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Mr. Mehta started his readymade garments business on April 1, 2004 with a capital of Rs.50,000. He did not maintain his books according to double entry system. During the year he introduced fresh capital of Rs.15,000. He withdrew Rs.10,000 for personal use. On March 31, 2005, his assets and liabilities were as follows: Total creditors Rs.90,000 ; Total debtors Rs.1,25,600 ; Stock Rs.24,750 ; Cash at bank Rs.24,980. Calculate profit or loss:

Opening statement of affairs is prepared to know :

________ is a statement of assets and liabilities.

Under Single entry system we prepared only_________.

Statement of financial position produced from incomplete accounting record is commonly known as:

Capital in the beginning – Rs.24000, profit made during the year-Rs.4000, drawings - Rs.8000, Capital introduced during the year - Rs.12000. Calculate capital at the end:

Calculate profit if closing capital is Rs.14250, additional capital is Rs.200, opening capital is Rs.11300 and drawings Rs.100 per month.

In which of the following systems of recording the financial statements reflect true and fair view of an entity?

Under Single Entry System balance sheet is not prepared but Statement of affairs is prepared because __________.

Liabilities and assets amount to Rs. 50,000 and Rs. 78,000 respectively. The difference amount will represent ______.