To ascertain the profit, closing capital is to be adjusted by deducting................. and adding...............

Incomplete records are generally used by .....................

Give one advantage of Single Entry System

State two main limitations of single entry system.

Can a limited company maintain its accounts under single entry system?

What are the features of incomplete records?

Mr. Kapil does not keep proper records of his business he provided following information. Youare required to prepare a statement showing the profit or loss for the year 2013-14

Manveer started his business on January 01, 2013 with a capital of Rs 4,50,000. On December 31, 2013 his position was as under:

He owned Rs 45,000 from his friend Susheel on the date. He withdrew Rs 8,000 per month for his household purposes. Ascertain his profit or loss for the year ended December 31, 2013

Shyam does not keep proper records. From the following information find out profit or loss and also prepare Statement of Affairs for the year ended December 31, 2013

Shyam informs about his transactions: Drawings Rs 5,000 p.m. for personal use, fresh capital introduce during the year Rs 30,000 Computers and Machinery are to be depreciated @ 10%p.a. A provision of 10%is to be made on debtors for doubtful debts. It was found that Rs 5,000is irrecoverable from debtors