accounts from i...

The capital in the beginning of the accounting year is ascertained by preparing ______.

Trading and Profit and Loss Account cannot be prepared from books maintained on single entry basis because :

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________.

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

Under the net worth method, the basis for ascertaining profit or loss is the difference between _______________.

If opening capital is Rs. 40000, closing capital is Rs. 90000, withdrawal is Rs. 5000 and additional capital brought in is Rs. 10000, profit is Rs. ____________.

The single entry system is defective because,
I. Only one account is maintained.
II. The trial balance cannot be prepared.
III. The net profit cannot be accurately calculated.
IV. The possibility of fraud and misappropriation is great.
Select the correct answer from the following.

A statement similar to balance sheet prepared to find out the amount of opening capital is ___________.

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

If the opening capital is Rs.80000, closing capital is Rs.180000, withdrawals are Rs.10000 and additional capital brought in is Rs.20000 the profit will be Rs.________________.