Tag: accounting from incomplete records
Questions Related to accounting from incomplete records
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 ____________.
Loss of stock is said to be normal loss when such loss is not due to inherent characteristics of the commodities.
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.
Trading and Profit and Loss Account cannot be prepared from books maintained on single entry basis because :
Difference between the opening and closing capital after adjusting drwaings and capitals introduced during the year is profit for the year.
Profit, under Single Entry System is ascertained ____________ .
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