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Use the following information to answer the question      Le  Capital (01/01/2020)  1,934,600  Capital...

Accounts - Principles of Accounts
WAEC 2023

Use the following information to answer the question
 

   Le

 Capital (01/01/2020)

  1,934,600
 Capital (31/12/2020)  2,530,000

 Expenses

  346,900
 Drawings for 2020  72,500
 Additional capital for 2020  250,000


The net profit for 2020 is

  • A. Le 522,900
  • B. Le 417,900
  • C. Le 595,400
  • D. Le 72,000
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Correct Answer: Option B
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709