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?

Similar Questions

Which of the following is an example of intangible assets? ...

The contribution marginal on a job is the? ...

  ₦ Debtors opening 4000 Debt...

A document which acknowledges that a company owes a named person a stated sum of money with the prom...

The two column cash book records ...

Trade creditors account was maintained at 25% of the capital. What was the balance in the trade c...

Receipt and payments: 31st December 2016 Cash at bank------460        Ne...

Interest on partners drawings are debited in the ...

The difference between the market value of goods produced and the cost of production is ...

Where there are no proper books of account, the capital at the commencement of a period is ascertain...