Q1 of 15 Page 157

Fill in the blanks with appropriate words in the following sentences:

The difference between Assets and Liabilities of a Trade is called ______________.


capital.

Explanation


The trial balance the capital amount is shown as the Capital. It is the difference between assets and liabilities of a trade.


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1

Fill in the blanks with appropriate words in the following sentences:

The profit earned by Trade is transferred to ___________account.


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“The permanent assets lose a portion of their value every year” it is called ______________.


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Answer the following questions:

Which is the book of original entry in Accounting? Why is it called the book of original entry?


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What are the types of Accounts? Give examples.