ACCOUNTING FOR INCOMPLETE RECORDS
1. Find out cost of goods sold when sales is Rs.1,00,000 and Gross Profit is 25% on cost.
2. Find out sales when cost of goods sold is Rs.80,000 and Gross Profit ratio 20% on sales.
3. Ascertain purchases when cost of goods sold (CGS) is Rs.2,00,000.
Opening stock: 20,000
Closing stock: 50,000
4. From the following facts you are required to calculate total sales and total purchases:
Bills Receivable in the beginning 7800
Debtors in the beginning 30800
Bills Receivables received during the year 20900
Cash received from Debtors 70000
Bad debts written off 2800
Returns Inwards 8700
Bills Receivables dishonoured 1800
Bills Receivables at the end 6000
Debtors at the end 25500
Cash Sales (as per cash book) 60700
Opening Balance of Bills Payable 5000
Opening Balance of Creditos 6000
Closing Balance of Bills Payable 7000
Closing Balance of Creditors 4000
Cash paid to Creditors during the year 30200
Bills Payable (honoured) during the year 8900
Returns Outwards 1200
Cash Purchases 25800
5. Prepare Total Debtors account & Bills Receivable account for the year ending 31.3.2012 from
the following.
Total sales during the year 1,12,500
Cash sales during the year 29,450
Return inwards during the year 450
Discount allowed during the year 150
Cash received from debtors during the year 68,750
Cash received against B/R during the year 2900
Provision for bad debts made during the year 650
Debtors on 31.3.2011 39,250
Debtors on 31.3.2012 49,850
Bills Receivable on 31.3.2012 1900
Provision for bad debts on 31.3.2011 850
Provision for bad debts on 31.3.2012 600
6. From the following find out purchases by preparing Memorandum trading account.
Opening stock 25000
Sales 15000
Closing stock 30000
Rate of gross profit 33 1/3%
7. From the following find out opening stock by preparing Memorandum trading account.
Cash sales 25000
Credit sales 15000
Return inwards 10000
Cash purchases 15000
Credit purchases 45000
Return outwards 5000
Wages 5000
Closing stock 50000
Rate of gross profit ¼ on cost
8. From the following find out closing stock by preparing Memorandum Trading account.
Opening stock 2000
Cash purchases 8000
Credit purchases 38,000
Purchase return 1000
Cash sales 30,000
Credit sales 40,000
Sales return 4000
Rate of gross profit 50% on cost
9. Mr.Santhosh keeps his books by single entry system from the following data prepare Trading &
Profit and loss account for the year ended 31-3-2012 together with Balance sheet as on that date.
Cash book analysis shows the following:
Interest charges 200
Personal withdrawal 4000
Staff salary 17,000
Business expenses 15,800
Payment to creditors 30,000
Balance at bank on 31-3-2012 4850
Cash on hand on 31-3-2012 150
Receipts from debtors 50,000
Cash sales 30,000
Further details available are:
Assets & Liabilities 1-4-2011 (Rs.) 31-3-2012 (Rs.)
Stock 18,000 20,440
Creditors 16,000 11000
Debtors 44,000 60,000
Furniture 2000 2000
Premises 30,000 30,000
Provide 5% interest on Santhosh capital as on 1-4-2011. Provide Rs.1500 for doubtful debts and 5%
depreciation on all fixed assets.
10. Mr.Srinivas carries own a small business but he does not maintain a complete set of books. He
banks all receipts & make all payments by cheque. The following are the particulars from the records.
Receipts and payments for year ended 31st March,2012.
Receipts Rs. Payments Rs.
Cash from debtors 35,250 Furniture 1250
Cash sales 8250 Drawings 3000
Additional capital 5000 Wages 13,450
Salaries 2650
Rent 2400
Sundry Expenses 5200
Paid to Creditors 15,250
Assets and Liabilities
Assets & Liabilities As on 1-4-2011 (Rs.) As on 31-3-2012 (Rs.)
Furniture 15000 15500
Sundry Debtors 7500 12250
Stock 12500 6250
Bank 1250 ?
Sundry Creditors 5050 4800
Provide reserve for doubtful debts Rs.500.
From the above particulars prepare Trading and Profit & Loss Account for the year ended 31st March
2012 and the Balance sheet as on that date.
