Where is the Single Entry System applied?

1.Which is not included in the Profit and Loss Statement of Single Entry?

2.According to which principle is capital provided by the owner considered a liability?

3.What is a Bank Overdraft?

4.If Mr. Biswas's opening capital was 20,000 Taka, closing capital 26,000 Taka, additional capital 4,000 Taka, and drawings 1,000 Taka, what was the profit or loss for that year?

5.Which transaction will decrease equity? i. Payment of commission 2,000 Taka ii. Payment of life insurance premium 1,000 Taka iii.Purchase of machine for resale 30,000 Taka Which one is correct?

6.Commission paid 40,000 Taka was mistakenly credited to the Commission account. What will be debited in the rectifying journal?

7.A machine with a cost price of 80,000 Taka was sold for 45,000 Taka. If its carrying value (book value) was 50,000 Taka: i. Loss 35,000 Taka ii. Accumulated Depreciation 30,000 Taka iii.Loss 5,000 Taka Which one is correct?

8.According to IAS-01, into how many parts is the Financial Statement prepared?

9.Which one is different from the other three?

10.On which date are reversing entries provided?

11.Sale of goods without profit is 40,000 Taka. What will be the debit in the general journal?

12.Which of the following is a Debit Memorandum?