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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the formula for calculating profit or loss using the Statement of Affairs method?
💡 Hint: Think about how each component impacts the overall capital.
Question 2
Easy
If the closing capital is ₹70,000 and the opening capital is ₹60,000, what is the profit if no withdrawals or additional investments occurred?
💡 Hint: Subtraction will help you find the answer.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What method is primarily used to calculate profit or loss in incomplete records?
- Statement of Affairs
- Trial Balance
- Cash Flow Statement
💡 Hint: Think about how businesses summarize their assets.
Question 2
True or False: Withdrawals increase the profit amount.
- True
- False
💡 Hint: Consider the effect of taking money out of the business.
Solve 3 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A restaurant has an opening capital of ₹200,000, closing capital of ₹250,000, an additional investment of ₹50,000, and a withdrawal of ₹20,000. Calculate the profit or loss.
💡 Hint: Use the formula by sequentially substituting values.
Question 2
If a business has closing capital of ₹80,000, has not recorded ₹3,000 of unpaid wages, and has an opening capital of ₹70,000 without additional investments or withdrawals, calculate the true profit.
💡 Hint: Consider the impact of unpaid wages on profits.
Challenge and get performance evaluation