In the preparation of statement of profit, if the opening...
In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be
Profit
Capital
Loss
Cash
Correct answer is C
The difference between opening and closing capital will give either a profit or loss.
If the opening capital is greater than closing capital then loss and vice versa.
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ &a...
N Net profit -------------------------17,460 Capital account: Taiwo--------50,000 &...
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Given: Capital:..G...........N5000 ..........T...........N8000 Drawings: G...........N2000 ......
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\(\begin{array}{c|c} & D\\ \hline \text{Construction of classrooms} & 500,000\\ \text{Sinkin...
Provision for doubtful debts------1,000Cr Bad debts--------500Dr Debtors-------50,000Dr Additiona...