Given: Capital at the beginning...............₦20 000 Drawings...............................₦3 000 Capital................................₦30 000 New capit...

Answer Details

To find the profit for the period, we need to calculate the increase in capital. The increase in capital is equal to the new capital introduced plus the profit for the period minus any drawings. Increase in capital = New capital + Profit - Drawings We are given: Capital at the beginning = ₦20,000 Drawings = ₦3,000 Capital = ₦30,000 New capital introduced = ₦8,000 We can use these values to find the profit: Profit = Increase in capital - New capital introduced + Drawings We know that the increase in capital is the difference between the ending capital and the beginning capital: Increase in capital = Capital - Capital at the beginning Increase in capital = ₦30,000 - ₦20,000 Increase in capital = ₦10,000 Now we can substitute the values into the profit formula: Profit = Increase in capital - New capital introduced + Drawings Profit = ₦10,000 - ₦8,000 + ₦3,000 Profit = ₦5,000 Therefore, the profit for the period is ₦5,000. The answer is.