Select the advantage of maintaining incomplete records.

To Ascertain the Calculate profit/ loss under single entry system .......

If the firm has incurred loss during the year, then Capital balance will be:

Under Single Entry System following accounts are maintained:

Calculate Closing Capital:

Opening Capital 70,000, Profit 20,000, Drawing 7,000. During the year proprietor sold ornaments of his wife for 20,000 and invested the same in the business.

Under Single Entry System to calculate the capital we will prepare.......

If the capital of the firm on 1st April, 2021 is ₹ 30,000 and the position of the firm on 31st March, 2022 is Assets: ₹45,000 and Creditors: ₹ 9,000, then the profit earned during the year is

From incomplete records, it is not possible to prepare.....

Calculate the amount of additional capital: Opening Capital 1,30,000; Drawings during the year 50,000; Closing Capital 2,00,000; Profit during the year 1,00,000

You are required to ascertain profit earned or loss incurred by Rajiv. He maintains his books as per single entry system. The information disclosed by him is as follows: Capital on 1st April, 2019 ₹ 80,000 Capital on 31st March, 2020 ₹ 1,50,000 Drawings made between 1st April, 2019 to 31st March, 2020 ₹ 30,000 Capital introduced during the year ₹ 10,500.

Single Entry System of book keeping is:

Following Accounting Principles are followed in Single Entry System:

When closing capital is less than opening capital then result will be:

Which principle is not followed by the single entry system

Ram started a business with a capital of ₹ 4,00,000. At the end of the year his total assets were ₹ 10,00,000 and external liabilities were ₹ 4,50,000. He further informs you that during the year he withdrew ₹ 50,000 for household use. During the year he sold his personal investments of ₹ 50,000 at 20% profit and brought that money into the business as additional capital. You are required to prepare a statement of profit or loss under accounts from incomplete records

Incomplete records is also known as ___________

In an incomplete record system, the statement of Profit or Loss cannot be prepared until the ________________________

Keeping records under the single entry system has the advantage of _______________________

One of the shortcomings of the single entry procedure is _________________

Determine the current year purchases from the following information relating to a business.

Total accounts payable beginning balance RM28,500; Total cash payment to supplier RM46,800; Total accounts payable ending balance RM14,800.

Determine the current year sales from the following information relating to a business.

Total accounts receivables beginning balance RM43,200; Total cash received from debtor RM22,300; Cash sales RM43,000; Total accounts receivable ending balance RM36,800.

The following information relates to ZZZ Business.

#Capital on 1 January 2019 is RM10,000

#Capital on 31 December 2019 is RM50,000

#Additional capital is RM10,000

#Drawings is RM500

Compute the net profit or loss for the year ended 31 December 2019.

The following are the assets and liabilities of BB Enterprise, a retailer on 31 April 2020 :

Vehicles RM20,000

Accounts Receivable RM8,000

Accounts Payable RM4,500

Inventories RM11,200

Rental payable RM560

Determine the amount of capital as at 30 April 2020.

Calculate the amount of sales discount in January 2020.

Calculate the amount of purchase returns in the month of January 2020.

Payment to suppliers during the year up to 31 March 2020 was RM66,700, taking advantage of the 5% cash discount offered. After considering the information in the table, identify the amount of purchases by the year ended 31 March 2020.

Calculate the total amount of drawings made by Empher Enterprise during the year 2020.

Additional information :

Mr Logan had made drawings of RM800 and brought a computer worth RM1,500 from home for business use.

Calculate the total capital as at 30 April 2020.

Additional information :

Mr Logan had made drawings of RM800 and brought a computer worth RM1,500 from home for business use.

Calculate the Net profit for the year ended 30 April 2020.

The following are equations in the statement of financial position used to determine the business income except

What is not true about single Entry System that is in this system?

By virtue of Section 464 of the Companies Act, 2013 the Central Government is empowered to prescribe maximum number of partners in a firm but the number of partners cannot be more than ___________.

By virtue of Section 464 of the Companies Act, 2013 the Central Government is empowered to prescribe minimum number of partners in a firm but the number of partners cannot be more than ___________.

A partnership has between 2 and 20 ______________.

To start a partnership business, what should be the minimum number of partners?

The maximum number of members in a Partnership is ____.

In partnership, partners liabilities are

Unlimited liability means

Which of the businesses has unlimited liability?

Which is not a feature of a partnership business?

What is the partnership written agreement known as?

Which of the following listed would be an example of a partnership?

Seema and Beena partnered together to provide food and clothing to the needy by collecting it from the neighbourhood. Can this be called a partnership firm

A _______________ partner is one does not take part in the day to day running of the business.

Decision is taken in partnership firm

The excess of average profit over normal profit is ________.

In the absence of an agreement profits and losses are divided

X and Y are partners sharing the profits and losses in the ratio of 2:3 with capitals of Rs.1,20,000 and Rs.60,000 respectively. Profits for the year are Rs.9,000. If the partnership deed is silent as to interest on capital. Show how profit is shared among X and Y

A partnership can be formed only for a ________ business

The excess of average profit over normal profit is ________.

