NABTEB Accounting 2025 Objective — Question 41

Question 41 of 60 from the National Business and Technical Examinations Board (NABTEB) Accounting 2025 Objective paper, with the correct answer and a full explanation.

Mr. Tolu: 31/12/2015 Opening capital N50,550; 31/12/2016 Closing capital N70,200; Drawings: Cash N5,000, Stock N1,700. What is Mr. Tolu's net profit as at 31st December, 2016?

A. N70,200
B. N50,500
C. N30,500

Explanation

Net profit = (Closing capital N70,200 - Opening capital N50,550) + Drawings (N5,000+N1,700=N6,700) = N26,350; the source key's stated answer letter is ambiguous, but this computation supports option D.

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