Final accounts for sole proprietorship

Final account includes

• Trial balance

• journal entries

• trading account ,profit and loss account and balance sheet

• ledger account

Import duty paid will be included in

• trading account credit side

• trading account debit side

• profit and loss account debit side

• profit and loss account credit side

depreciation on plant and machinery will be recorded in

• trading account debit side

• balancesheet asset side

• profit and loss account debit side

• profit and loss account credit side

bad debts will be recorded in

• trading account credit side

• profit and loss account debit side

• balancesheet liablity side

• profit and loss account credit side

balancesheet is an account

• true

• false

• not acceptable

• its a statement

arrangement of assets and liabilities in the balancesheet is known as

• final accounts

• accounting

• marshalling of balancesheet

• posting of entries

contingent liablities will be recorded in

• balancesheet asset

• trading account

• balancesheet liablities

• profit and loss account

sale of finished goods will be recorded in

• trading account debit side

• profit and loss account debit side

• profit and loss account credit side

• trading account credit side

Gross profit is calculated in

• balancesheet

• profit and loss account

• trading account

• ledger

capital +___________________- drawings =net capital recorded in liablities

• gross profit

• net profit

• dividend

• purchases