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Question
A statement of ____________ is to be prepared in order to find out the profit and loss under a single entry system.
A statement of ____________ is to be prepared in order to find out the profit and loss under a single entry system.
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Solution
The correct option is B Affairs
Profit or loss earned by the business under single entry system is based
on the difference between its Opening and closing capital.
To ascertain this capital Statement of affairs are prepared.
Profit or loss earned by the business under single entry system is based on the difference between its Opening and closing capital.
To ascertain this capital Statement of affairs are prepared.
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