What is the closing capital?

By: |Published on: Jun 2|Categories: Accounting WAEC| 0 comments

Use the following information to answer this question. 

₦
Opening capital 60,000
Drawings 4,000
Cost of sales 50,000
General expenses 7,000
Mark-up 50%

What is the closing capital?

A. ₦81,000
B. ₦78,000
C. ₦74,000
D. ₦64,000

Correct Answer: Option C

C. ₦74,000

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