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
Veterinary medicine is the branch of medicine that deals with the prevention, diagnosis, and treatment…
Anthropology is the scientific study of human beings and their cultures. It encompasses a wide…
Sociology is the scientific study of human society, culture, and behavior. It examines the social…
Social Work is a profession dedicated to helping individuals, families, and communities to cope with…
Religious studies is an academic discipline that explores the beliefs, practices, and history of various…
Public administration is the field of study and practice that focuses on the organization and…