JAMB Accounting 2013 Objective — Question 22

Question 22 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 50,000 Closing Capital 64,000 Drawings 16,000 Determine the net profit.

A. ₦2,000
B. ₦14,000
C. ₦20,000
D. ₦30,000Correct

Explanation

Net profit = Closing capital + Drawings − Opening capital = 64,000 + 16,000 − 50,000 = ₦30,000.

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