Write a word / term / phrase as a substitute for each of the following

1.	Write a word / term / phrase as a substitute for each of the following statements : (1) The assets which are not recorded in the books of accounts.(2) The excess of total assets over total liabilities.(3) The person in whose favour the bill is transferred.(4) The proportion in which the continuing partners are benefitted due to retirement of a partner.(5) The system of accounting normally suitable for a small business organization.
Answer» (1) Personal Transaction of owner. (2) Capital. (3) Endorsee. (4) Gaining Ratio. (5) Single entry system.

Write a word / term / phrase as a substitute for each of the following statements : (1) The assets which are not recorded in the books of accounts.(2) The excess of total assets over total liabilities.(3) The person in whose favour the bill is transferred.(4) The proportion in which the continuing partners are benefitted due to retirement of a partner.(5) The system of accounting normally suitable for a small business organization.

Answer»

(1) Personal Transaction of owner.

(2) Capital.

(3) Endorsee.

(4) Gaining Ratio.

(5) Single entry system.

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