# Accounts from Incomplete Records – Ascertainment of Missing Figures Numerical Questions Solutions

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This page contains solutions/answers to Accounts from Incomplete Records – Ascertainment of Missing Figures – Numerical Questions Solutions numerical questions. If you’re looking for answers/solutions to the theoretical questions or the numerical questions related to Accounts from Incomplete Records – Ascertainment of profit or loss by statement of affairs method (OR) Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given) (OR) Ascertainment of statement of affairs at the beginning and at the end of the year and calculation of profit or loss, you can find them at the following pages.

Ascertainment of Missing Figures
15. From the following information calculate the amount to be paid to creditors:
Sundry creditors as on March 31, 2013
1,80,425
26,000
Discount allowed
24,000
Return outwards
37,200
Return inward
32,200
Bills accepted
1,99,000
Bills endorsed to creditors
26,000
Creditors as on April 01, 2012
2,09,050
Total purchases
8,97,000
Cash purchases
1,40,000
The amount to be paid to creditors can be found by preparing the total creditors account. Also, note that the credit purchases need to be computed as follows:
Working Notes:
Credit Purchases
=
Total Purchases – Cash Purchases
=
8,97,000 – 1,40,000
=
7,57,000
Total Creditors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
26,000
By Balance b/d
1,80,425
To Return Outwards
37,200
By Purchases1
7,57,000
To Bills Accepted
1,99,000
To Bills Endorsed to Creditors
(Bills Receivable)
26,000
To Balance c/d
2,09,050
To Cash/Bank
(Balancing Figure)
4,40,175
9,37,425
9,37,425
The amount to be paid to creditors is ₹ 4,40,175.
Note: In the above problem as we’re concerned with the preparation of the creditors account, we didn’t consider the Discount Allowed and Returns Inwards as these are related to the Debtors account.

16. Find out the credit purchases from the following:
Balance of creditors April 01, 2013
45,000
Balance of creditors March 31, 2014
36,000
Cash paid to creditors
1,80,000
Cheque issued to creditors
60,000
Cash purchases
75,000
5,400
Discount allowed
5,000
Bills payable given to creditors
12,750
Return outwards
7,500
Bills payable dishonoured
3,000
Bills receivable endorsed to creditors
4,500
Bills receivable endorsed to creditors dishonoured
1,800
Return inwards
3,700
To find the credit purchases, we need to prepare the total creditors account. The credit purchases can be computed as follows.
Total Creditors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Cash
1,80,000
By Balance b/d
45,000
To Bank
(Cheques issued to Creditors)
60,000
By Bills Payable
(Bills Dishonoured)
3,000
5,400
By Bills Receivable (Endorsed to Creditors)
(Bills Dishonoured)
1,800
To Bills Payable
(Bills Accepted)
12,750
By Credit Purchases
(Balancing Figure)
2,56,350
To Return Outwards
7,500
To Bills Receivable
(Endorsed to Creditors)
4,500
To Balance c/d
36,000
3,06,150
3,06,150
∴ The credit purchases are ₹ 2,56,250
Note: The cash purchases, discount allowed and returns inwards are considered from the given table as they do not belong to the creditors account.

17. From the following information calculate total purchases.
Creditors Jan. 01, 2013
30,000
Creditors Dec. 31, 2013
20,000
Opening balance of Bills payable
25,000
Closing balance of Bills payable
35,000
Cash paid to creditors
1,51,000
Bills discharged
44,500
Cash purchases
1,29,000
Return outwards
6,000
To find out the total purchases, we need to prepare the Total Creditors account. However, as the opening and closing balance of the Bills payable account are provided, we need to prepare the Bills payable account also to find out the bills payable (which will be used in the creditors account).
Bills Payable Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Cash/Bank
(Bills Discharged)
44,500
By Balance b/d
25,000
To Balance c/d
35,000
By Creditors
(Bills Payable Accepted)
(Balancing Figure)
54,500
79,500
79,500
Total Creditors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Cash
1,51,000
By Balance b/d
30,000
To Return Outwards
6,000
By Purchases
(Balancing Figure)
2,01,500
To Bills Payable
(Bills Accepted)
54,500
To Balance c/d
20,000
2,31,500
2,31,500
Total Purchases
=
Cash Purchases + Credit Purchases
=
1,29,000 + 2,01,500
=
3,30,500

