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JAMB Principles of Accounts 2002 Question 37

Question 37

Incomplete Records

Given:
(₦)
Capital at start 3250
Capital at close 6250
Additional capital during the period 1000
Calculate the profit or loss

  1. A.₦8500 loss
  2. B.₦2000 loss
  3. C.₦2000 profit
  4. D.₦8500 profit.
Show the answer and explanation

Answer: C (₦2000 profit)

Explanation

Profit = closing capital 6 250 − opening 3 250 − new capital 1 000 = ₦2 000 profit.