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Since opening capital + net profit - Drawings = closing capital... Than net profit = closing capital - opening capital + drawings. Therefore, using algebra rule net profit =3000 -1000 +600 =2,600
Net Profit is equal to2,600.
NP will be equal to $2600
Net Profit for the year will be $2600.
closing capital = opening capital + net profit - drawing
net profit = closing capital - opening capital + drawing
2,600 =3,000 -1,000 +600
CLOSING CAPITAL ADD DRAWING LESS OPENING CAPITAL= NET PROFIT
3000+600-1000=$2600
In opening capital if profit of2600 USD will be add the it will be possible that after drawing of600USD closing capital will be remain3000 USD. So Net profit will be2600 USD.
NP =2600 ========================
2600 net profit..................
Agree. Net profit for the year is $2,600
