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.
The entry in the partnership books of accounts for interest on drawings is to? ...
A discount that is allowed to encourage a debtor to pay off his debt within a period is the ...
Errors in the ledger can be corrected through ...
An amount set aside out of profit for a specific purpose is a ...
Given: Liabilities..............N23,700 Current assets...........N20,300 Fixed assets...............