Chapter 13: Final Accounts of Sole Proprietors – II March 18, 2024 Maven Leave a Comment Welcome to the Chapter 13: Final Accounts of Sole Proprietors – II Quiz! This quiz is based on the book back questions. Name Email 1. If there is no existing provision for doubtful debts, provision created for doubtful debts is Debited to bad debts account Debited to sundry debtors account Credited to bad debts account Debited to profit and loss account None 2. Accrued interest on investment will be shown On the credit side of profit and loss account On the assets side of balance sheet Both (a) and (b) None of these None 3. Net profit is Debited to capital account Credited to capital account Debited to drawings account Credited to drawings account None 4. Closing stock is valued at Cost price Market price Cost price or market price whichever is higher Cost price or net realisable value whichever is lower None 5. A prepayment of insurance premium will appear in The trading account on the debit side The profit and loss account on the credit side The balance sheet on the assets side The balance sheet on the liabilities side None Time's up Related Posts:Chapter 12: Final Accounts of Sole Proprietors – IChapter 1: Accounts from Incomplete RecordsChapter 2: Accounts of not for profit OrganisationChapter 4: Goodwill in Partnership Accounts
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