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Ascertaining profit or loss from incomplete records - class-XII

ascertaining profit or loss from incomplete records

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Questions

Question 1 Multiple Choice (Single Answer)

To ascertain the profit, closing capital is to be adjusted by deducting ________ and adding _________.

  1. Opening capital, Drawings
  2. Opening capital, Cash deposit
  3. Surplus, Opening balance
  4. None of the Above
Question 2 Multiple Choice (Single Answer)

Profit under single entry system of Book Keeping means ______________.

  1. The difference between opening and closing cash balances and reduced by fresh capital introduced.
  2. The difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced.
  3. Profit shown by Trading and Profit and Loss Account and Balance sheet.
  4. The amount of closing cash balance as reduced by expenses.
Question 3 Multiple Choice (Single Answer)

If opening capital is $Rs.80,000$, closing capital is $Rs.1,80,000$, withdrawals are $Rs.10,000$ and additional capital brought in the business is Rs. $20,000$, then the profit will be________.

  1. $Rs.90,000$
  2. $Rs.1,10,000$
  3. $Rs.70,000$
  4. $Rs.1,50,000$
Question 4 Multiple Choice (Single Answer)

While ascertaining profit in single entry system the amount of additional capital introduced is ___________.

  1. added to the capital in the beginning
  2. deducted from the capital in the beginning
  3. added to the capital at the end
  4. deducted from the capital at the end
Question 5 Multiple Choice (Single Answer)

In statement of profit and loss interest on capital is shown as _________.

  1. Addition
  2. Subtraction
  3. Ignored
  4. Multiplied
Question 6 Multiple Choice (Single Answer)

Further capital introduced during the year is ____________ from closing capital in order to find out the correct profit.

  1. Added
  2. Deducted
  3. Divided
  4. Ignored
Question 7 Multiple Choice (Single Answer)

Profit can be ascertained from the incomplete records under single entry by using  ________.

  1. Statement of affairs
  2. Conversion method
  3. Either A or B
  4. None of the above
Question 8 Multiple Choice (Single Answer)

The difference between capital at the end of year and capital at the beginning of year is called ____________.

  1. Profit
  2. Income
  3. Drawings
  4. Expenses
Question 9 Multiple Choice (Single Answer)

In order to find out the correct profit, drawings are ___________ to the closing capital.

  1. Deducted
  2. Added
  3. Divided
  4. Multiplied
Question 10 Multiple Choice (Single Answer)

Find the total at assets at the end of the year if the net profit, drawing during the year and assets at the beginning of the year were 12,000, 7,000 and 15,000 respectively.

  1. 20,000
  2. 10,000
  3. 9,000
  4. 8,000
Question 11 Multiple Choice (Single Answer)

                                             Rs.
Opening Capital                  50,000
Closing Capital                    52,000
Net profit during the year      5,000     
If the above figure are drawn from the books of a trader, then  his drawings, if any, are ____________.

  1. Rs. 5,000
  2. Rs. 3,000
  3. Rs. 1,000
  4. Rs. 6,000
Question 12 Multiple Choice (Single Answer)

Capital on 1 January Rs.65,000, Interest on drawing Rs.5,000, Interest on Capital Rs.2,000, Drawings Rs.14,000, Profit for the year Rs.15,000. His capital as on 31 December will be _____________.

  1. Rs. 67,000
  2. Rs.63,000
  3. Rs.77,000
  4. Rs.89,000
Question 13 Multiple Choice (Single Answer)

Profit = Capital at the end+______- Capital introduced - Capital in the beginning.

  1. Sales
  2. Drawings
  3. Loan
  4. Net Purchases
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