Which of the following is the equation for determining net profit or loss from the records of a firm?
a
Closing Capital - Drawings - Capital Introduced
b
Opening Capital + Drawings - Closing Capital
c
Closing Capital + Opening Capital - Drawings
d
Closing Capital + Drawings - Opening Capital
Explanation
Correct Option
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Bolarinwa_Dorcas
3 months ago
The correct option is D. Closing Capital + Drawings - Opening Capital.
Explanation
To determine the net profit or loss for a period when a firm has incomplete records, you can analyze the change in the owner's capital account.
Myschool please make the corrections
