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Which Statement is Prepared Under Single Entry System to Ascertain Profit? - Book Keeping and Accountancy

Which statement is prepared under single entry system to ascertain profit?
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Solution

Statement of Profit or Loss is prepared to calculate the profit under Single Entry System. The profit is calculated as follows:
Profit = Closing Capital + Drawings – Additional Capital Introduced – Opening Capital

Concept: Preparation of Statements for Single Entry System
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