Explain how the following may be ascerta | Class 11 Accountancy Chapter Accounts from Incomplete Records, Accounts from Incomplete Records NCERT Solutions

Question:

Explain how the following may be ascertained from incomplete records:
(a) Opening capital and closing capital

(b) Credit sales and credit purchases
(c) Payments to creditors and collection from debtors
(d) Closing balance of cash.

Answer:

a. Opening capital and closing capital: Opening capital can be ascertained by preparing opening statement of affairs at the beginning of the accounting period and closing capital can be ascertained by preparing closing statement of affairs at the end of the accounting period.

b. Credit sales and credit purchases: Credit sales are ascertained as the balancing figure of the total debtors account and credit purchases are ascertained as the balancing figure of the total creditors account.

c. Payments to creditors and collection from debtors can be ascertained by preparing total creditors account and total debtors account respectively.

d. Closing the balance of cash may be ascertained by preparing a cash account.


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Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 2 , Question 3: Explain how the following may be ascertained from incomplete records: (a) Opening capital and closi....