Question

Q.6 Fill in the blanks :
The amount invested by the owner of the business is called ...........................
1. A persons to whom goods is sold on credit is called a .................. .
2. A person from whom goods is bought on credit is called ............................. .
3. The amount withdrawn by the owner of the business for personal use is called................... .
4. Liabilities payable within a period of one year are .................... liabilities.
5. Goods withdrawn by the proprietor of the business for use is called .................. .
6. Assets which have no physicals appearance are known as ................. assets.
7. Assets which are physicals appearance are known a ....................... assets.
8. Assets which are converted into cash with in a period of 4 year are called ......................... assets.
9. Bank overdraft is a current.................... .
10. ..................... discount is never recorded in the book of accounts.
11. Money received from sale of fixed assets is a ...................... receipt.

Answer 1

capital
1) debtors
2) creditors
3) drawings
6) intangible assets
7) tangible assets
10)trade discou

Answer 2

capital
1)debtor
2)creditor
3)drawings
4)current liabilities
5)drawings
6)intangible asset
7)tangible asset
8)fixed asset 
9)current liablities
10)trade discount 
11)revenue receipt 

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