Mr. Shipan's Closing Capital is 30,000 TK, which is 20% less than the Opening Capital. If the interest on capital is 5%, what is the amount of interest?

1.What is the fundamental basis of modern accounting?

2.Which discount is shown in an Invoice (Chalan)?

3.A Payable of 10,000 TK was settled for 9,850 TK in full settlement. The effect of this transaction on the accounting equation is— i. Assets will decrease ii. Liabilities will decrease iii.Equity will increase Which one is correct?

4.What type of account is Accumulated Depreciation?

5.Mr. Jiban's liabilities were 30,000 TK and Capital was 40,000 TK. If liabilities decrease by 10,000 TK and assets increase by 10,000 TK, what will be the new Capital? The new Capital can be calculated as

6.Bank interest granted of 73 TK was credited in the Cash Book as 37 TK. What will be the difference between the two book balances?

7.Reasons for the discrepancy between Cash Book and Bank Statement balances are— i. Issued cheques not presented ii. Deposited cheques not collected iii.Interest granted by the bank Which one is correct?

8.The person who prepares a cheque is called—

9.Alternative names for Accounts Receivable are— i. Book Debts ii. Debtors iii. Balance of Purchase Ledger Which one is correct? i. Book Debts ii. Debtors iii.Balance of Purchase Ledger Which one is correct?

10.If machinery installation cost is debited to the Wages Account instead of the Machinery Account, what type of error is it?

11.$\sigma$ Ltd.'s Discount Received balance of 80 TK was placed on the wrong side of the Trial Balance. If there are no other errors, what will be the difference between the two sides?

12.According to which accounting principle are fixed assets recorded?