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Micheal Vaz solutions for 12th Board Exam Accounts chapter 8 - Single entry System

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Micheal Vaz Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy

Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy - Shaalaa.com

Chapter 8: Single entry System

Exercise

Micheal Vaz solutions for 12th Board Exam Accounts Chapter 8 Exercise [Page 258]

Exercise | Q 1 | Page 258

Answer the following question in one sentence only.
What is single entry system?

Exercise | Q 2 | Page 258

Answer in one sentence only.
What is statement of affairs?

Exercise | Q 3 | Page 258

Answer in one sentence only
In which method statement of affairs is prepared?

Exercise | Q 4 | Page 258

Answer in one sentence only.
Which type of transactions are recorded in Single Entry System?

Exercise | Q 5 | Page 258

Answer in one sentence only.
Can a trial balance be prepared under Single Entry System?

Exercise | Q 6 | Page 258

Answer in one sentence only.
Which type of accounts are maintained under Single Entry System?

Exercise | Q 6 | Page 258

Write the word / term / phrase which can substitute the following Statement.
A statement similar to Balance Sheet.

Exercise | Q 7 | Page 258

Answer in one sentence only.
Why is it difficult to ascertain the correct profit or loss under Single Entry system?

Exercise | Q 8 | Page 258

Answer in one sentence only.
How is the closing capital calculated under Single Entry System?

Exercise | Q 9 | Page 258

Answer in one sentence only.
Which Statement is prepared under the Single Entry System to ascertain profit?

Exercise | Q 10 | Page 258

Answer in one sentence only.
Which types of accounts are normally not kept under Single Entry System?

Micheal Vaz solutions for 12th Board Exam Accounts Chapter 8 Exercise [Page 258]

Exercise | Q 1 | Page 258

Write the word / term / phrase which can substitute the following Statement.
A system of book-keeping in which both the aspects of transaction are recorded.

Exercise | Q 2 | Page 258

Write the word / term / phrase which can substitute the following Statement.
An excess of assets over liabilities.

Exercise | Q 3 | Page 258

Write the word / term / phrase which can substitute the following Statement.
A system of accounting which is not scientific.

Exercise | Q 4 | Page 258

Write the word / term / phrase which can substitute the following Statement.
Name the method in which only cash and personal transactions are recorded.

Exercise | Q 5 | Page 258

Write the word / term / phrase which can substitute the following Statement.
The method in which Trading Account, Profit and Loss Account and Balance Sheet can be prepared.

Exercise | Q 6 | Page 258

Write the word / term / phrase which can substitute the following Statement.
A statement similar to Balance Sheet.

Exercise | Q 7 | Page 258

Write the word / term / phrase which can substitute the following Statement.
A statement similar to Balance Sheet prepared to ascertain the amount of closing capital.

Exercise | Q 8 | Page 258

Write the word / term / phrase which can substitute the following Statement.
System of accounting normally suitable to small business organization.

Exercise | Q 9 | Page 258

Write the word / term / phrase which can substitute the following Statement.
The accounting method in which profit is calculated by comparing opening and closing statements of affairs.

Exercise | Q 10 | Page 258

Write the word / term / phrase which can substitute the following Statement.
The system of accounting which is most scientific and reliable.

Micheal Vaz solutions for 12th Board Exam Accounts Chapter 8 Exercise [Pages 258 - 259]

Exercise | Q 1 | Page 258

Write the word / term / phrase which can substitute the following Statement.
When Closing Capital is greater than Opening Capital it denotes ___________

  • profit

  • loss

  •  no profit, no loss

  •  assets.

Exercise | Q 2 | Page 258

Write the word / term / phrase which can substitute the following Statement.
Generally incompleted records are maintained by _____________

  •  trader

  •  company

  •  society

  • government

Exercise | Q 3 | Page 258

Select the most appropriate answer the alternatives given below and rewrite the Sentence.
The capital in the beginning of the accounting year is ascertained by preparing_____________.

  • Receipts and Payment Account

  • Cash Account

  • Statement of Profit or loss

  •  Opening Statement of Affairs

Exercise | Q 4 | Page 258

Select the most appropriate answer the alternatives given below and rewrite the Sentence.
Under Single entry System only _______________.

  • Personal accounts and cash A/c are opened

  • Real accounts are opened

  •  Nominal accounts are opened

  • Real and nominal accounts are opened

Exercise | Q 5 | Page 259

State True or False.
Under Single Entry System it is not possible to prepare Trial Balance.

  • True

  • False

Exercise | Q 5 | Page 258

Select the most appropriate answer the alternatives given below and rewrite the Sentence
The Capital balances are ascertained by preparing _______________.

