He made no drawings during the period. what is the closing balance in Tea’s current account
Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account
A 36,925Cr
B 40,000Cr
C 50,000Dr
D 36,295Dr
Answer is A
Drawings:
3000 + 2000 + 4000 + 1500 + 2500 = 13000
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