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Given: Opening capital - #50,000 Closing capital - #64,000 Drawings - #16,000 Determine the net...

Accounts - Principles of Accounts
JAMB 2013

Given:

Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000

Determine the net profit

  • A. #2,000
  • B. #14,000
  • C. #20,000
  • D. #30,000
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Correct Answer: Option D
Explanation

closing capital - opening capital  + drawings

64,000 - 50,000 - 16,000 = 30,000

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