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Question
Select the most appropriate answer the alternatives given below and rewrite the Sentence.
Under Single Entry System Opening Capital = Opening Assets Less _____________.
Options
Closing Assets
Opening Liabilities
Opening Assets
Closing Liabilities
Solution
Under Single Entry System Opening Capital = Opening Assets Less Opening Liabilities.
Explanation: Opening Capital is calculated by deducting the total opening liabilities from the total opening assets.
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Fill in the blank:
In _________Book Keeping System, in every business transaction we find two effects.
