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Question
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Additional Capital introduced during the year is __________ from closing capital in order to find out the correct profit
Options
Added
Deducted
Divided
Ignored
Solution
Additional Capital introduced during the year is deducted from closing capital in order to find out the correct profit.
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RELATED QUESTIONS
Write a word, term, or phrase which can substitute the following statement.
An excess of assets over liabilities.
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In order to find out the correct profit, drawings is __________ from closing capital
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The difference between assets and liabilities is called ____________.
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Opening Capital is ₹ 30,000; Closing Capital is ₹ 60,000; Withdrawals are ₹ 5,000; and further capital brought in is ₹ 3,000; Profit is _______.
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Further capital introduced during the year increases profit.
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In order to find out the correct profit, drawings are __________ to the closing capital.
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The difference between Assets and Liabilities is called _______.
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Additional Capital introduced during the year is __________ from Closing Capital in order to find out the correct profit.
Find the odd one :
Find the odd one :
Find the odd one :
| Closing Capital | Drawings | Adjusted Closing Capital | Opening Capital | Profit | ||||
| ? | + | ₹ 15,000 | = | ₹ 40,000 | - | ₹ 20,000 | = | ? |
| Cash in Hand | Cash at Bank | Sundry Debtors | Bills Payable | Capital | ||||
| ₹ 10,000 | + | ₹ 5,000 | = | ₹ 8,000 | - | ₹ 4,000 | = | ? |
Complete the following table. Put Proper mark in Box:
| Sr. No. | When the closing capital is given | Add | Less |
| 1) | Drawings | ||
| 2) | Prepaid Expenses | ||
| 3) | Overvaluation of Liabilities | ||
| 4) | Undervaluation of Liabilities | ||
| 5) | Interest on Drawings | ||
| 6) | Opening Capital | ||
| 7) | Undervalaution of Assets | ||
| 8) | Interest on Capital | ||
| 9) | Depreciation of Assets | ||
| 10) | Bad debts |
Do you agree with the following statements?
Interest on Drawings decreases the amount of profit under Single Entry System.
