Q2665
Profit under single entry system of Book Keeping means:
A.
the difference between opening and closing cash balances and reduced by fresh capital introduced
B.
the difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced
AnswerC.
profit shown by Trading and Profit and Loss Account and Balance sheet
D.
the amount of closing cash balance as reduced by expenses
Answer: Option B
Solution
Answer: Option B
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