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.
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Ascertainment of Missing Figures
15. From the following information calculate the amount to be paid to creditors:
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:
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Discount Received
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.
Working Notes:
Credit Purchases
=
Total Purchases – Cash Purchases
=
₹ 8,97,000 – ₹ 1,40,000
=
₹ 7,57,000

16. Find out the credit purchases from the following:
To find the credit purchases, we need to prepare the total creditors account. The credit purchases can be computed as follows.
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
To Discount Received
5,400
By Bills Receivable
1,800
To Bills Payable
(Bills Accepted)
12,750
(Endorsed to Creditors)
(Bills Dishonoured)
To Return Outwards
7,500
By Credit Purchases
2,56,350
To Bills Receivable
(Endorsed to Creditors)
4,500
(Balancing Figure)
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.
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).
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Cash/Bank
44,500
By Balance b/d
25,000
(Bills Discharged)
By Creditors
54,500
To Balance c/d
35,000
(Bills Payable Accepted)
(Balancing Figure)
79,500
79,500
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
2,01,500
To Bills Payable
(Bills Accepted)
54,500
(Balancing Figure)
To Balance c/d
20,000
2,31,500
2,31,500
Working Notes:
Total Purchases
=
Cash Purchases + Credit Purchases
=
₹ 1,29,000 + ₹ 2,01,500
=
₹ 3,30,500

18. The following information is given
Calculate credit purchases during the year
To calculate the credit purchases during the year, we need to prepare the total creditors account.
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
37,000
To Balance c/d
36,000
(Balancing Figure)
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.
To find the amount of bills accepted during the year, we need to prepare the Bills Payable Account.
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Sundry Creditors
28,000
By Balance b/d
1,80,000
(Bills Dishonoured)
By Sundry Creditors
1,18,000
To Cash/Bank
50,000
(Bills Accepted)
To Balance c/d
2,20,000
(Balancing Figure)
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 ;
To find the bills matured during the year, we need to prepare the Bills Payable account.
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Sundry Creditors
37,000
By Balance b/d
70,000
(Bills Dishonoured)
By Sundry Creditors
90,000
To Balance c/d
85,000
(Bills Accepted)
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 :
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.
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
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Discount Received
17,000
By Purchases
2,15,000
To Purchases Returns
9,000
By Bills Payable
17,000
To Cash
50,000
(Bills Dishonoured)
To Bills Receivable
Endorsed to Creditors
45,000
By Balance b/d
(Balancing Figure)
79,000
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.
To find the amount of Bills Receivable during the year, we need to prepare the Bills Receavable account.
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Balance b/d
75,000
By Bills Receivable
25,000
To Bills Receivable
1,60,000
(Bills Dishonoured)
(Bills Accepted)
(Balancing Figure)
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.
To find the amount of bills receivable dishonoured we need to prepare the Bills Receivable Account.
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Balance b/d
1,20,000
By Cash/Bank
1,85,000
To Sundry Debtors
1,50,000
(Bills Collected/Bills Honoured)
(Bills Received)
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.
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.
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Balance b/d
45,000
By Discount Allowed
2,500
To Bills Received
3,000
By Sales returns
8,500
(Bills Dishonoured)
By Bad Debts
4,000
To Bank
7,700
(Irrecoverable Amount)
(Cheques Dishonoured)
By Bills Receivables
12,000
To Sales
2,82,300
(Bills Collected)
12,000
(Balancing Figure)
By Cash
2,30,000
By Bank
25,000
By Balance c/d
56,000
3,38,000
3,38,000
Working Notes:
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 March 31, 2017.
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Balance b/d
55,000
By Cash
80,500
To Sundry Debtors
1,61,000
(Bills Matured)
(Bills Collected)
(Balancing Figrue)
By Sundry Creditors
(Bills Endorsed)
60,000
By Balance c/d
75,500
2,16,000
2,16,000
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
By Bad Debts
(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.
The given transactions belong to both Bills Receivable as well as Total Debtors accounts. So, we need to prepare both of these accounts.
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Balance b/d
7,00,000
By Cash
2,80,000
To Sundry Debtors
1,05,000
(Bills Receivable Matured)
(Bills Received)
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
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Balance b/d
14,00,000
By Cash
10,75,000
To Bank
27,000
By Bank
8,25,000
(Cheque Dishonoured)
By Discount Allowed
37,500
To Bills Receivable
(Bills Dishonoured)
40,000
By Bad Debts
(Irrecoverable Amount)
17,500
By Sales
6,21,000
By Return Inwards
28,000
(Balancing Figure)
By Bills Receivable
(Bills Collected)
1,05,000
20,88,000
20,88,000
The missing figures
Missing figure of Bills Receivable account i.e Bills Dishonored by Debtors = ₹ 40,000
Missing figure of Debtors account i.e. Credit Sales = ₹ 6,21,000
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.
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 × \dfrac{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.
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Bills Received
3,500
By Discount Allowed
2,500
(Bills Dishonoured)
By Bills Received
75,000
To Sales1
3,15,000
(Bills Collected)
To Balance b/d
54,000
By Cash
2,20,000
(Balancing Figure)
By Balance c/d
75,000
3,72,500
3,72,500
Date
Particulars
J.F.
Amount
₹
Date
Particulars
J.F.
Amount
₹
To Discount Received
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.
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
{⇒ \dfrac{75}{100} × \text{Total Sales}}
=
Total Cost
⇒ Total Sales
=
{\text{Total Cost} × \dfrac{100}{75}}
=
{₹~3,00,000 × \dfrac{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
28. Mrs. Bhavana keeps his books by Single Entry System. You’re required to prepare final accounts of her business for the year ended March 31, 2017. Her records relating to cash receipts and cash payments for the above period showed the following particulars :
The following information is also available :
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.
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
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 Apr 01, 2016
Liabilities
Amount
₹
Assets
Amount
₹
Creditors
22,000
Cash
12,000
Capital
5,00,000
Debtors
55,000
(Balancing Figure)
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 Mar 31, 2017
Balance Sheet as on Mar 31, 2017
Liabilities
Amount
₹
Assets
Amount
₹
Creditors
29,000
Debtors
85,000
Capital
5,00,000
Provision for
(4,250)
80,750
Net Profit
41,250
Bad Debts4
Further Capital
20,000
Stock
70,000
Drawings
(15,000)
5,45,250
Plant
1,00,000
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.
Working Notes:
1. Depreciation on Plant
=
{₹~1,00,000 × \dfrac{10}{100}}
=
₹ 10,000
2. Depreciation on Machinery
=
{₹~50,000 × \dfrac{5}{100}}
=
₹ 2,500
3. Depreciation on Land & Building
=
{₹~2,50,000 × \dfrac{10}{100}}
=
₹ 25,000
4. Provision for Bad Debts
=
{₹~85,000 × \dfrac{5}{100}}
=
₹ 4,250