Practise 25 real Federal Board questions on Single Entry System from 2023 to 2026. See the answer and explanation as soon as you answer.
Single Entry System is one of the 10 main chapters in our Federal Board I.Com Accounting question bank (12th class), and about 7% of its real questions come from it. Tayyari Karo has 25 real questions on this chapter from 2023 to 2026; 14 are multiple choice and marked instantly, and the rest are short and long questions with a model answer. By difficulty: 15 medium, 6 easy, 4 hard.
Work through the questions below, then open the explanation for each one. Redo the ones you missed a few days later.
These are real past-paper questions. Think of your answer first, then open the explanation.
To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare:
Answer: D. Statement of affairs
A statement of affairs is prepared at both the beginning and end of the year under single entry system to determine capital (as a balancing figure).
If the capital at the end Rs.30000; drawings Rs.1250; capital in the beginning Rs.15000; then the amount of net profit will be:
Answer: B. 16250
Net profit = Capital at end + Drawings − Capital at beginning = 30,000+1,250−15,000 = Rs.16,250.
If the capital in the beginning Rs.65,650; Fresh capital 16,250; Net loss 11,375; then the capital at the end will be:
Answer: A. Rs.70525
Capital at end = Capital at start + Fresh capital − Net loss = 65,650+16,250−11,375 = Rs.70,525.
Cash paid to creditors can be ascertained by preparing:
Answer: B. Total Creditors A/C
The total (memorandum) creditors account is used to find the missing figure of cash paid to creditors, given opening/closing balances and credit purchases.
In single entry system, nominal accounts and some assets accounts balances are not available, so it is not possible to prepare:
Answer: C. Trial Balance
Since single entry system does not maintain a full double-entry ledger, a trial balance (which requires all ledger balances) cannot be prepared.
Net worth is equal to:
Answer: A. Assets − liabilities
Net worth (capital) = Total Assets − Total Liabilities.
Differentiate between "Statement of Affairs" and "Balance sheet" (Any three).
(1) Statement of Affairs is prepared under single entry (incomplete records); Balance sheet is prepared under double entry (complete records).
(2) In Statement of Affairs, capital is a balancing/estimated figure; in Balance sheet, capital is an actual, verified figure from the ledger.
(3) Statement of Affairs may not be fully reliable since it relies on estimates for missing figures; Balance sheet is considered accurate and reliable since it is based on a complete trial balance.
X, who keeps his books on single entry system, tells you that his capital on 31st December 2018 was Rs.56,100 and his capital on 1st January 2018 was Rs.57,600. He further informs that during the year he withdrew Rs.25,260 for his household purposes. He sold his investments of Rs.6,000 at 2% premium and brought the money into business. Requirement: Prepare a statement of profit and loss.
Statement of Profit and Loss (Net Worth Method)
Capital at end (31 Dec 2018) = 56,100
Add: Drawings during the year = +25,260
Less: Additional capital introduced (proceeds of investments sold at 2% premium: 6,000 × 1.02 = 6,120) = −6,120
Less: Capital at start (1 Jan 2018) = −57,600
Net Profit for the year = 56,100 + 25,260 − 6,120 − 57,600 = Rs.17,640
| Session | Questions |
|---|---|
| 2026 Annual | 7 |
| 2025 1st Annual | 5 |
| 2025 2nd Annual | 3 |
| 2024 Annual | 5 |
| 2023 Annual | 5 |
25 real Federal Board (FBISE) Accounting questions on Single Entry System from 2023 to 2026, for 12th class. Each one shows the session it came from.
No. We could not find an official FBISE marking scheme for these papers, so the answers and explanations are written by Tayyari Karo for practice. Check anything important with your teacher or textbook.
You can start free with no signup. A small set of papers per subject is free, and Premium unlocks the full question bank.
