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JAMB Accounting 2013 Objective — Question 23

Question 23 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

The estimated profit or loss for a period is calculated by

A. closing capital less opening capital add drawingsCorrect
B. opening capital less closing capital add drawings
C. opening capital less drawings add closing capital
D. opening capital add closing capital add drawings

Explanation

Estimated profit/loss = Closing capital − Opening capital + Drawings.

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