Profit and losses can’t be ascertained because Trading and Profit and loss account can’t be prepared.

Related MCQs

• A memorandum trading account is to be prepared to ascertained the value of stock on the date of fire.
• All items of stock in Trading and Profit and loss Account are to be converted into cost price if these are given at an _
• The closing balance of book debts account is ascertained by preparing branch ………………Account.
• The value of stock on the date of fire can be ascertained more precisely by preparation of a…………… Account
• A business takes a……………insurance policy to cover the claims for loss of stocks and loss of profit.
• Interest paid and payable comes to the……………side of the profit and loss account.
• Dividend received on shares is comes to the……………. side of profit and loss account.
• IF Gross profit rate is 20% and Short Sales is Rs. 400000, then Loss of Profit on Sales will be ………..
• IF Gross profit rate is 40% and Short Sales is Rs. 250000, then Loss of Profit on Sales will be ………..
• Every banking company should prepare a balance sheet and profit and loss accounts as on……………..each year.