In single entry system profit is calculated by:
A) Opening capital + Drawing - Fresh Capital - Closing Capital
B) Closing capital + Drawing + Fresh Capital - Opening Capital
C) Closing capital - Drawing + Fresh Capital - Opening Capital
D) Closing capital + Drawing - Fresh Capital - Opening Capital
Correct Answer:
Verified
Q13: Statements of assets & liabilities prepared under
Q14: Normally single entry system is suitable for:
A)Small
Q15: If Building (closing) Rs.100,000, Land (opening) Rs.
Q16: If opening capital is Rs.10,000 & closing
Q17: In single entry two-fold aspect of transaction
Q19: Opening capital is obtained by preparing:
A)Debtors account
B)Creditors
Q20: Single entry system contains
A)All the relevant accounts
B)Only
Q21: In the case of net worth method
Q22: The amount of credit purchases can be
Q23: When closing capital is less than opening
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