Correct and Rewrite the following statement:
The balancing figure of the Trading Account is Net Profit or Net Loss.
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i. A loan account is a personal account. ii. A goodwill account is a real account. iii. A discount account is a nominal account.
i. This statement is True. The loan is taken from a person or bank and they are persons either natural or person or artificial persons. ii. This statement is True. All properties/assets come under real...
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A,B and C are partners sharing profits and losses in the ratio of 2:2:1 resptively A is entited to a commission fo 10% on the net profit Net profit fo
Commission payable to A -Rs, 11,000
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i. Debit balance of Trading Account means ________ (a) Gross Loss (b) Net Loss (c) Net Profit (d) Gross Profit
i. (a) Gross Loss ii. (a) Trading iii. (a) Net Profit iv. (b) less v. (b) Six
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The credit balance of the Profit & Loss account shows a net profit.
This statement is True. The credit side of profit and loss A/c represents incomes when the credit side is greater than the debit side (expenses) it shows the Net Profit of...
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i. Reserve for bad debts is created by debiting Profit and Loss Account. ii. A balance Sheet is a statement as well as an account.
i. Agree ii. Disagree iii. Disagree iv. Disagree v. Disagree
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When the credit side of the Profit and Loss Account is greater than the debit side, it is called Net Loss.
When the credit side of the Profit and Loss account is greater than the debit side, it is called Net Profit.
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Capital A/c……………..Dr. To Profit and Loss Account (Being Net Profit transferred to Capital A/c)
Profit and Loss Account…………….Dr. To Capital A/c (Being Net Profit transferred to Capital A/c)
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Receipts and payments Account is a - (A) Personal Account (B) Real Account (C) Nominal Account
Correct option is: (B) Real Account
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Receipts and Payments Account usually indicates - (A) Surplus/deficit (B) Cash balance (C) Capital fund (D) Net profit/loss
Correct option is: (B) Cash balance
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Current Account is - (A) Personal Account (B) Real Account (C) Nominal Account (D) None of these
Correct option is: (A) Personal Account
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