Net profit/loss is transferred from ______.

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KollegeApply · Accepted Answer

Net profit/loss is transferred from Profit and Loss account. Explanation: 1. The profit and Loss account is prepared to calculate the business’s net profit or net loss for a given accounting period. 2. The difference between the two sides of this account is either a net profit or a net loss. 3. Net profit or net loss is transferred to the capital account.

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