Question on: JAMB Accounting - 2019
Given:
Additional capital Capital Closing capital Net profit | ₦ 4000 8000 12000 1500 |
The drawings for the period stand at
A
1500
B
3000
C
12,000
D
10,500
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Correct Option: A
Let:
OC = Opening Capital
AC = Additional Capital
NP = Net Profit
D = Drawings
CC = Closing Capital
Then;
OC + AC + NP - D = CC
8000 + 4000 + 1500 - D = 12,000
13,500 - D = 12,000
D = 13,500 - 12,000
D = ₦1500
Hence, Drawings = ₦1500
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