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WorksheetsFinal accounts for sole proprietorship
Total questions: 20
Worksheet time: 10mins
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
closing stock is recorded in trading account and ___________________________
balancesheet liablity side
balancesheet asset side
profit and loss account
trading account debit side
royalty on production will be recorded in
trading account debit side
trading account credit side
profit and loss account debit side
profit and loss account credit side
Wages and salaries will be recorded in
profit and loss account
balancesheet
Trading account debit side
trading account credit side
discount allowed will be recorded in
trading account debit side
trading account credit side
profit and loss account debit side
profit and loss account credit side
rent received will be recorded in
profit and loss account debit side
profit and loss account credit side
trading account credit side
trading account debit side
return outward means
sales return
purchase return
actual sales
actual purchases
return inwards means
purchase return
sales return
proportionate sales
expected sales
carriage inward is recorded in
trading account credit side
trading account debit side
profit and loss account debit side
profit and loss account credit side
carriage outward is recorded in
trading account debit side
trading account credit side
profit and loss account debit side
profit and loss credit side
value of fixed assets will be recorded in
balancdesheet liablity
balancesheet assets
profit and loss account
trading account
