Fill in the Blank:i. Statement of Affairs is just like ______ii. Und

Fill in the Blank:i. Statement of Affairs is just like __ii. Under Single Entry System, Profit = Closing Capital Less _iii. In order to find out the correct profit, drawings are _ to the closing capital.iv. In Book Keeping System, in every business transactions we find two effects.v. The difference between Assets and Liabilities is called vi. Single Entry System is more popular for __vii. Additional Capital introduced during the year is _ from Closing Capital in order to find out the correct profit.viii. Single Entry System is Suitable for ___business.

Answer»

i. Balance Sheet

ii. Opening Capital

iii. Added

iv. Double Entry System

v. Capital

vi. Sole Trader

vii. Deducted

viii. Small