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JAMB Principles of Accounts 2013 Question 17

Question 17

Accounting Equation

Given:
Opening capital ₦1,500
Capital introduced ₦500
Profit for the year ₦800
Cash drawings ₦250
Calculate the closing capital.

  1. A.₦2,550.
  2. B.₦2,500.
  3. C.₦2,350.
  4. D.₦2,250.
Show the answer and explanation

Answer: A (₦2,550.)

Explanation

1 500 + 500 + 800 − 250 = ₦2 550.