Question Text
Question 1 :
Steps of preparing Final Accounts is -<br>(a) Trading Account <br>(b) Profit and Loss Account<br>(c) Balance Sheet
Question 3 :
The liability of shareholders of a public limited company is limited to the ___________ .
Question 4 :
Journal entry for transfer of Purchase return is -<br/> Purchase return A/c Dr.<br/> To Trading A/c
Question 5 :
Journal entry for transfer of Purchases is -<br> Trading A/c Dr. <br> To Purchases A/c
Question 7 :
The liabilities of a firm are Rs. 3,000; the capital of the proprietor is Rs. 7,000. The total assets are __________.
Question 8 :
The Account which shows Net Profit or Net Loss of the business is _____________ .
Question 9 :
Closing stock is valued at cost price or market price whichever is less.
Question 10 :
Carriage inward means the transport expenses incurred to carry the goods purchased by the firm.
Question 11 :
Capital of business is Rs. 75,000 and liability is Rs. 25,000 then total assets of business would be ___________.
Question 13 :
Closing stock of the previous year becomes the opening stock of the current year.
Question 14 :
Journal entry for transfer of closing stock is -<br> Closing Stock A/c Dr.<br> To Trading A/c
Question 16 :
Journal entry for transfer of direct expenses is __________.<br/> Trading A/c Dr.<br/> To Direct Expenses A/c