When closing capital (after changing drawings) is less than openi… - Vidyadip

MCQ

When closing capital $($after changing drawings$)$ is less than opening capital, the difference is considered as:

✓
Loss
B
Profit
C
Additional capital
D
None of them

✓

Answer

Correct option: A.

Loss

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "M.C.Q (1 Marks)" from Accounts from Incomplete Records→Accounts from Incomplete Records — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

If the rate of gross profit is $25\%$ of sales and Cost of Goods sold is $Rs. 1,00,000;$ the amount of gross profit will be:

A business receives its bank statement showing the closing balance as $₹ 8,500$ overdrawn. It is found that there were unpresented cheques amounting to $₹ 2,000$ and uncredited deposits amounted to $₹ 1,500.$ Overdraft as per Cash Book is:

A single entry system it:

Accrued Income, if given outside the Trial Balance is shown in:

Which of the following is correct?

Cash Book records:

Transfer to Capital Redemption Reserve can be from:

Opening capital $Rs. 20,000,$ Closing Capital $Rs. 10,000,$ Profit during the year $Rs. 5,000$, Additional Capital introduced $Rs. 1,000$, Drawings will be $......$

From incomplete records, it is possible to prepare:

Operating Profit is also known as $......$