Profit can be ascertained from the incomplete records under single entry by using ________.

Statement of affairs

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Conversion method

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Either A or B

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None of the above

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Solution

The correct option is C Either A or B
The Statement of Affairs Method: takes the difference of opening and closing capitals for calculation of profit or loss under Single Entry System
The Conversion Method of single entry system: tries to convert the records from single entry to double entry system to find the Profit or loss earned by the business.

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Similar questions

What is meant by a 'statement of affairs'? How can the profit or loss of a trade be ascertained with the help of a statement of affairs?

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