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Select the Most Appropriate Answer the Alternatives Given Below and Rewrite the Sentence - Book Keeping and Accountancy

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प्रश्न

Select the most appropriate answer the alternatives given below and rewrite the Sentence
The Capital balances are ascertained by preparing _______________.

विकल्प

  • Statement of affairs

  • Cash Account

  • Drawing account

  • Debtors Account

MCQ

उत्तर

The Capital balances are ascertained by preparing Statement of Affairs.

Explanation: It is a statement showing various assets and liabilities of the business on a particular date. It can be prepared with both opening and closing balances. A statement prepared with opening assets and liabilities is known as Opening Statement of Affairs (to ascertain the opening capital). Similarly, a statement prepared with closing assets and liabilities is known as Closing Statement of Affairs (to ascertain the closing capital).

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Preparation of Statements for Single Entry System
  क्या इस प्रश्न या उत्तर में कोई त्रुटि है?
अध्याय 8: Single entry System - Exercise 3 [पृष्ठ २५८]

APPEARS IN

मायकल वाझ Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board
अध्याय 8 Single entry System
Exercise 3 | Q 5 | पृष्ठ २५८

संबंधित प्रश्न

A statement similar to balance sheet.


The capital in the beginning of the accounting year is ascertained by preparing ______________

(a)  closing statement of affairs.
(b) cash account.
(c) statement of profit or loss.
(d) opening statement of affairs.

Which statement is prepared under single entry system to ascertain profit?

Generally incomplete records are maintained by the __________
(a) trader
(b) company
(c) society
(d) government

Mrs Asha keeps her books on Single Entry System and gives the following information:
Particulars 31.3.2011 Amount (Rs) 31.3.2012 Amount (Rs)
Cash at Bank 10,000 64,000
Sundry debtors 50,000 80,000
Stock in Trade 60,000 10,0000
Furniture 40,000 40,000
Machinery 1,00,000 1,00,000
Bills Payable 10,000 10,000
Sundry Creditors 30,000 40,000

Mrs. Asha withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of Rs. 50,000.
Depreciation is to be charged @ 10% p.a. on furniture and machinery.

Prepare:

(a) Statement of affairs as on 31.3.2011

(b) Statement of affairs as on 31.3.2012

(c) Statement of Profit or Loss for the year ending 31.3.2012.


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 Statement is prepared under the Single Entry System to ascertain profit?


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 prepared to ascertain the amount of closing capital.


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_____________.


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.


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