Accounts From Incomplete Records

In single entry system: 2015

• Personal accounts are maintained

• Real accounts are maintained

• Nominal accounts are maintained

• None of these

In increased net worth method, profit or loss is calculated by preparing: 2015

• Income and expenditure account

• Profit and loss account

• Statement of profit or loss

• Balance sheet

Cash paid to creditors can be ascertained by preparing: 2016

• Total debtor's account

• Total creditor's account

• Balance sheet

• None of these

Net worth is equal to: 2016

• Assets - liabilities

• Liabilities – Assets

• Liabilities + capital

• Capital + Assets

The closing balance of creditors can be ascertained by preparing the: 2017

• Bills receivable account

• Bills payable account

• The debtors account

• The creditors account

The capital in the beginning of the accounting year is ascertained by: 2018

• Cash book

• Statement of affairs

• Total Debtors account

• Total Creditors account

Arithmetical accuracy of the books of accounts can be checked under: 2018

• Single Entry System

• Double Entry System

• Cash System

• Accrual System

Total Debtors account is prepared for ascertaining the: 2018

• Credit purchases

• Credit sales

• Cash sales

• Cash purchases

The single entry system is not followed in dual aspect concept, so it is: 2019

• Incomplete and scientific

• Complete and scientific

• Complete and unscientific

• Incomplete and unscientific

If cost of goods sold Rs.350,000/- gross profit on cost 15%, then the value of sales will be: 2017

• RS. 425,000

• RS. 402,500

• Rs. 422,500

• RS. 405,000