Q.State the meaning of incomplete records?
Incomplete records = accounts not kept strictly under double entry; only some transactions are fully recorded.
Under incomplete records, a business does not follow the double entry system fully. For some transactions both aspects are recorded, but for many others only one aspect, or no entry at all, is made. Typically the cash book and the personal accounts of debtors and creditors are kept more or less properly, while information about assets, liabilities, expenses and revenues is only partly recorded. Because the picture is incomplete, profit or loss can only be estimated, not computed with full accuracy. This is a common topic in CBSE Class 11 Accountancy previous-year question papers.
Incomplete records are accounting records that are not kept strictly according to the double entry system — some transactions are recorded with proper debits and credits, while others are recorded only on one side or not at all. Usually only the cash book and the personal accounts of debtors and creditors are maintained properly.
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