Further capital introduced during the year is ________ from closing capital in order to find-out the correct profit. (Fill in the blank by choosing correct option)
(a) added
(b) deducted
(c) divided
(d) ignored.
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B IS THE ANSWER........
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Explanation:
Further capital introduced during the year is deducted from closing capital in order to find-out the correct profit.
Under single-entry system, the profit or loss is calculated by the comparison of capital at two dates, which are the opening capital and the closing capital. The profit is calculated as a closing capital minus the opening capital.
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