = Closing capital - Opening capital - Additional capital + Drawings = 1,80,000 - 1,20,000 - 30,000 + 15,000 = ₹45,000. Thus, ₹45,000 is the correct profit.

Q: A trader's opening debtors were ₹70,000 and closing debtors were ₹80,000. During the year, he received ₹4,50,000 from debtors, wrote off bad debts of ₹15,000, and bills receivable accepted from debtors were ₹25,000. What were the credit sales?

Answer: C. ₹5,00,000 — Credit sales = Cash received + Bills receivable + Closing debtors + Bad debts - Opening debtors = 4,50,000 + 25,000 + 80,000 + 15,000 - 70,000 = ₹5,00,000.

ACCOUNTANCY · CLASS 12th · Tamil Nadu State Board

Practice Unit 1: Accounts from Incomplete Records with a free chapter-wise online MCQ test for Tamil Nadu State Board CLASS 12th ACCOUNTANCY. This chapter covers: This unit introduces single entry systems and accounting techniques used when double entry book-keeping is not strictly maintained. Students learn how to calculate profit or loss u.... AI-generated questions from basic to board-exam level, with instant results and explanations.

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Unit 1: Accounts from Incomplete Records — Important Questions & Answers (FAQ)

Frequently asked questions from Tamil Nadu State Board CLASS 12th ACCOUNTANCY — Unit 1: Accounts from Incomplete Records, with answers and explanations. These are sample questions; the exam has its own separate question set.

What is meant by incomplete records?

A. A system where both debit and credit aspects are recorded fully
B. A system where only some transactions are recorded and double entry is not strictly followed ✓
C. A system used only by companies under the Companies Act
D. A system in which only nominal accounts are prepared

Answer: B. A system where only some transactions are recorded and double entry is not strictly followed
Incomplete records refer to a bookkeeping system where all transactions are not recorded under the double entry system. Usually, only partial records are maintained.

The statement prepared to find the capital at the beginning or end of a period in incomplete records is called:

A. Trading account
B. Statement of affairs ✓
C. Cash flow statement
D. Profit and loss appropriation account

Answer: B. Statement of affairs
A statement of affairs is similar to a balance sheet and is used to determine capital under incomplete records.

A trader's capital at the beginning of the year was ₹2,00,000 and at the end of the year was ₹2,50,000. He introduced additional capital of ₹20,000 during the year and drawings were ₹10,000. What is the profit?

A. ₹40,000 ✓
B. ₹30,000
C. ₹20,000
D. ₹50,000

Answer: A. ₹40,000
Profit = Closing capital - Opening capital - Additional capital + Drawings = 2,50,000 - 2,00,000 - 20,000 + 10,000 = ₹40,000.

A trader’s opening capital was ₹1,20,000. During the year he introduced ₹30,000 as additional capital and withdrew ₹15,000. His closing capital is ₹1,80,000. What is the profit?

A. ₹45,000
B. ₹55,000 ✓
C. ₹60,000
D. ₹75,000

Answer: B. ₹55,000
Profit = Closing capital - Opening capital - Additional capital + Drawings = 1,80,000 - 1,20,000 - 30,000 + 15,000 = ₹45,000. Thus, ₹45,000 is the correct profit.

A trader's opening debtors were ₹70,000 and closing debtors were ₹80,000. During the year, he received ₹4,50,000 from debtors, wrote off bad debts of ₹15,000, and bills receivable accepted from debtors were ₹25,000. What were the credit sales?

A. ₹4,75,000
B. ₹4,90,000
C. ₹5,00,000 ✓
D. ₹5,10,000

Answer: C. ₹5,00,000
Credit sales = Cash received + Bills receivable + Closing debtors + Bad debts - Opening debtors = 4,50,000 + 25,000 + 80,000 + 15,000 - 70,000 = ₹5,00,000.