Under single entry system , drawings is _____ to know gross profit

Related MCQs

• The statement of profit or loss is prepared according to _______ method to calculate profit or loss under single entry system
• Which method is used under single entry system to find out the profit or loss?
• 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
• Profit under the net worth method, when there are no drawings and no additional capital is the difference between:
• In the case of net worth method of single entry system, the net profit is ascertained by
• In single entry system profit is calculated as follows:
• In single entry system profit is calculated by:
• In the case of net worth method of single entry system, the net profit is ascertained by
• From the following details calculate the net profit for the year ending 31.03.2013 Opening Stock ` 1,50,000; Purchase ` 2,50,000; Manufacturing Expenses ` 80,000; Selling Expenses ` 20,000; Administration Expenses ` 10,000; Financial Charges ` 5,000; Slaes ` 5,55,000 which includes damaged goods sold for ` 5,000 against the cost price of ` 12,000. Gross profit margin on normal sales is 20% on the sales