Additional Information (Adjustments)

Write a word, term, or phrase which can substitute the following statement.
An excess of assets over liabilities.

Write a word, term, or phrase which can substitute the following statement.
Excess of closing capital over opening capital of proprietor under Single Entry System.

Write a word, term, or phrase which can substitute the following statement.
Further capital introduced by the proprietor in the business concern over and above his existing capital.

State True or False with reasons:
Only Cash and Personal accounts are maintained under Single Entry System.

Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Additional Capital introduced during the year is  __________ from closing capital in order to find out the correct profit

Select the most appropriate answer from the alternatives given below and rewrite the sentence.
The difference between assets and liabilities is called ____________.

Select the most appropriate answer from the alternatives given below and rewrite the sentence.
In order to find out the correct profit, drawings is __________ from closing capital

Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Opening Capital is ₹ 30,000; Closing Capital is ₹ 60,000; Withdrawals are ₹ 5,000; and further capital brought in is ₹ 3,000; Profit is _______.