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Use the information to answer question below Capital balances b/d:.....P.............N20,000 ..........................K.............N10,000 Drawings:.................P.............N2, 000 ..........................K.............N1, 000...

Accounts - Principles of Accounts
JAMB 2009

Use the information to answer question below

Capital balances b/d:.....P.............N20,000
..........................K.............N10,000
Drawings:.................P.............N2, 000
..........................K.............N1, 000
Share of profits:.........K.............N4, 000
..........................K.............N2, 000
Salary....................P.............N1, 000
Interest on drawings:.....K.............N100
..........................K.............N20

If the capital of the partnership is unfixed, what is K's current accounts?

  • A. N11,950
  • B. N10,950
  • C. N20
  • D. N 0
  • E. NO OPTION
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Correct Answer: Option E
Explanation

K capital contributed = 10000

10000 - 1,000 - 2000 - 100 - 10 = 6880
 

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