In the preparation of statement of profit if th... - JAMB Accounting 2019 Question
In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be
A
profit
B
capital
C
loss
D
cash
correct option: c
Profit or loss is determined from the difference between the opening and closing capital.
It is a profit if the opening capital is less than closing capital, and a loss if it is the other way round
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