Use the information below to answer questions
……………………1/7/2005…………30/6/2006
Drawings……………………………….N3 000
Capital……………..25 000……………N42 500
Furniture……………6 500……………N10 200
Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.
……………………1/7/2005…………30/6/2006
Drawings……………………………….N3 000
Capital……………..25 000……………N42 500
Furniture……………6 500……………N10 200
Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.
-
A.
N15 100 profit -
B.
N15 100 loss -
C.
N11 500 profit -
D.
N11 500 loss