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Accounts from incomplete records single entry

Accountancy

In illustration 3 at statement of profit the current account balance as on 31-3-20X1 is deducted. What means that? What represent that ?

Sai sruthi

CA Inter

★ 640

21-Jan-23 17:26

362

Answers (1)

it is nothing ,statement of profit derives from current account so if you add debit side of current account and subtract credit side you get profit

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Ansh Rajput

CA Inter

★ 1K+

21-Jan-23 18:23