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Use the information below to answer questions ........................31/12/08...........31/12/09 Furniture and fittings..N21 000,............N28 000 Office equipment........N9...

Accounts - Principles of Accounts
JAMB 2010

Use the information below to answer questions

........................31/12/08...........31/12/09

Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200

Monthly drawings average N330.

Determine the net profit ?

  • A. N5 000
  • B. N3 960
  • C. N1 040
  • D. N8 960
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Correct Answer: Option D
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