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ACCOUNTS FROM INCOMPLETE

RECORDS SINGLE ENTRY SYSTEM


MODULE II OF IV

CA Intermediate (IPC) Course Paper 1 Accounting


Chapter 10
CA. Prathap. S.S
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The Institute of Chartered Accountants of India

Disclaimer

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ICAI, 2012

This lecture has been delivered by faculty members to supplement the


Study Material, Practice Manual and other content

The views expressed in this lecture are of the Faculty Member.

The content of this video lecture has not been specifically discussed
by the Council of the Institute or any of its Committees and the views
expressed herein may not be taken to necessarily represent the views
of the Council or any of its committees

This e-Lecture was Recorded on:


December 18, 2012

Important Notes
The e-Lectures, PPT, Podcasts
and Video lectures on ICAI
Cloud Campus aim to
supplement the Study Material,
Practice Manual and
Supplementary Study Material

The lecture recordings are made


according to the syllabus and
laws existing/ applicable as on
the date of recording.

Due to changes in law, there is


likely to be some time gap
between these changes and the
recording of updated lectures.

Hence, students are advised to


refer to the Study Material
including Supplementary Study
Material, if any, and other
relevant legislation for latest
provisions/ amendments
required for forthcoming
examination.

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Agenda
In Module II , we will focus on mastering the
Journal Entries concerning Accounts from
Incomplete Records .
To become very familiar with T accounts
Post the Journal Entries in them.
Arrive at Opening / Closing Balances
Ascertain the balances of the missing data .

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Introduction
Journal Entries are of fundamental importance in
Accounts .
Once you get the JE right , it is very difficult to go
wrong .

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IPCC MAY 2012


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Ice Sum
(8 marks)

M/s Ice Ltd gives you the following


information to find out Total sales and
Total Purchases
Debtors on 01.04.2011
Creditors on 01.04.2011
Bills Receivables received during the year
Bills Payables during the year
Cash received from customers
Cash paid to suppliers
Bad Debts Recovered
Bills Receivables endorsed to Creditors
Bills Receivables dishonored by customers
Discount allowed by suppliers

70,000
81,000
47,000
53,000
1,56,000
1,72,000
16,000
27,000
5,000
7,000
(contd..)

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....Ice sum
Discount allowed to customers
Endorsed Bills Receivables dishonored
Sales Return
Bills Receivables discounted
Discounted Bills Receivables dishonored
Cash Sales
Cash Purchases
Debtors on 31.03.2012
Creditors on 31.03.2012

9,000
3,000
11,000
8,000
2,000
1,68,500
1,97,800
82,000
95,000
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Approach to the Sum


This is a classical sum wherein the complete
Sundry Debtors and Sundry Creditors ledgers have
to be opened .
Our approach will be transaction by transaction
passing Journal Entries and simultaneous
updating the Debtors and Creditors ledger
accounts .
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Requirements of the Sum


The requirement is calculation of Total Sales and
Total Purchases .
Total Sales
= Cash Sales + Credit Sales
Credit Sales will be obtained from Sundry
Debtors A/c and Cash Sales is given.
Total Purchase = Cash Purchase + Credit Purchase
Sundry Creditors A/c will supply the Credit
Purchases and Cash Purchases is given .
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Steps to be Followed
Step 1:
Open Sundry Debtors a/c and Sundry Creditors
A/c with the Opening balances given . The Bills
receivables and Bills Payable A/c can also be
opened.
Step 2:
Line by line pass Journal Entry and update both
the A/cs.
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JOURNAL ENTRIES
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Opening Sundry Debtors & Creditors


Sundry Debtors A/c
To Opening Balance

70,000

Sundry Creditors A/c


By Opening balance

81,000

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Bills Receivables received during


the year Rs.47,000.
Bills Receivables A/c Dr. 47,000
To Sundry Debtors A/c
47,000
Sundry Debtors A/c
To Opening Balance

70,000

By Bills Receivables A/c

47,000

Bills Receivables A/c


To Sundry Debtors

47,000

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Bills Payables issued during the year


Rs.53,000.
Sundry Creditors a/c Dr.
To Bills Payables a/c

53,000

53,000

Sundry Creditors A/c


To Bills Payables

53,000

By Opening Balance

81,000

Bills Payables A/c


By Sundry Creditors

53,000

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Cash received from customers Rs. 1,56,000.


Cash A/c
Dr.
To Sundry Debtors A/c

1,56,000

1,56,000

Sundry Debtors A/c


To Opening Balance

70,000 By Bills Receivables


By Cash

47,000
1,56,000

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Cash paid to suppliers Rs.1,72,000


Sundry Creditors A/c
To Cash A/c

Dr.

1,72,000
1,72,000

Sundry Creditors A/c


To Bills Payable

53,000

To Cash

1,72,000

By Opening Balance

81,000

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Bad Debts recovered Rs.16,000


Cash A/c
Dr.
To Bad Debts recovered A/c

16,000
16,000

This Journal Entry will not find a posting in the Sundry


Debtors A/c.

