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?

Ravi, who keeps his books on Single Entry System, has his capital on 31st March, 2016 Rs 20,000 and on 1st April, 2015 was Rs 16,700.He further informs that during the year, he withdrew for his personal expenses Rs 9,400.He also sold his personal investment of Rs 10,000 at 5%premium and brought that money into the business.
Prepare a statement of Profit or Loss

Ajay started business with a capital of Rs 2,25,000on 1st April, 2013. During the year he withdrew Rs 40,000 for his personal use and introduced Rs 7,000 as fresh capital. On 31st March, 2014,his position of assets and liabilities stood as follows :

Youare required to prepare statement of profit or loss for the year ended 31 March, 2014

Complete the missing figures in the following Statement of Profit or Loss:

From the following information given below, calculate the dosing capital:

Calculation of profit or loss and ascertainment of statement of affairs at the end of the year (Opening Balance is given).

Shyamlal keeps his book under Single Entry System. His assets and liabilities were as under:

During 2014-15,he introduced Rs 40,000 as new capital. He withdrew Rs 5,000 every quarter for his household expenses. Ascertain his profit for the year ended 31stMarch, 2015