Question

single entry system profit calculation formula is

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Answer 1

The following method is used for the calculation of profit or loss under single entry system. Profit for the year 2009 = Closing capital -Opening capital = $200000-$150000 = $50000. If there are other capital related items such as drawing, additional capital, interest on capital etc.

Answer 2

Answer:

Profit is ascertained by comparing the capitals between two accounting periods, viz., capital at the beginning and capital at the closing, when double entry system is not followed. Here, capital represents the net assets of the business.

Explanation:

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