In single entry and incomplete records, the net assets method used to ascertain profit is

Question 1 Report

net asset at the end of a period - net assets at the begining of a period = profit + additional capital - drawings

net asset at the end of a period - net asset at the beginig of a period = profit - additional capital - drawings

net asset at the end of a period - net asset at the begining of a period - drawings

net asset at the end of a period + additional capital - drawings

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