Financial State...

Provision for cash discount on debtors is a percentage of _________________.

If value of final sales is 48000 and net realizab levalue is 48000 and net realizab levalue is35000, then value of sales costs would be ____________.

After all closing entries have been posted, the balance of the P & L Account will be ________________.

If there is no partnership deed then interest on capital will be charged at ______p.a.

Interest on partners capital is___________.

Short cut method for determination of cost of debt:

Del Credere commission is allowed to the consignee to bear __________.

While making an adjustment entry in respect of interest on capital, credit is made to _______________.

Bad debt amount should be credited to the _________ account.

Consider the following statements.
I. Incase of the marine insurance, the insurable interest must exist at the time the loss occurs.
II. Incase of fire insurance, insurable interest must exist both at the time of the contract and at the time of loss.
Which of the statements given is/are correct?