Accounts from Incomplete Records
ICSE · Class 11 · Accountancy
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Accounts from incomplete records: A trader has closing assets of ₹2,00,000 and closing liabilities of ₹70,000. His opening capital was ₹70,000, drawings during the year were ₹60,000, and additional capital introduced was ₹40,000. What is the profit for the year?
Accounts from incomplete records: On 31 March 2016, a proprietor’s capital was ₹20,000. On 1 April 2015, his capital was ₹16,700. During the year he withdrew ₹9,400 for personal expenses and introduced personal investment of ₹11,500 into the business. What is the profit for the year?
Accounts from incomplete records: Opening capital is ₹1,14,000. Closing capital is ₹1,67,000. Additional capital introduced during the year is ₹25,000. Profit for the year is ₹40,000. What were the drawings during the year?
Accounts from incomplete records: Opening capital is ₹35,000. Closing capital is ₹91,000. Profit during the year is ₹14,000. There was no drawings. What is the additional capital introduced during the year?
Sample Questions
Accounts from incomplete records: Opening capital is ₹2,50,000. Profit for the year is ₹80,000. Drawings during the year are ₹30,000 and no additional capital was introduced. What is the closing capital?
Show answer
₹3,00,000
Profit = Closing capital + Drawings - Additional capital - Opening capital. So ₹80,000 = Closing capital + ₹30,000 - ₹2,50,000. Therefore Closing capital = ₹3,00,000.
Accounts from incomplete records: A proprietor has closing capital ₹1,05,000, opening capital ₹80,000, and drawings ₹12,000. Additional capital introduced was ₹20,000. What is the profit for the year?
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₹17,000
Adjusted closing capital = ₹1,05,000 + ₹12,000 - ₹20,000 = ₹97,000. Profit = ₹97,000 - ₹80,000 = ₹17,000.
Accounts from incomplete records: On 1 April 2013, capital was ₹8,000. On 31 March 2014, capital was ₹10,000. During the year, drawings were ₹1,000 and additional capital introduced was ₹2,000. What was the profit for the year?
Show answer
₹1,000
Profit = Closing capital + Drawings - Additional capital - Opening capital = ₹10,000 + ₹1,000 - ₹2,000 - ₹8,000 = ₹1,000.
Accounts from incomplete records: A trader has opening capital ₹90,000, closing capital ₹1,38,000, drawings ₹17,000, and profit ₹25,000. What is the additional capital introduced?
Show answer
₹6,000
Profit = Closing capital + Drawings - Additional capital - Opening capital. So ₹25,000 = ₹1,38,000 + ₹17,000 - Additional capital - ₹90,000. Therefore Additional capital = ₹6,000.
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