Bihar Board Class 12 (Commerce) Accounts from Incomplete Records — practice questions
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Practice Bihar Board Class 12 (Commerce) Accounts from Incomplete Records in the app →Another name for accounts from incomplete records is the:Single entry usually keeps which two records?Which type of business is the single entry system best suited to?Why can companies not use single entry?A statement of assets and liabilities prepared from incomplete records is called a:A statement of affairs is not a balance sheet because its figures:Under single entry, the cash book usually mixes business transactions with:Which statement about single entry practice across firms is correct?Profit and loss account is hard to prepare under single entry as there are no:Which is an advantage of single entry bookkeeping?Single entry cannot prove arithmetical accuracy since it has no:Why is control over assets weak under single entry?Comparing this year's results with last year's is difficult under single entry because of:Valuing the business, especially its goodwill, is hard under single entry because the:Which method ascertains profit by comparing opening and closing capital?The two methods of ascertaining profit from incomplete records are net worth and:In the statement of affairs method, capital equals:A trader's assets total Rs 1,50,000 and his outside liabilities Rs 40,000. His capital is:Stock in hand in a statement of affairs is valued at:If closing capital exceeds opening capital (no other changes), the business has made a:Fresh capital brought in by the owner during the year is, when finding profit:Capital was Rs 80,000 at the start and Rs 1,00,000 at the end, with no drawings or fresh capital. Profit is:Ravi's capital stood at Rs 60,000 in April and Rs 90,000 in March, and he withdrew Rs 10,000. His profit was:Capital grew from Rs 50,000 to Rs 75,000, with Rs 15,000 newly added. Profit:Capital rose from Rs 1,00,000 to Rs 1,20,000; the owner withdrew Rs 12,000 and invested Rs 8,000 afresh. ProfiA shopkeeper's capital fell from Rs 90,000 to Rs 70,000 despite Rs 5,000 drawings. The year gave a:Assets total Rs 50,000 and creditors are Rs 12,000. Capital is:Opening capital is found from an opening:Credit sales are obtained as the balance of the:The balance of the total creditors account gives:Bills payable accepted or paid are found from the:Before the final accounts are drawn up, a trial balance may be prepared to check:The conversion method converts single entry records into:Net credit sales equal total sales minus cash sales and:Sales made for cash equal total sales minus:Cost of goods sold equals net sales minus:Net sales can also be worked out as cost of goods sold plus:Gross profit is net sales minus the:If the gross profit rate on sales is given, gross profit is found as:Net sales equal cash sales plus credit sales minus:Total purchases less net credit purchases equals:In a total creditors account, the cash paid to creditors is entered on the:The opening balance in a total creditors account is placed on the:Creditors opened Rs 800, closed Rs 1,340; paid Rs 3,100, returns Rs 100. Credit purchases:Debtors fell from Rs 20,000 to Rs 15,000; Rs 60,000 was received. Credit sales:Opening stock is Rs 10,000, net purchases Rs 50,000 and closing stock Rs 12,000. Cost of goods sold is:Net sales are Rs 1,20,000 and gross profit is 25 percent of sales. Cost of goods sold is:Goods costing Rs 90,000 were sold at a gross profit of Rs 30,000. Net sales were:Total sales were Rs 2,00,000 of which credit sales Rs 1,40,000. Cash sales were:Total purchases were Rs 90,000 and cash purchases Rs 30,000 with no returns. Credit purchases were:A firm held Rs 5,000 of bills receivable, got Rs 12,000 more and holds Rs 4,000 at year end. Bills collected:Bills payable of Rs 3,000 were pending; Rs 9,000 more were accepted and Rs 2,000 remain. Paid during the year:Single-entry systems are popular with small businesses because of their:A single-entry system is not self-balancing, so arithmetic errors are:Under the statement of affairs method, closing stock is found from:The Kohler definition describes single entry as always being:Under single entry, some transactions are even:Under single entry, information is mostly collected from the: