Use the information below to answer questions ........................1/7/2005............30/6/2006 Drawings.....................................N3 000 Capital.................25 000...............N42 500 Furniture...............6 500...............N10
FINANCIAL
JAMB 2007
Use the information below to answer questions
........................1/7/2005............30/6/2006
Drawings.....................................N3 000
Capital.................25 000...............N42 500
Furniture...............6 500...............N10 200
Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.
- A. N15 100 profit
- B. N15 100 loss
- C. N11 500 profit
- D. N11 500 loss
Correct Answer: D. N11 500 loss
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