Statement of affairs is a

(a)

Statement of income and expenditure

(b)

Statement of assets and liabilities

(c)

Summary of cash transactions

(d)

Summary of credit transactions

What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

(a)

Rs. 85,000

(b)

Rs. 1,06,000

(c)

Rs. 21,000

(d)

Rs. 64,000

Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

(a)

Rs. 30,000

(b)

Rs. 1,30,000

(c)

Rs. 40,000

(d)

Rs. 20,000

The different between the total of assets and total of liabilities is taken as __________

(a)

drawings

(b)

capital

(c)

profit

(d)

loss

A firm has assets worth Rs. 60,000 and capital Rs. 45,000.Then it's liabilities is _________

(a)

Rs. 45,000

(b)

Rs. 1,05,000

(c)

Rs. 60,000

(d)

Rs. 15,000

Credit sale is obtained from _________

(a)

Bills receivable account

(b)

Bills payable account

(c)

Total debtors account

(d)

Total creditors account

Debtors on 1.4.2018 was Rs. 1,00,000 and on 31.3.2019 was Rs. 80,000 cash received from debtors during the year is Rs. 1,60,000. Then the credit sales during the year is ___________

(a)

Rs. 3,40,000

(b)

Rs. 2,40,000

(c)

Rs. 1,40,000

(d)

Rs. 1,60,000

A firms total sales is Rs. 80,000 and its credit sales is Rs. 60,000 Then its cash sales is ____________

(a)

Rs. 1,40,000

(b)

Rs. 70,000

(c)

Rs. 20,000

(d)

Rs. 80,000

A firm has assets worth Rs. 47,500 and liabilities Rs. 17,700. Then its capital is _____________

(a)

Rs. 29,800

(b)

Rs. 65,200

(c)

Rs. 35,400

(d)

Rs. 17,700

Statement of affairs method is also called as _____ method.

(a)

Net profit

(b)

Net loss

(c)

Net worth/capital comparison

(d)

None of these

Single entry system keeps one cash book which mixes up business as well as ____ transactions.

(a)

Private

(b)

Own

(c)

Public

(d)

Capital

True financial position cannot be ascertained as _____ is not prepared due to the absence of nominal and real accounts.

(a)

Trading accounts

(b)

Profit and loss account

(c)

Balance sheet

(d)

Trail balance

Statement of financial position from incomplete accounting record is commonly known as ___________

(a)

Balance sheet

(b)

Cash flow statement

(c)

Statement of affairs

(d)

Statement of financial operations

Identify the correct formula used to ascertain the closing capital

(a)

Opening capital + Net income - Drawings - Assets = Closing capital

(b)

Closing capital = Opening capital + Net loss - Drawings

(c)

Closing capital = Opening capital + Assets + Income - Expenses

(d)

Closing capital = Opening capital + Net income - Drawings

If creditors balance eas Rs. 1,000 at 1^st Jan. 2017, ending balance of creditors was Rs. 2,000 on 31^st Dec. 2017 and a payment of Rs.500 was made to creditors, which of the following is the amount of purchase made during the year 2017?

(a)

Rs. 2,500

(b)

Rs. 500

(c)

Rs. 1,500

(d)

Rs. 2,000