first, the current doesn't 'cancel' in a 240 circuit...let's say the load is 10 ohm, the current is 24A in each leg...
you MUST have a loop or circuit path to conduct current...
EACH leg carries 24A, it's ALTERNATING current...
so the loss would be (Iline)(Zleg1)+Vload+ (Iline)(Zleg2), we...