Given:Opening capital - #1,500 Capital introduced - ₦500 Profit for the year - ₦800 Cash drawings - ₦250Calculate the closing capital

Assessment: JAMB UTME - Principles of Accounts - 2013 Subject: Financial Accounting

Question 1 Report

Given:Opening capital - #1,500

Capital introduced - ₦500

Profit for the year - ₦800

Cash drawings - ₦250Calculate the closing capital

Answer Details
The closing capital can be calculated by adding the opening capital and the capital introduced, and then subtracting the profit for the year and the cash drawings. Starting with the opening capital of #1,500, we add the capital introduced of ₦500, which gives us #2,000. Next, we add the profit for the year of ₦800, which gives us #2,800. Finally, we subtract the cash drawings of ₦250, which gives us a closing capital of #2,550. Therefore, the closing capital is #2,550.
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