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I have doubt on cancellation of profit and loss please explain clearly 

Asked by gsumi8024 3rd February 2018, 7:40 AM
Answer Verified by Expert

If there is a profit, then the Selling price will be greater than the Cost price.

If there is a loss, then the Cost price will be greater than the Selling price.

Profit= Selling Price - Cost Price 

Loss= Cost Price - Selling Price 

These two formulas are the basic formulas. With these formulas you can find the unknown values.

Verified by Expert 4th February 2018, 8:27 PM
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