Goods taken by the proprietor for personal is shown as a deduction from_____________

Related MCQs

• _________ liabilities represent proprietor’s equity, i.e. all thoseamount which are entitled to the proprietor
• Value of goods withdrawn by the proprietor for his personal use should be credited to ____.
• L of Lucknow consigned goods costing ` 60,000 to A of Allahabad at an invoice price bearing 331/3 % mark up on the cost price. Goods costing ` 15,000 were damaged in the transit and the insurance company admitted the claim in full. Expenses incurred by the consignor on loading and transportation of the goods amounted to ` 1,800. The consignee incurred ` 200 on cartage and ` 6,000 as Godown Rent and sold 2/3 of the goods received by him at the invoice price. He is entitled to 5% normal commission and 2.5% del credere commission. Find the value of goods sold
• On 31st March, goods sold at a sale price of ` 30,000 were lying with customer, Mohan to whom these goods were sold on 'sale or return basis' and recorded as actual sales. Since' no consent was received from Mohan, the adjustment entry was made presuming goods were sent on approval at a profit of cost plus 20%. In the balance sheet, the stock with customers account will be shown at `
• According to which concept, proprietor of a business is treated as a creditors to the extent of his capital
• The premium paid on the life policy of the proprietor is debited to
• Income tax paid for the proprietor from the business is
• Withdrawals by proprietor would
• ` 1,250 paid for the residential telephone bill of the proprietor which of these accounts will be detailed
• Income tax paid by a sole proprietor from his business income should be: