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  5. Given: Opening ca...

Given: Opening capital - #1,500 Capital introduced - # 500 Profit for the year -...

Accounts - Principles of Accounts
JAMB 2013

Given:

Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250

Calculate the closing capital

  • A. #2,550
  • B. #2,500
  • C. #2,350
  • D. #2,250
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Correct Answer: Option A
Explanation

Closing capital = Opening Capital + Additional Capital + Profit - Less Loss - Drawings

1500 + 500 + 800 - 250 = 2550

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts