‘X’ commenced business on 1st April, 2013 with a capital of ₹ 6,00,000. On 31st March, 2014 his assets were worth ₹ 8,00,000 and liabilities ₹ 50,000. Find out his closing capital and profits earned during the year.

What journal entry is passed in case of purchase of goods within the state?

What is a Credit Note?

What does debit balance of a Real Account indicates?

Give the four reasons of the popularity of double entry system. Ans. Reasons of the popularity of double entry system.

Do you think that a transaction can break the Accounting Equation?

How an Accounting Voucher is prepared?

In the above case, if the proprietor had invested ₹ 5,000 as additional capital and withdrawn ₹ 2,000, what will be your answer?

What does a Credit Balance in a Capital Account signify?

A furniture of book value of ₹ 15,000 was sold for ₹ 6,000 and new furniture was purchased for ₹ 20,000. Furniture Account is debited with ₹ _________.