Tag: meaning and featuresof incomplete records
Questions Related to meaning and featuresof incomplete records
In single entry system only ________________ accounts are opened.
In single entry system it is not possible to prepare _____.
A statement of ____________ is to be prepared in order to find out the profit and loss under a single entry system.
__________system is usually adopted by traders who have less knowledge of Accounting.
In _____ forms of business the owners are directly responsible for the debts of the business.
Income -tax of the sole trader paid is shown ___________.
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________.