Accounts (Principles of Accounts)Incomplete recordsWAEC
Capital at the start of the year was ₦300,000 and at the end ₦380,000. Drawings were ₦40,000 and additional capital ₦20,000. Find the profit.
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Answer: C. ₦100,000
Profit = 380,000 − 300,000 + 40,000 − 20,000 = ₦100,000.
An AdmitMe practice question, written for the WAEC syllabus. Not an official past question.