Financial State...

Net income equals _________________.

XYZ Associates is not maintaining full-fledged accounts on Double entry system basis. From the following details estimates the capital of the firm as on $$31-3-2014$$.
Capital as on $$1-04-2013$$ Rs. $$80,000$$
Capital added during the year Rs. $$20,000$$
Drawing during the year Rs. $$35,000$$
Profit credit to the capital A/c Rs. $$60,000$$

______ is (are) an example of operating expenses.

________ is the most important phase of accounting cycle.

Select the most appropriate alternative from those given below:
An amount which is irrecoverable is called ________ .

Expenses that are incurred to operate the business smoothly and efficiently are known as ________.

Major repair on a second hand plant purchased is debited to _________.

Which of these is not included in the term "factory building"?

Inventory that is ready for sale is called_________.

Find the cost of goods sold from the following details:
Purchases Rs. 20,000