JAMB - Accounts Principles Of Accounts (2019 - No. 58)
In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be
profit
capital
loss
cash
Explanation
The difference between opening and closing capital will give either a profit or loss.
If the opening capital is greater than closing capital then loss and vice versa.
If the opening capital is greater than closing capital then loss and vice versa.
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