JAMB - Accounts Principles Of Accounts (2013 - No. 20)
Given:
Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000
Determine the net profit
Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000
Determine the net profit
#2,000
#14,000
#20,000
#30,000
Explanation
closing capital - opening capital + drawings
64,000 - 50,000 - 16,000 = 30,000
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