i. Debit balance of Trading Account means ________ (a) Gross Loss  (b) Net Loss  (c) Net Profit  (d) Gross Profit

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 Profit

ii. Carriage Inward is debited to _________ Account. 

(a) Trading 

(b) Profit and Loss 

(c) Capital 

(d) Bank

iii. Excess of credit over to debit in Profit and Loss A/c indicates ________ 

(a) Net Profit 

(b) Gross Profit 

(c) Gross Loss 

(d) Net Loss

iv. Closing stock is always valued at cost or market price which is _________ 

(a) more 

(b) less 

(c) zero 

(d) equal

v. When specific date is not given, in that case interest on drawings is charged for ________ month. 

(a) Four 

(b) Six 

(c) Eight 

(d) Nine