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In the preparation of statement of profit, if the opening capital is greater than closing...

Accounts - Principles of Accounts
JAMB 2019

In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be

  • A. profit
  • B. capital
  • C. loss
  • D. cash
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Correct Answer: Option C
Explanation

The difference between opening and closing capital will give either a profit or loss.
If the opening capital is greater than closing capital then loss and vice versa.

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