Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 4 - No. 48)
What is the formula for profit or loss from the opening and closing equity?
Closing equity - opening equity = profit or loss
Closing equity + opening equity = profit or loss
Opening equity - closing equity = profit or loss
Profit + opening equity = closing equity
Explanation
The profit or loss is the closing equity less the opening equity.
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