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Recap of Accounting Process

Give the word...

Question

Give the word / term or phrase which can substitute each of the following statement.

The credit balance of Profit and Loss Account.

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Solution

Net Profit

Explanation: The credit balance of Profit and Loss Account is regarded as net profit. When the credit side of Profit & Loss Account exceeds its debit side, the resultant balance is net profit. It is added to the amount of capital.

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