Rakiya and Joy are in partnership and agreed that 5% inte...
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?
N340,000 credit
N349,75 debit
N500.00 credit
N511.25 debit
Correct answer is C
No explanation has been provided for this answer.
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