passwella.
Menu

WAEC Financial Accounting 2004 Question 47

Question 47

Incomplete Records

Capital at start was N280,000, while capital at the end of the year was N485,000 and drawings during the year was N15,000. What is profit for the year?

  1. A.N265,000
  2. B.N220,000
  3. C.N205,000
  4. D.N190,000
Show the answer and explanation

Answer: B (N220,000)

Explanation

485,000 − 280,000 + 15,000 = N220,000.