Accounting · Single Entry System
Under the Net Worth Method of the single entry system, net profit is ascertained by:
- 1Preparing Trading and Profit & Loss Account
- 2Comparing the capital between the opening and closing periods✓
- 3Preparing a Balance Sheet at the end of the year
- 4Preparing a Total Debtors Account
Correct answer
Comparing the capital between the opening and closing periods
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