In this case, the profit is for the owners of the business. Anyway, it works out correct when applied to the balance sheet. The Balance Sheet. If at any time, all transactions are halted and the balances totalled, you will get the total entities in the system. Accounting convention has particular layouts but if you just ignore those and leave the balances positive or negative as they are calculated, you will find that they will always total to zero provided that we are dealing with a closed system.
Business accounts are closed systems.
Accounts.xls is a generic model that has been adapted for financial systems. If you wanted to use it more widely, you would probably have to adapt it for multiple entities. For example, a stock system would have 00's or even 000's of different stock items. In other accounting models, it is only the balance that is of interest and not the individual transactions. In these cases, there is no need to keep a record of all the transactions.