to ascertain the profit, closing capital is to be adjusted by deducting …………… and adding…………….
Text Solution
Verified by Experts
Fresh capital introduced, drawings
Topper's Solved these Questions
ACCOUNTS FROM INCOMPLETE RECORDS
NCERT|Exercise Short Answers|4 Videos
ACCOUNTS FROM INCOMPLETE RECORDS
NCERT|Exercise Summar with reference to Learning Objectives.|3 Videos
APPLICATIONS OF COMPUTERS IN ACCOUNTING
NCERT|Exercise Questions for Practice(Long Answers)|4 Videos
Similar Questions
Explore conceptually related problems
The concept which tries to ascertain the actual deficit in the revenue account after adjusting for expenditure of capital nature is termed as
Ascertain Gross Profit from the following :
X, Y and Z are equal partners with fixed capitals of Rs.2,00,000, Rs.3,00,000 and Rs.4,00,000 respectively. After closing the accounts for the year ending 31st March, 2019 it was discovered that interest on capitals @8% p.a.was omitted to be provided. In the adjusting entry :
NCERT-ACCOUNTS FROM INCOMPLETE RECORDS-Test Your Understanding-II
