Question # 1

Income and expenditure account shows

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Cash in hand

Surplus or deficit

Cash at bank

Capital account

Del-credere commission is allowed to cover.

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Normal losses

Abnormal losses

Loss due to bad debts

None of these

In cash of net worth method of sigle entery system net profikt is ascertained by.

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Prepareing the trading and profit and account

By cimparing the capitals in the beginning and at the end of the accounting period.

Capital closing + Drawing - fresh capital - opening capital

Capital opening+ Drawing - fresh capital-closing stock

In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,

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Debtors account

Creditors account

Trial balance

Statement of affairs

In partnership minimum limit of partners is.

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Two (02)

Five(5)

Ten (10)

Tweleve (12)

Income and expenditure account is debited with all.

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Expenses

Incomes

Liabilities

Assets

Receipts and payments accounts records transaction relating to.

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Current year

Past year

future year

All of the above

In single entery system only.

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Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

A receipts and payments account is similar to

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An income and expenditure

A statement of affair

A cash or a bank account

A profit or loss account

In case of los on revaluation of assets and liabilities should be debited to.

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Retiring partners capital accounts

All partners capital accounts

Remaining patners capitala account

None of these

Amount received by the concern as per the will of the donor is known as.

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Lagacy

Donation

Subscription

None of these

Partner's capital are affected due to.

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Admission of a partner

Retirement of the partner

Death of a partner

All of the above

In the books of consignee the sale of goods by the consigee credited to.

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Sales account

Consignor account

Consignee's account

None of these

Under annuity method the amount of depreciation is.

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Increasing every year

Decreasing every year

Fixed for all the year

None of these

A partner goes out of a firm due to certain event or reason is known as.

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Retired or out going partner

Junior partner

Senior partner

Minor partner

The owner of the partnership are called as.

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Member

Partners

Share holder

None of these

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