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Accounts (Principles of Accounts) · Incomplete records

Accounts (Principles of Accounts)Incomplete recordsJAMB

Closing capital is ₦420,000, opening capital ₦350,000 and drawings ₦60,000, with no new capital. Find the profit.

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Answer: B. ₦130,000

420,000 − 350,000 + 60,000 = ₦130,000.

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