Which Statement is prepared under the Single Entry System to ascertain

1.	Which Statement is prepared under the Single Entry System to ascertain profit?
Answer» Statement of Profit or Loss is prepared to calculate the profit under single-entry system. The profit is calculated as follows: Capital at the end Add: Drawings made during the year Less: Additional Capital introduced during the year Less: Capital in the beginning Profit or loss for the year

Which Statement is prepared under the Single Entry System to ascertain profit?

Answer»

Statement of Profit or Loss is prepared to calculate the profit under single-entry system. The profit is calculated as follows:

Capital at the end

Add: Drawings made during the year

Less: Additional Capital introduced during the year

Less: Capital in the beginning

Profit or loss for the year