JAMB Accounting 2022 Objective — Question 26

Question 26 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2022 Objective paper, with the correct answer and a full explanation.

26. Capital at beginning N10,000, drawings N1,000, capital at end N17,000, new capital introduced N5,000. What is the profit for the period?

A. (A) #3,000Correct
B. (B) #4,000
C. (C) #5,000
D. (D) #7,000

Explanation

Profit = (Capital at end + Drawings) − (Opening capital + New capital introduced) = (17,000+1,000) − (10,000+5,000) = 18,000−15,000 = #3,000.

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