Accounts

Balance sheet is ____

• An account

• A statement

• Neither a statement nor an account

• None of the above

Trading Account

Debit side Amount Rs.55000

Credit side Amount Rs.60000

• Profit

• Loss

• Net Profit

• Gross Profit

P&L Account

Debit side Amount Rs.55000

Credit side Amount Rs.60000

• Profit

• Loss

• Net Profit

• Gross Profit

Net profit of the business increases the ____

• Drawings

• Receivables

• Debts

• Capital

Carriage inwards will be shown ____

• In the trading account

• In the profit and loss account

• On the liabilities side

• On the assets side

Bank overdraft should be shown

• In the trading account

• Profit and loss account

• On the liabilities side

• On the assets side

Balance sheet shows the_____ of the business.

• Profitability

• Financial position

• Sales

• Purchases

Drawings appearing in the trial balance is

• Added to the purchases

• Subtracted from the purchases

• Added to the capital

• Subtracted from the capital

Salaries appearing in the trial balance is shown on the

• Debit side of trading account

• Debit side of profit and loss account

• Liabilities side of the balance sheet

• Assets side of the balance sheet

Carriage Outwards will be shown

• In the trading account

• In the profit and loss account

• On the liabilities side

• On the assets side