Closing entries are generally passed:

✅ A. Sundry Debtors

Option A : Sundry Debtors Option B : Stock Option C : Prepaid insurance Option D : All of Correct Answer : All of and above Read more

✅ D. Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.

Option A : Debit Provision for Bad Debts A/c and credit Debtors A/c Option B : Debit Debtors A/c and credit Provision for Bad Debts A/c Option C : Debit Provision for Bad Debts A/c and credit Profit & Loss A/c Option D : Debit Profit and Loss A/c and credit Provision for Bad Debts A/c. Correct Answer : Debit… Read more

✅ D. Cost price or Market price whichever is lower

Option A : Cost Price Option B : Market Price Option C : Cost price or Market price whichever is higher Option D : Cost price or Market price whichever is lower Correct Answer : Cost price or Market price whichever is lower Read more

✅ E. All of these

Option A : Income received in advance Option B : Stock Option C : Debtors Option D : Pre-paid expenses and Accrued income Correct Answer : All of these Read more

✅ C. Notes on account to Balance Sheet

Option A : Balance Sheet Option B : Directors report Option C : Notes on account to Balance Sheet Option D : Chairmans report Correct Answer : Notes on account to Balance Sheet Read more

✅ D. selling Expenses & administrative expenses

Option A : selling Expense Option B : Direct labor Option C : factory overhead Option D : selling Expenses & administrative expenses Correct Answer : selling Expenses & administrative expenses Read more

✅ B. Contra entry

Option A : Cash entry Option B : Contra entry Option C : Payment entry Option D : Compound entry Correct Answer : Contra entry Read more

✅ C. distribution cost.

Option A : prime cost. Option B : factory cost. Option C : distribution cost. Option D : production cost Correct Answer : distribution cost. Read more