Financial Statements of Sole Proprietorship
Commerce ⇒ Accountancy
Financial Statements of Sole Proprietorship starts at 11 and continues till grade 12.
QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Financial Statements of Sole Proprietorship.
How you perform is determined by your score and the time you take.
When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 12
A business has capital of ₹1,00,000, creditors of ₹20,000, and assets of ₹1,30,000. What is the amount of liabilities other than creditors?
A business has current assets of ₹80,000 and current liabilities of ₹50,000. Calculate the working capital.
A sole proprietor started business with ₹50,000. During the year, he earned a profit of ₹20,000 and withdrew ₹5,000 for personal use. What is the closing capital?
Explain the difference between capital and revenue expenditure with examples.
Explain the term 'contingent liability' with an example.
Explain the treatment of bad debts in the financial statements of a sole proprietorship.
Explain the treatment of prepaid expenses in the financial statements.
If a proprietor withdraws goods for personal use, how is it shown in the financial statements?
If closing stock is overvalued, what will be the effect on net profit?
If the opening stock is ₹10,000, purchases are ₹50,000, and closing stock is ₹8,000, what is the cost of goods sold?
State any two objectives of preparing financial statements for a sole proprietorship.
State the accounting equation.
State the meaning of 'working capital'.
State whether the following is an asset, liability, income, or expense: 'Outstanding Rent'.
What are the two main financial statements prepared by a sole proprietorship?
What is meant by 'accrued income'?
What is the effect of providing depreciation on fixed assets in the financial statements?
What is the purpose of preparing a Trading Account?
Which account is prepared to ascertain gross profit or gross loss?
Which side of the Balance Sheet are liabilities shown?
