The net profit or loss for the year is determined in prof...
The net profit or loss for the year is determined in profit and loss account after
Deducting purchases from sales
Deducting cost of goods sold from sales and adding administrative expenses
Adding commissions received to gross profit
Eliminating all expenses from gross profit and adding any other income
Correct answer is D
No explanation has been provided for this answer.
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N Net profit -------------------------17,460 Capital account: Taiwo--------50,000 &...