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Question
Write a word, term, or phrase which can substitute the following statement.
Excess of closing capital over opening capital of proprietor under Single Entry System.
Solution
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.
Write a word, term, or phrase which can substitute the following statement.
Further capital introduced by the proprietor in the business concern over and above his existing capital.
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
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
In order to find out the correct profit, drawings is __________ from closing capital
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
The difference between assets and liabilities is called ____________.
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Opening Capital is ₹ 30,000; Closing Capital is ₹ 60,000; Withdrawals are ₹ 5,000; and further capital brought in is ₹ 3,000; Profit is _______.
State True or False with reasons:
Only Cash and Personal accounts are maintained under Single Entry System.
Do you agree with the following statement?
Further capital introduced during the year increases profit.
Fill in the blank:
In order to find out the correct profit, drawings are __________ to the closing capital.
Fill in the blank:
The difference between Assets and Liabilities is called _______.
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.
