Page 167 - debkxi

Accounts from Incomplete Records—Single Entry System 20.3

Solution: CALCULATION OF CLOSING CAPITAL
Particulars `
Capital in the beginning 30,000
Add: Capital introduced during the year 15,000
45,000
Less: Drawings 10,000
Add: Profit made during the year 35,000
5,000
Capital at the end 40,000
2. Calculate the missing value (figure): `
Capital in the beginning 40,000
Profit during the year 15,000
Capital introduced during the year 20,000
Capital at the end 65,000
Drawings ?
Solution: Profit = Capital at the end + Drawings – Capital introduced during
the year – Capital in the beginning
` 15,000 = ` 65,000 + Drawings – ` 20,000 – ` 40,000
Drawings = ` 10,000.
3. Calculate the missing value (figure): `
Capital at the end 40,000
Profit made during the year 12,000
Capital introduced during the year 10,000
Drawings 6,000
Capital in the beginning ?
Solution: Profit = Capital at the end + Drawings – Capital in the beginning –
Capital introduced during the year
` 12,000 = ` 40,000 + ` 6,000 – Capital in the beginning – ` 10,000
Capital in the beginning = ` 24,000.
4. Calculate the missing value (figure): `
Capital at the end 90,000
Capital introduced during the year ?
Drawings 20,000
Loss 5,000
Opening Capital 1,00,000
Solution: CALCULATION OF ADDITIONAL CAPITAL INTRODUCED
Particulars `
Capital at the end 90,000
Add: Drawings 20,000
1,10,000
Less: Opening Capital 1,00,000
Add: Loss incurred during the year 10,000
5,000
Additional Capital introduced 15,000