A proprietor started business with #13,000. Assets and liabilities at the end of the year;
FINANCIAL
JAMB 2016
A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?
- A. #2,400
- B. #3,000
- C. #9,800
- D. #1,400
Correct Answer: D. #1,400
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