i. Increase in asset is debited and decrease in asset is _______ ii. Assets = Liabilities + ________

Monjur Alahi

Fill in the blanks:

i. Increase in asset is debited and decrease in asset is _______

ii. Assets = Liabilities + ________

iii. Increase in capital is credited and decrease in capital is ________

iv. Scientific and complete system of recording is known as _________

v. Debit all expenses and losses, Credit all ________


0 like 0 dislike
1 views
Share with your friends

1 Answers

Salim Ahmed Kawsar

Call

i. Credited

ii. Capital

iii. Debited

iv. Double Entry System

v. Income and Gains

0 like 0 dislike
1 views
Talk Doctor Online in Bissoy App
XYZ Ltd. Acquired a business and agreed to pay purchase consideration of ₹ 2,00,000. The assets taken over are ₹ 5,50,000 and liabilities assumed

Goodwill Account will be debited by ₹ 50,000 It is so because the amount paid, i.e., ₹ 2, 00,0000 is more then the value of nert assets acquired, i.e., ₹...

2 Answers 1 views
i. _______ accounts are accounts of properties and assets. ii. Laptop account is a _______ account.

i. Real ii. Real

2 Answers 1 views
Net increase in Working Capital other than Cash and Cash Equivalents will increase, decrease or not change Cash Flow from Operating Activities. Give r

Net increase in Working Capital implies that more cash is invested in working Capital and thus decreases Cash Flow from Operating Activities.

2 Answers 1 views
From the following data ,compute Total Assets Turnover Ratio: Fixed Assets ₹ 3,00,000 ,Accumulated Depreciation ₹ 1,00,000, Current Assets ₹ 2,00,000

Total Assets Turnover Ratio` =("Revenue from Operations ")/("Total Assets ") = ("₹ 8,00,000")/("₹ 4,00,000)=2 times . Total Assets =Fixed Assets - Accmulated Depreciation)+Current Assets = ₹ (3,00,000 -1,00,000)+ ₹ 2,00,000...

2 Answers 1 views
Law does not provide that at the time of admission of a partner assets be revalued and liabilities reassessed. Why are the assets revalued and liabili

When a partner is admitted the assets are revalued and liabilities are reassessed. The gain (profit) or loss, as the case may be is distributed among the old partners in...

2 Answers 1 views
i. Decrease in the value of fixed assets is known as ________ (a) Depreciation (b) Appreciation  (c) Combination  (d) None of these

i. (a) Depreciation ii. (a) Fixed iii. (b) Capital iv. (b) Scrap value v. (b) Written Down Value Method

2 Answers 1 views
i. Depreciation is charged on _________ asset. ii. Wages paid for Installation/fixation of Machinery is debited to ______ account.

i. Fixed ii. Machinery iii. Diminishing Balance iv. Scrap value v. Depreciation vi. Constant vii. Capital viii. Scrap value ix. Nominal x. Depretium

2 Answers 1 views
Depreciation provided on assets is debited to an asset accounts.

Depreciation provided on assets is credited to an asset account.

2 Answers 1 views
i. ________ is excess of assets over liabilities.  (a) Goodwill  (b) Capital  (c) Investments  (d) Drawings

i. (b) Capital ii. (b) Profit and Loss iii. (d) Balance Sheet iv. (b) Liability v. (b) Profit and Loss

2 Answers 2 views
i. The difference between assets and liabilities is called ________  (a) Capital  (b) Drawings  (c) Income  (d) Expenses

i. (a) Capital ii. (a) Profit iii. (c) ₹ 32,000

2 Answers 1 views
X