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CodeVID-M11-WS
Accounts from Incomplete Records — Practice Worksheet
Chapter: Accounts from Incomplete Records
Topic: Accounts from Incomplete Records
Maximum Marks: 35
Time: 30 minutes
Name: ____________________ Roll No.: __________ Date: ____________

General Instructions

  • All questions are compulsory.
  • Choose the correct option (A, B, C or D) for each question.
  • The answer key is at the end — try the paper first!
Section A — Multiple Choice (1 mark each) 15 × 1 = 15 marks
1.
The single entry system is best described as:
  • A.A complete, scientific system
  • B.Incomplete and unsystematic records
  • C.Only for companies
  • D.The same as double entry
2.
Under single entry, which accounts are usually kept?
  • A.All accounts
  • B.Cash book and personal accounts
  • C.Only nominal accounts
  • D.Only real accounts
3.
Which cannot be prepared under single entry?
  • A.Cash book
  • B.Trial balance
  • C.Personal accounts
  • D.Receipts
4.
Single entry is suitable for:
  • A.Companies
  • B.Small sole traders and firms
  • C.Banks
  • D.Governments
5.
Capital (net worth) =
  • A.Assets + Liabilities
  • B.Assets − Liabilities
  • C.Liabilities − Assets
  • D.Drawings + Capital
6.
A rough balance sheet under single entry is called a:
  • A.Statement of affairs
  • B.Trial balance
  • C.Cash memo
  • D.Voucher
7.
The profit formula is: Closing Capital + Drawings − Fresh Capital − :
  • A.Opening Capital
  • B.Sales
  • C.Assets
  • D.Liabilities
8.
In the profit formula, drawings are:
  • A.Subtracted
  • B.Added back
  • C.Ignored
  • D.Doubled
9.
Fresh capital introduced is ____ in the profit formula.
  • A.Added
  • B.Subtracted
  • C.Ignored
  • D.Doubled
10.
Opening capital 60,000; closing 90,000; drawings 10,000; no fresh capital. Profit =
  • A.Rs 40,000
  • B.Rs 30,000
  • C.Rs 20,000
  • D.Rs 50,000
11.
The method that converts records into full double entry is the:
  • A.Net worth method
  • B.Conversion method
  • C.Cash method
  • D.Imprest method
12.
Missing credit sales are found by preparing the:
  • A.Total Creditors Account
  • B.Total Debtors Account
  • C.Cash memo
  • D.Trial balance
13.
Missing credit purchases are found by preparing the:
  • A.Total Debtors Account
  • B.Total Creditors Account
  • C.Sales book
  • D.Cash book only
14.
Compared with the net worth method, the conversion method gives:
  • A.Less detail
  • B.Complete, detailed final accounts
  • C.Only capital
  • D.No profit
15.
Opening debtors 15,000; cash received 80,000; closing debtors 25,000; no returns. Credit sales =
  • A.Rs 90,000
  • B.Rs 1,00,000
  • C.Rs 70,000
  • D.Rs 1,20,000
Section B — Challenge / Olympiad (2 marks each) 10 × 2 = 20 marks
16.
Closing capital Rs 1,40,000; drawings Rs 30,000; fresh capital Rs 20,000; opening capital Rs 1,00,000. The profit is:
  • A.Rs 50,000
  • B.Rs 40,000
  • C.Rs 70,000
  • D.Rs 30,000
17.
After computing profit by the net worth method, the question says 'charge depreciation Rs 5,000 and interest on capital Rs 3,000'. The adjusted profit falls by:
  • A.Rs 8,000
  • B.Rs 2,000
  • C.Nil
  • D.Rs 5,000 only
18.
Why does the statement of affairs method give only an approximate profit?
  • A.Assets/liabilities are often estimated and it shows no detail of sales or expenses
  • B.It uses double entry
  • C.It is illegal
  • D.It ignores capital
19.
Opening debtors 40,000; closing debtors 55,000; cash received from debtors 2,10,000; bad debts 5,000; no returns. Credit sales =
  • A.Rs 2,30,000
  • B.Rs 2,25,000
  • C.Rs 2,20,000
  • D.Rs 2,35,000
20.
Two firms show the same rise in capital, but one introduced heavy fresh capital. Without adjusting fresh capital, its profit would be:
  • A.Overstated
  • B.Understated
  • C.Correct
  • D.Zero
21.
A statement of affairs differs from a balance sheet mainly because it is:
  • A.Based on estimates from incomplete records, not a full ledger
  • B.Always larger
  • C.Prepared by the bank
  • D.An income statement
22.
The conversion method is preferred over the net worth method when the owner needs:
  • A.Detailed results — gross profit, net profit and full position
  • B.Only the capital
  • C.To avoid final accounts
  • D.Less work
23.
Opening creditors 30,000; closing creditors 25,000; cash paid to creditors 1,50,000; no returns. Credit purchases =
  • A.Rs 1,45,000
  • B.Rs 1,55,000
  • C.Rs 1,50,000
  • D.Rs 1,25,000
24.
Single entry records are NOT acceptable to tax authorities and banks chiefly because they:
  • A.Are incomplete and cannot be reliably verified
  • B.Are too long
  • C.Use double entry
  • D.Show too much profit
25.
If only a statement of affairs at the start and end is available (no cash details), the suitable method is the:
  • A.Net worth (statement of affairs) method
  • B.Conversion method
  • C.Double entry only
  • D.Imprest method

Answer Key

Section A — Multiple Choice (1 mark each)
  1. (B) Incomplete and unsystematic records
  2. (B) Cash book and personal accounts
  3. (B) Trial balance
  4. (B) Small sole traders and firms
  5. (B) Assets − Liabilities
  6. (A) Statement of affairs
  7. (A) Opening Capital
  8. (B) Added back
  9. (B) Subtracted
  10. (A) Rs 40,000
  11. (B) Conversion method
  12. (B) Total Debtors Account
  13. (B) Total Creditors Account
  14. (B) Complete, detailed final accounts
  15. (A) Rs 90,000
Section B — Challenge / Olympiad (2 marks each)
  1. (A) Rs 50,000
  2. (A) Rs 8,000
  3. (A) Assets/liabilities are often estimated and it shows no detail of sales or expenses
  4. (A) Rs 2,30,000
  5. (A) Overstated
  6. (A) Based on estimates from incomplete records, not a full ledger
  7. (A) Detailed results — gross profit, net profit and full position
  8. (A) Rs 1,45,000
  9. (A) Are incomplete and cannot be reliably verified
  10. (A) Net worth (statement of affairs) method
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