Profit Determination and Statement of Profit

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

Kumar and Shanu-entered into a joint venture to purchase and sell new year gifts. They agreed to share the profit and losses equally. Kumar purchased goods worth Rs. 1,00,000 and spent' Rs. 10,000 in sending the goods to Shanu. He also paid Rs. 5,000 for insurance. Shanu spent Rs. 10,000 as selling expenses and sold goods for 2,00,000. Remaining goods Were taken over by him at Rs. 5,000. What will be the amount to be remitted by Shanu to Kumar as final settlement?

Profit under single entry system of Book Keeping means ______________.

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________.

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

Rs. 19,500 debited to building repairs on 31 st Dec. 1993 inclined Rs. 9,500 as the cost of building a small room for the watch man. A bill of Rs. 800 for colour wash of the whole building during the year was not received till  Dec. 1993. The amount to be debited to profit and loss account would be _____________.

A and B enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs. 10,000. He pays expenses amounting to Rs. 1,000. B incurs further expenses on carriage Rs. 1,000. He receives cash for sales Rs. 15,000. He also takes over goods to the value of Rs. 2,000. What will be the amount to be remitted by B to A?

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

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

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

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

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

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.

                                             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 ____________.

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 _____________.

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