The minimum number of persons in a partnership firm is

In the absence of an agreement profits and losses are divided

X and Y are partners sharing the profits and losses in the ratio of 2:3 with capitals of Rs.1,20,000 and Rs.60,000 respectively. Profits for the year are Rs.9,000. If the partnership deed is silent as to interest on capital. Show how profit is shared among X and Y

Under fixed capital method salary payable to a partner is recorded

If a firm is maintaining both ‘Capital Accounts’ and ‘Current Accounts’ of the partners A and B. Additional capital introduced by B will be recorded in

The capital accounts of partners may be ________ or fluctuating.

Indian Partnership Act was enacted in the year ________.

At the time of admission, when goodwill is raised, the old partners capital account will be credited in the ________ ratio.

The difference between old profit sharing ratio and new profit sharing ratio at time of admission is ________ ratio.

In admission, profit from revaluation of assets and liabilities will be transferred to the capital accounts of the old partners in the

In admission, profit from revaluation of assets and liabilities will be transferred to the capital accounts of the old partners in the

On admission of a new partner, increase in value of assets is debited to

The old partners share all the accumulated profits and reserves in their

_________ ratio is computed at the time of admission of a new partner

At the time of admission of a new partner, ________ of assets and liabilities should be taken up.

On admission of a new partner balance of General Reserve Account should be transferred to the capital account of

Revaluation is a

When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at

What type of agreement is used to form a partnership business?

What is the partnership written agreement known as?

A and B are partners in a firm sharing profits in the ratio of 3 : 2. They admit C as a partner for 1/5 share which he acquired equally from A&B sacrificing ratio will be:

In the absence of partnership deed interest on loan will be given at rate of ?

In the absence of a partnership deed the partners are entitles to interest on capital at the rate of

What does PLC stand for?

What is the simple difference between a public and private limited company?

What is are some characteristics of a public limited company?

What are some documents required for the formation of a public limited company?

What are the main managers/owners of a public limited company called?

What is one advantage of a public limited company?

What is one disadvantage of a public limited company?

What is a local example of a public limited company?

What is a regional example of a public limited company?

Did you enjoy Group 6's presentation on public limited companies?

In a public limited company, what should be the minimum number of partners?

Which one of the following does not belong to the main products of life insurance?

Largest Life Insurance Company in India is:

Limit of FDI in Insurance sector:

When was Life Insurance sector nationalized?

When was the Insurance Regulatory and Development Authority constituted?

Which type of insurance usually requires higher premium?

Headquarter of LIC is situated at:

Which of the following is a combination of insurance as well as an investment?

Investment in ULIPs is related to which section of the Income Tax Act?

Which of the following is not the principle of insurance:

Which of the following capital is not shown in the company’s Balance Sheet

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Shares Application &Allotment A/c is a:-

The portion of authorized capital which can be called up only on the liquidation of the company :-

When the shares are issued for consideration other than cash which account will be debited

ltd company took over assets worth Rs. 10,00,000 and liabilities of Rs. 3,00,000 for purchase consideration worth Rs. 12,00,000 how much amount will be debited to goodwill account

A Company allotted 20,000 shares to applicants of 50,000 shares after rejecting 10,000 applications. The ratio in which company allotted the share will be

A Co. has issued 6,000 equity shares of. Rs. 10 each at par and called up amount Rs. 6 per share. The remaining part of capital is termed as

A company issued 6,000 shares of Rs. 10 each money to be called up:-On application Rs. 3 on allotment Rs. 3 on first call Rs. 2 and remaining on second call. On allotment one shareholders having 100 shares paid full amount

The amount collected on allotment……….

X ltd. Forfeited 1,000 shares of Rs. 10 each for the non-payment of final call of Rs. 2. The account will be debited for called up price of a share at the time of forfeiture of shares :

Amount of discount given at the time of reissue of shares should be debited to :

Minimum number of members to form a private company is------------

Minimum number of members to form a public company is-------------

Application for approval of name of a company is to be made to------------------------------

A proposed name of Company is considered undesirable-----------------

A prospectus is issued by---------------------

It is necessary to get every company incorporated, whether private or public.

A private company can commence business after incorporation.

If a company is registered on the basis of fictitious names, its incorporation is invalid.

A company cannot come into existence without:

The shares of -------- company can be freely transferable.

Select the options which are the forms of Public Sector Enterprises.

Public Sector Enterprises are owned by ?

The departmental undertaking is under the overall and ultimate control of a __________

Concerned minister of Departmental undertaking is responsible to ?

Employees of Departmental undertakings are

Select the appropriate examples for Departmental Undertakings.

Select the appropriate features for Statutory Corporation.

Public Corporations are fully owned by _______

Select the appropriate examples for Public Corporation.

Air India is an Exmple of ?

Government companies can be owned by central and state government Jointly.

Government companies are managed by ?

Private investors can not hold shares in Government companies.

Select the appropriate examples of Government companies.

Select the appropriate features for Government companies.

A company whose atleast 51% shares are held by the government is called ---

Income and Expenditure A/C is prepared in order to ascertain

The Receipts & Payments account is a

The Receipts and Payments account contains

Statement for the calculation of revenue of non-profit concern is known as

Income and Expenditure A/C is an ................ Account

Income and Expenditure Account records transactions of .......................nature

Receipts and Payments Account contains ............items

..................of a Non- Trading concern is similar to that of the cash account of a trading concern

Subscription received in advance is.............

The amount received by a non trading concern as per the will of a deceased person is known as........