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Question No.2159

Prepare Cash and Capital Accounts with the help of given Journal-02159

Online Quiz This subjective question is related to the book/course vu mgt611 Business & Labor Law. It can also be found in vu mgt611 Mid Term Solved Past Paper No. 2.

Question 1: Prepare Cash and Capital Accounts with the help of given Journal entries.
CASH A/C (IN STATEMENT FORM)
DateDetailDebitCreditBalance
01/01/08CAPITAL A/C500000 50000 DR
02/01/08FURNITURE A/C010000 40000 DR
03/01/08PURCHASES A/C030000 10000 DR
05/01/08SALES A/C400000 50000 DR
06/01/08SALARIES A/C0500045000 DR
TOTAL900004500045000 DR
  1. If Accumulated profit brought forward has credit nature, what will be its treatment?
  2. Fixed Assets at WDV + working capital = ?
Answer:
1. If Accumulated profit brought forward has credit nature, what will be its treatment?
  1. It will be added in net profit for the year
  2. It will be subtracted from the net profit for the year
  3. It will be deducted from current Assets
  4. It will be added in current assets
2. Fixed Assets at WDV + working capital = ?
  1. Total shareholders equity
  2. Net capital employed
  3. Long term loan

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