Tag: ascertaining profit or loss from incomplete records
Questions Related to ascertaining profit or loss from incomplete records
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 ____________ .
A statement of affairs is a summarised statement of an estimated _____________.
The capital at the end of the accounting year is ascertained by preparing _______.
The difference between assets and liabilities is called as ___________.
Find the total assets at the end of the year if net profit, drawing during the year and assets at the of beginning of the year were 12,000, 7000 and 20,000 respectively.