Advertisements
Advertisements
Question
Mr. Poonawala keeps his books under the Single Entry System and gives the following information.
Capital as of 31.3.2017 – ₹ 60,000
Capital as on 31.3.2018 – ₹ 1,00,000
Drawings made during the year ₹ 2,000
Additional capital introduced during the year ₹ 12,000
Calculate Profit or Loss during the year.
Advertisements
Solution
| In the books of Mr. Poonawala | ||
| Statement of Profit or Loss for the year ended 31st March 2018 | ||
| Particulars | Amt. (₹) | Amt. (c) |
| Capital as on 31e March, 2018 | 1,00,000 | |
| Add: Drawings during the year | 2,000 | |
| 1,02,000 | ||
| Less: Additional capital introduced during the year | 12,000 | |
| Adjusted closing capital | 90,000 | |
| Less: Capital as on 31st March, 2017 | 60,000 | |
| Profit during the year | 30,000 | |
APPEARS IN
RELATED QUESTIONS
Answer in one sentence only.
What do you mean by Single Entry System?
Answer in one sentence only.
How Opening Capital is calculated under Single Entry System?
Answer in one sentence only.
Which type of accounts are maintained under Single Entry System?
Answer in one sentence only.
Can a Trial Balance be prepared under Single Entry System?
Answer in one sentence only.
Which type of organization generally follows Single Entry System?
Write a word, term, or phrase which can substitute the following statement.
System of Accounting normally suitable to small business organization.
Write a word, term, or phrase which can substitute the following statement.
Name of method of accounting suitable to firms to having limited transactions.
Write a word, term, or phrase which can substitute the following statement.
A System of accounting which is unscientific.
Select the most appropriate answer from the alternatives given below and rewrite the sentence.
Single Entry System may be useful for ________.
Do you agree with the following statement?
Single Entry System is based on certain rules and principles
Fill in the blank:
Single Entity System is suitable for ________business.
Under Single Entry System, Profit = Closing Capital Less ______.
Under Single Entry System, Profit = Closing Capital Less ______.
Under Single Entry System, Profit = Closing Capital Less ______.
Under Single Entry System, Profit = Closing Capital Less ______.
Under Single Entry System, Profit = Closing Capital Less ______.
Under Single Entry System, Profit = Closing Capital Less ______.
Under Single Entry System, Profit = Closing Capital Less ______.
Under Single Entry System, Profit = Closing Capital Less ______.
Under Single Entry System, Profit = Closing Capital Less ______.
