Statement of affairs is a

(a)

Statement of income and expenditure

(b)

Statement of assets and liabilities

(c)

Summary of cash transactions

(d)

Summary of credit transactions

The amount of credit sales can be computed from

(a)

Total debtors account

(b)

Total creditors account

(c)

Bills receivable account 

(d)

Bills payable account

What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

(a)

Rs. 85,000

(b)

Rs. 1,06,000

(c)

Rs. 21,000

(d)

Rs. 64,000

Opening balance of debtors: Rs. 30,000, cash received: Rs. 1,00,000, credit sales: Rs. 90,000; closing balance of debtors is

(a)

Rs. 30,000

(b)

Rs. 1,30,000

(c)

Rs. 40,000

(d)

Rs. 20,000

The total assets of a proprietor are Rs. 5,00,000. His liabilities Rs. 3,50,000. Then his capital in the business is ____________

(a)

Rs. 8,50,000

(b)

Rs. 1,50,000

(c)

Rs. 3,50,000

(d)

Rs. 4,25,000

Debtors on 1.4.2018 was Rs. 1,00,000 and on 31.3.2019 was Rs. 80,000 cash received from debtors during the year is Rs. 1,60,000. Then the credit sales during the year is ___________

(a)

Rs. 3,40,000

(b)

Rs. 2,40,000

(c)

Rs. 1,40,000

(d)

Rs. 1,60,000

Incomplete records are those records which are not kept under ____ system

(a)

Single entry

(b)

Double entry

(c)

Book keeping

(d)

none of these

_____ capital can be found by preparing a statement of affairs at the beginning of the year.

(a)

Opening capital

(b)

Closing capital

(c)

Both (a) and (b)

(d)

None of these

In which of the following system of recording the financial statements reflect true and fair view of an entity and accounting records are considered to be more accurate?

(a)

Single entry system

(b)

Double entry system

(c)

Cash based system

(d)

All of them

A statement of assets and liabilities prepared under the single entry system is called __________

(a)

Balance sheet

(b)

Financial statement

(c)

Cash Statement

(d)

Statement of Affairs