Accounts (Principles of Accounts)Incomplete recordsJAMB
Capital at the start of the year was ₦200,000 and at the end ₦260,000. The owner withdrew ₦30,000 and brought in additional capital of ₦20,000. The profit for the year is
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Answer: B. ₦70,000
Profit = 260,000 − 200,000 + 30,000 − 20,000 = ₦70,000.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.