Q3. How do you ascertain the profit or loss for any given period when – InterviewSolution

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1.	Q3. How do you ascertain the profit or loss for any given period when books are kept undersingle entry system ?(Oct. 91)
Answer» The accounting records that are not maintained as per the double entry system but as per single entry are called Incomplete Records. Where the proprietor maintains incomplete records, he only prepares cash account, debtors account and creditors account properly. He maintains all other accounts in a haphazard manner or not maintains them at all. Thus, in this case, the ascertainment of profit and loss becomes too difficult.

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Q3. How do you ascertain the profit or loss for any given period when books are kept undersingle entry system ?(Oct. 91)
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