Fill in the blank:In order to find out the correct profit, drawings are __________ to the closing capital. - Book Keeping and Accountancy

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Fill in the Blanks

Fill in the blank:
In order to find out the correct profit, drawings are __________ to the closing capital.

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Solution

 In order to find out the correct profit, drawings are added to the closing capital.

Concept: Additional Information (Adjustments)
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Chapter 10: Single Entry System - Exercises [Page 356]

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Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 10 Single Entry System
Exercises | Q 6. 3) | Page 356

RELATED QUESTIONS

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.


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.
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.
The difference between assets and liabilities is called ____________.


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 _______.


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


Do you agree with the following statement? 
Further capital introduced during the year increases profit.


Fill in the blank:
The difference between Assets and Liabilities is called _______.


Fill in the blank:
Additional Capital introduced during the year is __________ from Closing Capital in order to find out the correct profit.


Find the odd one :


Find the odd one :


Find the odd one :


Cash in Hand    Cash at Bank   Sundry Debtors   Bills Payable   Capital
₹ 10,000 + ₹ 5,000 = ₹ 8,000 - ₹ 4,000 = ?

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