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प्रश्न
Answer in one sentence only.
Which Statement is prepared under the Single Entry System to ascertain profit?
उत्तर
Statement of Profit or Loss is prepared to calculate the profit under single-entry system. The profit is calculated as follows:
Capital at the end
Add: Drawings made during the year
Less: Additional Capital introduced during the year
Less: Capital in the beginning
Profit or loss for the year
APPEARS IN
संबंधित प्रश्न
A statement similar to balance sheet.
The capital in the beginning of the accounting year is ascertained by preparing ______________
(b) company
(c) society
(d) government
Mr. John keeps his books according to single entry system. Following are the details of his business:
| Particulars | 01.04.2012 Amount (Rs) |
31.03.2013 Amount (Rs) |
| Machinery | 70,000 | 70,000 |
| Furniture | 10,000 | 20,000 |
| Stock | 36,000 | 42,000 |
| Sundry debtors | 72,200 | 88,400 |
| Cash in hand | 3,000 | 4,100 |
| Cash at bank | 42,000 | 52,300 |
| Sundry creditors | 54,500 | 60,400 |
Additional information:
(1) Mr. John had introduced Rs. 20,000 as additional capital on 1st October, 2012.
(2) Mr. John had withdrawn Rs.15,000 for his personal use during the year.
(3) Additions to furniture were made on 1st October, 2012.
(4) Depreciate machinery at 10% p. a.and furniture at 20% p. a.
Prepare:
(1) Opening and Closing Statement of Affairs.
(2) Statement of Profit or Loss for the year ending on 31st March, 2013
Answer in one sentence only.
What is statement of affairs?
Answer in one sentence only
In which method statement of affairs is prepared?
Answer in one sentence only.
Can a trial balance be prepared under Single Entry System?
Answer in one sentence only.
Which type of accounts are maintained under Single Entry System?
Write the word / term / phrase which can substitute the following Statement.
A statement similar to Balance Sheet.
Write the word / term / phrase which can substitute the following Statement.
A statement similar to Balance Sheet.
Write the word / term / phrase which can substitute the following Statement.
When Closing Capital is greater than Opening Capital it denotes ___________
Write the word / term / phrase which can substitute the following Statement.
Generally incompleted records are maintained by _____________
Select the most appropriate answer the alternatives given below and rewrite the Sentence.
The capital in the beginning of the accounting year is ascertained by preparing_____________.
Select the most appropriate answer the alternatives given below and rewrite the Sentence
The Capital balances are ascertained by preparing _______________.
State True or False.
Statement of profit is just like Profit and Loss Account.
State True or False.
Under Single Entry System it is not possible to prepare Trial Balance.
State True or False.
Under Single Entry System it is not possible to prepare Trial Balance.
State True or False.
Statement of profit shows financial position of business.
