Use the information below to answer questions ........................1/7/2005............30/6/2006 Drawings.....................................N3 000 Capital.................25 000...............N42 500 Furniture...............6 500...............N10...

JAMB 2007

Use the information below to answer questions

........................1/7/2005............30/6/2006

Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200

Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.

A. N15 100 profit
B. N15 100 loss
C. N11 500 profit
D. N11 500 loss

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Correct Answer: Option D

Explanation

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