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In single entry system real accounts are not maintained so the preparation of,
Approximately
correctly
Effectively
Wrongly
How many methods are available to calculate the profit or loss under single entry system,
One
Four
Three
Two
The value of goodwill is calculated by multiplying the average profit of a given number of past years by an agreed number under
Revaluation method
Super profits method
Average profits method
Capitalization method
Both aspects of a transaction must be recorded in,
Single entry system
Barter system
Islamic system
Double entry system
In case of dissolution, the transfer of undivided profit should be debited to:
Partner’s capital account
Revaluation account
Profit and loss account
Realization account
In private company directors should be at least,
4
3
1
2
To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,
Trading account
Trial balance
Statement of affairs
Balance sheet
To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,
Cash at bank
Adjusted closing capital
Cash in hand
Closing capital
In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,
Trial balance
Debtors account
Statement of affairs
Creditors account
X, Y and Z are partners in a firm. If B is to be admitted as a new partner
Old firm has to be dissolved
Old partnership has to be dissolved
Neither firm nor parnership needs to be dissolved
Both old firm and partnership have to be dissolved
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