| yes, actually this is one of the most simple and understandable ways of calculating your net profit/loss. Surely you would be given a balance sheet. you should know that assets must balance against the liabilities+owner's equity. the Assets are on your debit side of your balance sheet if you present it in a T-form manner and your liabilities and owner's equity would be on your credit side (right hand side). then just write down the amounts of all you assets and also write that amount on your right hand side as a total of equity and liabilities. then work back, that is, start with the liabilities on your right hand side now that you are already done with your assets. this would help you a lot since the amount we are looking for is in the owner's equity so you must finish with if(owner's equity). after that check how much is needed to get to the total or to the amount that would correspond to the total of your assets on your debit side. that amount would be the total-the total of liabilities. then that would give you your owner's equity amount. then try to use additional information that partains to owner's equity,that would include opening capital cantributions,additional contributions then the withdrawals by the owner and then you would need to take the total that you got when you calculated the amount or total of the owner's equity, that amount you would use it as your total for owne's equity and you'll be having all the other components except for your net profit/loss then that would be represented by a question mark and then you could work back from the total that you got when you calculated the owner's equity account and you would easily get to your net profit/loss as like this: you have 3+?=5 you take the total and minus the amount given like: 5-3=2 then your net profit would be 2 but if it was a loss it would be 7-?=4 then your net loss would be 3. | 
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