Opening and Closing Capital

FA – Nov 2022 – L1 – SA – Q17 – Accounting from Incomplete Records

Calculate the profit based on the opening and closing capital and drawings.

Question

A business proprietor failed to maintain proper records, but you managed to ascertain that his opening capital, closing capital, and drawings during the year were N225,000, N260,000, and N10,000 respectively. Determine the profit for the period.
A. N25,000
B. N45,000
C. N55,000
D. N65,000
E. N75,000

Answer

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Tags: Drawings, Opening and Closing Capital, Profit Calculation
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2022

FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions

Calculates profit based on opening and closing capital with drawings.

Question

A. N25,000
B. N45,000
C. N55,000
D. N65,000
E. N75,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Drawings, Opening and Closing Capital, Profit Calculation
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2024

FA – Nov 2022 – L1 – SA – Q17 – Accounting from Incomplete Records

Calculate the profit based on the opening and closing capital and drawings.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Drawings, Opening and Closing Capital, Profit Calculation
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2022

FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions

Calculates profit based on opening and closing capital with drawings.

Question

A. N25,000
B. N45,000
C. N55,000
D. N65,000
E. N75,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Drawings, Opening and Closing Capital, Profit Calculation
Level: Level 1

Topic: Recording Financial Transactions
Series: MAY 2024

Question Tag: Opening and Closing Capital

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FA – Nov 2022 – L1 – SA – Q17 – Accounting from Incomplete Records

Calculate the profit based on the opening and closing capital and drawings.

FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions

Calculates profit based on opening and closing capital with drawings.

FA – Nov 2022 – L1 – SA – Q17 – Accounting from Incomplete Records

Calculate the profit based on the opening and closing capital and drawings.

FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions

Calculates profit based on opening and closing capital with drawings.

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Question Tag: Opening and Closing Capital

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FA – Nov 2022 – L1 – SA – Q17 – Accounting from Incomplete Records

Calculate the profit based on the opening and closing capital and drawings.

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FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions

Calculates profit based on opening and closing capital with drawings.

You're reporting an error for "FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions"

FA – Nov 2022 – L1 – SA – Q17 – Accounting from Incomplete Records

Calculate the profit based on the opening and closing capital and drawings.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q17 – Accounting from Incomplete Records"

FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions

Calculates profit based on opening and closing capital with drawings.

You're reporting an error for "FA – May 2024 – L1 – SA – Q2 – Recording Financial Transactions"

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