The statement of profit or loss is prepared according to _______ method to calculate profit or loss under single entry system

Related MCQs

• Which method is used under single entry system to find out the profit or loss?
• Under debtors system which account is prepared by head office to calculate profit or loss of each branch:
• A Statement of assets and liabilities prepared under the single entry system is called:
• Statements of assets & liabilities prepared under single entry system is called:
• P and Q are partners sharing profit and loss in the proportion 2:1 in the Joint Venture. P keeps accounts of joint venture. Q gave Rs. 5,000 to P for joint venture business. P prepared accounts and showed profit of Rs. 2,250. P settled Q’s account. In the books of Q, Rs. _______ profit is credited.
• In the case of net worth method of single entry system, the net profit is ascertained by
• In the case of net worth method of single entry system, the net profit is ascertained by
• Under single entry system , drawings is _____ to know gross profit
• Net Profit under single entry system is equal to
• A B C are three partners sharing profit and loss in the ration of 2:2:1, B recently obtained MBA degree from Oxford University, accordingly the partner decided to give him a guaranteed profit of ` 60,000. Find the share of profit of B if the firm made a net profit of ` 1,25,000 during 2012-13