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Select the most appropriate alternatives given below and rewrite the sentence:i. Debit balance of Trading Account means ________(a) Gross Loss (b) Net Loss (c) Net Profit (d) Gross Profitii. Carriage Inward is debited to _________ Account. (a) Trading (b) Profit and Loss (c) Capital (d) Bankiii. Excess of credit over to debit in Profit and Loss A/c indicates ________ (a) Net Profit (b) Gross Profit (c) Gross Loss (d) Net Lossiv. Closing stock is always valued at cost or market price which is _________ (a) more (b) less (c) zero (d) equalv. When specific date is not given, in that case interest on drawings is charged for ________ month. (a) Four (b) Six (c) Eight (d) Nine |
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Answer» i. (a) Gross Loss ii. (a) Trading iii. (a) Net Profit iv. (b) less v. (b) Six |
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