Identify the correct formula used to ascertain the closing balance of capital:

Closing Capial = Opening capital + Net income – Drawings – Assets

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Closing capital = Opening Capital + Net loss - Drawings

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Closing Capital = Opening capital + Assets + Incomes – Expenses

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Closing capital = Opening capital + Net income – Drawings

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Solution

The correct option is D
Closing capital = Opening capital + Net income – Drawings

Closing capital = Opening capital + Net income – Drawings

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Similar questions

Explain how the following may be ascertained from incomplete records

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash

Explain how the following may be ascertained from incomplete records:

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(d) Closing balance of cash.

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