Given:
| ₦ | |
| Additional capital | 4000 |
| Capital | 8000 |
| Closing capital | 12000 |
| Net profit | 1500 |
A. 1500
B. 3000
C. 12,000
D. 10,500
Correct Answer: Option A
Explanation
Using the formula:
OC + AC + NP – D = CC
where: OC = Opening Capital; AC = Additional Capital; NP = Net Profit; D = Drawings; CC = Closing Capital.
Then;
8000 + 4000 + 1500 – D = 12,000
13,500 – D = 12,000
D = 13,500 – 12,000
D = ₦1500
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