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Single entry system std 12

A detailed illustration depicting the concepts of single entry accounting: a balance sheet, cash flow statement, and assets vs liabilities, in a modern, visually appealing style.

Master the Single Entry System

Test your knowledge and understanding of the Single Entry System in accounting with this engaging quiz. It features 11 carefully crafted questions designed for students and enthusiasts alike.

Prepare to explore:

Conceptual understanding of opening capital
Dimensions of asset and liability analysis
Practical implications of credit transactions

11 Questions3 MinutesCreated by CalculatingGuru25

Opening Capital is ascertained by preparing

Opening statement of affairs account

Total creditors account

Total debtors account

Cash account

Credit purchases made during the year is ascertained by

Total creditors account

Cash account

Total bills payable account

Total debtors account

4. If opening capital is Rs. 60,000, drawings Rs. 5,000, capital introduced during the period is 10,000, e

25000

20,000

30,000

40,000

Single entry system cannot be maintained by

Companies

Soleproprietorship concerns

Partnership concerns

All of the above

In single entry system profit is ascertained as

Closing capital+drawings -additional capital - opening capital

Closing capitla - drawings + additonal capital - opening capital

Closing capital + drawings - opening capital

Closing capital -drawings - additional captial - opening capital

In single entry system it is possible to prepare

Receipts and payments account

Trading account

Profit and loss acccount

Trading account

Statement of affaris is a statement of

Assets and liabilities

Of debtors and creditors

Statement of all assets

Statement of liabilities

The excess of assets over liabilities

Profit

Loss

Cash

Capital

Single entry is not based on any scientific system like double entry system

True

False

Which of the following is transferred from Bills payable account to creditors account

Credit purchases

Bills accepted during the year

Cash paid for bills payable

What is the amount of capital if a persons assets are 81000 and liabilities are 21000

102000

60,000

102000

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