Beauty started business with 40,000, made a profit of 50,000 and ended the year with
FINANCIAL
WAEC 2023
Beauty started business with 40,000, made a profit of 50,000 and ended the year with 70,000 capital. What would have accounted for the closing capital?
- A. Drawings of 20,000 was made
- B. The opening capital of 40,000 was invested
- C. Beauty was paid a salary of 90,000
- D. Cash shortage of 30,000 was recorded
Correct Answer: C. Beauty was paid a salary of 90,000
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