  • Statement of affairs

  • Cash Account

  • Drawing account

  • Debtors Account

Exercise | Q 6 | Page 258

Select the most appropriate answer the alternatives given below and rewrite the Sentence
Further capital introduced during the year is _______________ from closing capital in order to find-out the correct profit.

  • added

  • deducted

  • divided

  • ignored

Exercise | Q 7 | Page 259

Select the most appropriate answer the alternatives given below and rewrite the Sentence
In statement of profit or loss interest on Capital in shown as _____________.

  • addition

  •  subtraction

  •  ignored

  • multiplied

Exercise | Q 8 | Page 259

Select the most appropriate answer the alternatives given below and rewrite the Sentence.
If Opening Capital is Rs 40,000, Closing Capital is 90,000 Rs, Withdrawals is Rs 5,000 and additional Capital brought in is Rs 10,000 Profit is Rs ______________.

  • 45,000

  • 55,000

  • 35,000

  •  75,000

Exercise | Q 9 | Page 259

Select the most appropriate answer the alternatives given below and rewrite the Sentence.
Under Single Entry System Opening Capital = Opening Assets Less _____________.

  • Closing Assets

  • Opening Liabilities

  • Opening Assets

  • Closing Liabilities

Micheal Vaz solutions for 12th Board Exam Accounts Chapter 8 Exercise [Page 259]

Exercise | Q 1 | Page 259

State True or False.
Statement of profit is just like Profit and Loss Account.

  • True

  • False

Exercise | Q 2 | Page 259

State True or False.
Single Entry System is based on certain rules and principles.

  • True

  • False

Exercise | Q 3 | Page 259

State True or False.
All transactions are recorded in Single Entry System.

  • True

  • False

Exercise | Q 4 | Page 259

State True or False.
Arithmetical accuracy can’t be checked in single entry.

  • True

  • False

Exercise | Q 5 | Page 259

State True or False.
Under Single Entry System it is not possible to prepare Trial Balance.

  • True

  • False

Exercise | Q 6 | Page 259

State True or False.
Only cash transactions and personal transactions are recorded in Single entry.

  • True

  • False

Exercise | Q 7 | Page 259

State True or False.
Drawings made during the year decreases the profit under single entry system.

  • True

  • False

Exercise | Q 8 | Page 259

State True or False.
Statement of profit shows financial position of business.

  • True

  • False

Exercise | Q 9 | Page 259

State True or False.
Double Entry System is scientific method of maintaining books of accounts.

  • True

  • False

Exercise | Q 10 | Page 259

State True or False.
Single Entry System is not useful for large business.

  • True

  • False

Micheal Vaz solutions for 12th Board Exam Accounts Chapter 8 Exercise [Pages 259 - 263]

Exercise | Q 1 | Page 259

Mr. Mangesh is dealing in business. He maintains his accounting with Single Entry. The following are details of his business.

Particulars 01-04-2012 31-03-2013
Land and Building 40,000 50,000
Machinery 30,000 40,000
Furniture 10,000 10,000
Debtors 20,000 40,000
Stock 10,000 25,000
Cash Balance 5,000 15,000
Bills Receivable 5,000 5,000
Creditors 25,000 25,000
Bank Overdraft 5,000 -
Bank Balance - 10,000

Mr. Mangesh introduced Rs 10,000 as additional Capital. He spent Rs 45,000 for personal use Depreciate Land and Building by Rs 5,000. Provide 5% R.D.D. on Debtors.

Prepare: Opening Statement of affairs, Closing Statement of affairs and the statement of profit or loss.

Exercise | Q 2 | Page 260

Mrs. Ankita keeps her books under Single Entry System and gives the following information.

Particulars 01-04-2011 31-03-2012
Investments - 12,000
Bank Overdraft - 10,000
Bills Payable 5,000 8,000
Creditors 26,500 31,500
Furniture 9,000 19,000
Debtors 35,000 50,000
Stock in Trade 15,000 19,000
Bank Balance 18,000 28,000

Mrs. Ankita withdrew Rs 4,000 for her personal use. She received Rs 15,000 from her father as gift, which she brought into the business.
Additional furniture was purchased on 1st October 2011. Depreciate furniture by 10% p.a.Write off Rs 1,000 as bad and provide 5% R.D.D. on debtors.
Find the profit or loss of her business for the year ended 31st March, 2012.

