JAMB Accounting 2007 Objective — Question 29

Question 29 of 46 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2007 Objective paper, with the correct answer and a full explanation.

Given: Opening capital 7,000; Additional capital 3,500; Net profit 2,500; Closing capital 10,250. The drawings for the period stand at

A. #2,750Correct
B. #3,750
C. #2,500
D. #2,570

Explanation

Drawings = (Opening capital + Additional capital + Net profit) - Closing capital = (7,000+3,500+2,500) - 10,250 = 13,000 - 10,250 = #2,750.

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