Given: Opening capital - #50,000 Closing capital - #64,000 Drawings - #16,000 Determine the net profit

Given:

Opening capital - #50,000

Closing capital - #64,000

Drawings - #16,000

Determine the net profit

A #2,000
B #14,000
C #20,000
D #30,000

jamb 2013 accounting

The correct answer is D. #30,000

closing capital - opening capital + drawings

64,000 - 50,000 - 16,000 = 30,000

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