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P2 C10 Accounts from Incomplete Records — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C10 Accounts from Incomplete Records1 Mark
Question
Can Profit or Loss be ascertained under Single Entry System? Why?
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Answer

As income and expense accounts are not prepared, it Is not possible to know the profit or loss at the end of the year like Double Entry System.

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