passwella.
Menu

WAEC Financial Accounting 2026 Question 27

Question 27

Incomplete Records

Use the following information to answer questions 27 and 28.
Capital (1/1/2024): Le 364,000
Capital (31/12/2024): Le 349,000
Drawings: Le 48,000
Additional capital introduced: Le 20,000
Net profit or net loss for the period is

  1. A.profit of Le 43,000
  2. B.profit of Le 13,000
  3. C.loss of Le 13,000
  4. D.loss of Le 43,000
Show the answer and explanation

Answer: B (profit of Le 13,000)

Explanation

Profit = closing capital − opening capital + drawings − capital introduced = 349,000 − 364,000 + 48,000 − 20,000 = Le 13,000.