Ch 4 · Final Accounts of Sole Proprietors

5 concept points · 4 formulas · 4 exam-critical points.

🗺️ Chart summary

Trial Balance
       |
       v
   Adjustments --> Trading A/c (GP)
       |             |
       v             v
   P&L A/c ------> Net Profit
       |
       v
   Balance Sheet (Assets = Liab + Cap)