P2 C10 Accounts from Incomplete Records — Account STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C10 Accounts from Incomplete Records1 Mark
Question
How is the closing capital calculated under Single Entry System?
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Answer
Under Single Entry System, the closing capital is calculated by deducting the closing balances of all liabilities from the closing balances of all assets at the end of the accounting year.
Closing capital = Closing Assets - Closing Liabilities
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