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Accounts from Incomplete Record Test - 1

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Accounts from Incomplete Record Test - 1
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Weekly Quiz Competition
  • Question 1
    1 / -0

    Cash in hand can be obtained by preparing

    Solution

    the closing balance in the cash book at the end of the year shall be the cash in hand at the end of the year.

     

  • Question 2
    1 / -0

    Net worth of an organization means the excess of its total assets over total:

    Solution

    NET WORTH = total assets - liabilities

     

  • Question 3
    1 / -0

    If capital in the beginning is more than at the end then it will be

    Solution

    if capital at the beginning is more than capital at the end it means the business has suffered loss.

     

  • Question 4
    1 / -0

    Commission received in advance is to be shown in statement of affairs on

    Solution

    The Commission received in advance is a liability for business hence it will be shown as liability side of the statement of affairs.

     

  • Question 5
    1 / -0

    Which method is used under single entry system to find out the profit or loss?

    Solution

    under this method profit\loss is calculated in the following manner:-

    capital at the end                                   ****

    add: drawing during the year                         ****

                                                                           ****

    less: capital introduced                                  **** 

     adjusted capital at the end                            ****

    less: capital at the beginning                          ****  

    profit\loss for the year                                     ****

    if opening and closing capitals aren't given, statement of affairs needs to be prepared to calculate capitals. a statement of affairs is a statement of all assets and liabilities. the difference between the amount of the two sides is taken as capital. a statement of affairs is just like the balance sheet.

     

  • Question 6
    1 / -0

    A statement of assets and liabilities prepared under the single entry system is called

    Solution

    statement of affairs = a statement of affairs is a statement of all assets and liabilities. The difference between the amount of the two sides is taken as capital. A statement of affairs is just like the balance sheet.

     

  • Question 7
    1 / -0

    A limited company cannot maintain its accounts under Single entry system because

    Solution

    a limited company, because of legal restriction, cannot maintain accounting books on single entry system. legal restrictions such as Companies Act,2013 and income tax Act,1961 restricts limited companies to maintain accounting books on single entry system.

     

  • Question 8
    1 / -0

    From the following information are given of an accounting year:

    1. Opening creditor Rs.10,000
    2. Cash paid to creditors Rs.30,000
    3. Return out ward Rs.2,000
    4. Closing creditors Rs.24,000

    Calculate credit purchase during the year.

    Solution

    Opening creditor               -        Rs.10,000
    less: Cash paid to creditors   -   Rs.30,000
    less: Return out ward        -       Rs.2,000
    less: Closing creditors       -       Rs.24,000

                                                     Rs.46,000

     

  • Question 9
    1 / -0

    The opening capital is ascertained by preparing

    Solution

    a statement of affairs is a statement of all assets and liabilities. The difference between the amount of the two sides is taken as capital. A statement of affairs is just like the balance sheet.

     

  • Question 10
    1 / -0

    Profit is calculated by the formula

    Solution

    calculation of profit/(loss) during the year:-

    capital at the end               -                    ****

    Add: drawing during the year         -         ****

                                                                    ****

     Less: capital introduced             -            **** 

    adjusted capital at the end          -            ****

    Less: capital at the beginning       -           ****  

    profit\loss for the year                -                 ****

     

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