JAMB Accounting 2008 Objective — Question 27

Question 27 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.

What is the net profit for 2006?

A. 19 000
B. 16 000
C. 12 600
D. 10 600Correct

Explanation

Closing capital = N(6,600+17,800)-N3,800 = N24,400-N3,800 = N20,600. Add drawings N5,200 = N25,800. Less opening capital N15,200 = Net profit N10,600.

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