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Select the most appropriate alternatives from the following & rewrite the sentences:i. A statement showing financial position of a business is called a _______ (a) Balance Sheet (b) Trial Balance (c) Capital A/c (d) Trading A/cii. Wages paid for Installation of machinery should be debited to ________ Account. (a) Machinery (b) Wages (c) Trading (d) Profit and Lossiii. All indirect expenses are debited to _________Account. (a) Trading (b) Capital (c) Profit and Loss (d) Currentiv. Return outwards are deducted from _________ (a) Purchase (b) Sales (c) Capital (d) Debtorsv. Debit balance of Trading Account indicates __________(a) Gross Profit (b) Gross Loss (c) Net Profit (d) Net Loss |
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Answer» i. (a) Balance Sheet ii. (a) Machinery iii. (c) Profit and Loss iv. (a) Purchase v. (b) Gross Loss |
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