Accounting for IGCSE & O level - Final Statements (Section 6 - No. 50)
What will happen to the capital account at the end of the year?
It is not updated
Debit the income statement with the profit
Credit the income statement with the profit
Debit the capital account with the profit
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At the end of the year, profit for the year is added to the owner's capital and this is credited to the income statement