Profit and loss account is prepared for a period of one year by following the concept of

Related MCQs

• Income and Expenditure account shows subscription at 2,50,000. Subscriptions accrued in the beginning of the year and at the end of the year were 25,000 and 37,500 respectively. The amount of subscriptions received appearing in re ceipts and payments account will be
• Which balance is not considered for closing entries on t he basis of trial balance for transferring to Trading and Profit & Loss Account?
• In a joint venture X and Y sharing p rofit and loss equally, X purchased goods costing of 40,000 and Y sold the goods for 50,000. X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales, the profit will be
• There are 100 members each p aying an annual subscription of 500. The Receipt and Payment account shows arrear subscription of 4,500, advance subscriptions 6,000 and current 44,500. How much amount to be credited in the Income and Expenditure account?
• The manufacturing account is prepared
• A purchased goods costing 2,60,000 for joint venture with B. B sold a major part of the goods at cost plus 25% on cost, for 2,50,000. Balance of goods were taken over by B at cost less 10%. Find out profit/loss on Joint Venture.
• The determination of expenses for an accounting period is based on the concept of 3
• At the end of the year Bad Debts Recovered Account is
• The Depreciation Account is closed at the end of the year by transfer to the
• Which one of the following is an example of Personal Account?