JAMB Accounting 2010 Objective — Question 26

Question 26 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2010 Objective paper, with the correct answer and a full explanation.

26. Determine the net profit. A. #5,000 B. #3,960 C. #1,040 D. #8,960

A. #5,000
B. #3,960
C. #1,040
D. #8,960Correct

Explanation

Closing capital = N(28,000+13,200+5,200+4,600) - N(5,100+1,200) = N51,000 - N6,300 = N44,700. Add drawings (N330x12) = N3,960 -> N48,660. Less opening capital N39,700 = Profit for the year N8,960.

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