Net Profit under single entry system is equal to
A) Capital+ Additional Capital - Drawings- Opening Capital
B) Capital - Additional Capital -Drawings - Opening Capital
C) Capital - Additional Capital + Drawings - Opening Capital
D) Capital+ Additional Capital +Drawings + Opening Capital
Correct Answer:
Verified
Q29: Credit sales can be ascertained by preparing
A)Creditors
Q30: Credit purchases can be ascertained by preparing
A)Creditors
Q31: The advantage of a single entry system
A)It
Q32: The disadvantage of single entry system
A)Incomplete and
Q33: The content of single entry system is
A)Double
Q35: Receipts and Payments Account generally shows:
A)A Debit
Q36: Income and Expenditure Account records transactions of:
A)Revenue
Q37: Income and Expenditure Account reveals
A)Surplus or Deficiency
B)Cash
Q38: The amount of 'Subscription received from members'
Q39: Donation received for a special purpose:
A)Should be
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