Practice Preparation of Final Accounts from Incomplete Records - 9.5 | 9. Accounts from Incomplete Records | ICSE Class 11 Accountancy
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9.5 - Preparation of Final Accounts from Incomplete Records

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the first step in preparing final accounts from incomplete records?

💡 Hint: Think about how businesses assess their starting and ending financial positions.

Question 2

Easy

What does a Trading Account calculate?

💡 Hint: Consider the income from sales minus the expenses associated with those sales.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the purpose of preparing a Statement of Affairs?

  • To evaluate expenses
  • To summarize assets and liabilities
  • To calculate taxes

💡 Hint: Think about why businesses need to know their financial footing.

Question 2

True or False: A Profit and Loss Account includes direct costs only.

  • True
  • False

💡 Hint: Consider what the account seeks to accomplish in detailing financial performance.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A business starts with a capital of ₹100,000. During the year, they made additional investments of ₹20,000, took withdrawals of ₹15,000, and ended the year with ₹130,000. Calculate the net profit or loss.

💡 Hint: Use the formula carefully, adjusting the changes in capital for investments and withdrawals.

Question 2

Given that a company has sales of ₹500,000 and cost of goods sold equating to ₹400,000, what does the Trading Account reflect?

💡 Hint: Remember the definition of Gross Profit and how it relates to sales and costs.

Challenge and get performance evaluation