Ayush started business on 1st April, 1995 with a capital of Rs. 25,000 and a loan of Rs. 12,500. Total assets and liabilities at the end of 31st March, 1996 amounted to Rs. 75,000 and Rs. 12,500 respectively. He invested a further capital of Rs. 12,500 during the year and withdrew Rs. 7,500 during the relevant financial, period. His closing capital and profits would be respectively:
A. Rs. 62,500 and Rs. 32,500
B. Rs. 50,000 and Rs. 40,000
C. Rs. 70,000 and Rs. 47,500
D. Rs. 55,000 and Rs. 42,500
Answer: Option A
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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