Use the information to answer question below 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 If the capital of the partnership is unfixed, what is K's current accounts?
A. N11,950 B. N10,950 C. N20 D. N 0 E. NO OPTION
Correct Answer: E
Explanation
K capital contributed = 10000 10000 -Â 1,000 - 2000 - 100 - 10 = 6880 Â
