Financial Statements of Sole Proprietorship
Commerce ⇒ Accountancy
Financial Statements of Sole Proprietorship starts at 11 and continues till grade 12.
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See sample questions for grade 11
A business has assets of ₹1,00,000 and liabilities of ₹40,000. What is the capital?
A sole proprietor started business with ₹50,000. During the year, he earned a net profit of ₹10,000 and withdrew ₹4,000 for personal use. What is the closing capital?
Explain the difference between capital and revenue expenditure with examples.
Explain the meaning of 'contingent liability' with an example.
Explain the meaning of 'provision for doubtful debts'.
Explain the treatment of bad debts in the final accounts.
Explain the treatment of closing stock in the final accounts.
If the net profit is ₹20,000 and drawings are ₹5,000, what is the amount to be added to capital?
If the opening stock is ₹10,000, purchases are ₹50,000, and closing stock is ₹15,000, what is the cost of goods sold?
Is 'Prepaid Insurance' an asset or a liability?
State any two differences between a Trial Balance and a Balance Sheet.
State any two items that appear on the credit side of the Profit and Loss Account.
State any two items that appear on the debit side of the Profit and Loss Account.
State any two objectives of preparing financial statements for a sole proprietorship.
State the accounting equation.
What are the two main financial statements prepared by a sole proprietorship?
What is meant by 'drawings' in the context of a sole proprietorship?
What is the purpose of preparing a Profit and Loss Account?
