JAMB Accounting 2013 Objective — Question 17

Question 17 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Given: Opening capital 1,500 Capital introduced 500 Profit for the year 800 Cash drawings 250 Calculate the closing capital.

A. ₦2,550Correct
B. ₦2,500
C. ₦2,350
D. ₦2,250

Explanation

Closing capital = Opening capital 1,500 + Capital introduced 500 + Profit 800 − Drawings 250 = ₦2,550.

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