Which method is used under single entry system to find out the profit or loss?

Related MCQs

• The statement of profit or loss is prepared according to _______ method to calculate profit or loss under single entry system
• 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
• 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
• 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 single entry system profit is calculated as follows:
• In single entry system profit is calculated by:
• From the following details find out the amount to be debited to Profit and Loss A/c as fresh provision for doubtful debts during 2012-13 Debtors ` 30,000 as on 31.03.2013; Bad debt during the year ` 1,500; Provision for bad debts as on 01.04.2012 ` 2,000; Provision for doubtful debts to be kept at 5% of total debtors