Given:
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital
Opening capital - #1,500
Capital introduced - # 500
Profit for the year - # 800
Cash drawings - # 250
Calculate the closing capital
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
Correct Answer: Option A
Explanation:
Closing capital = Opening Capital + Additional Capital + Profit - Less Loss - Drawings
1500 + 500 + 800 - 250 = 2550
Closing capital = Opening Capital + Additional Capital + Profit - Less Loss - Drawings
1500 + 500 + 800 - 250 = 2550