Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?
A N340,000 credit
B N349,75 debit
C N500.00 credit
D N 511.25 debit
Answer is C
