The purpose of profit and loss account is to ascertain
The purpose of profit and loss account is to ascertain
Gross profit
Capital
Expenses
Net profit
Correct answer is D
The profit and loss account also known as Income statement is prepared to ascertain the net profit. The net profit is ascertain when the expenses is deducted from the Gross Profit.
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Given: Capital:..G...........N5000 ..........T...........N8000 Drawings: G...........N2000 ......