Single entry system - class-XII
Incomplete record mechanism of book keeping is ___________.
Under single entry system, there is no provision to make adjustments, while under double entry system, adjustments are made at the time of preparing final accounts.
_____________ has defined Single Entry System as, 'A system of book keeping in which as a rule only records of cash and personal accounts are maintained, it is always incomplete double entry varying with the circumstances."
Under double entry system both aspects of transaction are recorded, while Under single entry system, both aspects of transaction are not recorded.
Company accounting conforms more to dual aspect concept than to incomplete recording system because.
I. Companies Act insists upon the adoption of double entry systems of book keeping.
II. Balance sheet could not be prepared under sec. $211$ of Company's Act according to the incomplete recording system
III. To show true and fair view of the affairs of the company
IV. To ensure adequate disclosure.
Select the correct answer from the codes given and mark your answer sheet accordingly.
Which of the following are prepared by the organisations keeping only incomplete accounting records?
I. Cash book
II. Customer's Accounts
III. Expenses Accounts
IV. Day Books
Choose the correct answer using the codes given.
Generally incomplete records are maintained by ____________.
Under single entry system "profit" = closing capital - _________________.
Single entry system is most popular for ____________.
An accounting system where debit and credit rule is not followed.
In single entry system only ________________ accounts are opened.
In single entry system it is not possible to prepare _____.
A statement of ____________ is to be prepared in order to find out the profit and loss under a single entry system.
__________system is usually adopted by traders who have less knowledge of Accounting.
In _____ forms of business the owners are directly responsible for the debts of the business.
Income -tax of the sole trader paid is shown ___________.
To ascertain the profit, closing capital is to be adjusted by deducting ________ and adding _________.
Kumar and Shanu-entered into a joint venture to purchase and sell new year gifts. They agreed to share the profit and losses equally. Kumar purchased goods worth Rs. 1,00,000 and spent' Rs. 10,000 in sending the goods to Shanu. He also paid Rs. 5,000 for insurance. Shanu spent Rs. 10,000 as selling expenses and sold goods for 2,00,000. Remaining goods Were taken over by him at Rs. 5,000. What will be the amount to be remitted by Shanu to Kumar as final settlement?
Profit under single entry system of Book Keeping means ______________.
If opening capital is $Rs.80,000$, closing capital is $Rs.1,80,000$, withdrawals are $Rs.10,000$ and additional capital brought in the business is Rs. $20,000$, then the profit will be________.
Rs. 19,500 debited to building repairs on 31 st Dec. 1993 inclined Rs. 9,500 as the cost of building a small room for the watch man. A bill of Rs. 800 for colour wash of the whole building during the year was not received till Dec. 1993. The amount to be debited to profit and loss account would be _____________.
A and B enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs. 10,000. He pays expenses amounting to Rs. 1,000. B incurs further expenses on carriage Rs. 1,000. He receives cash for sales Rs. 15,000. He also takes over goods to the value of Rs. 2,000. What will be the amount to be remitted by B to A?
In statement of profit and loss interest on capital is shown as _________.
Further capital introduced during the year is ____________ from closing capital in order to find out the correct profit.
Profit can be ascertained from the incomplete records under single entry by using ________.
The difference between capital at the end of year and capital at the beginning of year is called ____________.
In order to find out the correct profit, drawings are ___________ to the closing capital.
Find the total at assets at the end of the year if the net profit, drawing during the year and assets at the beginning of the year were 12,000, 7,000 and 15,000 respectively.
Loss of stock is said to be normal loss when such loss is not due to inherent characteristics of the commodities.
Profit = Capital at the end+______- Capital introduced - Capital in the beginning.
Trading and Profit and Loss Account cannot be prepared from books maintained on single entry basis because :
Difference between the opening and closing capital after adjusting drwaings and capitals introduced during the year is profit for the year.
Profit, under Single Entry System is ascertained ____________ .
A statement of affairs is a summarised statement of an estimated _____________.
The capital at the end of the accounting year is ascertained by preparing _______.
The difference between assets and liabilities is called as ___________.
Find the total assets at the end of the year if net profit, drawing during the year and assets at the of beginning of the year were 12,000, 7000 and 20,000 respectively.
Balance of interest on calls-on-advance account is transferred to the ___________ at the end of the year.
From the following find out the total drawing during the year.
Total assets at the beginning of the year Rs.20,000, total assets at the end of the year 15,000, net profit during the year Rs.7000.