Interest on capital is 10%, the net profit for the year is N40,000. Baba’s Current Account balance on 31st December, 2000 is

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Use the following information to answer the given question

Baba

#

 Tunde

#
Capital Accounts 1 January, 2000 40,000 50,000
Current Accounts 1 January, 2000 20,000Cr 15,000Cr
Drawings during the year 4,000 15,000
Salaries 5,000 5,000

A. N35,500
B. N25,000
C. N21,000
D. N20,000

Correct Answer: Option A

A. N35,500

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