Given: Opening capital – #1,500 Capital introduced – # 500 Profit for the year -…

Home » Past Questions » Accounts-principles-of-accounts » Jamb » 2013 » Given: Opening capital – #1,500 Capital introduced – # 500 Profit for the year -…
Accounts - Principles of Accounts JAMB 2013

Given:

Opening capital – #1,500
Capital introduced – # 500
Profit for the year – # 800
Cash drawings – # 250

Calculate the closing capital

  • #2,550 checkmark
  • #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

Previous Question Next Question

Leave A Comment