To ascertain the real profit, the difference between the closing capital and opening capital is adjusted by:
A) Deducting the drawings and adding the additional capital introduced
B) Adding the drawings and deducting the additional capital introduced
C) Deducting both the drawings and the additional capital
D) Adding both the drawings and the additional capital.
Correct Answer:
Verified
Q12: Statement of Affairs is a statement of
A)Statement
Q13: Procedure of conversion of Single entry books
Q14: Under the net worth method, the profit
Q15: The closing capital can be ascertained by
Q16: Profit under the net worth method, when
Q18: Under single entry system the main account
Q19: The system of keeping incomplete record is
Q20: In single entry system sales are computed
Q21: The single entry system cannot be adopted
Q22: The minimum share application money is
A)Rs.5 per
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