JAMB - Accounts Principles Of Accounts (2013 - No. 15)
Given:
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital
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
Explanation
Closing capital = Opening Capital + Additional Capital + Profit - Less Loss - Drawings
1500 + 500 + 800 - 250 = 2550
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