What is his profit for 1989?

Chukwu’s Capital at 1/1/89 and 31/12/89 were N30,000 and N50,000 respectively. During the year he introduced additional capital of N10,500 and withdrew N5,300 for private use. What is his profit for 1989?

A. N30,500
B. N25,300
C. N20,000
D. N15,800
E. 14,800

Correct Answer:

Option E – 14,800