Exercise | Q 3 | Page 260

Miss Kavita Commenced her business with a Capital of Rs 1,30,000 on 1st April 2010. Her financial Position was as follows as on 31st March, 2011, Cash Rs 9,120, Stock Rs 10,250, Bills Payable Rs 12,880, Creditors Rs 17,180, Debtors Rs 31,550, Bill Receivable Rs 29,120, Premises Rs 85,750, Vehicles Rs 40,250.
Additional Information:
1) She brought additional capital Rs 20,000 on 30th September 2010. Interest on capital is to be provided at 5% p.a.
2) She withdrew Rs 10,000 for personal use on which interest is to be charged at 6% p.a.
3) R.D.D. is to be provided at 2½% p.a. after providing bad debts Rs 1,000.
4) Depreciate Vehicles at 2% and Premises at 4%.

Exercise | Q 4 | Page 260

Mahendra Keeps his books by Single Entry System. His position on 1st April 2012, was as follows : Cash in Hand Rs 7,900, Cash at Bank Rs 20,000, Debtors Rs 18,000. Stock Rs 29,000, Motor Car Rs 5,000, Bank Loan Rs 18,000 and Outstanding Expenses Rs 2,700.
On 1st October, 2012 Mahendra introduced Rs 10,000 as further capital in the business and withdrew on the same date Rs 7,000 out of which he spent Rs 5,000 on the purchase of a Machinery for the business.
On 31st March 2013  his position was as follows: Cash in Hand Rs 7,600, Cash at Bank Rs 22,000, Stock Rs 30,000 Debtors Rs 25,700, Furniture Rs 6,000, Creditors Rs 25,200, and prepaid expenses Rs 200.
Prepare a Statement showing the Profit or Loss made by him during the year ended 31st March, 2013 and Opening and Closing Statement of affairs. Considered the following adjustments also.
1) Depreciate Motor Car and Furniture @ 10% p.a. Furniture was purchased on 1st Oct., 2012.
2) Provide Rs 1,200 for Bad debts and provide 5% R.D.D.
3) Goods taken for personal use by Mahendra amounting to Rs 1,500
4) Provide interest on capital @ 10% p.a.

Exercise | Q 5 | Page 261

Mr. Suhas a small trader provides you the following details about his business.

Particulars 01-04-2011 31-03-2012
Debtors 45,000 50,000
Creditors 60,000 70,000
Computer 60,000 120,000
10% Govt. Bonds - 10,000
Bank Overdraft 80,000 40,000
Motor Van 80,000 80,000
Furniture 10,000 10,000
Stock 65,000 80,000
Cash in Hand 2,000 8,000
Bills Receivable 60,000 80,000

Additional Information:
1) On 1st October, 2012 he withdrew Rs 40,000 for his personal use.
2) Charge interest on drawings Rs 2,000.
3) He had also withdrawn Rs 30,000 for Rent of his residential flat.
4) Depreciate furniture by 10% and write off Rs 2,000 from motor van.
5) 10% Government Bonds were purchased on 1st October, 2012.
6) Allow interest on capital at 10% p.a.
7) Rs 2,000 is written off as bad debts and provide 5% R.D.D. on Debtors.
Prepare: Opening statement of affairs, closing statement of affairs and statement of profit or loss for the year ended 31st March, 2012.

Exercise | Q 6 | Page 261

Mr. Govind keeps his books on single entry system and disclosed the following information of his business.

Particulars 01-04-2010 31-03-2011
Investments - 30,000
Bills Payable - 18,000
Creditors 52,500 69,000
Furniture 15,000 15,000
Debtors 60,000 90,000
Stock in Trade 30,000 37,500
Cash at Bank 36,000 54,000

Additional Information
1) Mr. Govind transferred Rs 300 per month during first half year and Rs 200 each month for the remaining period from his business to his personal account. He also took goods of Rs 700 for private use.
2) Mr. Govind sold his personal asset for Rs 7,000 and brought the proceeds into his business.
3) Furniture to be depreciated by 10%
4) Provide R.D.D.5% on Debtors.
Prepare: Opening and closing statement of affairs and statement of profit or loss for the year ended 31st March 2011.

Exercise | Q 7 | Page 262

Sun and Moon are partners in a firm sharing profit and losses in the ratio of 3:2. They kept their books under single entry system. On 1st April 2010 the following statement of affairs was extracted from their Books.

Statement of Affairs as on 1st April 2010   
Liabilities

Amount (Rs)

Assets

Amount (Rs)

Capitals:   Plant and Machinery 15,000
Sun 12,500 Stock 10,000
Moon 10,000 Debtors 17,500
Creditors 15,000 Cash in Hand 7,500
Bills Payable 12,500    
  50,000   50,000

On 31st March 2011 theirs assets and liabilities were as follows. Plant and Machinery Rs 44,000 stock Rs 32,000 cash in hand Rs 12,000 creditors Rs 8,000 Debtors Rs 20,000 Bills payable Rs 15,000 Drawings during the year Sun Rs 5,000 and Moon Rs 3,000.

Prepare:
 Closing statement of affairs and statement of profit or Loss for the year ended 31st March 2011 after considering the following adjustments.
1) Plant is found overvalued by 10% and stock is found undervalued by 20%.
2) R.D.D. is to be created at 10% on Debtors.
3) Interest on Capital is to be allowed at 10% p.a. and 10% p.a. on Drawings

Exercise | Q 8 | Page 262

A and B are in Partnership. Their Capitals on 1st April 2010 were Rs 30,000 each. The assets and liabilities as on 31st March 2011 were as follows. Cash in hand Rs 2,400, Cash at Bank Rs 16,000 Bill Receivable Rs 4,000, Debtors Rs 28,600 Stock Rs 26,000. Machinery Rs 14,000, furniture Rs 8,000, Bills Payable Rs 3,000 Sundry creditors Rs 6,000 Outstanding salary Rs 800.

Additional Information:
1) Provide Rs 600 as Bad Debts and 5% R.D.D.
2) Depreciate furniture @ 5% p.a. and Machinery @ 10% p.a.
3) Stock is found undervalued by Rs 2,000.
4) Sundry creditors are found overvalued by Rs 1,000.
5) Prepaid Insurance Rs 2,000.
6) Additional capital introduced by partners Rs 4,000 each.
7) Drawings of ‘A’ Rs 3,000 and ‘B’ Rs 2,000 calculate the profit for the year ended 31st March 2011.

Exercise | Q 9 | Page 263

Asha and Usha were partners sharing profits and losses in the ratio of 2:1. Prepare their statement Profit or Loss for the year ended 31st March, 2012 from the following statement of Affairs as on 31st March, 2011.

Liabilities
Amount (Rs.)
Assets

Amount (Rs)

Creditors 33,000 Cash at Bank 6,000
Bills Payable 9,000 Cash in Hand 2,000
Capitals:
Asha
Usha
62,000
32,000
Building 41,000
    Machinery 21,000
    Furniture 10,000
    Stock 18,000
    Debtors 25,000
    Bills Receivable 13,000
  136,000   136,000

The assets and liabilities as on 31st March 2012 were:
Sundry creditors Rs 35,000 Bill Receivable Rs 18,000 Bills payable Rs 15,000 cash in hand Rs 3,000, Stock Rs 32,000 Cash of bank Rs 6,000 Debtors Rs 38,000. There were no changes in fixed assets.

 Further Information:
1) Asha and Usha had drawn Rs 10,000 and Rs 8,000 respectively for personal use.
2) They also brought additional capital of Rs 6,000 and Rs 4,000 respectively.
3) Building to be depreciated by 5% and machinery and furniture at 10%.
4) Charge interest at 10% p.a. on opening capitals and allow interest on drawings of Asha and Usha were Rs 700 and Rs 500 respectively.

Chapter 8: Single entry System

Exercise

Micheal Vaz Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy

Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy - Shaalaa.com

Micheal Vaz solutions for 12th Board Exam Book Keeping and Accountancy chapter 8 - Single entry System

Micheal Vaz solutions for 12th Board Exam Accounts chapter 8 (Single entry System) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Micheal Vaz Class 12 Accounts - Book Keeping and Accountancy solutions in a manner that help students grasp basic concepts better and faster.

Further, we at Shaalaa.com provide such solutions so that students can prepare for written exams. Micheal Vaz textbook solutions can be a core help for self-study and acts as a perfect self-help guidance for students.

Concepts covered in 12th Board Exam Book Keeping and Accountancy chapter 8 Single entry System are Meaning of Single Entry, Single Entry Difference with Double Entry, Preparation of Statements for Single Entry System, Additional Information - Additional Capital, Effects of Adjustments-Drawings, Additional Information - Depreciation on Fixed Asset, Effects of Adjustments-Bad and Doubtful Debts, Additional Information - Undervaluation of Assets and Liabilities, Additional Information - Overvaluation of Assets and Liabilities, Adjustments - Interest on Capital, Drawings and Loans, Additional Information - Partners Salary, Effects of Adjustments-Outstanding Expenses, Effects of Adjustments-Prepaid Expenses, Illustrations of Single Entry System, Single Entry System Examples and Solutions.

Using Micheal Vaz 12th Board Exam solutions Single entry System exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in Micheal Vaz Solutions are important questions that can be asked in the final exam. Maximum students of Maharashtra State Board 12th Board Exam prefer Micheal Vaz Textbook Solutions to score more in exam.

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