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Question
Identify the correct formula used to ascertain the closing balance of capital:
Options:
A .  Closing Capial = Opening capital + Net income – Drawing – Assets 
B .  Closing capital = Opening Capital + Net loss - Drawings
C .  Closing Capital = Opening capital + Assets + Incomes – Expenses
D .  Closing capital = Opening capital + Net income – Drawings
Answer: Option D
:
D
Closing capital = Opening capital + Net income – Drawings
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