what is
the ascertainment of profit and loss
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Ascertainment of Profit or Loss: Method # 1. ... 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.
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Every business firm needs to prepare the financial statements in order to ascertain the results of its financial operations. It needs to know whether the business is yielding profits or not and also it's financial position at the end of the year.
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