Accounts from I...

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

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

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

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

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

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.

Profit is calculated by the formula

Calculate Opening capital from the following information
Profit: Rs.500, Closing capital- Rs.3000, Withdrawn- Rs.600, Fresh capital- Rs.400

Calculate Closing capital from the following information
Profit: Rs.900, Opening capital-Rs.8000, Withdrawn-Rs.1200, Fresh capital-Rs.1000

Two adjustments should be made to ascertain the profit

What does the capital balance on assets side mean

Incomplete records system suitable for which type of business

Two method for ascertaining profit and loss in case of single entry system :

Which accounting principle is followed by single under system?

Only Real and Personal accounts are shown in ________

Which of the following is not a feature of system of single entry system

This system of accounting is not reliable because

Statement of affairs also helps in ascertaining the ___________

Simian tells you that her capital on 31st march, 2011 is Rs.25, 00,000 and her capital on 31st march, 2010 was Rs.18, 00,000. She further informed you that during the year she gave a loan of Rs.4, 00,000 to her sister on private account and withdrew Rs 15,000 per month for personal purposes. She also used a flat for her personal use, the rent of which Rs.8,000 per month and electricity charges at an average rate of Rs 6000 per quarter were paid from the business account. During the year Simran sold her 10,000 shares of ABC Ltd.in the open market at a price of Rs.150 per share and brought that money in to the business. Ascertain the amount of profit or loss.

Calculate profit from the following information
Opening capital: Rs.5000, Closing capital-Rs.7000, Withdrawn- Rs.1000, Fresh capital-Rs.500

Bad - debts written off always affect the:

Match the following. Options are as follows:

If closing owner’s equity is Rs 1,000; opening owner’s equity is Rs. 500; profit is Rs 700, then there must be a ___________ of Rs 200 during the year

The shortage of the ______ side of the cash book represents cash sales or capital introduced or sundry income

A statement of affairs shows only the _____ financial position of the business