Given:
Opening capital – #1,500
Capital introduced – # 500
Profit for the year – # 800
Cash drawings – # 250
Calculate the closing capital
-
#2,550
- #2,500
- #2,350
- #2,250
The correct answer is: A
Explanation
Closing capital = Opening Capital + Additional Capital + Profit - Less Loss - Drawings
1500 + 500 + 800 - 250 = 2550