Capital at start was N280,000, while at the end of the year was N485,000 and drawings during he year was N15,000. What is profit for the year?

Similar Questions

An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent...

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used...

A trader sells goods at an average margin of 20%. His cost of sales for the month amounted to N720,0...

Payment for future services are ...

Use the following information to answer the given question \(\begin{array}{c|c} & \text{1/1/8...

Sule and Ahmad are in partnership sharing profits and losses equally. If Khadija is admitted as new ...

Hauwa Ltd bought 10bags of rice for N500 each. The company was given 5% AND 12% trade and cash disc...

Mark-up on goods sent to branch offices are recorded in the books by creating ...

The interest on Keme's drawings is calculated as? ...

An expense becomes an accrual because it ...