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Bills Receivables endorsed to


creditors Rs.27,000
Creditors A/c
Dr.
To Bills Receivables A/c

27,000

27,000

Sundry Creditors A/c


To Bills Payable

53,000

To Cash

1,72,000

To Bills Receivables

By Opening Balance

81,000

27,000

Bills Receivables A/c


To Sundry Debtors

47,000

By Creditors

27,000
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Bills Receivables dishonoured by


customers Rs. 5,000
Debtors A/c
Dr. 5,000
To Bills Receivables A/c
5,000
Sundry Debtors A/c
To Opening Balance

70,000 By Bills Receivables

To Bills Dishonoured

5,000

By Cash

47,000
1,56,000

Bills Receivables A/c


To Sundry Debtors

47,000 By Creditors
By Sundry Debtors

27,000
5,000
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Discount allowed by suppliers Rs.7,000


Sundry Creditors A/c
To Discount allowed A/c

Dr.

7,000

7,000

Sundry Creditors A/c


To Bills Payable

53,000

To Cash

1,72,000

To Bills Receivables
To Discount allowed

By Opening Balance

81,000

27,000
7,000
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Discount allowed to customers Rs.9,000


Discount a/c
To Sundry Debtors A/c

Dr.

9,000

9,000

Sundry Debtors A/c


To Opening Balance

70,000 By Bills Receivables

47,000

To Bills rec. Dishonoured

5,000

By Cash

1,56,000

By Discount

9,000

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Endorsed Bills Receivables dishonoured Rs.3,000


Debtors A/c
Dr. 3,000
To Creditors A/c
3,000
Sundry Debtors A/c
To Opening Balance

70,000 By Bills Receivables

47,000

To Bills rec. Dishonoured

5,000

By Cash

1,56,000

To Creditors(endorsed
bill dishonoured)

3,000

By Discount

9,000

Sundry Creditors A/c


To Bills Payable

53,000

By Opening Balance

81,000

To Cash

1,72,000

By
Debtors(endorsed
bill dishonoured)

3,000

To Bills Receivables
To Discount allowed
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27,000
7,000

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Sales Return Rs.11,000


Sales Return A/c
Dr.
To Sundry Debtors A/c

11,000

11,000

Sundry Debtors A/c


To Opening Balance

70,000 By Bills Receivables

47,000

To Bills rec. Dishonoured

5,000

By Cash

1,56,000

To Creditors

3,000

By Discount

9,000

By Sales Return

11,000
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Bills Receivables discounted Rs.8,000


Bank A/c
Dr.
To Bills Receivables A/c

8,000

8,000

Bills Receivables A/c


To Sundry Debtors

47,000

By Creditors

27,000

By Sundry Debtors

5,000

By Bank

8,000

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Discounted Bills Receivable dishonoured


Rs.2,000
Debtors A/c
To Bank A/c

Dr.

2,000

2,000

Sundry Debtors A/c


To Opening Balance

70,000 By Bills Receivables

47,000

To Bills rec. Dishonoured

5,000

By Cash

1,56,000

To Creditors

3,000

By Discount

9,000

To Bank (bills
receivable
dishonoured)

2,000

By Sales Return

11,000

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Sundry Debtors A/c

To Balance b/d
70,000 By Bills Receivables
47,000
To Bills Receivables
5,000 By Cash
1,56,000
To Creditors
3,000 By Discount
9,000
To Bank
2,000 By Sales Returns
11,000
To Annual
Credit Sales
(bal.fig)
2,25,000 By Balance c/d
82,000
3,05,000

3,05,000

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Bills Receivables A/c

To Sundry Debtors

47,000 By Creditors
By Debtors
By Bank
By Balance c/d

27,000
5,000
8,000
7,000

47,000

47,000

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Sundry Creditors A/c

To Bills Payables
To Cash
To Bills
Receivables
To Discount
To Balance c/d

53,000 By Balance b/d


81,000
1,72,000 By Debtors
3,000
27,000 By Annual
Credit Purchase 2,70,000
7,000
(bal.fig)
95,000

3,54,000

3,54,000

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Bills Payables A/c


To Balance c/d

53,000 By Creditors

53,000

53,000

53,000

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Final Answer
(a) Total Sales
Total Sales

=
=
=

Cash sales
1,68,500
3,93,500

+ Credit sales
+ 2,25,000

(b) Total Purchases =Cash purchases + Credit Purchase


=
1,97,800 + 2,70,000
Total Purchases =
4,67,800
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Summary

In this II module , we learnt some


important Journal Entries, creation of Sundry
Debtors & Creditors A/c and ascertaining the
Annual Credit Sales and Annual Credit
Purchases .

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THANK YOU
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