TS Grewal Class 11 Accountancy Solutions Chapter 16 - Accounts from Incomplete Records Single Entry System, explains the Incomplete Records - Single Entry System and the reasons behind it. Apart from that students will also get to learn the features of Incomplete Records - Single Entry System. The question is solved in an easy and understandable language which will make the learning process better for the students.

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TS Grewal Class 11 Accountancy Solutions Chapter 16

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Detailed Explanation of TS Grewal Class 11 Accountancy Solutions Chapter 16

In chapter 16, TS Grewal Class 11 Accountancy Solutions explains Incomplete records as a condition in which a company or establishment is not practicing a double-entry bookkeeping system. Instead, it is going for a single entry system for sustaining a decreased amount of data about its financial results. 

If an establishment goes for a single entry system, keeping a cash-basis income statement is reasonable, but that is not the same for a balance sheet. This system is feasible for the administrators of a firm who resolve to maintain a double-entry bookkeeping system, but the accounting records are not complete.

Reasons for Incomplete records:

TS Grewal Class 11 Accountancy Solutions explains the reasons for the Incomplete records, mentioned below:

1. Inadequate systems: Certain companies or establishments may possess inadequate systems of a method for helping authorities, that often transaction doesn’t get recorded in the systems. 
2. Fraudulent behavior: This doesn’t happen every then and now that an employee flees with the company assets or record high degrees of profitability. To prevent that from happening, companies often maintain a system of Incomplete records. 
3. A loss incurred during the transaction: Losses of a few or all records might get incurred when a company cannot shield its old records sufficiently when transferring into a new system or moving.

Features of the Incomplete Records - Single Entry System

• The unsystematic method used for recording business transactions with no applicable principles or rules. 
• The process of his system differs as per the needs of a company and therefore holds no uniformity. 
• This system maintains personal accounts with no real record of private funds. 
• This system is not flexible as it isn’t based on any rules, principles or standards. 

TS Grewal Class 11 Accountancy Solutions Chapter 16 - Accounts from Incomplete Records - Single Entry System: Sample Questions 

Sample question 1:

The capital of Ganesh Gupta at the start of the year was Rs. 70,000. During the year his business made a profit of Rs. 20,000. For his personal use, he withdrew Rs. 7,000 and sold his wife’s ornaments for Rs. 20,000 and invested in into the business. Calculate his Capital at the end of the year. 

Answer: Capital at the end of the year = Capital opening + Additional Capital + Profit – Drawings 

= Rs. (70,000 + 20,000 + 20,000 – 7,000)

= Rs. 1,03,000 

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