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Question
Opening statement of affairs is usually prepared to find out the ___________.
Options
Capital in the beginning of the year
Capital at the end of the year
Profit made during the year
Loss occurred during the year
Solution
Opening statement of affairs is usually prepared to find out the Capital in the beginning of the year.
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RELATED QUESTIONS
Statement of affairs is a ___________.
What is the amount of capital of the proprietor, if his assets are ₹ 85,000 and liabilities are ₹ 21,000?
When capital in the beginning is ₹ 10,000, drawings during the year is ₹ 6,000, profit made during the year is ₹ 2,000 and the additional capital introduced is ₹ 3,000, find out the amount of capital at the end.
Opening balance of debtors: ₹ 30,000, cash received: ₹ 1,00,000, credit sales: ₹ 90,000; closing balance of debtors is ______________.
State the accounts generally maintained by small sized sole trader when a double-entry accounting system is not followed.
What is a statement of affairs?
State the procedure for calculating profit or loss through the statement of affairs.
From the following particulars ascertain profit or loss:
| Particulars | ₹ |
| Capital at the beginning of the year (1st April, 2018) | 5,00,000 |
| Capital at the end of the year (31st March, 2019) | 8,50,000 |
| Additional capital introduced during the year | 1,20,000 |
| Drawings during the year | 70,000 |
From the following details, calculate the capital as on 31st December 2018.
| Particulars | ₹ |
| Capital as on 1st January, 2018 | 1,00,000 |
| Goods withdrawn for personal use by the owner | 30,000 |
| Additional capital introduced during the year | 15,000 |
| Profit for the year | 60,000 |
Which of the following items relating to bills payable is transferred to the total creditors account?
