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JAMB Principles of Accounts 2013 Question 22

Question 22

Incomplete Records

Given:
Opening Capital ₦50,000
Closing Capital ₦64,000
Drawings ₦16,000
Determine the net profit.

  1. A.₦2,000.
  2. B.₦14,000.
  3. C.₦20,000.
  4. D.₦30,000.
Show the answer and explanation

Answer: D (₦30,000.)

Explanation

Profit = closing capital − opening capital + drawings = 64 000 − 50 000 + 16 000 = ₦30 000.