Question

Write the correct word(s) :
1. Credit sales can be ascertained as the balancing figure in the $................$ account.
2. Excess of $................$ over $................$ represents loss sustained during the period.
3. To ascertain the profit, closing capital is to be adjusted by deducting $................$ and adding $................$.
4. Incomplete records are generally used by $................$.

Answer 1

1. Credit sales can be ascertained as the balancing figure in the Total Debtors  account.

2. Excess of Opening capital over closing capital represents loss sustained during the period.

3. To ascertain the profit, closing capital is to be adjusted by deducting Fresh capital introduced and adding drawings.

4. Incomplete records are generally used by Small traders.

Answer 2

The correct words are 1.Total Debtors 2. Opening capital, closing capital 3. Fresh capital introduced, drawings 4. Small traders.

1. Credit sales can be ascertained as the balancing figure in the Total Debtors.

2. Excess of opening capital over closing capital represents loss sustained during the period.

3. To ascertain the profit, closing capital is to be adjusted by deducting fresh capital introduced and adding drawing.

4. Incomplete records are generally used by small traders