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
Correct Answer:
Option A – 36,925Cr
Explanation
Drawings: 3000 + 2000 + 4000 + 1500 + 2500 = 13000
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