Nassau Trading extracted the following information: Capital at start $245,000; Net profit for year $67,500; Drawings $42,000; Additional capital introduced $15,000. What is the closing capital?

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Question

Nassau Trading extracted the following information: Capital at start $245,000; Net profit for year $67,500; Drawings $42,000; Additional capital introduced $15,000. What is the closing capital?

Accepted Answer

$285,500 — $285,500. Award 1 mark for correct calculation. Closing capital = Opening capital + Net profit + Additional capital - Drawings = $245,000 + $67,500 + $15,000 - $42,000 = $285,500. A deducts net profit. C ignores drawings. D adds drawings instead of deducting.

Answer

$369,500

Answer

$285,500

Answer

$327,500

Answer

$225,500

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