18. The following information is given
Opening creditors
60,000
Cash paid to creditors
30,000
Closing creditors
36,000
Returns Inward
13,000
Bill matured
27,000
Bill dishonoured
8,000
Purchases return
12,000
Discount allowed
5,000
Calculate credit purchases during the year
To calculate the credit purchases during the year, we need to prepare the total creditors account.
Total Creditors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Cash
30,000
By Balance b/d
60,000
To Bills Payable
(Bill Accepted and Matured)
27,000
By Bills Payable
(Bills Dishonoured)
8,000
To Purchases Returns
12,000
By Purchases
(Balancing Figure)
37,000
To Balance c/d
36,000
1,05,000
1,05,000
The total credit purchases during the year is ₹ 37,000
Note:The return inwards and discount allowed belong to the Debtors account. So, it is not considered in the creditors account.

19. From the following, calculate the amount of bills accepted during the year.
Bills payable as on April 01, 2013
1,80,000
Bills payable as on March 31, 2014
2,20,000
Bills payable dishonoured during the year
28,000
Bills payable honoured during the year
50,000
To find the amount of bills accepted during the year, we need to prepare the Bills Payable Account.
Bills Payable Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Sundry Creditors
(Bills Dishonoured)
28,000
By Balance b/d
1,80,000
To Cash/Bank
50,000
By Sundry Creditors
(Bills Accepted)
(Balancing Figure)
1,18,000
To Balance c/d
2,20,000
2,98,000
2,98,000
The amount of bills accepted during the year is ₹ 1,18,000

20. Find out the amount of bills matured during the year on the basis of information given below ;
Bills payable dishonoured
37,000
Closing balance of Bills payable
85,000
Opening balance of Bills payable
70,000
Bills payable accepted
90,000
Cheque dishonoured
23,000
To find the bills matured during the year, we need to prepare the Bills Payable account.
Bills Payable Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Sundry Creditors
(Bills Dishonoured)
37,000
By Balance b/d
70,000
To Balance c/d
85,000
By Sundry Creditors
(Bills Accepted)
90,000
To Cash/Bank
(Balancing Figure)
38,000
1,60,000
1,60,000
The amount of bills matured during the year is ₹ 38,000
Note: The cheque dishonoured is assumed to be the one given by the debtors to the business (not given by the business to the creditors). So, it is not taken into account.

21. Prepare the bills payable account from the following and find out missing figure if any :
Bills accepted
1,05,000
17,000
Purchases returns
9,000
Return inwards
12,000
Cash paid to accounts payable
50,000
Bills receivable endorsed to creditor
45,000
Bills dishonoured
17,000
14,000
Balance of accounts payable (closing)
85,000
Credit purchases
2,15,000
By analyzing the above data, we see that few of the transactions belong to the creditors account and few to the bills payable account. So, we need to prepare both the bills payable and total credtors account.
Bills Payable Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Sundry Creditors
(Bills Dishonoured)
17,000
By Sundry Creditors
(Bills Accepted)
1,05,000
To Cash/Bank
(Balancing Figure)
88,000
1,05,000
1,05,000
Accounts Payable Account
(Total Creditors Account)
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
17,000
By Purchases
2,15,000
To Purchases Returns
9,000
By Bills Payable
(Bills Dishonoured)
17,000
To Cash
50,000
By Balance b/d
(Balancing Figure)
79,000
To Bills Receivable Endorsed to Creditors
45,000
To Bills Payable
(Bills Accepted)
1,05,000
To Balance c/d
85,000
3,11,000
3,11,000
Cash/Bank payments for discharging the liabilities of Bills Payable is ₹ 88,000 and the opening balance for the creditors account is ₹ 79,000
Note: The return inwards and bad debts are not considered in these tables as it belongs to the Total Debtors account(not to the total creditors account)

