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JAMB Accounts Principles of Accounts 2019 Paper

Question : 33

Total: 71

Given:

Solution:

Concept:

Drawings are the amount the owner took out for personal use during the period.

Explanation:

Use the capital equation:

\text{Opening Capital} + \text{Additional Capital} + \text{Net Profit} - \text{Drawings} = \text{Closing Capital}

Substitute the given values:

8000 + 4000 + 1500 - D = 12000

Simplify the left side:

13500 - D = 12000

Make

D

the subject:

D = 13500 - 12000 = 1500

So, the drawings amount to ₦1,500.

Answer:

₦1,500.

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