Find out the closing capital at the end of the year from the following information.
a) Capital at commencement Rs. 80,000 Bank loan Rs. 50,000, Profit during the year Rs. 25,000.
Rs. 1,05,000
Rs. 65,000
Rs. 85,000
1,00,000
Paid salary Rs 800, cash account will have to be
Debited
Credited
Both a and b
None of these
Which accounts have no existence except more in name?
Personal A/c
Real A/c
Nominal A/c
Received interest Rs 500. In this case interest is ___________ A\c.
Personal
Nominal
Real
Persons who are creation of God is __________ account.
Natural Personal Account
Artificial Personal Account
Representative Personal Account
Double entry system is a scientific system of recording transaction as it keeps
Books of accounts
Audit
Specific rules and principles
Trail balance
Which of the following will cause owner's equity to decrease?
Net income
Net loss
Revenues
On what side the decrease in the following account will be recorded according to the rules of debit & credit? (i) Suresh a customer
Debit
Credit
Both a & b
None of the above
