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Question
Write the word / term / phrase which can substitute the following Statement.
Generally incompleted records are maintained by _____________
Options
trader
company
society
government
Solution
Generally incompleted records are maintained by trader.
Explanation: Incomplete records, i.e. records based on the lines of single-entry system, are usually maintained by a trader. Incomplete records may be due to partial recording of transactions, as is the case with small shopkeepers such as grocers and vendors. Companies, societies and governments are required to maintain accounts based on double-entry system, owing to the size of their business.
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RELATED QUESTIONS
The capital in the beginning of the accounting year is ascertained by preparing ______________
(b) company
(c) society
(d) government
| 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 John had withdrawn Rs.15,000 for his personal use during the year.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 type of accounts are maintained 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.
A statement similar to Balance Sheet.
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_____________.
Select the most appropriate answer the alternatives given below and rewrite the Sentence
The Capital balances are 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.
Mrs. Sunita keeps her books on Single entry System and gives the following information:
| Particulars | 01.04.2015 Amount |
31.03.2016 Amount |
| Cash at bank | 10,000 | 64,000 |
| Debtors | 50,000 | 80,000 |
| Stock | 60,000 | 1,00,000 |
| Plant | 40,000 | 40,000 |
| Building | 1,00,000 | 1,00,000 |
| Bills payable | 10,000 | 10,000 |
| Creditors | 30,000 | 40,000 |
Additional Information:
Mrs. sunita withdrew from business Rs. 30,000 for personal use. She further introduced fresh capital of 50,000. Depreciation is to be charged @10% p.a on plant and building.
Prepare:
(a) Statement of Affairs as on 01.04.2015
(b) Statement of Affairs as on 31.03.2016
(c) Statement of Profit or Loss for the year ending 31.03.2016
