TN Samacheer Kalvi 12th Accountancy Important Formulas Accounts from Incomplete Records

Dear students,

Before you get started with chapter 1, Accounts from Incomplete Records, do a quick revision of all the important formulas. Also be thorough with the format of the different accounts. Then, when you start working out the problems, you will do it with confidence and also do it easily. Here are the key points you must remember in this chapter.

Calculation of profit or loss through statement of affairs.

Adjusted closing capital = Closing capital + Drawings – Additional capital

Profit/ Loss = Closing Capital + Drawings – Additional Capital – Opening Capital

Format to find out the Profit or Loss:

Statement of profit or loss for the year ended …….

Particulars	Rs.
Capital at the end of the year	xxx
Add: Drawings during the year	xxx
	xxx
Less: Additional capital introduced during the year	xxx
Adjusted closing capital	xxx
Less: Opening Capital	xxx
Profit or loss for the year	xxx

Format of statement of affairs
In the books of ——–
Statement of affairs as on ——–

Liabilities	Rs.	Assets	Rs.
Sundry creditors	xxx	Cash in hand	xxx
Bills payable	xxx	Cash at bank	xxx
Outstanding expenses	xxx	Sundry debtors	xxx
Bank overdraft	xxx	Bills receivable	xxx
Capital (Balancing figure)	xxx	Stock–in–trade	xxx
		Prepaid expenses	xxx
		Fixed assets	xxx
Total	xxx	Total	xxx

Format of total debtors account

Total Debtors account

Particulars	Rs.	Particulars	Rs.
To Balance b/d	xxx	By Cash A/c (received)	xxx
(opening balance)		By Bank A/c (cheques received)	xxx
To Sales A/c (credit sales)	xxx	By Discount allowed A/c	xxx
To Bank A/c (cheque dishonoured)	xxx	By Sales returns A/c	xxx
To Bills receivable A/c	xxx	By Bad debts A/c	xxx
(bills dishonoured)		By Bills receivable A/c	xxx
		(bills received)
		By Balance c/d	xxx
		(closing balance)
Total	xxx	Total	xxx

Format of bills receivable account

Bills receivable account

Particulars	Rs.	Particulars	Rs.
To Balance b/d	xxx	By Cash / Bank A/c	xxx
(opening balance)		(Bills receivable honoured)
To Sundry debtors A/c	xxx	By Sundry debtors A/c	xxx
(Bills receivable received during the year)		(Bills receivable dishonoured)
		By Balance c/d	xxx
		(closing balance)
Total	xxx	Total	xxx

Format of total creditors account
Total creditors account

Particulars	Rs.	Particulars	Rs.
To Cash A/c (paid)	xxx	By Balance b/d	xxx
To Bank A/c (cheques paid)	xxx	(opening balance)
To Bills payable A/c	xxx	By Purchases A/c	xxx
(bills accepted)		(credit purchases)
To Discount received A/c	xxx	By Bank A/c	xxx
To Purchase returns A/c	xxx	(cheques dishonoured)
To Balance c/d	xxx	By Bills payable A/c	xxx
(closing balance)		(dishonoured )
Total	xxx	Total	xxx