22. Calculate the amount of bills receivable during the year.
Opening balance of bills receivable
75,000
Bill dishonoured
25,000
Bills collected (honoured)
1,30,000
Bills receivable endorsed to creditors
15,000
Closing balance of bills receivable
65,000
To find the amount of Bills Receivable during the year, we need to prepare the Bills Receavable account.
Bills Receivable Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Balance b/d
75,000
By Bills Receivable
(Bills Dishonoured)
25,000
To Bills Receivable
(Bills Accepted)
(Balancing Figure)
1,60,000
By Cash/Bank
(Bills Receivable/Honoured)
1,30,000
By Bills Receivable
(Endorsed to Creditors)
15,000
By Balance c/d
65,000
2,35,000
2,35,000
The amount of bills receivable during the year is ₹ 1,60,000

23. Calculate the amount of bills receivable dishonoured from the following information.
Opening balance of bills receivable
1,20,000
Bills collected (honoured)
1,85,000
Bills receivable endorsed
22,800
Closing balance of bills receivable
50,700
1,50,000
To find the amount of bills receivable dishonoured we need to prepare the Bills Receivable Account.
Bills Receivable Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Balance b/d
1,20,000
By Cash/Bank
(Bills Collected/Bills Honoured)
1,85,000
To Sundry Debtors
1,50,000
By Sundry Creditors
(Bills Endorsed to Creditors)
22,800
By Balance c/d
50,700
By Sundry Debtors
(Bills Dishonoured)
(Balancing Figure)
11,500
2,70,000
2,70,000
The amount of bills receivable dishonoured is ₹ 11,500

24. From the details given below, find out the credit sales and total sales.
Opening debtors
45,000
Closing debtors
56,000
Discount allowed
2,500
Sales returns
8,500
Irrecoverable amount
4,000
12,000
Bills receivable dishonoured
3,000
Cheque dishonoured
7,700
Cash sales
80,000
2,30,000
25,000
To find out the credit sales, we need to prepare the Total Debtors account. Total Sales can then be found by adding the cash sales and credit sales.
Total Debtors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Balance b/d
45,000
By Discount Allowed
2,500
(Bills Dishonoured)
3,000
By Sales returns
8,500
To Bank
(Cheques Dishonoured)
7,700
(Irrecoverable Amount)
4,000
To Sales
(Balancing Figure)
2,82,300
By Bills Receivables
(Bills Collected)
12,000
By Cash
2,30,000
By Bank
25,000
By Balance c/d
56,000
3,38,000
3,38,000
Credit Sales
=
2,82,300
Total Sales
=
Cash Sales + Credit Sales
=
80,000 + 2,82,300
=
3,62,300

25. From the following information, prepare the bills receivable account and total debtors account for the year ended December 31, 2013.
Opening balance of debtors
1,80,000
Opening balance of bills receivable
55,000
Cash sales made during the year
95,000
Credit sales made during the year
14,50,000
Return inwards
78,000
10,25,000
Discount allowed to debtors
55,000
Bills receivable endorsed to creditors
60,000
80,500
Irrecoverable amount
10,000
Closing balance of bills receivable on Dec. 31, 2013
75,500
Bills Receivable Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Balance b/d
55,000
By Cash
(Bills Matured)
80,500
To Sundry Debtors
(Bills Collected)
(Balancing Figrue)
1,61,000
By Sundry Creditors
(Bills Endorsed)
60,000
By Balance c/d
75,500
2,16,000
2,16,000
Total Debtors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Balance b/d
1,80,000
By Returns Inwards
78,000
To Sales
14,50,000
By Discount Allowed
55,000
By Cash
10,25,000
(Irrecoverable Amount)
10,000
By Bills Receivable
(Bills Collected)
1,61,000
By Balance c/d
(Balancing Figure)
3,01,000
16,30,000
16,30,000

