The excess of assets over liabilities is
Profit
Loss
Capital
Goodwill
Increase in owner's equity at the end of the period represents.
Profit or Loss
No profit or no loss
A firm has assets worth Rs. 60,000 and capital Rs.45,000. Then its liabilities is
10,000
20,000
15,000
25,000
_________ capital can be found by preparing a statement of affairs at the beginning of the year.
Closing
Opening
Total
Net
Credit purchase can be ascertained as the balancing figure in the
Accounts payable
Accounts receivable
Creditors account
Debtors account
Under the net worth method the basis for ascertaining the profit is
The difference between the capital on two dates
The difference between the liabilities on two dates
The difference between the gross assets on two dates
None of these
Single Entry System is
A Scientific method
An Incomplete Double Entry system
A systematic Record
A complete Double Entry system
Discount received from accounts payable may be obtained from
Cash statement
Bills Receivables
Accounts Receivables
Accounts playable
Incomplete, records are those records which are not kept under
Single entry system
Double entry system
Compound entry
Contra entry
The amount received from debtors can be traced from
Debtors
Creditors
Cash Summary
Assets