Question 1 :
Journal entry for transfer of direct expenses is __________.<br/> Trading A/c Dr.<br/> To Direct Expenses A/c
Question 3 :
Journal entry for transfer of Purchase return is -<br/> Purchase return A/c Dr.<br/> To Trading A/c
Question 4 :
The liabilities of a firm are Rs. 3,000; the capital of the proprietor is Rs. 7,000. The total assets are __________.
Question 5 :
Closing stock is valued at cost price or market price whichever is less.
Question 8 :
Capital of business is Rs. 75,000 and liability is Rs. 25,000 then total assets of business would be ___________.
Question 9 :
Journal entry for transfer of closing stock is -<br> Closing Stock A/c Dr.<br> To Trading A/c
Question 10 :
Closing stock of the previous year becomes the opening stock of the current year.
Question 15 :
Under the net worth method, the basis of ascertaining profit is the:
Question 18 :
The number of production units expected to be obtained from the use of an asset by an enterprise is called ______________.
Question 19 :
If the financial institution may like to keep margin of $25\%$ on assets. If the tangible assets are $80\%$ while intangible assets are $20\%$,then maximum finance that FIs will give will be _____________.
Question 21 :
If the owner's equity is Rs. $80,000$ and external liability Rs. $40,000$, Cash in hand Rs. $20,000$, the total assets of the firm will be ___________.
Question 22 :
If the owners equity is Rs. $80,000$ and external liability Rs. $40,000$, Cash in hand Rs. $20,000$, the other assets of the firm will be ____________.
Question 23 :
Which of the following is a time span in which the total life of a business is divided for the purpose of preparing financial statements?
Question 24 : Given that :<br/>Opening capital - <span class="MathJax_Preview"></span><span class="MathJax"><span class="math"><span class="mrow"><span class="mi">R<span class="mi">s<span class="mo">.</span><span class="mn">50</span><span class="mo">,</span><span class="mn">000</span></span></span></span></span><span class="MJX_Assistive_MathML">Rs.50,000</span></span><div>Capital introduced - Rs. 5000</div><div>Drawings - Rs. 10000</div><div>Closing capital - Rs. 60000</div><div>The profit for the year will be _____________.</div>
Question 25 :
Calculate : Sales<b><br/></b>Opening Debtors Rs.5000<br/><b></b>Opening Bills Receivable Rs.2000<br/>Cash received from Debtors (including cash from bills receivable) Rs.10000<br/>Closing bills receivable Rs.1000<br/>Closing debtors Rs.8000<br/>
Question 27 :
Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earnings?
Question 30 :
Given that purchases amount to Rs. 25,000 and cost of goods sold amounts to Rs. 18,000, closing stock will be ___________.
