Accounting - Study Mode
[#1776] Ayush started business on 1 st April, 1995 with a capital of Rs. 25,000 and a loan of Rs. 12,500. Total assets and liabilities at the end of 31 st March, 1996 amounted to Rs. 75,000 and Rs. 12,500 respectively. He invested a further capital of Rs. 12,500 during the year and withdrew Rs. 7,500 during the relevant financial, period. His closing capital and profits would be respectively:
Correct Answer
(A) Rs. 62,500 and Rs. 32,500
[#1777] Errors which affect one side of an account are called:
Correct Answer
(A) single sided errors
[#1778] Subscription received in advance is . . . . . . . .
Correct Answer
(C) a liability
[#1779] The term "Imprest system" is used in relation to:
Correct Answer
(D) Petty cash book
[#1780] Which one of the following is an example of an intangible asset?
Correct Answer
(D) Copyrights