26. Prepare the suitable accounts and find out the missing figure if any.
Opening balance of debtors
14,00,000
Opening balance of bills receivable
7,00,000
Closing balance of bills receivable
3,50,000
Cheque dishonoured
27,000
10,75,000
Cheque received and deposited in the bank
8,25,000
Discount allowed
37,500
Irrecoverable amount
17,500
Returns inwards
28,000
1,05,000
Bills receivable matured
2,80,000
Bills discounted
65,000
Bills endorsed to creditors
70,000
The given transactions belong to both Bills Receivable as well as Total Debtors accounts. So, we need to prepare both of these accounts.
Bills Receivable Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Balance b/d
7,00,000
By Cash
(Bills Receivable Matured)
2,80,000
To Sundry Debtors
1,05,000
By Bank
(Bills Discounted with the Bank)
65,000
By Sundry Creditors
(Bills Endorsed)
70,000
By Balance c/d
3,50,000
By Sundry Debtors
(Bills Dishonoured)
(Balancing Figure)
40,000
8,05,000
8,05,000
Total Debtors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Balance b/d
14,00,000
By Cash
10,75,000
To Bank
(Cheque Dishonoured)
27,000
By Bank
8,25,000
To Bills Receivable
(Bills Dishonoured)
40,000
By Discount Allowed
37,500
By Sales
(Balancing Figure)
6,21,000
(Irrecoverable Amount)
17,500
By Return Inwards
28,000
By Bills Receivable(Bills Collected)
1,05,000
20,88,000
20,88,000
The missing figures
Missing figure of Bills Receivable account
=
40,000
i.e. Bills Dishonored by debtors
Missing figure of Debtors account
=
6,21,000
i.e. Credit Sales
Note: There is a typo in the text book aswer where in the credit sales amount is give as ₹ 5,16,000 instead of ₹ 6,21,000
27. From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors.
Opening stock
30,000
Closing stock
25,000
Opening creditors
50,000
Closing debtors
75,000
Discount allowed by creditors
1,500
Discount allowed to customers
2,500
Cash paid to creditors
1,35,000
Bills payable accepted during the period
30,000
Bills receivable received during the period
75,000
2,20,000
Bills receivable dishonoured
3,500
Purchases
2,95,000
The rate of gross profit is 25% on selling price and out of the total sales ₹ 85,000 was for cash sales.
Hint: Total Sales
=
4,00,000
=
3,00,000
×
100
75
In order to find the opening balance of sundry debtors, we need to prepare the total debtors account. Similarly, in order to find the opening balance of sundry creditors, we need to prepare the sundry creditors account.
To proceed with the problem we need to find out the credit sales. However, to find the credit sales, we need to find the totals sales. As profit percentage is given, we can find the total sales, if we first find the total cost.
Working Notes:
Total Cost of Goods Sold
=
Opening Stock + Purchases – Closing Stock
=
30,000 + 2,95,000 – 25,000
=
3,00,000
Given that total profit is 25% of sales price
We have,
Total Sales
=
Total Cost + Profit
⇒ Total Sales
=
Total Cost + 25% of Total Cost
⇒ Total Sales – 25% of Total Sales
=
Total Cost
⇒ 100% Total Sales – 25% of Total Sales
=
Total Cost
⇒ 75% of Total Sales
=
Total Cost
75
100
× Total Sales
=
Total Cost
⇒ Total Sales
=
Total Cost
×
100
75
=
3,00,000
×
100
75
4,00,000
Also, we know that
Total Sales
=
Cash Sales + Credit Sales
⇒ Credit Sales
=
Total Sales – Cash Sales
=
4,00,000 – 85,000
=
3,15,000
Total Debtors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
(Bills Dishonoured)
3,500
By Discount Allowed
2,500
To Sales1
3,15,000
(Bills Collected)
75,000
To Balance b/d
(Balancing Figure)
54,000
By Cash
2,20,000
By Balance c/d
75,000
3,72,500
3,72,500
Total Creditors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
1,500
By Balance b/d
50,000
To Cash
1,35,000
By Purchases
2,95,000
To Bills Payable
(Bills Accepted)
30,000
To Balance c/d
(Balancing Figure)
1,75,500
3,45,000
3,45,000
Opening Balance of Sundry Debtors
=
54,000
Closing Balance of Sundry Creditors
=
3,15,000
Note:The opening stock, purchases and the closing stock are used to find the total cost. However, as you might have noticed they do not form part of the Total Debtors or Total Creditors accounts.
28. Mrs. Bhavana keeps his books by Single Entry System. You’re required to prepare final accounts of her business for the year ended December 31, 2013. Her records relating to cash receipts and cash payments for the above period showed the following particulars :
Summary of Cash
Dr.
Cr.
Receipts
Amount
Payments
Amount
Opening balance of cash
12,000
Paid to creditors
53,000
Further capital
20,000
12,000
1,20,000
Wage paid
30,000
Bhavana’s drawings
15,000
Balance at bank on Dec. 31, 2013
35,000
Cash in hand
7,000
1,52,000
1,52,000
The following information is also available :
Jan. 01, 2013
Dec. 31, 2013
Debtors
55,000
85,000
Creditors
22,000
29,000
Stock
35,000
70,000
Plant
10,00,000
1,00,000
Machinery
50,000
50,000
Land & Building
2,50,000
2,50,000
Investment
20,000
20,000
All her sales and purchases were on credit. Provide depreciation on plant and building by 10% and machinery by 5%, make a provision for bad debts by 5%.
To prepare the final accounts i.e. the trading and profit and loss account and the balance sheeet, we need to know the purchases, sales and the capital. To find the sales, we need to prepare the total debtors account. To find the purchases, we need to find the total creditors account. Also, to find the capital we need to prepare the statement of affairs.
Working Notes:
1. Depreciation on Plant
=
1,00,000
×
10
100
=
10,000
2. Depreciation on Machinery
=
50,000
×
5
100
=
2,500
3. Depreciation on Land & Building
=
2,50,000
×
10
100
=
25,000
=
85,000
×
5
100
=
4,250
Books of Mrs. Bhavana

Debtors Account

Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Balance b/d
55,000
By Cash
1,20,000
To Sales
1,50,000
By Balance c/d
85,000
2,05,000
2,05,000
Creditors Account
Dr.
Cr.
Date
Particulars
J.F.
Amount
Date
Particulars
J.F.
Amount
To Cash
53,000
By Balance b/d
22,000
To Balance c/d
29,000
By Purchases
60,000
82,000
82,000
Statement of Affairs as on Jan 01, 2013
Liabilities
Amount
Assets
Amount
Creditors
22,000
Cash
12,000
Capital
(Balancing Figure)
5,00,000
Debtors
55,000
Stock
35,000
Plant
1,00,000
Machinery
50,000
Land & Building
2,50,000
Investment
20,000
5,22,000
5,22,000
Trading and Profit and Loss Account as on Dec. 31, 2013
Dr.
Cr.
Expenses/Losses
Amount
Revenues/Gains
Amount
Opening Stock
35,000
Sales
1,50,000
Purchases
60,000
Closing Stock
70,000
Wages
30,000
Gross Profit c/d
95,000
2,20,000
2,20,000
12,000
Gross Profit b/d
Depreciation on Plant
10,000
Depreciation on Building
25,000
Depreciation on Machines
2,500
Provision for Doubtful Debts
4,250
Net Profit
41,250
95,000
95,000
Balance Sheet as on Dec 31, 2013
Liabilities
Amount
Assets
Amount
Creditors
29,000
Debtors
85,000
Capital
5,00,000
4,250
80,750
Net Profit
41,250
Stock
70,000
Further Capital
20,000
Plant
1,00,000
Drawings
15,000
5,45,250
Depreciation1
10,000
90,000
Machinery
50,000
Depreciation2
2,500
47,500
Land & Building
2,50,000
Depreciation3
25,000
2,25,000
Investment
20,000
Cash in Hand
7,000
Cash in Bank
35,000
5,75,250
5,75,250
Note: In the text book, the plant value at the beginning of the year has a typo where it is printed as 10,00,000 instead of 1,00,000. We prepared the final accounts considering that the plant is 1,00,000.