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
A. N11,950
B. N10,950
C. N20
D. N 0
E. NO OPTION
Correct Answer:
Option E – NO OPTION
Explanation
K capital contributed = 10000
10000 – 1,000 – 2000 – 100 – 10 = 6880
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