‘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.

From the following information find the capital of Vijay: Total Assets 5,00,000; Creditors ₹ 1,00,000; Loan from Bank ₹ 1,50,000.

If total assets of a business are ₹ 1,30,000 and net worth is ₹ 80,000, calculate the creditors.
[Hint: Net Worth = Assets - Liabilities]

Proprietor of the firm has withdrawn goods for his personal use. The accountant has recorded it as sale in the books of accounts. Is he correct in doing so?

Why is the Ledger called the book of Final entry?

Increase in an Asset Account is recorded on its debit side. Give reason.

Give one advantage of Journal.

Name the category of account that is not balanced.

What is Transfer Voucher?

What is a pay-in-slip?