Accountancy, asked by riditanandmodern, 9 months ago

in single entry system do we put the adjustements in closing statement of affairs or statement of profit and loss?

Answers

Answered by laasyavayarafb

Answer:

Treatment of adjustments in single entry system

Mainly, additional capital and the drawings are to be adjusted in the statement of profit or loss. Other additional adjustments can be adjusted either in the closing statement of affairs or in the statement of profit or loss.

Explanation:

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