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  4. JAMB 2019
  5. Given:...

Given: Additional capital Capital Closing capital Net profit ₦ 4000 8000 12000 1500 The drawings...

Accounts - Principles of Accounts
JAMB 2019

Given:


Additional capital
Capital
Closing capital
Net profit		 ₦
4000
8000
12000
1500

The drawings for the period stand at

  • A. 1500
  • B. 3000
  • C. 12,000
  • D. 10,500
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Correct Answer: Option A
Explanation

Using the formula:
OC + AC + NP - D = CC
where: OC = Opening Capital
AC = Additional Capital
NP = Net Profit
D = Drawings
CC = Closing Capital
Then;
8000 + 4000 + 1500 - D = 12,000
13,500 - D = 12,000
D = 13,500 - 12,000
D = ₦1500

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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
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Post UTME Past Questions Agent
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now