[CBSE] Q 17 Accounts for Incomplete Records Solutions (2023-24)
Solution of Question number 17 Accounts for Incomplete Records (Single Entry System) CBSE Board (2023-24)
On 1st April, 2022, X started a business with ₹ 40,000 as his capital. On 31st March, 2023, his position was as follows:
| Creditors | 40,000 |
| Bank | 10,000 |
| Debtors | 50,000 |
| Stock | 40,000 |
| Plant | 68,000 |
| Furniture | 12,000 |
During the year 2022-23, X drew ₹ 24,000. On 1st october, 2022, he introduced further capital amounting to ₹ 30,000. You are required to ascertain profit or loss made by him during the year 2022-23.
Adjustments:
(a) Plant is to be depreciated at 10%.
(b) A provision of 5% is to be made against debtors.
Also prepare the Statement of Affairs as on 31st March, 2023.
[Profit – ₹ 84,700; Adjusted Capital (31st March 2023) – ₹ 1,30,700; Total of Statement of Affiars as on 31st March, 2023 – ₹ 1,70,700.]
Solution:-
Following is the list
| S.N | Questions |
| 1 | Question – 1 |
| 2 | Question – 2 |
| 3 | Question – 3 |
| 4 | Question – 4 |
| 5 | Question – 5 |
| 6 | Question – 6 |
| 7 | Question – 7 |
| 8 | Question – 8 |
| 9 | Question – 9 |
| 10 | Question – 10 |
| S.N | Questions |
| 11 | Question – 11 |
| 12 | Question – 12 |
| 13 | Question – 13 |
| 14 | Question – 14 |
| 15 | Question – 15 |
| 16 | Question – 16 |
| 17 | Question – 17 |
