SINGLE ENTRY SYSTEM

Incomplete records are generally maintained by

• Company

• Government

• Small sized sole traders

• MNCs

Statement of affairs is a

• Statement of assets and liabilities

• Statement of income and expenditure

• Summary of cash transactions

• Summary of credit transactions

Which of the following items relating to bills payable is transferred to total creditors account?

• Opening balance of bills payable

• Bills payable accepted during the year

• Closing balance of bills payable

• Cash paid for bills payable

Closing statement of affairs is usually prepared to find out the

• Capital in the beginning of the year

• Capital at the end of the year

• Profit made during the year

• Loss made during the year

The excess of assets over liabilities is

• Loss

• Cash

• Profit

• Capital

The amount of credit sales can be computed from

• Total debtors account

• Total creditors account

• Bills receivable account

• Bills payable account

Which one of the following statements is true in relation to incomplete records?

• It is a scientific method of recording transactions

• Records are maintained only for cash and personal accounts

• It is suitable for all types of organisations

• Tax authorities accept

What is the amount of capital of the proprietor, if his assets are ` 85,000 and liabilities are ` 21,000?

• 85,000

• 1,06,000

• 21,000

• 64,000

When capital in the beginning is ` 10,000, drawings during the year is ` 6,000, profit made during the year is ` 2,000 and the additional capital introduced is ` 3,000, find out

the amount of capital at the end.

• 11,000

• 21,000

• 9,000

• 3,000

Opening balance of debtors: ` 30,000, cash received: ` 1,00,000, credit sales: ` 90,000; Closing balance of debtors is

• 30,000

• 20,000

• 40,000

• 1,30,000