The credit entry for net profit is on the credit side of (A) The trading account (B)
Question:
The credit entry for net profit is on the credit side of
(A) The trading account
(B) The profit and loss account
(C) The drawings account
(D) The capital account.
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The correct answer is B The profit and loss account Explanation In accounting the net profit is the ...View the full answer
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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