Explanation please [Accounts question]

[Artemis]

Here is the question:

A sole trader’s accounts showed the following details at the year end.
Closing capital was $20 000 after drawings of $5000, profit for the year $8000, and capital
introduced during the year of $3000.
What was the trader’s opening capital?

A $10 000 B $14 000 C $30 000 D $31 000

The answer is 14,000. But I don't know how to get that answer. Help please. My exam is tomorrow and I want to get clear with everything.

Thanks in advance.

 

[Artemis]

Please. Any answers? 9 Hours till exam!!

 

[SRKfan]

Please. Any answers? 9 Hours till exam!!

net profit=closing capital+drawings-opening capital-capital introduced

 

[Artemis]

net profit=closing capital+drawings-opening capital-capital introduced

Thanks alot. Really appreciate it.

 

[mania _ manal]

u guys wat are the hardest chapters in accounts ??

 

[mania _ manal]

u guys wat are the hardest chapters in accounts ??

 

[Artemis]

u guys wat are the hardest chapters in accounts ??

Books of Prime Entry.

 

[mania _ manal]

umm books of prime entry as in ??

 

[Artemis]

umm books of prime entry as in ??

Sales/Purchases/SR/PR Journals/Ledgers/Nominal Ledger [General Journal]

You take accounts?

 

[SRKfan]

Thanks alot. Really appreciate it.

no prob dude...